Buy FIEM Industries; target of Rs 1260: Centrum

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26 Aug, 2025 12:21

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Centrum's research report on FIEM Industries

We maintain our Buy rating on FIEM Industries with TP of Rs1,260. We expect FIEM’s growth to continue aided by strong growth prospects of its two biggest clients namely Honda Motorcycle and Scooter India (HMSI) and TVS Motor. Q1FY18 top-line performance was above estimates as auto segment posted strong growth. Had it not been for issues in LED business, the performance would have looked much stronger.

Outlook

We value FIEM on our differentiated AOCF/EV methodology and arrive at a TP of Rs1,260. Key downside risk: slower-than-expected growth in HMSI and TVS Motor.

For all recommendations report, click here

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