Castrol (CSTRL)’s 3QCY25 performance was in line. EBITDA margin expanded 150bp YoY/30bp QoQ. Volumes were in line at 59m liters (up 7% YoY). Management highlighted that it remains focused on brand building, widening the distribution network, and launching new products, all of which we believe will drive volume growth and market share expansion. CSTRL has always enjoyed a strong brand legacy, and we are confident in its ability to maintain profitability through an improved product mix, stringent cost-control measures, and the launch of advanced products that command better realization. We reiterate our BUY rating with a TP of INR260.
OutlookWe value the stock at 26x Dec’27 EPS to arrive at our TP of INR260. We reiterate our BUY rating.
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