Reduce Graphite India; target of Rs 390: ICICI Direct

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ICICI Direct's research report on Graphite India

Graphite India (GIL) is the largest Indian producer of graphite electrodes by total capacity. Its manufacturing capacity is 98000 tonnes per annum. While GIL manufactures a full range of graphite electrodes, it stays focused on the higher margin, large diameter, ultra-high power (UHP) electrodes • GIL has over 40 years of technical expertise in the industry.

Outlook

Going forward, we expect GIL’s consolidated operating performance to remain subdued, primarily due to muted performance from European operations. Hence, we downgrade the stock from HOLD to REDUCE. We value GIL at Rs 390, 6x FY24E EV/EBITDA.

For all recommendations report, click here

Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

Graphite India - 080822 - ic