Techno Electric & Engineering Company Ltd.

“Techno Electric is a disciplined, asset-light substation EPC and O&M business embedded in India's largest-ever power transmission buildout, with a clean balance sheet and aligned promoter management — but at 30x trailing earnings with a narrow moat, modest pricing power, and inherent EPC lumpiness, the current price already captures the optimistic base case. The ~11% 5-year CAGR is adequate but not compelling for the conviction level warranted; a 15-25% pullback to the ₹950-1,050 range would improve the risk/reward materially and is the right entry point to target.”