CarTrade Tech is seeing a strong start in trading today, with shares jumping over 4% after Elara initiated coverage on the company with a Buy rating and a target price of ₹3,590. As of 9:52 AM, the shares were trading 4.17% higher at Rs 2,505.00.
Elara highlighted CarTrade Tech’s impressive growth across its used car marketplace, financing solutions, and lead monetization. The recent acquisition of OLX India has strengthened the company’s presence in C2C auto classifieds, expanded its product categories, and improved its lead generation and pricing power.
The company’s strong cash flow and ongoing investments in technology, electric vehicles (EVs), and remarketing are expected to support sustainable growth while maintaining a healthy balance sheet.
Looking ahead, Elara expects CarTrade Tech to continue its upward trajectory, projecting revenue, EBITDA, and PAT CAGRs of 25.1%, 36.7%, and 25.4%, respectively, through FY25-28. By FY28, revenue could reach ₹1,260 crore, EBITDA ₹380 crore, and PAT ₹280 crore, with EBITDA margins expanding to 30.6%.
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