Jefferies retains ‘buy’ call on Grasim Industries, sees 14% upside

International brokerage Jefferies had a price target of Rs 2,600 apiece on Grasim Industries

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Jefferies retained its ‘buy’ call on Grasim Industries as it awaits a sustained scale-up on the Aditya Birla Group flagship.

The international brokerage had a price target of Rs 2,600 apiece on Grasim Industries, indicating a 14 percent upside from the previous session’s closing price.

Grasim Industries highlighted that it is aiming at a Rs 1,000-crore revenue milestone for the Birla Opus pivot. In FY22, Grasim Industries said that they invested around Rs 2,000 crore into setting up and building the Birla Opus unit.

Jefferies said that Grasim Industries’ closest competitor Infra.Market has grown exponentially over the past three years, leading to positive profits and a valuation of $2.5 billion.

Grasim Industries, on the other hand, wants to scale segment gross revenues to $1 billion by FY27. Jefferies is awaiting a sustained scale-up for the company, and is not valuing portions of business separately in the sum-of-the-parts method.

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On February 22, Grasim Industries announced the launch of its paints business, Birla Opus, and the opening of three new plants. Aditya Birla Chairman Kumar Mangalam Birla launched three Birla Opus paint plants in Haryana, Punjab and Tamil Nadu on February 22 from the Panipat plant.

Jefferies noted on February 22 that Grasim Industries’ entry into the paints market could impact shares and margins in the industry. The company’s push for the second spot is expected to drive increased competition from other industry players.

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