CARTRADE is a net cash company, reflecting category leadership, low-CAC economics, and a clear monetisation runway. Buy for target price of ₹3590 (50% upside): Elara Capital

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CARTRADE is well set to compound scale without stepping up CAC. We expect MUV CAGR of 8.6% and sold auction unit CAGR of 15.4% in FY25- 28E, deepening discovery and throughput.