PTC Industries’ revenue should see a 56% CAGR through to FY32E, largely led by capacity ramp-up. Plus, its business model has a significant moat with only a handful of companies globally producing aerospace-grade Ti and superalloy castings. The current order from SAFRAN reinforces our belief that PTC Industries is likely to be an integral part of LEAP engines in the near future.
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Aeroalloy Technologies Ltd., a wholly-owned subsidiary of PTC Industries Ltd., has received a significant long-term order from Safran Aircraft Engines, entailing supply of seven cast aero-engine components, utilising both titanium and superalloys for CFM’s advanced LEAP-1A and LEAP-1B engines. This collaboration positions ATL as the only Indian company supplying cast (aeroengine) components in Ti and superalloys.
This development coincides with PTC’s capacity addition initiatives in the UP Defence Industrial Corridor, potentially resulting in a significant earnings uptick in the near term.
We maintain our positive outlook on the PTC stock with an unchanged target price of Rs 20,070 (DCF-based valuation). Maintain Buy.
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