CarTrade Tech (CART.BO): Olx: Accelerated & Driving Positive View; Consumer Decelerated

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CarTrade Tech (CART.BO): Olx: Accelerated & Driving Positive View; Consumer Decelerated

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29 Jul 2026 15:59:41 ET │ 16 pages

CarTrade Tech (CART.BO)

Olx: Accelerated & Driving Positive View; Consumer Decelerated

CITI'S TAKE

While consumer (18% YoY; FY26: 30% YoY) & remarketing businesses (13%

YoY; FY26: 22% YoY) reported weaker revenue growth in 1Q, Olx is

accelerating (after a brief 4Q hiccup) on the back of a number of Buy

monetization initiatives, including Elite Buyer program – revenue up 29% Price (29 Jul 26 15:30) Rs2,865.00

YoY (FY26: 13% YoY). We continue to see plenty of upside potential in Olx

India given several already-launched & upcoming monetization levers (Elite Target price Rs3,300.00↑

Buyer/Seller, Verification, Unified C2B, etc.). We lower estimates & multiple from Rs2,520.00

for consumer (FY26-29E CAGR of 14.6% vs 15.3% earlier and 28x Mar’28 Expected share price return 15.2%EV/EBITDA vs 30x earlier) while raising estimates and multiple for Olx India

(26% vs 21% earlier and 45x Mar’28 EV/EBITDA vs 30x earlier) in our SOTP. Expected dividend yield 0.0%

Retain Buy; New TP: Rs3300/sh (Rs2520/sh earlier) Expected total return 15.2%

Market Cap Rs138,456M

Olx Accelerated; Consumer Decelerated — OLX delivered solid growth at 29% YoY

US$1,444M(CitiE: 25% YoY) on amped up monetization; Elite Buyer sign-ups reached 100k users

vs 80k announced a couple months back. Commentary indicates all business

buyers being transitioned to paid tier; should sustain the higher growth momentum.

Consumer/Remarketing businesses saw deceleration to 18%/13% YoY (CitiE:

22%/20% YoY) – Consumer segment had witnessed 29% YoY growth over FY24-26; Price Performance

growth now more in-line with LTA trends (FY18-26: 20%). Traffic growth was (RIC: CART.BO, BB: CARTRADE IN)