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Nirmal Bang Report
Aarti Industries Ltd.'s Q3 FY24 operational performance came broadly in line with our expectations on account of sequential volume recovery.
While Aarti Industries continues to be in the high capex mode, a large part of the future growth depends on the overall demand environment and its competitive positioning with China.
We don’t see meaningful change in the product mix in the near term which can generate higher margin and return on capital employed. Maintain 'Sell' with a revised target price of Rs 570 after rolling forward valuation to December 25E (25 times earning price)
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