Deven Choksey's research report on Tata Elxsi
Tata Elxsi’s Q2FY26 revenue stood at INR 9,181 Mn. (2.9% QoQ/ -3.9% YoY), broadly in line with our estimates. Growth was led by the US (+7.9% QoQ), while Europe was stable and India muted. The YoY decline was driven by weakness in Transportation and Healthcare due to program completions and deferred OEM spends.
Outlook
We value Tata Elxsi at a 37.0x Sep’27 EPS, implying a target price of INR 4,884, as we roll forward our valuation to Q2FY28E. We reiterate our SELL rating on the stock.
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