East India Securitie's report on Rajratan Global Wire
Rajratan Global Wire (Rajratan) had a satisfying quarter in Q4FY25 Revenue at Rs.2,514 mn. ‐ increased by 4.9% yoy & 15.1% qoq EBITDA at Rs.333 mn. ‐ decreased by 3.1% yoy but increased by 27.0% qoq EBITDA Margin at 13.3% ‐ decreased by 110 bps yoy but increased by 124 bps qoq PAT at Rs.152 mn. ‐ decreased by 24.9% yoy but increased by 63.3% qoq.
Outlook
Rajratan is currently trading at P/E of 20.9x on FY27 basis. We have valued the stock based on P/E methodology. Since, the entire Chennai capacity has commenced commercial production in Q2FY25, we have assigned multiple of 21x (2year forward) on FY27E PAT of Rs. 952 mn to arrive at a target price of Rs.394 per share, which is potential upside of ~1.3% from current market price and recommend “HOLD” on the stock.
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