Infrastructure Developers & Operators
Infra - Engineering - General
from 244 today
We maintain our 'Buy' rating valuing the Consultancy/Turnkey segments at a PE of 24x/10x Mar'28E, arriving at a SoTP-derived TP of Rs294, factoring in healthy execution in the high-margin consultancy business.
EIL reported a good Q1 with revenue of INR 8bn led by a decline in low-margin EPC revenues, while EBITDA and adj. PAT grew 70% and 55% YoY respectively, driven by high-margin consultancy business revenue growth. We maintain BUY with an unchanged target price of INR 290.
Engineers India reported 1QFY27 revenue down 7% YoY due to lower turnkey segment revenue, but EBITDA margin expanded 670bps YoY driving a 55% rise in PAT. We maintain our BUY rating with a revised SOTP-based target price of INR 284.
Ratings and target prices as published by each firm. Each summary condenses that firm's stated view in its own note and is attributed to it; no report text is reproduced.
