Shubham Dalia

Shubham Dalia

Analyst
(91) 02241611544
shubham.dalia@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
Bharat Electronics Ltd Aerospace & Defence Industrial Goods and Services ADD 33.1 399 459 15.0% 5.4 7.2 8.5 34.1% 17.9% 55.20 46.84 14.61 12.05 41.31 0.58% 29.1%
FSN Ecommerce Technology - Others Technology REDUCE 7.8 239 103 (56.8)% 0.2 0.2 0.2 53.3% (2.7%) 1,019.51 1,047.36 51.39 48.98 154.23 0.00% 5.2%
Hindustan Aeronautics Ltd Aerospace & Defence Industrial Goods and Services ADD 36.0 4,746 6,325 33.3% 114.0 115.1 133.9 1.0% 16.3% 41.24 35.45 9.07 7.75 29.06 0.80% 24.0%

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