Arihant Capital has given Buy recommendation for Heranba Industries with a target price of Rs. 1073 in its research report issued on Jan 19, 2022

Arihant Capital’s research report on Heranba Industries

Heranba Industries Ltd. is a crop protection chemical manufacturer, exporter and marketing company. The manufacturing facilities are located in Vapi and at Sarigam near Vapi. It is currently expanding its capacity at Sarigam and also possess additional land bank at Saykha, Dahej for future capacity expansion. We initiate coverage on the company given its leadership position in the pyrethroids market, upcoming facility expansion and entry into newer geographies.

Outlook

Also, the company will periodically introduce new products every year. Factoring in its sinewy growth, we value the company at a P/E multiple of 15x its FY24E EPS of INR 71.6 and arrive at a Target Price of INR 1,073 per share. Accordingly, we recommend a BUY rating on the shares of Heranba Industries Ltd.

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