We expect HGIEL to report Revenues/EBIDTA/APAT growth of 28%/26%/33% CAGR respectively over FY21-24E. We value HGIEL EPC business at 9x FY24 EPS and HAM portfolio at 1x book value with a target price of Rs 845/share, implying an upside potential of 56% from the CMP. We maintain our BUY rating