The commissioning of the Dahej facility (15,000 MT) in FY13 that mainly manufactures intermediates has been a real game changer. Post that the company’s operations have consistently improved coupled by steady volume growth of 10% CAGR over FY13-18.
We initiate coverage on Nocil with a ‘BUY’ and a PT of Rs277, based on P/E of 15x FY21E or 8.0x EV/EBIDTA FY21E. Nocil is India’s largest manufacturer of rubber chemicals, with over four decades of experience.
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