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Engineers India: Valuation reflects near-term pain

Fundamentals of EIL take a hit on account of COVID-19, but valuation more than factors in the pain

November 25, 2021 / 02:13 PM IST
Engineers India: Valuation reflects near-term pain

PRO Only Highlights
Quarterly performance largely backed by improved realisations
Medium-term triggers China plus and protectionist measures for tyre industry
Valuations not inexpensive; but improved medium-term outlook

Sluggish capex over the last few months and delays in orders and execution in the hydrocarbon space have added to the woes of Engineers India. Its stock has underperformed the broader markets and indices. However, the good part is that the stock is probably near the bottom as a revival in business is on the cards. Ordering has already picked up and execution is improving with issues on ground easing as well as customers taking deliveries. Also, the valuation is...

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