ASK Automotive Q4 Results Review - Steady Operating performance; Growth Drivers In Place: ICICI Securities

"NDTV Profit’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer NDTV Profit’s subscribers an opportunity to expand their understanding of companies, sectors and the economy..ICICI Securities Report.ASK Automotive Ltd.’s Ebitda margin remained steady QoQ at 10.5%, as a slight inflation in input cost was balanced by a marginal improvement in operating leverage. Ahead, we see Ebitdam scaling up to ~12–13% in FY25–26E driven by higher mix of exports, superior operating leverage with the Karoli (Rajasthan) plant already ramping up since Q1 and the incremental benefit of incentives from the Karoli plant. We expect ASK to deliver ~22% revenue CAGR (excluding wheel assembly) over FY24–26E driven by a CAGR of ~11% in the braking system business and ~27% in the aluminium light-weighting business amid expectation of ~8% domestic two-wheeler market CAGR. Retain Buy and target price of Rs 405, implying 24 times FY26E earnings. We build in a combined capex of Rs 5.5 billion for FY25–26E, including ASK’s Karnataka plant capex..Click on the attachment to read the full report:.Apollo Pipes Q4 Review - Expect Healthy Topline Growth But Ebitda/kg \nTo Be Capped, Assign Add: Yes Securities.DISCLAIMERThis report is authored by an external party. NDTV Profit does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of NDTV Profit..Users have no license to copy, modify, or distribute the content without permission of the Original Owner."

ASK Automotive Q4 Results Review - Steady Operating performance; Growth Drivers In Place: ICICI Securities

Retain Buy and target price of Rs 405, implying 24 times FY26E earnings.

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ASK Automotive Q4 Results Review - Steady Operating performance; Growth Drivers In Place: ICICI Securities

Retain Buy and target price of Rs 405, implying 24 times FY26E earnings.

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