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Nirmal Bang Report
While Mold-Tek Packaging Ltd.'s Q4 FY24 headline numbers came broadly in line with our estimates, volume disappointment continues, led by paints and fmcg and food (ex-Q Packs). Sequential improvement in Per/kg was because of mix changes.
The management has guided for ~15% volume growth in FY25 wherein ABG volume (paints) and new orders in F&F should be key drivers.
We are building in 16%/23% volume/Ebitda compound annual growth rate over FY24-26E. Maintain Buy with a revised target price of Rs 900 (27 times PE on FY26E).
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