Sharekhan's research report on Suprajit Engineering
EBITDA margin expanded by 220 bps y-o-y to 10.5% in Q1FY24, while non-automotive business has yet to recover. The company’s diversified, de-risked and innovation driven business model supports the growth momentum. Stock trades at P/E multiple of 20.6x and EV/EBITDA multiple of 11.8x its FY25E estimates.
Outlook
We maintain a Buy rating on Suprajit Engineering Ltd (SEL) with a revised PT of Rs 457 on its diversified business model, healthy traction in automotive business and continued order wins.
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