Ishan VERMA

Associate
(91) 22 4161 1565
ishan.verma@incredresearch.com
Executive Summary

Valuation
Company Industry Sector Rating MktCap
(US$bn)
Price Target
Price
Up/
down (%)
CORE EPS EPS Growth (%) PER (x) P/Bk (x) EV/EBITDA (x) Yield (%) ROAE (%)
FY24 FY25F FY26F FY25F FY26F FY25F FY26F FY25F FY26F FY25F FY25F FY25F
Adani Power Ltd Power Utilities ADD 25.0 555 649 16.9% 54.0 33.1 35.9 (0.4%) 0.1% 16.80 15.47 3.80 3.05 11.63 0.00% 25.6%
Elin Electronics Electronics Components Consumer Discretionary ADD 0.1 163 271 66.4% 2.8 4.5 8.9 60.8% 98.0% 36.06 18.21 1.54 1.42 14.27 0.00% 4.4%
IKIO Lighting EMS Industrial Goods and Services REDUCE 0.2 219 260 18.5% 7.8 7.2 9.1 (7.4%) 25.0% 30.24 24.20 2.87 2.63 18.57 0.00% 9.8%
Kalpataru Projects International Limited Industrial Goods and Services Industrial Goods and Services ADD 2.3 1,150 1,461 27.0% 35.0 41.6 61.2 18.8% 47.2% 27.66 18.80 2.96 2.61 13.26 0.65% 11.2%
KEC International Ltd Industrial Machinery Industrial Goods and Services ADD 2.8 889 1,122 26.2% 13.5 21.8 35.6 0.6% 0.6% 40.70 24.97 4.39 3.87 17.31 0.53% 11.9%
NTPC Ltd Power Utilities ADD 37.7 333 385 15.7% 16.1 19.8 20.8 23.0% 5.2% 16.85 16.01 2.00 1.87 10.66 2.45% 12.3%
Skipper Limited Industrial Goods and Services Industrial Goods and Services ADD 0.7 487 612 25.7% 7.8 13.2 16.9 70.5% 27.9% 36.78 28.75 4.60 3.97 13.45 0.02% 14.3%

Recent Research