Neutral Craftsman Auto Ltd For Target Rs. 5,435 by Motilal Oswal Financial Services Ltd

* Standalone revenue likely to grow ~18% YoY, led by 12%/30%/16% YoY growth in auto powertrain/ aluminum/ industrials divisions.
* Revenue for DR Axion is expected to decline ~4% YoY.
* We have also factored in revenue from its new acquisitionsSunbeam (INR3.8b) and Fornburg (INR590m).
* However, these acquisitions may drag down profits initially; hence, we expect EBITDA margin to contract QoQ.
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