Nirmal Bang ne Tata Elxsi par apna 'Hold' rating maintain rakha hai aur target price set kiya hai **₹3,825**. Q2 FY27 ke results mein revenue **3.4%** bada toh hai, lekin European auto market ki susti aur slow deal conversion ne tension badha di hai.
Nirmal Bang ne Q2 FY27 ke numbers aane ke baad Tata Elxsi par apna outlook cautious rakha hai. Brokerage ne stock ko 'Hold' karne ki salah di hai aur target price ₹3,825 rakha hai.
Q2 Performance ka sach
Company ne September quarter mein ₹1,055.7 Crore ka revenue report kiya, jo pichle quarter se 3.4% upar hai. EBITDA margin bhi 70 bps improve hokar 21.9% par aa gaya hai. Lekin yahan catch ye hai ki ye tezi organic nahi thi; isme currency benefit aur cost reversals ka bada haath tha.
European Market ka bada risk
Tata Elxsi ki revenue ka 55% se zyada hissa transportation sector se aata hai, aur uska bada exposure Europe se hai. Wahan ke automotive market mein chal rahi susti aur client spending mein kami company ke liye bade risk bani hui hai. Analysts ka kehna hai ki jab tak wahan demand recover nahi hoti, stock mein badi tezi mushkil hai.
Kya deals milne mein deri ho rahi hai?
Brokerage ne deal conversion ki speed par bhi sawaal uthaye hain. Bade contracts final hone mein ho rahi deri investors ko pareshan kar rahi hai. Management ko second half mein achi umeed hai, lekin December quarter mein client furloughs ka asar dikh sakta hai. Investors ko ab ye dekhna hoga ki kya company bina kisi one-off benefit ke apne margins ko sustain kar paati hai ya nahi.