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
Elin Electronics Electronics Components Consumer Discretionary ADD 0.1 134 271 102.7% 2.8 4.5 8.9 60.8% 98.0% 29.61 14.95 1.26 1.17 11.46 0.00% 4.4%
IKIO Lighting EMS Industrial Goods and Services REDUCE 0.2 255 260 1.8% 7.8 7.2 9.1 (7.4%) 25.0% 35.19 28.16 3.33 3.06 21.46 0.00% 9.8%
Kalpataru Projects International Limited Industrial Goods and Services Industrial Goods and Services ADD 1.9 960 1,461 52.2% 35.0 41.6 61.2 18.8% 47.2% 23.09 15.69 2.47 2.18 11.32 0.78% 11.2%
KEC International Ltd Industrial Machinery Industrial Goods and Services ADD 2.3 726 1,122 54.5% 13.5 21.8 35.6 0.6% 0.6% 33.25 20.40 3.59 3.16 14.48 0.65% 11.9%
NTPC Ltd Power Utilities ADD 40.7 359 385 7.3% 16.1 19.8 20.8 23.0% 5.2% 18.17 17.26 2.16 2.01 11.19 2.28% 12.3%
Skipper Limited Industrial Goods and Services Industrial Goods and Services ADD 0.6 448 695 55.0% 7.8 15.5 19.2 99.6% 23.7% 28.94 23.41 4.47 3.77 11.42 0.10% 16.7%

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