Buy Cummins India Ltd For Target Rs. 4,100 by Motilal Oswal Financial Services Ltd
* We expect revenue to grow 23% YoY. Sequentially, we expect a 7% overall revenue decline. We expect YoY growth to be driven by broad-based improvement across all segments.
* Key monitorables include demand outlook across segments, the pricing environment in Powergen, and the export trajectory
* We expect the EBITDA margin to normalize and contract ~440bp YoY on a high base of 4QFY24 margins, which benefitted from the one-offs. Sequentially, we expect margins to contract due to the product mix.
* Within segments, we expect the powergen segment portfolio under transition to benefit from price hikes. We also expect exports to grow 41% YoY on a low base.
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