Asit C Mehta Investment Interrmediates Broker Research reports

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.

The Anup Engineering Limited” (erstwhile subsidiary company of Arvind Limited) was originally incorporated in the year 1962. In the year 2017 Arvind Limited decided to demerge.

CIEINDIA is a large, diversified auto-components group with a presence across many processes, product lines, geographies, and customers. The company’s unique combination of specialization in high value-added products.

We initiate coverage of Karur Vysya Bank (KVB) with a “BUY” recommendation and a target price of Rs 265, valuing the bank at 1.7x of its 1 year forward P/Adj. BV.

STRCEM reported a mixed set of numbers, EBITDA and blended realisation in line with our estimate, while revenue and volume are marginally ahead of our estimate. Revenue up by 10.1% YoY (+40.2% QoQ) to Rs9.13bn, mainly led by 13.8% YoY (+43.7% QoQ) increase in volume of 1.41mt (1.387mt cement + 0.024mt clinker) sales.

We initiate coverage on Star Cement Ltd (STRCEM) with a “BUY” recommendation and target price of Rs262 based on 10x FY26E EV/EBITDA.

AAL is currently the largest independent manufacturer of rear drive axle assemblies for CVs (primarily M&HCVs) in India. AAL has continuous focus on working capital
improvement and inventory optimization and continuous focus on revenue
improvement, new product development, operational excellence & cost optimization as part of Industry 4.0 Strategy.

Increased bearing usage in Railways and Metros are a critical component in
railway operations because it maintains the friction between moving parts in
railway systems, ensuring that various components do not collide or separate.

TRIVENI is primarily an integrated sugar manufacturing company, but it also engages in the production of high-speed gears and project implementation in the fields of water and wastewater treatment and pollution control.