Arihant Capital has given Buy recommendation for India Glycols with a target price of Rs. 1071 in its research report issued on Mar 02, 2022
Arihant Capital’s research report on India Glycols
India Glycols Ltd (IGL) was incorporated in 1983, and is the leading manufacturer of green technology based bulk specialty and performance chemicals, sprits, industrial gases, Bio polymers, Bio Fuels, Carbon smart range, Natural gums and Plant based APIs & Nutraceuticals. It engages in the business of Mono Ethylene Glycol (MEG), Ethylene Oxide Derivatives (EOD), Ethyl Alcohol (Potable) and Nutraceuticals. IGL is the largest manufacturer of bio-Eo based Ethylene oxide and its derivatives. It uses green technologies to manufacture wide range of products such as glycols, glycol ethers and its derivatives, bio based ethylene oxide and specialty chemicals. The company has 3 manufacturing facilities at Kashipur, Dehradun and Gorakhpur. It has a global customer base and partnerships with reputed global companies. Exports accounted for ~11% of total sales in FY21.
We initiate coverage with a BUY rating at a TP of INR 1,071 per share; valued at PE multiple 15.4x and its FY24E EPS of INR 69.6; an upside of 40.4%.
At 15:13 hrs India Glycols was quoting at Rs 761.80, up Rs 1.15, or 0.15 percent.
It has touched an intraday high of Rs 770.25 and an intraday low of Rs 754.55.
It was trading with volumes of 6,178 shares, compared to its thirty day average of 11,999 shares, a decrease of -48.51 percent.
In the previous trading session, the share closed down 1.94 percent or Rs 15.05 at Rs 760.65.
The share touched its 52-week high Rs 1,060.00 and 52-week low Rs 397.05 on 17 January, 2022 and 12 April, 2021, respectively.
Currently, it is trading 28.13 percent below its 52-week high and 91.87 percent above its 52-week low.
Market capitalisation stands at Rs 2,358.65 crore.