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Motilal Oswal Report
We expect ABB India Ltd. to continue to benefit from improved addressable market and improve upon its share of high growth segments. We incorporate AR2023 details and expect revenue to grow by 24.5%/22.1%/19.3% in CY24/25/26E and we bake in margins of 14.4%/14.7%/14.8% for the same period, translating into profit after tax growth of 24.6%/22.8%/20% for CY24/25/26E.
ABB India has been one of our top picks in the sector and has continuously outperformed on earnings.
The stock is expensive on valuations at 74.3 times/62.0 times on CY25/26E earnings, but has one of the best return on invested capital in the capital goods sector.
We incorporate AR2023 details and revise our target price. We remain positive on the company and maintain our Buy rating with a two-year forward price target of Rs 7,500
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