Hawkins Cookers Ltd (HCL), incorporated in 1959 by Mr. HD Vasudeva, operates
in two segments i.e. Pressure Cookers and Cookware. The pressure cookers are
marketed under the flagship brand Hawkins, Futura and Miss Mary; cookware is
sold under the Futura brand name.

Outlook and Valuation: We forecast HCL to report healthy top-line CAGR of
~14% to `976cr over FY19-22E on the back of government initiatives, new
product launches, strong brand name and wide distribution network. On the
bottom-line front (reported PAT), we estimate ~23% CAGR to `100cr due to
strong revenue and operating margin improvement (on the back of correction in
raw material prices). We initiate coverage on HCL with a Buy recommendation
and Target Price of `4,353 (23x FY2022E EPS), indicating an upside of ~21%
from the current levels.

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