Whalesbook
ICICI Securities has issued a research report on Varroc Engineering, noting a 9.2% EBITDA margin, below consensus estimates, and 6% YoY revenue growth, with India operations performing better than overseas. Despite current macro pressures on international business, the brokerage forecasts a gradual recovery over the next 1-2 years. ICICI Securities reiterates its BUY recommendation, raising the target price to INR 745 per share, citing expectations of a 12% revenue CAGR and margin improvement to over 10% by FY28.