DOMS INDUSTRIES (+) : Confident about growth; going after market share

研报英文原文证据摘录

DOMS INDUSTRIES (+) : Confident about growth; going after market share

EQUITIES

CONSUMER GOODS

DOMS INDUSTRIES OUTPERFORMPRICE* INR2,283  TARGET PRICE INR3,020 (UPSIDE 32%) TARGET 2%PRICE nonEPS material03/27e EPS 03/28e-2%

Confident about growth; going after market share

DOMS Industries ended FY26 with a healthy 21.6% revenue growth and 15.5% EBITDA growth.19 MAY 2026

Securities Research Report Management guided to FY27 revenue growth of 17-20% but expects near term margin pressure due

Production time: 17:28* (London time)

to RM cost inflation. DOMS has taken only a c5% price increase against c15% cost inflation as it is

Research Analysts & Publishing Entities

looking to use the current disruption to gain market share and believes in medium-term margin

Kunal Vora, CFA recovery. DOMS has large capacity coming up in phases starting 2QFY27 which, we believe,BNP Paribas Securities India Private

Limited provides high growth visibility as historically the company has been able to operate at a very high

+91 22 6196 4384 utilisation. DOMS has delivered 22% revenue and 25% EBITDA CAGR over FY16-26 and we are

kunal.d.vora@asia.bnpparibas.com

building in 18% revenue and 19% EBITDA CAGR over FY26-29E. DOMS’ growth has been well

ahead of our staples coverage median growth rate of 7% CAGR over the last decade. DOMS remains

a dominant player in India’s stationery industry and has expanded its addressable market over the

years. We value DOMS at 52x June-28E EPS with minor changes in our estimates. Maintain O/P.

Revenue growth in-line with our estimate; c4-5% price hikes taken to mitigate RM cost impact

DOMS’ 4QFY26 consolidated revenue grew c18.7% y-y, in line with our estimate. India revenue

growth was slightly ahead of our estimate. However, export revenue declined c6% y-y.