We had initiated coverage on Everest Industries Ltd. (EIL) on September 25, 2019 with a BUY rating at the then prevailing price of Rs.346 for a Target Price of Rs.437 showcasing an upside potential of ~26%. Subsequently, during our Q4 FY20 result update dated June 08, 2020, we had revised our target price to Rs.320 while maintaining our buy rating at the then prevailing price of Rs.202. At CMP, the stock has returned 61% since our recommendation dated June 08, 2020. Further, during our last result update dated July 27, 2020, we maintained our buy rating and target price of Rs.320 for the stock at the then prevailing price of Rs.205. Since the stock has breached our target price, we change our rating from BUY to HOLD.

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