Nilkamal– In-Line Q4-FY18, Better Vol. Gr. In Plastics/ Ramp-Up of New Biz - To Drive Re-Rating.

Nilkamal: In-Line Q1-FY19, Maintain Buy Investment Thesis.

Independent Research Analyst

Mamta Verma

DC India Research

DC India Research LLP (DCIR) is based out of Mumbai, India.

We specialize in providing customized, independent research across listed and unlisted companies in India across equities and credit including sectoral research. Our customers include India focussed PE funds, special situation funds, domestic AMCs, Wealth Advisory& PMS firms, Rating Agencies & Investment Advisors. 

The DCIR board consists of prominent names from the industry as well as CIO’s of Hedge funds.

Equity Bottom-Up

Business –Nilkamal is the market leader in the ‘Molded furniture’ and ‘Material handling’ segment. The company reports its performance across 2 divisions - a. Plastic and b. Lifestyle furniture, furnishings and accessories.The Plastic division accounts for ~89% of FY17 revenue and includes – molded furniture, ready furniture, mattress and material handling (material handling business is housed in 50:50 JV). This division reported a revenue CaGR of ~8% over FY13-17. Key competitors in this…

Business –Nilkamal is the market leader in the ‘Molded furniture’ and ‘Material handling’ segment. The company reports its performance across 2 divisions - a. Plastic and b. Lifestyle furniture, furnishings and accessories.The Plastic division accounts for ~89% of FY17 revenue and includes – molded furniture, ready furniture, mattress and material handling (material handling business is housed in 50:50 JV). This division reported a revenue CaGR of ~8% over FY13-17. Key competitors in this…

Nilkamal - High Prob. Of Re-Rating Driven by EBITDAM Expansion. Strong BS Metrics & Inexpensive Val.

Nilkamal Ltd

Nilkamal - High Prob. Of Re-Rating Driven by EBITDAM Expansion. Strong BS Metrics & Inexpensive Val.