This multibagger stock is up 370% this year, do you have it?

Multibagger StockAcrysil Ltd. has reported a strong second quarter, with the company registering a 58% year-on-year (YoY) growth in sales due to strong demand for quartz sinks in overseas markets. Brokerage firm Yes Securities said this growth has been made possible by the pick-up in the home furnishing trend due to shifting of demand for stainless steel sinks to quartz sinks.

The brokerage believes that this trend will continue and the share of quartz sinks in the total global kitchen sinks is likely to grow from 10% to 20% in the coming 5 years. Let us tell you that Acrisil is one of the 4 global manufacturers of quartz sinks through German technology. The brokerage expects Acrisil Ltd to have a CAGR volume growth of 33% in FY21-24E.

Hence, Yes Securities has maintained its ‘Buy’ rating on Acrisil stock with a revised target price of ₹1,150 (previous ₹1,023). The multibagger stock has gained over 370% so far this year (Year-to-Date or YTD), while it has gained over 410% in the one-year period.

During the earnings conference call, the company’s management said that the demand for quartz sinks across the world has been strong due to the increase in home furnishing trends and shift in demand from stainless steel sinks to quartz sinks.

The management also said that they will revise their internal targets upwards as the demand for their products is witnessing a huge increase. Acrysil plans to manufacture some of its business products and expand the capacity of existing products.

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