Buy Motherson Sumi; target of Rs 280: ICICI Direct

The research firm ICICI Securities believes earnings of apparel brands and retail companies under their coverage may surprise positively from Q3FY22E as the likely demand recovery may result in better than expected margin performance. Some of the costs savings achieved during pandemic may sustain and coupled with high operating leverage may lead to higher than pre-covid margins from Q3FY22E.  Stocks like Trent, V-Mart and Aditya Birla Fashion and Retail are the preferred picks backed by their strong and consistent track record of execution.

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26 Aug, 2025 12:21

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ICICI Direct's research report on Motherson Sumi

Motherson Sumi (MSS) primarily serves global PV industry with wiring harnesses, vision systems (mirrors) & plastic body parts as key product lines. • As of FY21, SMRPBV order book was at €15.6 billion.

Outlook

Revising our forward estimates, we now value MSSL at Rs 280 i.e.30x P/E on FY23E EPS of Rs 9.3 (previous target price of Rs 270).

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