ICICI Direct has given Buy recommendation for Polycab India recommended buy rating on the stock with a target price of Rs 3000 in its research rep with a target price of Rs. 3000 in its research report issued on Jan 24, 2022

ICICI Direct’s research report on Polycab India

Polycab is the largest manufacturer of wire & cable in India. The company also entered the fast moving electrical goods (FMEG) space in 2014 and has recorded strong segment revenue CAGR of 43% in the last five years. Polycab is the market leader in the wire & cable business with organised market share of 23%. In the FMEG segment, it is growing through new product launches and dealer addition across India. The company has ~4100 dealers, serving.65 lakh retail outlets • Robust b/s with RoE, RoCE of 19%, 26%, respectively, (three-year average).

Outlook

We maintain our BUY rating on the stock. We revise our target price to Rs 3000/share valuing stock at 35x P/E on FY24E EPS.

More Info on Trent

At 17:30 Polycab India was quoting at Rs 2,512.75, up Rs 24.85, or 1.00 percent.

It has touched an intraday high of Rs 2,580.00 and an intraday low of Rs 2,460.00.

It was trading with volumes of 13,166 shares, compared to its thirty day average of 27,494 shares, a decrease of -52.11 percent.

In the previous trading session, the share closed up 0.43 percent or Rs 10.55 at Rs 2,487.90.

The share touched its 52-week high Rs 2,770.85 and 52-week low Rs 1,145.60 on 18 January, 2022 and 28 January, 2021, respectively.

Currently, it is trading 9.06 percent below its 52-week high and 119.95 percent above its 52-week low.

Market capitalisation stands at Rs 37,538.70 crore.

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