Asit C Mehta report on Power Mech Projects
Power Mech Projects Limited, founded in 1999, is an engineering and construction company specializing in the erection, testing, and commissioning (ETC) of large power plants. The company offers a range of services, including the installation of critical equipment like boilers, turbines, and generators, as well as setting up supporting systems such as water treatment and cooling systems through its Balance of Plant (BOP) division. Additionally, Power Mech handles civil works, constructing the necessary buildings and infrastructure for power plants, and provides operation and maintenance (O&M) services to ensure efficient plant functioning. The company is involved in largescale projects, including ultra-mega, supercritical, and sub-critical thermal power plants, contributing to the development of key energy infrastructure.
Outlook
Additionally, revenue is expected to grow with a CAGR of ~25% from FY25 to FY27E, driven by increased order execution. We recommend an "Accumulate" rating for the stock, applying a PE multiple of 23X to the EPS of 178.2, for the target price of Rs 4,099, indicating a potential upside of around 35%.
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