ICICI Direct has given Hold recommendation for Greenply Industries with a target price of Rs. 215 in its research report issued on Feb 15, 2022

ICICI Direct’s research report on Greenply Industries

Greenply Industries (GIL) is one the leading players in the plywood business in India. It has a distribution network of 2,300+dealers/authorised stockists pan-India. It is foraying into the MDF boards business with greenfield manufacturing set-up at Vadodara, Gujarat of 800 CBM/day (capex of ~Rs 555 crore) with revenue potential of ~Rs 600-650 crore per annum at its peak utilization

Outlook

We maintain our HOLD rating on the company We value GIL at Rs 215/share (at 21x FY24E P/E).

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