GMM Pfaudler is India’s largest Glass Lined Equipment (GLE) manufacturer. All the leading pharma, agro and speciality chemical companies are its clients. Apart from GLE, the company has a heavy equipment (HE) and proprietary products division which caters not only to same type of customers and also players in the oil and gas and fertilizer industry. Technology and client relationships are the key strengths. Sizable expansion within the pharma industry has been driving growth for the company and this is expected to continue due to better industry trends. Management commentary is positve and commissioning of balancing equipment which would increase capacity and good order booking in the HE division. The only reason we have a neutral weight rating due to high valuations – 25-05-2020 Rating: Neutral Weight Recommendation: Hold
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