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Hold Elgi Equipments; target of Rs 475: ICICI Direct

ICICI Direct recommended hold rating on Elgi Equipments with a target price of Rs 475 in its research report dated August 15, 2022.

August 16, 2022 / 05:56 PM IST
 
 
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ICICI Direct's research report on Elgi Equipments


Elgi Equipments (Elgi) manufactures a wide range of air compressors (~92% of revenue) and automotive equipment (~8%). Elgi is the second largest player in the Indian air compressor market (~22% market share) and among the top eight players globally • Expansion in new international markets to drive long term incremental growth (rest of the world contributed ~50% in FY22).


Outlook


We remain long term positive on the stock and change our rating from BUY to HOLD. We value Elgi at Rs 475 i.e. 52x P/E on FY24E EPS.


For all recommendations report, click here

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Elgi Equipments - 140822 - ic

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first published: Aug 16, 2022 05:56 pm
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