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Equity Bottom-Up

<ul><li>Tata Elxsi’s (TELX) performance continued to exhibit a similar trend of strength in the Transportation vertical (56% of revenue), offset by weakness in the Media &amp; Communications vertical and the Healthcare vertical</li><li>Growth in T5 declined sequentially, a first in three years</li><li>Deal momentum in Transportation (incl</li></ul>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.

Tata Elxsi’s (TELX) performance continued to exhibit a similar trend of strength in the Transportation vertical (56% of revenue), offset by weakness in the Media &amp; Communications vertical and the Healthcare verticalGrowth in T5 declined sequentially, a first in three yearsDeal momentum in Transportation (inclContent 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.

Tata Elxsi (Q2FY25): Mixed Vertical Trends. Maintain REDUCE

<ul><li>Tata Elxsi (TELX) posted a mixed quarter with strong growth in the Transportation vertical, which offset weakness in the Healthcare &amp; Lifesciences vertical</li><li>TELX posted revenue growth of 2.4% QoQ and 8.4% YoY CC with a skewed performance and hyper growth in one-third of the business (OEM/Transportation), while the remaining portfolio was sluggish</li><li>Media &amp; Communication vertical, which had strong growth momentum in FY20-22 followed by a sluggish FY22-24, can start to revive</li></ul>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.

Tata Elxsi (TELX) posted a mixed quarter with strong growth in the Transportation vertical, which offset weakness in the Healthcare &amp; Lifesciences verticalTELX posted revenue growth of 2.4% QoQ and 8.4% YoY CC with a skewed performance and hyper growth in one-third of the business (OEM/Transportation), while the remaining portfolio was sluggishMedia &amp; Communication vertical, which had strong growth momentum in FY20-22 followed by a sluggish FY22-24, can start to reviveContent 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.

Tata Elxsi (Results Review Q1FY25): Mixed Quarter. Maintain REDUCE

<ul><li>We spoke to the management of Tata Elxsi (TELX) for a business update and have analysed the annual report – key highlights are: (1) strong growth momentum in the OEM segment (both JLR and others) within the Transportation vertical</li><li>(2) JLR (top client) growth expectation is driving growth visibility for FY25E</li><li>(3) high growth in the Transportation OEM segment can be offset by Healthcare &amp; Life-sciences and Media &amp; Communication verticals</li></ul>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.

We spoke to the management of Tata Elxsi (TELX) for a business update and have analysed the annual report – key highlights are: (1) strong growth momentum in the OEM segment (both JLR and others) within the Transportation vertical(2) JLR (top client) growth expectation is driving growth visibility for FY25E(3) high growth in the Transportation OEM segment can be offset by Healthcare &amp; Life-sciences and Media &amp; Communication verticalsContent 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.

Tata Elxsi: Improving Growth Visibility, High Valuations. Upgrade to REDUCE

<ul><li>Tata Elxsi (TELX) posted a soft quarter with a ramp-down in a Media &amp; Communication client and a delayed program ramp-up in the Transportation vertical</li><li>TELX’s growth has normalized, impacted by market-share loss in the transportation vertical (50% of its revenue) on account of a higher mix of Tier-1s vs</li><li>OEMs, increased captive intensity, business mix challenges in the Healthcare vertical and macro factors impacting media &amp; telco enterprise client spend</li></ul>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.

Tata Elxsi (TELX) posted a soft quarter with a ramp-down in a Media &amp; Communication client and a delayed program ramp-up in the Transportation verticalTELX’s growth has normalized, impacted by market-share loss in the transportation vertical (50% of its revenue) on account of a higher mix of Tier-1s vsOEMs, increased captive intensity, business mix challenges in the Healthcare vertical and macro factors impacting media &amp; telco enterprise client spendContent 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.

Tata Elxsi (Q4FY24): High Quality, Low Growth, High Valuation. Maintain SELL

<ul><li>We met the management of Tata Elxsi (TELX) to evaluate the demand environment</li><li>The key highlights include (1) strong momentum in the transportation vertical (2) expected recovery post-Q1 in the media &amp; communication and healthcare &amp; life sciences verticals (stronger recovery in the second half of FY24) and (3) operating band within 28-29% PBTM for FY24E notwithstanding investments in capacity expansion</li><li>We increase earnings estimates (~3% for FY25E), factoring in a recovery in revenue growth, but valuation remains expensive</li></ul>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.

We met the management of Tata Elxsi (TELX) to evaluate the demand environmentThe key highlights include (1) strong momentum in the transportation vertical (2) expected recovery post-Q1 in the media &amp; communication and healthcare &amp; life sciences verticals (stronger recovery in the second half of FY24) and (3) operating band within 28-29% PBTM for FY24E notwithstanding investments in capacity expansionWe increase earnings estimates (~3% for FY25E), factoring in a recovery in revenue growth, but valuation remains expensiveContent 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.

Tata Elxsi: Recovering but Valuation Remains Expensive.  Maintain SELL

India

Tata Elxsi is a global design-led technology services company, specializing in product engineering, software development, and systems integration. It provides solutions across industries including Automotive, Media & Communications, and Healthcare & Life Sciences, leveraging digital technologies like AI, IoT, Cloud, and VR. The company was founded in 1989 and is headquartered in Bengaluru, India.

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Tata Elxsi (TELX IN)

Tata Elxsi (Q2FY25): Mixed Vertical Trends. Maintain REDUCE

While the growth trajectory is expected to improve ahead, valuations are still a stretch, maintain REDUCE with a TP of INR 6,925, based on 38x Dec...

HDFC Securities

Tata Elxsi (Results Review Q1FY25): Mixed Quarter. Maintain REDUCE

Tata Elxsi (TELX) posted a mixed quarter with strong growth in the Transportation vertical, which offset weakness in the Healthcare & Lifesciences...

HDFC Securities

Tata Elxsi: Improving Growth Visibility, High Valuations. Upgrade to REDUCE

High certainty of double-digit growth in FY25E driven by client and sub-segment skew and normalisation in the non-transportation business ahead are...

HDFC Securities

Tata Elxsi (Q4FY24): High Quality, Low Growth, High Valuation. Maintain SELL

Tata Elxsi (TELX) posted a soft quarter with a ramp-down in a Media & Communication client and a delayed program ramp-up in the Transportation...

HDFC Securities

Tata Elxsi: Recovering but Valuation Remains Expensive. Maintain SELL

We increase earnings estimates (~3% for FY25E), factoring in a recovery in revenue growth, but valuation remains expensive

HDFC Securities

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