Buy Engineers India; target of Rs 183: HDFC Securities

Trade

• Watchlist
• Portfolio
• Message
• Set Alert

 

 

Choose Stock Exchange: BSE LIVE NSE LIVE

26 Aug, 2025 12:21

Volume

Todays L/H

More

×

HDFC Securities' research report on Engineers India

Engineers India’s (ENGR) 4QFY17 results were in line with our estimates. Revenue grew 47% YoY on a low base, as execution started picking up in projects won in H1FY17. As guided by mgmt, provision write-backs continued (Rs 570mn in 4QFY17), leading to PMC/LSTK margins of 37.2/35.3% resp. Consequently, APAT for the quarter grew 101% YoY to Rs 850mn.

Outlook

Despite the buyback, the balance sheet would have Rs 23.6bn cash (FY19E), leading to zero-to-negative core capital employed, implying infinite RoIC. We reiterate BUY with a TP of Rs 183/sh (25x FY19E core EPS + cash).

For all recommendations, click here

Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

Read More