Buy Crompton Greaves; target of Rs 281: Anand Rathi

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26 Aug, 2025 12:21

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Anand Rathi 's research report on Crompton Greaves

Aided by cost controls, a stable EBITDA margin (13.9%) in Q1 despite a 47% y/y decline in revenues strengthens our belief in Crompton’s resilient business model. On a gradual recovery in Q1, we expect a return to normalcy by Q3 with better margins as some cost savings would be retained. `9.7bn cash after the `3bn NCD issue and tightening WC will be used to re-invest in future growth incl.

Outlook

inorganic expansion and greater localisation. Thus, we maintain our Buy recommendation on the stock with a higher target of `281 (32x FY22e P/E), earlier `270.

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