External broker reports(aggregated public sources), Emkay Global Financial Services Limited

Emkay

External broker reports(aggregated public sources)

Emkay Global Financial Services Limited

Emkay Global Financial Services Ltd. is a leader in the financial services sector, actively creating wealth for our clients for over two decades. 

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Equity Bottom-Up

<ul><li>Pricol offers strong multi-year earnings growth visibility (29% FY24-27E EPS CAGR) with attractive valuation relative to other 2W ancillaries amid: i) sustained premiumization trend on shift toward digital clusters; ii) ramp up in newer clients such as Honda 2Ws over the next 18-24 months (backed by order wins); iii) new products currently under the testing/validation stage potentially moving into revenue from FY26 (eg guides for ~Rs3bn from disc brakes in 3 years); iv) improving mix and operating leverage-led margin uptick to ~13.5- 14%; and v) strategic inorganic acquisitions expanding the addressable market size.</li><li>We continue to like Pricol as a structural premiumization play that is also transforming into a multi-product company.</li><li>Our estimates and TP are largely unchanged; we retain BUY with TP of Rs600/share at 27.5x Jun-26E PER.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Pricol offers strong multi-year earnings growth visibility (29% FY24-27E EPS CAGR) with attractive valuation relative to other 2W ancillaries amid: i) sustained premiumization trend on shift toward digital clusters; ii) ramp up in newer clients such as Honda 2Ws over the next 18-24 months (backed by order wins); iii) new products currently under the testing/validation stage potentially moving into revenue from FY26 (eg guides for ~Rs3bn from disc brakes in 3 years); iv) improving mix and operating leverage-led margin uptick to ~13.5- 14%; and v) strategic inorganic acquisitions expanding the addressable market size.We continue to like Pricol as a structural premiumization play that is also transforming into a multi-product company.Our estimates and TP are largely unchanged; we retain BUY with TP of Rs600/share at 27.5x Jun-26E PER.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Pricol - Strong Multi-Year Earnings Growth Visibility

India

Pricol Limited manufactures a variety of automotive components and accessories. The Group's products include dashboard instruments, disc brakes, speedometer cables, sensors, oil pumps, industrial gauges, wind shield washers, handlebar switches, gear components, and hand and power presses.

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Pricol Ltd (PRIC IN)

Pricol - Strong Multi-Year Earnings Growth Visibility

We continue to like Pricol as a structural premiumization play that is also transforming into a multi-product company. Our estimates and TP are...

Emkay

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