Buy Mayur Uniquoters, target price Rs 803: Anand Rathi

Anand Rathi has a buy call on Mayur Uniquoters with a target price of Rs 803. The current market price of Mayur Uniquoters Ltd. is Rs 583. Mayur Uniquoters, incorporated in 1992, is a Small Cap company with a market cap of Rs 2559.36 crore, operating in Plastics sector.

Mayur Uniquoters' key products/revenue segments include Scrap and Export Incentives for the year ending 31-Mar-2024.

Financials

For the quarter ended 30-09-2024, the company has reported a Consolidated Total Income of Rs 223.09 crore, down -.43% from last quarter Total Income of Rs 224.05 crore and up 5.82% from last year same quarter Total Income of Rs 210.82 crore. The company has reported net profit after tax of Rs 39.84 crore in the latest quarter.

Investment Rationale
Management guided to Rs 10 bilRathi expects 14%/20%/18% revenue/EBITDA/PAT CAGRs over FY24-27. Considering the healthy revenue growth momentum and enhancing margin profile, Anand Rathi has upgraded the stock to a Buy rating with a target price of Rs 803 (earlier Rs 576), 17.5x FY27e earnings (15x FY25e earnings)

Promoter/FII Holdings
Promoters held 58.59 per cent stake in the company as of 30-Sep-2024, while FIIs owned 3.18 per cent, DIIs 3.14 per cent.