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Dolat Capital Report
JB Chemicals and Pharmaceuticals Ltd.’s Q2 FY25 earnings came inline with estimates.
The company maintained its guidance for FY25 operating Ebitda margin (ex-ESOP) in the range of 26-28%. India business is expected to continue to outperform the IPM.
We downgrade our FY25E/FY26E EPS estimates by 7.0%/7.7%, assuming lower Ebitda margin and increased depreciation costs.
We roll over to FY27 and maintain ‘Accumulate’ rating with a revised target price of Rs 2,189 at 32 times FY27 P/E adjusted for ESOP and amortization.
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