Considering the various initiatives taken by the government like smart cities,
housing for all by 2022, and push towards providing sanitation would create a
new demand avenue for entry level or lower priced tiles (ceramic tiles). We expect
AGIL to report net revenue CAGR of ~9% to ~ Rs1,182cr over FY2016-18E. On
the bottom-line front, we expect CAGR of ~39% to Rs48cr over FY2016-18E,
owing to better product mix, higher B2C sales and amalgamation synergy.
Hence, we recommend a BUY rating on the stock.
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