Cartrade Tech share price jumps 6%. Nomura sees more big upside

Cartrade Tech shares surged 6.29% on NSE after Nomura reaffirmed its Buy rating and raised its target price to Rs 3,286 from Rs 2,740, implying around 22% upside from current levels. The brokerage lifted its OLX revenue growth estimates to 25% for FY27 and 30% for FY28, with margin projections raised to 39.4% and 44.1% respectively, and also introduced FY29 forecasts of 30% revenue growth and 48% margins. Nomura raised its consolidated EBITDA and EPS estimates by 1-5% and cited attractive valuation at about 29x FY28F adjusted EBITDA given an estimated 32% EBITDA CAGR over FY26-29F.