The stock is currently trading at 12.5x and 10.5x of itsFY24E/FY25E earnings.We maintainour BUY rating on HGIEL and value its EPC business at 10x FY25E EPS and HAM portfolioat1.2x Book Value to arrive at a target price of Rs1,105/share. The TP implies an upside of 16% fromthe CMP.