Dynamatic Technologies Ltd. share price target

Dynamatic Technologies (DTL)’s Q1FY26 EBITDA of INR 3.78bn shrank 5.7% YoY. Revenue expanded 7.1% YoY, as: aerospace grew 27.3%, hydraulics slipped 10.9%; and metallurgy remained stable.

Dynamatic Technologies’ (DTL) Q3FY25 performance was impacted by its hydraulics division. Aerospace division sustained its strong showing due to refined product mix and better inventory management.

Dynamatic Technologies' (DYTC) Q4FY18 operational performance was marginally below expectation. Revenue increased by 3.4% yoy to Rs3.9bn; EBITDAM improved by 130bps to 11.6% and APAT increased by 234% yoy to Rs89mn. While revenue in Hydraulics/Aerospace segments increased by 24%/12%, it declined by 6.5% yoy in the Automotive segment, owing to by-product rationalisation in its German foundry. Profitability was relatively weak on account of lower margins in the Hydraulic and Aerospace...

remained flattish at Rs3.5bn, EBITDA margin declined by 21bps to 9.6% yoy. PAT declined by 94% yoy to Rs1mn, impacted by one-time cost related to the long-term wage revision in its Indian operations. While revenue in the Hydraulics and Aerospace segments increased by 9% yoy each, it declined by 11% yoy in the Automotive segment on account of lower utilisation in its Indian operations and product rationalisation in its German foundry. Revenue and profitability are likely to improve from FY19 onwards, driven by: (i) Ramp-up in deliveries for Airbus and Bell Helicopter programs from the new facility in Bengaluru and...

While we retain FY19E EPS, we have downgraded FY18E EPS by 13.7% to factor the likely retrenchment cost associated with the rationalization of workforce in the Chennai units. We recommend BUY with SoTP based target price of Rs3,396. Declining auto sales weighing down performance: DYTC reported revenues of Rs3.8bn (-3% YoY) below our estimates of Rs5bn. Revenues in the aerospace segment increased by 15% YoY to Rs902mn as deliveries for the new projects gain traction India revenues increased by 25% YoY to Rs653mn while UK revenues declined by 5% YoY to Rs250mn. EBITM in the aerospace segment declined by 990bps to 23.3% as higher...

4QFY16 results ahead of expectations: Dynamatic Technologies Ltd (DYTC) reported revenue of INR3.9b (vs. our est. of INR4b), marking a flattish YoY growth. Aerospace rebounded sharply by recording a revenue growth of 21% YoY, with...

Results below expectations: DYTC reported revenue of INR3.6b (est. of INR3.9b), marking a YoY de-growth of 5.4%. Revenues were impacted by adverse foreign exchange fluctuation especially EUR. INR has appreciated 10.4% YoY against EUR,...