Buy SML Isuzu; target of Rs 1498: HDFC Securities

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26 Aug, 2025 12:21

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HDFC Securities' research report on SML Isuzu

SML’s 4Q APAT stood at Rs. 156mn (-7% YoY), slightly below expectations. The top-line at Rs 3.7bn (+16%) was aided by 16% volume growth. EBITDA margin contracted 360bps YoY to 5.3% owing to higher RM cost (+320bps YoY).

Outlook

We cut our EPS estimates by 5-9% for FY18/19E, factoring in pre-buying of BS3 vehicles. Thereby, we reduce TP Rs 1498 (based on 20x FY19E EPS). Maintain BUY.

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