Plastic products · FNXP
Building Materials - Plastic Pipes
from 164 today
We tweak our estimates and upgrade FNXP to BUY (from Add) given reasonable valuations and an improving volume outlook; with a rolled over unchanged SoTP-based Jun'27E TP of INR 214.
Finolex Industries reported a muted operational performance in 1Q with revenue declining 15% YoY due to a sharp 27% YoY decline in P&F volumes amid channel destocking. Maintain HOLD with an unchanged target price of INR 180.
Finolex Industries reported a subdued volume performance in Q1FY27 due to PVC price volatility and channel destocking, but management remains cautiously optimistic on recovery as PVC prices stabilize. We have downgraded our earnings estimates for FY27/FY28E and maintained an Accumulate rating with a revised target price of INR 197.
Ratings and target prices as published by each firm. Each summary condenses that firm's stated view in its own note and is attributed to it; no report text is reproduced.
