Nomura has maintained a ‘Buy’ rating on Macrotech Developers with a target price of ₹1,600/share, indicating a potential upside of 19.1% from the current market price (CMP) of ₹1,343.00.
Key Highlights:
- Record Presales in Q3FY25: The company recorded its best-ever quarterly performance, achieving presales of ₹45.1 billion, reflecting a growth of 32% year-on-year (YoY) and 5% quarter-on-quarter (QoQ).
- Full-Year Guidance on Track: Macrotech remains confident in achieving its full-year presales guidance of ₹175 billion, which represents a 20% YoY increase. This implies a target of ₹47 billion in presales for Q4FY25 (+10% YoY).
- Valuation Insights: The stock is currently trading at 35x FY25F EV/EBITDA, compared to historical ranges of 20-51x (FY23) and 37-60x (FY24).
Nomura’s bullish outlook is supported by Macrotech Developers’ strong operational execution, consistent growth trajectory, and confidence in meeting its annual targets.
Disclaimer: The above analysis is based on inputs provided and is for informational purposes only. It does not constitute financial advice. Readers are advised to consult their financial advisors before making any investment decisions.
