PG Electroplast (PGEL) shares surged over 2% following Equirus’ initiation of coverage with a ‘Buy’ rating and a target price of ₹980, signaling a potential upside of 20.53% from the current price of ₹813.20.
Equirus projects impressive growth for PGEL, with revenue, EBITDA, and PAT forecasted to grow at CAGRs of 39%, 44%, and 60%, respectively, from FY24 to FY27. This optimism stems from PGEL’s strong growth, including a 57% revenue CAGR between FY21-FY24. Key growth drivers include product diversification, new customer acquisitions, a strategic shift in sourcing, and increased market penetration. EBITDA growth has outpaced revenue with a robust 76% CAGR, driven by cost leadership and margin expansion.
Equirus remains confident in PGEL’s ability to sustain growth in a competitive market, making it an attractive investment option.
PG Electroplast shares opened at ₹825.00, reaching a high of ₹841.45 and a low of ₹822.05. The stock is currently trading near its 52-week high of ₹841.45.
As of 9:33 am, PG Electroplast shares were trading 2.52% higher at Rs 834.00 on the NSE.
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