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APARINDS Consensus Forecast

No. of reports in last year
7
No. of analysts
4
Average Consensus Forecast
677.57
Consensus Potential
54.55%

APARINDS Price Target Potential

BrokerageTargetPotential
Prabhudas Lilladher58748.21%
Nirmal Bang63051.75%
Karvy Stock Broking60249.50%
Edelweiss69856.45%

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APARINDS Ratings

Long term APARINDS rating by FrontPage users
4.6/5 (5 Ratings)

7 APARINDS share price target reports by brokerages below. See what is analyst's view on APARINDS share price forecast, rating, estimates, valuation and prediction behind the target. You may use these research report forecasts for long-term to medium term for your investment or trades in 2020.
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APARINDS Share Price Target

APARINDS Share Price Target - Broker Reports - 2020

4-Mar-20
Price @ Call: 378.71
Target: 587
BUY
We recently met Mr. Kushal Desai, CMD-Apar Industries (APAR), to gain insights on company’s growth strategy and industry outlook. We came out positive and believe that recent price correction (~46% in 6 months) factors in most of the negative’s, such as a) weak economic environment, b) tight liquidity scenario and c) subdued demand. In our view, APAR continuous to remain a proxy play to government efforts of reviving power sector as 75% of domestic revenues are linked to power infrastructure. Further, the company’s focus towards value added product would help de-risk itself from low margin traditional business and help them gain market share given its superior product quality, first mover advantage and strong brand positioning both internationality and domestically. We expect revenue/PAT CAGR of 6%/13% over FY19-21E. On account of change in revenue mix and factor in higher interest expense (despite lower guidance) we have reduced our earnings by 15.3%/23.8% for FY21E/FY22E. We have upgraded the stock to BUY from accumulate with a revised TP of Rs587 (12x FY22E) given its global leadership position, robust prospects of value-added products, strong positioning across product categories and consistent dividend pay-out. At CMP, the stock is trading at a P/E of 8.1x/7.5x and EV/EBITDA of 3x/2.5x for FY20E/21E.
... Read more
27-Jan-20
Price @ Call: 412.09
Target: 630
BUY
Apar Industries (Apar) reported 13% YoY decline in consolidated revenue to Rs18.4bn on a high base (3QFY19 sales grew by 41% YoY), 10% below our estimate. Domestic market slowdown, credit tightness at utilities/EPCs and payment delays led to decline in sales of Conductors (23% volume & 18% value), Oil (12% volume & 19% value) and Cables (7% value). However, favourable revenue mix, led by increased share of high margin products, led to better profitability. EBITDA/MT of Conductors jumped 50% YoY to Rs12,409 (HEC conductor at 22% of sales), EBITDA/KL of Oil rose 8% QoQ to Rs3,082 (auto lube & industrial oil at 24% of sales) while EBITDA margin of Cables rose 80bps YoY to 10.6%. Gross margin was up 420bps YoY and 190bps QoQ to 24.1%. Consolidated EBITDA grew by 8% YoY to Rs1.2bn while EBITDA margin was up 130bps YoY at 6.7%, above our estimate of 5.6%. Aided by lower tax rate at 27% (versus 41% YoY), PAT rose 6% YoY to Rs367mn, 7% above our estimate of Rs344mn. Capex outlay planned for FY20 is Rs1.7bn (Rs1.1bn incurred in 9MFY20) and will materially reduce to Rs650mn from FY21 onwards. The company believes that domestic demand will get a fillip with incremental TBCB orders (10 LoIs already issued) and revival in credit situation once payment arrears are cleared. We cut our earnings estimates and retain Buy rating on the stock with a revised target price of Rs630 (Rs705 earlier) based on 11x September 2021E EPS.
... Read more

APARINDS Share Price Target - Broker Reports - 2019

13-Nov-19
Price @ Call: 509.05
Target: 602
BUY
We revise our estimates taking into consideration the slowdown in various sectorsand credit tightening. Apar currently trades at 10.5x to FY21 EPS. Company beingthe market leader in the key segments with attractive valuations, we reiterate our“BUY” rating for a target price of Rs. 602 representing an upside potential of 19%.
... Read more
8-Nov-19
Price @ Call: 524.11
Target: 646
ACCUMULATE
Apar Industries (APR) reported weak set of numbers for 2QFY20. Revenue performance (-3% YoY at Rs18 bn) was impacted due to lower domestic demand, extended monsoon, extreme credit tightness and slowdown in automotive segment. All the segments of the company reported weak revenue performance with Transformers Specialty Oils/Power Telecom Cables were down by 9%/16 YoY and Conductors revenue remained flat. EBITDA margin came in at 6% against 5.8% in 2QFY19. While Interest and Depreciation increased 28%/22%, other income was down 45% YoY. Hence, PBT was down 49% YoY at Rs222 mn. PAT grew by 18% YoY at Rs340 mn mainly on account of lower tax rate due to change in the corporate tax rate. While management remains cautiously positive for 2HFY20, however we believe that the recovery would be gradual. We have cut our earnings estimates by 19.%/20.6% for FY20/21 respectively. The stock is currently trading at 12x/10x for FY20/21E. We maintain Accumulate rating on the stock with revised TP of Rs646.
... Read more
23-Sep-19
Price @ Call: 567.34
Target: 698
BUY
We remain positive on Apar as it is well placed to capitalise on the uptick in T&D with improved product mix leading to a strong 36% PAT CAGR over FY19–21E. We maintain‘BUY’ with TP of INR698 (11x Q3FY21E EPS). At CMP, the stock trades at 10.5x FY20E/8.7x FY21E EPS.
... Read more
13-Aug-19
Price @ Call: 535.76
Target: 785
BUY
While Apar’s 1QFY20 results are good, it believes the market conditions are challenging owing to tepid demand and credit crunch (led by delay in receipt of payments even from government entities). Currently, Power and Telecom sectors are negatively impacted, but Railway and Defence sectors continue to see healthy government spending and timely payment. We have marginally tweaked our estimates and retain Buy rating on Apar with a revised target price of Rs785 (Rs800 earlier) based on 13x FY21E EPS.
... Read more
14-Aug-19
Price @ Call: 537.15
Target: 795
ACCUMULATE
Strong quarter in challenging environment
Apar Industries (Apar) reported strong set of numbers for 1QFY20 with revenue/PAT up 33%/42% YoY to Rs20bn/Rs412 mn (PLe Rs17bn/Rs334 mn). The top-line growth was led by growth across segments that is Conductors/Transformers Specialty Oils/Power Telecom Cables which grew by 61%/8%/24% YoY respectively. EBITDA margin of 6.9% was higher than PLe of 6.6% due to improvement in Cable segment (+370bps YoY). PAT for the quarter grew 42% YoY to Rs0.4 bn (PLe Rs0.3 bn). Going ahead, management indicated of weak demand, mainly in the power sector related segments (Conductor and Transformer Oil) due to delay in payments by state utilities. However, strong capex in Railways and Defence augers well for Cable segment. Improving revenue mix by increasing share of high-margin products in all the three segments in FY20 to improve overall profitability. We have maintained our earnings estimates for FY20/21E. The stock is currently trading at 11.4/9.1x FY20/21E. We maintain our Accumulate rating on the stock with TP of Rs 795.
... Read more
6-Jun-19
Price @ Call: 661.55
Target: 775
BUY
We revise our estimates taking into consideration the higher copper conductor sales and tone down our margins due to volatility in oil prices. Apar currently trades at 11.2x to FY21E EPS. We reiterate our “BUY” rating for a target price of Rs. 775 valuing the company at 13x to FY21E EPS representing an upside potential of 16%.
... Read more
31-May-19
Price @ Call: 669.38
Target: 800
BUY
Cable segment posted highest-ever quarterly sales (at Rs5.1bn, up 51% YoY) and EBITDA margin (at 13.7%, up 330bps YoY) led by improved product mix. Consolidated EBITDA grew 8% YoY at Rs1.4bn, while PAT grew 9% YoY at Rs437mn, in line with our estimate. Apar aims to improve its revenue mix (increase share of high-margin products) in all the three segments in FY20, which would lead to much higher profitability. We have cut our earnings estimates for FY20/FY21 by 6%/7%, respectively. We retain Buy rating on the stock with a revised target price of Rs800 (from Rs865 earlier) based on 13x FY21E EPS.
... Read more
31-May-19
Price @ Call: 669.38
Target: 795
ACCUMULATE
The company expects to improve its revenue mix by increasing share of high-margin products in all the three segments in FY20, thus leading to higher profitability. We have raised EPS estimates by 3%/4% for FY20/21E to capture higher revenue growth in FY19. The stock is currently trading at 14/11x FY20/21E. We maintain our Accumulate rating on the stock with revised TP of Rs 795.
... Read more
12-Feb-19
Price @ Call: 611.9
Target: 710
BUY

APARINDS Share Price Target - Broker Reports - 2018

17-Dec-18
Price @ Call: 630.27
Target: 700
ACCUMULATE
31-May-18
Price @ Call: 703.06
Target: 986
BUY
31-Jan-18
Price @ Call: 761
Target: 1056
BUY
1-Jan-18
Price @ Call: 812.67
Target: 1124.9
BUY

APARINDS Share Price Target - Broker Reports - 2017

3-Nov-17
Price @ Call: 753.84
Target: 943
BUY
11-Sep-17
Price @ Call: 781
Target: 990
BUY
17-Apr-17
Price @ Call: 784
Target: 792
HOLD

APARINDS Share Price Target - Broker Reports - 2016

26-May-16
Price @ Call: 492
Target: 610
BUY
22-Nov-16
Price @ Call: 555
Target: 655
BUY
12-Aug-16
Price @ Call: 546.45
Target: 630
BUY
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  • APARINDS Share Price Target Today- Technical Pivot Points (Classic)

    keyboard_arrow_down
    Upside Target 3313.37
    Upside Target 2310.68
    Upside Target 1305.87
    Pivot303.18
    Downside Target 1298.37
    Downside Target 2295.68
    Downside Target 3290.87
  • APARINDS Share Price Target weekly- Technical Pivot Points (Classic)

    keyboard_arrow_down
    Upside Target 3349.92
    Upside Target 2334.33
    Upside Target 1319.17
    Pivot303.58
    Downside Target 1288.42
    Downside Target 2272.83
    Downside Target 3257.67
  • APARINDS Share Price Target monthly- Technical Pivot Points (Classic)

    keyboard_arrow_down
    Upside Target 3376.4
    Upside Target 2360.65
    Upside Target 1331.5
    Pivot315.75
    Downside Target 1286.6
    Downside Target 2270.85
    Downside Target 3241.7
  • APARINDS Share Price Target today- Technical Pivot Points (Fibonacci)

    keyboard_arrow_down
    Upside Target 3310.68
    Upside Target 2307.82
    Upside Target 1306.05
    Pivot303.18
    Downside Target 1300.32
    Downside Target 2298.55
    Downside Target 3295.68
  • APARINDS Share Price Target weekly- Technical Pivot Points (Fibonacci)

    keyboard_arrow_down
    Upside Target 3334.33
    Upside Target 2322.59
    Upside Target 1315.33
    Pivot303.58
    Downside Target 1291.84
    Downside Target 2284.58
    Downside Target 3272.83
  • APARINDS Share Price Target monthly- Technical Pivot Points (Fibonacci)

    keyboard_arrow_down
    Upside Target 3360.65
    Upside Target 2343.5
    Upside Target 1332.9
    Pivot315.75
    Downside Target 1298.6
    Downside Target 2288
    Downside Target 3270.85
SOURCE: Data from D'Market via Quandl. Intraday data delayed 15 minutes.
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