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FCL witnessed a strong quarter, with standalone profits for 9MFY24 jumping 101%. It is expect to perform better in future. Buy for target price of Rs 571 (65% upside): Deven Choksey



FCL witnessed a strong quarter, with standalone profits for 9MFY24 jumping 101%. As cotton prices hit lower levels, we expect the company to perform better in the coming quarters. The recent fundraise by the company for foreign opportunities might bring additional impetus to company’s growth prospects. We remain positive on the stock. Currently, the stock is trading at 33x/25x/19x FY24E/FY25E/FY26E EPS, respectively. We assign a PE multiple of 30x to arrive at a target price of INR 570 (unchanged). Given the 65% upside from current levels, we remain optimistic about the long-term prospects of the company and accord a “BUY” rating on Fineotex Chemical Ltd.

Click here to download research report on Fineotex Chem by DR Choksey

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Disclaimer: This is a Fan Site in Rakesh Jhunjhunwala's name. Rakesh Jhunjhunwala is not associated with us and is in no way aware, accountable or responsible for what is stated here. Further, nothing here constiutes investment advice for you to act on. Also, we have a vested interest, and are extremely biased, in everything that we say. So Mind It!