Asit C Mehta Investment Interrmediates Broker Research reports

We remain optimistic about LTTS’s growth prospects, driven by its strong domain expertise, robust international opportunities, and a healthy domestic pipeline. The company’s commitment to its "Purposeful. Agile. Innovation.

Larsen & Toubro (L&T) is India’s premier engineering and construction conglomerate, excelling in EPC, manufacturing, and services across diverse industrial and infrastructure segments.

We estimate a forward P/E multiple of 25x based on FY27E EPS of Rs 570, resulting in a target price of Rs 14,250 per share.

Indigo Paints reported revenue of Rs 2,995 mn in the quarter, a growth of 7.4% YoY, but a
decline of 3.7% QoQ.

Ramkrishna Forgings is well-positioned to benefit from sectoral growth due to its established presence, technological capabilities, and strategic access to resources.

SBI Life Insurance reported premium income lower than our estimates by 6% mainly due to weakness in the group insurance and muted growth in the bancassurance channel. In terms of APE, growth was muted at 3% YoY, lower than our estimates by 4%.

ICICI Prudential premium income growth was reported higher than our estimates as the company’s retail segment remained healthy during the quarter. Along with premium income, its income from investments too remained strong on YoY basis, however, margin remained weak sequentially.

J Kumar Infraprojects Ltd. (JKIL) is a well-established EPC contractor with a strong foothold in the infrastructure sector. The company is well-positioned to benefit from its robust order book, excellent execution capabilities, and solid financial foundation.

ITD Cementation Ltd has a diversified portfolio across all verticals with expertise for disciplined project execution. It has established itself as a leading name in the construction of offshore maritime structures, ports, mass rapid transit systems.

We initiate coverage on AIA Engineering ltd with a “BUY” recommendation and a target price
of Rs 5,106/- per share. AIAE currently trades at 31X its EV/EBITDA Multiple. The company
holds a strong position in a duopoly market.