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 is a leading Indian automotive technology and precision-engineered solutions provider that manufactures and sells instrument clusters and other allied automobile components. It serves as a Tier-1 supplier to major Original Equipment Manufacturers (OEMs) across various vehicle segments including two/three-wheelers, passenger vehicles, commercial vehicles, farm equipment, and off-road vehicles. The company is headquartered in Coimbatore, India, and was founded in 1975.

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Pricol (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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