Buy Shankara Building Products; target of Rs 1725: ICICI Direct

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ICICI Direct's research report on Shankara Building Products

Incorporated in 1995, Shankara Building Products (SBPL) is one of the leading organised retailers of home improvement and building products operating under the “Shankara Build Pro” brand. We like SBPL given its aggressive expansion plan in asset light retail store business in home improvement & building products. It plans to almost double its retail store to 200 (from 116 currently) in next five years and upgrade 96 existing old stores with new product categories in next two to three years. Focus on retail business should lead to strong earnings growth (33.3% CAGR) with a sharp improvement in return ratios in FY17-20E.

Outlook
We initiate coverage on SBPL with a BUY recommendation & SOTP based TP of Rs 1725.
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