Hold Bhel; target of Rs 143: ICICI Direct

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ICICI Direct's research report on Bhel

From being L1 in orders worth 6000 MW, Bhel is now only L1 in orders to the tune of 2600 MW. L1 orders include a) Mahagenco Bhusawal (660 MW EPC), b) Panki (660 MW), etc. The company has pegged the power generation equipment market opportunity to the tune of 10000-12000 MW for FY18E.

Outlook

Hence, we believe any delay in getting big orders in FY18E will put the financial performance of Bhel post FY19E in jeopardy. We recommend that investors stay on the sidelines and maintain a target price of Rs 143/share.

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