GEI Industrial Systems Limited, one of the leading players in the heat exchanger products space and having a market share of as high as 55% & 65% in Air Cooled Heat Exchangers & Air Cooled Steam Condensers respectively is all set to benefit from massive government spending expected in the power sector over the next five to seven years. GEI is expected to exhibit a revenue & PAT CAGR of 40% over the period FY10-12 respectively on the back of strong order inflows & capacity additions. We value GEI at 12.5x its FY12e earnings and initiate a BUY at CMP with a price target of Rs 220, representing a potential upside of 44% over a 12-15 months horizon.