Somany Ceramic’s balance sheet focus may drive 32% upside: Nuvama

Nuvama has a 'buy' rating on Somany Ceramics with a target price of Rs 858, implying a 32% upside. The brokerage expects a 5-6% volume growth in FY25E and a 100-150bps EBITDA margin improvement in FY26. The company's focus on balance sheet strengthening and new product launches is seen as positive.