Sharekhan's research report on Balkrishna Industries
Balkrishna Industries Limited reported EBITDA margin at 22.7% in Q1FY24 against our estimate of 22.2% on soft raw-material cost trend. Management has guided a challenging business environment in exports in Q2FY2024, although destocking is largely over.
Outlook
We maintain our Hold rating on the stock with an unchanged PT of Rs. 2,446 in expectation of a revival in export volumes in FY2025. The stock trades at a P/E multiple of 25.7x and EV/EBITDA multiple of 16.4x.
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