ISGEC is a exceptional engineering company that thrived even when other capital goods manufacturing companies were under stress. The company has a very strong balance sheet and good customer base and track record with a dominant position in the segments it is present. With the capex cycle picking up particularly for the sugar industry and decent order book (Rs. 6546 crores as on 30-06-2020), we expect the performance to improve gradually over the long term. We have an over weight rating based on order book size and valuation. Topline has been impacted by covid-19 pandemic but profits have improved due to cost savings. We expect the company to scale back to normal operations in 1-2 quarters – 28-08-2020 Price: 278.80 Rating: Over Weight Recommendation: Buy
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