ICICI Direct has given Hold recommendation for Navneet Education with a target price of Rs. 95 in its research report issued on May 25, 2022

ICICI Direct’s research report on Navneet Education

Navneet Education (NEL) is an educational syllabus based content provider in print and digital medium and a manufacturer of scholastic paper stationery for domestic and international markets. Over the years, the company has built a strong brand in educational content & scholastic stationery • In state boards of Maharashtra and Gujarat, the company has a market share of 65%. It has also entered into CBSE syllabus books in other states.


NEL has a dominant share in state board in Maharashtra and Gujarat. Its efforts to be a pan-India player with enhanced scale in CBSE board and digital initiatives would take time to meaningfully contribute to profits • We change our recommendation on the stock from BUY to HOLD. We value NEL at Rs 95 i.e. 9x FY24E EPS.

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