ICICI Securities raises Azad Engineering target to Rs 3100

GreyOak summary

ICICI Securities maintains a BUY rating on Azad Engineering with a revised target price of Rs 3,100. The company reported Q2 FY27 EBITDA growth of 42% YoY to INR 723mn, driven by a 31% revenue increase. With most capacity commissioned, revenue is expected to rise significantly in FY28.