ICICI Direct's research report on Elgi Equipments
Elgi Equipments (Elgi) manufactures a wide range of air compressors (~92% of revenue) and automotive equipment (~8%). • Elgi is the second largest player in the Indian air compressor market (~22% market share) and among the top eight players globally • Expansion in new international markets to drive long term incremental growth (rest of the world contributed ~50% in FY22).
We remain long term positive on the stock and change our rating from HOLD to BUY. We value Elgi at Rs 500 i.e. 45x P/E on average EPS for FY24E and FY25E.
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