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Prabhudas Lilladher Report
We initiate coverage on BEML Ltd. with a ‘Buy' rating at a target price of Rs 3,345, valuing it at a price/earning of 26 times FY26E. BEML is in a sweet spot to capitalise on “Make-in-India” and the country's flourishing metro, railway and defence capex story led by-
defence order pipeline of ~Rs 400 billion,
near-term order potential of Rs 100 billion plus in metro projects,
~Rs 365 billion plus opportunity in rolling stock for Vande Bharat trains, and
healthy order book (~Rs 124 billion) with ~Rs 8 billion capex planned to ramp up execution.
We estimate revenue/adjusted profit after tax compound annual growth rate of 16.4%/50.3% over FY23-26E, with significant margin expansion of 420 basis points owing to revenue scale-up and falling manpower.
The stock is currently trading at a price/earning of 29.4 times/22.3 times on FY25/26E earnings.
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