Wealth Insight - Jan 2024

Subscription copy of [lokincredibl@gmail.com]. Redistribution prohibited.
A. HDFC TOP 100 Fund - SIP Performance^ - Regular Plan - Growth Option
Since Inception* 15 year SIP 10 year SIP 5 year SIP 3 year SIP 1 year SIP
Total Amount Invested@ (` in lacs) 32.60 18.00 12.00 6.00 3.60 1.20
Market Value as on November 30, 2023 (` in lacs) 714.16$$ 55.96 25.06 9.56 4.74 1.37
Returns& (%) 18.53$$ 13.88 14.10 18.70 18.76 26.90
Benchmark Returns (%)# N.A. 13.42 13.55 15.77 12.67 18.98
Additional Benchmark Returns (%)## 14.42 13.42 13.81 15.69 12.43 14.92
@
Assuming ` 10,000 invested systematically on the first Business Day of every month since October 11, 1996 (Scheme Inception Date). &CAGR returns are computed after accounting
for the cash flow by using XIRR method (investment internal rate of return) for Regular Plan - Growth Option. The above investment simulation is for illustrative purposes only
and should not be construed as a promise on minimum returns and safeguard of capital. SIP - Systematic Investment Plan. HDFC AMC / HDFC MF is not guaranteeing or assuring
any returns on investments in the Scheme.
B. HDFC Top 100 Fund - Performance^ - Regular Plan - Growth Option NAV as on November 30, 2023 ` 903.551 (per unit)
Period Scheme Returns (%) Scheme Benchmark Additional Benchmark Value of investment of (`) 10,000
Returns (%)# Returns (%)## Scheme Benchmark Additional Benchmark
(`) (`)# (`)##
Last 1 Year 16.62 7.83 7.59 11,662 10,783 10,759
Last 3 Years 22.56 16.85 16.27 18,441 15,974 15,738
Last 5 Years 14.58 14.03 14.46 19,757 19,287 19,649
Since Inception* 18.91$$ N.A. 13.67 11,01,706$$ N.A. 3,24,515
Common notes for the table A & B: Past performance may or may not be sustained in the future. *Inception Date: October 11, 1996. The scheme is managed by Mr. Rahul Baijal
since July 29, 2022. # NIFTY 100 (Total Returns Index). ## S&P BSE SENSEX (Total Returns Index). $$ All Distributions declared prior to the splitting of the Scheme into IDCW & Growth
Options are assumed to be reinvested in the units of the Scheme at the then prevailing NAV (ex-distribution NAV). Âbove returns are as on November 30, 2023.
C. Performance of Other Funds Managed by Mr. Rahul Baijal, Fund Manager of HDFC Top 100 Fund (who manages total 3 schemes of which 2
schemes have completed one year)
Managing Scheme Returns (%) as on November 30, 2023
Scheme since Last 1 year (%) Last 3 years (%) Last 5 years (%)
HDFC Business Cycle Fund November 30, 2022 18.06 N.A. N.A.
Benchmark - NIFTY 500 (Total Returns Index) 13.84 N.A. N.A.
Common notes for the table B & C: Past performance may or may not be sustained in the future. The above returns are for Regular Plan - Growth Option. Load is not taken into
consideration for computation of performance. Different plans viz. Regular Plan and Direct Plan have different expense structure. The expenses of the Direct Plan under the
scheme will be lower to the extent of the distribution expenses/commission charged in the Regular Plan. Returns greater than 1 year period are compounded annualised (CAGR).
N.A. Not Available.
HDFC TOP 100 FUND (An open ended equity scheme predominantly investing in large cap stocks) is suitable for investors who are seeking~:
z To generate long-term capital appreciation / income z Investment predominantly in Large-Cap companies
~Investors should consult their financial advisers, if in doubt about whether the product is suitable for them.
Name and Riskometer of Benchmark Name of scheme(s) Riskometer^^ of the Scheme(s)
NIFTY 100 (Total Returns Index)
Modera
oderate High tely
to te M Hi
w era
Mo Lo
HDFC Top 100 Fund

gh
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d
Modera
oderate High tely
o te M
Very
t
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w era Hi
Mo Lo
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Contact your MFD / RIA or give a

d
RISKOMETER
Very
missed call on 73974 12345

High
Low
NIFTY 500 (Total Returns Index)

Modera RISKOMETER
oderate High tely
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w t erate Hi
very high risk
Mo Lo
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z HDFC Business Cycle Fund

d
Very
High
Low
RISKOMETER
Benchmark and Scheme Riskometer as on November 30, 2023
^^For latest riskometer, investors may refer to the Monthly Portfolios disclosed on the website of the Fund viz. www.hdfcfund.com
MUTUAL FUND INVESTMENTS ARE SUBJECT TO MARKET RISKS, READ ALL SCHEME RELATED DOCUMENTS CAREFULLY.
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od w t
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̴UŨǍğơƭųƙơ͘ơŀųƵŝė͘ĐųŨơƵŝƭ͘ƭŀğņƙ͘ǦŨñŨĐņñŝ͘ñėǍņơğƙơ͘ņķ͘ņŨ͘ėųƵĎƭ͘ñĎųƵƭ͘ǎŀğƭŀğƙ͘ƭŀğ͘ƖƙųėƵĐƭ͘ņơ͘ơƵņƭñĎŝğ͘
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»ŀğ͘¦ņơř̿ų̿Ŧğƭğƙ͘ơƖğĐņǦğė͘ñĎųǍğ͘ǎņŝŝ͘Ďğ͘ğǍñŝƵñƭğė͘ñŨė͘ƵƖėñƭğė͘ųŨ͘ñ͘ŦųŨƭŀŝǔ͘Ďñơņơ̩
Please refer https://www.icicipruamc.com/news-and-updates/all-news for more details on scheme riskometers.
Mutual Fund investments are subject to market risks, read all scheme related documents carefully.
January 2024 VOLUME XVII, NUMBER 7
8
EDITORIAL POLICY
The goal of Wealth Insight, as with
all publications from Value
A framework for investing
Research, is not just limited to gen- How to invest the Value Research way and create wealth
erating profitable ideas for its read-
ers; but to also help them in gener-
ating a few of their own. We aim to
bring independent, unbiased and
meticulously-researched stories
that will help you in taking better-in-
formed investment decisions,
encouraging you to indulge in a bit
of research on your own as well.
All our stories are backed by
quantitative data. To this, we add
rigorous qualitative research
obtained by speaking to a wide vari-
ety of stakeholders. We firmly stick
to our belief of fundamental
research and value-oriented
approach as the best way to earn
wealth in the stock market. Equally
important to us is our unwaveringly
focus on long term planning.
Simplicity is the hallmark of our
style. Our writing style is simple
and so is the presentation of ideas,
but that should not be construed to
mean that we over-simplify. Why the markets Why over 90 per Still, what almost
Read, learn and earn – and let’s will always be cent of stock always works
grow and evolve as we undertake
this voyage together. crazy market participants Learn what you
We explore why it is near- lose money must do to get rich
impossible to predict off the unpredictable
EDITOR-IN-CHIEF Dhirendra Kumar Find out what most
Mr Market’s mood markets
investors are doing wrong
COPYEDITING Khyati Simran Nandrajog
and Mithilesh Bhaumik
RESEARCH & ANALYSIS Aditya Gupta,

Asif Ali, Karthik Anand Vijay, Karon 7 101
Anand, Kunal Bansal, Nipun Arora, Edit Stock Advisor
Ravikant Prasad, Sneha Suri and
by DHIRENDRA KUMAR by DHIRENDRA KUMAR
Udhayaprakash J
DESIGN Aman Singhal, Anand Kumar, A new beginning Curb Your Enthusiasm
Aprajita Anushree, Harish Kumar, Kamal
Kant Koner, Mukul Ojha and Nitin Yadav Introducing an easier A framework to navigate the current
path to stock investing market highs
DATA SOURCE FOR STOCKS AceEquity
MARKETING
Aastha Tiwari, Aditya Roy, Ashish Jain,
Jash Ashar and Kasturi Kaushik Calendar 2024
PRODUCTION MANAGER & CIRCULATION
Hira Lal +91-9958058407
ADVERTISING CONTACT 33
Venkat K Naidu +91-9664048666 ABCD ETF
Biswa Ranjan Palo +91-9664075875
SUBSCRIPTION Passive equity funds

Shipra Srivastava +91-9868891830
Chhaya Verma +91-9560200520 in retirement
4 Wealth Insight January 2024

CONTENTS
34
Introducing
Value Research
Stock Ratings
Discover a new way of navigating
the markets and stock picking
Stock
ratings of
top 1,000
companies
94
How to build a
portfolio using
our Stock Ratings
Our Stock Screener helps you pick the right
stocks based on your investing style
Growth at a High quality at Fast-growing Small caps Old-school

reasonable a reasonable mid and small high on quality value
price price caps and growth investor
Finding fast- Are high-quality Do mid and small High growth or Looking for profits
growing stocks stocks worth the caps deserve a place profitability: What in underpriced
with ease hype? in your portfolio? should you choose? stocks
9DOXH5HVHDUFK,QGLD3YW/WG
Wealth Insight is owned by Value Research India Pvt. Ltd., 5, Commercial Complex, Chitra Vihar, Delhi-110 092.
Editor-In-Chief: Dhirendra Kumar.

Printed and published by Dhirendra Kumar on behalf of Value Research India Pvt. Ltd. Published at 5, Commercial Complex, Chitra Vihar, Delhi-110 092.
Printed at Option Printofast, 46, Patparganj Industrial Area, Delhi-110 092
Total pages 104, including cover
',6&/$,0(5
The contents of Wealth Insight published by Value Research India Private Limited (the ‘Magazine’) are not intended to serve as professional advice or guidance and the Magazine takes no responsibility or liability, express or implied, whatsoever for any investment
decisions made or taken by the readers of this Magazine based on its contents thereof. You are strongly advised to verify the contents before taking any investment or other decision based on the contents of this Magazine. The Magazine is meant for general reading
purposes only and is not meant to serve as a professional guide for investors. The readers of this Magazine should exercise due caution and/or seek independent professional advice before entering into any commercial or business relationship or making any
investment decision or entering into any financial obligation based on any information, statement or opinion which is contained, provided or expressed in this Magazine.
The Magazine contains information, statements, opinions, statistics and materials that have been obtained from sources believed to be reliable and the publishers of the Magazine have made best efforts to avoid any errors and omissions, however the
publishers of this Magazine make no guarantees and warranties whatsoever, express or implied, regarding the timeliness, completeness, accuracy, adequacy, fullness, functionality and/or reliability of the information, statistics, statements, opinions and
materials contained and/or expressed in this Magazine or of the results obtained, direct or consequential, from the use of such information, statistics, statements, opinions and materials. The publishers of this Magazine do not certify and/or endorse any
opinions contained, provided, published or expressed in this Magazine.Reproduction of this publication in any form or by any means whatsoever without prior written permission of the publishers of this Magazine is strictly prohibited. All disputes shall be subject
to the jurisdiction of Delhi courts only. ALL RIGHTS RESERVED
January 2024 Wealth Insight 5

by Dhirendra Kumar
EDIT
A new beginning
X Introducing an easier path to that their proliferation might diminish the cachet of
Value Research Fund Ratings. However, we have
stock investing found the opposite. As more products get casual star
ratings on e-commerce sites, investors recognise that
I
t has been 30 years since we launched our first a Value Research rating is special. It is a certification
rating. This was obviously a rating system for of quality, not a fickle indicator. Our ratings hold
mutual funds, the Value Research Star Rating meaning because of the expertise, insight and effort
system. In the 360 months since then, we have behind them. The same founding principles will
recalculated and updated the rating. It started with shape the Value Research Stock Ratings. The
rating 80 public sector mutual fund schemes and has objective is to surface good ideas, not just popular
now grown to more than 1,000 mutual fund schemes. ones. We aim to highlight opportunities that create
During these decades, millions of Indian investors have long-term value, not short-term excitement.
used our rating system to choose good funds to invest in So, what will these ratings offer? Essentially, the
and avoid bad funds they were tempted by. ratings are a pre-prepared packet of rapid research
Just like the stock rating we are launching now, that you can activate immediately for any stock. It’s
the fund rating always had five grades, from one star an investing framework that guides the first stage of
to five stars. At that time, the idea of rating things on the investing decision about any stock.
a one to five-star scale was novel. People were A strong investing framework serves as a
familiar with five-star hotels, and there was five-star consistent decision-making tool, narrowing the
chocolate, which was just a brand. As far as I recall, universe of possible investments to a suitable subset
nothing else in India would familiarise people with for further analysis by applying a common
the idea of star ratings. no-exceptions set of principles. Pre-committing to a
In sharp contrast, the idea of star ratings is philosophy and process helps investors avoid
pervasive now. Every product on Amazon, Flipkart emotional decisions, filters out noise, saves time
and other e-commerce sites is star-rated. When you spent creating new strategies, and, most
travel by Uber and Ola, not only do you rate the cab importantly, guides actions rather than reactions
and auto drivers on a star rating scale, but the in the face of volatility.
drivers rate you, too! We select or reject things based Notably, the stock rating system is not the whole
on their star ratings every day. This is an interesting thing, i.e., it is not a complete system for choosing
phenomenon in the context of star rating systems of investment-worthy stocks. You can’t just pull up all
the kind that Value Research has created. All these five-star stocks and use that as a portfolio. Instead, it
ecommerce systems are basically crowd-sourced is a prefiltering system that starts you off on a strong
rating systems. None of them are ratings created by path quickly. Most importantly, it will not let you
an external research setup. forget anything. Investors tend to get excited about
Our rating systems are not crowd-sourced; they are stocks and ignore the negatives. A rating framework
based on rigorous proprietary research and analysis. prevents such mistakes.
Our methodology for our star ratings may have This is a beginning. As time goes by, we will evolve
evolved over the years. But, we have always focused the framework to help investors in more ways.
on quantitative measures of financial performance Investors, too, will find new ways to utilise the
and not on sentiment or user opinions. ratings. It will be an exciting and profitable journey –
As star ratings became ubiquitous, we did worry let’s begin.

A framework for
How to invest the Value Research way and create wealth
A ll of us believe – in fact, we know –

that the main problem in investing is
determining the intrinsic value of a business
compared to its stock price in order to identify
like most things worth doing, that’s easier said
than done.
Estimating the future is never easy. The list of
things that could influence what a business is
mispriced investment opportunities. However, worth is huge: product, markets, competition,

AI generated images
macro factors, people, and of course pure luck. If a process, it helps investors avoid emotional
you are investing a sum of money that’s important decision making in the face of market
to you, then the margin of error is small and your volatility. The framework guides actions
own psychology, your own state of mind becomes rather than reactions.
as important a factor as anything external. Fourth, an intelligently designed framework
Common psychological pitfalls like loss aversion, accumulated through experience allows
confirmation bias, anchoring, and overconfidence investors to filter out the immense amount of
can lead to poor decision making. noise that is generated nowadays about
If you think of all these things, the problem investing and investments.
of where to invest becomes overwhelming. The Finally, it saves time. You have an investing
perfect way out is what one might call an idea? No need to think up a whole new strategy
‘investing framework’. for evaluating it. Just apply the framework
and you’re on your way.
What is an ‘investing framework’? Of course, this brings up the big question of
What will it do for you? creating, testing and maintaining the investing
An investing framework is a set of consistent framework – not a small task.
principles, methods, and decision-making
criteria that you can apply when analysing That’s where Value Research comes in.
investment opportunities. A strong framework In 1993, we created an investing framework for
serves many purposes. mutual funds that did all this. Over three
One, it narrows the huge broad universe of decades, it has stood the test of time and helped
possible investments down to a more millions of investors create and preserve wealth.
manageable subset suitable for further analysis. Now, we’re bringing the same analytical rigour,
Second, it applies a common ‘no-exceptions’ set the same disciplined approach and the same
of principles to every stock. Unlike human long-term perspective to equity investing.
judgement, a framework does not play favourites The pages that follow are the Shri Ganesh of
and does not forget to consider some factors. this historic effort. We’re confident that this
Third, by pre-committing to a philosophy and will help you create wealth and prosper.

INVESTORS’ GUIDE
“I got a PhD in how to

make ends meet
I graduated from the
college in the street
Inflation in the nation
don’t bother me
‘Cause I’m a scholar
when it comes to the
almighty dollar
Money, money, money,
money is…
Money’s on my mind”
From the song ‘Money is’
by Little Richard (1964)
Why the
markets will
always be
We explore why it is near-impossible
r z
ca y
to predict Mr Market’s mood

INVESTORS’ GUIDE
W hat is crazy? Many define crazy

as doing the same thing repeatedly and expecting
different results. In that regard, the markets fit
the bill. In fact, Indian and global equity markets
Bombay Stock Exchange and now BSE.
The Bombay Gazetteer newspaper noted that
as of 1864, the city had seen the emergence of
31 banks, 8 land companies, 16 press companies,
were born out of frenzy and madness. 10 shipping companies, and 20 insurance
companies that had issued shares. Remarkably,
A frenzied birth none of these entities had been in existence just a
Share prices
Equity markets in India were born in the frenzy few years prior. Moreover, banks were freely
of newly
of a fevered bull run, dubious fly-by-night established lending money against shares to clients for the
companies and then a massive crash, all companies purpose of buying yet more shares.
orchestrated in the shade of a banyan tree in skyrocketed, Then came the news that the war in America
Horniman Circle in Mumbai. It’s an amazing with The had ended and everyone attempted to offload
Back Bay
story and one which speaks directly to how we their shares. The Back Bay Reclamation fell from
Reclamation
deal with our investments today. Company going `50,000 to below `2,000 and Bank of Bombay from
In 1861, the outbreak of the American Civil War up from `5,000 `2,850 to `87. Both these companies, along with
severely disrupted the global cotton supply chain. (in 1861)to hundreds of others, went bankrupt. The city went
Britain relied heavily on American cotton `50,000 into a decade-long depression and its population
produced by slave labour to supply its massive (in 1864). actually fell by about 20 per cent.
textile industry, which met 77 per cent In South Mumbai, a monument to the riches of
of Britain’s total cotton needs. With those boom years still stands tall – the Rajabai
this supply now under threat, Clock Tower was built with money donated by
Britain scrambled to find Premchand Roychand Jain and named after his
alternative sources of raw cotton. mother. Jain was the ‘Cotton King’ and ‘Bullion
The cotton cultivators and traders King’ of those years as well as a leading
of India stepped into the gap. By 1862, India was stockbroker and a director of the Bank of
supplying almost all the raw cotton imported by Bombay. Obviously, Jain too went bankrupt in
Britain, and the value of Indian cotton exports the crash.
jumped from `16 crore in 1861 to `40 crore in 1865. One interesting aspect of the cotton crash of
Much of this cotton was grown in the hinterland Mumbai is that it feels very modern. With some
of Bombay and that’s what led to the initial rise of modifications, it could be happening today. The
the city as India’s commercial capital. South Sea Madness was not like that.
The boom generated enormous profits for
traders, brokers, and businessmen. Seeking A tale of madness
outlets to invest their surplus capital, they turned In 1711, The South Sea Company was founded by
With the cotton
to the stock market. Share prices of newly an act of the British Parliament. The company
industry in the
established companies skyrocketed, with The doldrums, was set up as a public and private partnership,
Back Bay Reclamation shares going up from the investors were and investors could buy its shares on the
issue price of `5,000 to `50,000 and Bank of running for exchange. Its purpose was to
Bombay going from `500 to a peak of `2,850. the exit. The consolidate, control and reduce
A lot more people started trading and the Back Bay the national debt and to help
Reclamation
number of stockbrokers swelled from just a Britain increase its trade and
Company fell
handful gathering under that banyan tree in 1855 from `50,000 to profits in South America.
to over 250 members in a few years. This below `2,000. As compensation for
informal group of brokers formally organised consolidating the debt, the government
into The Native Share & Stock Brokers pays a 6 per cent interest to the company each
Association which eventually became the year. This was redistributed to shareholders as a

INVESTORS’ GUIDE
why does academia trumpet market efficiency? It

The egregious rise and the eventual fall is quite baffling.
Share price history of the South Sea Company Over time, stock markets across the globe
£1,000 have become more and more
efficient in swiftly reflecting
information. However, that
800
doesn’t mean that such reflection
is correct. The stock market is
600 very susceptible to over- and under-
valuing companies. And that too by a wide
400 margin! Take a look at the box ‘Major bubbles
and bursts’. These are just some of the many
instances of irrational exuberance and busts the
200
market has thrown us.
Now, that begs the question(s): how and why
0
does the market get so out of tune? Let’s tackle
October 1719 December 1720 the ‘how’ first and then move to the ‘why’.
Source: Harvard Library, ‘The South Sea Bubble, 1720’
Beauty is in the eye of the beholder

dividend. Moreover, the company was given a The value of a listed company is not only based
trading monopoly for its region in 1713 to boost on its fundamentals but also on the way those
trading profits. In 1718, King George took control fundamentals are perceived by market
of the company. Soon, the company was paying participants. In the short term, perception rules
out 100 per cent interest! The trading business the roster. It can change as quickly as lightning.
didn’t generate sufficient profit. So, the company And so, it is nearly impossible to base investment
turned to (hold on to your seat) trading in its decisions based on perception.
stock. It also encouraged (and bribed) people to However, as time passes, one can expect the
purchase its shares! fundamentals to dictate the value of the
The share price went from about £128 in company. Benjamin Graham,
January 1720 to over £1,000 in August. However, regarded by many as the father of
the bubble burst in September. By December, the value investing, captured this
share price was down to £124. Among the many succinctly when he said, “In the
investors left in ruins by the crash, one, in short run, the market is a voting
particular, stands out - Sir Isaac Newton. He machine. In the long run, it is a
remarked, “I can calculate the motion of heavenly weighing machine.”
bodies but not the madness of people.” Irrespective of how proficient you are in
scrutinising the fundamentals of a company, your
Are markets efficient? You wish! sentiments and psychological biases are big
Given that one of the brightest minds in human drivers. Moreover, the sentiments and
history succumbed to the follies of the market, psychological biases of other market participants
Major bubbles and bursts

Mississippi The Great Black
bubble Depression Monday Harshad Dotcom The Great Indian
(France) (US) (US) Mehta scam bubble Recession NPA crisis COVID-19
1716-1720 1929-1941 Oct 19, 1987 1991-1992 1995-2000 2008 2015-2016 2020

INVESTORS’ GUIDE
How the sentiment pendulum swings

In the last 10 years, Caplin Point Labs has multiplied investors’ wealth by 85 times.
`1,500
FOMO Anxiety Euphoria Hope

1,200
Depression Relief
Thrill Denial Thrill
900
Surrender Anxiety
600 Thrill Excitement
Anxiety
300 Optimism
Euphoria Excitement Panic

0 Hope
December 2013 November 2023
Data as of November 30, 2023
will also influence (or cloud!) your judgement. The stock market is no pushover. You have to
When the market is rising, fear of missing out deal with its whims and fancies. Mr Market
takes over. When the market is in a free fall, most (Graham’s personification of the stock market)
participants make a run to the exit. will come to you every day and tell you what he
Check out the graph ‘How the sentiment thinks is the value of a company. Your response
pendulum swings’. It showcases the various (or the lack of it) will be dictated by your
sentiments most market participants experience analysis and sentiments driving you at the time.
in the journey of a stock. This company has As Graham said,
generated phenomenal returns in 10 years but its
journey has been anything but smooth.
A listed “Sometimes his idea of value appears

Why does the craziness never stop? company’s plausible and justified by business
Generation after generation, market participants value is
repeat the mistakes of those who came before not only
developments and prospects as you
them. In his book, ‘A Short History of Financial based on its know them. Often, on the other hand,
Euphoria’, economist John Kenneth Galbraith fundamentals Mr Market lets his enthusiasm or his
but also on the
captured this perfectly. He says, fears run away with him, and the
way those
fundamentals value he proposes seems to you a
are perceived little short of silly.”
“...financial disaster is quickly by market
forgotten. In further consequence, participants.
when the same or closely similar
circumstances occur again, A thought experiment
Let’s attempt to figure out a simple question: If
sometimes in only a few years, they
you had `1.03 lakh crore (i.e., the market cap of
are hailed by a new, often youthful, Zomato as of November 30, 2023), would you buy
and always supremely self-confident the entire company or invest in the
generation as a brilliantly innovative 10-year Indian government bond?
discovery in the financial and larger The bond will pay an interest
economic world. There can be few of 7.18 per cent on your
investment every year for the
fields of human endeavour in which
next 10 years. So, if you invest the
history counts for so little as in the
money in the government bond, you will receive
world of finance.” around `7,427 crore as interest each year.

Zomato, on the other hand, reported a loss bond. The decision seems obvious, right? Now
before tax of `562 crore (in the twelve months let’s add another piece of information to the mix.
ending September 2023). You might argue that Over the last year, Zomato’s share price has
the ecosystem built by Zomato is not easily jumped 84 per cent. This is phenomenal by any
replicable and that it will generate big profits in measure. Does that change your decision?
the years to come. Fair enough! Are you wondering whether the market knows
But will it generate a cumulative profit of something that you don’t? Or, do you feel like you
about `74,271 crore over the next 10 years? That is missed the ride? Or, does it seem like it is the
the cumulative amount of interest you will right time to buy the stock?
receive if you choose to invest in the government Now you can see why the market is crazy!
Premchand Roychand: India’s first Big Bull

who triggered India’s biggest market crash
Sundeep Khanna Merchants of Bombay’, is the relentless drive to
imagine a future on such an extravagant scale
W
hat’s the biggest market crash in India? when business was beset by uncertainties and
In the world? In recent memory, there restrictions laid down by the British colonizers.
was the infamous Harshad Mehta Imbued with an extraordinary fire to
imbroglio in the wake of which the BSE crashed undertake the outrageous and grandiose,
nearly 50 per cent within a year. There’s also the Roychand, a dossa oswal bania, had a steely guile
global financial crisis of 2008-2009 when the US and a unique gift of the gab which enabled him to
market dropped about 60 per cent from its 2007 form connections and networks. It found
peak. Before that, the 1987 Black Monday emptied flowering when he started out as a young broker
the bottom out of the US market by almost not yet 20, an expert wheeler dealer who
23 per cent just on a single day in October. instinctively understood human nature and its
But long before these two disasters, there was a foibles and was willing to sweeten deals for his
monumental 80 per cent drop in the Indian outsized ambitions. Long before Harshad Mehta,
markets over a span of a few months. The honour he was the pioneering Big Bull of the Indian
for triggering that goes to an Indian and strangely markets. Dubbed Bullion King and Cotton King,
to someone who Indian investors have a lot to be he was instrumental in setting up the Native
The paradox is
thankful for despite the fact that the crash he difficult to Share and Stock Brokers Association, today’s
engineered set back the growth of the country’s reconcile: the BSE, under a banyan tree.
nascent stock market system by several decades. man who laid The world of the nineteenth century was not
It is a paradox difficult to reconcile: the man the foundation flat but one of asymmetric information flows and
who laid the foundation for today’s Bombay Stock for today’s BSE information could therefore be both money and
was also
Exchange (BSE) was also responsible for India’s power. The young hustler with a flair for
responsible for
first stock market crash in 1865. Stolid India’s first accumulating and assimilating information, a
foundations and scamsters do not seem to go hand stock market passable knowledge of English thanks to his
in hand, yet this intrepid buccaneer of the crash in 1865 Elphinstone College education, stood out among
19th century, Premchand Roychand, managed to the gaggle of traditional Indian brokers for the
do exactly that. Eventually, he was responsible British. Seeing his acumen, his relentless
for the closing down of the Bank of Bombay as resilience and growing investments, they thought
well as the Asiatic Banking Corporation, the it worth their while to befriend him.
latter set up by him. What is staggering in his Like with all trend spotters, the genesis of his
fascinating rags to riches saga, brilliantly sharp rise lies in his ability to seize the moment
captured in Lakshmi Subramanian’s book ‘Three in a downturn. Thus, when the American Civil

INVESTORS’ GUIDE
War broke out in 1861, Britain found itself blew up in their faces when the exposure was
squeezed by the Confederate States in America high in downturns as in the case of Roychand. In
that refused to supply cotton to the Lancashire fact, the Bank of Bombay was compromised so
mills unless they declared them independent. deeply that it had lent half its money only to one
Caught in a bind, the English factories settled for individual, Roychand and his associated
the short staple cotton from the Deccan in India. shareholders or funders. It wasn’t an uncommon
Total cotton exports from India added up to occurrence. Nineteenth-century banking in India
£80 million between 1861 and 1865. According to is full of such crony lending and busts.
business annals, this kicked off a frenzy of Through his nexus with officials at the Bank of
speculative forward trading in cotton futures in Bombay, Roychand had withdrawn `40 lakhs
the country bringing unprecedented wealth, from six branches of the bank in the city to
much of it to Bombay. To whet the appetite of expand the base of his investments. Set up by
investors desperate to buy shares in cotton dubious small investors as well as the big
companies, 46 of them sprang up in this period merchants, a slew of reclamation companies and
with a spate of new issues. financial institutions had also sprouted. Many
At this time Bombay was just a foul foreshore were only companies on paper. Through circular
to a swampy landmass which the ruling British trading among themselves, they were all part of
governor hoped to improve with the help of the the merry-go-round until the music stopped one
Bombay Chamber of Commerce. Neo rich fine day. The banks had been guilty of not
merchants happily donated their new found spreading their risk and closing one eye to any
wealth into building hospitals and libraries and due diligence to assess the collaterals of
other urban institutions. In the midst of this individuals. Obviously many favours were given
boom, Roychand dived in as the new promoter of and received.
the Bombay Backbay Reclamation Company. As the chaos in the market unfolded, the
Given permission to have a public auction of the Roychand Government of Bombay introduced a bankruptcy
shares of the company, he made a killing with would help law specially to expedite matters when it came to
each share selling for a profit of `21,500 to the people get light that the various merchants owed about
loans from the
public on a face value of `5,000 per share. The city £9 million. When the accounts were squared,
Bank of Bombay
too benefited and within 15 years wore a which they Roychand personally owed the Bank of Bombay
completely new look. would then between `25 lakhs and `42 lakhs, though we may
Encouraged by this, Roychand floated a invest in his never know the exact amounts.
number of companies through which he raised companies. The bursting of the bubble brought his mighty
money from the public. The modus operandi was People took empire of cotton crashing. But it didn’t impact the
his word and
simple - he would help people get loans from the man’s philanthropic urges as he turned to using
believed him
Bank of Bombay which they would then invest in when he said his remaining wealth to fund schools and set up
his companies. His motto “my word is my bond” he would stand scholarships. He also contributed to the building
taken from the motto of the London bourse stood by it through of the famous south Bombay landmark, the
him in good stead. People took his word and thick and thin. Venetian gothic Rajabai Tower.
believed him when he said he would stand by it Today, over 150 years later, Premchand
through thick and thin. Roychand is still making news though his legacy
For a while returns were assured for everyone. has been forgotten. Two years ago in one of the
But Doomsday did arrive for the reckless largest real estate deals of Mumbai, his heritage
riders of doom. art deco house, Madhu Kunj in Tony Malabar
The abrupt end of the American Civil War in Hill, was sold for a record `1,001 crore to
1865 led to the fall of the gambling cotton share Radhakishan Damani, the billionaire investor
mafia. The ridiculously high share premiums and the founder of Avenue Supermarts Limited
began falling. The lynchpin of the share which runs D’Mart.
speculators, Roychand had barrelled his way to Sundeep Khanna is a well-known columnist and an author.
the top because of the easy complicity between His book ‘Cryptostorm: How India Became Ground Zero of a
the privately owned banks and borrowers. This Financial Revolution’ was published earlier this year.

INVESTORS’ GUIDE
“Dear landlord
Please heed these words that I speak
I know you’ve suffered much
But in this you are not so unique
All of us, at times we might work too hard
To have it too fast and too much
And anyone can fill his life up
With things he can see but he just cannot touch
From the song ‘Dear Landlord’ by Bob Dylan (1967)
Why over 90 per cent of

stock market participants
lose mo ney
Find out what most investors are doing wrong
INVESTORS’ GUIDE
I n the previous part of the story we

established that the markets will always be
crazy. However, this is actually good news –
we ought to be glad that it is crazy. If they
Which side do you belong to?
THEM, or, The “I KNOW” school
Bullish by nature
US, or, The “I DON'T KNOW” school
Bearish by nature
were sane, there would be no way of Short term-fixated Long-term oriented
generating outsized returns.
Impatient Patient
Think about it. A non-crazy – or efficient –
What might go right? What might go wrong?
market, would mean every bit of public
information about a company would be Worried about winners missed Worried about losers bought
correctly reflected in the share price. Investors Trend followers Contrarians
would have realistic expectations and no one Attracted to pretty flowers Glad to search among the weeds
could make outsized returns.
Growth/momentum investors Value investors
So you need markets to be crazy. You need
“We’re in a new era” “Trees don’t grow to the sky”
market participants to behave irrationally and
make mistakes. Even Howard Marks (a Confident in their powers Aware that much is beyond their control
successful fund manager who is also a great Engrossed in watching the market Devoted to watching companies
writer about investing) agrees with us. He Adapted from Marks’s memo ‘Us and Them’
says, “The best opportunities for investment
returns aren’t created by companies,
exchanges or paper securities; they result from The “us” (or the “I don’t know” school) is
the mistakes other investors make.” the complete opposite. Students of this school
We are loyal followers of Marks. His generally believe that you can’t know the
writings are a great learning medium. We future. More importantly, they believe that
think that he has taken the mental model of you don’t have to know the future. To achieve
inversion to heart. Rather than talk about investment success, you need to accept that
what investors should do and why they you can’t know the future and do your best.
succeed, Marks almost always focuses on the The table ‘Which side do you belong to?’
inverse. That is, why investors fail to generate highlights some of the traits the investors in
returns. So, we went back to the annals of time both camps exhibit. Can you guess which side
and looked into a few of his memos to figure Marks belongs to?
out the mistakes investors make. The best One of the traits of the “I know” school is a
opportunities
foolproof way to lose money - short-term
for investment
I know vs I don’t know returns aren’t fixation. The market regulator Securities and
In a memo written in May 2004, Marks stated created by Exchange Board of India (SEBI) released a
that over time he has realised that the companies, report in January 2023 that backs this notion.
investment community is divided exchanges or Let’s take a peek.
paper
into us and them. The “them” (or
securities; they
the “I know” school) refers to result from the The lure of the quick buck
investors who think it is mistakes other SEBI analysed the performance of individual
important to know the future investors make. traders in the equity futures and
direction of economies, interest options (F&O) segment. The
rates, and markets for investment sample size consisted of
success. Moreover, they are happy to share individual traders who traded
their views about the future with others. They through the top 10 brokers in
are also confident that they can achieve the equity F&O segment in FY22.
outsized returns. These accounts formed nearly

INVESTORS’ GUIDE
measly reward.
Performance summary of active The steep costs of trading: Loss makers spent
individual traders 28 per cent of their net trading losses on
SEBI reported that the average loss of a loss maker is over transaction costs during FY22. Note that this is
15 times the average profit made by a profit maker over and above the net trading loss. On the
FY19 FY22 other hand, the figure for profit makers stood
at a whopping 52 per cent during FY22!
Average P&L (`) -81,608 However, among non-active individual
-56,758 traders (i.e., those making less than five trades
Average net trading profit in a year), the transaction cost for profit makers
made by profit makers (`) 15,989 7,030 and loss makers stood at 6 and 8 per cent,
respectively during FY22. That settles it.
Average net trading loss Hyperactivity is of no use in the stock market.
-68,469
realised by loss makers (`) Sanjeev Pandiya (a long-time columnist for
-46,969
our magazine) wrote a piece for us in July 2023
Data is for the group of active traders excluding outliers, i.e., top five and bottom
five percentile where he argued that F&Os are not for
everybody. He wrote, “It’s intellectually
90% of active engaging, like F1 racing, but it’s not needed
67 per cent of the individual client-level individual
traders in the
turnover in the NSE equity F&O segment
equity F&O
during FY22. So, the sample size was large segment made Trading performance across age groups
enough to make broader conclusions. losses during In FY22, senior citizens lost about `90,000 on average!
The report highlighted that over FY19-22, FY22!
z Average profit made by profit makers (` '000)
the number of active individual traders has z Average loss realised by loss makers (` '000)
increased by more than six times. Since the
2.9 3.0 3.4 3.7 3.8 4.1
shock of the pandemic back in 2020, there has
been a flurry of investors who have joined the
stock market. To be fair, this was to be <20 20-30 30-40 40-50 50-60 >60
expected. Buoyant markets bring with them a

new generation of investors. When making
money becomes so “easy” and “widespread”, it
is difficult to resist the temptation.
But here is the pièce de résistance. NINETY
PER CENT of active individual traders in
the equity F&O segment made losses -28.9
during FY22! And it is not a one-off. In FY19,
the figure stood at 87 per cent!
Senior in every way: Would you like to guess -43.3
which age group realised the highest average
loss? Senior citizens! Traders over 60 years of
age realised an average loss of about `90,000
during FY22 (after excluding outliers, i.e., the
top five and bottom five percentile). -66.8
One could argue that this cohort has saved
enough capital that they can afford to -77.8
speculate. However, the results are shoddy! -81.3
Adjusted for outliers, the average profit made
by profit makers in this age group during FY22 -89.8
Data is for the group of active traders excluding outliers, i.e., top five and
was around `4,000. It doesn’t seem worth
bottom five percentile
risking your hard-earned money for such a

INVESTORS’ GUIDE
Some recurring mistakes

How much does it cost to trade? investors make
Transaction cost during FY22
Active individual Non-active It’s different this time
traders (ex outliers) (%) individual traders (%) At times, investors end up believing
Profit makers 52 6 that the rules that applied in the past
Loss makers 28 8 no longer apply and push stocks to the
Calculated as transaction cost as a % of total net trading profit/loss. extreme. For instance, they love chasing the
next Infosys, the next HUL, and so on. They
know that it rarely works (if at all) but still,
for buying vegetables from the mandi. So, they don’t walk away.
decide why you want to get into options Example: Punj Lloyd was known as the next
trading. If it’s just to get rich, there are far L&T almost a decade ago. While L&T’s stock has
safer and less emotionally taxing ways. given annualised returns of 16 per cent, Punj
If you have the intellectual arrogance to Lloyd finds itself in bankruptcy proceedings.
still do it (similar to driving F1 cars or
climbing Mt. Everest), then let’s take a The fallacy of perfection
deep dive into the subject. Yes, it’s possible There is no such thing as the perfect
to “beat the market”. It is the same as the investment. For instance, a company with
fact that you might be able to climb Mt. good capital efficiency might have given
Investors’
Everest on one leg. But are you sure failure to spot great returns in the past. But if its
that you want to do it?” the patterns of current valuation reflects excessive
excesses and optimism, it may not be a good
“History doesn’t repeat itself, shortages investment opportunity.
but it rhymes” makes them Example: Emami has a strong portfolio of
similar to what
These few words by Mark Twain pack a brands and has more than doubled its net
Munger
punch. As we mentioned in the describes as profit in the last five years. But the stock has
previous section, market a “one-legged given annualised returns of just 3 per cent.
participants repeat their man in an Why? Because five years ago it was trading at
mistakes because they fail to ass-kicking a hefty P/E of 62 times.
contest”.
recognise the mistakes of the
past generations. Their failure As easy as pie
to spot the patterns of excesses and If you fall for stories that seem too
shortages puts them in a position similar to good to be true, then you are in for a
what Charlie Munger describes as a “one- rough ride!
legged man in an ass-kicking contest”. Example: The share price of EKI Energy jumped
Think about the investors who bought 56 times in a year since its listing! Why?
Infosys at the peak of the dot-com bubble. It Because it was in the business of carbon credit
would have been a gruelling experience. trading and clean energy was in vogue. But
Think about the investors who sold Infosys in once accounting irregularities came to light,
2017 as concerns regarding the CEO (at the the stock crashed 87 per cent from its peak.
time) mounted. They missed out on a solid
recovery and great returns. This tree will grow to the sky
The point is we all make mistakes. No trend can continue without a stoppage.
However, only those individuals who learn Something or the other will always play
from their own (as well as others) mistakes spoilsport. It could be the entry of new
end up reaping the benefits. In a memo competitors, a change in the economics
written in 2005, Marks jotted down some of of the product, changes in tastes and
the recurring mistakes most investors make. preferences, poor decisions by the
Let’s go through some of them. management, etc.

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INVESTORS’ GUIDE
Example: Specialty chemical stocks were going the IPO of Paytm. Perhaps they thought that it
through the roof when China decided to cut would replicate the short-term success seen in
down production in 2015. While many thought Zomato and Nykaa’s IPOs. Little did they
that the trend could go on forever, China came know that the stock would not only list at a
back into the picture giving them a reality discount of 9 per cent but would not breach its
check. Now, many companies in the industry listing price even after two years of listing.
are experiencing a slowdown in their demand.
I don’t want to miss out
The positives of today will still be Do you find it uncomfortable when someone
positives of tomorrow you know makes a killing in the stock market?
Throw the dog a bone and it will come Such investors find it difficult to just
running. As long as there is a rosy picture, wait on the sidelines and will jump on
investors will flock to the stock like board at the first call.
anything. They will fail to accept or Example: Everyone is aware of the
question whether the business mouth-watering run-up in the stocks of the
dynamics can change. Adani group. Ideally, post the Hindenburg
Example: HEG (the world’s third largest crash, investors should have stayed away from
graphite electrode manufacturer) was having the company but the opposite happened. In the
the time of its life back in FY19. Chinese very next quarter, the number of retail
producers were forced to curtail their shareholders grew by a double-digit rate.
Marks says,
operations due to various reasons. Owing to an
“The greatest
increase in demand and prices, HEG’s revenue bubbles stem If it stops working, I’ll get out
and profit grew rapidly. Its share price jumped from the belief Marks writes, “When people invest despite
more than 20 times! But when Chinese that high obvious danger signs, they usually do
producers resumed operations, its financials returns in the so under the belief that they’ll be able
took a beating and so did its share price. past foretell to get out when the market turns
high returns in
down. They rarely ask how it is that
the future.”
Past returns are a good guide to they’ll know to sell before others do, or
future returns to whom they’ll sell if everyone else figures
Marks says, “The greatest bubbles stem from it out simultaneously.”
the belief that high returns in the past Example: Despite having a poor track record
foretell high returns in the future.” and being a wealth destroyer, YES Bank has
The concept of regression to the mean not shooed away investors. In each of the last
is forgotten when everything is heading up. 16 quarters, the number of retail shareholders
Example: Based on five-year stock returns, the has witnessed a YoY growth.
top 10 percentile stocks of FY18 are completely Even great investors make mistakes.
different from the that of FY23. In fact, several Warren Buffett acquired a shoe manufacturer
of the best performers ended up generating in 1993 for $433 million and paid for it by
poor returns in the following five years. issuing shares of Berkshire Hathaway. Within
a few years, the business’s competitive
Higher risk means higher return advantage had vanished. In his 2007
Historically, it has been observed that equity shareholder letter, he admitted that was the
generates higher returns than bonds. So, if you worst deal he ever made and that the true cost
bought a 10-year government bond of the mistake was about $3.5 billion.
today and held it till its maturity, you So you are not alone when it comes to
will get the promised yield. However, if making mistakes. But the difference between
you invest in Sensex, there is no successful investors and others is that their
guarantee that it will replicate its past returns mistakes don’t end up screwing their entire
over the next 10 years. portfolio. How can you do the same? Let’s find
Example: Many investors poured money into out in the next section.

DON'T FALL FOR
TEMPTATIONS!
THINK. UNDERSTAND. INVEST.
Many influencers are sharing stock tips/

advice and making tall promises while
educating investors about stock market
investment. This may lead to major
financial losses if blindly followed.
Be a smart investor and always do your
own research before investing.

INVESTORS’ GUIDE
“I can see clearly now the rain is gone

I can see all obstacles in my way
Gone are the dark clouds that had me blind
It’s gonna be a bright sunshiny day
Think I can make it now the pain is gone
And all of the bad feelings have disappeared
Here is the rainbow I’ve been praying for
It’s gonna be a bright sunshiny day”
From the song ‘I can see clearly now’ by
Hothouse Flowers (1990)
Still, what almost always
works
Learn what you must do to get rich off the unpredictable markets
INVESTORS’ GUIDE
S o far, we have seen that the markets

can behave as though adrenaline is gushing
through its veins. It can also behave like it has
overdosed on cortisol (the stress hormone).
Business-like investing
A stock represents ownership in a business.
When evaluating a company for a potential
investment, analyse as though you are buying
Further, market participants often make many the entire company. That is, you will be
mistakes in this constant dance between thinking about being the company’s owner:
excitement and fear. These could range from Who are my customers? Who are my
short-term fixation to believing that some trees suppliers? What kind of demand is there for
can grow to the sky. my product? How do I fare against the
Where does that leave us, then? If you let the competition? And so on.
market control you, everything will go haywire. To do this job properly, you must stick to
You have to remember that it is there to serve businesses you understand.
you. And to be served right, you have to ingrain Operate within your circle of
certain principles. These principles fall under the competence. For instance,
framework of value investing. Buffett was aware of Apple and
its stellar fundamental metrics
What almost always works for a long time but only chose to
Combining the experience of invest in 2016. Why is that? It is because
successful investors and the earlier, he used to think of Apple as a
mistakes of the failed ones, we technology company and dismissed it. But
have boiled down the principles of then he understood Apple to be a consumer
value investing to three things. product company with a valuable ecosystem
1. Look at a stock as an ownership in the business run by a highly capable management team.
2. Seek more value than you are paying for That understanding gave him the conviction
3. The right stuff to invest in the company.
Mix all these ingredients, and you will get the So what does ‘understand’ really mean? It
secret elixir. But be forewarned. Ingraining these means that you can judge (with confidence)
principles takes a lot of work. Most investors fail where the company will be in five or ten
to do so. Both Charlie Munger and John Kenneth years. This would include understanding
Galbraith share their view. what the company has done right in the past
and what it has to keep doing to maintain or
improve its position.
“It’s not supposed to be easy. By understanding the company in this
Anyone who finds it easy is stupid.” manner, you can also reduce risk. You need to
Charlie Munger understand what to expect, and thus, you take
risks that you didn’t think existed.
“There is nothing reliable to be
It is not akin to forecasting the future. You
learned about making money. If are merely anticipating the various future
there were, study would be intense,
and everyone with a positive IQ
would be rich.” Business-like investing
John Kenneth Galbraith z Think as an owner
z Operate within your circle of competence
z Understanding the company helps visualise where
Let’s look at each of these principles in detail. it is headed and reduces risk

INVESTORS’ GUIDE
outcomes that might unfold based on the don’t worry. Use our approach. At Value
information at hand. Munger puts it here: Research, we compare a stock’s current P/E
“We’re emphasising the knowable by or P/B with its five-year median. The current
predicting how certain people and companies valuation is relatively undervalued if it is
will swim against the current. We’re not lower than its historical median. Of course,
predicting the fluctuation in the current.” It terms and conditions apply.
takes a lot of time and effort to develop this
skill. Thus, it is wise to stick within the The right stuff
bounds of your competence. Think of the first two
principles (business-like
Margin of safety investing and margin of safety)
The idea is simple: seek more value than you as two necessary conditions.
are paying for. You want a wide gulf between They are not sufficient for
the price and the value you get and profit from investment success. For that, you need four
the mispricing. things. Let’s understand each one of them.
The margin of safety protects you from Time: Successful companies are not built in a
adverse outcomes. For instance, if a company’s day. The same is true for wealth creation.
near-term outlook changes for the worse after You need to appreciate the magic of
Understanding
your investment, you could still a business compounding. You also need to understand
be better off if you had a large and seeking a that compounding is difficult to get, and
margin of safety. margin of safety interrupting it can cause great regret.
The real challenge, however, is important. Since its inception, Sensex has given an
lies in calculating the value. But for annual return of 13.5 per cent (or 122 times as
long-term
Technically, intrinsic value is the of November 2023). Essentially, over an
investment
discounted value of the cash that can be taken success, you average individual’s working lifetime, the
out of a business over its life. But you run into need four Sensex has been a 100-bagger! That is no
problems when you try to do that. Multiple important traits mean feat.
assumptions go into calculating the intrinsic (or the right Most investors fail to appreciate that
stuff).
value and thus, life becomes difficult. because of unrealistic return expectations.
On the other hand, valuation multiples like All of us would like to generate 100x returns
the P/E ratio and P/B ratio are a shortcut to
valuing companies. However, remember that How do I attain that?
metrics like the P/E ratio are based on a Annualised rate of return required for various combinations
single year’s profit, whereas the intrinsic of returns and years
value is calculated from discounting future No. of years: Figures in %
z 5 z 10 z 20 z 30 z 40 z 50
cash flows. So, a high P/E ratio for one 100X
company and a low P/E ratio for another
company might not mean that the former is 50X
overvalued and the latter is undervalued. You 119 151
will need to grasp the business’s economics to
make that judgement.
If you can calculate the intrinsic value, 10X
then kudos. If you are not able to do that, then 22 48
26
58 14 58
Margin of safety 10
8 17
z You want a wide gap between price and value
12 12
z Calculating intrinsic value is difficult but important 10
26 6
8
z Valuation multiples are a shortcut but know their 5
shortcomings

INVESTORS’ GUIDE
business is doing rather than constantly

Multiple paths to wealth checking how the stock is performing.
The share price may not move in-line with the EPS Temperament: Buffett once said, “Success in
z Stock return (times) z EPS growth (times) investing doesn’t correlate with IQ. Once you
have ordinary intelligence, what you need is
APL JB Chem KEI
Apollo Tubes Astral and Pharma Industries SRF Titan the temperament to control the urges that get
Phase 1: FY08-13 other people in trouble investing”. But what is
temperament? Temperament is how a person
1 5 2 0 2 5
reacts to what is happening around them.
2 4 2 1 2 5
If you have the right temperament, then you
Phase 2: FY13-18 know when to be patient. It means that if the
12 12 4 36 12 4 market is hitting new peaks now and then,
2 3 2 5 2 2 then you won’t develop the fear of missing out.
But temperament isn’t only about being
Phase 3: FY18-23
defensive. It is also about knowing when to be
6 3 6 4 6 3
aggressive. A drastic fall in share price will
4 3 3 3 5 3 not deter you. If your analysis is correct, a
Overall: FY08-23 falling share price is your friend and you
87 185 39 29 119 47 ought to bet heavily.
We looked at some of the top wealth
15 25 10 7 18 22
creators of the last 20 years. Each one of them
had witnessed significant drawdowns
within the shortest possible time. But it is a multiple times. In the last 20 years, Titan has
mammoth task. If you want 100x returns in multiplied investors’ wealth by 684 times! In
10 years, your wealth needs to compound at that time, its share price has seen 50 per cent
58 per cent per annum. For 20 years, the drawdowns five times. If it scares you, then
annualised rate is 26 per cent. It requires you would have missed out on a truly great
finding companies with such potential, having compounding machine.
the conviction to stay put during bad times, Such drawdowns open up great
and not selling out after making 5x or 10x opportunities to invest. Investors with
returns. For compounding to work its magic, temperament seize such opportunities with
you need to give it time. both hands.
Long-term orientation: Look at ‘Multiple paths Willingness to learn: Buffett reads about
to wealth’. Each of these companies has given 500 pages a day! That is something most of us
superb returns over the last 15 years. But their
paths vary significantly. For a few, the share
price growth has matched the EPS growth. Rough ride to wealth
Whereas for others, that is not the case. Would you have the nerve to hold on?
It just shows you that wealth creation is 20Y 20Y
not linear. There are times when the stock M-cap return median No. of drawdowns of at least
races ahead of the fundamentals and at Company (` cr) (% pa) ROE (%) -20% -30% -50%
other times, it plays catch up. Businesses Titan 3,10,010 38.6 32.7 13 10 5
face multiple challenges. Some take a short ICICI Bank 6,55,708 45.6 13.0 14 8 4
time to solve while others might get resolved
Bajaj Finance 4,40,335 41.1 19.6 14 9 3
over a few years.
Mahindra & Mahindra 2,04,884 37.5 21.1 13 6 3
Your response to such situations will
determine the returns you will earn. If you Siemens 1,30,194 36.4 24.3 12 9 3
have a long-term orientation, you will be able For our purposes, we have calculated drawdowns by considering the percentage change in share price
from the 52-week high in a year to the 52-week low in the next year. Median ROE for FY04 to FY23.
to look past the problems and remain invested.
Price data as on November 30, 2023.
It also means that you focus on how the

INVESTORS’ GUIDE
and replacing them with good ones is not easy

The right stuff but hugely beneficial. Or else you will meet the
z Grasp the power of compounding same fate as the man with the hammer: “If the
z Develop a long-term orientation only tool you have is a hammer, you tend to
z Know when to be patient and when to be aggressive see every problem as a nail.”
If you combine
z You got to keep learning all three
principles of
Lollapalooza
value investing, That is the term Munger uses to describe, “the
cannot achieve. In the hustle and bustle of life, the result critical mass obtained via a combination of
so many things take priority over learning. can be similar concentration, curiosity, perseverance and
But if you want to be a successful investor, you to what self-criticism, applied through a prism of
Munger calls
have to make time for reading and learning. multidisciplinary mental models.”
lollapalooza
There is no alternative. In a similar vein, if you combine all three
Just like stocks, your knowledge will also principles of value investing, the result can be
compound as you devote more time. You have spectacular. It is not an easy process but if you
to be curious and passionate about the world set your mind to it, then you could do it.
around you. Moreover, the benefit of learning We are there to assist you in your journey.
isn’t in figuring out what’s right. Rather, it is You can count on us. We have been working on
in identifying what’s wrong. Shunning something along these lines for some time
unwanted things can make life easier. now. Finally, we are ready to share it with
As important as it is to learn, it is also you. So, turn the page to find out how we are
important to unlearn. Getting rid of bad ideas going to make investing a lot easier for you.
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Passive equity funds in retirement
You can feel the wind With a significant portion of
in your hair and smell your retirement corpus
the Earth beneath invested mostly in fixed
your feet. At last, you deposits and maybe other
have approached fixed-income instruments,
retirement and it’s you are confident of making
time to reap the ends meet. However, don’t
rewards of all those get lulled by the steady
years of work. income stream.
You will still have to contend with inflation. In the initial few years, your interest
income might be more than your cost of living. But inflation will soon catch up with you.
Moreover, there could be unforeseen circumstances that can drive up your bills!
To avoid such outcomes in your But isn’t stock picking

golden years, you may allocate a difficult? Absolutely.
portion of your retirement savings To avoid that
to equity as per your risk challenge and gain
appetite. While you will have to exposure to equity,
contend with short-term gyrations, passive
exposure to equity may allow you
to beat inflation blues over the
funds can be
of great help.
long term subject to risk factors.
Passive funds For instance, the Nifty 50 Index

simply track an consists of India’s biggest listed
underlying index and companies in terms of market
seek to generate capitalisation. By investing
returns as per that. in passive funds tracking
They comprise index such an index, you
funds and exchange- shall get
traded funds/fund of exposure to the
funds. stocks which are
part of the index.
The views expressed here constitute only the opinions and do not constitute
Securing your golden years through any guidelines or recommendation on any course of action to be followed by the
passive equity funds is as easy as… reader. The data/information/opinions are meant for general reading purposes
only and are not meant to serve as a professional guide/investment advice
for the readers. Readers are advised to seek independent professional advice
and arrive at an informed investment decision before making any investments.
An investor education and awareness initiative by Mirae Asset Mutual
Fund. All Mutual Fund investors have to go through a one-time KYC (Know
Your Customer) process. Investors should deal only with Registered Mutual
Funds (RMF). For further information on KYC, RMFs and procedure to lodge a
complaint in case of any grievance, you may refer the Knowledge Center section
available on the website of Mirae Asset Mutual Fund.
Mutual fund investments are subject to market risks, read all scheme related documents carefully.

Introducing
Value Research
Stock R tings
Discover a new way of navigating the markets and stock picking
AI generated images
W ith the promise of untold

riches and the thrill of discovery, equity
investing is akin to treasure hunting. And,
just like the vast seas, it is easy to get lost in
metrics and learn the intricacies of how to
analyse various industries. Unless you earn
your living studying the market,
incorporating all of this into your schedule
the wide world of equity and end up in the can be exhausting.
land of losses. So, the question then is, should one give
There are around 4,000 businesses listed up the thrills and rewards of equity
in the BSE and NSE! Using the Value investing? Not when we have developed the
Research framework, you may narrow perfect compass to navigate the markets.
down the number to a less overwhelming
figure. But, even then, navigating the sea Enter Value Research Stock Ratings
duds to find the next winner remains a Value Research Stock Ratings are the
daunting task. culmination of our three decades of
You have to be aware of hundreds of experience in analysing the Indian equity

markets. It is a data-driven stock rating
methodology to simplify investing and guide Our top-rated stocks vs. the benchmark
investors to better investing decisions. Our portfolio underperformed solely during the pandemic period (FY18-23)
Our ratings tackle the perpetual 5-year return (% pa) Alpha generated (% pt)
challenges of equity investing. First, it helps Year BSE 500 Top rated Low rated Top rated Low rated
you narrow down your investible universe FY13-18 14.7 33.6 25.2 18.9 10.5
and make it manageable. Second, it FY14-19 13.0 22.3 13.2 9.3 0.2
combines various metrics into one for a
FY15-20 -0.2 3.3 -7.9 3.4 -7.7
holistic view of a company without delving
FY16-21 14.0 14.1 9.8 0.1 -4.2
into countless metrics.
But before we show our three decades of FY17-22 13.2 15.2 11.3 2.0 -1.9
work in full galore, let’s get into the nitty- FY18-23 10.1 7.8 8.7 -2.3 -1.4
gritty of how our ratings work. This exercise was done for non-BFSI companies only. We used BSE 500 index as the benchmark index
as our top rated stocks encompass large, mid and small caps.
Value Research Stock Ratings:
A five star rating system
Our extensive research landed us on the Why you should use our rating
three key ingredients of long-term wealth A stock rating system is only useful if it can
creators: robust quality, fair valuations and help you put the odds in your favour. It
strong growth. We assess every stock on must help you pick stocks with the highest
these three parameters using hundreds of potential of beating the benchmark or
financial data points and give a score for generating alpha in the language of the
each, ranging from one to ten. number-crunchers.
Next, we combine these scores and assign So, does Value Research Stock Ratings
a stock rating, ranging from one star to five serve the purpose? Indubitably, and our
stars, for a more complete overview. Note claim is fully backed by the numbers.
that we combine them in specific We tested our rating on historical data
proportions (45 per cent weight to quality, going back 10 years. First, we constructed
35 per cent to valuation, and 20 per cent to two equally weighted portfolios comprising
growth). our top-rated (four and five star stock
For a more descriptive take on how we ratings) and low-rated stocks (one and two
arrive at our ratings, head over to vro.in. stars), respectively, for each of the last
Now that you know how our ratings 10 years starting FY13. Next, we checked
work, you should also know how they can how each of these portfolios performed in
give you the edge you were looking for. the subsequent five years.
The portfolio of our top-rated stocks
outperformed the benchmark index
Our top-rated banks vs. BSE BANKEX
Our portfolio only underperformed in the FY15-20 period 83 per cent of the time! See table ‘Our top-
rated stocks vs. the benchmark’.
5-year return (% pa) Alpha generated (% pt)
What sets our rating system apart is its
Year BSE BANKEX Top rated Low rated Top rated Low rated
adaptability. We understand that each
FY13-18 15.8 35.0 - 19.2 -
sector has its own nuances, and a one-size-
FY14-19 18.6 113.2 -49.4 94.6 -67.9 fits-all approach doesn’t cut it. That’s why
FY15-20 1.1 -35.8 -80.0 -36.9 -81.1 our unique rating methodology takes into
FY16-21 15.3 30.9 -43.7 15.5 -59.0 account the specific criteria needed to
evaluate stocks across diverse sectors. For
FY17-22 11.3 53.1 -56.3 41.8 -67.7
example, we rated banking and financial
FY18-23 11.1 33.9 12.1 22.8 1.0
services stocks based on parameters unique
We have not rated non-banking financial services companies on a historical basis; we have not yet rated to the sector.
any insurance company. There were no banks with a one and two star rating in FY13.
We repeated the above exercise for banks.

Like before, the portfolio of our top-rated banking
stocks outperformed the BSE BANKEX index
83 per cent of the time! See table ‘Our top-rated
banks vs. BSE BANKEX’.
So, in short, our ratings can help you
make a list of stocks that have a high
probability of creating wealth in the long
run. But don’t let the excitement get to you.
You should first check if our ratings align
with your investment goals.
Who should not use our ratings

Value Research Stock Ratings is based on
A sneak peek into how stock ratings will appear on our website
our long-term investing principles. Our
rating system may not help you gain from
the unpredictable wild movements of some
of our low-rated stocks.
So, if you are trying to make a quick buck,
we are afraid our ratings won’t be of much
help. That is the nature of the markets.
Moreover, our ratings should not be
construed as recommendations. You will
still have to do the due diligence. But for a
far smaller number of companies.
Also, our ratings are not foolproof. While
our top-rated stocks have all the
quantitative ingredients needed for wealth
creation, we have not considered qualitative
factors unique to each business.
How our ratings should be used

Here’s how you can incorporate our ratings Stock Ratings + Stock Screener = Magic!
into your stock picking:
z Use them as a filter to get a manageable
list of promising stocks. stocks with both a high quality and a high
z Compare companies effortlessly using our valuation rating.
ratings rather than hundreds of metrics.
For the above, we have already combined Stock ratings of the top 1,000
our ratings into our existing tools. You In the following pages, you will find the ratings
can now of the top 1,000 companies by market cap.
z View the ratings of your holdings in the The list is arranged alphabetically. For
“My Investments” section on our website. each company, we have given the stock
z Filter stocks based on our ratings in our rating, their score on the three constituent
“Stock screener”. We have also created parameters (quality, growth and valuation)
some pre-defined screens! and some key financial metrics.
But that’s just the tip of the iceberg! If your goal is to build long-term wealth,
Depending on your investing style, you Value Research Stock Ratings should be an
can combine our ratings in the manner you indispensable part of your investing
desire. For instance, if you are a quality- journey. Use it wisely, develop the right
focused value investor, you may explore mindset, and create wealth.

BIG 1000
Company
3M India
5Paisa Capital
63 Moons Technologies
Aarti Drugs
Aarti Industries
Industry
Diversified
Financial Services
Software & IT Services
Pharmaceuticals
Specialty Chemicals
Market
capitalisation
(` cr)
34,950
1,608
2,262
4,468
20,092
Stock
rating

Return on equity (%)
FY23
23.4
10.4
0.5
14.9
11.6
5-year average
(FY18-22)
20.0
-13.1
-1.3
23.5
22.6
Debt-to-equity
| Gross NPA
ratio (%)
0.00
0.37
0.00
0.51
0.58
Quality
score
10
4
4
5
5
ABB India Machinery & Equipments 93,678 15.3 8.3 0.00 8
Abbott India Pharmaceuticals 50,494 31.6 27.2 0.00 10
ACC Construction Materials 35,232 7.4 12.7 0.00 8
Accelya Solutions India Software & IT Services 2,057 43.2 38.6 0.00 10
Action Construction Equipment Machinery & Equipments 10,012 20.5 14.6 0.01 10
Adani Energy Solutions Utilities 97,327 13.6 20.2 2.93 4
Adani Enterprises Metal Mining & Minerals 2,68,983 10.6 3.1 1.16 3
Adani Green Energy Power Generation 1,62,918 33.0 0.7 9.23 3
Adani Ports and Spl Economic Zone Logistics 1,78,319 15.0 16.9 1.11 6
Adani Power Power Generation 1,66,350 44.2 -76.0 1.41 4
Adani Total Gas Utilities 77,922 20.4 24.6 0.47 8
ADF Foods Food Processing 2,348 14.7 17.3 0.00 8
Aditya Birla Capital Financial Services 43,724 26.8 9.3 4.20 4
Aditya Birla Fashion and Retail Specialty Retail 21,997 -1.2 -2.5 0.82 2
Aditya Vision Specialty Retail 3,856 59.7 36.8 2.00 8
Ador Welding Machinery & Equipments 2,090 19.9 7.9 0.05 5
Advanced Enzyme Technologies Specialty Chemicals 3,690 9.4 16.7 0.01 9
Aegis Logistics Energy Equip. & Services 13,050 16.2 16.5 0.28 8
Agarwal Industrial Corporation Commodity Chemicals 1,403 26.4 17.3 0.34 8
AGI Greenpac Containers & Packaging 6,268 16.6 5.6 0.46 5
Agro Tech Foods Food Processing 1,974 3.2 8.6 0.11 6
Ahluwalia Contracts (India) Construction & Engineering 5,548 17.1 14.3 0.00 8
AIA Engineering Machinery & Equipments 33,906 20.2 15.1 0.09 9
Price data and Stock Ratings as of November 30, 2023. Financial data as of FY23. *P/B for banks and non-banking financial companies (NBFC).

-12%
The three-year annualised returns for
Aarti Drugs (an API manufacturer) as its Growth
score fell from 7.4 in FY21 to 5.1 in FY23.
31times
The returns that civil contractor Ahluwalia
Contracts generated in 10Y, as its Stock Rating
gradually improved from 1 to 4.
5-year per-share growth (% pa) P/E | P/B*

Revenue | Net Profit CFO | Growth Earnings Valuation
interest income after tax Advances score Current 5-year median yield (%) score Company
7.9 6.9 66.7 7.3 65.2 78.1 1.5 3.2 3M India

48.2 22.1 17.1 6.8 27.2 67.1 3.7 5.6 5Paisa Capital
-2.1 -212.9 26.0 6.6 18.9 13.6 5.3 3.3 63 Moons Technologies
17.3 15.5 14.4 6.2 24.8 18.2 4.0 4.0 Aarti Drugs
9.3 7.2 28.5 5.9 45.0 26.5 2.2 3.2 Aarti Industries
7.1 35.4 -1.3 6.7 77.5 82.1 1.3 2.1 ABB India
10.2 18.8 42.4 6.5 46.7 41.2 2.1 3.3 Abbott India
10.8 -0.9 -195.5 2.0 29.3 26.7 3.4 3.2 ACC
4.2 7.3 3.7 5.8 16.4 19.5 6.1 5.7 Accelya Solutions India
14.4 26.8 24.8 7.6 42.5 32.5 2.4 2.1 Action Construction Equipment
27.1 2.0 11.1 6.0 74.1 47.4 1.3 2.2 Adani Energy Solutions
29.8 45.5 42.0 6.9 110.0 25.2 0.9 3.4 Adani Enterprises
35.5 52.1 57.6 8.5 124.8 562.6 0.8 3.7 Adani Green Energy
12.0 7.0 15.3 6.1 28.1 22.4 3.6 4.6 Adani Ports and Spl Economic Zone
13.8 48.3 10.6 6.7 8.1 17.4 12.4 5.9 Adani Power
49.9 51.1 48.8 7.4 136.5 127.2 0.7 2.3 Adani Total Gas
16.7 24.4 15.0 5.6 36.2 29.0 2.8 5.5 ADF Foods
16.3 44.7 -30.6 4.8 8.4 19.1 12.0 5.4 Aditya Birla Capital
5.9 -1.8 4.7 5.0 - 85.2 - 1.6 Aditya Birla Fashion and Retail
28.4 93.3 21.7 6.1 52.6 26.5 1.9 2.2 Aditya Vision
11.2 26.1 18.8 6.0 41.9 20.7 2.4 3.1 Ador Welding
6.7 2.1 3.9 5.7 29.6 27.8 3.4 4.4 Advanced Enzyme Technologies
11.4 17.8 12.2 6.2 25.6 33.4 3.9 5.3 Aegis Logistics
27.3 43.8 67.7 7.6 14.5 12.2 6.9 4.3 Agarwal Industrial Corporation
2.5 30.0 58.8 7.6 23.3 19.2 4.3 4.0 AGI Greenpac
0.9 -13.7 -18.0 4.8 108.1 45.2 0.9 2.6 Agro Tech Foods
11.5 10.9 30.1 7.2 25.0 22.5 4.0 3.8 Ahluwalia Contracts (India)
15.0 19.0 24.2 6.7 27.9 29.3 3.6 4.2 AIA Engineering
îndicates an increase or decrease in loss. CFO refers to cash flow from operations. For banks and NBFCs, we have used gross NPA ratio and five-year growth in net interest income and advances.

2to 5
Akzo Nobel’s (a coatings manufacturer) Stock
47%
The yearly returns generated by Alkyl Amines
Rating improved from 2 in FY20 to 5 in Nov 2023. (a leader in aliphatic amines) in 10 years.
Yet, the stock has returned only 4 per cent pa. However, its Valuation score has never been
higher than 5.
Market Return on equity (%) Debt-to-equity

capitalisation Stock 5-year average | Gross NPA Quality
Company Industry (` cr) rating FY23 (FY18-22) ratio (%) score
Ajanta Pharma Pharmaceuticals 24,811 17.7 21.9 0.00 10

Ajmera Realty & Infra India Real Estate 1,549 9.7 9.1 1.09 1
Akzo Nobel India Specialty Chemicals 11,150 26.0 18.9 0.00 10
Alembic Real Estate 2,199 9.4 3.8 0.00 8
Alembic Pharmaceuticals Pharmaceuticals 14,662 7.1 21.7 0.15 8
Alicon Castalloy Auto Ancillaries 1,368 11.0 10.3 0.62 2
Alkem Laboratories Pharmaceuticals 56,503 12.3 18.7 0.14 8
Alkyl Amines Chemicals Commodity Chemicals 11,052 21.2 33.4 0.07 10
Allcargo Gati Logistics 1,778 -1.7 -8.4 0.27 2
Allcargo Logistics Logistics 6,436 19.9 13.5 0.25 6
Allsec Technologies Business Services & Supp. 978 22.3 18.0 0.00 10
Amara Raja Energy & Mobility Auto Ancillaries 12,121 15.1 15.9 0.00 10
Amber Enterprises India Household Durables 10,265 8.6 9.7 0.78 4
Ambika Cotton Mills Textiles and Leather 947 14.5 16.1 0.00 8
Ambuja Cements Construction Materials 87,130 9.0 12.8 0.00 8
Amrutanjan Health Care Pharmaceuticals 1,740 14.3 22.3 0.00 9
Anant Raj Real Estate 8,694 5.5 1.0 0.39 3
Andhra Paper Other Materials 2,242 40.2 16.7 0.03 10
Andhra Sugars Commodity Chemicals 1,500 12.9 13.2 0.02 9
Andrew Yule & Company Food Processing 1,437 0.3 1.0 0.26 2
Apar Industries Diversified 22,262 32.3 13.1 0.14 9
Apcotex Industries Specialty Chemicals 2,736 24.8 16.9 0.32 7
APL Apollo Tubes Building Products 46,844 23.5 23.2 0.29 10
Apollo Hospitals Enterprise Healthcare & Services 79,515 13.9 9.2 0.44 5
Apollo Micro Systems Defence & Aerospace 3,567 6.3 7.2 0.42 1
Apollo Pipes Building Products 2,705 5.5 15.2 0.10 7
Apollo Tyres Auto Ancillaries 27,151 8.8 5.8 0.43 5
Aptech Household & Personal Ser. 1,473 29.0 11.8 0.00 9
Arihant Superstructures Real Estate 1,070 16.2 15.0 1.58 2
Arvind Apparels & Footwear 5,912 11.2 5.5 0.42 5
Arvind Smartspaces Real Estate 1,742 5.7 10.4 0.31 8
Asahi India Glass Auto Ancillaries 13,849 19.0 15.2 0.65 6
Ashapura Minechem Metal Mining & Minerals 3,312 19.7 8.2 1.15 4
Ashiana Housing Real Estate 2,542 3.7 0.5 0.24 3
Ashok Leyland Automobile 53,760 15.1 10.9 3.63 4
Ashoka Buildcon Construction & Engineering 3,944 28.3 26.4 1.09 6

3x
The increase in Apar Industries’s (the world’s
67%
The annualised returns generated in five years
largest aluminium and alloy conductor by APL Apollo (India’s largest producer of
manufacturer) Quality score, from 3 in FY13 to structural steel tubes). Its Quality score
9 in November 2023. improved from 6 in FY18 to 10 in Nov 2023.

Revenue | Net Profit CFO | Growth 5-year Earnings Valuation
interest income after tax Advances score Current median yield (%) score Company
3.9 -2.9 14.1 6.2 37.6 26.1 2.7 2.7 Ajanta Pharma
3.1 -3.3 26.0 5.8 22.3 15.4 4.5 3.9 Ajmera Realty & Infra India
7.5 10.8 22.2 6.9 28.1 34.7 3.6 4.4 Akzo Nobel India
1.1 14.9 11.4 5.7 9.6 12.2 10.4 6.2 Alembic
11.6 -4.9 17.3 5.8 27.6 21.7 3.6 3.6 Alembic Pharmaceuticals
2.8 2.0 12.0 5.7 27.8 19.0 3.6 3.8 Alicon Castalloy
12.7 9.5 44.6 7.3 39.4 28.3 2.5 3.3 Alkem Laboratories
22.2 28.8 19.5 5.5 54.9 19.0 1.8 2.5 Alkyl Amines Chemicals
-3.7 -174.7 -17.2 4.3 - 41.2 - 1.7 Allcargo Gati
24.4 30.3 38.7 6.3 17.8 16.6 5.6 4.2 Allcargo Logistics
3.7 -3.9 6.3 5.7 19.0 13.0 5.3 4.8 Allsec Technologies
11.4 8.1 23.5 6.9 15.5 23.8 6.4 5.7 Amara Raja Energy & Mobility
24.9 19.7 18.7 6.6 65.5 57.1 1.5 2.3 Amber Enterprises India
7.7 12.9 -237.5 3.7 12.0 9.5 8.3 4.7 Ambika Cotton Mills
10.5 11.2 -26.5 1.9 31.4 26.8 3.2 3.6 Ambuja Cements
11.5 14.7 1.1 4.3 46.7 38.0 2.1 3.3 Amrutanjan Health Care
12.7 16.9 14.7 5.6 42.2 23.6 2.4 2.8 Anant Raj
10.7 44.5 20.0 6.9 4.1 11.3 24.2 7.6 Andhra Paper
12.6 12.3 7.1 5.8 13.5 7.6 7.4 6.1 Andhra Sugars
0.2 -38.8 21.6 4.5 - 66.5 - 1.8 Andrew Yule & Company
19.8 34.5 25.4 7.7 28.4 15.9 3.5 3.1 Apar Industries
15.5 22.8 17.9 5.8 38.5 24.5 2.6 2.6 Apcotex Industries
21.0 28.3 45.2 6.4 61.0 29.1 1.6 2.3 APL Apollo Tubes
14.3 70.5 19.9 6.2 114.0 60.5 0.9 2.5 Apollo Hospitals Enterprise
-33.0 -37.0 14.4 3.3 161.8 21.8 0.6 1.1 Apollo Micro Systems
22.0 -1.8 30.3 7.0 57.9 34.2 1.7 2.2 Apollo Pipes
8.3 6.6 2.3 6.3 17.1 16.5 5.9 4.8 Apollo Tyres
13.9 14.7 50.3 6.2 20.8 29.0 4.8 6.1 Aptech
15.7 23.8 -196.0 4.7 25.9 20.4 3.9 3.4 Arihant Superstructures
4.1 5.6 9.0 5.5 18.1 17.4 5.5 4.0 Arvind
-1.9 -9.1 8.7 4.9 57.6 19.3 1.7 1.6 Arvind Smartspaces
8.8 15.5 -2.2 5.0 40.3 45.2 2.5 3.0 Asahi India Glass
17.0 27.9 48.3 7.0 14.1 7.4 7.1 3.5 Ashapura Minechem
4.9 -6.1 17.2 6.8 44.1 41.4 2.3 2.9 Ashiana Housing
7.0 -5.6 -225.1 4.7 25.1 31.0 4.0 3.2 Ashok Leyland
17.6 38.8 -4.5 6.8 11.2 12.8 9.0 5.0 Ashoka Buildcon

10/10
India’s largest paints manufacturer, Asian Paints,
9.7
AU Small Finance Bank’s (India’s largest small
has a Quality score of 10 in each of the last finance bank) Growth score as of November
10 years. It also delivered annualised returns of 2023. It is the highest among the companies on
20 per cent during the same period. the list.

Asian Granito India Building Products 943 -6.7 9.8 0.17 2

Asian Paints Specialty Chemicals 2,99,270 27.9 25.9 0.06 10
Asian Star Company Fashion Accessories 1,431 6.1 8.4 0.44 1
Astec Lifesciences Other Chemicals 2,335 6.3 22.5 0.81 3
Aster DM Healthcare Healthcare & Services 19,071 10.1 11.1 0.51 3
Astra Microwave Products Comm. & Networking 5,471 11.4 7.3 0.29 2
Astral Building Products 52,312 17.6 20.7 0.03 10
Astrazeneca Pharma India Pharmaceuticals 11,899 25.4 17.7 0.00 10
Atul Auto Automobile 1,708 1.3 10.2 0.49 3
Atul Other Chemicals 19,451 11.3 17.3 0.01 9
AU Small Finance Bank Banks 49,510 15.4 17.1 1.66 7
Aurionpro Solutions Software & IT Services 4,369 21.8 9.2 0.15 5
Aurobindo Pharma Pharmaceuticals 61,110 7.5 19.8 0.18 7
Aurum Proptech Software & IT Services 946 -14.8 123.7 0.03 7
Authum Investment & Infrastructure Financial Services 11,813 7.9 5.1 0.50 8
Automotive Axles Auto Ancillaries 3,449 23.5 13.7 0.01 7
Avadh Sugar & Energy Food Processing 1,638 11.8 19.4 1.20 5
Avantel Comm. & Networking 2,998 28.0 31.3 0.26 1
Avanti Feeds Farming 5,340 14.6 30.3 0.00 10
Avenue Supermarts Food & Staples Retailing 2,56,909 16.0 14.7 0.00 10
AVT Natural Products Food Processing 1,360 19.4 13.8 0.08 3
Axis Bank Banks 3,31,286 8.0 7.3 2.02 3
Axiscades Technologies Business Services & Supp. 2,091 20.6 1.0 0.97 2
Axtel Industries Machinery & Equipments 1,100 19.6 22.9 0.00 9
Bajaj Auto Automobile 1,72,310 20.5 21.9 0.00 10
Bajaj Consumer Care Household & Personal Pro. 3,152 17.4 35.1 0.00 10
Bajaj Electricals Household Durables 11,447 11.9 9.3 0.00 7
Bajaj Finance Non-banking Fin. Services 4,40,335 22.1 18.2 1.19 10
Bajaj Healthcare Pharmaceuticals 1,073 12.4 23.8 1.13 2
Bajaj Hindusthan Sugar Food Processing 4,033 -4.0 -9.0 0.97 2
Bajaj Holdings & Investment Investment Management 81,868 11.1 11.4 0.00 10
Balaji Amines Commodity Chemicals 6,530 23.2 27.2 0.04 7
Balkrishna Industries Auto Ancillaries 49,853 14.6 20.1 0.44 7
Balmer Lawrie & Company Diversified 2,681 10.3 8.2 0.05 6
Balmer Lawrie Investments Investment Management 954 10.0 44.6 0.08 8
Balrampur Chini Mills Food Processing 9,548 10.0 20.9 0.65 8

5
Bajaj Finance (India’s largest NBFC) is the only
50%
The fall in Axis Bank’s Quality score between
5-star-rated company with a perfect Quality score FY18 (6) and November 2023 (3). In the last
and Growth score above 9 as of November 2023. five years, its performance worsened compared
to the 10-year performance.

-20.3 -182.4 -165.9 3.1 - 19.1 - 1.6 Asian Granito India

15.4 15.7 14.7 7.0 59.1 61.7 1.7 3.0 Asian Paints
2.8 -5.3 -19.4 4.8 20.1 14.5 5.0 4.0 Asian Star Company
11.2 -6.2 2.8 5.1 - 34.7 - 1.6 Astec Lifesciences
12.4 11.5 28.1 6.4 67.1 25.3 1.5 2.1 Aster DM Healthcare
17.6 2.7 -167.7 4.3 84.8 21.8 1.2 1.1 Astra Microwave Products
13.1 13.9 8.0 5.6 95.2 70.6 1.1 2.3 Astral
11.9 30.8 46.0 6.6 77.9 107.1 1.3 3.5 Astrazeneca Pharma India
-3.2 -42.6 -190.9 5.4 272.4 21.0 0.4 1.0 Atul Auto
10.6 12.9 14.8 5.6 49.6 25.0 2.0 3.1 Atul
36.3 37.4 34.4 9.7 4.2 5.3 3.3 5.1 AU Small Finance Bank
10.3 -1.6 -20.4 5.2 38.0 9.0 2.6 1.7 Aurionpro Solutions
8.6 -4.5 4.1 5.2 26.3 16.4 3.8 3.2 Aurobindo Pharma
-42.7 -241.4 2.6 4.4 - 25.9 - 0.3 Aurum Proptech
-40.7 22.2 5.4 4.9 1.9 6.2 52.0 6.0 Authum Investment & Infrastructure
8.9 14.5 0.2 6.6 18.7 28.8 5.3 4.8 Automotive Axles
3.7 2.6 17.0 6.3 11.1 8.4 9.0 6.1 Avadh Sugar & Energy
24.5 9.0 -28.8 2.3 74.1 18.9 1.3 2.2 Avantel
8.4 -7.7 9.9 6.2 15.9 17.9 6.3 6.3 Avanti Feeds
22.4 23.2 28.2 7.2 110.2 118.6 0.9 2.6 Avenue Supermarts
12.2 26.2 29.2 5.0 28.7 19.6 3.5 5.0 AVT Natural Products
18.2 127.1 14.0 7.4 2.3 2.2 4.0 4.0 Axis Bank
9.4 6.9 30.9 6.4 94.1 35.0 1.1 3.2 Axiscades Technologies
17.2 23.9 20.7 7.3 36.0 19.3 2.8 2.3 Axtel Industries
8.1 8.0 4.5 6.2 25.2 19.6 4.0 3.7 Bajaj Auto
3.6 -7.5 -10.3 4.8 20.1 21.9 5.0 4.9 Bajaj Consumer Care
0.4 15.3 42.5 5.0 64.5 62.1 1.5 2.8 Bajaj Electricals
24.7 32.9 18.8 9.4 6.4 7.4 3.0 4.2 Bajaj Finance
18.4 23.2 -206.1 3.6 40.1 16.8 2.5 2.6 Bajaj Healthcare
-0.8 12.0 -5.9 5.9 - 9.7 - 2.3 Bajaj Hindusthan Sugar
2.0 13.3 1.2 5.1 14.8 12.4 6.8 4.8 Bajaj Holdings & Investment
22.3 29.1 22.2 6.0 33.1 13.5 3.0 4.6 Balaji Amines
17.0 7.5 14.1 6.1 47.6 22.9 2.1 2.5 Balkrishna Industries
6.1 -8.3 10.1 6.7 13.3 12.1 7.5 6.2 Balmer Lawrie & Company
- 6.5 4.6 4.8 7.3 12.3 13.6 8.7 Balmer Lawrie Investments
4.6 7.4 -14.9 5.1 17.7 13.3 5.7 3.4 Balrampur Chini Mills

-7%
The 10-year annualised return of the Bank of
9%
The five-year annualised return of Bata India.
India. Over this period, its Stock Rating dropped While it has a Quality score above 7 in each of
from 4 in FY13 to 2 in November 2023. the last five years, its Growth score has been
over 6 only twice.

Balu Forge Industries Metal Processing 2,569 18.3 46.3 0.26 5
Banco Products (India) Auto Ancillaries 4,043 23.8 13.4 0.29 5
Bandhan Bank Banks 36,431 11.9 13.6 4.87 8
Bank Of Baroda Banks 1,02,005 15.3 5.4 3.79 1
Bank Of India Banks 42,620 7.1 -0.4 7.31 1
Bank Of Maharashtra Banks 31,123 17.6 -5.0 2.47 2
Bannari Amman Sugars Food Processing 3,103 9.6 7.0 0.37 6
BASF India Commodity Chemicals 12,709 15.4 18.7 0.00 8
Bata India Apparels & Footwear 20,797 19.9 11.0 0.00 10
Bayer CropScience Other Chemicals 24,158 25.0 19.4 0.00 9
BCL Industries Food Processing 1,429 15.6 19.6 1.02 4
Beekay Steel Industries Metal Processing 1,265 14.0 22.6 0.30 6
BEML Machinery & Equipments 10,272 6.6 4.1 0.15 1
Benares Hotels Hotels, Resorts & Cruise Lines 906 26.3 7.5 0.00 10
Berger Paints India Specialty Chemicals 66,941 20.4 23.3 0.17 9
Best Agrolife Other Chemicals 2,078 44.8 17.4 1.08 6
BF Investment Investment Management 1,935 5.9 2.0 0.00 9
Bhagiradha Chemicals & Industries Other Chemicals 1,560 18.4 11.3 0.16 3
Bhansali Engineering Polymers Other Materials 2,278 13.3 38.3 0.00 8
Bharat Bijlee Machinery & Equipments 2,142 6.7 5.8 0.21 5
Bharat Dynamics Defence & Aerospace 21,295 11.3 19.1 0.00 8
Bharat Electronics Defence & Aerospace 1,06,613 22.8 19.5 0.00 9
Bharat Forge Auto Ancillaries 52,167 8.7 12.0 1.01 3
Bharat Heavy Electricals Machinery & Equipments 59,352 1.8 -1.7 0.20 2
Bharat Petroleum Corporation Oil & Gas 94,547 7.2 24.5 1.14 6
Bharat Rasayan Other Chemicals 3,746 15.5 30.5 0.03 4
Bharat Wire Ropes Other Materials 1,923 12.3 -26.8 0.32 6
Bharti Airtel Telecommunications Services 6,10,157 12.2 -12.2 2.14 4
Bigbloc Construction Other Materials 1,106 49.6 9.5 1.16 5
Biocon Biotechnology & R&D 28,628 5.1 12.7 1.01 2
Birla Corporation Construction Materials 10,428 0.6 9.5 0.86 4
Birlasoft Software & IT Services 17,364 13.2 14.6 0.00 9
BL Kashyap & Sons Construction & Engineering 1,452 13.1 -2.5 0.72 2
Black Box Software & IT Services 4,311 27.3 199.1 1.19 8
Bliss GVS Pharma Pharmaceuticals 1,479 8.3 13.0 0.11 4
BLS International Services Software & IT Services 10,917 29.6 24.9 0.00 10

5%
The 10-year annualised return generated by
7 to 2
The fall in Biocon’s Quality score in the last five
BHEL (a power generation equipment years. The stock has returned -5 per cent
manufacturer). During this time, its Quality score annually over the same period.
fell from 10 in FY13 to 2 in November 2023.

41.4 14.6 25.9 7.2 38.6 35.9 2.6 4.1 Balu Forge Industries
11.8 15.1 -184.0 4.8 14.2 11.5 7.0 4.7 Banco Products (India)
25.0 10.3 28.7 7.0 1.8 3.0 7.0 6.9 Bandhan Bank
21.7 50.8 17.1 6.4 0.9 0.8 18.0 6.2 Bank Of Baroda
14.1 21.7 7.3 4.7 0.8 0.5 12.6 3.9 Bank Of India
18.0 33.7 14.8 5.7 1.8 0.7 11.0 3.1 Bank Of Maharashtra
11.3 10.4 -3.1 7.0 20.3 24.5 4.9 5.8 Bannari Amman Sugars
19.6 10.3 12.8 6.5 35.8 33.1 2.8 4.0 BASF India
5.6 7.9 31.4 6.9 71.8 48.9 1.4 2.8 Bata India
7.7 14.1 30.8 7.1 28.6 42.8 3.5 4.6 Bayer CropScience
6.7 18.5 16.8 5.1 16.9 9.5 5.9 5.0 BCL Industries
2.9 8.3 53.5 6.7 12.2 6.6 8.2 5.1 Beekay Steel Industries
3.8 4.0 34.1 7.1 51.2 53.9 2.0 2.9 BEML
14.5 29.2 26.1 7.9 31.2 20.7 3.2 3.1 Benares Hotels
15.4 13.3 18.3 6.4 64.8 62.8 1.5 3.1 Berger Paints India
8.5 204.7 8.9 5.0 10.0 29.1 10.0 5.9 Best Agrolife
23.1 55.5 13.9 5.1 6.5 22.6 15.4 6.3 BF Investment
15.5 95.7 18.7 6.1 54.3 27.2 1.8 2.6 Bhagiradha Chemicals & Industries
5.7 6.5 -6.1 4.3 15.5 18.8 6.4 7.3 Bhansali Engineering Polymers
12.9 6.4 24.3 7.3 20.8 19.2 4.8 3.9 Bharat Bijlee
-11.5 -7.8 52.5 6.8 50.1 20.9 2.0 2.4 Bharat Dynamics
-10.7 -7.0 21.2 5.3 32.1 21.3 3.1 3.0 Bharat Electronics
9.1 -7.6 6.0 6.2 78.0 36.9 1.3 2.0 Bharat Forge
-3.1 2.8 -195.4 3.4 832.8 31.7 0.1 1.4 Bharat Heavy Electricals
14.9 -26.3 2.4 4.5 3.4 10.2 29.1 6.0 Bharat Petroleum Corporation
9.7 6.4 49.9 5.8 48.6 22.5 2.1 3.2 Bharat Rasayan
18.8 177.8 11.6 7.6 30.9 29.0 3.2 4.2 Bharat Wire Ropes
2.4 30.4 7.9 6.1 80.8 61.5 1.2 4.2 Bharti Airtel
9.8 32.0 13.9 5.1 41.1 42.0 2.4 2.9 Bigbloc Construction
22.1 7.2 22.8 7.2 57.4 45.8 1.7 3.3 Biocon
8.7 -23.4 0.0 5.4 68.1 19.9 1.5 2.2 Birla Corporation
8.9 4.5 -0.2 6.3 45.9 18.3 2.2 1.7 Birlasoft
0.9 0.5 -30.8 4.8 54.6 32.9 1.8 2.8 BL Kashyap & Sons
7.8 -23.1 -43.3 4.1 49.7 30.7 2.0 3.6 Black Box
-1.8 -3.0 14.0 5.5 16.8 18.7 6.0 3.9 Bliss GVS Pharma
-13.7 -12.0 3.1 4.0 40.8 27.2 2.5 2.5 BLS International Services

50%
Readymade garment manufacturer Cantabil
-1%
The 10-year annualised return for the lubricant
Retail’s five-year annualised return. Its Quality manufacturer Castrol India, despite maintaining
score doubled from 5 to 10, while its Growth a perfect Quality score in each of the last
score improved from 4.9 to 7.6. 10 years.

Blue Cloud Softech Solutions Software & IT Services 1,453 5.6 0.7 0.02 2
Blue Dart Express Logistics 16,809 36.1 21.9 0.21 10
Blue Star Machinery & Equipments 20,618 19.6 18.1 0.43 6
Bodal Chemicals Specialty Chemicals 929 3.6 13.2 0.71 2
Bombay Burmah Trading Corp Food Processing 9,502 27.1 23.2 1.62 5
Bombay Super Hybrid Seeds Food Processing 2,285 35.0 19.8 0.94 6
Borosil Renewables Energy Equip. & Services 5,759 7.6 10.6 0.45 5
Bosch Auto Ancillaries 63,682 13.1 10.9 0.00 10
Brigade Enterprises Real Estate 18,849 7.6 3.6 1.41 4
Britannia Industries Food Processing 1,16,843 63.9 38.5 0.84 9
BSE Financial Services 24,275 6.5 8.3 0.00 7
Butterfly Gandhimathi Appliances Household Durables 1,827 19.8 6.9 0.00 9
Camlin Fine Sciences Specialty Chemicals 2,270 8.3 5.1 1.05 2
Can Fin Homes Non-banking Fin. Services 10,423 18.5 18.3 0.55 7
Canara Bank Banks 73,182 15.2 4.9 5.35 1
Cantabil Retail India Apparels & Footwear 1,641 35.3 16.4 0.11 10
Capacite Infraprojects Construction & Engineering 1,857 9.3 8.6 0.35 4
Capital India Finance Financial Services 1,020 -6.8 8.8 1.56 2
Caplin Point Laboratories Pharmaceuticals 9,518 22.4 33.3 0.00 8
Carborundum Universal Other Materials 22,678 15.1 15.2 0.08 9
CARE Ratings Business Services & Supp. 2,728 12.7 20.0 0.00 5
Carysil Household Durables 2,454 18.8 18.5 0.73 6
Castrol India Other Chemicals 13,675 46.2 58.9 0.00 10
CCL Products (India) Food Processing 8,793 19.7 19.1 0.62 6
Ceat Auto Ancillaries 8,493 6.6 8.6 0.61 4
Central Bank Of India Banks 38,214 5.6 -6.0 8.44 1
Central Depository Services (India) Financial Services 15,693 23.9 21.7 0.00 10
Centrum Capital Financial Services 1,187 -23.6 1.4 9.32 2
Centum Electronics Machinery & Equipments 1,875 4.7 -0.5 1.26 1
Century Enka Textiles and Leather 914 7.0 9.7 0.05 8
Century Plyboards (India) Construction Materials 14,309 22.1 17.6 0.16 9
Century Textiles & Industries Other Materials 14,101 3.5 8.4 0.27 6
Cera Sanitaryware Building Products 11,191 19.6 16.0 0.02 10
CESC Power Generation 12,881 1.1 13.0 1.29 3
CG Power & Industrial Solutions Machinery & Equipments 68,744 52.5 -311.8 0.00 10
Chaman Lal Setia Exports Farming 1,179 23.1 21.0 0.23 3

4to 1
The fall in the Stock Rating of Centum
1to 4
The improvement in the Stock Rating of the
Electronics (an electronic systems manufacturer) engineering conglomerate CG Power &
in the last five years. However, the stock has Industrial Solutions since FY20. The stock has
given yearly returns of 32 per cent. given yearly returns of 121 per cent.

57.1 38.8 149.3 7.5 653.0 671.7 0.2 0.8 Blue Cloud Softech Solutions
13.1 20.7 17.7 5.7 57.5 68.2 1.7 3.0 Blue Dart Express
11.4 22.3 67.2 6.5 47.1 39.3 2.1 3.3 Blue Star
6.0 -21.6 108.2 5.0 106.9 11.6 0.9 2.0 Bodal Chemicals
10.2 -197.1 15.3 6.2 - 20.8 - 4.0 Bombay Burmah Trading Corp
15.3 60.0 -207.1 6.7 110.2 52.8 0.9 1.0 Bombay Super Hybrid Seeds
0.0 0.4 -153.5 1.8 179.6 31.3 0.6 1.1 Borosil Renewables
5.7 1.5 -6.2 5.8 29.9 42.3 3.3 3.6 Bosch
9.9 8.0 77.3 6.9 63.2 20.9 1.6 2.0 Brigade Enterprises
10.4 18.1 15.1 6.9 46.1 51.0 2.2 2.7 Britannia Industries
-13.1 -34.7 12.1 4.2 47.5 29.0 2.1 1.0 BSE
14.3 60.8 40.6 6.7 42.9 39.5 2.3 4.3 Butterfly Gandhimathi Appliances
12.5 26.8 35.4 5.2 77.3 38.9 1.3 3.3 Camlin Fine Sciences
14.6 16.8 14.8 8.8 2.6 2.7 6.3 6.2 Can Fin Homes
20.9 35.2 16.8 5.8 0.9 0.6 19.0 6.2 Canara Bank
23.0 27.5 59.6 6.1 25.8 29.0 3.9 5.9 Cantabil Retail India
6.0 3.9 3.6 5.9 22.3 16.4 4.5 3.5 Capacite Infraprojects
2.4 -207.1 12.5 4.9 53.3 67.6 1.9 1.7 Capital India Finance
22.0 21.0 32.4 6.0 22.8 20.2 4.4 4.2 Caplin Point Laboratories
14.4 14.9 15.0 6.6 49.2 33.3 2.0 2.2 Carborundum Universal
-3.6 -12.2 -9.4 5.1 30.8 22.6 3.2 3.8 CARE Ratings
24.0 33.1 34.6 7.4 47.6 26.1 2.1 2.2 Carysil
-7.8 -10.0 -5.5 5.4 16.8 21.5 6.0 6.0 Castrol India
12.8 12.7 6.4 6.2 31.4 26.3 3.2 2.8 CCL Products (India)
12.5 -4.8 12.4 7.0 16.3 15.6 6.1 4.4 Ceat
12.4 18.2 5.3 4.3 1.4 0.8 5.7 2.0 Central Bank Of India
24.2 21.6 25.7 6.1 61.8 37.4 1.6 1.7 Central Depository Services (India)
-33.2 -234.5 -226.5 3.7 - 56.4 - 2.5 Centrum Capital
1.6 21.2 36.0 6.5 144.1 28.9 0.7 1.2 Centum Electronics
7.9 5.2 31.3 5.0 21.6 7.3 4.6 4.7 Century Enka
12.5 18.2 7.5 6.2 37.6 30.3 2.7 3.3 Century Plyboards (India)
4.3 -1.1 -34.3 5.1 119.8 52.4 0.8 2.5 Century Textiles & Industries
8.8 14.7 16.6 6.8 48.2 36.3 2.1 2.5 Cera Sanitaryware
6.8 8.6 -4.3 5.1 8.9 9.7 11.2 6.1 CESC
-18.6 20.0 0.5 6.7 62.5 31.1 1.6 1.2 CG Power & Industrial Solutions
13.2 23.1 22.5 7.2 9.1 8.0 10.9 5.7 Chaman Lal Setia Exports

7%
The annualised return Coal India earned over
10/10
Toothpaste manufacturer Colgate has
five years. It has received the highest Stock maintained the perfect Quality score in each of
Rating four out of five times during the same the last 10 years.
period.

Chambal Fertilisers & Chemicals Other Chemicals 13,223 15.4 29.7 0.47 7
Chemplast Sanmar Specialty Chemicals 7,432 13.3 15.7 3.88 7
Chennai Petroleum Corporation Oil & Gas 9,941 74.6 2.1 0.66 6
Choice International Financial Services 4,319 13.5 10.5 0.48 3
Cholamandalam Inv and Fin Co Non-banking Fin. Services 93,743 20.5 18.7 4.60 7
CIE Automotive India Auto Ancillaries 18,109 14.0 8.5 0.18 7
Cigniti Technologies Software & IT Services 3,128 32.1 68.9 0.05 10
Cipla Pharmaceuticals 97,811 13.5 11.7 0.02 8
City Union Bank Banks 10,836 13.4 12.2 4.37 9
Coal India Metal Mining & Minerals 2,10,919 56.1 48.8 0.07 10
Cochin Shipyard Machinery & Equipments 15,849 5.5 14.7 0.03 7
Coffee Day Enterprises Hotels, Resorts & Cruise Lines 970 -11.2 2.6 0.50 2
Coforge Software & IT Services 35,483 25.5 21.7 0.11 9
Colgate-Palmolive (India) Household & Personal Pro. 59,379 61.3 60.8 0.00 10
Confidence Petroleum India Energy Equip. & Services 2,798 12.7 14.1 0.51 3
Container Corporation Of India Transportation 47,278 10.7 8.6 0.00 9
Control Print Technology Hardware 1,370 19.0 17.1 0.00 8
Coromandel International Other Chemicals 34,210 28.2 25.9 0.00 10
Cosmo First Containers & Packaging 1,597 19.6 21.1 0.69 6
Cressanda Solutions Software & IT Services 1,060 6.9 0.0 0.01 1
Crisil Business Services & Supp. 31,308 33.5 32.5 0.00 10
Crompton Greaves Cons. Electricals Household Durables 18,248 18.6 41.0 0.37 9
Cummins India Machinery & Equipments 52,959 22.8 17.0 0.06 9
Cupid Household & Personal Pro. 1,131 20.4 26.4 0.04 10
Cyient Software & IT Services 21,376 17.0 16.3 0.27 8
Dabur India Household & Personal Pro. 95,380 19.7 24.5 0.11 10
Dalmia Bharat Sugar and Industries Food Processing 3,713 9.8 12.7 0.17 7
Datamatics Global Services Software & IT Services 3,744 19.8 13.6 0.00 7
DB Corp Advertising & Marketing 4,843 8.8 12.9 0.02 8
DB Realty Real Estate 10,458 -33.2 -11.0 1.42 1
DCB Bank Banks 3,505 10.8 9.8 3.19 6
DCM Shriram Industries Food Processing 1,439 8.7 13.9 0.69 4
DCM Shriram Other Chemicals 14,944 15.6 21.4 0.26 9
DCW Other Chemicals 1,517 15.9 1.4 0.49 6
Deccan Gold Mines Metal Mining & Minerals 1,979 -2.9 -6.0 0.02 3
Deepak Fert & Petrochem Corp Commodity Chemicals 7,942 27.0 10.7 0.71 5

23%
The 5Y annualised return generated by CRISIL.
5to 3
The fall in Cyient’s (an engineering R&D
It has earned a Quality score of perfect 10 in company) Stock Rating from FY18 to November
each of the last 10 years. 2023. Both Quality and Growth scores have
deteriorated over this period.

29.8 16.0 22.6 7.0 11.6 9.6 8.6 6.9 Chambal Fertilisers & Chemicals
8.5 -9.1 -6.0 3.4 210.5 21.0 0.5 1.7 Chemplast Sanmar
18.7 30.7 15.8 7.2 3.4 4.7 29.3 7.4 Chennai Petroleum Corporation
-11.5 0.1 67.1 6.2 45.3 32.1 2.2 3.3 Choice International
19.6 23.8 19.9 9.4 5.3 3.8 3.2 3.4 Cholamandalam Inv and Fin Co
6.3 14.1 16.8 6.2 60.7 78.1 1.6 4.5 CIE Automotive India
18.9 39.2 35.1 7.2 16.8 15.4 6.0 4.6 Cigniti Technologies
8.4 14.8 17.2 6.7 28.3 32.0 3.5 4.6 Cipla
8.6 9.6 9.1 6.0 1.4 2.1 8.7 7.1 City Union Bank
10.3 32.1 11.2 6.3 7.5 11.4 13.3 7.7 Coal India
0.7 -4.5 25.3 6.5 36.9 9.3 2.7 3.1 Cochin Shipyard
-24.6 -221.2 -20.3 4.8 - 54.1 - 1.4 Coffee Day Enterprises
21.9 19.4 20.1 6.1 51.5 21.7 1.9 2.5 Coforge
4.5 9.2 11.1 5.5 50.6 44.6 2.0 3.0 Colgate-Palmolive (India)
27.1 24.8 -213.7 5.4 24.1 28.3 4.1 3.5 Confidence Petroleum India
4.3 2.1 1.4 5.8 39.9 33.4 2.5 3.8 Container Corporation Of India
11.8 11.0 32.2 6.6 23.6 16.2 4.2 3.3 Control Print
21.6 23.7 17.4 5.2 16.9 18.0 5.9 5.3 Coromandel International
4.2 22.9 33.1 5.1 14.1 7.0 7.1 5.6 Cosmo First
- 260.6 -550.3 2.3 114.0 295.4 0.9 0.3 Cressanda Solutions
10.4 12.7 9.0 6.1 51.6 43.7 1.9 2.6 Crisil
10.7 7.7 11.5 5.2 42.2 40.2 2.4 3.8 Crompton Greaves Cons. Electricals
8.7 11.5 5.3 6.2 36.6 31.2 2.7 2.8 Cummins India
14.6 13.1 57.0 6.4 44.1 13.6 2.3 2.0 Cupid
9.4 5.4 13.7 5.9 32.1 17.6 3.1 2.3 Cyient
8.2 4.5 6.3 5.0 54.3 54.1 1.8 3.3 Dabur India
7.7 13.1 -2.4 6.4 12.6 7.0 8.0 6.2 Dalmia Bharat Sugar and Industries
9.9 21.8 19.9 6.3 17.8 10.2 5.6 4.1 Datamatics Global Services
-1.0 -11.6 -7.1 5.1 18.0 16.0 5.5 4.0 DB Corp
32.1 12.4 29.5 6.7 54.9 31.9 1.8 2.2 DB Realty
11.5 13.7 11.1 7.1 0.8 1.6 14.5 7.2 DCB Bank
6.6 0.7 21.7 6.5 15.9 5.8 6.3 3.7 DCM Shriram Industries
11.8 7.2 10.3 5.1 24.2 10.2 4.1 3.1 DCM Shriram
10.7 55.6 24.2 6.0 15.8 17.9 6.3 6.2 DCW
- 5.5 11.3 4.1 - - - 1.1 Deccan Gold Mines
5.7 39.1 35.8 5.0 11.8 11.4 8.5 5.3 Deepak Fert & Petrochem Corp

2x
The surge in Deepak Nitrite’s (manufacturer of
1to 5
Dhunseri Ventures’ (producer of PET resin)
chemical intermediates) Quality score, from 5 in Stock Rating improved from 1 in FY13 to 5 in
FY13 to 10 in FY23. November 2023. Consequently, the stock
generated an annualised return of 25 per cent.

Deepak Nitrite Specialty Chemicals 29,970 22.9 30.1 0.01 8

Delta Corp Leisure & Recreation 3,820 12.3 6.9 0.00 9
Den Networks Media & Entertainment 2,613 7.9 -0.9 0.00 6
Dhampur Sugar Mills Food Processing 1,817 16.3 15.3 0.70 6
Dhani Services Financial Services 2,450 -10.8 1.8 0.25 2
Dhanuka Agritech Other Chemicals 4,305 23.1 22.4 0.00 8
Dhunseri Ventures Financial Services 1,171 23.1 8.5 0.13 9
Dilip Buildcon Construction & Engineering 5,786 341.9 12.1 1.66 1
Disa India Machinery & Equipments 1,981 14.0 18.4 0.00 10
Dishman Carbogen Amcis Biotechnology & R&D 2,556 0.3 2.1 0.31 2
Divi's Laboratories Pharmaceuticals 1,00,534 14.9 21.6 0.00 8
Dixon Technologies (India) Machinery & Equipments 32,942 22.4 23.2 0.14 8
DLF Real Estate 1,54,893 5.5 3.0 0.08 5
D-Link (India) Comm. & Networking 1,091 25.4 12.7 0.00 6
Dolat Algotech Financial Services 1,137 19.9 40.4 0.22 8
Dollar Industries Textiles and Leather 2,472 7.6 18.6 0.23 3
DP Abhushan Fashion Accessories 1,353 28.4 27.9 0.64 7
DP Wires Other Materials 954 23.9 21.3 0.01 6
Dr. Agarwals Eye Hospital Healthcare & Services 1,297 38.6 22.2 0.39 9
Dr. Lal Pathlabs Healthcare & Services 22,513 15.1 25.2 0.15 10
Dr. Reddy's Laboratories Pharmaceuticals 96,540 21.2 11.9 0.06 8
Dredging Corporation Of India Industrial Services 1,453 0.9 -1.5 0.20 2
Dwarikesh Sugar Industries Food Processing 1,713 14.8 22.3 0.50 5
Dynamatic Technologies Auto Ancillaries 2,940 9.3 5.8 1.14 3
eClerx Services Software & IT Services 13,184 29.8 21.2 0.00 10
Edelweiss Financial Services Financial Services 7,120 38.8 16.8 3.26 7
EFC (I) Apparels & Footwear 1,385 1.4 3.7 0.83 7
Eicher Motors Automobile 1,06,741 21.1 21.9 0.01 10
EID-Parry (India) Other Chemicals 9,497 16.2 23.2 0.20 9
EIH Associated Hotels Hotels, Resorts & Cruise Lines 1,337 17.7 6.5 0.00 9
EIH Hotels, Resorts & Cruise Lines 14,874 12.1 0.7 0.02 8
Eimco Elecon (India) Machinery & Equipments 991 5.7 4.5 0.00 4
Elantas Beck India Specialty Chemicals 6,214 15.8 17.2 0.00 10
Elecon Engineering Company Machinery & Equipments 10,574 20.4 8.5 0.00 8
Electrosteel Castings Building Products 6,959 7.4 2.3 0.60 3
Elgi Equipments Machinery & Equipments 16,828 22.1 13.1 0.37 8

21%
The rate at which Divi’s Labs (an API
196%
The annualised return Elecon Engineering
manufacturer) increased its shareholders’ (manufacturer of industrial gears & equipment)
wealth over a 10-year period. It maintained a generated in the last three years. At the same
Quality score greater than 8 every year. time, its Growth score remained above 6.

37.0 60.9 28.8 6.4 37.6 21.5 2.7 3.8 Deepak Nitrite
10.9 11.0 -7.6 5.8 14.0 39.7 7.2 6.2 Delta Corp
-18.4 51.1 -20.9 5.1 9.6 11.9 10.4 5.4 Den Networks
-6.0 0.9 -13.8 5.3 11.5 6.4 8.7 5.7 Dhampur Sugar Mills
-11.8 -214.5 17.6 4.3 128.5 24.6 0.8 3.4 Dhani Services
13.7 14.8 1.3 6.4 17.5 19.2 5.7 4.7 Dhanuka Agritech
-24.9 60.1 19.3 5.0 4.4 5.4 22.8 6.6 Dhunseri Ventures
4.6 -129.6 15.4 5.7 48.5 19.2 2.1 2.2 Dilip Buildcon
5.0 12.3 9.9 6.0 54.1 34.1 1.8 1.9 Disa India
7.9 -172.4 0.0 3.9 - 17.8 - 1.7 Dishman Carbogen Amcis
14.8 15.8 26.0 6.2 75.5 32.0 1.3 2.4 Divi's Laboratories
32.5 31.8 59.0 7.8 106.7 102.5 0.9 2.4 Dixon Technologies (India)
-9.4 -28.7 44.7 5.8 69.2 39.2 1.4 2.9 DLF
12.9 46.7 -29.5 5.4 11.8 13.6 8.4 6.2 D-Link (India)
2.1 30.0 0.8 4.2 13.7 12.0 7.3 6.8 Dolat Algotech
8.5 -3.9 44.8 7.1 51.8 19.3 1.9 2.8 Dollar Industries
24.5 40.9 53.0 8.0 31.1 15.4 3.2 4.1 DP Abhushan
42.3 33.1 41.8 7.2 21.4 10.8 4.7 3.9 DP Wires
11.8 40.4 30.3 7.2 30.2 18.5 3.3 2.6 Dr. Agarwals Eye Hospital
13.8 7.0 18.3 6.3 74.7 58.1 1.3 2.7 Dr. Lal Pathlabs
11.5 37.5 26.6 7.3 19.0 30.2 5.3 5.5 Dr. Reddy's Laboratories
14.5 -6.0 0.3 5.0 38.7 30.6 2.6 2.4 Dredging Corporation Of India
8.0 0.7 1.0 5.6 15.8 8.1 6.3 6.0 Dwarikesh Sugar Industries
-2.6 123.3 6.8 5.9 37.7 44.4 2.7 2.4 Dynamatic Technologies
8.9 5.9 4.9 5.4 26.1 16.4 3.8 3.1 eClerx Services
-9.6 76.8 43.9 8.0 1.6 1.5 5.3 7.0 Edelweiss Financial Services
-23.6 -6.4 -215.7 3.4 56.6 186.0 1.8 3.0 EFC (I)
9.9 5.9 2.7 6.4 29.8 44.5 3.4 3.8 Eicher Motors
18.0 28.6 6.6 5.2 9.6 12.9 10.4 5.7 EID-Parry (India)
5.0 11.3 9.9 5.9 21.3 26.7 4.7 5.4 EIH Associated Hotels
2.9 9.6 15.6 7.3 35.1 68.2 2.9 4.0 EIH
4.3 3.5 -7.4 6.5 32.1 13.4 3.1 2.3 Eimco Elecon (India)
11.0 12.2 10.3 7.0 49.0 30.9 2.0 2.3 Elantas Beck India
5.3 99.7 34.5 7.6 36.2 18.7 2.8 2.2 Elecon Engineering Company
14.1 23.7 -9.6 6.7 16.7 10.2 6.0 4.2 Electrosteel Castings
13.6 31.2 29.0 7.1 41.9 44.9 2.4 2.8 Elgi Equipments

39%
The yearly rise in tractor manufacturer Escort
33%
Gabriel India’s (manufacturer of ride control
Kubota’s shareholders’ wealth in the last products for automobiles) 10-year annualised
10 years. Its Quality score also improved from return. At the same time, it kept a Quality score
5 to 8 in the same period. of 7 and above.

Elpro International Real Estate Services 1,568 3.8 58.4 0.10 9
Emami Household & Personal Pro. 22,126 29.2 23.1 0.03 10
Endurance Technologies Auto Ancillaries 23,680 11.8 17.9 0.11 8
Engineers India Construction & Engineering 8,304 18.6 16.2 0.00 9
Enkei Wheels India Auto Ancillaries 1,006 1.7 4.5 0.73 2
Entertainment Network India Media & Entertainment 915 -0.4 -1.2 0.00 4
EPL Containers & Packaging 6,232 11.9 14.5 0.39 5
Eris Lifesciences Pharmaceuticals 12,715 18.6 28.5 0.38 8
Esab India Machinery & Equipments 9,110 53.8 21.0 0.00 10
Escorts Kubota Automobile 34,764 8.7 17.4 0.00 8
Eveready Industries (India) Machinery & Equipments 2,459 9.1 1.7 1.17 3
Everest Industries Building Products 1,800 7.5 10.5 0.11 7
Everest Kanto Cylinder Metal Processing 1,551 10.2 14.6 0.10 5
Excel Industries Other Chemicals 1,047 6.7 15.9 0.00 8
Exide Industries Auto Ancillaries 24,191 7.6 11.7 0.03 8
Expleo Solutions Software & IT Services 2,013 29.0 26.2 0.00 7
Faze Three Household Durables 1,150 19.0 17.5 0.58 7
FDC Pharmaceuticals 6,399 9.9 14.4 0.00 9
Federal Mogul Goetze (India) Auto Ancillaries 2,043 10.9 7.9 0.00 7
Fertilisers & Chemicals Travancore Other Chemicals 45,842 63.3 28.7 1.04 7
Fiem Industries Auto Ancillaries 2,620 19.9 12.9 0.00 9
Filatex Fashions Textiles and Leather 2,344 11.5 1.4 0.81 1
Filatex India Textiles and Leather 2,180 8.2 23.4 0.27 7
Fine Organic Industries Specialty Chemicals 12,972 49.4 27.1 0.02 10
Fineotex Chemical Other Chemicals 4,001 28.9 18.4 0.02 10
Finolex Cables Machinery & Equipments 14,799 12.2 14.9 0.00 8
Finolex Industries Building Products 12,804 5.7 19.2 0.11 8
Firstsource Solutions Business Services & Supp. 12,465 16.1 14.8 0.25 6
Focus Lighting & Fixtures Machinery & Equipments 1,178 37.7 18.0 0.03 6
Foods & Inns Food Processing 913 16.5 23.4 1.37 5
Forbes & Company Machinery & Equipments 1,008 143.8 -78.6 0.69 3
Force Motors Automobile 5,478 -4.1 1.4 0.51 5
Fortis Healthcare Healthcare & Services 29,092 7.8 -2.3 0.10 4
Foseco India Other Chemicals 2,212 20.5 18.2 0.00 10
Gabriel India Auto Ancillaries 6,068 16.2 14.2 0.00 9
GAIL (India) Utilities 86,561 8.7 15.9 0.25 6

7%
The yearly returns were delivered by Emami
< 3
Enkei Wheels’s Stock Rating was less than 3 in
(FMCG giant) in the last 10 years, despite a the last 7Y. Yet, the stock has multiplied
Quality score of 10. Further, its Valuation score 13 times in the last 10Y.
largely remained below 5.

11.7 144.0 -214.1 5.3 30.8 46.7 3.2 4.8 Elpro International
6.7 16.1 5.6 5.8 31.7 49.9 3.2 4.2 Emami
6.7 4.2 3.0 5.7 42.1 39.4 2.4 3.3 Endurance Technologies
15.4 0.2 -173.3 4.6 17.6 20.4 5.7 4.1 Engineers India
7.4 -19.2 14.2 2.9 - 64.1 - 1.8 Enkei Wheels India
-3.9 -171.6 -2.7 5.9 110.8 35.0 0.9 3.7 Entertainment Network India
8.5 5.4 11.6 5.9 24.7 25.3 4.0 4.8 EPL
14.8 5.1 4.7 4.9 33.0 23.7 3.0 2.7 Eris Lifesciences
15.7 29.6 34.2 7.4 57.3 38.3 1.7 2.3 Esab India
9.1 11.3 -14.7 6.2 38.2 25.0 2.6 2.8 Escorts Kubota
-1.8 -12.3 -14.7 4.8 59.5 32.1 1.7 1.5 Eveready Industries (India)
5.2 -4.5 -202.4 3.1 60.7 16.0 1.6 0.9 Everest Industries
18.8 22.7 48.2 6.3 23.1 8.5 4.3 3.8 Everest Kanto Cylinder
12.7 1.6 1.0 4.8 36.7 10.6 2.7 4.5 Excel Industries
3.3 3.5 -3.4 6.1 27.8 22.4 3.6 3.7 Exide Industries
28.3 34.3 -0.7 5.5 20.4 20.8 4.9 4.9 Expleo Solutions
18.4 28.2 59.1 6.9 21.2 8.9 4.7 3.8 Faze Three
11.8 3.3 1.7 5.2 25.5 20.3 3.9 3.5 FDC
4.3 2.2 8.8 6.6 17.3 44.1 5.8 5.5 Federal Mogul Goetze (India)
26.3 46.5 19.9 6.5 90.2 18.7 1.1 2.1 Fertilisers & Chemicals Travancore
8.3 21.6 1.0 6.3 17.6 17.7 5.7 4.8 Fiem Industries
20.2 125.0 5.4 5.6 212.7 53.1 0.5 1.7 Filatex Fashions
1.9 -5.9 -3.4 4.2 25.7 10.9 3.9 3.8 Filatex India
28.7 45.3 49.4 6.8 28.3 41.8 3.5 5.0 Fine Organic Industries
29.8 30.3 76.2 8.0 38.1 23.3 2.6 2.7 Fineotex Chemical
9.7 8.8 8.6 5.8 23.0 17.6 4.4 3.5 Finolex Cables
9.9 -2.9 -2.3 4.9 27.9 20.0 3.6 4.1 Finolex Industries
10.9 9.2 20.0 5.9 22.6 12.9 4.4 4.3 Firstsource Solutions
7.2 24.1 -238.1 3.8 35.4 20.3 2.8 3.2 Focus Lighting & Fixtures
23.5 67.6 -235.6 4.8 16.8 24.4 5.9 4.5 Foods & Inns
-31.0 51.3 -20.4 4.4 157.8 77.4 0.6 6.6 Forbes & Company
8.0 -1.9 15.7 7.1 18.7 21.1 5.4 2.4 Force Motors
-1.0 19.8 2.8 5.9 53.1 48.6 1.9 3.3 Fortis Healthcare
2.6 7.8 -2.2 6.3 32.1 28.1 3.1 2.8 Foseco India
10.1 7.0 5.6 6.7 39.8 20.5 2.5 1.8 Gabriel India
12.9 -4.4 -24.2 4.5 16.4 12.6 6.1 4.0 GAIL (India)

5 to 8
The improvement in polyester films
9 to 1
The fall in power generation and transmission
manufacturer Garware Hi-Tech’s Quality score equipment manufacturer GE Power’s Quality
in the last five years. The stock has returned score since FY13. The stock has generated a
43 per cent per annum in the same time. yearly return of -5 per cent.

Galaxy Surfactants Commodity Chemicals 10,086 22.0 23.2 0.14 9

Gallantt Metal Metal Processing 2,321 6.5 10.6 0.24 7
Ganesh Benzoplast Specialty Chemicals 1,159 17.4 36.9 0.06 10
Ganesh Housing Corporation Real Estate 3,234 10.5 -3.2 0.00 7
Ganesha Ecosphere Textiles and Leather 2,180 11.9 13.7 0.79 5
Garden Reach Shipbuilders & Engg Machinery & Equipments 9,698 17.1 13.0 0.21 8
Garware Hi-Tech Films Specialty Chemicals 3,292 9.3 6.7 0.08 8
Garware Technical Fibres Textiles and Leather 6,931 17.3 20.3 0.13 9
GE Power India Construction & Engineering 1,530 -94.7 -1.2 1.25 1
GE T&D India Machinery & Equipments 10,818 0.9 2.3 0.20 4
Genesys International Corporation Software & IT Services 1,557 6.3 -8.7 0.08 2
Genus Power Infrastructures Machinery & Equipments 5,700 3.0 8.4 0.36 2
Geojit Financial Services Financial Services 1,599 13.7 15.2 0.11 7
GFL Media & Entertainment 1,073 -11.3 -4.0 0.00 9
GHCL Commodity Chemicals 5,270 29.5 19.7 0.09 9
GIC Housing Finance Non-banking Fin. Services 1,086 13.3 10.3 4.64 3
Gillette India Household & Personal Pro. 20,711 38.5 34.6 0.00 10
GKW Logistics 919 0.4 5.0 0.00 8
Glaxosmithkline Pharmaceuticals Pharmaceuticals 28,052 27.6 15.8 0.00 10
Glenmark Pharmaceuticals Pharmaceuticals 22,003 9.7 14.9 0.46 5
Globus Spirits Alcoholic Beverages 2,412 14.7 15.6 0.31 7
Gloster Textiles and Leather 896 5.1 12.5 0.07 7
GM Breweries Alcoholic Beverages 1,191 15.7 20.9 0.00 10
GMM Pfaudler Machinery & Equipments 6,704 27.6 19.6 1.00 7
GNA Axles Auto Ancillaries 1,784 19.9 15.3 0.28 5
GOCL Corporation Commodity Chemicals 2,657 17.3 7.6 1.25 2
Godawari Power & Ispat Metal Processing 9,356 22.4 31.6 0.08 10
Godfrey Phillips India Food Processing 10,490 21.3 14.5 0.01 10
Godrej Agrovet Food Processing 9,614 13.1 18.6 0.57 6
Godrej Consumer Products Household & Personal Pro. 1,03,064 13.9 23.9 0.08 9
Godrej Industries Diversified 21,821 12.9 15.0 2.44 2
Godrej Properties Real Estate 52,188 6.4 6.7 0.69 3
Gokaldas Exports Apparels & Footwear 5,974 20.9 8.3 0.04 9
Gokul Agro Resources Food Processing 1,841 23.6 13.6 0.72 6
Goldiam International Fashion Accessories 1,940 16.2 13.3 0.00 5
Goodluck India Building Products 2,482 16.2 10.6 1.00 4

-0.5%
Gillette India’s five-year annualised returns. Its
57%
The 10Y annual returns of Godawari Power &
Valuation score remained lower than 4 in the Ispat while maintaining a Growth score above 6.
last ten years. Its Quality score also improved from 6 in
FY13 to 10 in FY23.

12.8 19.2 31.6 6.8 28.9 27.0 3.5 4.5 Galaxy Surfactants
10.6 -0.8 -21.6 3.9 20.9 7.6 4.8 3.7 Gallantt Metal
14.6 -11.5 -3.9 4.9 19.2 16.6 5.2 3.0 Ganesh Benzoplast
-6.2 3.5 -24.8 5.1 10.3 10.8 9.7 5.3 Ganesh Housing Corporation
5.7 12.8 27.3 5.3 51.0 14.6 2.0 1.8 Ganesha Ecosphere
13.7 19.8 84.9 7.1 35.1 15.1 2.9 3.5 Garden Reach Shipbuilders & Engg
11.5 38.1 10.2 6.4 20.2 13.2 5.0 4.2 Garware Hi-Tech Films
9.6 11.9 48.7 6.6 36.2 21.3 2.8 3.4 Garware Technical Fibres
6.1 -275.3 13.3 5.4 - 33.4 - 0.2 GE Power India
-8.5 -137.2 -151.3 4.0 197.4 61.0 0.5 2.6 GE T&D India
5.5 -6.4 -211.5 3.4 62.9 35.4 1.6 0.5 Genesys International Corporation
-0.7 -18.9 68.2 6.8 68.9 15.9 1.5 1.6 Genus Power Infrastructures
5.5 4.3 -8.6 4.6 14.5 17.8 6.9 6.0 Geojit Financial Services
-75.8 56.6 -15.8 4.8 0.5 22.3 209.8 4.7 GFL
9.7 26.1 8.2 5.7 5.0 6.4 19.9 7.1 GHCL
-2.3 0.7 -1.1 3.8 0.6 1.0 16.6 6.4 GIC Housing Finance
8.1 9.2 14.3 6.0 57.3 72.9 1.7 3.2 Gillette India
0.7 1.1 14.6 5.6 62.2 32.9 1.6 1.0 GKW
2.5 11.6 0.5 5.3 43.3 59.5 2.3 3.3 Glaxosmithkline Pharmaceuticals
7.4 -14.0 -17.6 4.1 - 19.0 - 2.9 Glenmark Pharmaceuticals
19.8 77.0 18.1 5.5 13.6 18.2 7.4 4.2 Globus Spirits
-10.9 -14.0 -15.4 3.0 25.4 11.8 3.9 4.8 Gloster
6.9 6.5 8.8 5.4 11.5 11.9 8.7 5.9 GM Breweries
20.6 10.2 -2.4 5.3 36.6 40.1 2.7 4.8 GMM Pfaudler
18.8 20.7 12.0 6.1 13.7 14.8 7.3 6.3 GNA Axles
13.8 44.0 -246.5 4.2 36.1 24.2 2.8 4.5 GOCL Corporation
17.9 29.9 16.4 6.3 11.9 4.7 8.4 4.9 Godawari Power & Ispat
8.9 34.1 7.4 6.9 13.1 16.8 7.7 6.5 Godfrey Phillips India
12.6 4.7 19.8 6.4 26.8 28.8 3.7 4.7 Godrej Agrovet
6.2 0.8 4.5 6.4 58.9 48.8 1.7 2.9 Godrej Consumer Products
13.0 24.0 -221.1 4.0 24.8 37.1 4.0 3.7 Godrej Industries
1.8 31.4 -214.0 4.7 78.8 69.6 1.3 2.8 Godrej Properties
4.5 39.2 53.3 6.9 41.5 13.1 2.4 2.7 Gokaldas Exports
14.4 51.2 18.6 5.7 13.9 12.4 7.2 4.5 Gokul Agro Resources
-17.5 -0.7 24.7 6.3 22.6 7.5 4.4 4.2 Goldiam International
15.3 35.9 -5.6 6.0 22.6 7.3 4.4 3.2 Goodluck India

8 or above
Goodyear India (a tyre manufacturer for the
38%
The annualised return surface finishing products
farm segment) has maintained a Quality score manufacturer Grauer & Weil generated in the
of 8 or above in each of the last 10 years. last 10 years. Its Stock Rating improved from 3
in FY13 to 5 in November 2023.

Goodyear India Auto Ancillaries 3,027 18.6 13.7 0.00 9

Granules India Pharmaceuticals 9,686 19.1 17.5 0.38 6
Graphite India Machinery & Equipments 9,818 5.1 28.0 0.09 7
Grasim Industries Construction Materials 1,32,012 8.9 10.2 1.29 4
Grauer & Weil (India) Other Chemicals 2,832 18.0 16.6 0.03 9
Gravita India Metal Processing 7,717 41.2 24.7 0.58 5
Greaves Cotton Auto Ancillaries 3,064 7.9 9.1 0.00 8
Greenlam Industries Construction Materials 7,420 15.8 17.3 0.59 6
Greenply Industries Construction Materials 2,431 13.8 12.7 1.08 4
Grindwell Norton Other Materials 23,155 21.5 17.5 0.01 10
GRM Overseas Farming 1,136 26.1 35.4 1.52 3
GTPL Hathway Media & Entertainment 2,001 12.3 15.3 0.13 7
Gufic Biosciences Pharmaceuticals 3,351 25.8 32.9 0.90 6
Gujarat Alkalies & Chemicals Commodity Chemicals 5,275 6.8 10.5 0.10 7
Gujarat Ambuja Exports Food Processing 8,527 14.5 19.3 0.09 6
Gujarat Gas Utilities 29,814 24.1 27.7 0.00 10
Gujarat Industries Power Company Power Generation 2,397 6.1 7.8 0.15 6
Gujarat Mineral Development Corp Metal Mining & Minerals 13,090 22.9 5.6 0.00 9
Gujarat Narmada Valley Other Chemicals 10,680 17.2 16.1 0.00 10
Gujarat Pipavav Port Logistics 6,819 15.4 10.8 0.00 9
Gujarat State Fertilizers & Chem Other Chemicals 7,697 10.6 5.8 0.00 8
Gujarat State Petronet Utilities 16,275 18.9 39.0 0.00 10
Gujarat Themis Biosyn Pharmaceuticals 1,391 45.9 52.4 0.00 10
Gulf Oil Lubricants India Other Chemicals 3,416 20.9 30.4 0.28 9
Gulshan Polyols Commodity Chemicals 1,308 8.2 11.7 0.43 4
Hampton Sky Realty Real Estate 1,439 -0.5 13.5 0.09 1
Hardwyn India Machinery & Equipments 1,459 4.7 8.2 0.01 5
Hathway Cable & Datacom Telecommunications Services 3,546 1.8 -3.3 0.00 6
Hatsun Agro Products Food Processing 24,248 13.0 22.0 1.01 6
Havells India Household Durables 81,696 17.0 20.0 0.00 10
Hawkins Cookers Household Durables 3,937 38.7 48.5 0.15 9
HBL Power Systems Machinery & Equipments 9,946 10.7 4.8 0.08 3
HCL Technologies Software & IT Services 3,63,713 23.3 23.5 0.03 10
HDFC Asset Management Company Investment Management 63,257 24.5 33.4 0.00 10
HDFC Bank Banks 11,83,245 17.0 16.6 1.12 8
Healthcare Global Enterprises Healthcare & Services 5,157 3.4 -14.1 0.47 3

24%
The 10-year annualised return generated by
5/5
The Stock Rating of HDFC Bank from FY13 to
Havells (a fast-moving electric goods company). November 2023, being only one of the two
It has maintained a Quality score of 10 since companies in our universe to have done so.
FY16.

12.0 -1.1 -9.3 5.9 22.4 16.9 4.5 3.7 Goodyear India
22.9 36.0 312.4 7.3 24.6 16.8 4.1 4.3 Granules India
-0.5 -28.0 -173.3 4.2 11.5 19.2 8.7 1.9 Graphite India
16.0 24.6 -201.2 4.6 19.9 19.8 5.0 3.8 Grasim Industries
14.6 12.1 9.7 6.9 21.7 17.2 4.6 4.5 Grauer & Weil (India)
22.3 33.6 140.2 7.3 34.5 21.7 2.9 2.4 Gravita India
9.7 -18.3 -187.4 3.5 - 22.5 - 2.8 Greaves Cotton
11.0 13.5 8.9 6.6 49.8 36.4 2.0 1.8 Greenlam Industries
15.1 34.4 -11.4 4.1 39.3 20.8 2.5 1.8 Greenply Industries
12.2 19.1 21.6 6.6 61.2 38.6 1.6 2.4 Grindwell Norton
6.1 37.4 -1.1 5.2 20.7 8.8 4.8 4.1 GRM Overseas
19.5 16.4 7.2 5.9 20.8 12.2 4.8 5.2 GTPL Hathway
12.5 31.0 -219.2 4.8 40.7 30.9 2.5 2.6 Gufic Biosciences
13.0 -5.2 13.3 5.3 63.8 8.0 1.6 3.7 Gujarat Alkalies & Chemicals
7.8 12.9 11.8 2.2 27.9 10.3 3.6 2.8 Gujarat Ambuja Exports
22.1 39.2 24.8 6.7 23.8 27.8 4.2 5.5 Gujarat Gas
0.0 -5.1 4.0 5.5 9.4 7.2 10.6 5.0 Gujarat Industries Power Company
11.3 23.2 31.1 6.0 12.9 9.4 7.7 5.7 Gujarat Mineral Development Corp
11.9 13.1 -5.5 4.5 11.5 6.7 8.7 6.8 Gujarat Narmada Valley
7.2 7.2 3.3 6.0 20.0 23.5 5.0 5.5 Gujarat Pipavav Port
12.7 21.7 20.9 6.6 7.3 7.9 13.7 7.8 Gujarat State Fertilizers & Chem
20.0 19.5 14.9 6.2 10.7 11.8 9.4 7.0 Gujarat State Petronet
30.9 71.9 47.9 5.9 26.9 14.4 3.7 5.6 Gujarat Themis Biosyn
17.9 8.2 20.3 5.9 12.8 19.7 7.8 7.1 Gulf Oil Lubricants India
7.3 13.3 -22.6 3.0 29.0 12.4 3.5 2.5 Gulshan Polyols
8.8 -182.3 7.2^ 2.8 - 10.8 - 0.7 Hampton Sky Realty
105.8 266.9 37.1 5.7 156.1 147.7 0.6 5.2 Hardwyn India
-10.7 17.2 -6.2 5.0 62.7 26.2 1.6 3.1 Hathway Cable & Datacom
2.9 4.5 12.8 6.1 105.8 87.6 0.9 2.5 Hatsun Agro Products
15.7 9.7 -12.5 5.2 69.4 54.1 1.4 2.7 Havells India
12.7 14.3 5.9 6.4 40.6 34.7 2.5 3.4 Hawkins Cookers
-3.1 27.2 -5.1 6.5 55.6 31.7 1.8 1.1 HBL Power Systems
15.5 11.8 17.3 6.3 23.5 17.7 4.2 4.8 HCL Technologies
4.0 14.6 12.9 4.5 38.1 40.4 2.6 3.7 HDFC Asset Management Company
16.7 20.3 19.4 7.8 2.8 4.0 4.6 5.6 HDFC Bank
5.0 -8.2 9.9 5.9 139.0 122.6 0.7 2.6 Healthcare Global Enterprises

5%
Hero MotoCorp’s (world’s largest two-wheeler
5/5
Hindustan Zinc’s (the world’s largest zinc mining
manufacturer) five-year annualised return. It had company) Stock Rating in each of the last 10
a perfect Quality score and Stock Rating in years. Only company other than HDFC Bank to
each of the last five years. achieve this feat.

HEG Machinery & Equipments 6,322 13.0 39.0 0.17 9

Heidelberg Cement India Construction Materials 4,354 6.6 18.7 0.12 9
Hercules Hoists Machinery & Equipments 1,121 2.6 2.8 0.00 9
Heritage Foods Food Processing 2,209 8.4 7.5 0.19 7
Hero Motocorp Automobile 76,338 17.3 24.5 0.02 10
Hester Biosciences Pharmaceuticals 1,265 9.9 18.4 0.96 3
Heubach Colorants India Specialty Chemicals 1,272 6.0 13.2 0.00 3
HFCL Comm. & Networking 9,521 10.8 15.4 0.30 2
HG Infra Engineering Construction & Engineering 5,536 29.4 24.5 0.99 9
Hikal Pharmaceuticals 3,496 7.1 13.7 0.66 4
HIL Building Products 2,064 8.1 18.4 0.33 6
Himadri Speciality Chemical Specialty Chemicals 12,035 11.9 11.7 0.38 6
Himatsingka Seide Household Durables 1,645 -4.4 7.9 1.86 1
Hind Rectifiers Machinery & Equipments 1,049 4.0 10.6 0.94 3
Hindalco Industries Metal Mining & Minerals 1,15,833 11.6 11.3 0.67 5
Hinduja Global Solutions Software & IT Services 4,685 3.0 6.4 0.07 3
Hindustan Aeronautics Defence & Aerospace 1,59,322 27.2 22.8 0.00 9
Hindustan Copper Metal Mining & Minerals 16,754 14.8 1.3 0.08 6
Hindustan Foods Food Processing 6,024 20.9 19.1 1.31 6
Hindustan Oil Exploration Company Oil & Gas 2,126 24.3 15.4 0.38 6
Hindustan Petroleum Corporation Oil & Gas 49,273 -19.0 22.5 2.08 4
Hindustan Unilever Household & Personal Pro. 5,98,370 20.5 57.3 0.00 10
Hindustan Zinc Metal Mining & Minerals 1,26,633 44.6 24.0 0.94 9
Hi-Tech Pipes Building Products 1,463 13.1 17.6 0.83 5
HLE Glascoat Machinery & Equipments 3,653 24.4 40.7 0.76 6
HLV Hotels, Resorts & Cruise Lines 1,499 2.1 -2.1 0.02 4
Honda India Power Products Machinery & Equipments 2,441 14.6 11.4 0.00 9
Honeywell Automation India Software & IT Services 32,407 14.5 19.8 0.01 9
Housing & Urban Dev Corporation Non-banking Fin. Services 17,176 11.4 12.4 3.42 7
HPL Electric & Power Machinery & Equipments 1,313 3.9 2.8 0.75 2
Huhtamaki India Containers & Packaging 2,276 6.7 11.2 0.48 3
ICE Make Refrigeration Machinery & Equipments 1,001 29.1 13.3 0.04 9
ICICI Bank Banks 6,55,708 17.2 10.9 2.87 7
ICICI Securities Financial Services 21,983 42.3 63.9 3.32 9
ICRA Business Services & Supp. 5,279 15.1 14.6 0.00 10
IDBI Bank Banks 67,106 8.4 -13.8 6.38 2

<4
In the last 10 years, Hindustan Unilever’s
21%
ICICI Bank’s annualised return in the last five
(India’s largest FMCG player) Valuation score years, the highest among private banks. Its
has never been higher than 4. Growth score also improved from 6 in FY19 to
8.6 as of November 2023.

-1.5 -12.6 -27.7 4.7 14.4 10.8 7.0 3.8 HEG

3.4 -5.7 -9.7 5.2 33.8 24.4 3.0 4.5 Heidelberg Cement India
14.8 60.2 -7.9 5.9 10.4 34.8 9.6 3.9 Hercules Hoists
-7.3 -14.3 -175.8 3.0 31.2 25.8 3.2 3.1 Heritage Foods
1.0 -5.5 -8.2 5.7 23.5 19.9 4.3 4.5 Hero Motocorp
14.4 4.0 -9.1 5.4 49.3 34.4 2.0 3.2 Hester Biosciences
-5.4 -2.4 104.7 6.9 28.4 28.1 3.5 3.4 Heubach Colorants India
5.7 10.7 0.5 5.0 31.2 16.4 3.2 3.7 HFCL
27.1 42.4 -273.9 6.4 10.1 10.5 9.9 5.1 HG Infra Engineering
9.3 0.3 17.8 5.1 42.7 27.9 2.3 3.0 Hikal
21.9 3.5 -7.0 4.2 34.8 12.2 2.9 2.9 HIL
14.8 -3.4 -27.4 4.9 36.7 29.0 2.7 2.3 Himadri Speciality Chemical
3.6 -179.5 78.6 6.2 19.9 13.1 5.0 4.5 Himatsingka Seide
22.5 -236.2 33.1 5.3 179.6 38.3 0.6 0.7 Hind Rectifiers
14.1 10.2 12.0 6.0 13.8 25.2 7.3 5.8 Hindalco Industries
-1.5 2.8 -22.9 3.6 42.9 8.2 2.3 3.9 Hinduja Global Solutions
7.8 24.0 69.1 5.4 26.4 11.9 3.8 4.5 Hindustan Aeronautics
-0.8 28.8 11.6 5.9 52.3 48.0 1.9 2.8 Hindustan Copper
14.6 3.4 34.2 5.9 70.6 91.6 1.4 3.4 Hindustan Foods
62.5 38.5 100.2 8.1 8.4 30.0 11.9 6.8 Hindustan Oil Exploration Company
16.6 -200.8 -180.5 3.6 3.0 6.4 33.8 4.7 Hindustan Petroleum Corporation
9.4 12.3 8.7 5.9 58.2 59.9 1.7 3.2 Hindustan Unilever
9.1 2.5 9.1 5.3 15.0 12.5 6.7 5.4 Hindustan Zinc
-28.0 -31.8 31.3 4.9 30.9 17.6 3.2 5.1 Hi-Tech Pipes
-8.5 -0.3 -34.8 3.6 67.2 30.3 1.5 3.5 HLE Glascoat
3.7 18.3 -29.3 6.4 84.3 105.6 1.2 1.5 HLV
10.2 6.7 23.4 5.8 28.4 24.9 3.5 4.4 Honda India Power Products
5.1 11.9 9.3 6.5 73.1 65.4 1.4 2.9 Honeywell Automation India
6.6 11.0 11.0 5.9 1.1 0.6 10.4 4.5 Housing & Urban Dev Corporation
4.0 1.9 38.4 6.7 37.0 19.0 2.7 2.6 HPL Electric & Power
7.0 -4.8 6.7 6.4 26.9 24.0 3.7 4.4 Huhtamaki India
24.7 25.5 69.3 7.2 39.5 25.1 2.5 2.4 ICE Make Refrigeration
22.0 36.3 14.8 8.6 2.9 2.3 6.1 5.1 ICICI Bank
12.9 15.0 -256.7 5.5 17.8 16.7 5.6 4.9 ICICI Securities
6.0 6.8 10.5 5.8 35.4 35.7 2.8 3.8 ICRA
15.2 19.6 -1.1 5.0 1.7 1.0 7.1 4.3 IDBI Bank

19.8%
The yearly returns generated by the ignition
52.9%
The annualised return delivered by Indian
system manufacturer India Nippon Electricals in Overseas Bank in the last three years. Its
the last decade. Its Stock Rating never dropped Growth score rose from 1 in FY20 to 4.7 in
below 4. November 2023.

IDFC First Bank Banks 60,214 10.4 -3.0 2.51 1

IFB Industries Household Durables 4,129 2.3 6.9 0.31 3
IFGL Refractories Machinery & Equipments 2,986 8.2 6.4 0.15 5
IG Petrochemicals Commodity Chemicals 1,375 17.4 21.8 0.20 8
Igarashi Motors India Auto Ancillaries 1,706 1.2 10.5 0.21 5
Imagicaaworld Entertainment Leisure & Recreation 2,417 -115.8 -38.9 3.45 4
India Glycols Other Chemicals 2,228 5.4 14.2 0.58 5
India Motor Parts & Accessories Auto Ancillaries 1,247 5.8 4.4 0.00 7
India Nippon Electricals Auto Ancillaries 1,113 9.1 13.1 0.00 9
India Power Corporation Utilities 1,417 -4.4 1.1 0.54 2
India Tourism Development Corp Hotels, Resorts & Cruise Lines 3,658 19.0 2.4 0.00 6
Indiabulls Housing Finance Non-banking Fin. Services 9,978 5.2 10.6 2.90 6
Indiabulls Real Estate Real Estate 4,492 -16.1 16.9 0.07 2
Indian Bank Banks 49,481 11.5 7.3 5.95 1
Indian Energy Exchange Financial Services 12,818 40.7 48.7 0.00 10
Indian Hume Pipe Company Building Products 1,321 8.3 12.6 0.91 4
Indian Metals & Ferro Alloys Metal Mining & Minerals 2,829 13.4 11.8 0.17 8
Indian Oil Corporation Oil & Gas 1,57,551 7.2 15.3 1.00 5
Indian Overseas Bank Banks 74,343 8.7 -11.1 7.44 1
Indo Count Industries Textiles and Leather 6,122 16.4 14.9 0.47 6
Indo Rama Synthetics (India) Textiles and Leather 1,309 -4.2 -27.6 1.51 1
Indoco Remedies Pharmaceuticals 3,340 14.7 8.1 0.31 4
Indraprastha Gas Utilities 27,230 21.1 22.1 0.00 10
Indraprastha Medical Corporation Healthcare & Services 1,936 24.4 11.7 0.00 9
Indus Towers Telecommunications Services 49,681 11.7 22.8 0.22 7
IndusInd Bank Banks 1,14,024 14.4 11.9 1.98 6
Infibeam Avenues Software & IT Services 5,554 4.6 3.9 0.00 8
Info Edge (India) Software & IT Services 59,684 4.4 39.4 0.00 9
InfoBeans Technologies Software & IT Services 993 14.3 20.5 0.00 9
Infosys Software & IT Services 6,04,013 32.0 26.1 0.00 10
Ingersoll Rand India Machinery & Equipments 9,298 32.3 15.8 0.00 10
Inox Wind Construction & Engineering 9,128 -37.4 -18.0 1.39 1
Insecticides (India) Other Chemicals 1,955 7.1 14.8 0.17 4
Integra Engineering India Machinery & Equipments 946 34.4 31.8 0.32 4
Intellect Design Arena Software & IT Services 10,059 13.8 14.1 0.00 8
IOL Chemicals & Pharmaceuticals Pharmaceuticals 2,663 9.7 39.1 0.05 9

10/10
City gas distributor Indraprastha Gas’s Quality
` 4.11lakh cr
The increase Infosys’s market cap saw in the
score from FY13 and November 2023. At the last 10 years. Its Stock Rating has never
same time, it maintained a Growth score of dropped below 4 while its Growth score never
above 6. fell below 5.

47.7 23.2 23.8 6.9 2.0 1.3 4.8 2.6 IDFC First Bank
13.6 -28.4 -3.3 5.8 420.1 47.1 0.2 1.8 IFB Industries
10.7 10.9 -31.3 6.2 26.5 15.5 3.8 2.6 IFGL Refractories
15.5 6.5 3.0 5.2 12.6 9.9 8.0 5.8 IG Petrochemicals
-1.0 -44.3 -18.9 4.4 143.9 32.2 0.7 1.7 Igarashi Motors India
-25.7 20.0 -14.5 6.1 6.4 3.9 15.7 4.9 Imagicaaworld Entertainment
-2.7 7.6 -8.3 6.2 13.9 11.2 7.2 3.8 India Glycols
8.7 19.3 24.1 6.5 16.2 17.8 6.2 6.3 India Motor Parts & Accessories
7.7 -0.8 16.4 6.0 20.4 19.4 4.9 4.9 India Nippon Electricals
-9.3 -3.8 -8.3 4.8 133.3 68.0 0.8 1.8 India Power Corporation
4.5 32.6 -195.3 5.3 50.0 86.6 2.0 3.3 India Tourism Development Corp
-17.1 -23.8 34.0 3.2 0.5 1.7 11.5 5.9 Indiabulls Housing Finance
-35.2 -174.2 10.7 2.8 - 15.8 - 0.9 Indiabulls Real Estate
26.4 33.2 23.5 6.3 1.0 0.6 13.9 4.8 Indian Bank
12.2 17.8 -170.6 4.6 39.1 38.1 2.6 3.4 Indian Energy Exchange
-0.1 -3.4 21.4 4.9 27.8 19.4 3.6 3.3 Indian Hume Pipe Company
8.7 3.9 -12.2 5.0 10.3 9.0 9.7 4.8 Indian Metals & Ferro Alloys
6.6 -18.7 -6.9 4.6 4.1 9.0 24.5 7.4 Indian Oil Corporation
8.6 18.5 6.1 4.7 3.2 0.7 3.2 1.4 Indian Overseas Bank
10.1 17.1 78.4 7.0 19.1 12.6 5.2 4.4 Indo Count Industries
12.6 -21.6^ -223.6 1.7 - 7.1 - 1.2 Indo Rama Synthetics (India)
9.9 28.1 7.8 5.5 29.4 35.2 3.4 4.7 Indoco Remedies
25.5 17.8 20.5 6.6 15.1 23.0 6.6 7.0 Indraprastha Gas
7.9 32.5 24.8 7.4 18.6 14.6 5.4 4.3 Indraprastha Medical Corporation
24.1 -10.9 9.4 5.8 14.9 21.6 6.7 5.3 Indus Towers
18.6 15.4 14.9 7.6 2.0 3.2 7.3 5.7 IndusInd Bank
-1.1 -8.9 -14.0 5.3 39.1 62.6 2.6 2.7 Infibeam Avenues
17.5 -166.8 14.1 5.4 - 59.7 - 2.8 Info Edge (India)
31.9 16.3 54.4 6.0 45.6 20.9 2.2 3.4 InfoBeans Technologies
17.0 9.6 12.3 5.9 24.3 20.5 4.1 4.4 Infosys
13.4 15.5 13.9 7.2 42.6 33.3 2.4 2.6 Ingersoll Rand India
0.9 -184.6 -222.7 3.6 - 10.8 - 0.2 Inox Wind
3.2 -12.1 -152.8 3.1 31.3 15.2 3.2 2.5 Insecticides (India)
24.1 39.7 82.5 7.6 43.9 35.5 2.3 1.9 Integra Engineering India
13.7 34.4 26.7 5.8 31.8 31.3 3.1 3.7 Intellect Design Arena
16.6 37.1 -0.3 5.7 15.5 14.4 6.5 4.9 IOL Chemicals & Pharmaceuticals

`3.05 lakh cr 32.7%
The increase in ITC’s market cap since 2020. It The 10-year annualised returns delivered by
also boasts a perfect Quality score of 10 every Telecom turnkey player ITI. Yet, it never posted a
year, along with a stark improvement in its Stock Rating of more than 2 in the same period.
Valuation score since FY15.

Ion Exchange (India) Industrial Services 8,555 26.4 28.2 0.06 9
Ipca Laboratories Pharmaceuticals 28,738 8.3 17.6 0.25 6
IRB Infrastructure Developers Construction & Engineering 22,423 5.6 9.5 1.18 4
Ircon International Construction & Engineering 15,603 15.5 11.3 0.29 8
ISGEC Heavy Engineering Machinery & Equipments 6,817 8.9 10.1 0.52 2
ISMT Metal Processing 2,843 6.6 - 0.06 8
ITC Food Processing 5,43,323 29.1 24.3 0.00 10
ITD Cementation India Construction & Engineering 4,646 10.2 6.9 0.59 4
ITI Comm. & Networking 25,747 -14.4 4.3 0.83 1
J Kumar Infraprojects Construction & Engineering 3,249 12.4 9.0 0.22 4
Jagatjit Industries Alcoholic Beverages 950 11.2 -30.9 3.60 3
Jagran Prakashan Advertising & Marketing 2,089 8.1 11.6 0.21 6
Jagsonpal Pharmaceuticals Pharmaceuticals 1,093 20.7 6.9 0.00 9
Jai Balaji Industries Metal Processing 9,406 -10.5 - 1.68 3
Jai Corp Containers & Packaging 5,744 2.6 0.9 0.00 7
Jain Irrigation Systems Machinery & Equipments 4,816 -5.1 -2.8 0.76 1
Jaiprakash Power Ventures Power Generation 8,971 0.6 -10.4 0.46 2
Jamna Auto Industries Auto Ancillaries 4,461 22.9 21.5 0.02 10
Jash Engineering Machinery & Equipments 1,665 24.3 13.4 0.32 6
Jay Bharat Maruti Auto Ancillaries 1,147 7.7 10.0 0.65 5
Jayaswal Neco Industries Metal Processing 4,418 14.3 174.5 1.66 4
JB Chemicals & Pharmaceuticals Pharmaceuticals 22,580 17.8 17.9 0.23 8
JBM Auto Auto Ancillaries 14,682 12.9 14.3 1.63 3
Jindal Drilling & Industries Energy Equip. & Services 2,336 7.7 1.6 0.16 4
Jindal Poly Films Containers & Packaging 2,728 13.6 17.0 0.97 6
Jindal Saw Metal Processing 14,643 8.7 6.1 0.59 4
Jindal Stainless Metal Processing 41,332 19.4 20.3 0.32 8
Jindal Steel & Power Metal Processing 68,397 13.0 5.4 0.32 8
Jindal Worldwide Textiles and Leather 6,728 19.5 14.2 1.29 2
JK Cement Construction Materials 28,160 9.5 16.3 1.07 5
JK Lakshmi Cement Construction Materials 9,665 13.5 13.0 0.66 8
JK Paper Other Materials 6,223 35.0 18.3 0.68 9
JK Tyre & Industries Auto Ancillaries 8,702 10.4 7.7 1.41 2
JM Financial Financial Services 8,009 7.5 15.6 1.96 1
John Cockrill India Machinery & Equipments 1,480 6.9 4.8 0.00 5
Johnson Controls - Hitachi Air Cond Machinery & Equipments 3,180 -9.5 11.0 0.22 5

229 times
The increase in auto ancillary player JBM Auto’s
7.4
The Growth score of tyre maker JK Tyre in
stock price in the last 10 years. Despite the November 2023, a substantial improvement
increase in value, its Stock Rating has never from 1.5 in FY13. It has compounded 27 per
exceeded 3. cent annually since 2013.

13.8 37.4 -6.1 4.9 41.6 14.7 2.4 4.4 Ion Exchange (India)
13.6 15.4 18.6 5.9 58.4 30.8 1.7 2.4 Ipca Laboratories
-42.0 -46.1 -45.5 3.7 44.8 13.7 2.2 3.7 IRB Infrastructure Developers
-23.8 -28.5 14.8 5.1 17.6 9.1 5.7 4.0 Ircon International
11.0 4.1 15.6 7.1 26.3 23.4 3.8 3.5 ISGEC Heavy Engineering
-4.2 16.8 7.5 6.3 22.0 0.8 4.6 4.0 ISMT
9.9 10.7 7.1 5.9 26.9 27.3 3.7 4.1 ITC
19.8 10.5 47.2 3.9 25.8 26.1 3.9 3.4 ITD Cementation India
-5.4 -204.5 -161.4 3.9 - 65.5 - 0.6 ITI
15.4 15.0 -7.1 5.3 11.2 11.1 9.0 4.6 J Kumar Infraprojects
6.7 15.9 9.9 6.2 61.4 67.0 1.6 2.2 Jagatjit Industries
2.9 -2.0 -0.1 5.1 10.8 13.9 9.3 6.1 Jagran Prakashan
13.3 34.0 99.5 7.0 38.6 25.0 2.6 3.2 Jagsonpal Pharmaceuticals
11.2 16.5 26.5 6.2 24.3 11.9 4.1 1.9 Jai Balaji Industries
0.2 -258.7 8.4 4.9 - 41.6 - 1.3 Jai Corp
-9.7 -185.2 -51.0 4.2 5.0 24.0 20.2 1.6 Jain Irrigation Systems
0.8 15.2 -17.7 5.3 - 20.6 - 2.0 Jaiprakash Power Ventures
6.0 6.1 22.2 6.8 23.6 23.9 4.2 4.5 Jamna Auto Industries
17.8 172.9 43.5 8.0 28.4 20.1 3.5 3.5 Jash Engineering
6.3 -8.7 -5.9 5.1 32.5 15.2 3.1 4.7 Jay Bharat Maruti
3.7 18.2 13.4 5.8 - 9.8 - 4.6 Jayaswal Neco Industries
19.2 26.1 40.6 6.3 46.4 17.8 2.2 3.2 JB Chemicals & Pharmaceuticals
15.3 9.8 43.2 6.8 107.3 21.9 0.9 0.9 JBM Auto
28.0 47.7 24.3 6.3 33.7 11.9 3.0 3.4 Jindal Drilling & Industries
-6.1 15.9 -194.8 3.2 - 6.7 - 5.9 Jindal Poly Films
16.0 273.1 23.4 7.6 12.1 7.5 8.2 5.0 Jindal Saw
12.3 28.5 4.4 5.9 15.9 10.4 6.3 4.4 Jindal Stainless
12.8 31.1 -2.2 5.2 16.9 16.3 5.9 5.1 Jindal Steel & Power
4.6 14.5 51.0 5.8 99.3 32.5 1.0 1.3 Jindal Worldwide
12.6 5.8 7.1 6.6 63.4 28.6 1.6 1.9 JK Cement
11.5 53.4 5.2 6.6 27.0 25.1 3.7 3.9 JK Lakshmi Cement
18.6 36.9 26.6 7.0 5.1 9.0 19.6 7.4 JK Paper
9.9 31.1 12.1 7.4 15.3 9.8 6.5 4.3 JK Tyre & Industries
-1.3 -4.5 7.0 5.1 13.2 13.8 7.6 4.9 JM Financial
9.6 13.9 -4.6 6.8 45.6 26.8 2.2 1.9 John Cockrill India
1.8 -196.1 -179.5 4.2 - 58.3 - 1.8 Johnson Controls - Hitachi Air Cond

-75%
The change JSW Energy saw in its Quality
686 times
The rise Jyoti Resins’s (a synthetic resin
score between FY15 and November 2023 while manufacturer) stock saw in the last decade
its stock rose by 23 per cent annually in the while maintaining a Stock Rating of 4 or greater.
past 10 years.

JSW Energy Power Generation 67,119 7.5 6.6 1.34 2

JSW Steel Metal Processing 1,95,539 5.3 23.2 1.21 6
JTEKT India Auto Ancillaries 3,378 12.7 8.6 0.08 6
JTL Industries Building Products 3,703 30.2 36.3 0.18 5
Jubilant FoodWorks Hotels, Resorts & Cruise Lines 36,991 17.7 23.5 0.09 9
Jubilant Industries Other Chemicals 966 30.8 8.7 0.86 4
Jubilant Pharmova Pharmaceuticals 6,848 -0.1 12.4 0.63 4
Jupiter Wagons Machinery & Equipments 13,868 16.8 128.1 0.36 7
Just Dial Software & IT Services 6,120 4.5 16.6 0.00 9
Jyothy Labs Household & Personal Pro. 15,953 15.6 14.2 0.00 10
Jyoti Resins & Adhesives Specialty Chemicals 1,920 55.1 46.2 0.00 10
Jyoti Structures Machinery & Equipments 1,124 -4.6 - 71.13 1
K&R Rail Engineering Construction & Engineering 1,427 6.9 8.8 0.23 5
K.P.R. Mill Textiles and Leather 29,582 23.6 23.1 0.36 6
Kabra Extrusiontechnik Machinery & Equipments 1,475 10.5 8.3 0.19 5
Kajaria Ceramics Building Products 21,301 15.8 17.2 0.09 9
Kalpataru Projects International Construction & Engineering 10,750 7.8 14.9 0.78 3
Kalyani Investments Company Investment Management 1,396 1.0 0.9 0.00 8
Kalyani Steels Metal Processing 2,062 11.7 16.6 0.34 6
Kama Holdings Investment Management 9,312 23.8 34.8 0.76 7
Kansai Nerolac Paints Specialty Chemicals 25,848 10.9 13.4 0.04 6
Karur Vysya Bank Banks 12,406 13.7 7.0 2.27 8
Kaveri Seed Company Farming 3,389 20.5 22.8 0.00 9
KCP Construction Materials 1,911 3.5 15.9 0.45 5
KDDL Fashion Accessories 3,757 15.1 10.3 0.28 8
KEC International Diversified 14,857 4.8 19.3 0.85 3
KEI Industries Machinery & Equipments 25,989 20.2 22.5 0.05 7
Kennametal India Machinery & Equipments 5,165 13.1 13.5 0.00 9
Kernex Microsystems (India) Technology Hardware 1,012 -30.4 -14.7 0.13 1
Kesoram Industries Construction Materials 4,322 -4.3 -474.0 4.09 1
Kewal Kiran Clothing Apparels & Footwear 4,928 23.1 15.5 0.09 9
Kilburn Engineering Construction & Engineering 1,076 33.7 -20.9 0.61 6
Kingfa Science & Technology (I) Commodity Chemicals 2,736 19.1 6.9 0.08 7
KIOCL Metal Mining & Minerals 18,567 -4.7 8.4 0.21 4
Kiri Industries Specialty Chemicals 1,536 4.1 18.5 0.02 7
Kirloskar Brothers Machinery & Equipments 7,768 18.5 6.8 0.18 7

8.7
Kama Holdings’s (promoter of SRF) Valuation
2 to 7
The improvement in wire and cable
score as of November 2023. It is the highest manufacturer KEI Industries’s Quality score in
among the companies on our list. the last 10 years. Over the same period, the
stock has multiplied nearly 300 times.

5.1 77.0 -12.0 5.6 42.2 18.0 2.4 2.1 JSW Energy
18.2 -7.5 13.5 5.8 21.1 14.6 4.7 3.6 JSW Steel
1.8 1.3 -15.3 5.1 40.4 42.2 2.5 3.1 JTEKT India
40.2 46.1 20.7 5.0 33.6 26.6 3.0 4.1 JTL Industries
-19.3 -18.5 -12.9 4.5 157.4 78.3 0.6 1.8 Jubilant FoodWorks
20.6 61.0 -22.8 4.4 17.6 18.2 5.7 4.1 Jubilant Industries
-3.5 -163.4 -12.7 4.2 - 15.0 - 2.6 Jubilant Pharmova
24.7 19.9 73.6 6.3 60.6 37.0 1.6 1.9 Jupiter Wagons
-2.9 -1.9 -8.8 6.2 19.5 27.8 5.1 5.5 Just Dial
8.0 5.8 6.1 6.9 48.8 33.8 2.0 2.1 Jyothy Labs
9.9 71.4 -37.4 5.9 34.4 26.4 2.9 3.0 Jyoti Resins & Adhesives
-34.3 14.9 -136.4 5.7 81.9 3.9 1.2 0.5 Jyoti Structures
30.7 170.2 12.2 7.4 104.4 13.3 1.0 1.2 K&R Rail Engineering
17.2 24.8 7.4 5.2 37.5 16.5 2.7 2.4 K.P.R. Mill
18.8 12.1 -178.3 4.9 41.8 14.8 2.4 2.9 Kabra Extrusiontechnik
10.0 8.6 4.4 5.6 53.5 38.7 1.9 2.6 Kajaria Ceramics
12.2 6.8 -0.9 5.1 22.5 16.6 4.4 3.0 Kalpataru Projects International
13.9 17.0 -180.8 5.1 23.3 23.1 4.3 4.4 Kalyani Investments Company
7.1 7.8 -191.9 4.5 8.4 7.7 11.8 5.1 Kalyani Steels
21.9 38.6 33.9 5.8 10.4 11.2 9.6 8.7 Kama Holdings
10.1 -1.8 2.5 5.9 23.1 49.3 4.3 4.1 Kansai Nerolac Paints
7.8 26.2 7.1 7.0 1.4 1.1 11.0 4.7 Karur Vysya Bank
9.1 8.8 18.8 7.0 10.9 14.5 9.1 6.1 Kaveri Seed Company
8.8 -4.3 -180.5 4.2 22.5 19.5 4.4 3.5 KCP
14.3 29.9 21.5 6.9 41.6 31.7 2.4 2.3 KDDL
11.4 -17.4 -1.7 5.6 79.1 20.1 1.3 2.5 KEC International
11.6 23.4 18.5 7.3 49.2 18.3 2.0 1.8 KEI Industries
6.3 10.9 13.0 5.9 70.5 51.6 1.4 2.1 Kennametal India
-24.5 -2.1 -253.3 3.7 - 8.9 - 0.4 Kernex Microsystems (India)
-15.5 13.1 -20.0 4.3 - 10.5 - 0.7 Kesoram Industries
11.1 10.2 6.2 6.5 34.8 26.9 2.9 2.1 Kewal Kiran Clothing
-4.8 27.1 -13.5 5.9 29.1 15.0 3.4 2.9 Kilburn Engineering
18.5 27.0 17.5 6.1 22.5 54.2 4.4 4.2 Kingfa Science & Technology (I)
0.1 -204.6 -204.5 3.9 - 80.4 - 0.8 KIOCL
-13.2 -29.5 -4.1 3.8 175.7 5.6 0.6 3.2 Kiri Industries
6.4 37.1 24.6 7.3 25.6 24.7 3.9 3.6 Kirloskar Brothers

40%
KMC Specialty’s (South-Indian hospital chain)
>7
The Growth score maintained by Kotak
annual return in last 10 years. During the period, Mahindra Bank since FY20. It is only one of
its Quality score doubled to 8 while its Growth seven companies to do so while not letting its
score never fell below 6. Quality score drop below 9.

Kirloskar Ferrous Industries Metal Processing 7,474 23.7 21.7 0.46 6
Kirloskar Industries Metal Processing 3,437 8.3 13.0 0.32 5
Kirloskar Oil Engines Machinery & Equipments 8,664 15.2 10.5 1.41 4
Kirloskar Pneumatic Company Machinery & Equipments 3,673 14.9 11.9 0.00 8
Kitex Garments Apparels & Footwear 1,387 6.7 14.4 0.03 6
KMC Speciality Hospitals (India) Healthcare & Services 1,322 26.6 25.9 0.39 8
KNR Constructions Construction & Engineering 8,198 15.4 20.8 0.23 9
Kokuyo Camlin Business Services & Supp. 1,580 9.7 0.9 0.21 5
Kolte Patil Developers Real Estate 4,068 10.2 9.7 0.52 7
Kopran Pharmaceuticals 1,243 6.3 17.8 0.17 3
Kotak Mahindra Bank Banks 3,48,911 14.0 12.8 1.78 9
Kovai Medical Center & Hospital Healthcare & Services 3,544 17.4 20.1 0.66 9
KP Energy Construction & Engineering 1,201 40.7 16.4 0.49 9
KRBL Food Processing 7,915 16.0 17.6 0.04 4
Krishana Phoschem Other Chemicals 1,522 11.1 12.6 1.06 2
KSB Machinery & Equipments 11,865 17.0 11.9 0.00 8
Kuantum Papers Other Materials 1,460 22.2 6.2 0.53 7
L&T Technology Services Software & IT Services 50,392 25.7 28.9 0.00 10
La Opala RG Household Durables 4,226 16.2 13.3 0.02 10
Lakshmi Machine Works Machinery & Equipments 14,103 17.7 7.5 0.00 9
Lancer Containers Lines Logistics 1,923 33.8 35.8 1.47 5
Larsen & Toubro Construction & Engineering 4,27,711 11.3 11.0 0.25 4
Laurus Labs Pharmaceuticals 20,517 21.2 21.3 0.49 5
Lemon Tree Hotels Hotels, Resorts & Cruise Lines 9,047 13.6 -5.2 2.04 5
LG Balakrishnan & Brothers Machinery & Equipments 3,695 18.5 17.2 0.07 9
LIC Housing Finance Non-banking Fin. Services 26,992 11.2 13.1 4.41 3
Linc Business Services & Supp. 1,054 23.4 6.3 0.00 8
Lincoln Pharmaceuticals Pharmaceuticals 1,347 15.6 17.9 0.00 6
Linde India Commodity Chemicals 48,979 17.1 13.9 0.00 8
Lloyds Engineering Works Machinery & Equipments 5,150 23.8 2.5 0.25 4
Lloyds Enterprises Metal Mining & Minerals 4,767 5.9 5.1 0.06 5
Lloyds Metals and Energy Metal Mining & Minerals 26,256 90.1 19.7 0.00 7
LT Foods Farming 7,554 16.9 15.0 0.34 5
LTIMindtree Software & IT Services 1,64,038 28.6 33.2 0.01 10
Lumax Auto Technologies Auto Ancillaries 2,651 16.6 13.5 0.83 4
Lumax Industries Auto Ancillaries 2,573 20.2 14.0 0.65 5

` 3.31 lakh cr
The surge in infra giant L&T’s market cap since
82 times
The increase in the market cap of the heavy
2013. But during the same time, its Quality equipment maker Lloyd Engineering since
score tumbled from 8 to 4 in 2020. Its Growth score jumped from 3.5 in
November 2023. FY22 to 7 in November 2023 as well.

18.4 55.6 47.3 6.7 20.8 13.8 4.8 4.7 Kirloskar Ferrous Industries
28.8 46.0 47.5 7.9 13.1 12.3 7.7 6.3 Kirloskar Industries
10.4 19.5 -246.5 5.1 23.4 18.0 4.3 2.6 Kirloskar Oil Engines
15.4 16.7 -8.8 4.9 35.6 26.9 2.8 3.4 Kirloskar Pneumatic Company
0.0 -4.1 59.5 5.0 73.9 17.1 1.4 1.7 Kitex Garments
17.1 32.0 21.1 6.3 48.3 41.0 2.1 2.2 KMC Speciality Hospitals (India)
14.4 13.9 40.2 7.0 15.3 14.7 6.6 5.6 KNR Constructions
4.2 20.0 13.7 6.8 39.4 63.4 2.5 2.8 Kokuyo Camlin
1.1 -5.9 -3.5 4.9 36.8 22.6 2.7 3.1 Kolte Patil Developers
9.5 3.6 3.4 6.6 39.4 13.6 2.5 2.5 Kopran
17.7 21.8 13.5 8.8 2.9 4.2 4.9 5.0 Kotak Mahindra Bank
11.5 14.8 24.8 6.9 26.0 17.3 3.8 3.5 Kovai Medical Center & Hospital
29.5 63.5 3.0 5.0 23.7 14.9 4.2 3.6 KP Energy
10.6 10.0 -242.7 3.9 11.8 12.6 8.5 5.0 KRBL
23.1 44.7 -202.1 4.8 34.6 23.2 2.9 3.1 Krishana Phoschem
14.0 20.9 28.5 6.1 56.6 32.3 1.8 1.3 KSB
13.2 13.3 23.4 6.2 6.3 6.4 15.8 6.6 Kuantum Papers
15.7 17.6 25.3 6.9 40.6 27.7 2.5 3.1 L&T Technology Services
11.8 10.9 6.4 5.4 34.2 41.9 2.9 4.0 La Opala RG
13.4 12.9 12.1 5.9 33.9 30.2 2.9 3.5 Lakshmi Machine Works
25.0 23.4 -183.6 3.8 36.3 15.5 2.8 2.9 Lancer Containers Lines
8.2 7.8 19.7 6.1 34.9 25.2 2.9 3.0 Larsen & Toubro
23.7 36.1 23.4 5.8 55.8 31.6 1.8 3.2 Laurus Labs
12.4 57.2 27.2 7.2 69.6 120.4 1.4 2.9 Lemon Tree Hotels
9.2 23.3 5.5 5.5 14.4 11.9 7.0 5.2 LG Balakrishnan & Brothers
12.1 7.6 10.0 6.9 0.9 1.5 15.4 6.8 LIC Housing Finance
7.9 36.5 26.8 6.8 27.3 24.1 3.7 3.9 Linc
7.2 16.0 8.0 5.3 16.7 9.6 6.0 3.9 Lincoln Pharmaceuticals
9.1 101.5 20.1 1.9 117.2 79.1 0.9 1.1 Linde India
18.4 74.4 6.4 7.0 101.3 57.2 1.0 1.4 Lloyds Engineering Works
7.0 54.5 48.4 7.9 64.0 65.6 1.6 2.1 Lloyds Enterprises
53.2 -276.1 -256.9 2.5 23.2 18.9 4.3 1.9 Lloyds Metals and Energy
12.1 21.9 31.6 6.0 14.6 9.1 6.8 4.1 LT Foods
21.4 18.2 16.4 4.8 37.0 27.1 2.7 3.9 LTIMindtree
10.7 14.1 7.6 6.6 29.0 17.2 3.5 3.6 Lumax Auto Technologies
7.1 12.2 -5.1 5.6 25.8 21.1 3.9 3.5 Lumax Industries

7/10
The average Quality score of Mahindra &
30%
The annual returns of Man Infra, an EPC player,
Mahindra (Indian automobile manufacturer) with its Growth score improving from 2.4 in
while quadrupling its market cap in the last FY15 to 6.5 in November 2023.
10 years.

Lupin Pharmaceuticals 58,318 3.5 0.1 0.34 3

Lux Industries Textiles and Leather 4,024 10.3 28.5 0.17 2
Madhya Bharat Agro Products Other Chemicals 2,615 46.5 15.3 0.98 7
Mafatlal Industries Textiles and Leather 1,017 5.8 -11.4 0.15 2
Magadh Sugar & Energy Food Processing 1,122 8.1 8.7 0.91 4
Magellanic Cloud Software & IT Services 5,318 39.5 18.2 0.63 5
Mahanagar Gas Utilities 10,289 20.4 23.2 0.00 10
Maharashtra Scooters Automobile 9,018 0.9 0.8 0.00 8
Maharashtra Seamless Building Products 12,992 17.5 8.0 0.05 6
Mahindra & Mahindra Fin Services Non-banking Fin. Services 33,934 12.1 8.9 4.49 7
Mahindra & Mahindra Automobile 2,04,884 19.6 10.1 0.11 8
Mahindra Holidays & Resorts India Hotels, Resorts & Cruise Lines 7,954 36.0 54.1 -1.37 2
Mahindra Lifespace Developers Real Estate 8,199 1.9 1.2 0.15 3
Mahindra Logistics Logistics 2,581 4.7 11.0 0.72 3
Maithan Alloys Construction Materials 3,171 23.4 28.7 0.01 9
Man Industries (India) Building Products 1,508 7.0 10.2 0.29 4
Man Infraconstruction Construction & Engineering 7,321 26.5 12.3 0.19 7
Manali Petrochemicals Commodity Chemicals 1,138 4.9 24.7 0.01 8
Manappuram Finance Non-banking Fin. Services 13,882 15.0 21.0 1.33 10
Mangalam Cement Construction Materials 1,397 4.9 8.1 0.81 3
Mangalore Chemicals & Fertilizers Other Chemicals 1,322 18.1 11.8 1.69 5
Mangalore Refinery & Petrochem Oil & Gas 21,250 31.1 1.8 1.69 4
Manorama Industries Food Processing 2,433 10.5 24.7 0.37 5
Marathon Nextgen Realty Real Estate 2,360 16.9 3.9 1.13 6
Marico Household & Personal Pro. 69,634 36.4 37.5 0.13 10
Marine Electricals (India) Industrial Services 999 8.9 9.3 0.32 3
Marksans Pharma Pharmaceuticals 7,541 18.1 18.9 0.02 7
Maruti Suzuki India Automobile 3,20,329 14.0 12.9 0.02 9
Mastek Software & IT Services 7,272 19.5 22.6 0.22 9
Matrimony.Com Software & IT Services 1,198 16.6 36.2 0.00 10
Mayur Uniquoters Other Materials 2,380 14.3 17.1 0.03 7
Media Matrix Worldwide Technology Hardware 2,350 0.8 24.8 0.77 1
Meghmani Organics Other Chemicals 1,919 14.0 20.2 0.49 1
Mercury Ev-Tech Automobile 1,628 3.5 -4.7 0.46 1
Minda Corporation Auto Ancillaries 8,743 19.5 8.5 0.35 6
Mishra Dhatu Nigam Metal Processing 7,032 12.6 16.7 0.30 3

17%
Marico’s (hair and cooking oil manufacturer)
10 to 2
The fall in Lupin’s (a generics manufacturer)
annual returns in the past decade. Its Stock Quality score since FY14. The stock has given
Rating never fell below 4 during the same an annualised return of 4 per cent in the last
duration. 10 years.

0.9 11.8 1.5 6.4 43.8 36.8 2.3 3.0 Lupin

13.1 8.2 132.0 6.5 39.0 30.5 2.6 4.1 Lux Industries
40.4 64.8 -212.8 5.7 26.6 17.1 3.8 3.4 Madhya Bharat Agro Products
-25.4 16.8 -164.6 3.3 16.7 13.2 6.0 3.9 Mafatlal Industries
5.9 15.1 40.6 7.0 12.8 8.2 7.8 4.8 Magadh Sugar & Energy
-10.6 29.3 35.2 4.0 69.4 41.1 1.4 2.7 Magellanic Cloud
23.0 10.6 8.2 6.5 9.0 15.4 11.2 7.1 Mahanagar Gas
77.4 26.3 214.9 7.5 44.6 31.5 2.2 4.3 Maharashtra Scooters
5.9 13.9 37.5 5.9 13.0 14.0 7.7 5.1 Maharashtra Seamless
11.5 14.4 10.4 6.1 1.8 2.2 5.8 4.9 Mahindra & Mahindra Fin Services
11.8 8.5 5.4 6.2 18.3 21.1 5.5 5.1 Mahindra & Mahindra
1.6 -3.1 4.2 5.7 120.4 34.2 0.8 1.5 Mahindra Holidays & Resorts India
1.3 -0.2 -194.7 3.0 780.9 21.2 0.1 1.2 Mahindra Lifespace Developers
8.2 -16.1 58.1 4.7 - 87.6 - 2.5 Mahindra Logistics
9.0 11.3 27.8 5.6 10.8 6.4 9.2 6.2 Maithan Alloys
5.7 0.3 -196.9 4.7 13.3 6.3 7.5 2.9 Man Industries (India)
23.7 21.2 36.0 6.5 23.0 21.5 4.3 4.1 Man Infraconstruction
9.6 -2.6 9.6 4.7 64.4 7.6 1.6 3.6 Manali Petrochemicals
9.6 12.9 13.8 8.2 1.3 1.8 13.4 6.7 Manappuram Finance
10.1 7.9 9.4 5.7 32.8 17.4 3.1 3.5 Mangalam Cement
6.3 17.3 42.3 7.8 5.1 11.8 19.8 5.8 Mangalore Chemicals & Fertilizers
17.3 8.4 9.9 6.4 5.6 7.1 17.8 6.2 Mangalore Refinery & Petrochem
0.7 14.2 40.1 7.3 65.2 46.3 1.5 2.0 Manorama Industries
59.3 32.0 17.8 7.2 13.8 12.2 7.3 5.6 Marathon Nextgen Realty
9.0 9.8 22.4 6.4 49.4 48.1 2.0 3.1 Marico
-29.7 -31.8 -139.5 4.0 60.1 34.9 1.7 1.1 Marine Electricals (India)
12.9 46.3 33.8 7.1 25.3 16.7 3.9 3.7 Marksans Pharma
8.1 0.8 -4.7 6.3 28.2 32.2 3.5 4.0 Maruti Suzuki India
19.5 28.0 5.2 5.4 27.0 16.5 3.7 4.2 Mastek
6.8 -8.4 -5.2 4.9 24.1 32.5 4.1 5.1 Matrimony.Com
7.0 2.1 7.6 6.2 21.1 20.5 4.7 4.4 Mayur Uniquoters
7.9 15.6 -202.2 6.0 - 79.5 - 0.6 Media Matrix Worldwide
- - - 2.2 151.6 8.9 0.7 2.2 Meghmani Organics
-3.9 16.4 -205.8 4.4 613.6 400.3 0.2 0.4 Mercury Ev-Tech
7.7 12.6 37.1 6.8 31.4 22.7 3.2 2.8 Minda Corporation
5.7 3.5 -211.8 3.5 51.1 20.7 2.0 1.9 Mishra Dhatu Nigam

13 times
Crucible manufacturer Morganite Crucible’s
1
The Stock Rating of Moschip Technologies
10-year annualised return. It had a Stock Rating (provides semiconductor and system design
over 3 in eight of the last 10 years. services) in the last six out of seven years. Yet
the stock has jumped 164 times since 2013.

Mishtann Foods Farming 1,505 39.7 16.4 0.40 1

MM Forgings Metal Processing 2,113 20.7 16.5 1.12 6
MMTC Diversified 7,550 22.9 -35.1 0.14 6
Moil Metal Mining & Minerals 6,031 11.3 12.2 0.00 9
Mold-Tek Packaging Containers & Packaging 2,888 15.8 18.5 0.08 9
Monarch Networth Capital Financial Services 1,646 21.8 23.9 0.01 8
Monte Carlo Fashions Apparels & Footwear 1,451 18.1 13.4 0.26 8
Morepen Laboratories Pharmaceuticals 2,339 5.8 17.9 0.03 5
Morganite Crucible India Machinery & Equipments 901 12.9 16.6 0.00 10
Moschip Technologies Technology Hardware 1,671 6.9 -30.7 0.40 1
Motilal Oswal Financial Services Financial Services 17,848 15.6 20.4 1.67 4
Mphasis Software & IT Services 44,441 22.0 19.5 0.03 9
MPS Software & IT Services 3,043 27.6 17.7 0.00 10
MRF Auto Ancillaries 47,393 5.4 10.1 0.16 5
Mukand Metal Processing 2,546 22.6 16.7 1.76 1
Multi Commodity Exchange Of India Financial Services 16,295 7.4 10.1 0.00 8
Muthoot Finance Non-banking Fin. Services 59,574 17.6 23.9 3.79 10
NACL Industries Other Chemicals 1,453 17.9 7.2 1.26 2
Nahar Spinning Mills Textiles and Leather 1,109 7.3 8.5 0.47 4
Nalwa Sons Investments Investment Management 1,592 1.1 1.8 0.00 6
Narayana Hrudayalaya Healthcare & Services 25,067 33.5 9.6 0.36 9
Natco Pharma Pharmaceuticals 14,187 15.7 15.5 0.03 7
National Aluminium Company Metal Mining & Minerals 16,899 11.2 13.8 0.00 9
National Fertilizers Other Chemicals 3,507 19.8 4.7 1.57 3
National Standard (India) Real Estate 9,200 3.4 5.6 0.00 2
Nava Diversified 5,559 16.9 11.3 0.51 6
Navin Fluorine International Commodity Chemicals 18,357 18.6 19.7 0.39 8
Navkar Corporation Logistics 1,413 2.5 3.0 0.02 7
Navneet Education Publishing 3,112 13.4 14.9 0.24 6
NBCC India Construction & Engineering 13,694 23.1 15.8 0.00 9
NCC Construction & Engineering 10,469 10.6 7.7 0.16 6
NCL Industries Construction Materials 996 5.6 14.6 0.35 6
Nelcast Metal Processing 1,495 6.4 7.0 0.65 3
Nelco Telecommunications Services 1,720 20.5 30.8 0.36 6
Nesco Real Estate Services 5,745 15.9 15.6 0.00 10
Nestle India Food Processing 2,33,492 108.5 73.0 0.01 10

2to 5
The change in Narayana Hrudayalaya’s (a
` 1.84 lakh cr
The wealth created by Nestle India since 2013.
hospital chain) Stock Rating since FY21. Its Its Quality score has been a perfect 10
Quality score improved from 5 to 9 while its throughout this period.
Growth score improved from 3.5 to 7.9.

-44.6 -22.7 14.8 3.6 42.4 47.3 2.4 2.5 Mishtann Foods
18.0 16.1 108.7 6.9 16.2 16.2 6.2 5.0 MM Forgings
-26.5 110.8 29.6 5.9 43.4 61.4 2.3 3.8 MMTC
5.2 -5.5 -12.7 5.2 22.5 10.5 4.5 3.1 Moil
12.4 16.2 70.1 6.3 45.4 24.5 2.2 3.6 Mold-Tek Packaging
9.6 15.3 -187.6 4.2 22.7 18.7 4.4 3.0 Monarch Networth Capital
15.3 15.4 -174.2 3.5 13.5 11.7 7.4 5.4 Monte Carlo Fashions
15.5 2.7 -204.8 4.2 44.0 34.4 2.3 1.8 Morepen Laboratories
7.2 3.0 13.1 6.2 37.5 22.4 2.7 3.3 Morganite Crucible India
21.1 19.0 20.6 6.5 163.6 193.1 0.6 1.6 Moschip Technologies
8.3 8.0 -264.7 3.7 12.3 26.6 8.1 5.2 Motilal Oswal Financial Services
16.7 14.9 15.7 5.9 27.7 17.6 3.6 4.2 Mphasis
15.3 11.1 9.6 6.2 24.9 15.7 4.0 3.1 MPS
9.0 -7.4 2.7 6.7 28.0 22.1 3.6 3.5 MRF
9.7 -27.0 -35.0 5.4 12.8 18.7 7.8 5.4 Mukand
14.6 6.6 7.3 4.2 363.5 41.2 0.3 1.2 Multi Commodity Exchange Of India
9.3 14.3 6.0 7.8 2.6 2.2 6.7 6.0 Muthoot Finance
14.5 47.6 -191.9 5.2 90.3 28.1 1.1 2.9 NACL Industries
5.6 40.3 35.3 6.3 - 6.0 - 2.8 Nahar Spinning Mills
29.4 61.3 26.4 5.8 32.5 20.7 3.1 4.5 Nalwa Sons Investments
14.7 61.0 42.9 7.9 34.0 52.2 2.9 4.1 Narayana Hrudayalaya
4.6 0.8 13.1 6.8 12.6 32.1 7.9 5.8 Natco Pharma
9.5 2.4 -9.7 4.6 13.3 11.5 7.5 5.5 National Aluminium Company
27.1 16.6 -172.5 5.1 32.0 15.3 3.1 3.8 National Fertilizers
-13.3 -5.8 21.5 6.1 797.3 463.0 0.1 1.6 National Standard (India)
13.1 40.1 49.6 7.7 6.2 6.3 16.2 6.0 Nava
17.8 15.4 -182.1 4.7 50.3 23.6 2.0 2.4 Navin Fluorine International
0.6 -6.3 11.3 5.0 15.7 14.2 6.4 1.0 Navkar Corporation
7.8 10.5 -185.8 3.8 13.3 16.8 7.5 4.2 Navneet Education
0.7 -6.8 -186.5 4.2 41.2 34.8 2.4 3.1 NBCC India
12.1 34.8 12.4 5.8 17.5 17.6 5.7 4.6 NCC
12.9 -1.3 6.1 6.1 13.4 10.5 7.5 5.4 NCL Industries
11.2 -4.7 19.4 6.6 44.5 17.7 2.2 2.9 Nelcast
15.9 10.4 12.6 6.6 77.9 42.4 1.3 1.8 Nelco
11.2 10.2 15.2 6.7 18.0 19.0 5.6 5.3 Nesco
11.0 14.3 8.5 6.5 78.6 74.9 1.3 2.8 Nestle India

412%
The surge witnessed in news media platform
16 times
The leap that electric bus manufacturer Olectra
NDTV’s share price, along with its Quality score Greentech’s market cap saw in the last three
jumping from 1 in FY20 to 7 in November 2023. years as its Growth score more than doubled.

Network 18 Media & Investments Media & Entertainment 9,058 -11.8 41.5 8.61 1
Neuland Laboratories Pharmaceuticals 6,992 17.8 5.9 0.12 6
New Delhi Television Media & Entertainment 1,403 14.8 -28.9 0.01 7
Newgen Software Technologies Software & IT Services 10,120 19.7 20.6 0.00 10
NGL Fine-Chem Pharmaceuticals 1,219 9.6 25.4 0.15 7
NHPC Power Generation 54,625 10.9 10.4 0.80 3
NIBE Defence & Aerospace 915 10.5 -1.4 0.62 3
NIIT Software & IT Services 1,538 0.5 24.8 0.00 7
Nilkamal Other Materials 3,298 10.6 12.1 0.14 6
Nippon Life India AMC Investment Management 26,158 20.7 21.1 0.00 10
Nirlon Real Estate 3,683 35.9 21.8 2.85 10
Nitin Spinners Textiles and Leather 2,012 17.3 18.6 0.95 4
NLC India Power Generation 23,628 24.1 11.3 1.47 2
NMDC Metal Mining & Minerals 53,161 21.4 21.8 0.02 10
NOCIL Specialty Chemicals 3,847 10.0 13.1 0.00 6
Novartis India Pharmaceuticals 1,764 14.1 4.0 0.00 7
NRB Bearings Machinery & Equipments 2,681 16.6 17.1 0.48 5
NTPC Power Generation 2,53,374 12.0 11.8 1.50 3
Nucleus Software Exports Software & IT Services 3,907 23.1 14.1 0.00 10
Oberoi Realty Real Estate 51,212 16.8 9.3 0.32 3
Oil & Natural Gas Corporation Oil & Gas 2,45,064 16.4 12.5 0.46 6
Oil India Oil & Gas 33,118 25.3 16.4 0.48 8
Olectra Greentech Machinery & Equipments 9,802 8.1 2.2 0.16 4
Om Infra Construction & Engineering 1,133 1.9 3.0 0.22 3
Omaxe Real Estate 1,438 -32.5 -5.4 1.14 1
OnMobile Global Software & IT Services 1,136 1.8 4.6 0.01 4
Onward Technologies Software & IT Services 1,313 6.8 15.3 0.00 7
Optiemus Infracom Technology Hardware 2,692 11.7 -7.9 0.14 3
Oracle Financial Services Software Software & IT Services 34,745 24.8 28.6 0.00 10
Orchid Pharma Pharmaceuticals 2,885 3.0 -89.1 0.48 2
Orient Cement Construction Materials 5,286 7.8 10.8 0.25 7
Orient Electric Household Durables 4,619 13.5 26.4 0.02 10
Orient Green Power Company Energy Equip. & Services 2,072 2.5 -3.8 2.05 2
Oriental Aromatics Specialty Chemicals 1,185 3.2 14.5 0.37 3
Oriental Hotels Hotels, Resorts & Cruise Lines 1,834 11.1 0.5 0.34 5
Orissa Minerals Development Co Metal Mining & Minerals 4,368 389.9 -96.0 -13.56 1

6/10
India’s largest crude oil player ONGC’s Quality
2.6%
Financial software provider Oracle Financial’s
score in November 2023. It had a Quality score returns in the last decade. However, its Quality
of 10 in FY13. Further, its share price stayed score remained a perfect 10 at the time.
stagnant in the last decade.

27.6 13.8 -299.1 3.8 - 55.5 - 2.1 Network 18 Media & Investments
9.4 56.5 70.9 8.1 26.3 27.9 3.8 3.8 Neuland Laboratories
-1.9 21.2 -179.3 3.8 124.3 10.9 0.8 2.0 New Delhi Television
13.5 19.1 17.5 6.2 49.4 19.9 2.0 1.4 Newgen Software Technologies
19.3 9.8 7.4 6.7 35.0 17.6 2.9 3.0 NGL Fine-Chem
6.9 9.2 0.4 5.6 13.4 10.4 7.5 4.4 NHPC
81.4 120.0 -276.6 4.9 232.3 138.5 0.4 1.7 NIBE
-13.0 50.5 -44.1 3.8 26.3 25.6 3.8 5.0 NIIT
8.1 1.6 9.5 6.3 23.8 20.5 4.2 4.2 Nilkamal
-3.6 9.2 8.8 4.9 29.6 28.4 3.4 4.0 Nippon Life India AMC
14.5 23.2 13.1 6.6 17.9 30.8 5.6 6.3 Nirlon
15.7 25.5 23.6 5.8 15.4 7.1 6.5 4.4 Nitin Spinners
9.6 -4.3 -1.8 5.5 12.4 7.8 8.1 4.0 NLC India
10.4 9.5 -4.6 5.1 9.1 8.1 11.0 5.4 NMDC
10.5 -2.8 22.2 5.6 35.5 14.5 2.8 4.2 NOCIL
-7.7 5.7 -22.6 5.6 23.0 30.9 4.3 6.5 Novartis India
4.3 0.7 -14.6 6.6 27.1 21.0 3.7 3.3 NRB Bearings
15.4 10.7 15.7 6.6 12.2 11.0 8.2 5.2 NTPC
10.8 17.3 -6.8 6.3 19.1 15.7 5.2 3.9 Nucleus Software Exports
25.3 31.1 -255.2 5.8 26.1 26.8 3.8 3.3 Oberoi Realty
14.9 5.1 8.6 6.2 5.7 10.5 17.6 7.9 Oil & Natural Gas Corporation
18.7 20.2 15.1 6.8 5.6 7.3 17.7 8.2 Oil India
32.8 35.7 14.2 6.1 126.4 74.3 0.8 1.4 Olectra Greentech
21.2 -21.5 -22.5 6.1 20.8 15.1 4.8 2.7 Om Infra
-15.9 -232.7 89.7 4.7 - 49.9 - 2.0 Omaxe
-3.8 -9.8 4.9 5.9 56.0 40.2 1.8 2.4 OnMobile Global
4.7 3.6 -24.6 6.0 43.5 31.7 2.3 2.0 Onward Technologies
10.2 24.7 15.4 4.9 60.4 36.6 1.7 1.9 Optiemus Infracom
4.5 7.6 8.5 5.3 18.9 22.4 5.3 5.9 Oracle Financial Services Software
16.3 18.5 34.2 6.1 30.1 38.7 3.3 3.2 Orchid Pharma
5.7 22.7 -16.8 5.3 33.8 19.1 3.0 3.0 Orient Cement
9.5 3.4 15.7 6.6 48.5 51.4 2.1 3.3 Orient Electric
-7.8 20.0 -6.7 5.1 28.3 19.9 3.5 3.8 Orient Green Power Company
10.9 -4.6 -206.8 3.1 863.2 15.8 0.1 1.8 Oriental Aromatics
2.0 143.6 14.8 6.2 38.2 47.8 2.6 3.6 Oriental Hotels
- 14.1 -9.3 6.1 - 141.3 - 0.8 Orissa Minerals Development Co

5to 3
The fall in innerwear manufacturer Page
4x
The surge in IT services company Persistent
Industries’s Stock Rating since FY13. Its Growth Systems’s Growth score from FY16 to
score plunged from 6.7 in FY13 to 3.8 in November 2023. During this time, its Quality
November 2023. score never went below 8.

Page Industries Apparels & Footwear 41,511 46.4 46.4 0.18 9
Paisalo Digital Non-banking Fin. Services 3,645 8.3 8.2 0.72 6
Pakka Other Materials 947 27.0 22.1 0.51 9
Panacea Biotec Pharmaceuticals 959 -15.6 49.2 0.02 4
Panama Petrochem Commodity Chemicals 1,873 27.1 19.9 0.00 7
Parag Milk Foods Food Processing 2,626 7.8 -6.0 0.73 1
Paramount Communications Machinery & Equipments 1,806 19.2 17.4 0.63 1
Patanjali Foods Food Processing 50,759 11.1 7.3 0.15 3
Patel Engineering Construction & Engineering 3,752 6.4 1.0 0.62 3
Paushak Other Chemicals 1,849 15.9 18.8 0.00 10
PC Jeweller Fashion Accessories 1,311 -5.4 1.8 0.99 3
PCBL Specialty Chemicals 10,250 16.2 19.4 0.33 6
PDS Apparels & Footwear 7,714 27.5 20.2 0.59 8
Pearl Global Industries Apparels & Footwear 2,697 20.6 8.4 0.62 5
Peninsula Land Real Estate 1,428 -184.5 -93.0 35.23 4
Pennar Industries Metal Processing 1,604 10.0 8.3 0.80 3
Permanent Magnets Machinery & Equipments 1,204 30.8 36.4 0.05 4
Persistent Systems Software & IT Services 49,359 25.9 17.4 0.11 9
Petronet LNG Oil & Gas 30,428 23.0 24.7 0.02 10
Pfizer Pharmaceuticals 18,690 19.5 17.1 0.00 10
PG Electroplast Machinery & Equipments 6,242 21.9 7.0 1.39 3
PI Industries Other Chemicals 57,242 18.5 18.5 0.00 10
Piccadily Agro Industries Food Processing 2,009 10.2 8.0 0.67 5
Pidilite Industries Specialty Chemicals 1,29,835 18.7 24.1 0.02 10
Pilani Investment & Industries Corp Investment Management 2,927 2.2 0.9 0.07 8
Piramal Enterprises Non-banking Fin. Services 20,823 59.6 11.7 5.05 8
Pitti Engineering Machinery & Equipments 2,087 19.0 13.1 0.87 5
Pix Transmissions Industrial Services 1,827 16.6 17.0 0.16 7
PNB Gilts Financial Services 1,694 -6.3 15.2 15.27 7
PNB Housing Finance Non-banking Fin. Services 20,088 10.2 10.9 3.83 5
PNC Infratech Construction & Engineering 8,674 16.6 18.7 1.46 5
Pokarna Construction Materials 1,635 13.9 22.0 0.90 5
Polo Queen Industrial & Fintech Diversified 1,456 1.3 0.4 0.09 5
Poly Medicure Healthcare Devices & Equip. 14,648 15.4 19.7 0.12 8
Polyplex Corporation Containers & Packaging 3,326 10.2 21.9 0.23 7
Power Finance Corporation Non-banking Fin. Services 1,10,537 20.4 25.7 3.66 6

36%
The annual returns reported by the
24%
The yearly returns given by Pidilite, India’s
agrochemical major PI Industries in the last five largest adhesive producer, ranking itself among
years. What’s more, its Quality score has the best wealth creators in the last 10 years. Its
consistently remained above 8. Quality score has always been 10.

14.4 10.5 -132.4 3.8 81.3 70.6 1.2 2.6 Page Industries
9.1 11.2 12.1 7.5 2.9 2.2 3.7 2.6 Paisalo Digital
13.6 30.7 1.3 6.8 18.4 11.2 5.4 3.9 Pakka
-4.9 9.3 -229.1 3.3 102.3 15.3 1.0 1.8 Panacea Biotec
11.1 30.7 44.0 5.8 9.7 10.9 10.3 7.2 Panama Petrochem
1.2 -15.2 16.7 6.4 33.6 22.4 3.0 2.6 Parag Milk Foods
6.2 19.1 -16.5 5.8 29.1 12.3 3.4 3.3 Paramount Communications
19.4 16.5 -181.3 4.7 58.0 34.3 1.7 2.5 Patanjali Foods
-27.0 -19.1 -19.0 4.5 19.0 16.4 5.3 4.7 Patel Engineering
16.4 21.2 33.5 6.3 35.7 21.8 2.8 3.7 Paushak
-26.3 -179.7 -25.1 3.9 - 15.6 - 1.2 PC Jeweller
0.6 -2.5 -4.7 5.6 23.8 13.1 4.2 3.0 PCBL
-15.6 25.6 11.7 5.3 35.4 18.8 2.8 3.4 PDS
16.1 46.0 61.2 7.9 15.6 12.8 6.4 4.7 Pearl Global Industries
13.8 17.2 -3.6 4.6 10.6 20.8 9.5 3.8 Peninsula Land
7.9 -5.8 145.4 6.8 18.0 12.8 5.5 3.9 Pennar Industries
14.5 40.6 55.4 7.2 37.6 16.5 2.7 2.0 Permanent Magnets
23.6 24.4 18.9 6.9 50.3 19.8 2.0 2.5 Persistent Systems
14.4 9.5 -3.0 5.2 8.7 15.0 11.5 7.8 Petronet LNG
4.3 11.6 1.4 4.9 35.8 34.8 2.8 4.2 Pfizer
40.2 59.6 1.5 3.5 62.4 47.1 1.6 1.6 PG Electroplast
21.0 24.9 33.7 7.7 38.3 36.4 2.6 3.8 PI Industries
12.7 38.5 -1.7 6.4 60.1 10.5 1.7 1.3 Piccadily Agro Industries
14.2 5.9 14.3 6.8 86.2 61.2 1.2 2.7 Pidilite Industries
55.8 50.6 86.4 6.5 15.4 20.1 6.5 6.2 Pilani Investment & Industries Corp
-1.4 35.9 103.8 4.8 0.7 1.3 18.8 2.0 Piramal Enterprises
22.0 37.2 48.7 7.4 28.4 18.4 3.5 3.6 Pitti Engineering
13.0 23.5 29.1 7.0 27.1 13.6 3.7 3.4 Pix Transmissions
25.0 -322.6 -230.6 4.0 46.6 6.7 2.1 2.3 PNB Gilts
8.9 4.6 0.3 5.1 1.4 1.2 6.4 3.8 PNB Housing Finance
26.8 21.5 -219.7 4.6 14.1 13.1 7.1 4.8 PNC Infratech
16.7 9.3 12.1 6.7 25.6 13.7 3.9 3.6 Pokarna
1.6 18.3 17.5 5.9 961.6 571.0 0.1 1.5 Polo Queen Industrial & Fintech
14.5 18.5 18.5 7.2 62.7 35.9 1.6 2.0 Poly Medicure
16.9 17.2 21.6 6.1 46.8 10.5 2.1 5.4 Polyplex Corporation
28.8 22.1 25.0 4.3 1.2 0.5 16.2 4.7 Power Finance Corporation

9 to 3
The downgrade in fragrance chemicals
16 times
The growth seen in PTC Industries’s stock value
manufacturer Privi Specialty Chemicals’s Quality over the last three years, although its Stock
score since FY14. Consequently, its Stock Rating Rating never crossed 1.
fell from 5-star to 2-star in November 2023.

Power Grid Corporation of India Utilities 1,94,336 19.0 18.4 1.53 5
Power Mech Projects Construction & Engineering 6,585 18.1 11.2 0.37 7
Praj Industries Machinery & Equipments 11,818 24.1 10.5 0.00 9
Prakash Industries Metal Processing 2,700 6.6 9.8 0.17 6
Prataap Snacks Food Processing 2,324 3.1 6.2 0.00 7
Praveg Advertising & Marketing 1,485 40.6 -83.5 0.00 8
Precision Camshafts Auto Ancillaries 2,234 6.6 3.5 0.13 5
Precision Wires India Machinery & Equipments 2,114 15.1 15.2 0.04 6
Premier Explosives Commodity Chemicals 1,535 3.6 0.5 0.43 2
Prestige Estates Projects Real Estate 40,208 7.0 17.4 0.81 5
Pricol Auto Ancillaries 4,212 18.0 -9.2 0.13 6
Prime Focus Media & Entertainment 3,192 276.4 -29.3 -14.65 1
Primo Chemicals Commodity Chemicals 1,188 39.9 60.9 0.39 9
Prism Johnson Construction Materials 8,690 -7.8 5.7 1.22 2
Privi Speciality Chemicals Specialty Chemicals 4,976 2.7 16.8 1.27 3
Procter & Gamble Health Pharmaceuticals 8,542 33.6 18.0 0.00 10
P&G Hygiene & Health Care Household & Personal Pro. 55,810 80.6 60.9 0.00 10
PSP Projects Construction & Engineering 2,702 17.7 26.9 0.18 7
PTC India Financial Services Non-banking Fin. Services 2,092 7.5 5.8 13.59 6
PTC India Power Generation 4,855 9.1 10.0 1.30 2
PTC Industries Metal Processing 7,447 10.8 6.4 0.66 1
Punjab & Sind Bank Banks 27,769 9.0 -9.5 6.97 2
Punjab Chem & Crop Protection Other Chemicals 1,514 24.1 28.7 0.33 8
Punjab National Bank Banks 85,390 2.6 -2.7 8.74 1
Puravankara Real Estate 3,716 3.2 4.2 1.47 1
PVR Inox Media & Entertainment 16,860 -7.5 -9.5 0.25 4
Quess Corp Business Services & Supp. 7,403 6.8 5.0 0.21 4
Quick Heal Technologies Software & IT Services 1,891 1.2 12.4 0.00 6
R Systems International Software & IT Services 5,695 27.8 19.3 0.00 10
RACL Geartech Auto Ancillaries 1,279 24.9 19.6 1.21 6
Radico Khaitan Alcoholic Beverages 20,146 10.4 14.2 0.32 7
Raghav Productivity Enhancers Machinery & Equipments 1,565 21.2 23.9 0.08 7
Rain Industries Specialty Chemicals 4,887 19.8 14.0 1.09 4
Raj Rayon Industries Textiles and Leather 1,574 -12.1 - 1.20 4
Rajoo Engineers Machinery & Equipments 1,044 11.1 14.3 0.01 8
Rajratan Global Wire Other Materials 3,790 25.7 26.1 0.39 6

5to 1
The decline in Punjab National Bank’s Stock
60%
Product engineering and IT services provider
Rating since FY13. The stock has returned -4 R System’s three-year annualised return. Its
per cent annually in the last decade. Quality score never dipped below 9 while the
Growth score stayed above 6.

8.8 13.4 10.8 6.1 12.4 12.0 8.0 7.4 Power Grid Corporation of India
18.1 17.6 38.1 6.6 28.9 13.3 3.5 2.9 Power Mech Projects
29.6 43.0 9.5 6.6 43.5 29.6 2.3 3.0 Praj Industries
0.6 -15.5 1.5 6.2 7.0 6.5 14.3 4.0 Prakash Industries
10.2 -14.4 -1.0 5.9 42.3 53.1 2.4 3.4 Prataap Snacks
272.5 114.6 104.9 6.5 74.3 22.9 1.3 2.8 Praveg
20.7 8.3 0.0 5.6 53.9 23.4 1.9 1.9 Precision Camshafts
7.5 2.0 -11.7 4.9 34.7 13.7 2.9 2.4 Precision Wires India
-6.2 -3.1 23.5 7.0 66.9 36.0 1.5 1.9 Premier Explosives
7.2 18.6 6.1 5.8 23.5 22.1 4.3 3.8 Prestige Estates Projects
-2.3 31.8 6.3 6.2 34.6 25.6 2.9 3.2 Pricol
15.5 44.8 4.8 5.7 - 25.2 - 1.1 Prime Focus
3.5 77.4 14.2 5.9 39.1 11.2 2.6 4.5 Primo Chemicals
6.0 -224.9 0.2 5.0 56.4 61.4 1.8 1.6 Prism Johnson
8.6 -17.4 -15.1 5.8 183.8 38.5 0.5 1.5 Privi Speciality Chemicals
12.0 30.3 34.5 3.4 36.9 35.5 2.7 4.2 Procter & Gamble Health
9.8 12.6 14.7 6.9 76.0 71.3 1.3 2.7 P&G Hygiene & Health Care
20.9 15.3 -8.3 5.5 17.1 17.1 5.8 5.1 PSP Projects
-8.4 30.3 -10.3 4.8 0.8 0.6 8.1 6.8 PTC India Financial Services
-4.1 25.2 35.0 6.7 9.3 7.4 10.7 6.8 PTC India
16.8 28.2 25.8 2.6 214.5 55.6 0.5 1.2 PTC Industries
5.9 30.4 2.9 3.3 2.0 0.4 4.2 2.0 Punjab & Sind Bank
15.3 28.9 -1.1 6.2 23.9 31.7 4.2 5.1 Punjab Chem & Crop Protection
18.2 17.1 13.9 3.9 0.9 0.6 6.9 3.2 Punjab National Bank
-2.7 -6.2 47.7 5.9 184.7 17.6 0.5 2.1 Puravankara
-5.2 -205.3 -1.6 6.5 - 52.7 - 2.7 PVR Inox
22.3 -6.7 33.3 6.2 30.7 39.0 3.3 4.7 Quess Corp
3.0 -36.6 -15.3 3.5 - 14.8 - 1.5 Quick Heal Technologies
21.8 45.4 22.6 6.9 42.0 16.6 2.4 2.5 R Systems International
19.4 34.4 64.8 7.7 31.6 8.6 3.2 2.4 RACL Geartech
11.4 10.5 -5.5 5.5 85.0 25.2 1.2 0.9 Radico Khaitan
20.5 31.0 21.8 5.8 60.7 38.2 1.6 3.0 Raghav Productivity Enhancers
13.2 14.8 3.6 5.5 18.1 9.4 5.5 4.0 Rain Industries
2.3 13.1 -310.4 5.2 - 2.1 - 1.1 Raj Rayon Industries
2.0 -3.4 -1.8 5.0 90.9 17.1 1.1 1.1 Rajoo Engineers
-12.3 3.2 -3.5 5.1 51.1 14.3 2.0 2.0 Rajratan Global Wire

22 times
EPC player Ramky Infra’s return in the last
`13.32 lakh cr
The amount by which the conglomerate
three years, thanks to a consistent Growth score Reliance Industries’s market cap surged in the
of above 5 though the Quality score never last decade. Although it never scored above 8
exceeded 2. in any category.

Rallis India Other Chemicals 4,526 5.3 12.8 0.06 5

Ram Ratna Wires Machinery & Equipments 1,283 15.4 13.6 0.85 4
Rama Steel Tubes Metal Processing 1,926 14.2 12.5 0.86 4
Ramco Industries Building Products 1,848 3.1 2.9 0.08 5
Ramco Systems Software & IT Services 998 -37.1 0.9 0.08 3
Ramkrishna Forgings Metal Processing 14,470 20.7 10.9 1.01 4
Ramky Infrastructure Construction & Engineering 5,036 -16.6 -6.9 1.17 3
Rane (Madras) Auto Ancillaries 1,351 17.7 -7.7 2.72 2
Rane Holdings Investment Management 1,867 9.5 0.0 1.06 2
Rashtriya Chemicals & Fertilizers Other Chemicals 7,103 20.6 9.0 0.41 5
Ratnamani Metals & Tubes Metal Processing 26,098 21.0 15.8 0.09 7
RattanIndia Enterprises Diversified 10,695 -51.3 -27.1 2.29 6
Ravindra Energy Energy Equip. & Services 907 10.2 -130.5 1.21 1
Raymond Apparels & Footwear 10,005 24.1 3.8 0.72 5
RBL Bank Banks 14,129 6.7 5.7 3.37 4
Redington Technology Hardware 12,562 21.9 16.5 0.45 7
Refex Industries Commodity Chemicals 1,173 37.0 49.6 0.26 8
Relaxo Footwears Apparels & Footwear 22,640 8.5 19.3 0.00 9
Reliance Industrial Infrastructure Construction & Engineering 1,653 2.2 2.6 0.00 5
Reliance Industries Oil & Gas 16,07,898 8.9 10.6 0.44 6
Reliance Infrastructure Construction & Engineering 7,517 -25.4 -7.7 0.82 1
Reliance Power Power Generation 8,045 -15.2 -8.9 1.84 1
Renaissance Global Fashion Accessories 962 9.0 11.2 0.45 2
Repro India Business Services & Supp. 1,191 3.1 0.3 0.24 2
Responsive Industries Construction Materials 8,670 2.4 1.9 0.26 4
RHI Magnesita India Construction Materials 15,794 10.0 25.4 0.52 5
Rico Auto Industries Auto Ancillaries 1,270 7.8 4.5 1.06 2
Rites Construction & Engineering 11,279 21.3 20.5 0.00 10
Rossell India Food Processing 1,879 10.4 8.1 0.56 2
Roto Pumps Machinery & Equipments 1,241 22.3 19.2 0.24 7
RPG Life Sciences Pharmaceuticals 2,300 24.0 15.0 0.00 10
RSWM Textiles and Leather 951 9.3 5.4 0.87 2
Rupa & Company Textiles and Leather 2,126 6.0 18.8 0.27 2
Rushil Decor Construction Materials 1,014 23.9 11.5 1.17 3
S Chand And Co Publishing 914 5.6 -1.2 0.14 3
Sadhana Nitro Chem Commodity Chemicals 2,196 1.6 48.7 0.61 3

577%
Power generation company Reliance Power’s
56%
The annualised return generated by RPG Life
absolute return in the last three years despite Sciences, a formulations and API manufacturer,
never having a Stock Rating of more than 2 as its Quality score doubled from 5 in FY19 to
since FY19. 10 in November 2023.

14.6 -8.3 114.4 6.1 46.0 25.5 2.2 2.8 Rallis India
3.1 -3.4 71.9 4.6 25.4 11.7 3.9 3.1 Ram Ratna Wires
-33.7 -39.6 -193.5 3.5 60.2 22.9 1.7 1.1 Rama Steel Tubes
9.3 6.1 -180.8 3.4 19.5 11.6 5.1 3.0 Ramco Industries
-1.9 -273.4 35.4 3.5 - 54.2 - 0.7 Ramco Systems
-15.3 -11.8 3.6 6.1 49.9 22.1 2.0 2.0 Ramkrishna Forgings
-2.2 70.7 38.7 7.9 3.9 11.0 25.8 4.3 Ramky Infrastructure
3.7 -2.4 -0.8 5.9 37.0 25.8 2.7 1.9 Rane (Madras)
8.4 31.9 7.1 5.3 24.7 23.4 4.0 3.7 Rane Holdings
24.2 65.1 -6.1 6.4 13.6 11.1 7.4 6.3 Rashtriya Chemicals & Fertilizers
11.0 17.6 37.1 7.2 41.9 20.2 2.4 2.5 Ratnamani Metals & Tubes
- 9.4 -615.9 3.1 72.4 77.9 1.4 0.7 RattanIndia Enterprises
-11.7 16.1 14.6 5.9 43.2 52.6 2.3 4.4 Ravindra Energy
5.1 27.6 13.4 6.4 6.6 29.3 15.1 6.5 Raymond
20.3 6.8 11.8 6.1 1.0 1.1 8.3 4.1 RBL Bank
14.3 24.9 -277.9 4.3 10.1 10.1 9.9 6.0 Redington
71.5 144.1 44.9 3.1 10.1 7.0 9.9 4.3 Refex Industries
6.8 -1.5 20.2 6.5 116.8 59.1 0.9 2.5 Relaxo Footwears
-5.2 10.1 13.0 5.9 83.1 56.4 1.2 1.8 Reliance Industrial Infrastructure
16.0 13.9 8.5 6.2 23.5 19.6 4.3 4.4 Reliance Industries
-2.9 -209.8 -20.5 3.1 - 7.5 - 1.5 Reliance Infrastructure
-10.0 -179.8 -7.1 4.6 - 10.9 - 2.7 Reliance Power
-24.5 -22.7 27.4 4.2 13.4 7.4 7.5 5.4 Renaissance Global
5.0 -13.6 -20.2 6.0 90.8 29.1 1.1 1.7 Repro India
-4.8 21.2 -45.3 6.1 80.2 115.7 1.2 2.1 Responsive Industries
20.4 -226.0 31.4 5.7 - 26.0 - 2.2 RHI Magnesita India
13.7 -1.5 13.3 5.3 26.5 20.0 3.8 2.9 Rico Auto Industries
13.7 11.6 8.1 6.2 23.4 13.5 4.3 4.7 Rites
11.7 157.0 58.0 4.4 163.5 33.4 0.6 1.9 Rossell India
14.3 31.2 14.4 6.1 30.7 19.0 3.3 3.8 Roto Pumps
8.3 38.1 44.0 7.4 29.7 24.6 3.4 3.5 RPG Life Sciences
-8.4 33.5 -23.1 3.5 108.8 7.5 0.9 3.1 RSWM
0.4 -9.0 65.2 6.3 43.2 26.7 2.3 3.9 Rupa & Company
12.5 13.2 11.2 5.9 21.8 34.8 4.6 5.0 Rushil Decor
-5.2 -12.0 15.7 4.7 23.4 21.9 4.3 4.4 S Chand And Co
4.7 -36.6 -201.6 4.0 427.3 22.0 0.2 0.7 Sadhana Nitro Chem

2 to 9
The jump that Saregama, India’s largest music
52.7%
Bearings manufacturer Schaffer’s yearly return
producer, saw in its Quality score since FY13. in the last three years. Its Growth score jumped
Its market cap increased by 67 times in to 6 in November 2023, all the while maintaining
that time. a Quality score above 8.

Safari Industries (India) Fashion Accessories 10,519 34.4 8.8 0.14 6
Sagar Cements Construction Materials 3,488 2.0 6.1 0.90 2
Saint-Gobain Sekurit India Auto Ancillaries 1,070 16.0 15.7 0.03 9
Saksoft Software & IT Services 3,582 22.7 20.8 0.00 10
Salasar Techno Engineering Construction & Engineering 1,582 12.0 15.7 0.68 3
Samvardhana Motherson Int Auto Ancillaries 62,370 7.4 13.8 0.54 4
Sandhar Technologies Auto Ancillaries 3,038 8.3 11.3 0.59 4
Sandur Manganese & Iron Ores Metal Mining & Minerals 4,180 14.0 26.6 0.11 10
Sangam (India) Textiles and Leather 1,567 19.5 6.8 0.96 3
Sanghi Industries Construction Materials 3,126 -19.2 4.1 0.98 2
Sanghvi Movers Industrial Services 3,400 14.2 -2.9 0.22 3
Sanmit Infra Energy Equip. & Services 1,153 17.5 18.4 0.26 1
Sanofi India Pharmaceuticals 18,477 27.9 23.8 0.00 10
Sarda Energy & Minerals Metal Processing 8,429 18.8 16.7 0.41 6
Saregama India Media & Entertainment 7,173 13.6 19.2 0.00 9
Sasken Technologies Software & IT Services 1,736 14.5 16.8 0.00 8
Sastasundar Ventures Healthcare & Services 1,461 -8.4 19.2 0.00 8
Sat Industries Other Materials 1,327 18.4 10.1 0.40 2
Satia Industries Other Materials 1,177 30.1 25.5 0.57 8
Saurashtra Cement Construction Materials 951 -2.5 9.4 0.08 5
Savita Oil Technologies Other Chemicals 2,228 16.7 18.1 0.00 4
Schaeffler India Machinery & Equipments 44,335 21.8 15.7 0.00 10
Schneider Electric Infrastructure Utilities 7,945 115.7 48.6 3.39 2
Seamec Logistics 2,311 4.3 15.3 0.17 6
SEPC Construction & Engineering 2,701 -15.7 -10.1 0.37 1
Sequent Scientific Pharmaceuticals 3,086 -8.2 8.7 0.62 1
Servotech Power Systems Utilities 1,668 16.6 7.8 0.52 3
Seshasayee Paper & Boards Other Materials 2,094 27.4 15.5 0.00 10
SG Finserve Financial Services 2,670 6.3 4.0 0.95 2
SG Mart Power Generation 4,564 1.6 3.2 0.00 9
SH Kelkar & Co Specialty Chemicals 2,159 7.8 11.4 0.55 3
Shaily Engineering Plastics Other Materials 1,450 7.9 15.5 0.46 5
Shakti Pumps (India) Machinery & Equipments 1,840 5.9 13.8 0.18 2
Shalby Healthcare & Services 3,313 7.5 5.4 0.15 6
Shalimar Paints Specialty Chemicals 1,409 -10.3 -23.9 0.44 1
Shankara Building Products Specialty Retail 1,693 10.5 8.2 0.13 4

38.5%
Animal health product manufacturer Sequent
1
The Stock Rating of Shalimar Paints
Scientific’s one-year return. Its Quality score (paint maker) since FY18. Yet, the stock has
crashed from 5 in FY22 to 1 in November 2023. annualised returns of 33 per cent over the last
three years.

22.1 40.4 24.5 7.4 64.8 64.1 1.5 2.0 Safari Industries (India)
10.9 -24.1 -1.8 6.1 115.0 33.9 0.9 2.6 Sagar Cements
4.9 16.0 15.6 6.7 34.2 39.3 2.9 4.0 Saint-Gobain Sekurit India
-25.4 -19.7 -22.7 4.8 37.6 13.9 2.7 2.4 Saksoft
-29.8 -35.2 14.9 4.4 35.5 20.5 2.8 1.6 Salasar Techno Engineering
-8.2 -19.2 -7.9 5.6 32.6 40.2 3.1 4.7 Samvardhana Motherson Int
8.4 1.5 10.4 6.5 32.8 21.1 3.1 3.0 Sandhar Technologies
2.5 -4.6 -18.5 2.4 14.8 7.4 6.7 4.5 Sandur Manganese & Iron Ores
7.7 31.9 14.7 4.9 22.1 13.1 4.5 3.7 Sangam (India)
-2.5 -227.7 -164.3 2.4 - 22.3 - 0.5 Sanghi Industries
14.8 31.6 15.3 7.4 23.0 18.7 4.3 3.9 Sanghvi Movers
-31.0 -9.0 15.3 5.7 242.0 125.0 0.4 0.9 Sanmit Infra
2.4 13.7 -1.7 5.2 31.0 33.2 3.2 4.3 Sanofi India
14.7 24.8 19.0 4.9 15.0 6.8 6.7 6.3 Sarda Energy & Minerals
-28.5 -10.0 19.6 4.9 38.2 33.5 2.6 3.9 Saregama India
0.2 6.5 0.6 4.3 18.9 11.6 5.3 4.5 Sasken Technologies
45.5 -236.6 -167.6 4.8 - 180.8 - 1.2 Sastasundar Ventures
34.9 42.7 11.1 6.1 5.1 21.8 19.5 6.1 Sat Industries
-21.6 -22.5 -25.1 5.2 4.8 8.8 20.7 7.4 Satia Industries
23.0 -180.9 -15.6 5.2 44.9 8.7 2.2 2.6 Saurashtra Cement
15.3 12.3 -192.1 1.7 13.3 11.9 7.5 4.4 Savita Oil Technologies
-1.5 3.8 -0.1 6.0 48.1 39.8 2.1 2.7 Schaeffler India
6.2 31.4 -9.6 6.6 47.8 82.5 2.1 3.7 Schneider Electric Infrastructure
17.7 101.8 12.7 4.9 547.5 17.7 0.2 1.9 Seamec
-19.6 -22.5 -11.1 5.6 - 33.6 - 1.5 SEPC
10.4 -263.5 -18.3 3.7 - 58.2 - 0.9 Sequent Scientific
-17.7 -14.3 3.8 3.5 97.3 64.6 1.0 2.5 Servotech Power Systems
13.5 25.8 7.9 5.7 5.6 9.4 17.9 7.3 Seshasayee Paper & Boards
39.4 30.7 -479.5 5.0 51.6 71.5 1.9 3.8 SG Finserve
15.8 1.5 99.8 6.3 452.0 107.4 0.2 1.7 SG Mart
11.5 -6.6 14.7 6.4 30.1 24.8 3.3 4.4 SH Kelkar & Co
11.3 2.6 70.6 6.5 37.1 32.4 2.7 4.1 Shaily Engineering Plastics
17.3 -7.1 14.6 6.2 90.4 17.3 1.1 1.6 Shakti Pumps (India)
16.3 11.6 37.2 7.5 42.7 27.4 2.3 2.4 Shalby
-14.0 12.4 -181.1 4.6 - 39.5 - 0.6 Shalimar Paints
9.6 -3.1 18.2 6.4 23.8 32.3 4.2 4.6 Shankara Building Products

4x
The leap that exhaust system manufacturer
`96,389 cr
The wealth generated by Siemens in the last
Sharda Motor saw in its market cap as its five years as its Growth score soared from
Growth score jumped from 1.4 in FY20 to 5.1 in 2.5 in FY19 to 6 in November 2023.
November 2023.

Shanthi Gears Machinery & Equipments 3,784 23.8 11.0 0.00 10
Shanti Educational Initiatives Household & Personal Ser. 1,059 5.7 2.2 0.04 6
Sharda Cropchem Other Chemicals 3,635 16.5 16.0 0.00 8
Sharda Motor Industries Auto Ancillaries 3,926 31.3 21.2 0.00 10
Share India Securities Financial Services 5,511 45.1 32.8 0.24 9
Sheela Foam Household Durables 12,479 13.4 21.7 0.29 8
Shilchar Technologies Machinery & Equipments 1,920 42.9 11.0 0.00 6
Shilpa Medicare Pharmaceuticals 3,167 -1.8 9.2 0.45 2
Shipping Corporation Of India Logistics 6,698 13.5 5.8 0.37 4
Shivalik Bimetal Controls Machinery & Equipments 3,185 34.6 22.0 0.22 6
Shivalik Rasayan Other Chemicals 1,129 9.2 23.5 0.21 5
Shoppers Stop Specialty Retail 7,543 83.7 -63.8 0.65 6
Shree Cement Construction Materials 96,527 7.0 14.3 0.14 8
Shree Digvijay Cement Company Construction Materials 1,312 18.1 13.3 0.00 9
Shriram Finance Non-banking Fin. Services 75,384 17.3 14.7 6.21 8
Shriram Pistons & Rings Auto Ancillaries 4,384 21.1 11.9 0.20 8
Sical Logistics Logistics 1,835 9.0 -2.0 8.79 1
Siemens Diversified 1,30,194 11.5 11.7 0.00 8
Sindhu Trade Links Logistics 4,333 0.0 6.8 1.23 1
SIRCA Paints India Specialty Chemicals 2,001 18.8 19.2 0.00 7
SIS Business Services & Supp. 7,089 15.7 19.6 0.66 5
Siyaram Silk Mills Apparels & Footwear 2,467 24.2 13.5 0.13 6
SJVN Power Generation 33,356 10.4 11.6 1.01 5
SKF India Machinery & Equipments 22,740 24.8 18.3 0.00 10
Skipper Machinery & Equipments 2,576 4.7 7.7 0.63 4
SKM Egg Products Export (India) Farming 1,016 48.3 6.9 0.45 6
Sky Gold Fashion Accessories 1,113 21.3 16.3 1.49 6
SML Isuzu Automobile 2,204 11.7 -17.6 1.45 3
SMS Pharmaceuticals Pharmaceuticals 1,004 -1.5 14.0 0.55 4
Snowman Logistics Logistics 986 3.2 -0.3 0.25 4
Sobha Real Estate 8,605 4.2 8.3 0.80 4
Solar Industries India Commodity Chemicals 56,577 33.5 22.8 0.45 9
Solara Active Pharma Sciences Pharmaceuticals 1,218 -1.5 6.7 0.67 2
Som Distilleries Brew. & Wineries Alcoholic Beverages 2,257 18.1 2.8 0.65 4
Somany Ceramics Building Products 2,873 9.8 10.0 0.62 4
Sonata Software Software & IT Services 19,055 37.7 34.7 0.38 8

156%
Logistics player Sindhu Trade Links’ three-year
43%
Bearing and seal manufacturer SKF India’s
annualised return, though it never had a Stock returns in the last three years, with the Quality
Rating higher than 1. score rising above 8 and the Growth score
soaring above 6 in November 2023.

17.3 20.1 9.7 7.1 49.7 45.3 2.0 2.3 Shanthi Gears
-45.1 -27.3 -51.1 4.3 221.8 301.3 0.5 1.6 Shanti Educational Initiatives
18.8 12.4 80.9 5.8 19.0 15.7 5.3 4.6 Sharda Cropchem
18.5 21.8 -211.6 5.1 16.1 14.8 6.2 4.0 Sharda Motor Industries
43.8 74.5 -254.5 5.8 14.0 13.0 7.1 5.1 Share India Securities
-6.1 -5.4 -4.5 3.6 64.9 51.5 1.5 3.2 Sheela Foam
26.2 49.0 52.0 7.9 27.9 14.2 3.6 3.9 Shilchar Technologies
4.6 -177.6 36.4 5.9 - 34.4 - 2.3 Shilpa Medicare
10.8 23.2 45.0 6.3 7.5 9.3 13.4 6.0 Shipping Corporation Of India
14.7 27.3 50.7 7.0 39.9 17.1 2.5 2.6 Shivalik Bimetal Controls
1.9 7.3 -47.5 3.6 80.0 47.0 1.2 1.8 Shivalik Rasayan
-4.8 -19.4 7.9 5.6 80.1 82.6 1.2 3.1 Shoppers Stop
11.9 -2.4 5.7 5.8 52.8 51.1 1.9 3.1 Shree Cement
11.3 33.3 -3.8 6.4 22.1 19.9 4.5 6.1 Shree Digvijay Cement Company
17.6 20.3 13.6 6.8 1.6 1.7 8.7 6.0 Shriram Finance
8.9 16.5 18.1 6.2 12.4 15.7 8.1 6.6 Shriram Pistons & Rings
-24.4 -287.8 -45.7 2.1 - 36.3 - 0.0 Sical Logistics
7.8 2.1 11.3 6.0 66.4 56.1 1.5 2.4 Siemens
3.9 -63.4 -192.4 2.3 42.6 48.0 2.3 1.8 Sindhu Trade Links
34.5 28.4 -280.2 4.4 41.3 40.1 2.4 3.5 SIRCA Paints India
14.3 16.4 -4.4 5.5 19.6 21.7 5.1 4.9 SIS
5.2 17.8 57.5 6.1 11.7 11.9 8.6 6.7 Siyaram Silk Mills
5.7 2.1 -0.1 5.2 29.8 8.1 3.4 2.0 SJVN
10.2 13.0 14.3 6.1 47.0 33.9 2.1 3.1 SKF India
-0.9 -22.6 28.7 7.1 37.2 19.1 2.7 2.9 Skipper
15.8 125.5 29.2 7.5 8.4 16.6 11.9 5.7 SKM Egg Products Export (India)
-5.0 21.1 -175.4 5.5 36.7 17.3 2.7 2.2 Sky Gold
9.9 18.5 36.5 7.6 27.7 43.0 3.6 3.0 SML Isuzu
2.3 -37.4 -6.7 4.5 32.3 16.2 3.1 2.6 SMS Pharmaceuticals
16.5 41.9 18.7 7.1 65.1 126.4 1.5 3.0 Snowman Logistics
3.5 -13.6 26.6 5.8 80.1 20.6 1.2 2.9 Sobha
29.3 28.3 20.9 7.1 70.0 43.8 1.4 1.5 Solar Industries India
9.6 -309.6 14.2 6.3 - 21.8 - 2.6 Solara Active Pharma Sciences
-3.0 -2.3 -42.0 5.9 30.1 29.4 3.3 2.3 Som Distilleries Brew. & Wineries
7.6 -3.3 8.2 6.0 35.8 33.1 2.8 3.5 Somany Ceramics
17.9 12.0 -7.0 4.8 40.1 14.7 2.5 2.1 Sonata Software

59 times
Technical textile and specialty chemicals
7.3
SBI’s Growth score as of November 2023. It is
manufacturer SRF’s returns in the last 10 years, the only public sector bank with a Growth score
while its Growth score never slipped below 5. over 7.

Southern Petrochemical Ind Corp Other Chemicals 1,426 35.8 16.1 0.40 7
SP Apparels Apparels & Footwear 1,555 12.6 12.2 0.32 6
Spacenet Enterprises India Software & IT Services 1,292 6.2 - 0.01 2
Speciality Restaurants Hotels, Resorts & Cruise Lines 940 42.0 -11.0 0.00 8
Sportking India Textiles and Leather 1,045 19.5 25.3 0.53 4
SRF Other Chemicals 70,205 22.9 18.8 0.42 7
Star Cement Construction Materials 6,671 10.8 16.4 0.01 9
State Bank Of India Banks 5,03,973 16.5 8.7 2.78 4
Steel Authority Of India Metal Processing 38,092 3.5 8.9 0.56 3
Steel Exchange India Metal Processing 1,195 -11.7 14.5 1.19 2
Steel Strips Wheels Auto Ancillaries 4,352 18.6 13.4 0.59 6
Steelcast Metal Processing 1,262 37.9 17.8 0.11 10
Sterling Tools Auto Ancillaries 1,250 11.8 13.3 0.33 7
Sterlite Technologies Machinery & Equipments 5,832 12.1 24.7 1.77 3
Strides Pharma Science Pharmaceuticals 4,471 -9.0 -0.2 1.27 1
Stylam Industries Building Products 3,139 26.4 19.2 0.11 7
Styrenix Performance Materials Other Materials 2,550 23.3 16.3 0.01 9
Subex Software & IT Services 1,766 -9.4 -4.3 0.00 4
Sudarshan Chemical Industries Specialty Chemicals 3,156 5.4 21.9 0.99 3
Sun Pharma Adv Research Co Pharmaceuticals 8,939 -81.8 -91.3 0.00 3
Sun Pharmaceutical Industries Pharmaceuticals 2,94,434 16.6 7.4 0.11 7
Sun TV Network Media & Entertainment 26,583 19.6 24.8 0.00 10
Sundram Fasteners Machinery & Equipments 26,009 17.6 21.4 0.23 8
Sunflag Iron & Steel Company Metal Processing 3,507 -3.0 13.2 0.16 8
Sunteck Realty Real Estate 7,300 0.1 4.8 0.25 2
Suprajit Engineering Auto Ancillaries 5,264 13.2 17.5 0.53 6
Supreme Industries Other Materials 56,670 21.0 26.2 0.00 10
Surya Roshni Machinery & Equipments 5,494 19.7 11.5 0.22 3
Sutlej Textiles & Industries Textiles and Leather 1,039 6.7 7.2 0.86 3
Suven Life Sciences Pharmaceuticals 1,837 -52.7 -50.0 0.00 5
Suyog Telematics Construction & Engineering 983 21.9 28.3 0.43 7
Suzlon Energy Machinery & Equipments 55,240 -13.6 - 1.73 4
Swan Energy Textiles and Leather 11,161 -2.2 -3.3 2.20 1
Swaraj Engines Auto Ancillaries 2,671 41.2 34.0 0.00 10
Symphony Household Durables 5,948 13.5 21.7 0.22 9
Syncom Formulations (India) Pharmaceuticals 1,104 8.4 10.7 0.32 3

2to 5
The improvement in the Stock Rating of
44.7%
Textile manufacturer Swan Energy’s annual
castings manufacturer Steelcast since FY16. Its returns in the last three years despite having a
Quality score improved from 2 to 10 with the Stock Rating of just 1 in each of the last four
share price growing 23 times in 10 years. years.

0.6 46.0 -158.3 5.6 6.5 7.5 15.4 6.4 Southern Petrochemical Ind Corp
10.3 11.6 184.9 7.0 20.1 13.0 5.0 4.2 SP Apparels
92.5 -45.3 -160.5 3.9 185.2 309.4 0.5 1.5 Spacenet Enterprises India
4.8 33.0 55.6 6.9 11.3 43.0 8.8 6.0 Speciality Restaurants
17.5 49.2 32.1 6.9 12.7 6.2 7.9 5.6 Sportking India
20.8 35.3 32.9 6.5 40.5 23.1 2.5 3.4 SRF
11.7 -5.2 -1.5 5.8 23.6 15.7 4.2 2.9 Star Cement
14.1 50.3 10.6 7.3 1.4 1.3 13.5 6.6 State Bank Of India
12.7 57.6 -197.0 5.0 11.8 11.4 8.5 5.1 Steel Authority Of India
-35.8 14.6 -27.5 4.7 - 7.7 - 2.6 Steel Exchange India
-12.0 -12.5 -21.6 2.7 22.5 15.0 4.5 4.3 Steel Strips Wheels
15.6 27.6 52.2 7.1 16.2 21.0 6.2 5.2 Steelcast
11.3 -0.4 6.0 6.3 26.5 20.5 3.8 3.9 Sterling Tools
17.0 -8.8 -20.8 4.3 28.7 30.6 3.5 4.0 Sterlite Technologies
5.1 -225.2 -25.1 5.9 - 23.3 - 1.9 Strides Pharma Science
22.1 35.7 27.0 7.4 28.4 22.1 3.5 3.7 Stylam Industries
4.6 22.5 9.3 5.8 15.8 17.0 6.3 6.1 Styrenix Performance Materials
-3.0 -219.9 -29.6 4.3 - 14.9 - 1.7 Subex
6.9 -12.0 14.2 6.3 9.9 23.7 10.1 3.5 Sudarshan Chemical Industries
18.7 2.4 11.3 5.5 - 176.1 - 1.3 Sun Pharma Adv Research Co
10.7 27.2 4.9 5.4 34.4 41.8 2.9 4.3 Sun Pharmaceutical Industries
4.9 8.5 8.9 6.0 14.3 16.2 7.0 6.3 Sun TV Network
8.0 5.2 0.5 5.7 51.7 27.7 1.9 2.5 Sundram Fasteners
11.0 54.0 18.8 6.1 21.4 9.4 4.7 4.5 Sunflag Iron & Steel Company
-16.4 -63.7 28.9 4.3 - 30.3 - 2.1 Sunteck Realty
14.2 2.1 2.2 5.5 35.8 30.5 2.8 3.7 Suprajit Engineering
13.1 14.9 11.9 6.9 55.1 29.9 1.8 1.8 Supreme Industries
10.2 25.4 12.6 2.0 14.4 11.9 6.9 5.0 Surya Roshni
4.4 -19.9 4.5 5.1 - 7.7 - 2.1 Sutlej Textiles & Industries
-58.3 -189.0 -197.0 4.0 - 21.0 - 1.0 Suven Life Sciences
10.5 19.4 14.7 6.5 19.2 13.0 5.2 3.6 Suyog Telematics
-20.7 38.9 30.7 5.0 98.4 12.0 1.0 1.4 Suzlon Energy
30.9 -200.7 -248.8 4.7 36.2 358.3 2.8 3.2 Swan Energy
13.0 10.7 8.2 6.1 19.5 20.2 5.1 5.3 Swaraj Engines
8.3 -9.7 3.2 5.8 52.2 56.1 1.9 3.2 Symphony
7.2 18.3 53.7 2.3 46.9 18.8 2.1 1.7 Syncom Formulations (India)

98%
The annualised return that Tanla, a messaging
`8.86 lakh cr
The wealth that TCS created in the last decade,
platform provider, generated in the last five with a perfect Quality score and a stellar Stock
years while the Quality score rose from 5 in Rating.
FY18 to 8 in November 2023.

Syngene International Pharmaceuticals 30,234 13.4 17.3 0.16 7

TAAL Enterprises Transportation 993 28.0 50.4 0.00 9
Taj GVK Hotels & Resorts Hotels, Resorts & Cruise Lines 1,379 22.5 2.8 0.21 7
Talbros Automotive Components Auto Ancillaries 1,813 16.6 10.9 0.24 6
Tamil Nadu Newsprint & Papers Other Materials 1,855 22.0 1.6 0.96 4
Tanfac Industries Specialty Chemicals 2,224 35.3 68.6 0.00 10
Tanla Platforms Software & IT Services 12,323 31.2 14.1 0.00 8
Tasty Bite Eatables Food Processing 3,854 13.1 22.3 0.31 8
Tata Chemicals Commodity Chemicals 24,729 12.3 9.5 0.31 6
Tata Coffee Food Processing 5,189 9.2 14.1 0.56 6
Tata Communications Telecommunications Services 48,628 140.5 59.6 4.96 5
Tata Consultancy Services Software & IT Services 12,78,253 46.9 37.4 0.00 10
Tata Consumer Products Food Processing 87,425 6.8 6.9 0.07 8
Tata Elxsi Software & IT Services 51,450 41.0 32.8 0.00 10
Tata Metaliks Metal Processing 3,126 5.2 29.8 0.00 9
Tata Motors Automobile 2,34,659 1.7 -18.2 2.78 2
Tata Power Company Utilities 85,619 9.9 13.2 1.70 2
Tata Steel Metal Processing 1,57,343 7.9 22.3 0.76 5
TCI Express Logistics 5,372 24.6 29.1 0.00 10
TCNS Clothing Co Apparels & Footwear 2,431 -2.8 14.6 0.07 5
TCPL Packaging Containers & Packaging 2,106 25.2 12.9 1.11 3
TD Power Systems Machinery & Equipments 4,338 16.9 5.8 0.00 4
TeamLease Services Business Services & Supp. 4,236 15.1 12.8 0.02 8
Tech Mahindra Software & IT Services 1,19,132 16.9 20.9 0.06 8
Technocraft Industries India Building Products 5,116 19.1 16.9 0.46 5
Tejas Networks Comm. & Networking 13,564 -1.5 0.6 0.00 2
Texmaco Infrastructure & Holdings Real Estate Services 1,310 0.5 -2.0 0.04 7
Texmaco Rail & Engineering Machinery & Equipments 5,459 1.9 0.6 0.72 3
TGV SRACC Other Chemicals 1,072 40.5 11.7 0.21 8
Thangamayil Jewellery Fashion Accessories 3,771 22.4 19.8 1.37 4
The Federal Bank Banks 35,830 14.9 11.4 2.36 6
The Great Eastern Shipping Co Logistics 12,490 28.1 4.1 0.35 8
The India Cements Construction Materials 7,792 -4.5 1.6 0.55 2
The Indian Hotels Company Hotels, Resorts & Cruise Lines 59,884 13.3 -1.2 0.10 6
The Jammu & Kashmir Bank Banks 11,295 13.3 3.3 6.04 3
The Karnataka Bank Banks 7,583 15.4 9.3 3.74 7

4 times
The jump that power generation company Tata
>7
The Growth score maintained by Federal Bank
Power saw in the last three years. Contrastingly, since FY17, becoming the only company to
its Quality score fell from 8 in FY18 to 2 in do so.
November 2023.

17.5 8.7 13.0 6.8 60.7 46.5 1.6 2.6 Syngene International
8.8 11.3 8.5 5.9 26.6 10.3 3.8 2.7 TAAL Enterprises
5.9 30.6 6.0 6.2 19.3 69.6 5.2 5.6 Taj GVK Hotels & Resorts
10.5 28.3 10.7 5.5 26.6 11.6 3.8 4.7 Talbros Automotive Components
10.8 62.1 -0.6 5.4 4.9 7.6 20.2 7.4 Tamil Nadu Newsprint & Papers
18.3 42.1 19.8 6.2 32.5 13.9 3.1 2.1 Tanfac Industries
28.8 81.3 44.9 6.4 23.9 28.7 4.2 4.9 Tanla Platforms
9.9 2.7 23.6 6.0 84.5 72.2 1.2 2.7 Tasty Bite Eatables
10.3 9.5 9.7 6.0 12.0 15.3 8.3 6.4 Tata Chemicals
12.7 11.4 18.7 6.9 28.9 17.8 3.5 4.4 Tata Coffee
1.2 50.5 20.7 5.9 36.8 25.7 2.7 4.1 Tata Communications
13.9 11.3 11.9 6.0 28.6 25.6 3.5 4.3 Tata Consultancy Services
6.6 10.0 22.8 5.9 68.6 37.1 1.5 2.9 Tata Consumer Products
17.8 25.8 19.8 6.6 65.5 31.9 1.5 2.3 Tata Elxsi
6.9 -16.6 -17.7 4.9 23.9 9.7 4.2 3.1 Tata Metaliks
0.6 -21.4 5.2 6.7 15.3 17.7 6.5 4.4 Tata Motors
11.7 3.8 -1.0 5.9 24.0 23.6 4.2 3.8 Tata Power Company
-27.9 -46.1 -23.3 3.2 - 6.3 - 3.0 Tata Steel
7.0 19.0 14.7 6.1 38.6 42.1 2.6 3.5 TCI Express
3.7 -170.8 -125.9 2.7 - 45.1 - 1.4 TCNS Clothing Co
15.5 42.2 20.0 7.3 20.7 13.3 4.8 3.6 TCPL Packaging
-15.6 28.0 55.5 7.7 37.8 29.1 2.6 2.7 TD Power Systems
16.8 8.6 9.8 6.4 39.7 54.0 2.5 4.0 TeamLease Services
11.7 5.2 9.5 5.1 33.1 18.6 3.0 4.2 Tech Mahindra
12.3 19.5 49.4 6.6 18.0 9.4 5.6 3.4 Technocraft Industries India
-7.9 -171.3 -196.9 3.0 - 14.3 - 0.7 Tejas Networks
-2.0 -16.2 -204.2 4.4 500.3 62.4 0.2 2.3 Texmaco Infrastructure & Holdings
6.2 -10.1 9.8 5.4 79.6 61.0 1.3 1.2 Texmaco Rail & Engineering
10.9 60.0 19.3 6.3 6.8 6.1 14.7 6.2 TGV SRACC
18.0 28.4 17.1 5.9 33.7 24.9 3.0 3.3 Thangamayil Jewellery
15.1 27.9 13.7 7.8 1.3 1.3 10.2 6.1 The Federal Bank
14.6 71.7 26.5 7.2 5.0 8.6 20.2 7.3 The Great Eastern Shipping Co
1.1 -219.1 -151.1 3.7 - 38.3 - 1.8 The India Cements
3.5 66.7 22.5 7.5 54.4 65.4 1.8 3.1 The Indian Hotels Company
10.6 42.6 7.7 4.5 1.2 0.5 13.2 3.7 The Jammu & Kashmir Bank
11.4 29.4 4.9 6.3 0.8 0.6 17.9 5.3 The Karnataka Bank

8/10
The Quality score reported by Tide Water
`95,540 cr
The wealth created by Trent, a leading apparel
(lubricant manufacturer), despite a meagre retailer, despite consistently having a Valuation
five-year return of 4.3 per cent per annum. score of less than 3.

The Phoenix Mills Real Estate Services 42,343 10.5 7.6 0.51 6
The Ramco Cements Construction Materials 23,446 4.7 13.5 0.65 4
The South Indian Bank Banks 5,175 12.4 4.2 5.14 3
Themis Medicare Pharmaceuticals 1,568 18.2 9.7 0.27 5
Thermax Machinery & Equipments 30,183 12.2 8.8 0.21 5
Thirumalai Chemicals Other Chemicals 2,047 7.9 20.6 0.37 6
Thomas Cook (India) Leisure & Recreation 7,078 0.5 13.9 0.34 3
Thyrocare Technologies Healthcare & Services 2,948 12.4 25.9 0.00 10
Tide Water Oil Company (India) Other Chemicals 2,319 15.4 15.9 0.01 10
Tilaknagar Industries Alcoholic Beverages 5,097 23.4 31.7 0.54 7
Time Technoplast Containers & Packaging 4,010 10.1 10.4 0.36 3
Timex Group India Fashion Accessories 1,847 122.3 14.1 0.41 4
Timken India Machinery & Equipments 22,101 21.2 15.4 0.01 8
Tinna Rubber and Infrastructure Specialty Chemicals 1,024 25.1 2.4 0.61 5
Tinplate Company Of India Containers & Packaging 4,324 11.7 16.0 0.00 9
Tips Industries Media & Entertainment 4,637 64.1 27.0 0.00 10
Titagarh Railsystems Machinery & Equipments 12,364 15.4 0.9 0.26 4
Titan Fashion Accessories 3,10,010 30.7 22.4 0.63 9
Torrent Pharmaceuticals Pharmaceuticals 71,999 20.5 16.5 0.85 6
Torrent Power Utilities 46,319 20.2 11.0 0.95 8
Transformers & Rectifiers India Machinery & Equipments 2,624 10.9 2.0 0.84 2
Transpek Industry Other Chemicals 982 15.6 15.9 0.13 9
Transport Corporation Of India Logistics 6,667 20.5 15.2 0.04 8
Trent Apparels & Footwear 98,996 18.1 2.1 0.19 9
Trident Textiles and Leather 18,483 11.0 13.4 0.33 7
Triveni Engineering & Industries Food Processing 8,483 17.1 20.1 0.34 6
Triveni Turbine Machinery & Equipments 13,729 23.8 24.6 0.00 10
TTK Healthcare Pharmaceuticals 1,929 7.0 8.9 0.03 7
TTK Prestige Household Durables 10,689 13.9 19.4 0.02 9
Tube Investments Of India Auto Ancillaries 65,115 22.3 20.2 0.16 9
Tuticorin Alkali Chem and Fert Commodity Chemicals 1,178 -72.2 - 0.40 2
TV Today Network Media & Entertainment 1,218 9.9 16.6 0.00 4
TV18 Broadcast Media & Entertainment 7,392 2.5 11.5 0.88 3
TVS Holdings Auto Ancillaries 12,232 14.6 26.4 7.72 4
TVS Motor Automobile 88,872 26.9 21.4 3.93 5
TVS Srichakra Auto Ancillaries 3,699 8.3 12.0 0.64 4

5%
Kitchenware giant TTK Prestige’s annual
27.4%
The yearly returns that TVS Motor, a two-
five-year returns, despite its near-perfect Quality wheeler giant, generated in the last five years
score. Moreover, its Valuation score always although the Quality score fell from 8 in FY18 to
remained below 4. 5 in November 2023.

6.9 42.9 -5.1 6.8 45.8 40.9 2.2 2.7 The Phoenix Mills
12.9 -9.5 4.6 6.1 67.2 29.6 1.5 2.1 The Ramco Cements
8.9 18.3 5.1 6.2 0.7 0.6 17.7 5.5 The South Indian Bank
11.0 45.7 15.4 4.4 30.6 25.2 3.3 4.8 Themis Medicare
12.6 12.0 -2.9 6.8 60.5 45.4 1.7 2.5 Thermax
10.2 -12.0 -7.7 3.8 - 11.5 - 1.8 Thirumalai Chemicals
-18.8 -73.4 32.5 6.5 53.8 101.2 1.9 3.2 Thomas Cook (India)
8.5 -6.9 4.2 5.6 45.4 35.9 2.2 3.8 Thyrocare Technologies
7.8 3.3 1.8 6.0 18.3 16.6 5.5 5.1 Tide Water Oil Company (India)
6.3 21.7 -22.8 5.8 25.8 16.8 3.9 2.3 Tilaknagar Industries
6.7 3.8 4.1 6.4 16.0 12.5 6.3 3.9 Time Technoplast
13.1 44.0 72.1 6.9 59.7 56.4 1.7 2.7 Timex Group India
15.5 30.9 51.2 7.0 61.7 47.8 1.6 2.8 Timken India
24.1 45.1 15.4 6.7 39.2 18.1 2.6 3.6 Tinna Rubber and Infrastructure
15.6 14.3 14.7 5.7 46.4 16.9 2.2 2.8 Tinplate Company Of India
-15.2 22.2 -26.7 3.7 44.1 29.4 2.3 4.5 Tips Industries
16.2 23.6 18.4 6.6 58.0 94.5 1.7 2.0 Titagarh Railsystems
20.3 24.3 95.8 7.4 93.9 68.2 1.1 2.2 Titan
-4.2 -1.7 5.8 5.2 54.0 36.9 1.9 2.9 Torrent Pharmaceuticals
17.4 17.9 4.6 6.0 21.3 15.0 4.7 4.3 Torrent Power
14.0 45.9 17.9 6.2 222.0 30.4 0.5 1.8 Transformers & Rectifiers India
18.0 25.9 72.0 6.5 14.9 14.3 6.7 6.6 Transpek Industry
9.7 25.6 17.8 6.1 19.8 18.8 5.0 4.8 Transport Corporation Of India
29.0 33.4 48.6 7.8 157.3 95.7 0.6 1.6 Trent
6.8 10.7 24.5 7.0 40.3 12.2 2.5 2.3 Trident
14.5 83.7 -5.5 7.3 19.5 7.9 5.1 4.7 Triveni Engineering & Industries
11.5 15.3 17.4 6.0 58.9 36.0 1.7 1.4 Triveni Turbine
4.7 19.7 -200.6 4.8 30.1 37.3 3.3 4.7 TTK Healthcare
8.2 -0.7 9.4 4.6 47.7 45.2 2.1 3.3 TTK Prestige
23.8 48.6 26.9 7.5 63.5 57.8 1.6 2.4 Tube Investments Of India
-14.2 17.9 -27.6 5.8 11.3 7.8 8.9 3.7 Tuticorin Alkali Chem and Fert
4.0 -5.8 -23.2 3.8 24.7 13.9 4.0 5.5 TV Today Network
32.0 70.3 -276.7 4.2 80.1 39.2 1.2 2.7 TV18 Broadcast
13.9 16.2 -266.2 4.8 17.4 32.7 5.7 3.8 TVS Holdings
14.4 14.5 -265.5 4.7 61.0 38.0 1.6 1.0 TVS Motor
6.8 -7.9 2.1 5.7 36.3 15.4 2.8 2.4 TVS Srichakra

8 or above
Inorganic pigments and surfactants manufacturer
-10.5%
Annualised returns of Vakrangee, a business
Ultramarine & Pigments has maintained a Quality correspondent service provider, as its Stock
score of 8 or above since FY13. In the last 10 Rating slipped from 4 in FY19 to
years, its stock has 9x returns. 1 in November 2023.

UCO Bank Banks 45,253 7.5 -5.5 4.78 1

Udaipur Cement Works Construction Materials 1,858 11.2 1.1 3.31 2
UFLEX Containers & Packaging 3,263 8.9 11.7 0.73 2
Ugar Sugar Works Food Processing 1,013 60.6 2.9 1.57 4
Ultramarine & Pigments Specialty Chemicals 1,095 8.3 12.9 0.09 8
Ultratech Cement Construction Materials 2,59,837 9.7 12.5 0.18 7
Unichem Laboratories Pharmaceuticals 2,961 -6.5 27.1 0.12 5
Union Bank Of India Banks 79,980 11.3 0.8 7.53 1
Uniphos Enterprises Other Chemicals 1,055 1.3 1.2 0.00 8
United Breweries Alcoholic Beverages 43,544 8.5 12.1 0.00 7
United Spirits Alcoholic Beverages 76,477 17.5 20.2 0.00 10
Universal Cables Machinery & Equipments 1,742 8.5 9.8 0.44 3
UNO Minda Auto Ancillaries 38,644 17.2 16.9 0.30 7
UPL Other Chemicals 42,856 15.3 18.9 0.97 3
Usha Martin Other Materials 10,191 18.8 28.0 0.17 5
Uttam Sugar Mills Food Processing 1,920 23.8 22.3 1.03 8
VA Tech Wabag Utilities 3,800 22.7 9.0 0.14 4
Vadilal Industries Food Processing 1,777 27.7 19.6 0.64 8
Vaibhav Global Fashion Accessories 7,084 9.0 26.2 0.10 9
Vakrangee Software & IT Services 1,964 0.8 7.2 0.48 3
Valiant Organics Specialty Chemicals 1,284 12.9 38.6 0.40 5
Vardhman Holdings Investment Management 962 7.8 5.0 0.00 7
Vardhman Special Steels Metal Processing 1,796 16.8 9.3 0.22 5
Vardhman Textiles Textiles and Leather 11,730 9.8 13.2 0.20 6
Varroc Engineering Auto Ancillaries 8,225 2.4 1.7 1.67 2
Varun Beverages Non-Alcoholic Beverages 1,43,609 32.6 15.2 0.72 8
Vascon Engineers Construction & Engineering 1,707 11.3 1.3 0.15 2
Vedanta Metal Mining & Minerals 86,741 20.5 18.5 2.04 5
Venky's (India) Food Processing 2,813 5.5 18.4 0.14 7
Veritas (India) Diversified 969 4.3 5.2 0.10 2
Vesuvius India Machinery & Equipments 7,673 12.3 10.8 0.00 9
V-Guard Industries Machinery & Equipments 13,080 12.5 19.8 0.27 8
Vidhi Specialty Food Ingredients Specialty Chemicals 2,170 16.1 28.1 0.20 6
Vimta Labs Healthcare & Services 924 18.4 12.4 0.05 8
Vinati Organics Specialty Chemicals 17,582 22.6 23.7 0.00 10
Vindhya Telelinks Comm. & Networking 2,764 5.6 6.9 0.21 4

` 1.29 lakh cr
The wealth created by Pepsi bottler Varun
10 to 5
Vedanta’s Quality score has halved since FY13.
Beverages since 2018, with its Quality and It had a 5-star Stock Rating in FY13.
Growth scores being higher than 6 in all years. The stock’s 10-year annualised return is
2.5 per cent.

18.6 19.3 7.7 4.1 1.9 0.7 4.1 2.0 UCO Bank
21.0 22.7 31.5 6.0 50.9 31.6 2.0 3.3 Udaipur Cement Works
16.9 9.0 16.3 5.8 - 5.3 - 3.1 UFLEX
22.5 28.6 60.6 7.1 14.8 12.2 6.8 6.1 Ugar Sugar Works
14.3 8.8 4.5 5.9 17.1 14.1 5.9 5.1 Ultramarine & Pigments
14.2 16.8 17.3 6.6 45.6 36.6 2.2 3.2 Ultratech Cement
-0.6 -160.2 4.5 5.5 - 26.9 - 1.1 Unichem Laboratories
28.6 29.3 21.4 4.1 0.9 0.5 14.9 3.1 Union Bank Of India
- 17.3 9.4 3.6 27.0 27.5 3.7 5.4 Uniphos Enterprises
5.9 -5.0 -173.3 3.9 173.3 87.3 0.6 1.6 United Breweries
4.3 11.5 -7.9 4.7 67.5 69.7 1.5 2.8 United Spirits
13.3 7.4 40.3 6.4 17.2 10.2 5.8 4.2 Universal Cables
-17.5 -19.1 -19.7 4.9 52.1 32.6 1.9 2.7 UNO Minda
25.7 17.2 22.7 5.6 23.1 19.8 4.3 4.7 UPL
9.6 20.7 -22.7 6.5 25.5 14.0 3.9 2.9 Usha Martin
10.6 48.7 25.5 6.4 13.5 8.0 7.4 4.9 Uttam Sugar Mills
-5.5 -41.9 18.6 5.8 82.2 17.7 1.2 4.7 VA Tech Wabag
14.1 43.8 18.9 7.2 13.8 26.4 7.2 5.1 Vadilal Industries
11.1 -1.6 25.2 6.3 58.4 29.7 1.7 2.3 Vaibhav Global
-50.3 -72.8 -160.1 3.9 - 37.3 - 0.7 Vakrangee
26.7 14.8 34.7 5.6 18.8 20.3 5.3 6.2 Valiant Organics
-32.4 57.9 -10.5 5.4 5.4 7.8 18.7 6.0 Vardhman Holdings
12.2 28.7 42.0 5.5 22.7 15.5 4.4 4.9 Vardhman Special Steels
-20.2 -23.0 28.9 4.9 22.1 9.8 4.5 4.2 Vardhman Textiles
-10.0 -40.3 -11.5 5.4 56.1 59.0 1.8 2.3 Varroc Engineering
15.8 35.6 12.8 6.1 71.9 58.3 1.4 2.6 Varun Beverages
8.7 76.5 52.7 7.3 17.3 25.7 5.8 4.4 Vascon Engineers
9.9 1.2 13.7 5.5 16.7 9.4 6.0 5.5 Vedanta
9.5 -18.8 -19.6 5.5 29.5 16.5 3.4 3.7 Venky's (India)
5.2 7.0 -22.0 5.3 8.0 5.5 12.5 5.0 Veritas (India)
8.1 4.3 -7.6 6.5 41.8 26.6 2.4 2.1 Vesuvius India
11.8 6.6 51.5 6.7 60.8 46.2 1.6 2.5 V-Guard Industries
13.7 19.3 23.6 6.0 64.2 19.7 1.6 2.1 Vidhi Specialty Food Ingredients
11.4 23.5 20.9 6.1 22.3 24.6 4.5 5.0 Vimta Labs
23.3 26.1 33.1 6.6 43.1 34.2 2.3 3.9 Vinati Organics
16.7 12.6 17.9 5.4 11.8 11.6 8.5 5.2 Vindhya Telelinks

100 times
The growth in market cap of Waaree
1to 4
The improvement in pump manufacturer WPIL’s
Renewables, a power generator, since 2020 as Stock Rating since FY13. Its Quality score
the Quality score improved from 4 in FY22 to improved from 2 to 7 with the share price
7 in November 2023. growing 16 times in 10 years.

VIP Industries Fashion Accessories 8,603 30.7 13.9 0.29 7

Vishnu Chemicals Commodity Chemicals 2,052 39.5 20.3 0.91 7
V-Mart Retail Specialty Retail 3,446 -0.9 10.7 0.18 8
Voltamp Transformers Machinery & Equipments 5,559 19.5 13.4 0.00 7
Voltas Machinery & Equipments 27,363 6.9 12.5 0.12 5
VRL Logistics Logistics 6,184 20.4 15.6 0.18 9
VST Industries Food Processing 5,120 29.0 35.7 0.00 10
VST Tillers Tractors Machinery & Equipments 3,557 11.7 12.0 0.00 8
Waaree Renewable Technologies Power Generation 2,983 96.4 -2.5 0.46 7
Wardwizard Innovations & Mobility Automobile 1,307 10.0 2.8 0.14 7
Welspun Corp Metal Processing 13,871 4.5 11.1 0.70 5
Welspun Enterprises Construction & Engineering 4,571 8.3 8.1 0.32 5
Welspun Living Household Durables 15,267 4.9 15.0 0.58 4
Welspun Specialty Solutions Metal Processing 2,121 -37.7 -30.2 7.94 4
Wendt (India) Other Materials 2,789 22.9 11.6 0.00 10
West Coast Paper Mills Other Materials 4,301 44.8 26.0 0.08 10
Westlife Foodworld Hotels, Resorts & Cruise Lines 14,026 21.7 -2.9 0.37 7
Wheels India Auto Ancillaries 1,622 7.8 8.8 1.00 3
Whirlpool Of India Household Durables 19,899 6.4 18.9 0.00 8
Wipro Software & IT Services 2,15,814 15.9 18.3 0.19 7
Wockhardt Pharmaceuticals 4,972 -8.2 -11.2 0.57 1
Wonderla Holidays Leisure & Recreation 5,564 17.0 2.5 0.00 9
WPIL Machinery & Equipments 2,969 26.2 21.1 0.28 7
Xchanging Solutions Software & IT Services 1,045 7.0 10.5 0.00 8
Xpro India Specialty Chemicals 1,856 22.4 13.5 0.18 8
Yasho Industries Specialty Chemicals 1,823 31.3 31.5 1.33 4
Yes Bank Banks 55,650 1.9 -18.9 2.17 1
Yuken India Machinery & Equipments 897 3.7 25.9 0.59 3
Zee Entertainment Enterprises Media & Entertainment 24,292 2.9 12.7 0.00 1
Zee Media Corporation Media & Entertainment 929 -9.0 -11.6 0.57 1
Zen Technologies Software & IT Services 6,488 13.7 9.7 0.02 5
Zensar Technologies Software & IT Services 12,186 11.6 15.7 0.00 9
ZF Comm Vehicle Control Systems Auto Ancillaries 30,115 14.0 11.5 0.00 9
Zota Health Care Pharmaceuticals 1,049 -7.4 8.0 0.00 3
Zydus Lifesciences Pharmaceuticals 64,563 14.8 17.5 0.07 8
Zydus Wellness Household & Personal Pro. 9,867 6.4 8.8 0.06 6

74%
The fall in Yes Bank’s share price since 2013, as
8 to 1
The plunge seen in media giant Zee
both the Quality and Growth scores went from Entertainment’s Quality score since FY18. The
more than 8 to less than 3 in November 2023. stock also lost around 50 per cent of its value.

8.1 3.7 15.4 5.5 77.6 40.7 1.3 2.6 VIP Industries
-15.4 13.6 -21.3 4.0 17.1 14.3 5.8 4.8 Vishnu Chemicals
13.0 -162.1 23.4 5.1 - 50.1 - 1.6 V-Mart Retail
16.7 22.2 31.6 7.6 22.5 16.9 4.4 3.9 Voltamp Transformers
8.2 -25.1 -13.3 4.5 137.1 36.4 0.7 3.1 Voltas
7.1 12.9 9.6 5.2 18.2 30.6 5.5 2.9 VRL Logistics
6.4 12.4 -15.5 4.5 16.7 17.8 6.0 5.4 VST Industries
5.7 -3.8 1.8 5.4 27.6 22.2 3.6 3.4 VST Tillers Tractors
164.6 210.8 170.8 6.7 44.7 96.0 2.2 3.7 Waaree Renewable Technologies
- 88.9 -114.1 2.5 155.6 166.9 0.6 2.4 Wardwizard Innovations & Mobility
5.5 -3.3 -171.8 4.0 17.1 18.7 5.8 3.1 Welspun Corp
20.5 56.3 26.0 7.5 6.6 12.7 15.2 5.9 Welspun Enterprises
6.3 -12.4 7.1 6.1 29.0 15.8 3.4 2.9 Welspun Living
-18.3 14.3 31.4 7.0 99.7 9.7 1.0 1.1 Welspun Specialty Solutions
7.5 25.0 7.0 5.7 68.3 38.7 1.5 1.7 Wendt (India)
23.5 37.3 30.6 7.3 4.4 8.9 22.7 7.2 West Coast Paper Mills
14.9 54.0 20.5 7.0 130.3 172.2 0.8 2.1 Westlife Foodworld
12.7 -5.9 23.2 5.6 32.3 30.0 3.1 4.7 Wheels India
6.7 -8.6 -6.8 5.2 100.1 47.3 1.0 2.7 Whirlpool Of India
12.8 9.3 11.2 5.9 18.5 17.5 5.4 5.1 Wipro
-12.4 5.1 11.4 4.6 - 37.7 - 1.1 Wockhardt
9.6 31.0 18.0 7.0 32.3 30.7 3.1 3.2 Wonderla Holidays
16.1 43.7 0.6 7.1 14.3 12.5 7.0 5.1 WPIL
-1.3 7.3 3.0 5.6 45.8 22.4 2.2 3.9 Xchanging Solutions
1.5 22.9 9.5 5.5 58.9 23.6 1.7 2.4 Xpro India
20.7 50.5 52.5 6.4 34.7 26.3 2.9 3.2 Yasho Industries
0.5 -29.9 0.0 2.1 1.4 1.7 1.5 2.5 Yes Bank
6.8 5.9 20.2 5.7 117.0 52.6 0.9 2.0 Yuken India
3.9 -29.8 -25.3 4.1 - 34.1 - 2.5 Zee Entertainment Enterprises
-1.3 -209.8 13.0 3.7 - 49.4 - 1.7 Zee Media Corporation
41.2 156.8 43.6 4.1 70.5 60.4 1.4 2.0 Zen Technologies
9.2 5.7 28.1 6.7 23.2 16.4 4.3 4.1 Zensar Technologies
6.0 3.1 -0.8 6.6 76.8 66.9 1.3 2.1 ZF Comm Vehicle Control Systems
11.6 -2.4 -176.9 3.4 - 117.7 - 0.9 Zota Health Care
7.9 2.8 24.2 6.8 23.0 23.8 4.3 4.6 Zydus Lifesciences
22.0 6.9 -4.0 4.9 35.1 33.8 2.8 4.4 Zydus Wellness

How to build a
portfolio using our
Stock R tings?
Our Stock Screener helps you pick the right stocks based on
your investing style
I n our day-to-day salon

conversations about investing, we generally
talk about stocks. More often than not, we
talk about which stocks made us richer and
which burned us.
However, this preoccupation with
winning and losing stocks does us more
harm than good. Instead of focusing on the

AI generated image
performance of individual stocks, we should ‘portfolio approach’ is required. And this is

concentrate more on the performance of our where Value Research Stock Ratings come in
overall portfolio. handy. We have integrated the stock ratings
Here is how you can go about it. Consider with our ‘Stock Screener’ tool. Depending on
your portfolio as an individual company. your investing style, you can choose the
Find the rate at which its revenue and profit parameters for the Stock Rating and its
are growing. Calculate the capital efficiency various components (quality, growth and
and the debt burden. Check whether this valuation) to get a list of companies.
company generates sufficient cash flows. We have created five screens to guide you
Finally, evaluate whether this company based on different investing styles. For each
looks promising. screen, we slimmed down the list from 988
You can determine your next course of companies to 25 companies. Assuming an
action by thinking along these lines. Before equal-weighted portfolio, the returns were
analysing a new company, assess it against calculated from April 2018 till November 2023.
the ‘portfolio company’. If the new company However, remember that these stock
you are analysing is not better than what ratings should not be your sole investment
you already own, it will not improve your trigger. While it is a good way to save time,
portfolio. Similarly, if an existing stock in due diligence is still required before
your portfolio is performing poorly, you investing.
should reconsider keeping it. We will now go through each of the
To become a successful stock investor, a screens one by one.

Growth at a reasonable price
Finding fast-growing stocks with ease
P
opularised by the legendary fund following filters on 988 rated companies in our
manager Peter Lynch, the growth at a database as of FY18:
reasonable price (GARP) strategy aims to z Growth score greater than or equal to seven
combine the best of both worlds - growth and z Valuation score greater than or equal to four
value. Investors following this approach seek to z Quality score greater than five
find fast-growing companies at relatively We were left with 39 companies. To trim the
attractive valuations. list further, we segregated the companies based
Such companies expand at a faster rate than on their Stock Ratings and picked the top 25.
the overall economic growth. This does not If you had invested `10,000 in each of these
mean they are overvalued. But they are not stocks on April 2, 2018, your portfolio would be
undervalued either. Investors buy stocks of worth `5.33 lakh as of November 30, 2023. A
these companies at a reasonable valuation with similar investment in the BSE 500 index would
the anticipation that their growth will continue. be worth `5.02 lakh. Keep in mind that the
To find such companies, we applied the returns do not include dividends.
FY18
Stock rating Share price
Company M-cap (` cr) (Nov ‘23) Stock rating Quality score Growth score Valuation score return (% pa)
Tata Elxsi 51,450 10 7.1 4.8 45.1

Sonata Software 19,055 8 7.2 5.8 36.1
Voltamp Transformers 5,559 6 7.4 6.6 33.0
Sandur Manganese & Iron Ores 4,180 10 8.0 6.0 26.9
Nucleus Software Exports 3,907 9 7.1 5.3 25.1
JK Paper 6,223 7 7.6 6.7 18.5
Adani Ports and SEZ 1,78,319 7 7.7 5.1 15.2
DCM Shriram 14,944 8 7.7 6.4 14.3
Ajanta Pharma 24,811 10 7.7 4.7 14.0
Allsec Technologies 978 9 7.6 6.8 12.7
Aurobindo Pharma 61,110 9 7.7 6.1 10.5
HDFC Bank 11,83,245 9 9.2 4.5 8.8
Pasupati Acrylon 330 9 8.0 6.2 7.0
Panasonic Energy India 334 9 7.3 5.0 4.4
Vardhman Acrylics 435 10 7.2 6.6 3.1
NOCIL 3,847 10 7.1 4.0 2.8
Star Paper Mills 342 9 7.2 6.6 0.7
Natco Pharma 14,187 10 7.1 4.7 0.4
Indian Oil Corporation 1,57,551 7 7.1 7.9 -0.3
City Union Bank 10,836 9 7.2 5.2 -1.4
IndusInd Bank 1,14,024 7 9.4 4.4 -3.6
DCB Bank 3,505 6 9.0 5.9 -6.5
Castrol India 13,675 10 7.1 4.9 -6.7
IG Petrochemicals 1,375 9 7.6 4.7 -7.2
KSE 507 9 7.2 4.8 -9.0
Price data as of November 30, 2023. Share price return is calculated over April 2018 to November 2023.

High quality at a reasonable price
Are high-quality stocks worth the hype?
A
high-quality company can do wonders Below are the filters we applied to the
for your portfolio. Not only do they universe of 988 companies in FY18:
have the ability to deal with setbacks, z Quality score greater than or equal to eight
but they can quickly find opportunities to z Valuation score greater than or equal to five
reinvest and grow. z Growth score greater than six
But the issue isn’t that investors cannot We then had 53 companies. To create our
identify such companies. It lies in how they portfolio, we further sorted the list using the
price it. Given that the quality of these firms is Growth score and chose the top 25 stocks.
well-known and appreciated by the market, Assuming you had invested `10,000 in each
their valuations often skyrocket. of these companies on April 2, 2018, your
Hence, it doesn’t make much sense to invest portfolio would grow to `6.79 lakh as of
in these companies, regardless of their quality. November 30, 2023. A similar investment in the
We created our second screen with that very BSE 500 index would be worth `5.02 lakh. These
factor in mind. returns do not include dividends.
FY18
Saksoft 3,582 9 6.1 6.7 61.0

Persistent Systems 49,359 10 6.3 5.8 48.4
Mold-Tek Technologies 729 9 6.6 5.8 34.1
Cupid 1,131 10 6.7 5.9 28.9
Gujarat Mineral Development 13,090 10 6.4 5.9 22.5
Expleo Solutions 2,013 10 6.5 6.1 19.0
Infosys 6,04,013 10 6.0 5.0 18.0
Tata Coffee 5,189 9 6.5 6.2 15.7
Grauer & Weil 2,832 10 6.7 5.4 13.7
Advani Hotels & Resorts 479 10 6.7 5.1 11.5
Shreyans Industries 341 9 6.9 6.0 9.3
Gujarat Industries Power 2,397 9 6.3 5.8 8.3
Ultramarine & Pigments 1,095 10 6.4 5.5 4.2
Hindustan Zinc 1,26,633 10 6.1 7.1 -0.2
Sandesh 757 10 6.2 5.7 -0.4
Jagran Prakashan 2,089 10 6.0 5.2 -9.8
Bodal Chemicals 929 9 6.6 6.1 -10.0
Indus Towers 49,681 10 6.2 5.5 -10.1
Hindustan Media Ventures 603 10 6.1 6.5 -16.3

Fast-growing mid and small caps
Do mid and small caps deserve a place in your portfolio?
T
his screen is similar to the growth at a cap companies. Here are the filters we
reasonable price (GARP), but only for mid- applied to hunker down on the fast-growing
and small-cap companies. Proliferating, mid and small caps:
these companies grow their shareholders’ wealth z Growth score greater than or equal to seven
more quickly than their larger counterparts. z Valuation score greater than or equal to four
But, unlike the large caps, most mid- and The list then trickled down to 33 companies.
small-cap firms can’t deal with market We further screened it based on the Quality
fluctuations easily. It is an even bigger score and picked the top 25 stocks.
problem for small cyclical companies. As Let’s say you had invested `10,000 in each of
long as the wind is on their back, everything these companies on April 2, 2018. Your portfolio
runs smoothly. However, as soon as the would then be around `5.66 lakh as of November
tailwind becomes a headwind, such 30, 2023. On the other hand, a similar investment
companies gradually dwindle. in the BSE 500 index would be worth `5.02 lakh.
As of FY18, there were 749 mid- and small- These returns do not include dividends.
FY18
Tata Elxsi 51,450 10 7.1 4.8 45.1

Dalmia Bharat Sugar and Inds. 3,713 6 7.1 7.5 40.3
Sonata Software 19,055 8 7.2 5.8 36.1
Paushak 1,849 9 7.1 4.5 30.7
JK Paper 6,223 7 7.6 6.7 18.5
Vindhya Telelinks 2,764 7 7.4 6.4 14.7
DCM Shriram 14,944 8 7.7 6.4 14.3
Ajanta Pharma 24,811 10 7.7 4.7 14.0
Eldeco Housing & Industries 705 9 7.2 4.2 11.8
Associated Alcohols & Breweries 821 8 7.5 4.5 9.6
NOCIL 3,847 10 7.1 4.0 2.8
Deep Energy Resources 520 7 7.0 5.8 1.2
Natco Pharma 14,187 10 7.1 4.7 0.4
City Union Bank 10,836 9 7.2 5.2 -1.4
Indian Hume Pipe 1,321 7 7.1 5.4 -4.0
Bliss GVS Pharma 1,479 8 7.2 5.2 -5.8
Castrol India 13,675 10 7.1 4.9 -6.7
KSE 507 9 7.2 4.8 -9.0
PPAP Automotive 328 7 7.5 4.2 -14.2
PC Jeweller 1,311 7 7.1 4.3 -34.6

Small caps high on quality and growth
High growth or profitability: What should you choose?
T
here is nothing like the joy of earning big Now, valuations are an essential factor.
bucks by investing in small-cap However, for the sake of this screen, we choose
companies. Their explosive growth is a to be a bit reckless!
delight to behold. Moreover, if a small-cap stock As of FY18, there were 574 small-cap
has a large room to grow, it is like an icing on companies. We applied the following filters and
the cake! got a list of 25 companies:
But high growth alone wouldn’t cut it. If the z Quality score greater than or equal to eight
growth comes at the expense of profitability, z Growth score greater than or equal to seven
then it is a value-destroying proposition. So, the If you had invested `10,000 in each of these
key is looking for small caps that are profitable. companies on April 2, 2018, your portfolio would
That is, identifying companies that make be worth `5.15 lakh as of November 30, 2023. But,
judicious use of their capital and reinvest it in a similar investment in the BSE 500 index would
thriving ventures. In common parlance, such a only be worth `5.02 lakh. The returns do not
trait is deemed ‘high-quality’. include dividends.
FY18
K.P.R. Mill 29,582 8 7.2 3.4 40.4

Sonata Software 19,055 8 7.2 5.8 36.1
Paushak 1,849 9 7.1 4.5 30.7
Apcotex Industries 2,736 8 7.0 2.2 18.2
Kuantum Papers 1,460 9 7.0 2.5 15.9
LG Balakrishnan & Brothers 3,695 9 7.2 3.2 14.5
KNR Constructions 8,198 8 7.2 3.4 13.5
Eldeco Housing & Industries 705 9 7.2 4.2 11.8
Associated Alcohols & Breweries 821 8 7.5 4.5 9.6
IST 842 9 7.0 2.7 8.6
La Opala RG 4,226 10 7.4 3.6 4.6
NOCIL 3,847 10 7.1 4.0 2.8
Bhageria Industries 725 9 8.1 3.9 2.6
Thirumalai Chemicals 2,047 9 7.0 3.7 0.8
Hester Biosciences 1,265 9 7.3 2.6 -1.4
V-Mart Retail 3,446 9 7.4 2.5 -1.8
Bhansali Engineering Polymers 2,278 8 8.1 3.2 -4.6
Bliss GVS Pharma 1,479 8 7.2 5.2 -5.8
KSE 507 9 7.2 4.8 -9.0
TV Today Network 1,218 9 7.8 4.0 -14.3

Old-school value investor
Looking for profits in underpriced stocks
A
nd how can we forget about our value To find these ‘undervalued’ companies,
brethren? These are investors who here are the filters we applied:
wouldn’t bulge beyond their z Valuation score greater than six
comfortable P/E zone. The companies in this z Quality score greater than or equal to six
screen are undervalued for a reason, We were left with 51 companies. Then, we
whether good or bad. It is your job to selected the top 25 companies based on their
determine if these stocks have it in them to Stock Ratings.
deliver decent profits in the next three to Suppose you had invested `10,000 in each
five years. of these companies on April 2, 2018; your
Buffett called it ‘cigar-butt investing’. In portfolio would be worth `6.10 lakh as of
his words, “A cigar butt found on the street November 30, 2023. However, if you had
that has only one puff left in it may not offer invested `10,000 in the BSE 500 index, the
much of a smoke, but the ‘bargain purchase’ investment would only be worth `5.02 lakh.
will make that puff all profit.” Remember, the returns exclude dividends.
FY18
Saksoft 3,582 9 6.1 6.7 61.0

Balrampur Chini Mills 9,548 8 6.3 8.6 37.3
Datamatics Global Services 3,744 7 6.7 7.0 37.2
Indo Count Industries 6,122 8 6.6 6.7 23.5
Expleo Solutions 2,013 10 6.5 6.1 19.0
SJVN 33,356 9 5.6 7.4 17.9
Tata Coffee 5,189 9 6.5 6.2 15.7
Indian Metals & Ferro Alloys 2,829 8 6.7 7.9 15.6
DCM Shriram 14,944 8 7.7 6.4 14.3
Competent Automobiles 280 8 6.9 7.1 10.3
PTL Enterprises 551 10 5.1 6.8 9.9
Shreyans Industries 341 9 6.9 6.0 9.3
KCP Sugar & Industries 421 8 6.1 7.6 6.4
Hindustan Zinc 1,26,633 10 6.1 7.1 -0.2
Indian Oil Corporation 1,57,551 7 7.1 7.9 -0.3
Vardhman Holdings 962 10 5.6 6.2 -4.5
Kiri Industries 1,536 9 5.9 6.9 -6.6
Heritage Foods 2,209 10 5.6 6.2 -7.0
Bodal Chemicals 929 9 6.6 6.1 -10.0
Hindustan Media Ventures 603 10 6.1 6.5 -16.3

STOCK ADVISOR
Curb Your
constantly remind ourselves not to be swept up in the
euphoria, to look beyond the surface of headlines, and
to scrutinise the fundamentals supporting these
Enthusiasm
figures. Striking a balance between analytical rigour
and the market’s contagious enthusiasm is
challenging but invaluable for anyone who can
A framework to navigate the current manage it.
One way to do so is to follow a system of investing
market highs dispassionately. Feel the thrill of the high for a while
and then set it aside when the time comes to invest.
In practical terms, a market high is more likely to be
a dangerous time for investors than a good one –
unless you are extra careful with your investment
decisions. Remaining disciplined and cautious is key,
especially when market highs often lead to overly
optimistic projections and risky investment
by behaviours. The history of the stock market teaches
Dhirendra us that corrections or even significant downturns
Kumar frequently follow peaks. Therefore, while it is natural
to be excited by new highs, it’s crucial for investors to
temper their enthusiasm with a healthy dose of
D
o market highs excite you? Like many serious scepticism and a focus on long-term strategies. This
investment analysts, I often find myself torn approach ensures that when the market’s voting
about new peaks in equity indexes. As a machine becomes overly exuberant, you are not
logical, data-focused analyst and investor, I carried away by the crowd but are instead guided by
understand that a new high or a round number on the weighing machine of solid, fundamental analysis.
any index doesn’t hold significant meaning. However, The crucial thing is that stocks don’t become good
at the same time, I can’t deny the excitement that investments because the market is in a certain state
comes with these milestones. or because of one or two factors. Investors have to
There’s a rush of optimism, the rekindled sense of look at a lot of things. You can look at the valuation of
possibilities, and the thrill of witnessing a record- a stock, you can look at its dividend yield, you can
setting event that is undeniably exhilarating for any compare its price to its book value, you can look for
investor, no matter their level of experience or stable earnings, you can look for high growth, you
expertise. At their core, equity investors are can look for turnarounds that have just happened as
optimists, sometimes to an almost irrational degree. well as turnarounds that may be about to happen, you
It’s the symbolism that resonates; the allure of a new can look for businesses that are opening up new
high lies more in its symbolic significance than its technologies and markets, you can look simply for
actual value. The great Benjamin Graham famously companies that have some kind of investor
said, “In the short run, the market is a voting momentum behind them, and you can look for
machine, but in the long run, it is a weighing companies that have some combination of these
machine.” We have been seeing a string of new factors. Finally, on top of all this, companies whose
market highs recently, which is the voting machine management has a track record of competent
aspect dominating. execution are another layer of selection. Underlying
However, Graham’s insight reveals a deeper truth all this is the bedrock of the country’s larger
in these thrilling numbers. Equity investors are economic direction.
acutely aware that, over time, these numbers indicate The question is, how do investors curb their
the direction of a country’s economic health. Whether enthusiasm and keep doing sensible things? That’s
we reach a slight peak today merely reflects where Value Research comes in. Despite market
investors’ current preferences, but the overall trend highs, or rather, especially during market highs, we
is what truly matters. Nonetheless, we must provide a system for making sane and sensible

STOCK ADVISOR
Illustration: ANAND
decisions. Investors tend to change their system of framework, ensuring that our recommendations are
thinking when markets are zooming up. We think not just reactions to current market trends but are
that’s exactly when they should NOT change it, and based on sustainable business models and real
the best way to do so is to become a member of Value wealth-creation potential.
Research Stock Advisor. One of the key strengths of our service is our
So, what exactly does Value Research Stock commitment to transparency and education. We
Advisor get you? You get: believe that an informed investor is a successful
z Access to all our stock picks investor. Therefore, we not only provide
z A set of starter stocks was selected from our recommendations but also offer detailed analysis and
recommendations. Use this set to start building your updates on these picks. This ensures that our
portfolio right away! members are not just blindly following advice but are
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recommended stocks so that you understand why you investment decision.
are investing
z New recommendations as soon as they are released
Value Research Stock Advisor is a premium service where
z Continuous updates and analysis on all
you get promising stocks along with their full
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z Tools and data to research and analyse any other developments in them, including when to sell a stock.
stock Additionally, members get
Our Value Research Stock Advisor system is exclusive access to a range of tools
designed to prioritise fundamental analysis and long- and data which they can use to
term value creation. It’s not just about getting excited study any other stock.
and buying stocks but understanding the ‘why’ You can subscribe to the service
behind each choice or each rejection. Our approach is at www.valueresearchstocks.com
grounded in thorough research and a tried and true or scan the QR code.

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RESEARCH & ANALYSIS Aditya Gupta,

SUBSCRIPTION Passive equity funds

Growth at a High quality at Fast-growing Small caps Old-school

Editor-In-Chief: Dhirendra Kumar.

January 2024 Wealth Insight 5

January 2024 Wealth Insight 7

How to invest the Value Research way and create wealth

A ll of us believe – in fact, we know –

8 Wealth Insight January 2024

January 2024 Wealth Insight 9

“I got a PhD in how to

10 Wealth Insight January 2024

W hat is crazy? Many define crazy

January 2024 Wealth Insight 11

why does academia trumpet market efficiency? It

Beauty is in the eye of the beholder

Major bubbles and bursts

12 Wealth Insight January 2024

How the sentiment pendulum swings

FOMO Anxiety Euphoria Hope

Euphoria Excitement Panic

A listed “Sometimes his idea of value appears

14 Wealth Insight January 2024

Premchand Roychand: India’s first Big Bull

January 2024 Wealth Insight 15

16 Wealth Insight January 2024

Why over 90 per cent of

I n the previous part of the story we

January 2024 Wealth Insight 19

expected. Buoyant markets bring with them a

20 Wealth Insight January 2024

Some recurring mistakes

22 Wealth Insight January 2024

15 Handpicked Stocks updated monthly

Special coupon for you

9999322422 C-103, Sector 65, Noida - 201301 support@valueresearchstocks.com

Subscription copy of [lokincredibl@gmail.com]. Redistribution prohibited.

24 Wealth Insight January 2024

Many influencers are sharing stock tips/

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“I can see clearly now the rain is gone

Still, what almost always

S o far, we have seen that the markets

January 2024 Wealth Insight 27

28 Wealth Insight January 2024

business is doing rather than constantly

30 Wealth Insight January 2024

and replacing them with good ones is not easy

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32 Wealth Insight January 2024

To avoid such outcomes in your But isn’t stock picking

Ajanta Pharma Pharmaceuticals 24,811 17.7 21.9 0.00 10

Asian Granito India Building Products 943 -6.7 9.8 0.17 2

Deepak Nitrite Specialty Chemicals 29,970 22.9 30.1 0.01 8

Galaxy Surfactants Commodity Chemicals 10,086 22.0 23.2 0.14 9

Goodyear India Auto Ancillaries 3,027 18.6 13.7 0.00 9

HEG Machinery & Equipments 6,322 13.0 39.0 0.17 9

IDFC First Bank Banks 60,214 10.4 -3.0 2.51 1