Sadbhav Engineering Ltd.

NSE: SADBHAV | BSE: 532710 | ISIN: INE226H01026 | Industry: Construction & Engineering
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HDFC Securities
We increase SOTP based TP from Rs 375/sh to Rs 423/sh. SEL reported Rev/PAT miss of 8/15% as 58% of order book is yet to move into execution. EBITDA margins inched up 71bps YoY to 12.1% on account of increased contribution from higher margin captive HAM projects.
Promoters unpledged 37.78% of shares in last quarter. Total pledge stands at 42.67% of promoter holdings
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