Cartrade share price jumped 6.29% on NSE in Wednesday’s trading session after international brokerage firm Nomura reaffirmed its ‘Buy’ rating on the stock and increased its target price to ₹3,286 from ₹2,740. The revised target suggests a potential upside of around 22% from the current market price.
The stock opened at ₹2,701 per share today, as compared to previous close of ₹2,693 on Tuesday. touched an intraday high of ₹2,870 on NSE on 1 July.
Nomura remains bullish on Cartrade share price
The brokerage highlighted improved medium-term growth prospects for OLX, supported by stronger monetisation, the addition of new revenue streams, and continued margin expansion.
Nomura noted that Tech rolled out used-car financing in partnership with IDFC First Bank in June 2026. It pointed out that financing penetration in the used-car segment remains relatively low at 20–30%, compared with around 80% in the new-car market, and expects the financing offering to be gradually expanded to other used-vehicle categories.
The brokerage believes OLX is well positioned for sustained growth, given its base of around 30 million monthly active users and its share of nearly 63% of used-car listings. Based on the Elite programmes and verification plans launched so far, Nomura estimates that OLX has the potential to more than double its FY26 revenue with a modest 5% adoption rate.
It added that this projection excludes potential contributions from financing, escrow services, and logistics. Given OLX’s asset-light business model, Nomura expects margins to improve further over the medium term.
Reflecting its more optimistic outlook, Nomura raised its revenue growth estimates for OLX to 25% for FY27 and 30% for FY28, up from its earlier forecasts of 22% and 25%, respectively. It also increased its margin projections to 39.4% for FY27 and 44.1% for FY28, compared with previous estimates of 39% and 41%.
The brokerage also introduced FY29 projections, forecasting 30% revenue growth and a 48% margin for OLX. As a result of these revisions, Nomura increased its consolidated EBITDA and earnings per share estimates by 1–5%. Additionally, it initiated FY29 forecasts for the consolidated business, projecting 20% revenue growth and 30% year-on-year EPS growth.
“For OLX, we raise FY27/28F revenue growth to 25%/30% (22%/25% earlier) and margins to 39.4%/44.1% (39%/41% earlier) and introduce FY29F with 30% revenue growth and 48% margins. Thus, our consolidated EBITDA/EPS is up by 1-5%, and we introduce FY29F with 20% revenue growth and 30% y-y EPS growth. The stock is trading at ~29x FY28F adjusted EBITDA, which we think is attractive given ~32% EBITDA CAGR over FY26-29F. We maintain our target EV/EBITDA at 32x for Consumer/OLX and roll forward valuation to Sep-27F (Jun-27F earlier) leading to a higher TP of INR3,286 (2,740 earlier),” the brokerage firm said.
Cartrade share price trend
has remained positive despite weak market sentiments. The stock has gained 9% in a week and 60% in a year.
Furthermore, the stock has delivered 67% returns in a year and multibagger returns of 486.53% returns in three years.
The stock was listed on the exchanges on 20 August 2021 at an issue price of ₹1,600 per share.
Disclaimer: This story is for educational purposes only. Please consult with an investment advisor before making any investment decisions.