Shares of Cartrade Tech were down over 3% on Wednesday, October 29, after gaining nearly 16% in the previous session post its second quarter results.

Brokerage firm Nomura has a "neutral" call on the stock with a target price of ₹3,021 per share, which is 2% lower than its previous closing price of ₹3,083 apiece.

Nomura said the company's healthy growth momentum is on track. Its second quarter earnings before interest, tax, depreciation and amortisation (EBITDA) was ahead of estimates, and valuations are in the fair value zone.

Nomura said it has revised its growth by 3% for consumer to 33% and 25% for FY26 and FY27, respectively and for OLX to 18% and 25%, respectively.

Cartrade Tech's strong operating leverage lifts its margin by 150 to 200 basis points to 40% and 44% for consumer

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