ICICI Direct has given Buy recommendation for AIA Engineering with a target price of Rs. 2230 in its research report issued on Nov 02, 2021

ICICI Direct’s research report on AIA Engineering

AIA Engineering (AIA) is India’s largest manufacturer and supplier of high chrome wear, corrosion and abrasion resistance castings used in cement, mining and thermal power plants (or mills). Products includes tube mill internals (grinding media, shell liners, diaphragm), HRCS castings & crusher parts for cement, mining and power Second largest hi-chrome producer in the world


We remain long term positive and retain our BUY rating on the stock. We value AIA at Rs 2230 i.e. 31x P/E on FY23E EPS


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