11 Feb 2025
VST Tillers Tractors
BOB Capital Markets Ltd.
Target
5567.00
3267.00
3835.75
(45.13%)
Target met
Sell
Broker Report
Q3 revenue grew 29% YoY (-23% MoM) to ~Rs 2.2bn, driven by volume gain of ~34%, dragged by 4% lower realisations of Rs 0.27mn (YoY)
11 Feb 2025
Escorts Kubota
BOB Capital Markets Ltd.
Target
3618.80
2533.00
3129.70
(15.63%)
30.00
Sell
Broker Report
Q3 tractors volume rose by 25% YoY (combined volume from JV partners) aided by industry growth, realisation fell 13%
08 Nov 2024
Escorts Kubota
BOB Capital Markets Ltd.
Target
3618.80
2426.00
3635.50
(-0.46%)
Sell
Broker Report
Q2 tractors volume fell by 1% YoY (combined volume from JV partners post amalgamation) despite healthy industry growth
05 Nov 2024
VST Tillers Tractors
BOB Capital Markets Ltd.
Reco
Target
5567.00
3420.00
4699.20
(18.47%)
Target met
Sell
Broker Report
Q2 revenue was flat YoY at Rs 2.8bn, dragged by lower realisations of Rs 0.2mn down by ~1.3% YoY (13% MoM)
03 Aug 2024
Escorts Kubota
BOB Capital Markets Ltd.
Target
3618.80
2514.00
3905.20
(-7.33%)
Sell
Broker Report
Q1 tractors volume dipped 3.2% YoY as weakness persisted in export markets and domestic market lost market share
26 Jul 2024
Ashok Leyland
ICICI Securities Limited
Target
147.23
146.00
246.38
(-40.24%)
Pre-Bonus/ Split
Sell
Broker Report
Ashok Leyland’s (AL) EBITDAM, at 10.6% (down 350bps QoQ), missed consensus estimate by 60bps, due to weaker operating leverage, with Q1 being a seasonally weak quarter and one-off costs driven by battery pack/module.
14 May 2024
Escorts Kubota
BOB Capital Markets Ltd.
Target
3618.80
2530.00
3654.05
(-0.96%)
Sell
Broker Report
Q4 tractor volumes dipped 14% YoY, with domestic share recovered but overall market share recovery weak as exports volume declined
17 Apr 2024
Ashok Leyland
ICICI Securities Limited
Reco
Target
147.23
140.00
169.70
(-13.24%)
Pre-Bonus/ Split
Sell
23 Feb 2024
Escorts Kubota
Geojit BNP Paribas
Target
3618.80
2638.00
2911.00
(24.31%)
Sell
12 Feb 2024
Escorts Kubota
BOB Capital Markets Ltd.
3618.80
2389.00
2815.90
(28.51%)
Sell
Broker Report
LICI: Solid quarter; valuations overdone cut to HOLD. ALKEM: Good quarter; cut to SELL on stretched valuations. Monthly Chartbook: Fiscal consolidation to hold key. PWGR: In-line quarter, FY25 capex hiked; maintain BUY. TATACONS: Strong run continues. DIVI: Healthy margin recovery, heady valuations. TPW: Dull quarter; high valuations maintain HOLD. ESCORTS: Weakness persists - maintain SELL. TRCL: Tepid quarter, high capex overhang retain SELL. Metals & Mining: Ferrous read-across: Steel recovery in CY24 - ArcelorMittal
09 Feb 2024
Escorts Kubota
BOB Capital Markets Ltd.
Target
3618.80
2389.00
2807.25
(28.91%)
Sell
Broker Report
Q3 tractor volumes dipped 7% YoY, with loss of domestic share as fall was higher than industry decline
15 Nov 2023
Escorts Kubota
Geojit BNP Paribas
Target
3618.80
2830.00
3138.85
(15.29%)
Target met
Sell
12 May 2023
Escorts Kubota
BOB Capital Markets Ltd.
Target
3618.80
1749.00
2062.60
(75.45%)
Sell
Broker Report
Unseasonal rains dented volumes (-12% QoQ) towards the end of Q4, offsetting momentum seen in the first half
24 Mar 2023
Escorts Kubota
CD Equisearch
Reco
Target
3618.80
1575.00
1831.85
(97.55%)
Sell
09 Mar 2023
Escorts Kubota
Geojit BNP Paribas
Target
3618.80
1780.00
1965.60
(84.11%)
Sell
17 Nov 2022
Escorts Kubota
Geojit BNP Paribas
Reco
Target
3618.80
1783.00
2030.85
(78.19%)
Sell
16 Nov 2022
Escorts Kubota
BOB Capital Markets Ltd.
Target
3618.80
1742.00
2016.50
(79.46%)
Sell
Broker Report
Q2 revenue at Rs 18.8bn with tractor realisations up 4% YoY and healthy volume growth of 13% supported by normal monsoons
13 Aug 2021
Ashok Leyland
BOB Capital Markets Ltd.
Target
147.23
80.00
130.30
(12.99%)
Pre-Bonus/ Split
Sell
Broker Report
Q1 revenue and gross margin beat our estimates but lower operating efficiency crimped profitability
12 Feb 2021
Ashok Leyland
BOB Capital Markets Ltd.
Target
147.23
60.00
128.25
(14.80%)
Pre-Bonus/ Split
Sell
Broker Report
Ashok Leyland (AL) reported a weak Q3FY21 as revenue at Rs 48.1bn fell 5% short of our estimate.
02 Feb 2021
Escorts Kubota
BOB Capital Markets Ltd.
Target
3618.80
1150.00
1384.15
(161.45%)
Target met
Sell
Broker Report
Escorts (ESC) reported Q3FY21 revenue at Rs 20bn (+24% YoY) and above-estimated operating margins at 18%.