BGR Energy - (CMP/TP: Rs. 126/Rs. 135) (Rating: Accumulate) - Angel Broking

We expect BGR Energy (BGR)'s top-line to grow by 19.8% yoy to Rs. 964cr on back of good execution of Construction and EPC contracts. However, its EBITDA margin is expected to contract by 244bp yoy to 11.3% as the company is executing relatively lower margin orders. Consequently, the bottom-line is likely to decline by 3.7% yoy to Rs. 40cr. We recommend Accumulate rating on the stock with a target price of Rs. 135.

Source : Equity Bulls

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