Equirus Securities has initiated coverage on M B Engineering (MBEL) with a 'Long' rating, projecting a 23 per cent revenue CAGR and 36 per cent PAT CAGR over FY25-28E. Analysts cite strong sector tailwinds, expanding capacity, and increasing exports as growth drivers. The brokerage set a target price of 515, anticipating MBEL will remain debt-free post-IPO with fully funded capex and significant free cash flow generation.