New Delhi, Oct. 3 -- Azad Engineering Ltd has gained 85% in the past six months, and the stock has received a fresh boost from ICICI Securities, which retained its BUY rating and raised its target price to Rs.3,200 from Rs.1,900 earlier. The brokerage has rolled forward its valuation to FY29 and applied a target multiple of 55 times estimated FY29 earnings per share (EPS).

The revised target reflects the company's expanding manufacturing capacity, improving order visibility, and expectations of stronger earnings over the coming years. "We are introducing FY29 estimates and rolling over our target multiple to FY29, arriving at a target price of INR 3,200 (55x FY29E EPS)," ICICI Securities said.

Azad Engineering's stock has already delive...