Sharekhan's research report on Lumax Auto Technologies
APAT came at Rs 42.9cr against estimate of Rs 35 cr. Order book has reached Rs. 1,050 crore in Q2FY2025 (vs. Rs. 1000 crore in Q1FY2025). Further, management is looking for healthy demand trends in H2FY2025.
Outlook
We maintain our BUY rating on the stock with an unchanged PT of Rs. 682, based on the anticipated improvement in the product mix, increased content per vehicle, inorganic growth opportunity and expanded growth opportunities, supported by ICI’s business. The stock trades at a P/E multiple of 15.8x/13.4x/ and EV/EBITDA multiple of 7.0x/6.1x its FY26E/FY27E estimates.
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