JPM on Sona BLW ; UW, TP Rs 600

2QFY27 a beat vs expectations. Revenue of Rs 15.5bn (+35% YoY) was 7% above JPMe, while EBITDA of Rs 3.6bn (+23% YoY) was +5% vs JPMe EV revenues grew 129% YoY due to a combination of: 1) normalisation of differential assembly revenues in North America, 2) traction motor growth in Indian 2W/3W EVs, and 3) suspension motors ramp-up in China Raising FY27-29 revenue and EBITDA forecast by 9-13% and 5-10%, respectively This should drive an EPS CAGR (FY26-29) of 23%, but stock is already trading at 47xFY28 P/E

SONA BLW PRECISION FRGS L

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