Craftsman Automation - Engineering DNA Crafts New Opportunities: Motilal Oswal Initiates Coverage

Motilal Oswal Report

Craftsman Automation Ltd. is a Coimbatore-based diversified engineering company with vertically integrated manufacturing capabilities. It is engaged in three business segments:

1. automotive powertrain (52% of revenues),

2. aluminum die casting (25%), and

3. industrial and engineering (23%).

Founded in 1986 by first generation entrepreneur S Ravi, the current Chairman and Managing Director, Craftsman’s entire operations are based out of India with 12 plants across the country.

With cyclical recovery in commercial vehicles and two-wheelers, along with new order wins in other segments, we expect linearity in revenues and earnings over the next few years.

We expect 13%/17%/37% compound annual growth rate (over FY23E-25E) in standalone revenues/Ebitda/profit after tax, respectively.

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