Multibagger Stock: JTL Industries gets BUY call from brokerage - Check target price

Shares of manufacturing giant JTL Industries will be in focus when the market opens on Monday as brokerage firm SMIFS Limited has initiated coverage with a target of Rs 294. 

The counter had closed at Rs 212.30 today, a fall of 0.68 per cent from the previous close of Rs 213.75 on the BSE. 

"JTL Industries is one of India's key manufacturers specializing in structural steel tubes and pipes. JTL has recorded a remarkable 58.0% volume CAGR over FY21-24, primarily attributed to a surge in product demand and an almost two-fold increase in manufacturing capacity," the brokerage said.

Earlier, Axis Securities initiated a BUY rating on JTL Industries.

According to Axis Securities, JTL Industries numbers stood largely in line with their estimates.

"Revenue grew by 65 per cent/13 per cent YoY/QoQ to Rs 567 Cr, a 5 per cent beat vs. our estimate, led by higher ASP. EBITDA grew by 46 per cent/14 per cent YoY/QoQ, which was largely in line with our estimates," the security firm said. 

According to the company, its revenue from operations grew by 65.26 per cent from Rs 343.33 crore in Q3FY23 to Rs 567.38crore in Q3 FY24 and by 46.13 per cent from Rs 1,077.294 million in 9M FY23 to Rs 1,574.2 crore in 9M FY24. 

This growth was led by robust sales volume that not only exceeded our previous records but also surpassed the sales figure achieved in FY23.