Anand Rathi has given Buy recommendation for NCL Industries with a target price of Rs. 242 in its research report issued on Jun 03, 2022

Anand Rathi’s research report on NCL Industries

Despite volumes dipping across divisions (except energy), NCL’s Q4 revenue was the highest, given a fillip by healthy realisation growth. However, the inflationary situation pummelled operating performance. A pending environmental clearance continues to delay the expansion of the Vishakhapatnam GU. In the prevailing high-cost context, passing on costs will be key to watch.


We retain our Buy rating, with a lower TP of Rs242 (earlier Rs264).

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