Amalgamation of Ador Fontech complete: We incorporate the restated consolidated financials of the company which include the numbers of Ador Welding, Ador Fontech and its subsidiary 3D Future Technologies from FY24 onwards for a complete assessment of the business
Suraj Estate Developers has leadership position in the redevelopment segment. Buy for target price of 992 (73% upside): Nuvama
Revenue for Suraj Estate Developers (SURAJEST) grew 5% YoY to INR109cr in Q2FY25 on steady execution. EBITDA was flat YoY at INR63cr, with margin contracting by 287bp YoY to 58.2% on higher construction and employee cost. PAT surged by 88% YoY to INR32cr on lower (52%) interest cost led by de-leveraging and re-financing of high-cost debt
NTPC Green Energy Ltd has exponential growth potential. Subscribe to the IPO: SBI Securiies
NTPC Green Energy Ltd (NGEL), a wholly owned subsidiary of NTPC Ltd is the largest renewable energy public sector enterprise (excluding hydro energy) in term of operating capacity as of Sep’24 and power generation as of Mar’24. The company’s renewable energy portfolio includes both solar and wind power assets with presence across multiple locations in more than 6 states which helps in mitigating risk of location specific generation variability
DCX Systems has the ability to become a key player in EMS space with huge potential lying ahead in the railway and defence space. Buy for target price of ₹466 (54% upside): KR Choksey
DCX has an order book of INR 30,000 Mn as of 12th Nov’24 vs 19,370 Mn as of 30th June’24. The order book also includes INR 4,603 Mn from Lockheed Martin and also another order worth of INR 3,796 Mn (through Raneal Advanced Systems) from Lockheed Martin for supply of electronic assemblies.
Affle (India) has strong revenue growth with margin expansion. Buy for target price of ₹2538 (60.3%): Keynote Capitals
Affle (India) Ltd. (Affle) reported a strong topline growth of 26% on a YoY basis, delivering 95 Mn conversions at a CPCU rate of Rs. 57.1. This resulted in CPCU revenue of Rs. 5,416 Mn, reflecting an increase of 35.2% on a YoY basis
Ratnaveer Precision Engineering has strong demand traction, capacity expansions and favourable product mix. Buy for target price of ₹290 (36% upside): ICICI Direct
Ratnaveer Precision Engineering (RPEL), is a Gujarat based stainless steel (SS) product manufacturer focused on producing finished sheets, washers, solar roofing hooks, pipes and tubes
Repco Home Finance is the beneficiary of tailwinds in the housing sector. Buy for target price of ₹610 (32% upside): Nuvama
REPCO is hopeful of getting its borrowing sanctioned through NHB as it is meeting all the required criteria. Opex will stay as guided with a C/I ratio of ~24%. It has started expanding its collections team and is guiding at lowering GNPA to INR450cr (from INR580cr QoQ) and Stage-2 to 10% by FY25-end. Credit cost will stay subdued (on additional write backs in coming quarters), thus driving profitability
Awfis Space Solutions has good long-term growth prospects. Buy for target price of ₹1013 (33% upside): Nuvama
We are bullish on AWFIS’ long-term growth prospects given the: i) favourable demand-supply gap, ii) strong inventory additions, iii) improving occupancy, iv) capital-light growth, and v) robust Balance Sheet. We are confident in the management’s ability to deliver profitable growth. At the CMP, the stock trades at a FY27E P/E of 17.6x. Maintain ‘BUY’
Hi-Tech pipes has mammoth growth prospects in the structural steel tubes space. Buy for target price of ₹215 (23%): SBI Securities
Hi-Tech pipes has mammoth growth prospects in the structural steel tubes space given its (a) Capacity expansion from 0.58 MTPA in FY23, 0.75 MTPA in FY24 to 1 MTPA in FY25E, (b) Transition from generic products to value-added products, (c) Product portfolio enhancement on back of Solar torque tubes, color coated roofing sheets and (d) Healthy demand for structural steel tube over medium and long term (Budgeted Allocation for Jal Jeevan Mission of Rs 70,163 cr in Budget 24-25)
Power Grid is trading at attractive valuations with a dividend yield of 4.3%. Buy for target price of ₹426 (36% upside): Motilal Oswal
In the analyst meet, PWGR management highlighted a total capex potential of INR6.6t in Inter-State Transmission Systems, where PWGR holds a leading 50-60% market share. Management also highlighted six upcoming HVDC projects and three cross-border linkage projects (India-Bangladesh, India Myanmar, and India-Sri Lanka), in which PWGR remains well placed to compete and execute
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