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Buy Polycab India; target of Rs 2850: ICICI Direct

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Title: Buy Polycab India; target of Rs 2850: ICICI Direct

Originally written by and appeared on www.moneycontrol.com

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Buy Polycab India; target of Rs 2850: ICICI Direct

ICICI Direct is bullish on Polycab India has recommended buy rating on the stock with a target price of Rs 2850 in its research report dated May 12, 2022.

Broker Research

May 14, 2022 / 01:57 PM IST

ICICI Direct’s research report on Polycab India

Polycab is the largest manufacturer of wire & cable in India. The company also entered the fast moving electrical goods (FMEG) space in 2014 and has recorded strong segment revenue CAGR of 43% in the last five years. Polycab is the market leader in the wire & cable business with organised market share of 23%. In the FMEG segment, it is growing through new product launches and dealer addition across India. The company has ~4100 dealers, serving.65 lakh retail outlets • Robust b/s with RoE, RoCE of 19%, 26%, respectively, (three-year average).

Outlook

We maintain our BUY rating on the stock. We revise our target price to Rs 2850/share valuing the stock at 35x P/E on FY24E EPS.

For all recommendations report, click here

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