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Motilal Oswal Report
We expect the Indian business to be the primary growth driver for CIE Automotive India Ltd. in the near future. However, the weak outlook for its EU business and Metalcastello is likely to weigh on the overall performance in the near term.
In order to factor in continued weakness in Europe’s auto demand, we have lowered our estimates for CY25-26E by 4%/5%. The company will continue to strive to enhance efficiencies in the coming years. CIE possesses some financial attributes which are unique to a global ancillary player, and include: being net debt-free, having strict capex/inorganic expansion guidelines, generating positive FCF, and tracking an improving return trajectory.
The stock trades at 19.9x/17.1x CY25E/CY26E consolidated EPS. We reiterate Buy with a revised target price of Rs 575 (based on ~21x Sep’26E consolidated EPS).
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