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Nirmal Bang Report
Mold-Tek Packaging Ltd.'s Q3 FY24 operating performance came in a tad lower than our estimate led by flattish YoY volume (down 15% QoQ) in Paints and new plants commissioning related costs.
The management sounded upbeat on upcoming paints capacities for ABG Group and expect double digit Paints volume growth in FY25.
We are building in 17%/25% volume/Ebitda compound annual growth rate over FY24E-26E.
Maintain 'Buy' with a revised target price of Rs 1,040 (30 times earning price on December 25E).
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