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Motilal Oswal Report
Balkrishna Industries Ltd.’s Q4 FY24 overall performance significantly beat our estimates, led by strong growth in volumes. Ebitda margins came in at 26.3% (+500 basis points YoY) due to lower raw material and other costs, despite a rise in freight costs (+200 bp YoY).
The management indicated that demand recovered well in Q4 but remains uncertain.
We raise our FY25E/FY26E earnings per share by ~12% each to factor in a gradual pickup in demand and resultant margin improvement.
We reiterate our Neutral rating with a target price of Rs 2,535 (~22 times March-26E earnings per share).
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