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Motilal Oswal's research report on Castrol India

Castrol (CSTRL) 1QCY25 results were in line with our estimates. EBITDA margin contracted 55bp YoY/615bp QoQ due to a rise in other expenses. 1Q volumes stood in line with our estimate at 62m liters. Management highlighted that it remains focused on brand building, widening the distribution network, and launching new products, all of which we believe will drive volume growth and market share expansion. Management maintains a bullish outlook on India as a market and expects robust demand for lubricants to remain stable until late CY30s and early CY40s, largely attributed to low penetration of cars in the country. While the threat from electric vehicles (EVs) is real, the EV adoption is expected to be gradual.

Outlook

CSTRL has always enjoyed a strong brand legacy, and we are confident in its ability to maintain profitability through an improved product mix, stringent cost-control measures, and the launch of advanced products that command better realization. We reiterate our BUY rating with a TP of INR 250.

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Castrol India - 01052025 - May

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