Sell Wabco India; target of Rs 5500: ICICI Direct

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26 Aug, 2025 12:21

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ICICI Direct's research report on Wabco India

Wabco India (WIL) reported muted performance in Q4FY20 on the back of sharp decline in CV space. Net sales came off by 38.9% YoY to ₹ 405 crore. EBITDA for the quarter came in at ₹ 52 crore with corresponding EBITDA margins at 12.8% (down 88 bps QoQ). Consequent PAT in Q4FY20 stood at ₹ 32 crore, down 39.6% YoY. Full year FY20 sales stood at ₹ 1,930 crore (down 32.4% YoY) and consequent PAT at ₹ 159 crore, down 44% YoY. Dividend per share for FY20 stood at ₹ 10/share

Outlook

On the back of elongated CV recovery cycle, we assign SELL rating on WIL and advice existing investors to either tender their shares in the forthcoming open offer (₹ 7067.5/share, 2.5 months away) or for simplicity of operations sell shares in open market. We ascribe a fair value of ₹ 5500 to WIL i.e. 65x P/E on FY22EPS.

For all recommendations report, click here

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