NOMURA ON SAMVARDHANA (CMP: 152.09) TARGET PRICE: 170 MAINTAIN BUY Strong Growth Potential Of Non-Auto And Inorganic Q4 Margin Below Estimates But Likely To Pick Up $108 Bn Revenue Target In Next Five-Year Plan Current Valuation At 17.5x FY27 EPS Is Attractive, Given A 27% EPS CAGR Over FY25-27