This multibagger stock gave 151% return in 2021, claims brokerage firm – will continue to rise

Multibagger Stock: The shares of Ramkrishna Forgings are included in the multibagger stocks of this year, which have given a return of about 151% according to the year-to-date (YTD). Ramakrishna Forgings is one of India’s largest Manufacturer and Exporter of CV Forgings. Brokerage firm Emkay believes that the company is one on the CV upcycle in the domestic and overseas markets.

The brokerage firm Ramkrishna Forgings sees a rise in the share price of over 28% from the current levels. It assumes that the financial year FY21-24E. In India, MHCV Industries should have 30% volume CAGR on the back of improvement in macros, pick-up in infra-spending, and recovery in replacement demand.

Emkay has given ‘Buy’ rating to this multibagger stock and has fixed a target price of Rs 1,530 per share. However, it has said that major downside risks include delay in auto sector/ macro recovery, client concentration risk and unfavorable posture.

Emkay said in a note, “The company, established in 1981, has been a growth leader with revenue/EBITDA CAGRs of 12%/13% over the last 10 years, beating the industry and its larger counterpart Bharat Forge. “

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