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ICICI Securities Report
Craftsman Automation Ltd.’s Q1 FY25 Ebitda came in at Rs 2 billion, down 5% QoQ (versus consensus estimate of Rs 2.2 billion).
Aluminium segment Ebitm at ~13% was ~180 basis points lower QoQ due to rise in commodity prices, and PT segment margin was impacted by:
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Seasonality leading to weaker mix,
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continuity of machinery refurbishmentrelated activities.
We are downgrading Craftsman Automation to Hold from Buy with DCF-based revised target price of Rs 5,012 (from Rs 5,085), implying 26x FY26E EPS.
Rating downgrade is due to-
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recent run-up in stock price (~15% in last three months),
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recent equity dilution, whereby, funds are yet to be deployed and
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continuity of weak performance in PT segment.
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