Navneet Education - Publishing Performance Under Radar: Prabhudas Lilladher

NDTV Profit’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer NDTV Profit’s subscribers an opportunity to expand their understanding of companies, sectors and the economy..Prabhudas Lilladher Report.We visited Navneet Education Ltd.’s manufacturing plant at Khaniwade in Palghar district of Maharashtra. The plant is spread across six acres and had ~100 tons of paper inventory. Predominantly, stationary products get manufactured (paper & non-paper) at the plant while some area is dedicated for storage of publication books. In the ensuing discussion post plant visit, Navneet Education revealed it is still awaiting curriculum change announcement schedule for FY25E indicating publishing volumes would continue to remain under pressure. However, we expect stationary business to grow at a compound annual growth rate of 12% over FY24E-FY26E led by exports. While there are near term concerns on growth, Navneet Education trades at an attractive valuation of 10 times FY26E earnings per share (adjusting for K-12’s valuation) with a profit after tax compound annual growth rate of 21% over FY23-FY26E. We maintain our estimates and retain Buy on the stock with a SOTP based target price of Rs182..Click on the attachment to read the full report:.Gujarat State Petronet - Sharp Cut In HP Gas Grid Tariff: Prabhudas Lilladher.DISCLAIMERThis report is authored by an external party. NDTV Profit does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of NDTV Profit..Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

Navneet Education - Publishing Performance Under Radar: Prabhudas Lilladher

Delay in realization of National Curriculum Framework benefits is likely to put publishing growth under pressure.

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