Target: ₹1,370

CMP: ₹878.20

Genesys International is a dominant player in India’s rapidly growing geospatial sector, driven by transformative government initiatives, such as the National Geospatial Policy 2022 and PM Gati Shakti. The company’s leadership in 3D Digital Twin technology, AI-driven mapping, and real-time data analytics has enabled it to secure high value contracts, such as NEOM City and the Mumbai 3D City Model.

With an ₹390 crore orderbook and an additional ₹2,400 crore qualified pipeline, Genesys is positioned to capitalise on India’s projected ₹29,300 crore geospatial market by CY30E. Its cutting-edge solutions, the new India map stack, with industry-leading accuracy aligning with rising demand for Smart City and infrastructure projects, solidifying its market advantage.

Despite its superior technological positioning and robust growth prospects, the company trades at an attractive valuation of 10.2x FY27E EV/EBITDA and 20.5x FY27E P/E. We initiate coverage of Genesys with a Buy rating. Our DCF-based target price is ₹1,370.

However, investors should note risks related to high working capital days, dependency on government projects, and customer concentration, which management is actively addressing through diversification strategies. 

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