Buy Zicom Electronic; target of Rs 175: Firstcall Research

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26 Aug, 2025 12:21

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Firstcall Research's report on Zicom Electronic Security Systems

"Zicom Electronic Security Systems Ltd achieved a turnover of Rs. 3307.15 million for the 4th quarter of the financial year 2014-15 as against Rs. 3055.92 millions in the corresponding quarter of the previous year, an increase of 8.22%. The company has reported an EBITDA of Rs. 449.76 millions in Q4 FY15. During the quarter, net profit was Rs 183.75 million against Rs 140.64 million in the corresponding quarter of the previous year. The company has reported an EPS of Rs. 9.10 for the 4th quarter as against an EPS of Rs. 7.99 in the corresponding quarter of the previous year."

OUTLOOK AND CONCLUSION

At the current market price of Rs. 150.90, the stock P/E ratio is at 5.40 x FY16E and 4.87 x FY17E respectively.

Earning per share (EPS) of the company for the earnings for FY16E and FY17E is seen at Rs.27.96 and Rs.31.01 respectively.

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Net Sales and PAT of the company are expected to grow at a CAGR of 20% and 15% over 2014 to 2017E respectively.

On the basis of EV/EBITDA, the stock trades at 4.86 x for FY16E and 4.70 x for FY17E.

Price to Book Value of the stock is expected to be at 0.73 x and 0.63 x for FY16E and FY17E respectively.

"The consolidated performance of the Company shows a growth of 20% which is encouraging. Zicom SaaS performed exceedingly well with continued flow of orders from Banks for ATM Surveillance and Housing Societies under Make Your City Safe. On standalone basis also the Company showed 19% growth in topline and 39% growth in bottomline. During the Financial Year the Company has received first pilot order for iris technology based biometric reader for PDS Distribution Scheme of Andhra Pradesh Government. The company expects this business to grow in current year keeping in mind Government desire to implement various financial inclusive Schemes. Hence, we recommend ‘BUY’ in this particular scrip with a target price of Rs 175 for Medium to Long term investment", says Firstcall Research Report.

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