ICICI Securities has issued a buy recommendation for DOMS Industries with a target price of ₹2,500 in its research report dated March 15, 2026. According to the brokerage report, the upgrade comes after a ~20% correction in the stock price over the past three months, with the risk-reward ratio appearing favorable at current levels. The stock is currently trading at ₹1,603.02, as reported by Moneycontrol.
The company is on track to achieve its revenue guidance of ₹18-20% with EBITDA margin of 16.5-17.5% for FY26. As reported by ICICI Securities, the company is expected to achieve ₹2 billion revenue from Wowper in FY26, despite the category currently being in its off-season phase. The brokerage notes that overall growth momentum remains healthy for the company.
According to ICICI Securities analysis, DOMS Industries generates less than ~2% of its revenue from the Middle East, which could be absorbed by domestic or other export markets. The brokerage notes that US orders have resumed post tariff easing, and FILA-related exports to Europe and US will likely continue without any tariff overhang. However, the larger impact is expected on procurement costs, as polymers and crude-linked derivatives constitute ~40-50% of the company's raw material basket.
ICICI Securities values the stock at a DCF-based revised target price of ₹2,500 (versus ₹2,600 previously), with the implied P/E working out to 43x FY28E EPS. As reported by the brokerage, strong domestic demand and DOMS' extensive distribution network should support revenue growth over the medium term. The company's extensive distribution network is expected to help offset any near-term margin pressure from cost increases.
