0621 GMT - GMM Pfaudler is likely a key beneficiary of a capital-expenditure uptrend in the chemical and pharmaceutical industries, Ambit Capital analysts say in a research report. They initiate coverage of the stock with a buy rating and a target price of INR2,300.00. During FY 2016-2023, the glass-lined equipment manufacturer delivered 25% revenue CAGR, driven by capex from chemical and active pharmaceutical ingredients players, the analysts note. Given the uptick in capex and continued growth in the non-glass-lined equipment business, GMM Pfaudler's growth and margins will likely be revived in FY 2026-2027, the analysts add. The brokerage forecasts 10% revenue CAGR over FY 2025-2028. Shares are 2.0% lower at INR1,190.75. (ronnie.harui@wsj.com)
(END) Dow Jones Newswires
January 13, 2025 01:21 ET (06:21 GMT)
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