The brokerage sees Netweb as a unique play in India's high-end computing solutions (HCS) space, backed by strong sectoral tailwinds and government support.
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ICICI Securities Report
ICICI Securities has initiated coverage on Netweb Technologies India Ltd. with a Buy rating and a target price of Rs 4,110, implying a 28% upside from the current market price of Rs 3,201.
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The brokerage sees Netweb as a unique play in India's high-end computing solutions (HCS) space, backed by strong sectoral tailwinds and government support.
The brokerage noted that-
Unique positioning: Netweb is India's leading high-end computing solutions (HCS) provider with hardware design, manufacturing, and software integration capabilities.
High-Growth Segments: Focus on high-performance computing, private cloud and hyper converged infrastructure, and AI systems with 77% CAGR in FY22–25.
Government Tailwinds: Beneficiary of IndiaAI Mission and National Supercomputing Mission with large budget allocations.
OEM Partnerships: Exclusive OEM partner for NVIDIA in India; also collaborates with AMD and Intel for advanced chipsets.
Pricing Power: End-to-end design, development, and deployment (3Ds) model ensures superior margins vs EMS peers.
AI-Led Opportunity: Prime beneficiary of AI-driven capex in India, offering exposure to sunrise sectors like AI hardware and sovereign compute infrastructure.
Strong Financial Outlook: Estimated FY25–28 revenue CAGR of ~59% and PAT CAGR of ~58%, with Ebitda margins in the 13–14% range.
Key risks
Non-annuity nature of the business.
Margin dilution from mega deal execution.
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