Nomura has reiterated its ‘Buy’ rating on CarTrade, raising the target price to ₹1,779 from ₹1,278, implying a 14.9% upside from the current market price of ₹1,548.
The brokerage highlighted that favorable industry dynamics will continue to support growth momentum across OLX and the consumer business. As a result, Nomura has increased its FY25-27 adjusted EBITDA estimates by 14-22% and adjusted EPS projections by 14-18%.
Additionally, CarTrade’s consumer business growth estimates have been revised to 29%/26%/21% over FY25-27, up from the previous estimate of 20%, reflecting a stronger-than-expected performance outlook.
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