Given the strong demand and elevated prices, the operating environment continues to remain healthy for domestic graphite electrode player like Graphite India. We expect the topline, EBITDA and PAT to grow at a CAGR of 53%, 66% and 63%, respectively during FY18-FY20E. We continue to value the stock at 10x FY20E EPS of Rs 140 and arrive at a target price of Rs 1400. We reiterate our BUY recommendation on the stock.
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