They have given the breakup in the PPT how they will achieve 2200Cr on group level.
700 Cr from the Gasket business, 500 Cr from the Forgings business. Another 1000 Cr from the JVs where they have 50:50 partnership, so we can assume 500 Cr revenue from the JVs. So Talbros sales could go to 1700 Cr if they can deliver.
As they have guided for EBIDTA margin of 15-16%, if they achieve that, PAT margin can go as high as 11%. They have achieved 11.3% in last quarter. That gives us PAT of around 190 Cr.
I haven’t accounted for debt reduction, which can further add to the bottom-line.
If we take peers P/E, most of them are trading at 30+ PE. In best case scenario, if they get 30+ P/E, market cap could go as high as 5500Cr+. In worst case, it could still reach 2400-2500 Cr.
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