Azad Engineering shares: Up 85% in 6 months; stock to buy, says ICICI Securities - Check revised share price target
AI Summary
Azad Engineering's impressive stock performance, bolstered by the recent endorsement from ICICI Securities, underscores the company's strong growth trajectory and expanding manufacturing capabilities. The successful commissioning of new facilities and the potential for large follow-on orders from GE Vernova suggest a robust earnings outlook, which could attract more retail investors looking for growth stocks in the manufacturing and energy sectors. As the company continues to diversify into aerospace and defense, it may further enhance its appeal, particularly for those interested in sectors aligned with India's strategic initiatives.
Azad Engineering Ltd has gained 85% in the past six months, and the stock has received a fresh boost from ICICI Securities, which retained its BUY rating and raised its target price to ₹3,200 from ₹1,900 earlier. The brokerage has rolled forward its valuation to FY29 and applied a target multiple of 55 times estimated FY29 earnings per share (EPS).
The revised target reflects the company's expanding manufacturing capacity, improving order visibility, and expectations of stronger earnings over the coming years. "We are introducing FY29 estimates and rolling over our target multiple to FY29, arriving at a target price of INR 3,200 (55x FY29E EPS)," ICICI Securities said.
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