Nishat Mills Limited (NML): BUY Maintained Earnings revised due to lower margins; SOTP value higher - By Topline Research
Jul 10 2025
Topline Securities
- We have revised down our earnings estimates for Nishat Mills (NML) by average 33% for FY25 and FY26 to Rs18.49 and Rs19.11 on the back of lower-than-expected gross margins posted by company in 9MFY25.
- We have now assumed gross margins of average 11.1% for FY25-FY27 in our forecast compared to 9MFY25 gross margins of 11.3%. While gross margins in last 10 years i.e. FY15- FY24 have averaged at 12.4%.
- Despite decline in earnings, we maintain our BUY stance on the company with Jun 2026 target price of Rs225, suggesting total return of 60% including dividend yield of 2%.
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