24 April 2015

India | Oil & Gas

Quarterly Update/Target price/Rating change

Cairn India
Rating: Reduce

Marred by one-offs

Global Markets Research

Write-offs and impairment result in net loss

Cairn India (CAIR IN) reported a net operating income of INR 26.8bn,
down 23.6% QoQ and 47% YoY due to fall in crude prices. EBITDA
stood at INR 7.9bn, down 61% QoQ and 78.6% YoY. However, this
included write-off of INR 5.5bn, higher than INR 1.6bn in each Q3FY15
and Q4FY14. Adjusted for the increase in write-offs, EBITDA stood at
INR 11.9bn, in line with our estimates. The company changed its
depreciation policy from straight line method to unit of production
method. Forex loss stood at INR 1.7bn against gain of INR 3.5bn in
Q3FY15. Other income doubled sequentially to INR 3.6bn due to
higher realization gains. The tax rate increased due to liability reversal
on account of decommissioning assessment. It also took an
exceptional impairment loss of INR 5bn on its Sri Lankan assets. As a
result, it reported a net loss of INR 2.4bn in the quarter against a profit
of INR 13.5bn in the previous quarter.

Target Price: INR 213

Downside: 0.5%
CMP: INR 214 (as on 23 April 2015)
Key data*
Bloomberg /Reuters Code
Current /Dil. Shares O/S (mn)
Mkt Cap (INR bn/USD mn)
Daily Vol. (3M NSE Avg.)
Face Value (INR)

CAIR IN/ CAIL.BO

1,875/1,875
400/6,332
2,319,610
10

1 USD = INR 63.2

Note: *as on 23 April 2015; Source: Bloomberg

Price & volume

400

20

350

15

Production continues to slide

300

10

Production from Rajasthan stood at 174,206boepd, down 3.2% QoQ

and 8.7% YoY despite EOR implementation in Mangala. Ravva
registered 14.8% and 11.5% sequential growth in oil and gas
production respectively. Cambay continued to slide, witnessing 5.3%
and 46.2% sequential decline in oil and gas production respectively.

250

A total of twelve discoveries have been made in the Rajasthan block

since restarting the exploration campaign in 2013. However, the
current producing fields continue to witness decline despite EOR
implementation. Additionally, due to low oil prices making certain
regions uneconomical, the company guides towards a flat production
in FY16 over FY15. Additionally, concerns remain on cash usage. We
value the company using a SOTP method and give a 50% discount to
cash on books. With a revised TP of INR 213 from INR 256, we
downgrade our recommendation to Reduce due to concerns on
production ramp up.
Net operating income
EBITDA
EBITDA margin (%)
Depreciation, Depletion, Amor
Forex loss/(gain)
Interest Cost
Other Income
Exceptional item
PBT
Tax
PAT
Adj EPS (INR)

Aug-14

0
Apr-15

Dec-14

Vol. in mn (RHS)

Cairn India (LHS)

Source: Bloomberg

Shareholding (%)

Valuation: downgrade to Reduce with a new TP of INR 213

YE March (INR mn)

200
Apr-14

Q1FY15 Q2FY15 Q3FY15 Q4FY15

Promoter

59.9

59.9

59.9

59.9

Institutional Investors

26.6

26.7

26.0

24.6

Other Investors

11.1

10.9

11.2

12.7

General Public

2.4

2.6

2.9

2.8

Source: BSE

Price performance (%)

3M

6M

(5.3)

3.3

21.2

Cairn India

(14.0)

(26.1)

(39.4)

ONGC

(11.7)

(23.7)

(5.5)

(1.1)

(7.9)

(9.3)

Sensex

Reliance

12M

Source: Bloomberg

Q4FY15

Q4FY14

YoY (%)

Q3FY15

QoQ (%)

Q4FY15E

Variance

26,772
7,878

50,489
36,831

(47.0)
(78.6)

35,041
20,269

(23.6)
(61.1)

(59.8)

8,909
(3,536)
84
1,629

25,720
12,026
47
7,600
0
15
1,800
NA
6,211
621
5,590
2.9

4.1
(34.5)
(37.1)
(66.3)

29

73

2,560
1,683
51
3,576
5,052
2,107
4,516
(2,408)
(1.3)

6,367
2,431
109
4,070
31,995
1,641
30,354
15.9

58

(52.7)
(12.1)
NA
(93.4)
175.2
(107.9)
(107.9)

16,440
2,944
13,496
7.1

(71.3)
(39.1)
119.5
NA
(87.2)
53.4
(117.8)
(117.8)

242.7
98.7
NA
(66.1)
627.0
(143.1)
(143.1)

Key Financials
YE
Revenue
YoY
EBITDA
EBITDA
Adj PAT
March
(INR mn)
(%)
(INR mn) margin (%)
(INR mn)
FY14
187,617
7.1
136,857
5.0
124,318
FY15
146,462
(21.9)
85,226
(37.7)
71,126
FY16E
97,619
(33.3)
45,684
(46.4)
43,584
FY17E
112,110
14.8
65,525
43.4
57,757
Note: pricing as on 23 April 2015; Source: Company, Elara Securities Estimate

YoY
(%)
4.3
(42.8)
(38.7)
32.5

Fully DEPS
(INR)
65.1
37.2
22.8
30.2

RoE
(%)
4.3
(42.8)
(38.7)
32.5

RoCE
(%)
3.3
5.7
9.4
7.1

P/E EV/EBITDA
(x)
(x)
2.9
2.1
4.6
2.7
8.6
4.1
6.0
3.6

Swarnendu Bhushan swarnendu.bhushan@elaracapital.com +91 22 6164 8504

Durgesh Poyekar durgesh.poyekar@elaracapital.com +91 22 6164 8541

Elara Securities (India) Private Limited

Cairn India

Financials (YE March)

Equity Capital
Reserves
Total Borrowings
Deferred Taxes
Total Liabilities
Fixed Assets
Goodwill
Investments
Inventories
Debtors
Cash
Loans & Advances
Other Current Assets
Net Current Assets
Others
Total Assets
Cash Flow Statement (INR mn)
Operating cash flow
Capex
Free cash flow to firm
Investing cash flow
Financing cash flow
Net change in cash
Ratio Analysis
Income Statement Ratios (%)
Revenue Growth
EBITDA Growth
PAT Growth
EBITDAM
Net Margin
Return & Liquidity Ratios
Int/PBIT
Net debt/Equity (x)
ROE (%)
ROCE (%)
Per Share Data & Valuation Ratios
Diluted EPS (INR)
Adj EPS Growth (%)
Book Value (INR)
DPS (INR)
P/E (x)
EV/EBITDA (x)
Price/Book (x)
Dividend Yield (%)

FY17E
112,110
65,525
17,158
0
48,367
0
15,613
63,980
6,223
9.7
57,757
0
57,757

Revenue & margin growth trend

72.9

200,000

75
70

150,000

55
46.8

50,000

45
FY14
FY15
Net revenues (LHS)

FY15

FY16E

FY17E

18,749
603,339
500
12,718
635,306
171,570
151,522
152,334
1,098
16,047
131,194
93,155
1,111
159,880
0
635,306

18,749
654,809
0
12,718
686,276
190,112
151,522
152,334
1,212
18,429
156,134
97,812
1,111
192,307
0
686,276

FY14

FY15

FY16E

FY17E

25

139,121
(40,951)
98,170
(100,767)
(26,935)

(13,765)
(13,366)
(27,131)
(2,062)
(30,471)

158,043
(42,300)
115,743
(42,300)
(9,698)

61,141
(35,700)
25,441
(35,700)
(500)

20

11,419

(46,298)

106,045

24,941

FY14

FY15

FY16E

FY17E

0.0
(0.0)
23.6
22.3

0.0
(0.0)
12.2
9.8

0.0
(0.2)
7.2
4.4

0.0
(0.2)
8.9
6.7

65.1
4.3
300.8
12.3
3.3
2.9
0.7
5.7

37.2
(42.8)
308.3
8.8
5.7
4.6
0.7
4.1

22.8
(38.7)
325.8
4.6
9.4
8.6
0.7
2.1

30.2
32.5
352.7
5.4
7.1
6.0
0.6
2.5

40
FY17E
EBITDAM (RHS)

Adjusted profit growth trend

32.5

140,000
120,000
100,000

40
20

4.3

80,000
60,000
(42.8)

40,000

(20)

(38.7)

(40)

20,000
0

(60)
FY14

FY15

Adj PAT (LHS)

FY16E

FY17E

Adj EPS growth (RHS)

Source: Company, Elara Securities Estimate

Return ratios
23.6
22.3
12.2

15

7.2

10

8.9

9.8

4.4

0
FY14

FY15
ROE

14.8
43.4
32.5
58.4
51.5

FY16E

Source: Company, Elara Securities Estimate

18,749
569,954
0
12,718
601,420
143,876
151,522
152,334
3,439
11,250
8,517
178,498
2,275
137,056
16,632
601,420

(33.3)
(46.4)
(38.7)
46.8
44.6

50

FY14

(21.9)
(37.7)
(42.8)
58.2
48.6

60

100,000

19,076
555,301
0
7,356
581,733
156,205
151,522
163,638
2,971
25,124
17,619
84,494
1,508
56,540
53,827
581,733

7.1
5.0
4.3
72.9
66.3

65

58.4

58.2

(%)

FY16E
97,619
45,684
14,606
0
31,078
60
19,679
50,697
7,113
14.0
43,584
0
43,584

(INR mn)

FY15
146,462
85,226
25,695
(5,244)
64,775
203
12,849
77,421
6,295
12.3
71,126
(26,330)
44,796

(%)

Balance Sheet (INR mn)

FY14
187,617
136,857
22,974
(7,390)
121,274
415
7,637
128,496
4,178
3.3
124,318
0
124,318

(INR mn)

Net operating income

EBITDA
DDA
Forex loss/(gain)
EBIT
Interest cost
Other income
PBT
Less: taxation
Effective tax rate (%)
Recurring PAT
Exceptional
PAT

(%)

Income Statement (INR mn)

FY16E

6.7
FY17E

ROCE

Source: Company, Elara Securities Estimate

Note: pricing as on 23 April 2015; Source: Company, Elara Securities Estimate

Elara Securities (India) Private Limited

Cairn India
Rajasthan production continues to slide

Cambay production declines

Production in Q4FY15 stood at 174,206boepd, down

3.2% QoQ and 8.7% YoY despite EOR implementation in
Mangala. Production from Bhagyam stood at
23,717bopd, down 15% QoQ. Exit production rate from
Aishwariya stood at 30,000bopd.

Oil production stood at 8,464 bopd, down 5.3% QoQ.

Gas production stood at 7 mmscfd in the quarter, down
46.2% QoQ.

25

6,000

20

4,000

15
10

2,000

Oil & Gas

5
0
1QFY11
2QFY11
3QFY11
4QFY11
1QFY12
2QFY12
3QFY12
4QFY12
1QFY13
2QFY13
3QFY13
4QFY13
1QFY14
2QFY14
3QFY14
4QFY14
1QFY15
2QFY15
3QFY15
4QFY15

Cambay gas (RHS)

Source: Company, Elara Securities Research

250,000

Exploratory successes continue

200,000
(boepd)

30

Cambay oil (LHS)

Exhibit 1: Production from Rajasthan declines

Since March 2013, the company has been drilling

exploratory wells in the Rajasthan block. As a result, it
has established a total of 12 successful discoveries to
date. As the company progresses with its exploration
and appraisal program, we expect reserve upgrades to
follow.

150,000
100,000
50,000
1QFY11
2QFY11
3QFY11
4QFY11
1QFY12
2QFY12
3QFY12
4QFY12
1QFY13
2QFY13
3QFY13
4QFY13
1QFY14
2QFY14
3QFY14
4QFY14
1QFY15
2QFY15
3QFY15
4QFY15

Source: Company, Elara Securities Research

Ravva production supported by infill wells

Ravva registered 14.8% and 11.5% sequential growth in
oil and gas production respectively. Oil production stood
at 26,872bopd while gas production stood at 29mmscfd
in the quarter.
Exhibit 2: Ravva witnesses increase in production

Valuation: Downgrade to reduce with a new TP of

INR 213
Post implementation of the ASP, we expect marginal
improvement in production. However, current low oil
prices would not make ASP very attractive. In view of low
oil prices, the company has guided that FY16 production
would remain flat compared with FY15. We assume no
growth in volume in FY17 also as the currently
producing fields of MBA would continue to decline while
some growth from EOR may be seen. We value the
company using a SOTP method. Valuing net cash at a
50% discount, we arrive at a new target price of INR 213
from INR 256, lower due to cut in production over FY1617E. We downgrade our recommendation from
Accumulate to Reduce.

35,000

70

30,000

60

25,000

50

20,000

40

15,000

30

10,000

20

5,000

10

SOTP

Rajasthan developed fields

Ravva oil (LHS)

3QFY15

1QFY15

3QFY14

1QFY14

3QFY13

1QFY13

3QFY12

1QFY12

3QFY11

1QFY11

Ravva gas (RHS)

Source: Company, Elara Securities Research

(mmscfd)

(bopd)

35

8,000
(bopd)

Mangala EOR polymer injection was ramped up to

25,000bpd in the quarter. The pilot ASP (Alkali Surfactant
Polymer) implementation at Mangala has been
completed in Q4FY15. A water-cut reduction from 90%
to 20-30% has been observed. It is soon expected to be
implemented across MBA.

10,000

(mmscfd)

Crude oil realization for the year stood at USD 76.4/bbl, a

discount of 10.6%to Brent. Operating expenses,
including pipeline cost, stood at USD 5.8/bbl.

Exhibit 3: Cambay witnesses production decline

Exhibit 4: Valuation of Cairn India

(INR/share)
105

Ravva

Cambay

Exploratory fields in Rajasthan

Total EV
Net cash & investments (50% discount)
Target price

37
153
60
213

Source: Elara Securities Estimate

Elara Securities (India) Private Limited

Cairn India
Exhibit 5: Major Assumptions
Brent (USD/bbl)
Total Rajasthan production
(boepd)
Ravva-gross oil production
(bopd)

FY14

FY15

FY16E

FY17E

107.5

85.5

63.8

77.5

181,559 175,160 174,244 174,473

21,304

22,580

25,234

22,804

36

21

27

25

7,747

8,546

7,948

7,183

12

12

60.6

61.2

60.5

59.6

Ravva-gross gas production

(mmscfd)
Cambay-gross oil production
(bopd)
Cambay-gross gas production
(mmscfd)
Exchange rate (INR/USD)
Long term Brent (USD/bbl)

80

Exhibit 6: Quarterly physical performance

(INR mn)

Q4FY15

Q4FY14

YoY (%)

Q3FY15

QoQ (%)

26,772

50,489

(47.0)

35,041

(23.6)

7,878

36,831

(78.6)

20,269

(61.1)

29

73

Depr, Depletion, Amort

2,560

6,367

Forex loss/(gain)

1,683

2,431

51

109

(52.7)

84

(39.1)

Other income

3,576

4,070

(12.1)

1,629

119.5

Exceptional items

5,052

PBT

2,107

31,995

(93.4)

16,440

(87.2)

Tax

4,516

1,641

175.2

2,944

53.4

Effective tax rate (%)

214.3

5.1

(2,408)

30,354

(107.9)

13,496

(117.8)

NA

NA

(2,408)

30,354

(107.9)

13,496

(117.8)

Income from operations

EBITDA

EBITDAM (%)

Interest cost

PAT
Impact of scheme of arrangement for earlier periods
Reported PAT
Diluted Adj EPS
Adj PAT
Gross production (boepd)
Oil price realization (US$/bbl)
Gas price realization (US$/mscf)
Rajasthan (boepd)

58
(59.8)

8,909

(71.3)

(3,536)

17.9

(1.3)

15.9

(107.9)

7.1

(117.8)

2,644

30,354

(91.3)

13,496

(80.4)

215,553

224,429

(4.0)

218,900

(1.5)

48.6

95.7

(49.2)

76.8

(36.7)

6.2

6.1

1.6

6.3

(1.6)

174,206

190,881

(8.7)

180,010

(3.2)

26,872

18,846

42.6

23,410

14.8

29

32

(9.4)

26

11.5

8,464

7,342

15.3

8,938

(5.3)

12

(41.7)

13

(46.2)

Ravva
-oil (bopd)
-gas (mmscfd)
Cambay
-oil (bopd)
-gas (mmscfd)
Source:
Elara Estimate
Securities Research
Source:Company,
Elara Securities

Elara Securities (India) Private Limited

Cairn India

Coverage History
400

4
3

350

300

250
7
8
Jan-12
Feb-12
Mar-12
Apr-12
May-12
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12
Jan-13
Feb-13
Mar-13
Apr-13
May-13
Jun-13
Jul-13
Aug-13
Sep-13
Oct-13
Nov-13
Dec-13
Jan-14
Feb-14
Mar-14
Apr-14
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
Jan-15
Feb-15
Mar-15
Apr-15

200

Not Covered

Date

Rating

Target Price

Closing Price

08-Jan-2014 Buy

INR 420

INR 328

03-Mar-2014 Buy

INR 418

INR 327

23-Apr-2014 Accumulate

INR 411

INR 352

23-Jul-2014

INR 360

INR 346

21-Oct-2014 Accumulate

INR 297

INR 278

16-Dec-2014 Accumulate

INR 267

INR 236

22-Jan-2015 Accumulate

INR 256

INR 239

23-Apr-2015 Reduce

INR 213

INR 214

Reduce

Covered

Oil & Gas

Guide to Research Rating

BUY

Absolute Return >+20%

ACCUMULATE

Absolute Return +5% to +20%

REDUCE

Absolute Return -5% to +5%

SELL

Absolute Return < -5%

Elara Securities (India) Private Limited

Elara Securities (India) Private Limited

Disclosures & Confidentiality for non U.S. Investors
The Note is based on our estimates and is being provided to you (herein referred to as the Recipient) only for information
purposes. The sole purpose of this Note is to provide preliminary information on the business activities of the company and
the projected financial statements in order to assist the recipient in understanding / evaluating the Proposal. Nothing in this
document should be construed as an advice to buy or sell or solicitation to buy or sell the securities of companies referred to in
this document. Each recipient of this document should make such investigations as it deems necessary to arrive at an
independent evaluation of an investment in the securities of companies referred to in this document (including the merits and
risks involved) and should consult its own advisors to determine the merits and risks of such an investment. Nevertheless, Elara
or any of its affiliates is committed to provide independent and transparent recommendation to its client and would be happy
to provide any information in response to specific client queries. Elara or any of its affiliates have not independently verified all
the information given in this Note and expressly disclaim all liability for any errors and/or omissions, representations or
warranties, expressed or implied as contained in this Note. The user assumes the entire risk of any use made of this
information. Elara or any of its affiliates, their directors and the employees may from time to time, effect or have effected an
own account transaction in or deal as principal or agent in or for the securities mentioned in this document. They may
perform or seek to perform investment banking or other services for or solicit investment banking or other business from any
company referred to in this Note. Each of these entities functions as a separate, distinct and independent of each other. This
Note is strictly confidential and is being furnished to you solely for your information. This Note should not be reproduced or
redistributed or passed on directly or indirectly in any form to any other person or published, copied, in whole or in part, for
any purpose. This Note is not directed or intended for distribution to, or use by, any person or entity who is a citizen or
resident of or located in any locality, state, country or other jurisdiction, where such distribution, publication, availability or use
would be contrary to law, regulation or which would subject Elara or any of its affiliates to any registration or licensing
requirements within such jurisdiction. The distribution of this document in certain jurisdictions may be restricted by law, and
persons in whose possession this document comes, should inform themselves about and observe, any such restrictions. Upon
request, the Recipient will promptly return all material received from the company and/or the Advisors without retaining any
copies thereof. The Information given in this document is as of the date of this report and there can be no assurance that
future results or events will be consistent with this information. This Information is subject to change without any prior notice.
Elara or any of its affiliates reserves the right to make modifications and alterations to this statement as may be required from
time to time. However, Elara is under no obligation to update or keep the information current. Neither Elara nor any of its
affiliates, group companies, directors, employees, agents or representatives shall be liable for any damages whether direct,
indirect, special or consequential including lost revenue or lost profits that may arise from or in connection with the use of the
information. This Note should not be deemed an indication of the state of affairs of the company nor shall it constitute an
indication that there has been no change in the business or state of affairs of the company since the date of publication of this
Note. The disclosures of interest statements incorporated in this document are provided solely to enhance the transparency
and should not be treated as endorsement of the views expressed in the report. Elara Securities (India) Private Limited
generally prohibits its analysts, persons reporting to analysts and their family members from maintaining a financial interest in
the securities or derivatives of any companies that the analysts cover. The analyst for this report certifies that all of the views
expressed in this report accurately reflect his or her personal views about the subject company or companies and its or their
securities, and no part of his or her compensation was, is or will be, directly or indirectly related to specific recommendations
or views expressed in this report.
Any clarifications / queries on the proposal as well as any future communication regarding the proposal should be addressed
to Elara Securities (India) Private Limited / the company.

Disclaimer for non U.S. Investors

The information contained in this note is of a general nature and is not intended to address the circumstances of any
particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no
guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future.
No one should act on such information without appropriate professional advice after a thorough examination of the
particular situation.

Elara Securities (India) Private Limited

Disclosures for U.S. Investors
The research analyst did not receive compensation from Cairn India Limited.
Elara Capital Inc.s affiliate did not manage an offering for Cairn India Limited.

Elara Capital Inc.s affiliate does not expect to receive compensation from Cairn India Limited in the next 3 months.

Disclaimer for U.S. Investors

This material is based upon information that we consider to be reliable, but Elara Capital Inc. does not warrant its
completeness, accuracy or adequacy and it should not be relied upon as such.
This material is not intended as an offer or solicitation for the purchase or sale of any security or other financial instrument.
Securities, financial instruments or strategies mentioned herein may not be suitable for all investors. Any opinions expressed
herein are given in good faith, are subject to change without notice, and are only correct as of the stated date of their issue.
Prices, values or income from any securities or investments mentioned in this report may fall against the interests of the
investor and the investor may get back less than the amount invested. Where an investment is described as being likely to
yield income, please note that the amount of income that the investor will receive from such an investment may fluctuate.
Where an investment or security is denominated in a different currency to the investors currency of reference, changes in
rates of exchange may have an adverse effect on the value, price or income of or from that investment to the investor. The
information contained in this report does not constitute advice on the tax consequences of making any particular
investment decision. This material does not take into account your particular investment objectives, financial situations or
needs and is not intended as a recommendation of particular securities, financial instruments or strategies to you. Before
acting on any recommendation in this material, you should consider whether it is suitable for your particular circumstances
and, if necessary, seek professional advice.
Certain statements in this report, including any financial projections, may constitute forward-looking statements. These
forward-looking statements are not guarantees of future performance and are based on numerous current assumptions
that are subject to significant uncertainties and contingencies. Actual future performance could differ materially from these
forward-looking statements and financial information.

Global Markets Research

Elara Capital Inc.s affiliate did not receive compensation from Cairn India Limited in the last 12 months.

Elara Securities (India) Private Limited

India

Europe

USA

Asia / Pacific

Elara Securities (India) Pvt. Ltd.

Indiabulls Finance Centre,
Tower 3, 21st Floor,
Senapati Bapat Marg,
Elphinstone Road (West)
Mumbai 400 013, India
Tel : +91 22 6164 8500

Elara Capital Plc.

29 Marylebone Road,
London NW1 5JX,
United Kingdom

Elara Securities Inc.

36W 44th Street, 803,
New York, NY 10036,
USA
Tel :+1-212-430-5870

Elara Capital (Singapore) Pte.Ltd.

30 Raffles Place
#20-03, Chevron House
Singapore 048622

Tel : +4420 7486 9733

Tel : +65 6536 6267

Harendra Kumar

Managing Director

harendra.kumar@elaracapital.com

+91 22 6164 8571

Vishal Purohit

Co-Head Institutional Equities

vishal.purohit@elaracapital.com

+91 22 6164 8572

Amit Mamgain

India

amit.mamgain@elaracapital.com

+91 22 6164 8543

Deepak Sawhney

India

deepak.sawhney@elaracapital.com

+91 22 6164 8549

Kalpesh Parekh

India

kalpesh.parekh@elaracapital.com

+91 22 6164 8513

Nishit Master

India

nishit.master@elaracapital.com

+91 22 6164 8521

Prashin Lalvani

India

prashin.lalvani@elaracapital.com

+91 22 6164 8544

Sushil Bhojwani

India

sushil.bhojwani@elaracapital.com

+91 22 6164 8512

Varun Joshi

North America

varun.joshi@elaracapital.com

+91 22 6164 8558

Manan Joshi

India

manan.joshi@elaracapital.com

+91 22 6164 8555

Manoj Murarka

India

manoj.murarka@elaracapital.com

+91 22 6164 8551

Vishal Thakkar

India

vishal.thakker@elaracapital.com

+91 22 6164 8552

Sales

Sales Trading & Dealing

Research
Aarthisundari Jayakumar Analyst

Pharmaceuticals

aarthi.jayakumar@elaracapital.com

+91 22 6164 8510

Aashish Upganlawar

Analyst

FMCG, Media

aashish.upganlawar@elaracapital.com

+91 22 6164 8546

Abhishek Karande

Analyst

Technical & Alternate Strategy

abhishek.karande@elaracapital.com

+91 22 6164 8562

Adhidev Chattopadhyay Analyst

Infrastructure, Real Estate

adhidev.chattopadhyay@elaracapital.com

+91 22 6164 8526

Aliasgar Shakir

Analyst

Mid caps, Telecom

aliasgar.shakir@elaracapital.com

+91 22 6164 8516

Ashish Kejriwal

Analyst

Metals & Mining

ashish.kejriwal@elaracapital.com

+91 22 6164 8505

Ashish Kumar

Economist

ashish.kumar@elaracapital.com

+91 22 6164 8536

Deepak Agrawala

Analyst

Power, Capital Goods

deepak.agrawala@elaracapital.com

+91 22 6164 8523

Jay Kale, CFA

Analyst

Auto & Auto Ancillaries

jay.kale@elaracapital.com

+91 22 6164 8507

Rakesh Kumar

Analyst

Banking & Financials

rakesh.kumar@elaracapital.com

+91 22 6164 8559

Ravi Menon

Analyst

IT Services

ravi.menon@elaracapital.com

+91 22 6164 8502

Ravi Sodah

Analyst

Cement

ravi.sodah@elaracapital.com

+91 22 6164 8517

Sumant Kumar

Analyst

Agri, Travel & Hospitality, Paper

sumant.kumar@elaracapital.com

+91 22 6164 8503

Swarnendu Bhushan

Analyst

Oil and gas

swarnendu.bhushan@elaracapital.com

+91 22 6164 8504

Bhawana Chhabra

Sr. Associate

Strategy

bhawana.chhabra@elaracapital.com

+91 22 6164 8511

Manuj Oberoi

Sr. Associate

Banking & Financials

manuj.oberoi@elaracapital.com

+91 22 6164 8535

Durgesh Poyekar

Associate

Oil and gas

durgesh.poyekar@elaracapital.com

+91 22 6164 8541

Harshit Kapadia

Associate

Power, Capital Goods

harshit.kapadia@elaracapital.com

+91 22 6164 8542

Parin Vora

Associate

Metals & Mining

parin.vora@elaracapital.com

+91 22 6164 8519

Saiprasad Prabhu

Associate

FMCG, Media

saiprasad.prabhu@elaracapital.com

+91 22 6164 8518

Priyanka Sheth

Editor

priyanka.sheth@elaracapital.com

+91 22 6164 8568

Gurunath Parab

Production

gurunath.parab@elaracapital.com

+91 22 6164 8515

Jinesh Bhansali

Production

jinesh.bhansali@elaracapital.com

+91 22 6164 8537

Access our reports on Bloomberg: Type ESEC <GO>

Also available on Thomson & Reuters
Elara Securities (India) Private Limited
CIN: U74992MH2007PTC172297
Member (BSE, NSE)
Regn Nos: CAPITAL MARKET SEBI REGN. NO.: BSE: INB 011289833, NSE: INB231289837 DERIVATIVES SEBI REGN. NO.: NSE: INF 231289837
CLEARING CODE: M51449.
Website: www.elaracapital.com Investor Grievance Email ID: investor.grievances@elaracapital.com