Target: ₹1,681
CMP: ₹1,248.70
Techno Electric & Engineering Company, a prominent player in India’s power transmission and distribution (T&D) sector, boasts over 45 years of experience. The company has played a crucial role in executing NTPC’s inaugural power station at Shaktinagar and has completed more than 50% of Power Grid Corporation of India’s substations, amounting to over 160 out of a total of 276. Additionally, Techno Electric has engaged in nearly all NTPC power station projects.
Recently, the company has expanded its portfolio to include tariff-based competitive bidding (TBCB) projects and signed a memorandum of understanding (MoU) with IndiGrid for asset monetization. Techno Electric is also diversifying into advanced smart metering (AMI), securing contracts valued at over ₹2,600 crore, and has entered the rapidly evolving data center sector. The company plans to invest approximately $1 billion to develop a 250 MW capacity by FY30. Currently, Techno Electric holds a robust order book exceeding ₹9,500 crore, reflecting a book-to-bill ratio of about 3x. Analysts forecast significant growth, expecting revenue and EBITDA to increase at a CAGR of 32% to ₹5,177 crore by FY28E, with PAT anticipated to rise at a CAGR of 19%, moderated by higher depreciation.
Analysts value Techno Electric using a sum-of-the-parts (SOTP) approach and initiate coverage with a “Buy” recommendation, setting a target price of ₹1,681, which suggests a 34% upside from the current market price (CMP) of ₹1,250. This target price implies a price-to-earnings (P/E) ratio of 30x based on FY28E earnings, with each business vertical assessed separately.
Published on April 23, 2026
