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

Emkay

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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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. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

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

Pricol Ltd

Pricol - Strong Multi-Year Earnings Growth Visibility