Nirmal Bang

Nirmal Bang, one of the leading stock broking companies in India, caters to retail and institutional clients by offering them a range of financial products and services, including equities, derivatives, commodities, currency derivatives, mutual funds, IPOs, insurance, depository services and PMS.

Nirmal Bang is drawn from a diversity of professional backgrounds, and blend of experience, skill and dedication is shared with its clients. Nirmal Bang emphasizes adequate, thorough research local and world-wide developments, balancing these with the astute discovery of intrinsic values, synergies and growth. The aim is simply to help the investors to maximize their returns.

A Relationship Beyond Broking

External broker reports(aggregated public sources), Nirmal Bang

External broker reports(aggregated public sources)

Equity Bottom-Up

<div><div><div><div><ul><li>Revenue and margins in line - displaying good improvement: Standalone revenue came in at Rs31.9bn, up ~9% YoY, which was in line with our estimate, led by ASP growth and an optimum product mix.</li></ul><div><div><div><div><ul><li>Valuation turns favorable: We value RE (standalone) at 24x FY24E EPS and VECV at 12x EV/EBITDA on FY24E to arrive at a TP of Rs2,939.</li></ul><div><div><div><div><ul><li>We expect demand to remain strong and drive volume growth going ahead in both domestic as well as export markets, leading to 21% volume growth.</li></ul></div></div></div></div></div></div></div></div></div></div></div></div><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Revenue and margins in line - displaying good improvement: Standalone revenue came in at Rs31.9bn, up ~9% YoY, which was in line with our estimate, led by ASP growth and an optimum product mix.Valuation turns favorable: We value RE (standalone) at 24x FY24E EPS and VECV at 12x EV/EBITDA on FY24E to arrive at a TP of Rs2,939.We expect demand to remain strong and drive volume growth going ahead in both domestic as well as export markets, leading to 21% volume growth.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

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