ICICI Direct has given Buy recommendation for Graphite India with a target price of Rs. 1970 in its research report issued on Nov 08, 2021

ICICI Direct’s research report on Graphite India

Grindwell Norton (GNL) is the market leader in the India abrasive market with ~26% market share. The segments include abrasives (contributing ~57%), ceramics & plastics (33%) and IT services & others (10%). GNL has witnessed strong & positive free cash flows consistently over more than a decade irrespective of the macro environment It has consistently operated with high (>16%) margins & return ratios

Outlook

Considering strong growth outlook, margins, we maintain BUY rating We value GNL at rS 1970 i.e. 54x P/E on FY24E EPS

 

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