Buy Kirloskar Oil Engines Ltd For Target Rs. 1,150 by Motilal Oswal Financial Services Ltd
* We expect revenue to decline 5.6% YoY due to the high base impact in the powergen segment. We expect the Powergen segment’s performance to pick up QoQ after the weakness in Oct and Nov’24.
* Key monitorables include outlook on genset demand, pricing environment, and export ramp-up.
* We expect the EBITDA margin to decline YoY as certain low-to-mid kVA nodes have seen some price correction and aggressive competition. We expect QoQ improvement to be driven by improved volumes in B2B and B2C.
* The ramp-up of the US business, B2C business, and Arka Fincap performance will be closely observed.
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