Hold AIA Engineering: target of Rs 1895: ICICI Direct

ICICI Direct's research report on AIA Engineering

AIA Engineering (AIA) is India’s largest manufacturer and supplier of high chrome wear, corrosion and abrasion resistance castings used in cement, mining and thermal power plants (or mills). Products include tube mill internals (grinding media, shell liners, diaphragm), HRCS castings & crusher parts for cement, mining and power The company is the second largest hi-chrome producer in the world

Outlook

However, growth can be a challenge in the next two to three quarters. Hence, we are changing our rating on the stock from BUY to HOLD We value AIA at Rs 1895 i.e. 28x P/E on FY24E EPS