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ICICI Securities Report
We maintain Buy on PTC Industries Ltd. with a DCF-based unchanged target price of Rs 20,070. The stock is trading at 37.4 times FY27E earnings per share.
PTC Industries announced the completion of its acquisition of Trac Precision Solutions Ltd. Trac’s advanced machining technology in our expectation will complement PTC’s capabilities in titanium and superalloys castings. Thus, in our view, PTC would be able to offer complete solutions to its customers while exercising full control over the manufacturing process of complex castings, including aerofoils.
Further, we believe that the acquisition plugs a critical gap in engine-manufacturing technology in India, which may have a profound impact on the indigenisation drive.
Key risks
Dependence on exports
Delay in commissioning of new capacity
(Low) Competition from established international players
Development of products entails a lengthy and expensive process
High level of working capital currently.
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