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Motilal Oswal Report
We continue to remain positive on Kirloskar Oil Engines Ltd. due to its strong product portfolio within the powergen segment across Central Pollution Control Board 2, CPCB 4+, and fuel agnostic engines.
Additionally, the company's strategic focus on expanding its aftermarket and exports bodes well for long-term growth. While competition in the powergen segment is increasing, the market for CPCB 4+ compliant products is likely to be influenced by players offering a wide range within this category, coupled with a strong distribution network.
Unlike the last shift in emission norms, we do not expect a sharp price correction due to much better demand and strong market positioning of key players.
Kirloskar Oil is positioned well in both powergen and industrial markets and is ramping up its distribution and export portfolio. Kirloskar Oil has a potential to re-rate further from current levels on better than expected growth in exports, higher share of HHP genset sales as well as further ramp up in distribution portfolio.
We reiterate 'Buy' on Kirloskar Oil with a target price of Rs 840 based on SOTP methodology valuing core business at 20 times March, 26 earnings
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