BEML gains; brokerage starts coverage with 'buy' rating

BEML

20/03/2024 09:57

** Engineering equipment maker BEML's  BEML.NS  shares up
3.2% at 2,870 rupees
    ** Brokerage Prabhudas Lilladher starts coverage of
company's shares with "buy" rating and PT of 3,345 rupees
    ** Company in sweet spot to capitalise on "make-in India"
theme and country's spending on metro trains, railway and
defence - brokerage
    ** BEML's order book healthy at 124 bln rupees ($1.49 bln)
with 8 bln rupees capex planned to ramp up execution - brokerage
    ** Brokerage estimates revenue/adj PAT CAGR of 16.4%/50.3%
over FY23-26, EBITDA margin expansion from 9.3% in FY23 to 13.6%
in FY26
    ** BEML shares up 1% YTD after nearly doubling in 2023 

 ($1 = 83.1259 Indian rupees)

 (Reporting by Sethuraman NR in Bengaluru)
 ((Sethuraman.NR@thomsonreuters.com; (+91 9945291420); Reuters
Messaging: nallur.sethuraman.thomsonreuters.com@reuters.net))