Buy Inox Leisure; target of Rs 670: ICICI Direct

"India’s specialty chemicals industry is a decadal growth opportunity and it is still not too late to participate in the value creation process. We prefer CRAMS/CSM players Navin Fluorine (Navin) and PI Industries (PI) as they provide long-term earnings visibility. We also like UPL due to robust growth outlook and reducing debt concerns and SRF due to rising contribution from the chemicals business," JM Financial research report.

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26 Aug, 2025 12:21

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ICICI Direct's research report on Inox Leisure

Inox Leisure is the second largest player in terms of multiplex screen count in India. Currently, the company operates 681 screens in 161 cinemas in 72 cities in India with an aggregate seating capacity of ~1.53 lakhs seats. It is the only national multiplex, which enjoys a net debt free balance sheet.

Outlook

We maintain BUY rating on the company. We value Inox at Rs 670 i.e. 15x FY24E EV/EBITDA. Higher implied target multiple is owing to overall merger led benefits.

For all recommendations report, click here

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