04-Nov-2026 10:01:30
ICICI DIRECT ON RATNAVEER PRECISION ENGINEERING ; BUY | TARGET ₹475 (25% UPSIDE)
• Expects revenue CAGR of 39.2% and PAT CAGR of 60.6% over FY26–28; valued at 24x FY28E EPS. • Investing ₹338 CR in Copper Clad Laminate (CCL) facility with 79.2 lakh sheets annual capacity; first line targeted for commercial ramp-up from December 2026. • CCL business targets ₹750+ CR revenue by FY31, with EBITDA margin of around 20% and PAT margin of 13% at full scale. • CCL prices have surged over 300%; management reviewing project guidance, with revised targets yet to be announced. • Core stainless-steel business revenue targeted at ₹1,350 CR in FY27 and ₹1,800 CR by FY28, supported by ₹58 CR Phase-II capex. • Key risks include industrial capex slowdown, high working capital requirements and CCL project execution.
RATNAVEER PRECISION ENG L