2025-04-12 02:13:04 pm | Source: Motilal Oswal Financial Services Ltd
Neutral Sona Comstar Ltd For Target Rs. 4,100 by Motilal Oswal Financial Services Ltd
* We expect its order book execution to see some slowdown given weakness in global markets, a slower transition to EVs globally, and the impact of model change-over at one of its key OEMs.
* As a result, we expect 4Q revenue to decline ~4% YoY.
* We expect EBITDA margin to contract 180bp YoY to 26.2% due to weak product mix as share of traction motor has increased, coupled with lower volumes. Overall, we expect PAT to decline 8% YoY.
* We lower our FY26E EPS by 9% to account for slower order book execution. Additionally, we remain cautious about global uncertainty, particularly regarding US tariffs.
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