Buy Sintex Industries; target of Rs 132: ICICIdirect

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26 Aug, 2025 12:21

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ICICIdirect.com's report on Sintex Industries

This quarter once again saw a good overall performance with healthy growth in revenues and profitability led by better performance from the prefab and custom moulding segments

Revenues during the quarter were up 32.7% YoY Rs 1826 crore (our estimate: Rs 1748.9 crore) led by growth of 28.3% and 37.2% YoY from the prefab and custom moulding (due to pick-up in automotive segment), respectively. On the other hand, monolithic segment reported 41.8% YoY drop in revenues. However, with additional revenue flow of Rs 147 crore from the EPC segment, the company managed to clock robust revenue growth during the quarter

The EBITDA margin for the quarter remained in line with our estimates at 16.8%. However, it declined 100 bps YoY due to lower margin from EPC (7%) and monolithic segment (14%)

On the other hand, lower tax rate on account of available tax credit of previous year’s net profit grew sharply by 92.9% YoY to Rs 162 crore (vs. I-direct estimate: Rs 135.3 crore)

"Given the robust outlook for prefab and spinning business coupled with improvement in the custom moulding business, we expect the growth momentum to continue with healthy margins. Hence, we revise our rating revise our target price upward to Rs 132/share as per our SOTP valuation and continue to maintain BUY rating on the stock", says ICICIdirect.com research report.

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