Motilal Oswal's research report on SONA BLW Precision Forging
4QFY23 revenue/EBITDA/PAT beat our estimates, driven by a healthy execution of the order book. EBITDA margin was in line at 27.1% (-10bp QoQ). The company has won a new order worth INR5b from a North America-based new-age OEM for their electric Class-4 trucks with SOP from 4QFY24. As a result, the order book stands at INR215b (~77% EVs). We increase our FY24E/25E EPS by ~4.5%/6.4% to factor in a healthy order book execution, a ramp-up in new orders in FY25 and operating leverage.
Outlook
Maintain Neutral due to rich valuations, with a TP of INR465 (40x Mar’25E consol EPS).
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