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 maintain reasonable debt levels.
We change our rating on the stock from HOLD to BUY as we believe that the negatives are already priced in. We value VTL at Rs 345 i.e. 8x FY24E earnings.
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