Motilal Oswal's research report on NOCIL
NOCIL is poised to benefit from the rising global demand for rubber chemicals, expanding its market share through strategic sales, diversification, and operational efficiency while navigating strong competition and volatility in raw material prices. NOCIL is investing INR2.5b in growth-focused capex for capacity expansion at its Dahej and Navi Mumbai facilities, aiming for long-term market leadership and sustainability by enhancing production and adopting green technologies. It currently trades at a premium of ~38% to its long-term average of 17.9x on a one-year forward P/E basis.
Outlook
The stock is also trading at 23.2x FY26E EPS of INR12.3 and 16.3x FY26E EV/EBITDA. Our TP of INR305 is premised on 25x FY26E EPS (~0.7x PEG ratio). Reiterate Neutral.
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