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 28.3 649 649 0.1% 54.0 33.1 35.9 (0.4%) 0.1% 19.62 18.07 4.44 3.56 13.32 0.00% 25.6%
Elin Electronics Electronics Components Consumer Discretionary ADD 0.1 222 271 22.0% 2.8 4.5 8.9 60.8% 98.0% 49.19 24.84 2.10 1.94 19.97 0.00% 4.4%
IKIO Lighting EMS Industrial Goods and Services REDUCE 0.2 225 260 15.6% 7.8 7.2 9.1 (7.4%) 25.0% 30.99 24.80 2.94 2.70 19.01 0.00% 9.8%
Kalpataru Projects International Limited Industrial Goods and Services Industrial Goods and Services ADD 2.5 1,295 1,461 12.8% 35.0 41.6 61.2 18.8% 47.2% 31.16 21.17 3.34 2.94 14.74 0.58% 11.2%
KEC International Ltd Industrial Machinery Industrial Goods and Services ADD 2.6 877 1,122 27.9% 13.5 22.0 35.5 0.6% 0.6% 39.78 24.68 4.36 3.85 17.12 0.54% 12.1%
NTPC Ltd Power Utilities ADD 36.4 332 390 17.5% 16.1 20.3 20.6 26.2% 1.5% 16.37 16.12 1.99 1.86 10.31 2.49% 12.6%
Skipper Limited Industrial Goods and Services Industrial Goods and Services ADD 0.7 533 612 14.7% 7.8 13.2 16.9 70.5% 27.9% 40.31 31.51 5.05 4.35 14.61 0.02% 14.3%

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