Samvardhana Motherson International’s (SAMIL) EBITDAM at 9.7% in Q3FY25, (up ~90bps QoQ) was above consensus’ estimate of 9.2%. Consolidated revenue was up 8% YoY, mostly led by inorganic growth amidst muted industry volumes. Global demand trends in PV and CV segments are likely to remain muted in the near term. We are building in a revenue CAGR of 9% for FY25–27E, resulting in FY26E revenue of ~USD 14bn. Maintain BUY with DCF-based revised TP of INR 155 (earlier: INR 185), implying ~20x FY27E earnings. Buy Bajaj Consumer Care; target of Rs 220: ICICI Securities. Buy Nazara Technologies;target of Rs 1080: IC ICI Securities Buy Hindalco Industries; targets of Rs 730: ICici Securities.
