Prabhudas Lilladher Recommends 'HOLD' on NOCIL, Sets Target at Rs 159

• NOCIL's revenue declined 0.7% YoY to Rs3.2 billion, impacted by pricing pressure despite 11% YoY volume growth.
• EBITDA margin expanded by 150 bps QoQ and 90 bps YoY, driven by a 1% QoQ and 18% YoY increase in EBITDA/kg.
• Company is undertaking a Rs2.5 billion capacity expansion for products like TDQ antioxidants, with trial production by H1CY26.
• Potential Anti-Dumping Duty (ADD) on 40% of its portfolio could offer significant earnings support.
• Prabhudas Lilladher maintains a 'HOLD' rating with a target price of Rs159, valuing the company at 28x December’27E EPS.