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Prabhudas Lilladher Report
In a non-seasonal quarter, S Chand and Company Ltd. topline was in line with our estimate, while gross margin of 72.5% (our estimate 71.5%) was aided by a content syndication deal. For FY25E, the management is guiding for double-digit growth in topline with Ebitda margin of 17-19%, backed by price hike, raw material stabilization and increased volumes that would come from NCF roll-out.
S Chand has started launching new content based on NCF, but the adoption rate has been low as NCERT has announced new syllabus books only for grades three and six till now. We expect further announcements for additional grades during the year, which is likely to result in higher adoption rate of new syllabus books. Buoyed by NCF, we expect sales/Ebitda compound annual growth rate of 15%/22% over FY24-FY26E.
We broadly maintain our estimates and retain 'Buy' with a target price of Rs 312 (12 times FY26E earning per share; no change in target multiple).
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