Upgrade to Buy from Add
Target raised to Rs 4,700 vs 4,450
Recently-concluded monsoons lifts outlook for the upcoming crop cycles
Believe tractors would enter an upcycle from H2FY25
Kubota's intent to increase sourcing from o Sol India as a key mid-to long term driver
Build-in 16% EPS CAGR in FY25E27
Stock trades at ~26x core Sep-26E PER vs ~30x for M&M
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