Sharekhan's research report on Lumax Auto Technologies
EBITDA missed estimates on higher-than-expected employee cost. Order book has reached Rs. 1,000 crore in Q1FY2025 (vs. Rs. 900 crore in Q4FY2024). Further, management is looking for healthy demand trends in H2FY2025. The stock trades at a P/E multiple of 16.6x and EV/EBITDA multiple of 7.3x its FY2026 estimates.
Outlook
We maintain our BUY rating on the stock with an unchanged PT of Rs. 650, based on the anticipated improvement in the product mix, increased content per vehicle, inorganic growth opportunity, and expanded growth opportunities, supported by IACI’s business.
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