Subscribe to Uniparts India Ltd: Geojit

Geojit IPO report on Uniparts India Ltd

Uniparts India Ltd (UIL), incorporated on September 26, 1994, is a global manufacturer of engineered systems and solutions and are one of the leading suppliers of systems and components for the off-highway market in the agriculture and construction, forestry and mining and aftermarket sectors with a presence across over 25 countries (Source: CRISIL Report). The major product portfolio includes, 3- point linkage systems for tractors and precision machined parts. Other product like Power take off (PTO), fabrications and hydraulic cylinders are at nascent stage. UIL has 6 manufacturing facilities (5 in India and 1 in U.S) with an average capacity utilisation of ~71% (as of June 2022) and 3 warehouses (2 in U.S and 1 in Europe) and one distribution facility in India.

Valuation and Outlook

At the upper price band of Rs.577, UIL is available at a P/E of 15.6x (on FY22 EPS), which appears reasonably priced compared to peers. Considering its strong earnings growth, improving margins and positive industry outlook, we assign a “Subscribe” rating on a short to medium term basis.

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30112022 - Uniparts India -IPO - geo