Analyst View (IDBI Capital Markets & Securities):

• Robust EBITDA outlook due to:
  • Substantial regulated asset base and consolidated position in India’s competitively bid transmission sector.
  • Work-on-hand of ~INR600 billion, expected to be executed over the next few years.
  • Smart meter opportunity: 104 million meters up for bidding, supporting strong cash flows for 6–7 years.
• EBITDA CAGR forecast: 33% over FY23–27

Recommendation & Price Target:

• Rating: Buy
• Target Price (TP): INR1,195
• Current Price: INR1,010.60 (-1.6%)

Outlook:
The company’s dominant position in transmission projects and upcoming smart meter bids underpin strong medium-term earnings growth, making the stock attractive for investors.