View – Given the strong expansion and diversification plans, we expect Mold-Tek to deliver consistent performance over the next few years. Its industry leading capital allocation, lean balance sheet, healthy margin and return ratios with strong operating cash flow and superior dividend pay-outs ratios gives it an edge. We anticipate Mold-Tek’s Revenue/EBITDA/PAT to grow at a CAGR of ~36/42/49% over FY22-FY24E, we initiate coverage on Mold-Tek Packaging with a “BUY” recommendation with a (1 year) Target price of Rs. 1,125 (upside of 29%) valuing the Company at a ~26x (historical average) on FY24E EPS.