ICICI Securities has maintained its Buy ratings on Aye Finance, CIE Automotive India, and Balkrishna Industries while revising target prices following latest earnings assessments. According to reports from NDTV Profit, the brokerage cut Aye Finance's target price to ₹200 from ₹285, indicating a potential upside of 50% from the reference market price of ₹133. For CIE Automotive India, the target price was reduced to ₹475 from ₹485, implying 30% upside from ₹365. Meanwhile, ICICI Securities raised Balkrishna Industries' target price to ₹2,675 from ₹2,600, suggesting 27% upside from ₹2,110. Motilal Oswal has also issued a Buy rating on CIE Automotive India with a target price of ₹440, based on 16x Sep'28E consolidated EPS, as reported by Moneycontrol.
Aye Finance delivered a strong Q2FY27 performance that underscores its market positioning in the INR 0.15mn–0.5mn ticket size segment. As reported by Moneycontrol, the company effectively utilised its differentiated underwriting models (cluster & AI-ML led) and execution capability to navigate macroeconomic headwinds. Despite a rising rate cycle, Aye's cost of borrowing fell 20bps to 10.6%, with incremental costs moderating further to 10% in Q2FY27. The company's asset quality remained highly resilient against El Nino challenges, with portfolio risk indicators improving and 20bps QoQ reduction in PAR X to 3.8%. Steady non-OD collections remained at 99.2%, demonstrating strong operational performance despite challenging market conditions. Recent market volatility has seen Aye Finance shares fall 25.56% in a month, though the stock closed 1.01% higher at ₹134.55 on Friday, October 23, with a market capitalisation of ₹3,320.53 crore.
As reported by NDTV Profit, ICICI Securities' assessments highlight resilient lending operations at Aye Finance, growth opportunities in CIE Automotive's India business, and the potential benefits of Balkrishna Industries' partnership with global tyre manufacturer Pirelli. Motilal Oswal's latest report on CIE Automotive India notes that Q3CY26 PAT was 10% above estimates due to higher grant income in the aluminum business. The company's India revenue jumped 18.1% YoY, broadly in-line with industry growth, while Europe revenue dipped 2.9% YoY due to weak demand and rising competition from Chinese imports. The brokerage expects the India business to resume outperformance versus industry growth, aided by new order wins. CIE Automotive India's Q3CY26 revenue performance met expectations, though margins missed estimates due to higher-than-expected cost inflation.
At current market price, CIE Automotive India trades at 14.5x/13.5x CY26E/CY27E consolidated EPS, as reported by Moneycontrol. Motilal Oswal maintains its Buy rating with a target price of ₹440, based on 16x Sep'28E consolidated EPS. The India business is positioned as a key growth driver given the pickup in demand across segments, with the company expected to continue focusing on maintaining margins amid reduced demand in Europe. The stock's valuation multiples reflect the market's confidence in the company's growth prospects, particularly in its domestic operations. ICICI Securities has maintained its BUY rating with a revised target price of ₹475, lowering the valuation multiple to 1.4x on FY28E BVPS to factor in near-term volatility. Recent order wins and ramp-up of new programmes with anchor and non-anchor customers, aided by increased capex intensity, could drive growth over the medium term.
