ICICI Direct has given Buy recommendation for Siyaram Silk Mills with a target price of Rs. 665 in its research report issued on May 11, 2022

ICICI Direct’s research report on Siyaram Silk Mills

Siyaram Silk Mills (SSML), a fabric and apparel manufacturer, has created a strong brand portfolio largely catering to the Tier II & III towns. Siyaram’s brand portfolio consists of reputed brands like Siyaram (flagship brand), Oxemberg, MSD and J Hampstead • Over the last decade, the company has gradually expanded its fabric and garment capacities and simultaneously managed to reduce the debt/equity from 1.0x in FY12 to 0.3x in FY22.

Outlook

We maintain BUY recommendation on the stock. We value SSML at Rs 665 i.e. 12x FY24E EPS.

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