Hold Swaraj Engines; target of Rs 1860: ICICI Direct

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26 Aug, 2025 12:21

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ICICI Direct's research report on Swaraj Engines

The Indian Meteorological Department (IMD) has forecast near normal rainfall at 96% of LPA for upcoming monsoon season 2017. According to senior officials at the IMD, although there does exist neutral El Niño conditions (30% probability) in the Pacific Ocean, positive dipole movement in the Indian Ocean is expected to counter the Pacific move and result in normal monsoon in 2017.

Outlook

On account of recent stock price appreciation, it is currently quoting at 24.3x P/E on FY19E EPS. We, therefore, downgrade the stock to HOLD and value it at Rs 1860 i.e. 25x P/E on FY19E EPS of Rs 74.4.

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