Hold Greenply Industries; target of Rs 200 : ICICI Direct

ICICI Direct's research report on Greenply Industries

Greenply Industries (GIL) is one of the leading players in the plywood business in India. It has a distribution network of 2,350+dealers/authorised stockists pan-India. It is foraying into the MDF boards business with greenfield manufacturing set-up at Vadodara, Gujarat of 800 CBM/day (capex of ~Rs 580-85 crore) with revenue potential of ~Rs 700-750 crore per annum at its peak utilization.

Outlook

We maintain our HOLD rating on the company. We value GIL at Rs 200/share (at 20x FY24E P/E).

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