Neutral Hitachi Energy India Ltd For Target Rs. 13,800 by Motilal Oswal Financial Services Ltd
* We expect revenue growth of 34% YoY to INR17b, led by healthy execution of the opening OB of INR89.1b.
* Key monitorables include further ramp-up in margins, progress on HVDC projects, and STATCOM order finalization. It recently won the Khavda-Nagpur HVDC order from PGCIL, in consortium with BHEL.
* We expect EBITDA margin to expand ~390bp, aided by operating leverage gains and easing of supply chain-related issues.
* The execution of the Mumbai HVDC project is expected to provide near-term support to revenue.
* We increase our TP to INR13,800 on roll forward to Mar’27.
For More Research Reports : Click Here
For More Motilal Oswal Securities Ltd Disclaimer
http://www.motilaloswal.com/MOSLdisclaimer/disclaimer.html
SEBI Registration number is INH000000412
