RR Kabel - Wired For Growth; Yes Securities Initiates Coverage With A 'Buy' Rating

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Yes Securities Report

We initiate with Buy rating coverage on RR Kabel Ltd. based on its commendable value prop including-

1. noteworthy Certification and R&D investments,

2. robust manufacturing capabilities and prudent capacity expansion,

3. wide distribution and retail network, and

4. improving margin trajectory.

We expect revenue/Ebitda/profit after tax growth of 20%/36%/40%, respectively over FY24-FY26E. Incrementally, the company would improve its margin by ~190 basis points by FY26.

We stay bullish on the wires and cables space in the medium term led by factors like strong realty-infused demand, rural electrification initiative, growing share of organized sector, and Government impetus towards production and export boost.

The company's enviable value prop should help it outperform the industry in good time.

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