Strong room addition pipeline one of the key growth drivers. Expect revenue/EBITDA to clock 29%/18% CAGR over FY23–25

From being a manufacturer of just one product, HINDWARE has grown significantly to gain market leadership in sanitary ware and is a major faucet ware player.

We reaffirm our ‘tactical BUY’ rating, but raise the TP to INR874 (from INR777), valuing the stock at 25x FY25E P/E (from 24x FY25E P/E). We have tweaked our FY24 and FY25 estimates to account for a better margin performance. The stock is trading at 26x/22x FY24E/FY25E P/E

Gati (GTIC) has emerged as one of India’s leading multi-modal express logistics players. It operates in two segments — express logistics and fuel stations, which contribute 85% and 15% to total revenue, respectively. We initiate coverage with a ‘BUY’ rating and a DCF-based fair value of INR234, implying an upside of 58% from its CMP

Kilpest India (KLPI) has seen multiple transformations in the last ~50 years of existence. Based in Bhopal, it started with agrochemicals in 1972 and forayed into the niche molecular diagnostics business in FY10 through its subsidiary 3B Black Bio Biotech India

Beta Drugs (BETADR) is one of the leading players in the domestic oncology space and ranks among the top 10 in the cytotoxic market. Equipped with three state-of-the-art manufacturing facilities, it produces and markets a wide range of oncology (anti-cancer) drugs, which are available across major government and private hospitals. It expanded, upgraded, and received regulatory approvalsfrom INVIMA (Colombia)/INVISA (Brazil) for its key facilities which will aid exports

Atarco acquisition a win-win deal Gokaldas Exports (GEXP) has announced the complete acquisition of the Atraco Group (Atraco) for USD55mn. Through this deal, it will gain duty free access to the US and European markets (duties on Indian imports range from 11% to 28%). Atraco has five production units: four/ one in Kenya/Ethiopia, with a […]

We remain positive on ASTRA given its: i) market share gains in the core plastic piping business; ii) strong brand recall; iii) product launches (it recently forayed into faucets and sanitaryware, tanks, infrastructure pipes, DWV piping system, valves, and paints to increase its addressable market); iv) strong cash flow and net debt-free Balance Sheet, with an improvement in working capital; and v) robust growth in the adhesives business