Azad Engineering stands at an interesting juncture & has a long runway ahead. Its journey has just begun. Co may sustain its high earnings trajectory (EBITDA margin at 33.6%) with recent orders & customer additions. Order visibility ₹33bn. TP ₹2450 (49%) https://rakesh-jhunjhunwala.in/azad…et-price-of-₹2450-49-upside-icici-securities/…
Azad Engineering stands at an interesting juncture & has a long runway ahead. TP ₹2450 (+49%)
Sobha has 190msf of land reserve valued at ₹90b which provide strong growth visibility (25-75 years of monetization). Co trades at 8.5x FY25E EV/EBITDA which is at a 15-30% discount to comparable peers (PEPL, GPL, MLDL & Sunteck). Buy for TP ₹2250 (+32%) https://rakesh-jhunjhunwala.in/sobh…arget-price-of-₹2250-32-upside-motilal-oswal/…
Sobha has 190msf land reserve valued at ₹90b which provide strong growth visibility. TP ₹2250 (+32%)
JB Chem is well-positioned to capitalize on immediate growth opportunities. 30% EPS CAGR expected aided by strong growth from domestic business, 35% growth from acquired portfolios, scaling up of high margin CDMO business, robust FCF generation. TP ₹2215 https://rakesh-jhunjhunwala.in/jb-c…uy-for-target-price-of-₹2215-15-upside-smifs/…
JB Chem is well-positioned to capitalize on immediate growth opportunities. TP ₹2215
Sansera is expected to grow business at 40%-50% CAGR driven by a robust order book of ~Rs10bn. EPS is expected to grow at 33% CAGR over FY24-FY27E. Margin to improve 110bps from 17.1%. New Age businesses are posting strong growth of 34% YoY. TP ₹1700 (22%) https://rakesh-jhunjhunwala.in/sans…-target-price-of-₹1700-22-upside-nirmal-bang/
Eureka Forbes is progressing well across parameters of growth, margin & cash generation. Investment strategy has shifted towards development of innovative & premium products. B/S has improved from net debt position of ₹320mn to net cash of ₹600mn. TP ₹590 (26%) https://rakesh-jhunjhunwala.in/eure…get-price-of-₹590-26-upside-icici-securities/…
Eureka is progressing well across parameters of growth, margin & cash generation. TP ₹590 (26%)
NCC is a key beneficiary of the tailwinds in the buildings, roads, water, mining and electrical segments. Consolidated order book is well diversified & at ₹52,626 Cr (2.4x TTM book). Revenue CAGR of ~15.5% expected over FY24-26E. TP is ₹400 (25% upside) https://rakesh-jhunjhunwala.in/ncc-…-target-price-of-₹400-25-upside-icici-direct/…
NCC is a key beneficiary of the tailwinds in the Infra sector. TP is ₹400 (25% upside)
BLS International is the only listed Indian company in global visa processing & G2C services outsourcing. It operates on an asset & capital-light model ensuring strong cash generation. Multiple triggers are poised to drive future growth. TP ₹518 (+34%) https://rakesh-jhunjhunwala.in/blsi…uy-for-target-price-of-₹518-34-upside-nuvama/…
BLS International is the only listed Indian company in global visa processing
Coal India is well poised for profitable growth. Coal is cornerstone of India’s energy requirement. Healthy volume growth on anvil, diversification efforts in new sunrise spaces, healthy net cash positive b/s & robust dividend yield (~5%). TP ₹650 (27%) https://rakesh-jhunjhunwala.in/coal…-target-price-of-₹650-27-upside-icici-direct/
Amara Raja is doubling down on EVs, with lithium cell plants for NMC/ LFP chemistries slated to come on stream in FY26E/28E and investments in Inobat/Log9 entities. These efforts enhance long-term growth visibility. TP ₹1,980 (31%) https://rakesh-jhunjhunwala.in/amar…y-for-target-price-of-₹1980-31-upside-nuvama/…
Dhanuka Agritech has seen strong rebound in performance & upgraded the guidance for FY25. Strong response to recently launched products. Exploring tie-up with patented technical makers for CRAMS. Promoters participating in ₹100 Cr buyback. TP ₹2223 (21%) https://rakesh-jhunjhunwala.in/dhan…rget-price-of-₹2223-21-upside-sbi-securities/…
Dhanuka Agritech has seen strong rebound in performance & upgraded the guidance for FY25
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