Nomura on Cartrade ; Buy TP Rs 3377

OLX to drive growth recovery 2QFY27 EBITDA below estimates on slower consumer segment; OLX to accelerate further on multiple initiatives Key miss was Consumer business with revenue growth of 4% y-y (Nomura: 17% y-y) while others were largely in line: OLX (26% y-y) and Remarketing (12% y-y). EBITDA margins at 43.3%/38.1%/30.1% across Consumer/OLX/Remarketing were on track. Monthly Unique Visitors (MAUs) came in at 76mn in 2Q (80mn in 1Q) with Organic share remaining high (96%).

CARTRADE TECH LIMITED

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