AMP

STRICTLY CONFIDENTIAL

20 March 2024
ANTIQUE’S MORNING PRESENTATION
FROM THE RESEARCH DESK
Market Snapshot
Global Indices Closing % Chg % YTD
COMPANY UPDATE
Dow Jones 39,111 0.8 3.8
J.K. Cement NASDAQ 16,167 0.4 7.7
Strong execution justifies premium valuation FTSE 7,738 0.2 0.1

Suprajit Engineering CAC 8,201 0.6 8.7

DAX 17,987 0.3 7.4
Rapid strides in new businesses to drive growth
Russia 1,112 (1.6) 2.6

Global News Bovespa

Nikkei
127,529
40,004
0.5
0.7
(5.0)
19.5
 The S&P 500 closed at record highs Tuesday, led by energy stocks and Hang Seng 16,529 (1.2) (3.0)
weakness in Treasury yields as investors awaited the Federal Reserve decision Shanghai Composite 3,063 (0.7) 3.0
due Wednesday. The S&P 500 gained 0.6% to notch a closing record of
5,178.48.The NASDAQ Composite added 0.4%, and the Dow Jones Industrial Indian Indices Closing % Chg % YTD
Average rose 320 points, or 0.8%. Sensex 72,012 (1.0) (0.3)
Nifty 21,817 (1.1) 0.4
 The Nikkei 225 Index rose 0.66% to close at 40,004 while the broader Topix
MSCI India 949 (1.4) 3.0
Index gained 1.06% to 2,751 on Tuesday, with Japanese shares climbing
CNX Midcap 45,926 (1.2) (0.6)
back toward all-time highs even after the Bank of Japan raised interest rates
BSE Smallcap 41,546 (1.0) (2.6)
from -0.1% to 0%, hiking for the first time since 2007 and ending eight years
of negative rates amid rising wages and high inflation
Flows (USD mn) Prev. Day MTD
Sector & Corporate News FII (141) 4,360

 Grasim Industries - Grasim raises INR 12.5 bn from IFC through Provisional flows (USD mn)
sustainability-linked NCDs.Grasim Industries, the flagship company of the Aditya FIIs 171
Birla Group, announced that it has raised INR 1,250 crore from International Local 897
Finance Corporation (IFC), the private-sector arm of the World Bank Group,
by issuing sustainability-linked non-convertible debentures (NCD). It said the Volumes USD bn % Chg
funds would be used to support decarbonisation through its new paint- Cash (NSE + BSE) 11.9 16.4
manufacturing business. F&O (net) 4,922.2 48.2

 Unilever Rejig Plan - Consumer goods giant Unilever Plc has unveiled a FII F&O Stock Fut Index Fut
sweeping restructuring plan that includes separating its $8.6 billion ice cream
Net ($ mn) 147 (258)
business and cutting 7,500 jobs worldwide. The move, aimed at streamlining
Open Int (%) 0.2 4.2
operations and jumpstarting growth, marks a significant shift for the UK-based
company under the leadership of Chief Executive Officer Hein Schumacher. ADR/GDR Losers Last % Chg
 Adani Green - Adani Green Energy said on Tuesday it is aware of a U.S. Dr Reddy 73.0 (3.2)
investigation into potential violations of anti-corruption laws by a "third party", Infosys 18.9 (1.7)
but denied any relationship with the entity. Wipro 6.0 (1.7)
HDFC 55.5 (1.0)
 Inox Green Energy Services Ltd - Inox Green Energy Services Ltd (IGESL),
SBI 87.2 (0.9)
a wind power operations and maintenance (O&M) service provider, on Tuesday
announced that its subsidiary I-Fox Windtechnik India Private Limited (I-Fox) has
won an order from NLC India Ltd (NLCIL), a Navratna PSU of Govt of India. The
order is for the restoration of 33 wind turbine generators (each 1.5 MW) of
NLCIL's wind power plant located in Tenkasi District in the state of Tamil Nadu.
 Fsn E-Commerce Ventures Ltd - Fashion and beauty retailer Nykaa hopes
to actively defend its turf amid competition from Indian conglomerates and
new players, as it stacks up strongly with a huge lead and advantage of
brand play, customer base and business insights.
Please refer to disclosures at the end of the Research Report
ANTIQUE STOCK BROKING LIMITED FROM THE RESEARCH DESK 20 March 2024 | 2

Sectoral indices Delivery Spike

Closing % Chg % MTD % YTD Company Volume Spike (%) Chg (%)
BSE Auto 46,628 (0.4) (0.4) 10.4 Tata Consultancy Services Ltd 27,085,886 3171% -4.22%
BSE Bank 52,643 (0.4) 0.4 (3.2) Divi's Laboratories Ltd 374,463 256% -1.70%
BSE Cap Goods 56,354 (1.5) (1.8) 1.3 United Breweries Ltd 89,607 237% -2.54%
BSE Cons dur 49,929 (0.7) (2.5) (0.1) Exide Industries Ltd 1,367,971 216% -3.45%
BSE FMCG 18,895 (2.1) (2.8) (7.7) DLF Ltd 2,098,217 203% -1.58%
BSE IT 36,356 (2.7) (5.4) 1.0 Indian Oil Corp Ltd 18,947,974 175% -3.45%
BSE Health 33,697 (1.5) (3.9) 6.8 Bharti Airtel Ltd 7,203,969 163% 0.25%
BSE Metal 27,139 (0.6) 1.0 0.5 Bharat Petroleum Corp Ltd 3,953,236 152% -4.22%
BSE Oil 26,443 (1.9) (4.4) 14.9 ICICI Bank Ltd 10,511,199 141% 0.25%
BSE Power 6,259 (1.9) (5.0) 7.6 Tech Mahindra Ltd 846,632 130% -1.60%
BSE PSU 17,270 (1.7) (5.8) 11.0
BSE Realty 6,554 (0.7) (8.9) 5.9
BSE TECK 16,421 (2.4) (3.2) 3.0

Derivatives Update
Long Build Up
Company Last % Chg % Chg OI OI (in 000)
ABB 5,649.85 2.12 5.12 1,092
PIIND 3,704.20 1.04 4.91 1,777
APOLLOHOSP 6,121.15 0.35 4.48 2,317
PIDILITIND 2,896.30 1.28 4.17 2,056
HINDCOPPER 261.75 2.77 3.98 31,937

Nifty Outperformers Short Build Up

Company Last % Chg % Chg OI OI (in 000)
Price % Chg % MTD % YTD BALRAMCHIN 363.55 (0.67) 6.45 13,225
Bajaj Finance Ltd 6,596 1.4 1.6 (10.0) OBEROIRLTY 1,362.55 (1.02) 5.72 5,652
Bajaj Auto Ltd 8,640 1.4 9.2 27.1 ICICIGI 1,663.90 (0.09) 4.76 2,259
Kotak Mahindra Bank Ltd 1,750 0.7 3.6 (8.3) BAJFINANCE 6,613.15 (1.43) 4.61 8,451
Hindalco Industries Ltd 534 0.5 5.9 (13.2) ESCORTS 2,715.85 (0.33) 3.87 1,946
Eicher Motors Ltd 3,717 0.5 (2.0) (10.3) Short Covering
Bajaj Finserv Ltd 1,582 0.3 (0.8) (6.2)
Company Last % Chg % Chg OI OI (in 000)
Icici Bank Ltd 1,084 0.3 3.0 8.8
BAJAJ-AUTO 8,613.25 (1.19) (5.88) 2,750
EICHERMOT 3,733.10 (0.50) (3.80) 3,826
Nifty Underperformers BALKRISIND 2,287.05 (0.79) (0.86) 2,417
Price % Chg % MTD % YTD HINDALCO 534.10 (0.12) (0.26) 37,888
Bharat Petroleum Corp Ltd 558 (4.2) (7.6) 23.8 Long Unwinding
Tata Consultancy Svcs Ltd 3,977 (4.2) (2.9) 5.3 Company Last % Chg % Chg OI OI (in 000)
Cipla Ltd 1,436 (3.5) (3.0) 15.2 TCS 3,991.15 4.06 (14.64) 15,921
Tata Consumer Products Ltd 1,146 (3.4) (3.7) 5.5 INDUSTOWER 239.00 4.16 (10.30) 1,17,599
Britannia Industries Ltd 4,817 (3.3) (3.0) (9.8) GUJGASLTD 521.20 4.12 (7.78) 7,636
Nestle India Ltd 2,496 (3.3) (3.9) (6.1) OFSS 8,305.85 4.12 (6.76) 1,325
Dr. Reddy'S Laboratories 6,135 (3.3) (4.5) 5.8 LAURUSLABS 388.10 2.59 (6.41) 12,828

Bulk Deals
Security Name Client Name Buy/Sell Qty Price Value (mn)
GODFRYPHLP The Jupiter Global Fund-Jupiter India Select Buy 6,95,074 3,126.55 2,173
STARHEALTH Icici Prudential Mutual Fund Buy 35,74,074 540.00 1,930
EIHAHOTELS The Jupiter Global Fund-Jupiter India Select Buy 9,79,302 665.85 652
LTFOODS Abakkus Asset Manager Llp Buy 33,93,543 162.04 550
BBL Ratnabali Investment Pvt Ltd Buy 36,500 5,124.93 187
ANTIQUE STOCK BROKING LIMITED FROM THE RESEARCH DESK 20 March 2024 | 3

Nifty Nifty P/E Nifty P/B

24000 36 4.5
21000 4.0
31
3.5
18000
26 3.0
15000 2.5
12000 21
2.0
9000 16 1.5
Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24

Source: Bloomberg

Sensex FII Provisional Flows (INR bn) DII Provisional Flows (INR bn)

75000 290 155

230 130
65000 105 c
170
80
55000 110 55
45000 50 30
(10) 5
35000 (20)
(70) (45)
25000 (130) (70)
Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24

Source: Bloomberg

Economy, Money & Banking Commodities Update

Forex Rate Last % Chg % MTD % YTD Commodities Last % Chg % MTD % YTD
INR~USD 83.0 (0.2) (0.2) 0.2 Gold ($/Ounce) 2,156 (0.1) 5.5 4.5
INR~EUR 90.0 0.4 (0.0) 2.2 Crude Oil ($/Bl) 83 (0.4) 6.2 15.4
INR~GBP 105.2 0.3 (0.2) 0.5 Aluminium ($/t) 2,218 (0.4) 1.4 (5.4)
Copper ($/t) 8,871 (1.3) 5.6 4.8
Bond Market Last Chg (bps) MTD (bps) YTD (bps) Zinc ($/t) 2,459 (1.1) 3.2 (6.9)
10 Year Bond 7.1 1 2 (8) Lead ($/t) 2,048 (0.8) (0.5) 0.7
Interbank call 6.5 10 - 26 Nickel ($/t) 17,190 (2.8) (2.7) 5.0

INR/USD Gold and silver prices (USD/Tr.Oz) Crude prices (USD/barrel)

84 2200 30 95
27
1900
83 24 75
1600 21
18
82 1300 55
15
1000 12
81 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 35
Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Gold (LHS) Silver (RHS) Mar-20 Mar-21 Mar-22 Mar-23 Mar-24

Source: Bloomberg

Inflation vs 10 year yield Nifty premium/discount NSE volatility index (%)

20 150 17
15 117.9 109.9 16
105.5
10 15
100 79.8 14
5 69.0
13
0
50 12
-5 11
May-22

Nov-22

Feb-23

May-23

Nov-23

Feb-24
Aug-22

Aug-23

10
0
1-Jan
7-Jan
13-Jan
19-Jan
25-Jan
31-Jan
6-Feb
12-Feb
18-Feb
24-Feb
1-Mar
7-Mar
13-Mar
19-Mar
20-Nov
26-Nov
2-Dec
8-Dec
14-Dec
20-Dec
26-Dec

13-Mar 14-Mar 15-Mar 18-Mar 19-Mar

WPI Inflation (%) 10 Yr Yield (%)
Source: Bloomberg
ANTIQUE STOCK BROKING LIMITED FROM THE RESEARCH DESK 20 March 2024 | 4

CMP : INR 4,000 COMPANY UPDATE

Reco
Target Price
: BUY 
: INR 4,500 
J.K. Cement
Target Price Change : No Change Strong execution justifies premium valuation
Target FY26 EV/EBITDA (x) : 14
While our/ consensus earnings for the sector may see some (3%-4%)
EBITDA Change FY24/ 25/ 26 : -1%/ 0%/ 1% downgrade given the sharp ~5% QoQ drop in prices during 4QFY24E, we
believe our/ consensus earnings for JK Cement (JKCE) may largely remain
intact. With no major exposure (<10%) to the highly volatile markets of the
South and East, higher volume growth, and ~40% of its EBITDA derived from
Krupal Maniar
white cement/ putty and other operating income, JKCE's earnings may remain
+91 22 6911 3419 more resilient versus peers. Besides, JKCE's execution remains strong with
krupal.maniar@antiquelimited.com ~13% volume CAGR over FY19-24E led by a faster ramp-up of newer
capacities vs. ~5% volume CAGR for the industry. The company targets to
Harshal Milan Mehta more than double its capacity to ~50 mtpa by 2030-31 implying a near
+91 22 6911 3428 double-digit volume CAGR in the medium term without increasing leverage/
harshal.mehta@antiquelimited.com equity dilution. We largely maintain our FY24-26E estimates with an
unchanged target price of INR 4,500 based on 14x FY26E EV/EBITDA. Recent
stock price correction of >10% is an opportunity to ADD, in our view. JKCE
remains our top pick in the mid-cap space. The stock has delivered >35%
Market data CAGR consistent returns over the past 5/ 10 years. Maintain BUY.
Sensex : 72,012 Strong execution track record likely to sustain driving market share gains
Sector : Cement
JKCE has doubled its capacity over the past five years from 12.6 MT in FY19 to 24.6 MT by
Market Cap (INR bn) : 309.6
FY24E, resulting in a volume CAGR of 13% over FY19-24E (vs. ~5% for the industry) owing to
Market Cap (USD bn) : 3.728 robust execution, market share gains, and entry into high growth markets of Central India.
O/S Shares (mn) : 77.3 JKCE targets for 30 MT grey cement capacity by FY26 from 22 MT currently which will be
52-wk HI/LO (INR) : 4575/2756 through the 6 mtpa Panna Line-2 and 2 mtpa Prayagraj grinding unit.
Avg. Daily Vol ('000) : 169
Clear roadmap to double the capacity to 50 mtpa by 2030-31 with better market mix
Bloomberg : JKCE IN
The company has laid down a clear roadmap to double its capacity to ~50 mtpa by 2030-
Source: Bloomberg
31 (11%-12% capacity CAGR). Incremental capacity expansion would be through 5-6 mtpa
Valuation Panna-Line 3 and 4 each (Central) and 3-4 mtpa greenfield expansion at Jaisalmer (North),
FY24e FY25e FY26e brownfield expansion at Muddapur (South/ West) and greenfield expansion in Toshali (East).
EPS (INR) 112.4 139.0 156.7 North and Central regions, where utilization is expected to remain >80% and pricing is likely
P/E(x) 35.6 28.8 25.5 to be more firm, would continue to constitute >80% of its market mix even going ahead.
P/BV(x) 5.7 4.9 4.2 White cement/ putty and incentives insulates its overall EBITDA
EV/EBITDA(x) 16.2 13.9 12.6 As per our estimates, JKCE derives ~40% of its EBITDA through its white cement/ putty business
Dividend Yield (%) 0.4 0.4 0.5 and other operating income (incentives) and hence is less exposed to the volatility in grey
Source: Company, Antique cement earnings vs. peers.
Returns (%) Incremental levers available to improve profitability
1m 3m 6m 12m JKCE plans to increase its share of the trade segment from the current 62% and improve the
Absolute (5) 2 21 41 blending ratio from the current 0.66x driving better profitability. The company is also working
Relative (3) (0) 12 13 on various cost efficiency levers. Its green power share has increased to 50% in FY24TD and
Source: Bloomberg management targets to increase it to 60% by FY27E and 75% by FY30. The thermal substitution
rate has also increased from 13.9% in FY23 to 14.6% in YTDFY24. It has recently won a
Shareholding pattern couple of coal blocks-Mahan and West of Shahdol (South), which would increase the share
Promoters : 46% of low-cost captive coal.
Public : 54% Net debt unlikely to increase significantly despite higher capex
Others : 0% JKCE has incurred a capex of INR 12 bn p.a. over FY19-24 (on average). It is planning an
Source: Bloomberg
aggressive capex of INR 20bn p.a over FY25-26E. Despite this, its current consolidated debt
at INR 35 bn is unlikely to increase, while net debt to EBITDA would halve from 2.6x in FY23
Price performance vs Nifty to 1.3x in FY26E. Besides, the company continues to enjoy industry leading RoE/RoCE of 16-
18% justifying its premium valuation.
160
140 Investment Summary
120
100
We factor in 9% volume CAGR over FY24-26E and expect consolidated blended EBITDA/ton
to improve from INR 1,108/ton in FY24E to INR 1,183/ton in FY25E and INR 1,209/ton by
80
Mar-23 Jul-23 Nov-23 Mar-24 FY26E led by lower fuel costs, better costs efficiencies, and higher realization. The stock
JK Cement NIFTY
currently trades at ~12.5x EV/EBITDA and USD 130 EV/ton based on FY26 EBITDA estimate.
Key risks: lower demand/ prices and higher cost escalations.
Source: Bloomberg Indexed to 100
ANTIQUE STOCK BROKING LIMITED FROM THE RESEARCH DESK 20 March 2024 | 5

Table 1: JKCE has been the most aggressive in terms of capacity expansion over FY19-24E
CAGR FY19-
Particulars FY19 FY20 FY21 FY22 FY23 FY24E FY24E
UTCEM 94.9 111.5 111.5 116.0 131.4 138.6 7.9%
ACC 33.4 33.4 33.4 34.5 36.1 37.1 2.1%
ACEM 29.7 29.7 29.7 31.5 31.5 33.0 2.1%
SRCM 37.9 40.3 43.3 46.3 46.3 53.3 7.1%
DALBHARA 26.0 26.0 29.1 34.9 35.9 46.6 12.4%
TRCL 17.9 19.0 21.0 21.0 22.0 23.0 5.1%
JKCE 10.5 14.0 14.7 14.7 20.7 22.2 16.1%
BCORP 15.4 15.4 15.4 15.4 19.3 19.3 4.6%
ORCMNT 8.0 8.0 8.0 8.0 8.0 8.0 0.0%
NUVOCO 13.1 13.1 13.1 23.9 23.9 25.1 13.9%
HEIM 5.4 6.3 6.3 6.3 6.3 6.3 3.0%
JKLC 12.4 13.2 13.2 14.0 14.0 14.0 2.5%
Industry 489.0 506.1 520.3 546.6 581.1 619.5 4.8%
Source: Company, Antique

Table 2: JKCE's volume have grown at 13% CAGR over FY19-24E vs. 6% for its coverage universe
CAGR FY19-
Volumes (mt) FY19 FY20 FY21 FY22 FY23 FY24E FY24E
UTCEM 85.9 82.3 86.2 94.0 105.7 117.3 6.4%
ACC 28.8 29.8 26.2 29.4 30.9 36.3 4.7%
ACEM - s'lone 24.3 24.1 22.7 27.0 30.2 34.8 7.5%
SRCM 25.9 24.9 26.8 27.7 31.8 35.4 6.5%
DALBHARA 18.7 19.3 20.7 22.2 25.8 28.5 8.8%
JKCE 10.2 10.2 11.9 14.0 16.2 19.0 13.3%
TRCL 11.1 11.2 10.0 11.1 15.0 17.9 10.0%
JKLC 11.1 10.0 10.5 11.0 11.4 11.9 1.3%
ORCMNT 6.4 5.8 5.1 5.5 5.8 6.1 -1.0%
HEIM 4.9 4.7 4.5 4.8 4.4 4.9 0.1%
BCORP 13.8 13.6 13.4 14.2 15.7 17.6 4.9%
NUVOCO 12.6 12.2 16.0 17.8 18.8 18.6 8.2%
Total 253.7 248.2 253.9 278.7 305.2 336.2 5.8%
Source: Company, Antique

Table 3: Roadmap for 50mt by FY31

Particulars Region Mt
Current Capacity 22.6
Prayagraj GU Central 2.0
Panna Line-2 Central 6.0
Capacity by FY26 30.6
Panna Line-3 Central 5-6
Panna Line-4 Central 5-6
Jaisalmer North 3-4
Toshali East 3-4
Karnataka South 3-4
Capacity by FY31 50.0
Source: Company, Antique
ANTIQUE STOCK BROKING LIMITED FROM THE RESEARCH DESK 20 March 2024 | 6

Exhibit 1: North and Central to constitute >80% of the capacity mix by FY26
Regionwise Capacity Split FY23E (%) Regionwise Capacity Split FY26E (%)
South South
16% 11%

North
42%

Central
19%

North
61% Central
44%
West
4% West
3%

Source: Company, Antique Source: Company, Antique

Table 4: North and Central region likely to operate at >80% utilization over FY24-26E
Utilizations (%)
on effective capacities FY19 FY20 FY21 FY22 FY23 FY24E FY25E FY26E
North 75 77 83 78 82 87 85 84
Central 82 84 83 81 81 83 86 80
East 89 87 89 79 81 75 74 72
West 80 74 72 69 67 68 69 71
South 59 53 47 52 61 65 63 63
All India 73 71 72 69 72 74 74 72
Source: Company, Antique

Table 5: White cement and other operating income contribute ~40% of EBITDA
Particulars FY19 FY20 FY21 FY22 FY23 FY24E
Grey Cement (excl other operating income) 3,343 6,830 10,435 9,274 7,030 12,993
White Cement/putty (incl Fujairah) 4,381 4,638 4,392 4,055 3,900 4,500
Other operating income 621 666 950 1,495 2,213 3,652
EBITDA 8,345 12,134 15,777 14,824 13,143 21,141

EBITDA Mix FY19 FY20 FY21 FY22 FY23 FY24E

Grey Cement (excl other operating income) 40 56 66 63 53 61
White Cement/putty (incl Fujairah) 52 38 28 27 30 21
Other operating income 7 5 6 10 17 17
Source: Company, Antique

Exhibit 2: JKCE has aggressive targets in terms of ESG

Source: Company, Antique

ANTIQUE STOCK BROKING LIMITED FROM THE RESEARCH DESK 20 March 2024 | 7

Table 6: We broadly maintain our EBITDA estimates

FY24E FY25E FY26E
Change in estimates Old New % Chg Old New % Chg Old New % Chg
Revenue (INR mn) 1,15,925 1,15,786 -0.1 1,26,858 1,27,569 0.6 1,38,962 1,39,664 0.5
EBITDA (INR mn) 21,255 21,141 -0.5 24,667 24,685 0.1 27,121 27,359 0.9
EBITDA margin (%) 18.3 18.3 -8 bps 19.4 19.4 -9 bps 19.5 19.6 7bps
Net profit (INR mn) 8,673 8,683 0.1 10,547 10,740 1.8 11,712 12,104 3.3
EPS (INR) 112.2 112.4 0.1 136.5 139.0 1.8 151.6 156.7 3.3
Source: Company, Antique

Table 7: Our estimates are broadly in line with consensus

Consensus Antique Variance
INR mn FY24E FY25E FY26E FY24E FY25E FY26E FY24E FY25E FY26E
Revenue 1,13,806 1,25,870 1,40,263 1,15,786 1,27,569 1,39,664 2 1 (0)
EBITDA 20,833 24,352 27,819 21,141 24,685 27,359 1 1 (2)
APAT 8,479 10,745 12,580 8,683 10,740 12,104 2 (0) (4)
Source: Company, Antique

Table 8: Key assumptions

Key Assumptions FY19 FY20 FY21 FY22 FY23 FY24e FY25e FY26e
Capacity (MTPA) 12.6 16.8 16.8 17.4 21.4 24.6 27.2 33.2
Utilization (%) 81.3 61.0 71.2 80.4 75.7 77.7 76.7 68.1
Volume (mn ton) 10.2 10.2 11.9 14.0 16.2 19.1 20.9 22.6
Volume growth (%) 8.4 0.2 16.7 16.9 15.8 18.0 9.3 8.5
Realization/ton (INR) 5,085 5,603 5,449 5,614 5,873 5,875 5,929 5,992
YoY realization (%) (0.1) 10.2 (2.8) 3.0 4.6 0.0 0.9 1.1
Cost/ton (INR) 4,329 4,483 4,208 4,660 5,197 4,958 4,930 4,961
RM Cost/ton (INR) 865 855 896 922 985 910 929 942
Employee Cost/ton (INR) 392 445 387 400 394 399 408 419
Power Cost/ton (INR) 1,083 1,072 975 1,183 1,585 1,400 1,300 1,290
Freight Cost/ton (INR) 1,100 1,077 1,089 1,184 1,257 1,272 1,302 1,312
Other Cost/ton (INR) 888 1,034 860 971 976 978 990 998
EBITDA/ton (INR) 817 1,186 1,320 1,061 813 1,108 1,183 1,209
Capex (INR bn) 6.9 12.6 6.7 14.7 19.2 13.0 20.0 20.0
Net Debt (INR bn) 21.2 23.2 16.8 25.4 34.0 32.6 35.1 35.4
Source: Company, Antique

Table 9: Maintain BUY with a target price of INR 4,500

EV/E method MAr-26E
Mar 26E EBITDA (INR bn) 27.4
EV/E multiple (x) 14
EV (INR bn) 383
Net debt (Mar'26E) 35
Equity value 348
No. of shares (mn) 77
MAr'25 Target Price (INR) 4,500
Source: Company, Antique
ANTIQUE STOCK BROKING LIMITED FROM THE RESEARCH DESK 20 March 2024 | 8

Exhibit 3: Capacity to grow at 16% CAGR over FY24-26E Exhibit 4: Volume to grow at 9% CAGR over FY24-26E
25 85
Regionwise Capacity Split FY23E (%)
South 80
16% 20
75
15 70

10 65

Central 60
19% 5
55
North
61% 0 50

FY14

FY15

FY16

FY17

FY18

FY19

FY20

FY21

FY22

FY23

FY24E

FY25E

FY26E
West
4%
Sales Volume (mn ton) Utilization (%) (RHS)

Source: Company, Antique Source: Company, Antique

Exhibit 5: Revenue to grow at 10% CAGR over FY24-26E Exhibit 6: EBITDA to grow at 14% CAGR over FY24-26E
160 25 30 80
140 20 60
25
120
15 40
20
100
10 20
80 15
5 0
60
10
0 (20)
40
(5) 5 (40)
20
0 (10) 0 (60)
FY24E

FY25E

FY26E
FY14

FY15

FY16

FY17

FY18

FY19

FY20

FY21

FY22

FY23

FY24E

FY25E

FY26E
FY14

FY15

FY16

FY17

FY18

FY19

FY20

FY21

FY22

FY23
Revenues (INR bn) Growth (RHS) EBITDA (INR bn) EBITDA Growth (%) (RHS)

Source: Company, Antique Source: Company, Antique

Exhibit 7: EBITDA/ton to improve to INR 1,209 by FY26E Exhibit 8: Net debt to decrease by ~INR 3 bn over FY24-26E
1,400 5 40 12

1,200 0 35
10
30
1,000 (5)
8
25
800 (10)
20 6
600 (15)
15
4
400 (20)
10
200 (25) 2
5
0 (30) 0 0
FY24E

FY25E

FY26E
FY14

FY15

FY16

FY17

FY18

FY19

FY20

FY21

FY22

FY23

FY14

FY15

FY16

FY17

FY18

FY19

FY20

FY21

FY22

FY23

FY24E

FY25E

FY26E

EBITDA/ton (INR/ton) YoY change (%) (RHS) Net debt (INR bn) Net debt/EBITDA (x) (RHS)

Source: Company, Antique Source: Company, Antique

ANTIQUE STOCK BROKING LIMITED FROM THE RESEARCH DESK 20 March 2024 | 9

Exhibit 9: Capex of INR 53 bn over FY24-26E Exhibit 10: RoE, RoCE to remain range bound in mid-teens
20 25 %
18
16 20
14
12 15
10
8 10
6
4 5
2
0 0

FY24E

FY25E

FY26E
FY14

FY15

FY16

FY17

FY18

FY19

FY20

FY21

FY22

FY23
FY24E

FY25E

FY26E
FY14

FY15

FY16

FY17

FY18

FY19

FY20

FY21

FY22

OCF (INR bn) Capex (INR bn)FY23 RoCE (%) RoE (%)

Source: Company, Antique Source: Company, Antique

Exhibit 11: EV/EBITDA 1-yr forward Exhibit 12: EV/ton 1-yr forward
30 (x) 250 (x)

25
200
20
17 150 147
15 135
14
12 100 104
10
8 61
5 50

0
0
Mar-19

Sep-19

Mar-20

Sep-20

Mar-21

Sep-21

Mar-22

Sep-22

Mar-23

Sep-23

Mar-24

Sep-19

Sep-20

Sep-21

Sep-22

Sep-23
Mar-19

Mar-20

Mar-21

Mar-22

Mar-23

Mar-24
EV/EBITDA Mean + 1 Std Dev EV/ton Mean
Mean - 1 Std Dev Mean Mean - 1 Std Dev Mean + 1 Std Dev

Source: Company, Antique Source: Company, Antique

ANTIQUE STOCK BROKING LIMITED FROM THE RESEARCH DESK 20 March 2024 | 10

Financials (consolidated)
Profit and loss account (INR mn) Cash flow statement (INR mn)
Year-ended 31 Mar FY22 FY23 FY24e FY25e FY26e Year-ended 31 Mar FY22 FY23 FY24e FY25e FY26e
Net Revenue 79,908 97,202 1,15,786 1,27,569 1,39,664 PBT 10,273 6,313 12,440 15,408 17,327
Op. Expenses 65,084 84,059 94,644 1,02,884 1,12,305 Depreciation & amortization 3,425 4,582 5,524 6,132 6,754
EBITDA 14,824 13,143 21,141 24,685 27,359 Interest expense 2,697 3,122 4,503 4,339 4,460
Depreciation 3,425 4,582 5,524 6,132 6,754 (Inc)/Dec in working capital (4,794) 2,312 919 850 1,210
EBIT 11,399 8,561 15,617 18,553 20,605 Tax paid (3,479) (2,122) (3,830) (4,740) (5,295)
Other income 1,429 874 1,327 1,194 1,182 Less: Interest/Div. Income Recd. 1,571 874 1,327 1,194 1,182
Interest Exp. 2,697 3,122 4,503 4,339 4,460 Other operating Cash Flow (4,852) (3,978) (6,448) (5,238) (5,193)
Extra Ordinary Items -gain/(loss) 142 - - - - CF from operating activities 4,841 11,103 14,435 17,944 20,445
Reported PBT 10,273 6,313 12,440 15,408 17,327 Capital expenditure (14,716) (19,200) (13,000) (20,000) (20,000)
Tax 3,479 2,122 3,830 4,740 5,295 Inc/(Dec) in investments (734) 1,234 - - -
Reported PAT 6,794 4,191 8,610 10,667 12,032 Add: Interest/Div. Income Recd. 1,429 874 1,327 1,194 1,182
Minority Int./Profit (loss) From Asso. 79 72 72 72 72 CF from investing activities (14,021) (17,092) (11,673) (18,806) (18,818)
Net Profit 6,873 4,263 8,683 10,740 12,104 Inc/(Dec) in debt 4,224 12,402 (500) 3,000 -
Adjusted PAT 6,731 4,263 8,683 10,740 12,104 Dividend Paid (1,391) (1,159) (1,159) (1,352) (1,545)
Adjusted EPS (INR) 88.9 55.2 112.4 139.0 156.7 Others 1,003 (173) (241) (269) (304)
CF from financing activities 3,836 11,070 (1,900) 1,379 (1,849)
Balance sheet (INR mn) Net cash flow (5,345) 5,082 861 516 (222)
Year-ended 31 Mar FY22 FY23 FY24e FY25e FY26e Opening balance 16,096 10,751 15,833 16,694 17,211
Share Capital 773 773 773 773 773 Closing balance 10,751 15,833 16,694 17,211 16,989
Reserves & Surplus 42,476 45,495 53,018 62,406 72,965
Networth 43,249 46,267 53,791 63,179 73,738 Growth indicators (%)
Debt 38,149 50,551 50,051 53,051 53,051 Year-ended 31 Mar FY22 FY23 FY24e FY25e FY26e
Minority Interest (343) (444) (555) (694) (867) Revenue (%) 21.0 21.6 19.1 10.2 9.5
Net deferred Tax liabilities 7,383 8,094 9,082 10,306 11,672 EBITDA (%) -6.0 -11.3 60.9 16.8 10.8
Capital Employed 88,438 1,04,469 1,12,370 1,25,842 1,37,594 Adj PAT (%) -10.1 -36.7 103.7 23.7 12.7
Gross Fixed Assets 92,159 1,15,759 1,29,759 1,42,759 1,67,759 Adj EPS (%) -3.2 -38.0 103.7 23.7 12.7
Accumulated Depreciation 26,721 31,304 36,697 42,698 49,322
Capital work in progress 10,321 5,920 4,920 11,920 6,920 Valuation (x)
Net Fixed Assets 75,758 90,375 97,982 1,11,981 1,25,357 Year-ended 31 Mar FY22 FY23 FY24e FY25e FY26e
Investments 2,157 923 923 923 923 P/E (x) 45.0 72.5 35.6 28.8 25.5
Non Current Investments 110 215 215 215 215 P/BV (x) 7.1 6.7 5.7 4.9 4.2
Current Investments 2,047 708 708 708 708 EV/EBITDA (x) 22.6 26.1 16.2 13.9 12.6
Current Assets, Loans & Adv. 35,715 40,951 46,111 49,579 52,002 EV/Sales (x) 4.2 3.5 3.0 2.7 2.5
Inventory 11,687 9,221 9,682 10,166 10,675 Dividend Yield (%) 0.4 0.4 0.4 0.4 0.5
Debtors 4,268 4,801 6,864 7,575 8,303
Cash & Bank balance 10,751 15,833 16,694 17,211 16,989
Financial ratios
Loans & advances and others 9,008 11,097 12,871 14,628 16,036
Year-ended 31 Mar FY22 FY23 FY24e FY25e FY26e
RoE (%) 16.7 9.5 17.4 18.4 17.7
Current Liabilities & Provisions 25,192 27,782 32,647 36,642 40,689
RoCE (%) 15.5 9.8 15.6 16.6 16.5
Liabilities 23,803 26,270 31,488 35,289 39,143
Asset/T.O (x) 1.0 1.0 1.1 1.1 1.1
Provisions 1,389 1,511 1,159 1,352 1,545
Net Debt/Equity (x) 0.6 0.7 0.6 0.6 0.5
Net Current Assets 10,523 13,170 13,464 12,938 11,313
EBIT/Interest (x) 4.8 3.0 3.8 4.6 4.9
Application of Funds 88,438 1,04,469 1,12,370 1,25,842 1,37,594

Per share data Margins (%)

Year-ended 31 Mar FY22 FY23 FY24e FY25e FY26e Year-ended 31 Mar FY22 FY23 FY24e FY25e FY26e
EBITDA Margin (%) 18.6 13.5 18.3 19.4 19.6
No. of shares (mn) 77 77 77 77 77
EBIT Margin (%) 14.3 8.8 13.5 14.5 14.8
Diluted no. of shares (mn) 77 77 77 77 77
PAT Margin (%) 8.4 4.4 7.5 8.4 8.7
BVPS (INR) 559.7 598.8 696.2 817.7 954.3
CEPS (INR) 132.3 113.5 182.9 217.4 243.1 Source: Company Antique

DPS (INR) 15.0 15.0 15.0 17.5 20.0

Source: Company, Antique

ANTIQUE STOCK BROKING LIMITED FROM THE RESEARCH DESK 20 March 2024 | 11

CMP : INR 395 COMPANY UPDATE

Reco
Target Price
: BUY 
: INR 517 
Suprajit Engineering
Target Price Change : No Change Rapid strides in new businesses to drive growth
Target FY26 P/E (x) : 22
We met with the management of Suprajit Engineering (SEL) to know more
EPS Change FY24/ 25/ 26 : No Change
about the current trends and new product initiatives. We believe Suprajit
Controls Division's (SCD) margin recovery will take another 2-3 quarters
while recovery will be prolonged in the US and its LDC business. However,
the company has been able to negotiate price hikes with a few Light Duty
Varun Baxi Cable (LDC) customers and expects more customers to follow through.
+91 72890 58502 Diversification into new areas and electronics division is expected to be a
varun.baxi@antiquelimited.com key growth and margin trigger going ahead.

Mihir Vora
Within a short span, Suprajit Electronics Division (SED) has won orders worth
+91 22 6911 3448
INR 1.5 bn from marquee EV and ICE OEMs. Moreover, the company has
mihir.vora@antiquelimited.com entered the braking business where it has launched a mechanical disc brake
for the sub 125cc category. We believe there is significant potential for this
product with TAM for braking business in less than 125cc segment pegged
at ~INR 50 bn. On the traditional cable business, it will be a steady growth
mainly driven by entering new cable categories like door cables & sunroof
Market data cables and also complementing the cables with actuator sales. We expect a
Sensex : 72,012 significant improvement in the content/ vehicle for Suprajit driven by new
Sector : Automobiles products and recovery in the global business further aiding margins. We
are building in revenue/ EBITDA CAGR of 12%/ 20% over FY23-26E along
Market Cap (INR bn) : 54.7
with RoE/ RoCE of 21%/ 23% for FY26E. We value SEL at a PE multiple of 22x
Market Cap (USD bn) : 0.659 on FY26E estimates to arrive at a TP of INR 517.
O/S Shares (mn) : 138.4
Legacy cable business continues to be placed well
52-wk HI/LO (INR) : 454/323
Avg. Daily Vol ('000) : 223 Management has expressed complete focus on winning business in the legacy auto cables
segment, for which they are focusing on unpenetrated areas like door cables, sunroof cables,
Bloomberg : SEL IN
and actuators. Currently, the company is a very small player in the doors cable segment but
Source: Bloomberg
foresees decent order wins going ahead, this will lead to a decent volume growth as the
Valuation number of cables required in a door is more compared to other areas in a vehicle. The
FY24e FY25e FY26e company anticipates a notable increase in realization, propelled by the rising volumes of
EPS (INR) 11.9 18.4 23.5
actuators through leveraging the LDC technology.
P/E (x) 33.1 21.5 16.8 Demonstrating technical capabilities through SED
P/BV (x) 4.2 3.8 3.3 Management views SED as a key growth opportunity and anticipates substantial business
EV/EBITDA (x) 17.1 12.6 10.1 wins in this sector in the future. This optimism is fuelled by three main factors: firstly, the
Dividend Yield (%) 1.1 1.1 0.0 expected surge in electronic content per vehicle from the current 20% to an estimated 60%-
70%; secondly, the company's ability to harness its robust technical expertise; and thirdly, its
Source: Company, Antique
established and enduring client relationships both domestically and internationally. In a short
Returns (%) span, it has received orders worth INR 1.5 bn from traditional and new-age OEMs. SED has
1m 3m 6m 12m started supplying its instrument clusters to a leading E2W OEM and expects a significant
Absolute 2 6 (5) 8 ramp-up going ahead. We see a huge potential for SEL in the electronics business and
believe it can cross-sell these products to its existing customers owing to its strong customer
Relative 3 3 (12) (14)
relations.
Source: Bloomberg
Aiming to make it big in the braking segment
Shareholding pattern
SEL has created a mechanical disc brake specifically tailored for the <125cc 2W segment.
Promoters : 45% The company has been able to procure an order from a leading 2W OEM for the complete
Public : 55%
braking package. It has positioned the product as a cost-effective alternative; the mechanical
disc brake is estimated to be around 30% cheaper than hydraulic disc brakes, albeit 20%
Others : 0%
more expensive than traditional drum brakes. This development marks a strategic move by
Source: Bloomberg the company to catch up with the premiumization trend in the sub 125cc segment. The
company is quite confident on the product accuracy front as well compared to hydraulic
Price performance vs Nifty display. Plans include incorporating hydraulic disc brakes and ABS systems, gradually
140
positioning itself to compete with industry leaders such as Brembo, Bosch, and Endurance.
130
120
Investment Summary
110 SEL is expected to post revenue/ EBITDA CAGR of 12%/ 20% over FY23-26E, significantly
100 outperforming auto OEM growth, led by improving foreign operations, aftermarket, and
90 electronic division. The company has consistently outperformed industry growth over the last
Mar-23 Jul-23 Nov-23 Mar-24
11 years, led by organic and inorganic expansions. We value SEL at a PE multiple of 22x
Suprajit Engg NIFTY FY26E estimates to arrive at a TP of INR 517.
Source: Bloomberg, Indexed to 100
ANTIQUE STOCK BROKING LIMITED FROM THE RESEARCH DESK 20 March 2024 | 12

Financials
Profit and loss account (INR mn) Cash flow statement (INR mn)
Year-ended March 31 FY22 FY23 FY24e FY25e FY26e Year-ended March 31 FY22 FY23 FY24e FY25e FY26e
Net Revenue 18,405 27,524 29,093 33,780 38,852 PBT 2,014 2,052 2,238 3,227 4,108
Op. Expenses 15,806 24,517 25,841 29,496 33,626 Depreciation & amortization 585 955 1,014 1,057 1,117
EBITDA 2,599 3,006 3,252 4,284 5,225 Interest expense (145) (356) (489) (348) (320)
Depreciation 585 955 1,014 1,057 1,117 (Inc)/Dec in working capital (471) (1,311) (802) (141) (1,151)
EBIT 2,014 2,052 2,238 3,227 4,108 Tax paid (621) (681) (655) (864) (1,106)
Other income 366 506 554 521 567 Less: Interest/Div. Income Recd. 366 506 554 521 567
Interest Exp. 145 356 489 348 320 Other operating Cash Flow 116.54
Extra Ordinary Items -gain/(loss) 116 - - - - CF from operating activities 1,845 1,165 1,860 3,453 3,215
Reported PBT 2,352 2,202 2,303 3,401 4,355 Capital expenditure (532) (3,329) (1,050) (750) (750)
Tax 621 681 655 864 1,106 Inc/(Dec) in investments 317 6 - - -
Reported PAT 1,731 1,521 1,648 2,537 3,249 CF from investing activities (215) (3,323) (1,050) (750) (750)
Net Profit 1,731 1,521 1,648 2,537 3,249 Inc/(Dec) in share capital (442) 438 (0) (47) (47)
Adjusted PAT 1,847 1,521 1,648 2,537 3,249 Inc/(Dec) in debt (162) 3,302 (500) (1,000) (400)
Adjusted EPS (INR) 13.4 11.0 11.9 18.4 23.5 Dividend Paid (346) (554) (969) (1,107) (1,107)
CF from financing activities (950) 3,186 (1,469) (2,154) (1,554)
Balance sheet (INR mn) Net cash flow 679 1,028 (659) 549 911
Year-ended March 31 FY22 FY23 FY24e FY25e FY26e Opening balance 3,788 4,467 5,495 4,836 5,385
Share Capital 138 138 138 138 138 Closing balance 4,467 5,495 4,836 5,385 6,296
Reserves & Surplus 10,701 12,106 12,785 14,168 16,263
Networth 10,840 12,245 12,924 14,307 16,401 Growth indicators (%)
Debt 3,115 6,417 5,917 4,917 4,517 Year-ended March 31 FY22 FY23 FY24e FY25e FY26e
Capital Employed 13,955 18,662 18,841 19,224 20,919 Revenue 12.2 49.5 5.7 16.1 15.0
Gross Fixed Assets 8,675 11,828 12,878 13,628 14,378 EBITDA 9.8 15.7 8.2 31.7 22.0
Accumulated Depreciation 2,799 3,753 4,767 5,824 6,942 Adj PAT 29.4 (17.7) 8.3 54.0 28.1
Capital work in progress 102 278 278 278 278 Adj EPS 29.4 (17.7) 8.3 54.0 28.1
Net Fixed Assets 5,978 8,353 8,389 8,082 7,714
Investments 31 25 25 25 25 Valuation (x)
Non Current Investments 31 25 25 25 25 Year-ended March 31 FY22 FY23 FY24e FY25e FY26e
Current Assets, Loans & Adv. 11,377 15,968 16,723 17,521 20,462 P/E (x) 29.5 35.8 33.1 21.5 16.8
Inventory 3,433 4,826 5,500 5,618 6,586 P/BV (x) 5.0 4.5 4.2 3.8 3.3
Debtors 2,972 4,608 5,252 5,365 6,289 EV/EBITDA (x) 20.5 18.4 17.1 12.6 10.1
Cash & Bank balance 4,467 5,495 4,836 5,385 6,296 EV/Sales (x) 2.9 2.0 1.9 1.6 1.4
Loans & advances and others 505 1,038 1,135 1,152 1,291 Dividend Yield (%) 0.8 0.9 1.1 1.1 0.0
Current Liabilities & Provisions 3,431 5,683 6,295 6,403 7,282
Liabilities 3,431 5,683 6,295 6,403 7,282
Financial ratios
Net Current Assets 7,946 10,285 10,428 11,118 13,180
Year-ended March 31 FY22 FY23 FY24e FY25e FY26e
RoE (%) 17.8 13.2 13.1 18.6 21.2
Application of Funds 13,955 18,662 18,841 19,224 20,919
RoCE (%) 17.5 15.7 14.9 19.7 23.3
Per share data Asset/T.O (x) 1.4 1.7 1.6 1.8 1.9
Year-ended March 31 FY22 FY23 FY24e FY25e FY26e Net Debt/Equity (x) (0.1) 0.1 0.1 (0.0) (0.1)
No. of shares (mn) 138.4 138.4 138.4 138.4 138.4 EBIT/Interest (x) 16.4 7.2 5.7 10.8 14.6
Diluted no. of shares (mn) 138.4 138.4 138.4 138.4 138.4
BVPS (INR) 78.3 88.5 93.4 103.4 118.5
Margins (%)
CEPS (INR) 16.7 17.9 19.2 26.0 31.5
Year-ended March 31 FY22 FY23 FY24e FY25e FY26e
EBITDA Margin (%) 14.1 10.9 11.2 12.7 13.4
DPS (INR) 3.3 3.5 4.5 4.5 0.0
EBIT Margin (%) 10.9 7.5 7.7 9.6 10.6
Source: Company, Antique
PAT Margin (%) 9.8 5.4 5.6 7.4 8.2
Source: Company Antique
ANTIQUE STOCK BROKING LIMITED FROM THE RESEARCH DESK 20 March 2024 | 13

Valuation Guide
Company Reco CMP TP Return M. Cap M. Cap Net profit (INR bn) EPS (INR) P/E (x) EV/EBITDA (x) P/BV (x) RoE (%) RoCE (%) Absolute (%)
(INR) (INR) (%) (INR bn) (USD bn) FY24 FY25 FY26 FY24 FY25 FY26 FY24 FY25 FY26 FY24 FY25 FY26 FY25 FY25 FY25 1m 12m

AGROCHEM & FERTILIZERS

Bayer Cropscience Hold 5,002 6,380 28 224.8 2.7 8.7 10.0 11.5 193.5 223.7 255.0 25.9 22.4 19.6 18.7 16.1 14.1 7.2 33.3 43.4 -18 26
Coromandel Intl. Buy 1,055 1,340 27 310.5 3.7 17.4 20.1 21.9 59.3 68.5 74.4 17.8 15.4 14.2 11.4 9.9 8.8 2.8 19.9 28.2 -4 24
Dhanuka Agritech Buy 974 1,280 31 44.4 0.5 2.4 2.8 3.2 52.6 62.3 70.9 18.5 15.6 13.7 12.7 10.4 8.9 3.0 20.7 27.9 -13 51
Paradeep Phosphates Buy 67 120 79 54.7 0.7 0.5 6.8 8.0 0.6 8.3 9.8 106.0 8.1 6.8 15.1 6.1 5.0 1.3 17.8 16.3 -13 33
PI Industries Buy 3,703 4,060 10 561.7 6.8 15.9 15.3 17.6 104.3 100.8 115.9 35.5 36.7 32.0 26.9 27.2 22.9 5.7 16.6 19.7 1 27
Rallis India Hold 251 260 3 48.9 0.6 1.6 2.3 2.8 8.4 11.6 14.6 30.0 21.7 17.2 14.6 11.2 9.0 2.5 11.9 15.5 2 24
Sharda Cropchem Hold 329 400 22 29.6 0.4 0.0 2.2 3.0 0.5 24.1 33.6 607.2 13.7 9.8 13.5 4.6 3.3 1.2 9.4 12.1 -13 -25
Sumitomo Chemical India Buy 344 480 39 171.9 2.1 3.3 4.8 6.0 6.7 9.6 12.0 51.4 35.9 28.7 38.6 26.7 21.3 5.6 16.7 22.5 -9 -20
UPL Buy 461 710 54 346.1 4.2 -5.5 29.4 44.3 -7.4 39.2 59.0 -62.5 11.8 7.8 9.5 4.9 3.9 1.2 10.8 13.2 -7 -35
AUTO & AUTO ANC.
Apollo Tyres Buy 455 616 35 288.9 3.5 20.5 20.7 23.0 32.3 32.6 36.2 14.1 14.0 12.6 6.8 6.1 5.2 1.8 13.3 14.7 -12 46
Ashok Leyland Buy 162 232 43 475.1 5.7 23.0 26.0 30.3 7.8 8.9 10.3 20.6 18.2 15.7 12.3 11.0 9.5 4.3 25.0 27.7 -6 19
Bajaj Auto Hold 8,640 7,417 (14) 2,446.7 29.5 72.0 81.5 94.5 254.3 288.0 334.0 34.0 30.0 25.9 26.6 23.0 19.4 41.1 28.9 38.3 4 127
Balkrishna Industries Sell 2,285 2,264 (1) 441.6 5.3 11.7 14.6 17.5 60.8 75.4 90.6 37.6 30.3 25.2 21.6 17.9 15.4 4.8 16.7 16.6 0 16
Ceat Buy 2,551 3,180 25 103.2 1.2 7.1 7.2 8.0 175.6 178.2 198.5 14.5 14.3 12.9 7.3 7.0 6.2 2.2 16.5 17.5 -12 84
Eicher Motors Buy 3,717 4,764 28 1,017.7 12.3 38.2 45.0 54.0 139.3 164.2 196.9 26.7 22.6 18.9 22.2 18.4 14.9 5.0 23.8 27.9 -3 26
Hero MotoCorp Buy 4,542 5,389 19 908.0 10.9 36.0 40.8 47.8 180.2 204.0 239.3 25.2 22.3 19.0 17.0 15.0 12.7 4.7 21.7 28.3 -2 95
TVS Motors Sell 2,042 1,729 (15) 970.0 11.7 19.2 24.2 30.8 40.4 50.9 64.8 50.5 40.1 31.5 29.2 23.9 19.1 10.3 28.4 31.2 -4 96
Mahindra & Mahindra Buy 1,844 1,846 0 2,292.9 27.6 92.7 96.3 104.6 74.7 77.7 84.4 24.7 23.7 21.9 18.1 15.9 14.1 9.6 17.9 21.8 -1 58
Maruti Suzuki India Buy 11,597 13,538 17 3,646.1 43.9 115.2 135.8 157.2 381.4 449.6 520.7 30.4 25.8 22.3 23.2 18.5 15.6 4.4 18.4 23.4 1 41
Sansera Engineering Buy 956 1,155 21 51.2 0.6 2.0 2.7 3.4 37.2 51.6 64.2 25.7 18.5 14.9 12.4 9.9 8.2 3.1 18.2 19.1 -9 31
Suprajit Engineering Buy 395 517 31 54.7 0.7 1.6 2.5 3.2 11.9 18.4 23.5 33.1 21.5 16.8 17.2 12.7 10.1 3.8 18.6 19.7 1 12
BUILDING MATERIALS
Apollo Pipes Buy 640 750 17 25.2 0.3 0.5 0.8 1.0 13.7 17.9 23.6 46.5 35.7 27.1 23.0 16.9 13.2 3.4 9.8 13.9 -14 13
Astral Hold 1,952 2,020 3 524.3 6.3 5.9 7.6 9.0 21.9 28.1 33.6 89.0 69.4 58.0 53.2 42.2 35.3 13.5 21.3 26.7 0 48
Cera Sanitaryware Buy 6,630 9,310 40 86.2 1.0 2.3 2.7 3.2 178.5 209.4 245.0 37.1 31.7 27.1 27.0 23.0 19.5 5.7 19.2 24.9 -13 8
Finolex Industries Hold 220 210 (5) 136.4 1.6 4.4 5.3 6.3 7.2 8.6 10.3 30.6 25.7 21.4 22.8 20.0 17.1 2.2 8.8 10.4 -2 37
Greenlam Industries Buy 474 670 41 60.4 0.7 1.3 1.5 2.7 10.6 11.8 20.9 44.8 40.3 22.7 24.1 17.4 12.8 5.0 13.1 12.3 -13 55
Kajaria Ceramics Buy 1,190 1,500 26 189.5 2.3 4.5 5.5 6.8 28.0 34.5 42.8 42.5 34.5 27.8 25.3 20.6 17.0 6.6 20.2 25.3 -5 13
Prince Pipes and Fittings Buy 529 840 59 58.5 0.7 1.9 2.3 2.9 16.9 21.2 26.1 31.3 25.0 20.3 17.3 14.5 11.6 3.4 14.4 18.9 -10 -9
Somany Ceramics Buy 662 820 24 27.1 0.3 0.9 1.3 1.7 22.3 31.9 41.3 29.7 20.8 16.0 13.3 10.8 9.0 3.2 16.4 16.1 -1 32
Supreme Industries Hold 3,830 4,690 22 486.5 5.9 10.4 12.4 14.9 81.9 97.6 117.3 46.8 39.3 32.6 31.3 26.5 22.0 8.3 22.7 27.5 -6 48
CEMENT
ACC Buy 2,403 3,000 25 451.3 5.4 19.6 23.7 27.3 104.4 126.2 145.2 23.0 19.1 16.6 12.7 10.0 8.4 2.5 14.2 19.3 -11 42
Ambuja Cement Buy 580 615 6 1,152.3 13.9 26.0 33.5 39.7 10.6 13.6 16.1 54.9 42.6 36.0 24.2 19.3 16.2 3.0 9.3 10.0 -1 59
Birla Corp Buy 1,417 1,750 23 109.1 1.3 4.2 6.1 7.5 54.7 79.6 97.4 25.9 17.8 14.5 10.0 8.5 7.7 1.6 9.2 9.9 -17 61
Dalmia Bharat Buy 1,884 2,550 35 353.4 4.3 9.1 13.1 17.5 49.1 71.0 94.4 38.4 26.6 20.0 12.5 10.4 9.1 2.0 7.7 10.0 -10 5
Grasim Industries Buy 2,174 2,540 17 1,452.6 17.5 18.6 18.9 22.1 28.2 28.8 33.6 77.0 75.5 64.7 55.7 46.4 40.8 2.9 3.9 5.3 -1 37
Heidelberg Hold 200 210 5 45.2 0.5 2.0 2.6 3.1 8.9 11.6 13.5 22.5 17.2 14.7 11.0 8.8 7.6 3.0 17.6 20.5 -8 22
JK Cement Buy 4,006 4,500 12 309.6 3.7 8.7 10.7 12.1 112.4 139.0 156.7 35.7 28.8 25.6 16.2 14.0 12.6 4.9 18.4 16.6 -5 44
JK Lakshmi Cement Buy 822 1,000 22 96.8 1.2 4.8 7.0 8.0 40.7 59.7 67.7 20.2 13.8 12.1 10.3 8.2 7.4 2.5 20.2 18.9 -13 19
Nuvoco Vistas Hold 294 410 39 105.1 1.3 1.4 3.6 5.0 3.9 10.2 14.1 75.8 29.0 20.9 8.8 7.5 6.9 1.1 4.0 6.8 -15 -12
Orient Cement Hold 197 230 17 40.3 0.5 1.8 2.6 3.1 8.8 12.6 15.2 22.2 15.6 13.0 9.0 6.8 6.0 2.1 14.0 16.7 -25 74
Shree Cements Buy 25,005 32,300 29 902.2 10.9 22.2 27.9 32.0 613.9 773.8 885.6 40.7 32.3 28.2 19.5 15.8 13.6 4.0 12.9 16.3 -6 0
Ramco Cement Buy 797 1,060 33 188.4 2.3 3.8 6.5 8.1 16.0 27.3 34.3 49.7 29.2 23.2 14.7 11.6 10.3 2.4 8.6 9.9 -10 11
UltraTech Cement Buy 9,453 11,200 18 2,729.1 32.9 74.3 97.6 121.1 257.8 332.0 411.8 36.7 28.5 23.0 20.5 16.2 13.3 4.1 15.1 19.4 -5 31
FMCG & RETAIL
Aditya Birla Fashion & Retail Hold 207 255 24 196.2 2.4 -4.2 0.8 3.2 -4.4 0.9 3.4 -47.1 233.6 60.7 13.6 10.4 8.3 6.5 2.8 9.3 -12 -4
Arvind Fashions Buy 453 600 32 60.4 0.7 0.5 1.3 2.1 3.9 9.9 15.6 114.9 45.8 29.1 11.9 9.2 7.1 4.9 10.6 20.0 1 65
Asian Paints Hold 2,815 3,362 19 2,700.2 32.5 56.1 58.1 64.5 58.5 60.5 67.2 48.1 46.5 41.9 33.8 32.0 28.3 12.3 28.2 33.8 -7 -1
Avenue Supermarts Hold 4,014 4,243 6 2,612.1 31.5 26.7 33.5 40.2 41.3 51.8 62.0 97.3 77.5 64.7 64.1 51.3 42.7 11.5 14.9 20.1 7 19
Bajaj Consumer Care Buy 218 256 17 31.3 0.4 1.6 1.8 2.0 11.4 12.8 14.2 19.1 17.0 15.4 13.6 11.3 9.4 2.4 14.8 18.0 -4 42
Colgate Palmolive Hold 2,612 2,246 (14) 710.5 8.6 13.1 13.9 15.3 48.1 51.1 56.1 54.3 51.1 46.5 37.5 35.0 31.8 34.2 69.7 108.3 3 74
Dabur India Buy 518 617 19 918.5 11.1 18.8 21.6 24.2 10.6 12.2 13.7 48.8 42.5 37.8 37.0 32.6 28.6 8.5 20.9 24.5 -5 -3
Devyani International Buy 157 227 45 188.8 2.3 1.3 2.3 3.6 1.1 1.9 3.0 143.9 82.0 52.2 29.6 21.1 15.9 15.0 20.1 46.7 -6 9
Emami Hold 428 527 23 188.6 2.3 7.7 8.4 9.3 17.5 19.1 21.1 24.4 22.5 20.3 18.7 16.7 14.6 6.6 31.1 33.0 -8 25
Godrej Consumer Buy 1,204 1,300 8 1,231.8 14.8 21.9 25.4 29.5 21.5 24.9 28.9 56.1 48.4 41.7 39.3 33.2 28.8 7.6 16.3 22.2 -2 25
Hindustan Unilever Hold 2,267 2,731 20 5,326.4 64.2 103.0 115.3 128.4 43.8 49.1 54.6 51.7 46.2 41.5 36.4 32.4 28.9 10.2 22.3 27.5 -6 -10
ITC Buy 410 488 19 5,111.8 61.6 194.4 210.7 238.2 15.6 17.0 19.2 26.2 24.2 21.4 20.0 18.2 15.8 5.6 24.9 32.7 1 9
Jubilant Foodworks Sell 446 444 (0) 294.2 3.5 3.0 4.5 6.5 4.6 6.8 9.9 97.8 65.7 45.2 26.0 21.3 17.0 11.8 19.1 36.7 -12 2
Jyothy Labs Buy 405 581 44 148.7 1.8 3.9 4.5 5.3 10.7 12.2 14.5 37.9 33.3 27.9 29.4 25.5 21.1 7.2 23.2 31.1 -14 120
Kansai Nerolac Buy 270 400 48 217.9 2.6 7.2 8.2 9.2 9.0 10.2 11.4 30.1 26.5 23.6 18.4 16.0 13.8 3.7 14.3 19.4 -13 2
Kewal Kiran Buy 697 1,028 48 42.9 0.5 1.5 1.8 2.1 24.6 29.0 34.3 28.3 24.0 20.3 22.5 18.5 15.3 5.3 22.1 27.7 -7 76
Marico Hold 490 577 18 634.2 7.6 15.0 16.6 18.6 11.6 12.8 14.4 42.3 38.2 34.0 29.5 26.6 23.6 13.1 36.2 43.6 -9 2
Nestle Hold 2,496 2,619 5 2,406.6 29.0 31.0 35.5 39.8 32.1 36.8 41.2 77.6 67.9 60.5 52.5 45.8 41.0 63.3 102.8 141.4 -2 32
Patanjali Foods Buy 1,358 1,800 33 491.5 5.9 8.4 17.0 21.7 23.2 46.9 60.0 58.6 28.9 22.6 35.7 19.3 14.8 4.1 15.1 18.3 -18 53
Restaurant Brands Asia Buy 104 150 43 51.8 0.6 -0.6 -0.4 0.0 -1.1 -0.8 0.0 -92.3 -129.1 4,947.9 20.1 15.7 11.8 2.9 -2.2 4.9 -7 15
Radico Khaitan Buy 1,627 1,945 20 217.5 2.6 2.7 4.4 5.8 20.3 33.3 43.2 80.1 48.8 37.6 42.6 30.0 24.4 7.9 17.4 19.1 -4 38
Sapphire Foods India Buy 1,519 1,671 10 96.8 1.2 0.6 1.3 1.6 10.0 20.7 25.3 152.1 73.5 59.9 20.1 14.7 11.6 6.7 9.5 22.5 8 29
Shoppers Stop Buy 777 831 7 85.4 1.0 0.6 1.5 2.0 5.5 13.5 18.3 140.6 57.7 42.5 12.1 9.7 8.4 19.4 33.5 17.3 2 25
Titan Co Ltd Buy 3,583 4,100 14 3,181.3 38.3 34.8 48.4 60.7 39.2 54.5 68.3 91.4 65.7 52.4 60.0 42.8 34.8 17.0 29.4 30.5 -3 46
Trent Hold 3,956 3,385 (14) 1,406.2 16.9 9.8 13.3 16.8 27.6 37.3 47.1 143.3 106.0 83.9 76.1 57.7 46.3 26.3 24.8 38.0 -2 194
United Spirits Buy 1,087 1,350 24 791.0 9.5 11.6 13.7 16.3 16.0 18.8 22.5 68.0 57.7 48.3 44.6 38.0 31.9 10.3 18.9 32.5 -5 42
Vedant Fashion Buy 908 1,422 57 220.5 2.7 4.2 4.9 6.0 17.1 20.3 24.6 52.9 44.6 36.9 31.7 26.5 21.7 10.6 26.2 34.0 -8 -20
V-Mart Retail Buy 1,991 2,647 33 39.4 0.5 -0.7 -0.1 0.5 -35.8 -5.2 25.4 -55.6 -381.3 78.2 16.9 12.2 9.0 5.1 -1.3 6.4 -1 -12
Westlife Foodworld Hold 731 877 20 114.0 1.4 0.9 1.3 1.8 5.7 8.1 11.3 128.6 90.2 64.7 29.5 24.2 19.8 16.4 19.4 37.1 -9 6
ANTIQUE STOCK BROKING LIMITED FROM THE RESEARCH DESK 20 March 2024 | 14

Valuation Guide
Company Reco CMP TP Return M. Cap M. Cap Net profit (INR bn) EPS (INR) P/E (x) EV/EBITDA (x) P/BV (x) RoE (%) RoCE (%) Absolute (%)
(INR) (INR) (%) (INR bn) (USD bn) FY24 FY25 FY26 FY24 FY25 FY26 FY24 FY25 FY26 FY24 FY25 FY26 FY25 FY25 FY25 1m 12m

INDUSTRIALS & ENGINEERING

ABB Buy 5,629 6,058 8 1,192.7 14.4 12.5 14.9 19.9 58.9 70.5 93.9 95.6 79.8 60.0 76.1 63.1 46.5 17.1 23.1 31.6 24 71
Bharat Dynamics Buy 1,624 2,038 26 297.6 3.6 6.3 9.2 11.7 34.6 50.2 63.7 47.0 32.3 25.5 39.7 24.3 18.5 7.1 23.6 24.0 -7 78
Bajaj Elec. Hold 961 1,050 9 110.8 1.3 1.7 2.6 3.2 15.1 22.7 27.6 63.6 42.4 34.8 38.6 24.3 19.6 5.0 12.1 14.4 -6 -2
BEML Hold 2,780 2,963 7 115.8 1.4 2.9 3.6 5.0 69.3 87.2 118.5 40.1 31.9 23.5 26.6 20.9 15.6 3.9 12.9 12.5 -8 132
Bharat Electronics Buy 185 221 19 1,355.2 16.3 36.3 41.7 50.4 5.0 5.7 6.9 37.4 32.5 26.9 27.1 23.1 18.6 7.5 24.6 25.4 -3 100
BHEL Buy 219 299 36 761.9 9.2 5.2 19.2 34.7 1.5 5.5 10.0 147.7 39.7 22.0 99.5 27.9 16.0 2.7 6.8 10.4 -5 195
Blue Star Hold 1,277 1,149 (10) 262.5 3.2 4.0 5.4 6.8 20.5 27.8 35.1 62.1 45.9 36.3 39.4 30.5 24.9 13.7 32.5 33.5 -1 77
Cochin Shipyard Hold 881 890 1 231.8 2.8 6.9 5.4 5.2 26.1 20.6 19.8 33.8 42.9 44.6 23.8 29.9 32.8 4.4 10.5 13.8 4 283
Crompton Consumer Hold 267 320 20 171.7 2.1 4.4 5.5 6.8 6.9 8.7 10.7 38.8 30.8 25.0 24.5 19.8 16.2 5.5 18.6 19.3 -8 -5
Cummins India Hold 2,716 2,750 1 752.8 9.1 13.8 16.0 19.1 49.8 57.9 68.8 54.5 46.9 39.5 47.6 40.1 32.9 11.5 25.8 32.6 3 64
Engineers India Hold 180 238 32 101.2 1.2 3.4 3.9 4.7 5.4 6.3 7.5 33.5 28.8 24.0 28.0 22.6 17.5 4.0 16.3 18.9 -20 140
Garden Reach Shipbuilders Buy 762 962 26 87.2 1.1 2.9 3.1 3.5 25.4 26.7 30.4 29.9 28.5 25.0 26.9 24.6 19.8 4.5 16.6 18.5 -8 81
GE T&D Hold 845 712 (16) 216.4 2.6 1.7 2.6 4.1 6.8 10.1 15.8 124.2 83.6 53.4 73.7 53.6 35.9 14.4 18.8 26.4 9 639
Jupiter Wagons Ltd Hold 339 362 7 139.8 1.7 3.3 4.6 6.0 7.9 11.1 14.5 42.8 30.5 23.4 28.6 21.0 16.1 6.7 24.6 29.5 -12 256
Havells India Hold 1,457 1,458 0 913.2 11.0 12.8 16.3 20.7 20.5 26.0 33.1 71.1 55.9 44.0 47.2 37.2 29.2 10.3 19.8 26.1 4 24
Hindustan Aeronautics Buy 3,059 3,618 18 2,045.7 24.7 53.4 56.0 69.1 79.9 83.7 103.4 38.3 36.6 29.6 25.9 23.5 19.1 6.7 19.5 20.4 2 131
Hitachi Energy Buy 6,501 5,936 (9) 275.5 3.3 1.2 3.6 6.3 29.4 84.5 148.4 220.9 76.9 43.8 94.0 45.0 28.5 17.7 25.1 32.5 7 96
Honeywell Automation Hold 38,041 39,125 3 336.3 4.1 5.0 5.8 6.9 569.8 653.5 782.5 66.8 58.2 48.6 52.0 44.6 36.4 8.5 15.4 21.3 2 9
KEC International Buy 662 746 13 170.2 2.1 3.8 8.1 12.0 14.9 31.4 46.6 44.5 21.1 14.2 14.6 11.2 8.6 3.6 18.5 21.8 1 42
Kirloskar Pneumatic Buy 655 810 24 42.4 0.5 1.3 1.8 2.2 19.6 27.3 33.8 33.4 24.0 19.4 20.7 14.9 11.6 4.0 18.0 23.7 -11 15
Kirloskar Oil Engines Buy 834 997 19 120.9 1.5 3.3 4.1 5.3 22.7 28.3 36.2 36.7 29.5 23.0 22.2 17.9 13.9 4.4 15.7 20.6 -7 120
Lakshmi Machine Works Hold 13,928 14,861 7 148.8 1.8 4.1 4.7 6.1 384.8 443.4 571.6 36.2 31.4 24.4 28.0 23.0 17.2 5.1 17.2 22.5 -5 37
Linde India Buy 6,704 7,055 5 571.7 6.9 4.9 7.5 10.0 57.9 88.3 117.6 115.8 75.9 57.0 71.9 49.8 37.6 14.1 20.1 24.7 18 79
Larsen & Toubro Buy 3,502 4,223 21 4,813.5 58.0 139.4 178.5 240.6 99.5 127.5 171.8 35.2 27.5 20.4 23.5 19.4 14.8 4.5 17.5 13.1 4 61
Mazagon Dock Shipbuilders Buy 1,868 2,833 52 376.7 4.5 14.4 16.6 20.5 71.4 82.1 101.8 26.2 22.8 18.3 24.4 20.4 14.3 5.9 28.7 40.3 -13 184
Siemens Buy 4,640 5,656 22 1,652.3 19.9 23.2 28.1 39.0 65.0 78.9 109.6 71.3 58.8 42.3 53.4 43.9 31.4 10.7 19.3 26.2 5 41
Thermax Hold 3,594 3,389 (6) 428.3 5.2 5.7 7.2 9.5 50.5 63.8 84.7 71.2 56.4 42.4 55.9 43.5 32.1 8.2 15.4 19.1 2 59
Titagarh Rail Systems Buy 846 1,221 44 113.9 1.4 2.7 4.4 6.2 21.0 34.6 48.9 40.3 24.5 17.3 25.5 16.7 11.9 4.1 18.2 26.8 -15 255
Voltas Hold 1,046 1,112 6 346.2 4.2 3.6 7.8 9.4 10.9 23.5 28.5 95.8 44.5 36.7 67.7 32.5 26.9 5.5 13.0 21.9 -5 23
INFRASTRUCTURE
Ashoka Buildcon Buy 154 200 30 43.3 0.5 2.7 4.0 5.1 9.7 14.2 18.1 15.8 10.9 8.5 9.2 8.0 6.3 0.9 9.4 10.2 -13 105
Dilip Buildcon Hold 397 373 (6) 58.0 0.7 3.9 3.7 4.5 28.3 27.2 32.6 14.0 14.6 12.2 5.8 5.5 5.3 1.1 7.4 13.1 -17 117
IRB Infra Buy 54 88 62 326.7 3.9 9.4 11.3 13.8 1.6 1.9 2.3 34.6 29.0 23.7 13.8 13.4 11.4 2.1 7.6 6.3 -18 113
IRCON International Buy 215 281 31 202.0 2.4 7.4 8.2 8.8 7.8 8.7 9.3 27.5 24.7 23.0 26.4 21.4 17.8 3.2 13.8 9.2 -7 301
KNR Constructions Ltd. Buy 240 315 31 67.5 0.8 3.8 4.2 4.6 13.7 14.8 16.2 17.6 16.2 14.8 9.7 9.1 8.4 2.0 13.1 18.3 -11 -6
NBCC Sell 109 30 (73) 196.8 2.4 4.1 4.9 5.4 2.3 2.7 3.0 47.7 39.8 36.8 45.3 36.0 29.5 7.6 20.6 18.1 -23 220
NCC Ltd. Buy 214 282 32 134.3 1.6 6.8 10.0 12.0 10.8 15.9 19.1 19.8 13.4 11.2 9.3 7.2 6.4 1.7 13.3 20.9 -5 109
RITES Buy 622 787 27 149.4 1.8 4.4 6.0 5.9 18.2 25.0 24.7 34.2 24.9 25.2 22.3 14.9 15.1 5.2 21.8 23.1 -17 77
Rail Vikas Nigam Ltd Hold 245 233 (5) 511.8 6.2 13.7 14.5 16.2 6.6 6.9 7.8 37.3 35.4 31.6 41.1 36.9 32.5 5.5 16.5 9.3 -8 280
Welspun Ent. Buy 307 447 45 42.5 0.5 3.2 3.3 4.9 23.2 24.0 35.3 13.2 12.8 8.7 10.3 8.7 6.0 1.5 11.9 12.3 -11 144
IT
Cyient Hold 1,975 1,950 (1) 218.9 2.6 7.5 9.0 10.2 60.3 67.6 79.3 32.8 29.2 24.9 16.7 14.0 12.0 5.4 23.0 24.5 -2 108
FirstSource Sol. Buy 185 230 24 129.3 1.6 5.3 6.8 7.6 7.6 9.7 10.9 24.3 19.1 17.0 14.7 12.3 10.7 3.4 18.2 15.3 -9 68
HCL Tech Buy 1,599 1,650 3 4,339.6 52.3 158.5 181.8 203.1 58.3 66.5 74.0 27.4 24.1 21.6 16.7 14.6 13.0 6.3 26.6 33.7 -4 47
Infosys Hold 1,561 1,675 7 6,481.1 78.1 245.5 276.9 316.8 59.2 66.8 76.5 26.4 23.4 20.4 16.4 14.4 12.3 6.7 30.4 42.3 -7 11
LTI Mindtree Hold 5,106 6,350 24 1,512.1 18.2 47.0 54.1 62.8 158.6 182.7 212.3 32.2 27.9 24.1 22.7 19.2 16.4 6.7 25.9 34.5 -7 9
L&T Technology Services Hold 5,191 5,000 (4) 548.9 6.6 13.2 15.4 17.5 125.2 146.4 165.4 41.5 35.5 31.4 27.0 23.1 20.2 8.5 25.6 32.3 -4 47
Mphasis Buy 2,388 3,000 26 451.1 5.4 15.7 18.0 21.1 83.2 95.5 111.9 28.7 25.0 21.3 17.9 15.7 13.2 4.8 20.2 28.2 -14 31
Coforge Ltd Buy 5,558 6,900 24 343.5 4.1 8.8 11.1 13.3 143.4 180.4 215.0 38.8 30.8 25.9 22.1 18.1 15.1 8.6 29.9 37.7 -16 47
Persistent Sys Hold 7,979 7,875 (1) 614.6 7.4 11.2 14.3 16.9 148.3 188.6 223.5 53.8 42.3 35.7 35.5 28.6 24.1 11.0 28.3 36.1 -8 75
TCS Hold 3,977 3,900 (2) 14,390.2 173.4 455.0 504.5 568.2 124.5 138.2 155.6 32.0 28.8 25.6 21.4 19.3 16.9 12.1 42.9 53.9 -1 27
TeamLease Buy 2,763 4,100 48 46.3 0.6 1.3 1.9 2.0 77.0 110.4 120.2 35.9 25.0 23.0 29.1 20.5 17.4 4.1 18.0 19.0 -13 17
Tech Mahindra Buy 1,252 1,500 20 1,222.9 14.7 29.1 49.9 60.3 31.3 56.6 68.3 40.0 22.1 18.3 22.0 14.3 12.1 4.7 20.7 28.9 -5 13
Wipro Buy 495 550 11 2,585.6 31.2 109.0 128.5 141.1 20.5 24.6 27.0 24.2 20.1 18.3 13.5 11.9 10.5 3.0 15.1 18.1 -7 35
Zensar Technologies Buy 578 640 11 131.0 1.6 6.3 6.1 6.9 28.1 26.8 30.5 20.6 21.5 19.0 11.8 11.2 9.3 3.1 15.1 20.9 10 114

contd...
ANTIQUE STOCK BROKING LIMITED FROM THE RESEARCH DESK 20 March 2024 | 15

Valuation Guide
Company Reco CMP TP Return M. Cap M. Cap Net profit (INR bn) EPS (INR) P/E (x) EV/EBITDA (x) P/BV (x) RoE (%) RoCE (%) Absolute (%)
(INR) (INR) (%) (INR bn) (USD bn) FY24 FY25 FY26 FY24 FY25 FY26 FY24 FY25 FY26 FY24 FY25 FY26 FY25 FY25 FY25 1m 12m

METALS & MINING

APL Apollo Tubes Buy 1,547 1,747 13 429.3 5.2 7.9 11.1 15.1 28.4 40.1 54.6 54.4 38.5 28.3 34.6 25.2 19.3 9.6 27.5 30.6 7 28
Hindalco Industries Buy 534 593 11 1,199.2 14.5 95.8 99.5 107.5 43.1 44.7 48.3 12.4 11.9 11.0 6.9 6.6 6.1 1.1 9.2 10.4 4 38
Hindustan Zinc Hold 293 297 1 1,239.7 14.9 85.6 92.3 97.8 20.2 21.8 23.2 14.5 13.4 12.7 8.4 7.7 7.2 6.9 55.6 44.0 -6 -6
Indian Hume Pipe Buy 268 286 7 14.1 0.2 0.5 0.7 1.1 9.8 13.8 21.1 27.4 19.5 12.7 13.7 11.8 8.8 1.6 8.8 11.2 -10 117
Jindal Steel & Power Buy 794 875 10 810.2 9.8 44.5 64.8 77.9 44.0 64.1 77.1 18.0 12.4 10.3 8.7 6.6 5.6 1.6 13.6 15.6 5 42
JSW Steel Hold 801 808 1 1,958.9 23.6 123.8 151.9 175.1 51.2 62.8 72.4 15.6 12.7 11.1 8.8 7.6 6.8 2.3 19.5 15.9 -2 20
JTL Industries Buy 193 296 54 33.0 0.4 1.2 1.8 2.4 6.9 10.4 14.1 28.0 18.5 13.7 20.4 13.7 10.1 4.7 29.1 36.3 -26 24
Kirloskar Ferrous Buy 521 658 26 72.5 0.9 2.2 4.1 7.7 15.5 29.5 55.4 33.5 17.7 9.4 15.9 10.5 6.2 3.5 21.3 21.7 -14 17
MOIL Buy 270 386 43 54.9 0.7 2.9 5.4 7.9 14.5 26.5 39.0 18.7 10.2 6.9 9.8 5.3 3.3 1.9 20.0 27.0 -7 82
NALCO Buy 137 177 29 251.8 3.0 15.1 16.7 26.7 8.2 9.1 14.5 16.7 15.1 9.4 8.5 7.6 4.9 1.7 11.7 14.7 -14 72
NMDC Buy 200 269 34 587.0 7.1 63.4 71.9 82.8 21.6 24.5 28.2 9.3 8.2 7.1 6.1 5.1 4.2 1.9 25.4 33.9 -17 78
SAIL Hold 123 119 (3) 506.1 6.1 29.1 48.5 56.5 7.0 11.7 13.7 17.4 10.4 9.0 8.1 6.3 5.6 0.8 8.4 8.8 -6 42
Tata Steel Buy 149 149 (0) 1,857.0 22.4 48.1 121.2 168.7 3.9 9.9 13.7 38.1 15.1 10.8 11.0 7.6 6.2 1.7 12.1 11.5 5 42
Venus Pipes Buy 1,703 1,689 (1) 34.6 0.4 0.9 1.3 1.6 43.5 64.4 76.8 39.2 26.4 22.2 24.6 17.5 15.3 6.5 27.7 30.7 1 135
Vedanta Buy 267 318 19 991.2 11.9 26.5 118.4 137.9 7.1 31.8 37.1 37.4 8.4 7.2 4.6 3.9 3.4 3.2 38.1 24.8 -1 -5
OIL & GAS
BPCL Buy 558 686 23 1,209.8 14.6 265.0 124.1 123.7 124.5 58.3 58.1 4.5 9.6 9.6 3.5 6.3 7.0 1.6 17.3 16.2 -15 55
GAIL Hold 173 171 (1) 1,137.2 13.7 97.8 99.7 89.5 14.7 15.0 13.4 11.8 11.6 12.9 9.3 8.8 9.5 1.7 15.5 15.0 -6 58
Gujarat Gas Buy 521 654 26 358.5 4.3 10.2 14.7 19.6 14.9 21.4 28.4 35.0 24.3 18.3 20.4 14.5 11.1 4.2 18.4 21.9 -6 5
HPCL Buy 446 608 37 632.0 7.6 148.4 83.0 79.6 104.6 58.5 56.1 4.3 7.6 7.9 4.4 6.1 6.1 1.4 19.7 13.8 -21 80
IGL Hold 406 481 18 284.3 3.4 17.5 18.4 19.5 25.1 26.3 27.8 16.2 15.4 14.6 10.4 9.5 8.7 2.9 20.2 24.6 -8 -5
Indian Oil Corp Buy 155 202 30 2,192.3 26.4 389.7 229.3 236.4 28.3 16.6 17.2 5.5 9.3 9.0 5.1 7.1 6.6 1.3 14.1 11.6 -18 93
Mahanagar Gas Hold 1,262 1,574 25 124.6 1.5 12.4 10.7 10.7 125.9 108.2 108.6 10.0 11.7 11.6 5.7 6.3 6.0 2.3 21.1 27.3 -17 30
Oil India Buy 546 591 8 591.8 7.1 71.7 61.4 64.6 66.2 56.7 59.5 8.2 9.6 9.2 6.9 6.7 6.1 1.4 15.6 16.9 -10 118
ONGC Buy 259 292 13 3,261.4 39.3 384.6 421.7 421.6 30.6 33.5 33.5 8.5 7.7 7.7 4.6 4.1 3.9 1.1 14.6 17.1 -6 70
Petronet LNG Buy 262 291 11 392.5 4.7 35.6 34.3 35.4 23.7 22.9 23.6 11.0 11.4 11.1 6.6 7.3 7.7 2.3 20.4 22.4 -7 17
Reliance Industries Buy 2,851 2,904 2 19,286.8 232.4 804.2 986.71,080.4 105.7 121.3 128.2 27.0 23.5 22.2 13.6 11.5 10.2 2.1 10.9 9.6 -3 42
PHARMA & HEALTHCARE
Alkem Hold 4,872 4,716 (3) 582.5 7.0 19.9 22.4 25.6 166.7 187.4 214.4 29.2 26.0 22.7 22.4 19.4 16.5 4.8 19.9 23.8 -10 56
Alembic Pharma Hold 934 835 (11) 183.6 2.2 5.3 6.0 7.5 27.2 30.3 38.0 34.3 30.8 24.6 19.8 16.5 13.6 3.5 11.9 14.9 -11 95
CIPLA Sell 1,436 1,076 (25) 1,159.1 14.0 30.5 33.9 38.8 37.8 42.0 48.2 38.0 34.2 29.8 23.3 20.8 17.8 4.0 12.4 17.2 -1 66
Concord Biotech Buy 1,461 1,689 16 152.9 1.8 2.9 3.9 5.0 27.7 37.4 48.2 52.8 39.1 30.3 37.0 27.2 21.0 8.7 24.0 30.9 5
Dr Reddys Sell 6,135 5,030 (18) 1,023.3 12.3 30.8 37.1 42.7 184.5 222.4 256.0 33.3 27.6 24.0 19.7 16.1 13.6 3.6 13.7 18.4 -4 38
IOL Chemicals Buy 403 524 30 23.7 0.3 2.1 2.5 2.6 36.5 41.8 43.7 11.0 9.7 9.2 6.8 5.8 5.2 1.2 13.5 18.2 -6 41
JB Chemicals Hold 1,585 1,500 (5) 246.0 3.0 5.9 7.5 8.6 38.4 48.5 55.6 41.3 32.7 28.5 25.1 20.2 17.6 3.5 23.4 27.9 -4 62
Dr Lal Pathlabs Sell 2,011 1,670 (17) 167.9 2.0 3.7 4.2 4.6 44.1 49.8 55.7 45.6 40.4 36.1 25.9 22.7 19.9 37.8 20.3 25.4 -19 12
Laurus Labs Hold 387 333 (14) 208.7 2.5 2.9 5.4 7.1 5.3 9.9 13.3 72.5 39.0 29.2 24.3 16.8 13.7 4.4 11.8 13.2 -3 28
Lupin Buy 1,570 1,732 10 715.4 8.6 17.0 29.1 31.5 37.4 64.0 69.3 41.9 24.5 22.7 22.0 14.7 13.1 4.4 19.2 22.9 -1 143
Mankind Pharma Buy 2,105 2,220 5 843.4 10.2 17.7 22.0 25.4 44.3 54.9 63.4 47.5 38.3 33.2 33.6 26.8 22.7 7.7 22.0 27.5 -4
Metropolis Healthcare Sell 1,582 1,234 (22) 81.1 1.0 1.4 1.7 2.1 27.4 33.8 41.1 57.7 46.7 38.5 26.5 23.1 20.0 6.6 15.0 19.6 -9 25
Solara Active Pharma Sell 369 300 (19) 13.3 0.2 -2.5 0.4 0.7 -70.3 11.5 20.0 -5.3 32.2 18.5 -43.6 9.3 8.0 1.1 3.4 6.7 -20 2
Torrent Pharma Buy 2,502 2,955 18 846.6 10.2 16.4 20.6 25.0 48.4 61.0 73.9 51.7 41.0 33.9 26.0 22.2 19.3 10.7 28.0 30.0 -5 64
Zydus Life Science Hold 970 677 (30) 981.7 11.8 29.2 29.5 30.8 28.8 29.1 30.4 33.6 33.3 31.9 23.3 21.8 20.4 4.4 14.0 16.8 8 104
REALTY
Arvind SmartSpaces Buy 579 637 10 26.2 0.3 0.5 0.8 1.2 11.4 17.8 27.6 50.6 32.5 21.0 31.2 21.2 11.0 4.2 13.7 19.7 -3 157
Brigade Enterprise Buy 867 1,344 55 200.4 2.4 5.4 7.7 23.4 33.3 37.1 26.1 - 15.9 13.4 - 22.0 18.4 16.9 -12 85
Century Textile & Industries Buy 1,400 2,233 59 156.4 1.9 5.0 5.6 8.9 45.2 49.9 80.1 31.0 28.1 17.5 17.3 15.2 11.1 3.2 12.2 13.4 -4 107
DLF Buy 823 887 8 2,037.3 24.5 42.4 53.8 60.0 17.1 21.7 24.2 48.0 37.9 34.0 57.0 47.9 42.7 4.3 12.1 10.1 -5 123
Godrej Properties Hold 2,136 2,549 19 593.8 7.2 6.4 5.6 17.2 22.9 20.2 61.7 93.4 105.7 34.6 174.2 94.2 49.9 4.5 4.7 12.5 -7 94
Kolte Patil Buy 419 753 80 31.8 0.4 1.5 2.0 2.1 19.5 26.0 28.0 21.5 16.1 15.0 9.6 6.9 6.3 2.4 15.8 21.1 -14 68
Macrotech Developers Buy 1,081 1,188 10 1,075.4 13.0 18.9 30.3 34.8 19.7 31.4 36.1 55.0 34.4 30.0 38.1 25.9 21.0 5.8 18.3 20.1 -3 151
Nexus Select Trust Buy 126 135 7 191.6 2.3 8.5 9.9 11.1 5.6 6.5 7.3 22.6 19.4 17.2 14.7 13.6 12.6 1.2 5.9 7.3 -2
Oberoi Realty Hold 1,361 1,189 (13) 494.7 6.0 26.5 28.0 33.8 72.8 77.1 92.9 18.7 17.6 14.6 15.8 14.7 12.1 2.8 17.2 17.0 4 58
Phoenix Buy 2,634 2,345 (11) 470.6 5.7 9.5 12.3 13.7 53.4 68.7 76.7 49.3 38.3 34.3 26.3 20.8 18.6 4.5 12.5 11.3 -7 103
Prestige Estates Buy 993 1,371 38 397.9 4.8 11.9 13.9 16.2 29.8 34.7 40.5 33.3 28.6 24.5 16.7 14.7 12.8 3.2 11.1 12.2 -15 141
Sobha Buy 1,257 1,946 55 119.2 1.4 2.0 3.4 8.1 20.8 35.5 85.8 60.4 35.4 14.6 26.5 19.7 11.5 3.7 11.0 14.6 -9 137
Sunteck Realty Buy 385 600 56 56.4 0.7 2.5 2.9 2.6 17.5 20.4 18.3 22.0 18.9 21.0 - - - 1.7 9.3 11.7 -20 29
TEXTILE
Arvind Ltd Buy 260 358 38 68.0 0.8 3.8 6.0 8.1 14.4 22.9 31.0 18.0 11.3 8.4 8.8 6.7 5.1 1.6 14.9 16.2 -12 218
KPR Mills Hold 800 886 11 273.5 3.3 9.2 10.8 12.1 26.9 31.7 35.4 29.7 25.3 22.6 20.3 17.5 15.7 5.2 22.4 26.1 11 37
Welspun Living Buy 144 214 49 140.0 1.7 7.0 9.8 13.2 7.1 10.0 13.4 20.4 14.5 10.8 10.5 7.8 6.1 2.5 18.8 18.6 -8 125
contd...
ANTIQUE STOCK BROKING LIMITED FROM THE RESEARCH DESK 20 March 2024 | 16

Valuation Guide
Company Reco CMP TP Return M. Cap M. Cap Net profit (INR bn) EPS (INR) P/E (x) EV/EBITDA (x) P/BV (x) RoE (%) RoCE (%) Absolute (%)
(INR) (INR) (%) (INR bn) (USD bn) FY24 FY25 FY26 FY24 FY25 FY26 FY24 FY25 FY26 FY24 FY25 FY26 FY25 FY25 FY25 1m 12m

UTILITIES
CESC Buy 114 150 32 151.4 1.8 15.9 17.8 23.1 12.0 13.4 17.4 9.5 8.5 6.6 13.2 8.7 6.8 1.4 10.9 8.7 -12 67
COAL India Buy 419 508 21 2,582.5 31.1 353.5 345.1 360.7 57.4 56.0 58.5 7.3 7.5 7.2 7.2 7.1 6.5 2.7 40.0 19.8 -6 93
Indian Energy Exchange Sell 135 107 (20) 119.9 1.4 3.3 3.9 4.3 3.7 4.3 4.9 35.9 31.1 27.6 29.4 26.8 24.2 11.3 39.2 39.7 -8 -11
JSW Energy Buy 483 567 18 794.0 9.6 21.4 25.4 33.2 13.0 15.5 20.2 37.1 31.2 23.9 16.4 12.9 10.7 3.5 11.8 8.8 -2 96
NHPC Buy 82 93 13 828.2 10.0 42.7 49.2 55.5 4.2 4.8 5.4 19.8 17.2 15.2 23.2 17.8 16.4 2.0 12.0 5.6 -13 104
NTPC Buy 313 364 16 3,039.4 36.6 181.4 187.6 214.7 18.7 19.3 22.1 16.8 16.2 14.2 11.0 10.5 9.6 1.9 12.1 9.4 -9 78
Power Grid Buy 259 312 21 2,408.9 29.0 153.1 178.5 200.9 16.5 19.2 21.6 15.7 13.5 12.0 10.2 9.1 8.4 2.4 18.6 11.7 -10 52
PTC India Buy 179 224 25 53.1 0.6 3.3 4.2 4.8 11.3 14.3 16.3 15.9 12.5 11.0 10.1 6.8 5.9 1.2 9.6 12.6 -8 101
SJVN Ltd Buy 119 162 37 465.9 5.6 12.7 14.4 22.0 3.2 3.7 5.6 36.6 32.3 21.2 27.3 17.8 13.4 3.1 9.7 6.7 -4 284
Torrent Power Hold 1,264 1,149 (9) 607.5 7.3 20.0 28.2 32.1 41.6 58.7 66.7 30.4 21.5 18.9 14.4 11.7 10.7 4.3 21.4 18.0 10 138
Tata Power Buy 383 450 17 1,224.6 14.8 37.8 42.2 51.0 11.8 13.2 15.9 32.4 29.0 24.0 16.8 16.3 13.7 3.7 12.8 6.9 1 89
MIDCAPS - OTHER
CCL Products Buy 568 840 48 75.5 0.9 2.6 3.4 4.5 19.2 25.4 33.6 29.5 22.4 16.9 19.3 15.1 12.0 4.0 19.1 14.7 -12 2
EPL Ltd. Buy 184 300 63 58.6 0.7 2.6 3.5 4.7 8.1 10.9 14.9 22.7 16.8 12.3 8.9 7.1 5.6 2.6 16.0 19.6 -5 19
Ganesha Ecosphere Buy 925 1,540 67 23.4 0.3 0.4 1.4 1.6 16.0 50.6 61.4 57.7 18.3 15.1 17.8 10.3 9.4 1.9 11.6 12.4 -12 11
Gravita India BUY 796 1,410 77 55.0 0.7 2.2 3.0 3.9 31.6 43.6 56.6 25.2 18.3 14.1 18.2 13.1 10.5 5.3 33.1 31.2 -13 69
Indian Hotels Hold 549 500 (9) 781.6 9.4 12.4 15.7 17.7 8.7 11.0 12.5 63.0 49.8 44.1 36.6 30.0 26.7 7.6 16.3 16.6 0 74
Chalet Hotels Buy 744 900 21 152.8 1.8 2.4 3.5 4.2 11.8 17.3 20.3 63.2 43.1 36.7 27.4 22.5 20.1 6.6 16.6 13.3 -11 104
Mold-Tek Packaging Buy 794 1,010 27 26.4 0.3 0.7 0.8 1.1 19.9 25.5 33.6 39.8 31.1 23.6 20.8 17.0 13.5 3.9 13.3 11.8 -9 -15
Raymond Buy 1,710 2,670 56 113.9 1.4 16.8 8.0 10.4 252.3 120.9 156.3 6.8 14.1 10.9 10.4 8.9 7.0 2.1 16.3 19.0 -3 36
Solar Industries Hold 8,607 6,180 (28) 778.9 9.4 8.6 11.6 14.0 95.3 127.9 154.4 90.3 67.3 55.7 53.9 41.2 34.4 17.5 29.6 35.8 31 126
Varun Beverages Hold 1,399 1,300 (7) 1,817.5 21.9 25.4 33.1 41.5 19.5 25.5 31.9 71.6 54.9 43.8 40.9 32.6 27.0 15.3 31.5 30.4 -3 115
Yatra Online Buy 142 198 39 22.3 0.3 0.1 0.8 1.3 0.8 4.8 8.2 183.5 29.6 17.2 - - - 8.5 33.7 26.9 -17

Company Reco CMP TP Return M. Cap M. Cap Net profit (INR bn) BVPS (INR) P/BV (x)* NNPA Ratio (%) P/E (x) RoE (%) RoA (%) Absolute (%)
(INR) (INR) (%) (INR bn) (USD bn) FY24 FY25 FY26 FY24 FY25 FY26 FY24 FY25 FY26 FY24 FY25 FY26 FY25 FY25 FY25 1m 12m

FINANCIALS
Axis Bank Buy 1,051 1,325 26 3,242.5 39.1 239.6 286.9 336.7 464.0 539.9 625.3 2.1 1.8 1.6 0.4 0.5 0.6 11.3 18.6 1.8 -3 25
Bank of Baroda Buy 249 275 10 1,288.2 15.5 176.7 188.0 204.5 197.6 226.6 258.2 1.3 1.1 1.0 0.7 0.8 1.1 6.9 17.1 1.1 -9 57
Canara Bank Buy 548 550 0 994.9 12.0 144.0 152.3 172.9 427.8 495.0 571.2 1.3 1.1 1.0 1.1 1.2 1.5 6.5 18.2 1.0 -4 97
City Union Bank Buy 128 180 41 94.5 1.1 10.2 10.7 11.9 113.1 125.9 140.4 1.1 1.0 0.9 2.2 2.0 1.8 8.8 12.1 1.4 -6 0
DCB Bank Buy 119 180 51 37.2 0.4 5.1 6.5 7.4 151.2 169.7 190.6 0.8 0.7 0.6 1.3 1.1 1.1 5.7 13.0 1.0 -12 18
Equitas SFB Hold 92 120 30 104.8 1.3 8.0 9.3 12.2 51.2 57.5 65.8 1.8 1.6 1.4 1.2 1.2 1.2 11.3 15.1 1.8 -12 39
Federal Bank Buy 148 190 29 359.0 4.3 37.1 40.2 46.5 117.4 131.0 146.7 1.3 1.1 1.0 0.6 0.8 0.8 8.9 13.3 1.2 -4 14
HDFC Bank^ Buy 1,449 2,000 38 11,009.9 132.7 647.2 746.9 883.3 561.8 637.8 707.9 2.3 2.0 1.8 0.4 0.5 0.6 14.6 18.6 1.9 0 -7
ICICI Bank Buy 1,084 1,275 18 7,610.5 91.7 402.3 410.1 476.0 326.1 372.9 427.2 2.9 2.5 2.1 0.5 0.6 0.6 18.5 16.5 2.0 3 30
IndusInd Bank Buy 1,434 1,925 34 1,116.1 13.4 89.7 106.7 125.4 792.0 902.0 1,029.4 1.8 1.6 1.4 0.5 0.5 0.6 10.5 16.2 1.9 -5 43
Karur Vysya Bank Buy 175 215 23 139.6 1.7 15.4 16.9 18.7 123.8 142.5 163.3 1.4 1.2 1.1 0.4 0.5 0.5 8.3 15.7 1.5 -4 79
Kotak Mahindra Bank Buy 1,750 2,175 24 3,478.1 41.9 127.7 134.3 153.5 463.4 528.4 602.8 2.7 2.2 1.8 0.4 0.5 0.6 25.9 13.6 2.2 -1 3
Punjab National Bank Hold 117 100 (14) 1,283.3 15.5 80.0 147.0 157.3 88.8 99.5 110.2 1.3 1.2 1.1 0.7 0.6 0.6 8.7 14.2 0.9 -10 148
State Bank of India Buy 724 750 4 6,459.6 77.8 524.7 603.7 679.4 346.6 400.7 461.6 1.7 1.4 1.2 0.7 0.6 0.8 10.7 17.1 0.9 -5 39
South Indian Bank Hold 28 31 10 58.9 0.7 10.5 9.6 11.4 34.6 38.7 43.5 0.8 0.7 0.6 1.6 1.6 1.6 6.1 12.5 0.8 -8 76
Ujjivan Small Bank Buy 45 68 50 89.0 1.1 12.3 12.2 13.0 26.8 33.0 39.7 1.7 1.4 1.1 0.0 0.2 0.6 7.3 20.2 2.5 -18 97
Union Bank of India Buy 149 155 4 1,138.6 13.7 139.3 150.0 163.2 117.7 132.2 148.1 1.3 1.1 1.0 0.8 0.9 1.1 7.4 16.2 1.0 6 135
*Adjusted for subsidiaries; ^ HDFCB Financials for FY24, FY25 and FY26 is for proforma merged entity

Company Reco CMP TP Return M. Cap M. Cap VNB (INR bn) EVPS (INR) P/EV (x) P/VNB (x) RoEV (%) Absolute (%)
(INR) (INR) (%) (INR bn) (USD bn) FY24 FY25 FY26 FY24 FY25 FY26 FY24 FY25 FY26 FY24 FY25 FY26 FY25 1m 12m

Insurance
HDFC Life Insurance Buy 633 760 20 1,360.4 16.4 36.1 42.6 49.8 220.1 255.9 297.7 2.9 2.5 2.1 23.9 18.5 14.0 17.2 8 36
ICICI Prudential Life Insurance Buy 550 610 11 791.6 9.5 22.3 25.0 27.8 292.5 331.3 374.6 1.9 1.7 1.5 18.8 14.5 10.8 14.0 5 36
LIC of India Hold 880 1,080 23 5,563.2 67.0 106.2 118.1 128.3 1,100.5 1,217.9 1,346.7 0.8 0.7 0.7 NA NA NA 10.9 -16 53
Max Life Insurance* Buy 962 1,180 23 331.8 4.0 18.9 22.0 25.5 574.4 682.7 809.0 2.6 2.2 1.9 17.4 13.3 9.7 19.5 0 56
SBI Life Insurance Buy 1,461 1,710 17 1,463.4 17.6 54.5 62.5 71.5 557.7 662.4 782.7 2.6 2.2 1.9 17.5 13.6 10.2 19.6 -3 36
*Valuations after factoring 20% holdco discount
ANTIQUE STOCK BROKING LIMITED FROM THE RESEARCH DESK 20 March 2024 | 17

Important Disclaimer:
This report has been prepared by Antique Stock Broking Limited (hereinafter referred to as ASBL) to provide information about the company(ies) and/sector(s), if any, covered in the report and may be distributed
by it and/or its affiliated company(ies).
ASBL is a Stock Broker having SEBI Registration No. INZ000001131 and Depository Participant having SEBI Registration No. IN-DP-721-2022(CDSL) registered with and regulated by Securities & Exchange Board
of India. SEBI Registration Number: INH000001089 as per SEBI (Research Analysts) Regulations, 2014. CIN: U67120MH1994PLC079444.
ASBL and its affiliates are a full-service, integrated investment banking, investment management, brokerage and financing group.
This report is for personal information of the selected recipient/s and does not construe to be any investment, legal or taxation advice to you. This research report does not constitute an offer, invitation or inducement
to invest in securities or other investments and ASBL is not soliciting any action based upon it. This report is not for public distribution and has been furnished to you solely for your general information and should
not be reproduced or redistributed to any other person in any form. This report does not constitute a personal recommendation or take into account the particular investment objectives, financial situations, or needs
of individual clients. Before acting on any advice or recommendation in this material, investors should consider whether it is suitable for their particular circumstances and, if necessary, seek professional advice.
The price and value of the investments referred to in this material and the income from them may go down as well as up, and investors may realize losses on any investments. Past performance is not a guide for future
performance, future returns are not guaranteed and a loss of original capital may occur.
We and our affiliates have investment banking and other business relationships with a some companies covered by our Research Department. Our research professionals may provide input into our investment banking
and other business selection processes. Investors should assume that ASBL and/or its affiliates are seeking or will seek investment banking or other business from the company or companies that are the subject of
this material and that the research professionals who were involved in preparing this material may educate investors on investments in such business. The research professionals responsible for the preparation of
this document may interact with trading desk personnel, sales personnel and other parties for the purpose of gathering, applying and interpreting information. Our research professionals are paid on the profitability
of ASBL which may include earnings from investment banking and other business.
ASBL generally prohibits its analysts, persons reporting to analysts, and members of their households from maintaining a financial interest in the securities or derivatives of any companies that the analysts cover.
Additionally, ASBL generally prohibits its analysts and persons reporting to analysts from serving as an officer, director, or advisory board member of any companies that the analysts cover. Our salespeople, traders,
and other professionals or affiliates may provide oral or written market commentary or trading strategies to our clients that reflect opinions that are contrary to the opinions expressed herein, and our proprietary
trading and investing businesses may make investment decisions that are inconsistent with the recommendations expressed herein. In reviewing these materials, you should be aware that any or all of the foregoing
among other things, may give rise to real or potential conflicts of interest. ASBL and its affiliated company(ies), their directors and employees and their relatives may; (a) from time to time, have a long or short position
in, act as principal in, and buy or sell the securities or derivatives thereof of companies mentioned herein. (b) be engaged in any other transaction involving such securities and earn brokerage or other compensation
or act as a market maker in the financial instruments of the company(ies) discussed herein or act as an advisor or lender/borrower to such company(ies) or may have any other potential conflict of interests with
respect to any recommendation and other related information and opinions.; however the same shall have no bearing whatsoever on the specific recommendations made by the analyst(s), as the recommendations
made by the analyst(s) are completely independent of the views of the affiliates of ASBL even though there might exist an inherent conflict of interest in some of the stocks mentioned in the research report
Reports based on technical and derivative analysis center on studying charts company's price movement, outstanding positions and trading volume, as opposed to focusing on a company's fundamentals and,
as such, may not match with a report on a company's fundamental analysis. In addition ASBL has different business segments / Divisions with independent research separated by Chinese walls catering to different
set of customers having various objectives, risk profiles, investment horizon, etc, and therefore may at times have different contrary views on stocks sectors and markets.
Unauthorized disclosure, use, dissemination or copying (either whole or partial) of this information, is prohibited. The person accessing this information specifically agrees to exempt ASBL or any of its affiliates or
employees from, any and all responsibility/liability arising from such misuse and agrees not to hold ASBL or any of its affiliates or employees responsible for any such misuse and further agrees to hold ASBL or
any of its affiliates or employees free and harmless from all losses, costs, damages, expenses that may be suffered by the person accessing this information due to any errors and delays. The information contained
herein is based on publicly available data or other sources believed to be reliable. Any statements contained in this report attributed to a third party represent ASBL's interpretation of the data, information and/
or opinions provided by that third party either publicly or through a subscription service, and such use and interpretation have not been reviewed by the third party. This Report is not intended to be a complete
statement or summary of the securities, markets or developments referred to in the document. While we would endeavor to update the information herein on reasonable basis, ASBL and/or its affiliates are under
no obligation to update the information. Also there may be regulatory, compliance, or other reasons that may prevent ASBL and/or its affiliates from doing so. ASBL or any of its affiliates or employees shall not
be in any way responsible and liable for any loss or damage that may arise to any person from any inadvertent error in the information contained in this report. ASBL or any of its affiliates or employees do not
provide, at any time, any express or implied warranty of any kind, regarding any matter pertaining to this report, including without limitation the implied warranties of merchantability, fitness for a particular purpose,
and non-infringement. The recipients of this report should rely on their own investigations.
This report is intended for distribution to institutional investors. Recipients who are not institutional investors should seek advice of their independent financial advisor prior to taking any investment decision based
on this report or for any necessary explanation of its contents.
ASBL and it's associates may have managed or co-managed public offering of securities, may have received compensation for investment banking or merchant banking or brokerage services, may have received
any compensation for products or services other than investment banking or merchant banking or brokerage services from the subject company in the past 12 months.
ASBL and it's associates have not received any compensation or other benefits from the subject company or third party in connection with the research report.
Subject Company may have been a client of ASBL or its associates during twelve months preceding the date of distribution of the research report
ASBL and/or its affiliates and/or employees and /or relatives may have interests/positions, financial or otherwise of over 1 % at the end of the month immediately preceding the date of publication of the research
in the securities mentioned in this report. To enhance transparency, ASBL has incorporated a Disclosure of Interest Statement in this document. This should, however, not be treated as endorsement of the views expressed
in the report.
There are no material disciplinary action that been taken by any regulatory authority impacting equity research analysis activities
Analyst Certification
The views expressed in this research report accurately reflect the personal views of the analyst(s) about the subject securities or issues, and no part of the compensation of the research analyst(s) was, is, or will be
directly or indirectly related to the specific recommendations and views expressed by research analyst(s) in this report. The research analysts, strategists, or research associates principally responsible for preparation
of ASBL research receive compensation based upon various factors, including quality of research, investor client feedback, stock picking, competitive factors and firm revenues
Disclosure of Interest Statement Companies where there is interest
 Analyst ownership of the stock - No
 Served as an officer, director or employee - No
Regional Disclosures (outside India)
This report is not directed or intended for distribution to or use by any person or entity resident in a state, country or any jurisdiction, where such distribution, publication, availability or use would be contrary to
law, regulation or which would subject ASBL & its group companies to registration or licensing requirements within such jurisdictions.
For U.S. persons only: This research report is a product of Antique Stock Broking Limited, which is the employer of the research analyst(s) who has prepared the research report. The research analyst(s) preparing
the research report is/are resident outside the United States (U.S.) and are not associated persons of any U.S. regulated broker-dealer and therefore the analyst(s) is/are not subject to supervision by a U.S. broker-
dealer, and is/are not required to satisfy the regulatory licensing requirements of FINRA or required to otherwise comply with U.S. rules or regulations regarding, among other things, communications with a subject
company, public appearances and trading securities held by a research analyst account. This report is intended for distribution by Antique Stock Broking Limited only to "Major Institutional Investors" as defined
by Rule 15a-6(b)(4) of the U.S. Securities and Exchange Act, 1934 (the Exchange Act) and interpretations thereof by U.S. Securities and Exchange Commission (SEC) in reliance on Rule 15a 6(a)(2). If the recipient
of this report is not a Major Institutional Investor as specified above, then it should not act upon this report and return the same to the sender. Further, this report may not be copied, duplicated and/or transmitted
onward to any U.S. person, which is not the Major Institutional Investor. In reliance on the exemption from registration provided by Rule 15a-6 of the Exchange Act and interpretations thereof by the SEC in order
to conduct certain business with Major Institutional Investors, Antique Stock Broking Limited has entered into a chaperoning agreement with a U.S. registered broker-dealer, Marco Polo Securities Inc. ("Marco Polo").
Transactions in securities discussed in this research report should be effected through Marco Polo or another U.S. registered broker dealer.
Compliance/Grievance officer: Ms. Jayshree Thakkar, Contact No: 022-69113461, Email id: jayshree@antiquelimited.com/compliance@antiquelimited.com
Disclaimer that:
 Investment in securities market are subject to market risks. Read all the related documents carefully before investing.
 The securities quoted are for illustration only and are not recommendatory.
 Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.

Antique Stock Broking Limited

ITI House
36, Dr. R.K. Shirodkar Marg
Parel (East), Mumbai 400012
Tel. : +91 22 6911 3300 / +91 22 6909 3600
www.antiquelimited.com