BGAL has shown consistent improvement in financial performance parameters with lower working capital days, reduction in debt and improved return ratios. The brokerage expects it to maintain RoCE of 30%+ in FY24E. It expects revenue and earnings to grow at CAGR of 17.7% and 34.4%, respectively, over FY21-24E. It has assigned P/E multiple at reasonable discount compared to its listed larger peers. The fair value of the stock is Rs 950 (21x Sep’23E EPS) and the bull case fair value is Rs 1016