Hold Engineers India; target of Rs 140: Edelweiss

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26 Aug, 2025 12:21

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Edelweiss's research report on Engineers India

Engineers India (ENGR) posted good execution for Q4/FY18, indicating the government’s strong focus on BS-VI norms. However, we believe: a) tapering pipeline of new orders in domestic market and delayed mega refinery project pose challenges to our order intake growth assumptions.

Outlook

However, slower pace of ordering by OMCs could hamper its revenue visibility in near to medium term, thereby posing downside risk to our FY18-20E growth. At CMP, the stock trades at 20x/18x FY19/20E EPS. Downgrade to ‘HOLD/SP’ from ‘BUY/SO’ with a target price of INR140 (18x FY20E EPS).

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