Buy Sadbhav Engineerings; target of Rs 497: Axis Direct

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26 Aug, 2025 12:21

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Axis Direct's research report on Sadbhav Engineering

Sadbhav’s (SEL) Q3FY18 standalone revenue (up 8% YoY) was in line with our estimate. EBITDA margin increased 45 bps YoY to 11.3%, slightly above our/consensus estimates. PAT was almost flat at Rs 531 mn due to higher tax rate. Company booked orders of ~Rs 25 bn (up 12% YoY) in Q3. Order backlog at Rs 96 bn (up 25% YoY) provides good revenue visibility till FY20.

Outlook

We roll forward to FY20. Our revised SoTP-based TP stands at Rs 497 (standalone at Rs 340/sh on 18x FY20E and BOT at Rs 157/sh) vs. Rs 416 earlier.For all recommendations report, click here

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