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Company Update: Engineers India Ltd - BUY - TP Rs.204 - Kotak

Posted On: 2018-03-29 01:36:05

We believe that the weakness in EIL stock price over the last two months is predominantly driven by weak order inflows in the current quarter. We expect key large orders (including HPCL Barmer refinery order) to defer to Q1/Q2FY19. We retain long term positive view on EIL, however tweak FY19/20 estimates to factor in continued sluggish momentum in awarding of new large ticket size orders.

We expect EIL valuations to remain under pressure driven by sluggish ordering momentum. Further delays in the awarding of key orders can pose threat to our earnings estimate. We reduce our target PER and value EIL at 23x FY20 (25x earlier) core earnings and maintain BUY rating revised target price of Rs 204 (Rs 221 earlier).

Shares of ENGINEERS INDIA LTD. was last trading in BSE at Rs.158.1 as compared to the previous close of Rs. 159.1. The total number of shares traded during the day was 64345 in over 963 trades.

The stock hit an intraday high of Rs. 160.8 and intraday low of 156. The net turnover during the day was Rs. 10167615.


Source: Equity Bulls

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