ICICI Direct's research report on Vardhman Textiles
Vardhman Textiles (VTL) (earlier known as Mahavir Spinning) is part of the Vardhman Group, a large textile conglomerate with a presence across the textile value chain. Vardhman is among few textile companies that have been able to maintain a debt equity ratio below one despite continuous capacity addition • Healthy cash flows have enabled VTL to reduce debt by ~Rs 152 crore in FY21 (D/E: 0.3x in FY21). We expect D/E ratio to stay at ~0.3x in FY24E.
We continue to remain structurally positive and maintain BUY rating. We value VTL at Rs 3125 i.e. 11x FY24E earnings.
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At 17:30 Vardhman Textiles was quoting at Rs 2,400.10, down Rs 2.10, or 0.09 percent.
It has touched an intraday high of Rs 2,454.20 and an intraday low of Rs 2,388.30.
It was trading with volumes of 4,341 shares, compared to its thirty day average of 11,308 shares, a decrease of -61.61 percent.
In the previous trading session, the share closed up 0.75 percent or Rs 17.85 at Rs 2,402.20.
The share touched its 52-week high Rs 2,880.00 and 52-week low Rs 971.00 on 21 January, 2022 and 24 February, 2021, respectively.
Currently, it is trading 16.87 percent below its 52-week high and 146.57 percent above its 52-week low.
Market capitalisation stands at Rs 13,866.05 crore.
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