2025-10-15 06:17:44 pm | Source: Motilal Oswal Financial Services Ltd
Neutral Sona Comstar Ltd for the Target Rs. 447 by Motilal Oswal Financial Services Ltd
* Core business (ex tractors) revenue may decline 4% YoY but pick up QoQ. Revenue decline YoY is largely due to the slowdown in the US market and weak ramp-up at one of its key EV customers. We understand that availability of rare earth has been better in 2Q QoQ.
* We expect the core business to post 50bp margin improvement QoQ (-290bp YoY).
* Overall, we expect the PAT for the core business to decline 10% YoY to INR1.4b led by continued margin pressure.
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