Buy Sanghi Industries; target of Rs 31: Anand Rathi

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26 Aug, 2025 12:21

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Anand Rathi 's research report on Sanghi Industries

Hit hard by the incidence of Covid-19 cases in the western region (Gujarat/Maharashtra), Sanghi’s Q1 revenue, EBITDA and PAT fell 46%, 43% and 84%. Labour unavailability has postponed its Kutch expansion to Q3. We believe pent-up demand and its capacity commencement will boost volume growth. De-levering and cost optimisation are key things to watch.

Outlook

We retain our Buy, with a lower TP of `31 (earlier `37), 8x FY22e EV/EBITDA.

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