India's CarTrade Tech rises after Nomura upgrades to 'buy'

CarTrade Tech

29/01/2026 08:01

** Shares of CarTrade Tech CART.NS climb 2.3% to 2,462.3 rupees

** Nomura upgrades stock to "buy" from "neutral", citing healthy Q3 EBITDA and margin growth; lifts PT to 3,026 rupees from 3,021 rupees

** Brokerage sees rising competition among carmakers driving digital ad spending, which bodes well for CART

** Nomura keeps CART's FY26-28 compounded annual revenue growth unchanged at 21%, highlights growth potential for used car vertical OLX as it adds new services

** Adds, EBITDA margin estimates for FY26, FY27 and FY28 raised between 120-230 bps to 35%, 37.6% and 39.4%

** Analysts covering stock rate it "buy" on average, median PT is 3,087.93 rupees - data compiled by LSEG

** Stock down 12% in January; on track for its worst month since March 2024, if losses hold

 (Reporting by Nandan Mandayam in Bengaluru)

 ((Nandan.Mandayam@thomsonreuters.com; Mobile: +91 9591011727;))