Sharekhan's research report on Greaves Cotton
The company aims to play on multiple price points in the E2W business and is expected to launch NXG in the E2W space in FY2024. The acquisition of Excel Controlinkage Pvt. Ltd. would further diversify its revenue stream along with new customer additions. The stock trades at a P/E multiple of 19.9x and EV/EBITDA multiple of 9.6x its FY2025E.
Outlook
We retain our Buy rating on Greaves Cotton Limited with an unchanged TP of Rs. 183 on recovery in e-mobility business, traction in retail business, and acquisition of margin-accretive Excel’s business.
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