Tata Elxsi soars on ISRO’s Gaganyaan Mission partnership

Tata Elxsi has designed and developed Crew Module Recovery Models for the recovery team training for the space mission. Scheduled for 2024, the Gaganyaan project aims to launch a three-member crew into a 400-km orbit for a three days

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Tata Elxsi shares gained over 2 percent on June 8 as investors cheered the company’s partnership with the Indian Space Research Organization (ISRO) to enable the upcoming Gaganyaan Mission.

Through the association, Tata Elxsi has designed and developed Crew Module Recovery Models (CMRM) for recovery team training of the space mission, the company said.

At 10.30 am, the stock was quoting at Rs 7,866.55 on the NSE, higher by 2.26 percent from the previous close.

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In the Gaganyaan project, scheduled for 2024, the crew will be launched into a 400-kilometer orbit for a three-day mission.

“One of the key requirements of this project is the safe recovery of the crew, which must be carried out with minimum lapse of time. This is where the crew recovery models come into use,” the company said.

On June 7, the company also announced the launch of an innovation hub and nearshore engineering centre in Troy, Michigan. The new centre will support electric vehicles and green mobility, software and digital engineering for OEMs and Tier 1 suppliers.

“Tata Elxsi intends to grow its centre from 50 to 200 by 2025 while collaborating with universities on cutting-edge R&D,” a press release said.

Tata Elxsi provides design and technology services across industries including automotive, broadcast, communications and transportation.

For the quarter ended March 31, 2023, Tata Elxsi reported a 26.25 percent rise in net profit at Rs 202 crore. The company’s consolidated revenue from operation rose by 22.87 percent YoY to Rs 838 crore. The numbers, however, were below analysts’ estimates, as the transportation vertical reported muted growth in Q4.

Most analysts have a Sell rating on the stock. According to HDFC Securities, the company’s cash generation has been weak over the past two years despite the surge in profit.

“At 52x FY24E and 44x FY25E, the stock remains expensive and we maintain SELL with a target price of Rs 5,535,” the broking firm said.

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