Kotak starts India's Indo-MIM at 'reduce', sees limited upside

Shares of India's Indo-MIM rose as much as 2.3% to 1,188 rupees. Kotak Institutional Equities initiated coverage with a 'reduce' rating and target price of 1,110 rupees. The brokerage forecasts revenue and EBITDA CAGR of 24% and 26% respectively over FY26-FY31, with net profit growing at 29% CAGR. However, it expects EBITDA margin to remain around 28%, as higher-margin aerospace growth is offset by consumer electronics.