Antique Stock Broking Ltd UNSP@IN AMP Sector Update FMCG - Rural recovery happening; foo

AMP
STRICTLY CONFIDENTIAL
12 June 2023
ANTIQUE’S MORNING PRESENTATION
Market Snapshot
FROM THE RESEARCH DESK
Global Indices Closing % Chg % YTD
SECTOR UPDATE Dow Jones 33,877 0.1 2.2
FMCG NASDAQ 13,259 0.2 26.7
Rural recovery happening; foods moderating FTSE 7,562 (0.5) 1.5

CAC 7,213 (0.1) 11.4
DAX 15,950 (0.3) 14.6
VISIT NOTE Russia 1,032 (0.1) 6.4
Meghmani Finechem Bovespa 117,019 1.3 6.6
Foray into new areas of specialization to drive growth Nikkei 32,265 2.0 23.6
Hang Seng 19,390 0.5 (2.0)
Shanghai Composite 3,231 0.6 4.6
Global News Indian Indices Closing % Chg % YTD

 U.S. equities were higher at the close on Friday, as gains in the Consumer Sensex 62,626 (0.4) 2.9
Goods , Technology and Healthcare sectors propelled shares higher. At the Nifty 18,563 (0.4) 2.5
close in NYSE, the Dow Jones Industrial Average rose 0.13% to hit a new 1- MSCI India 776 (0.2) 0.7
month high, while the S&P 500 index added 0.11%, and the NASDAQ CNX Midcap 34,153 (0.1) 8.4
Composite index gained 0.16%.
BSE Smallcap 31,392 0.0 8.5
 Japan equities were higher at the close on Friday, as gains in the Chemical,
Petroleum & Plastic, Railway & Bus and Gas & Water sectors propelled shares Flows (USD mn) Prev. Day MTD
higher. At the close in Tokyo, the Nikkei 225 gained 1.97%. FII 74 721
Sector & Corporate News Provisional flows (USD mn)

FIIs (37)
 PharmEasy is said to have appointed Avendus Capital to tap external
Local 151
capital and raise $100 Million, even as its existing investors are planning a
fund infusion to bolster the company's equity, three people with knowledge of
the development said. Volumes USD bn % Chg
Cash (NSE + BSE) 8.1 3.1
 Bain Capital has reportedly acquired Porus Laboratories as part of its strategy
to expand its portfolio of investments in the specialty chemicals sector. Financial F&O (net) 1,722.3 (69.5)
details of the deal were not disclosed.
FII F&O Stock Fut Index Fut
 The Insolvency and Bankruptcy Board of India has reportedly proposed
Net ($ mn) (139) (75)
a series of changes to its regulations, including an important new voting method
Open Int (%) 0.7 (4.1)
on bids from investors for bankrupt companies which would allow creditors to
rank their preferences rather than merely vote in favour or against bids.
ADR/GDR Gainers Last % Chg
 RBI has reportedly granted its approval for the First Loss Default Guarantee HDFC 65.7 1.5
framework. The announcement was made during the second bi-monthly
Dr Reddy 57.2 0.4
monetary policy outcomes.
ICICI Bank 23.0 0.2
 Canada's CPP Investments will reportedly sell a 1.66% stake in Kotak Infosys 15.5 0.1
Mahindra Bank on the stock exchanges for INR 5,914-6,225 crores.
 Khadi and Village Industries Commission records 332% sales growth ADR/GDR Losers Last % Chg
in the last 9 years, achieving a turnover of INR 1.34 lakh crore. SBI 70.2 (1.5)
 Byju's plans to slash more jobs as another cost-cutting measure to streamline Reliance 60.1 (0.8)
operations reported Economic Times.
 AWE Funds announced to have raised $15 million for its first fund in India
with an aim to invest in innovation-focused businesses in sectors like climate
and sustainability, food and agriculture, healthcare, education, and fintech.
Please refer to disclosures at the end of the Research Report

ANTIQUE STOCK BROKING LIMITED FROM THE RESEARCH DESK 12 June 2023 | 2
Sectoral indices Delivery Spike

Closing % Chg % MTD % YTD Company Volume Spike (%) Chg (%)
BSE Auto 33,690 (0.4) 2.9 16.5 Kotak Mahindra Bank Ltd 41,086,123 1901% -0.77%
BSE Bank 49,874 (0.0) (0.3) 2.0 Asian Paints Ltd 1,336,148 367% -0.33%
BSE Cap Goods 39,412 1.2 5.9 18.2 Exide Industries Ltd 3,533,885 321% -1.81%
BSE Cons dur 41,384 (0.6) 1.3 4.2 LIC Housing Finance Ltd 2,310,170 201% -2.15%
BSE FMCG 18,163 (0.8) (0.5) 13.0 Housing Development Finance Corp Ltd 3,394,650 167% -0.03%
BSE IT 28,654 (0.7) (2.4) (0.1) Axis Bank Ltd 8,173,873 135% 1.31%
BSE Health 24,181 (0.1) 2.1 5.0 Bank of India 2,884,555 93% -2.02%
BSE Metal 19,950 (0.7) 2.1 (4.3) State Bank of India 9,026,511 89% -1.67%
BSE Oil 17,888 (0.5) (0.5) (12.4) Britannia Industries Ltd 408,845 71% 0.08%
BSE Power 3,955 0.3 3.5 (9.7) Hindustan Unilever Ltd 771,015 61% -1.63%
BSE PSU 10,550 (0.1) 1.8 5.3
BSE Realty 3,989 (0.0) 4.1 15.7
BSE TECK 12,872 (0.8) (2.7) (4.0)
Derivatives Update
Long Build Up
Company Last % Chg % Chg OI OI (in 000)
BALRAMCHIN 406.65 2.42 15.88 8560
INDIACEM 231.30 7.11 13.47 22405
HAL 3721.55 5.88 8.48 4376
Nifty Outperformers
APOLLOTYRE 402.7 1.99 7.65 14015
Price % Chg % MTD % YTD Short Build Up
Indusind Bank Ltd 1,331 2.1 3.5 9.1 Company Last % Chg % Chg OI OI (in 000)
Power Grid Corp Of India Ltd 245 1.3 4.7 14.6 IEX 123.25 -10.10 28.95 67740
Axis Bank Ltd 975 1.3 6.5 4.4 ATUL 6699.95 -1.40 14.82 209
Larsen & Toubro Ltd 2,363 1.0 7.1 13.3 SBIN 581.80 -1.61 11.77 66255
Adani Enterprises Ltd 2,451 0.9 (1.7) (36.5) EXIDEIND 206.65 -1.97 8.31 19753
Ultratech Cement Ltd 8,153 0.7 3.6 17.2 Short Covering
Tata Motors Ltd 562 0.5 6.8 44.9
Company Last % Chg % Chg OI OI (in 000)
KOTAKBANK 1879.8 -0.16 -8.57 30016
Nifty Underperformers ICICIPRULI 497.6 -3.10 -8.35 11029
Price % Chg % MTD % YTD SIEMENS 3666.85 -0.04 -5.95 1829
Hero Motocorp Ltd 2,899 (2.2) 5.1 5.9 ESCORTS 2143.3 -1.66 -4.12 1145
Eicher Motors Ltd 3,581 (2.1) (2.5) 11.0 Long Unwinding
Hdfc Life Insurance Co Ltd 582 (2.1) (1.8) 2.7 Company Last % Chg % Chg OI OI (in 000)
Divi'S Laboratories Ltd 3,429 (2.0) (0.4) 0.5 MANAPPURAM 117.70 4.30 -11.64 55866
Tata Steel Ltd 109 (2.0) 2.9 (3.3) ABBOTINDIA 21837.80 0.53 -4.73 67
State Bank Of India 579 (1.7) (0.2) (5.7) INDIAMART 5601.45 0.94 -4.34 340
Hindustan Unilever Ltd 2,636 (1.6) (1.2) 2.9 DLF 486.45 0.05 -4.13 33207
Bulk Deals
Security Name Client Name Buy/Sell Qty Price Value (mn)
KOTAKBANK Canada Pension Plan Investment Board Sell 3,30,00,000 1,855.64 61236
CMS Info Systems Limited Sion Investment Holdings Pte. Limited Sell 21240000 300.23 6377
CMS Info Systems Limited SBI Mutual Fund Buy 6713513 300.00 2014
CMS Info Systems Limited Norges Bank On Account Of The Government Pension Fund Global Buy 2500000 300.00 750
Indian Energy Exc Ltd Harsh Anand Jain Buy 5295000 124.82 661
Nifty Nifty P/E Nifty P/B

20000 36 4.0
3.5
17000 31
3.0
14000 26
2.5
11000 21 2.0
8000 16 1.5
Jun-19 Jun-20 Jun-21 Jun-22 Jun-23 Jun-19 Jun-20 Jun-21 Jun-22 Jun-23 Jun-19 Jun-20 Jun-21 Jun-22 Jun-23
Source: Bloomberg
Sensex FII Provisional Flows (INR bn) DII Provisional Flows (INR bn)
290 155
65000
60000 230 130
55000 105 c
170
50000 80
110 55
45000
40000 50 30
35000 (10) 5
30000 (20)
(70)
25000 (45)
(130) (70)
Jun-19 Jun-20 Jun-21 Jun-22 Jun-23
Jun-19 Jun-20 Jun-21 Jun-22 Jun-23 Jun-19 Jun-20 Jun-21 Jun-22 Jun-23
Source: Bloomberg
Economy, Money & Banking Commodities Update

Forex Rate Last % Chg % MTD % YTD Commodities Last % Chg % MTD % YTD
INR~USD 82.5 0.1 0.3 0.3 Gold ($/Ounce) 1,960 (0.1) (0.1) 7.5
INR~EUR 88.7 (0.1) (0.5) (0.6) Crude Oil ($/Bl) 70 (0.4) 2.6 (12.5)
INR~GBP 103.4 (0.5) (1.1) (3.7) Aluminium ($/t) 2,229 0.6 (2.5) (5.1)
Copper ($/t) 8,349 0.2 3.5 (0.2)
Bond Market Last Chg (bps) MTD (bps) YTD (bps) Zinc ($/t) 2,401 (0.2) 7.7 (20.1)
10 Year Bond 7.0 1 5 (29) Lead ($/t) 2,074 1.1 3.1 (11.2)
Interbank call 5.8 (100) (10) (55) Nickel ($/t) 21,031 0.1 2.9 (29.6)
INR/USD Gold and silver prices (USD/Tr.Oz) Crude prices (USD/barrel)

84 2200 30 110
27
82 1900 90
24
1600 21
80 70
18
1300
15 50
78
1000 12
76 Jun-19 Jun-20 Jun-21 Jun-22 Jun-23 30
Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Gold (LHS) Silver (RHS) Jun-19 Jun-20 Jun-21 Jun-22 Jun-23
Source: Bloomberg
Inflation vs 10 year yield Nifty premium/discount NSE volatility index (%)

20 19
120 102.8
16 17
12 100
74.0 72.0 75.4 15
8 80 68.1
4 13
0 60
-4 40 11
Oct-21
Oct-22
Dec-21
Feb-22
Jun-22
Dec-22
Feb-23
Aug-21
Apr-22
Aug-22
Apr-23
20 9
13-Feb
17-Feb
21-Feb
25-Feb
1-Jun
5-Jun
9-Jun
1-Mar
5-Mar
9-Mar
13-Mar
17-Mar
21-Mar
25-Mar
29-Mar
4-May
8-May
12-May
16-May
20-May
24-May
28-May
2-Apr
6-Apr
10-Apr
14-Apr
18-Apr
22-Apr
26-Apr
30-Apr
0
WPI Inflation (%) 10 Yr Yield (%) 05-Jun 06-Jun 07-Jun 08-Jun 09-Jun
Source: Bloomberg
SECTOR UPDATE
FMCG
Rural recovery happening; foods moderating
From our latest on-ground interactions, we believe that for the month of
May'23: a) Rural markets are witnessing recovery with moderation in
inflation; for select companies rural growth was ahead of urban markets, b)
Volume growth is picking up across categories with increase in promotional
activities and stabilization/ reduction of product prices, c) Food category
Abhijeet Kundu
+91 22 6911 3430
continues to witness moderation (especially Britannia) due to extreme heat
abhijeet.kundu@antiquelimited.com waves, while beverages (for Dabur) is witnessing strong demand, d) Soaps,
detergents, summer portfolio continue to do better; personal products yet to
Dhiraj Mistry witness material recovery, e) Importantly, cigarettes (on a high base of last
+91 22 6911 3434 year) continue to witness strong off-take growth in early double digits. f)
dhiraj.mistry@antiquelimited.com For Nestle, dairy business was impacted due to unrest in North-East state
Priyanka Trivedi (Manipur), while other categories continue to report strong performance
+91 22 6911 3435 (including nutrition).
priyanka.trivedi@antiquelimited.com We believe Nestle continues to witness strong double digit growth in off-
take, followed by ITC, Jyothy Labs, and GCPL in early double digits. Dabur's
performance is improving with rural recovery, while HUL's value growth
moderated due to drop in product prices. At current levels factoring valuations
HUL, ITC, and Jyothy Labs are our preferred BUYs in the sector.
Dabur's performance improves; Britannia's demand moderating; Nestle,
ITC remain strong
Key highlights of our interactions:
a) HUL: We believe HUL's distributors just achieved their monthly target and off-take growth
for May'23 of around 8%-10%, largely driven by strong performance in detergents.
Food performance was muted. Horlicks' performance just met the company's expectation
for the month.
b) Dabur: We expect Dabur's off-take growth to be in early double digits during the
month of May'23. Recovery was visible in rural markets and we expect growth to be
higher than in urban markets. The traction in rural markets continues to improve. With the
rise in summer intensity, growth in summer portfolio (Glucose-D) and beverages & juices
were strong. The inferior mix (higher growth in food & beverages) continues to impact
profitability.
c) GCPL: During the month, we believe GCPL achieved its target and is expected to grow
in double digits in both volume and value. The performance is expected to be driven by
traction in household insecticides and hair color. Soaps performance is steady, largely
led by volume on the back of an increase in promotions and a reduction in prices.
d) Jyothy Labs: Distributors achieved their monthly target and we expect off-take growth
of 13%-15% driven by dish wash and fabric wash. Soaps performance is improving
sequentially. The company launched a variant of Margo soaps. In fabric care, the company
is working on reviving growth in Henko detergents.
e) ITC: Cigarette performance remains strong with an expected growth in off-take in early
double digits. Food performance was stable driven by stable growth in Atta, Yippie, and
Sunfeast (biscuits). The performance was marginally impacted due to shut down of schools
on account of the extreme summer. ITC has increased promotional activities for biscuits
and the initial response is good.
f) Nestle: The expected off-take growth in May at 14%-15% should be driven by culinary,
nutrition, and chocolates. Chocolate momentum picked up compared to last month and
continues to grow in strong double digits. Nutrition portfolio momentum is improving and
is expected to register double-digit growth in off-take. While the culinary business continues
to grow in its mid-teens. Dairy business was impacted in North-East states due to unrest in
Manipur.
g) Britannia: As per our understanding, distributors missed their monthly targets. Off-take
growth is expected at low single digits, impacted by the closure of schools and extreme
heat during the month (especially in biscuits and cakes).
Disclaimer
The views and data trend mentioned in the report is purely based on channel checks across FMCG dealers/distributors and are directional trends.
Earnings estimate and valuation table

Companies Year TP CMP Up Reco Sales Sales EBITDA EBITDA EBITDA Adj. Adj. Adj. Adj. EV/ PE RoE RoCE
(INR) side (INR mn) growth (INR mn) growth margin PAT PAT PAT EPS EBITDA (x) % %
(%) (YoY %) (YoY %) (%) (INR mn) growth margin (INR) (x)
(YoY %) ( %)
FY21 2,931 2,636 11 Buy 459,960 19 113,240 18 24.6 79,620 18 17.3 33.88 48 78 29 35
FY22 511,930 11 125,030 10 24.4 87,240 10 17.0 37.12 44 71 18 22
HUVR FY23 591,440 16 136,320 9 23.0 97,200 11 16.4 41.36 40 64 20 24
FY24e 648,244 10 154,625 13 23.9 111,150 14 17.1 47.30 35 56 22 26
FY25e 713,069 10 173,787 12 24.4 125,237 13 17.6 53.29 31 49 24 28
FY21 564 550 3 Hold 95,617 10 20,027 12 20.9 16,933 10 17.7 9.59 47 57 24 27
FY22 108,887 14 22,538 13 20.7 18,242 8 16.8 10.33 42 53 23 27
DABUR FY23 115,299 6 21,641 (4) 18.8 17,072 (6) 14.8 9.66 44 57 20 23
FY24e 125,116 9 24,035 11 19.2 18,781 10 15.0 10.63 40 52 20 23
FY25e 139,070 11 28,089 17 20.2 22,155 18 15.9 12.54 33 44 21 25
FY21 492 438 12 Buy 454,851 155,225 34.1 130,307 28.6 10.59 34 41 21 27
FY22 563,413 24 189,337 22 33.6 150,578 16 26.7 12.22 28 36 25 32
ITC FY23 660,433 17 239,445 26 36.3 186,804 24 28.3 15.03 22 29 29 37
FY24e 752,679 14 274,108 14 36.4 214,799 15 28.5 17.28 19 25 31 40
FY25e 844,277 12 313,928 15 37.2 245,378 14 29.1 19.74 17 22 33 42
CY20 21,687 22,073 (2) Hold 133,500 32,618 24.4 21,428 16.1 222.23 63 99 108 150
CY21 147,406 10 35,960 10 24.4 23,845 11 16.2 247.31 58 89 116 159
NEST CY22e 168,970 15 38,145 6 22.6 24,925 5 14.8 258.50 54 85 110 152
CY23e 193,930 15 44,800 17 23.1 29,457 18 15.2 305.50 46 72 107 148
CY24e 216,528 12 52,454 17 24.2 34,851 18 16.1 361.45 40 61 103 142
FY21 1,659 1,599 4 Hold 48,412 15,096 31.2 10,354 21.4 38.07 28 42 75 106
FY22 50,998 5 15,659 4 30.7 10,783 4 21.1 39.64 27 40 74 116
CLGT FY23 52,262 2 15,470 (1) 29.6 10,584 (2) 20.3 38.91 28 41 61 97
FY24e 55,520 6 16,678 8 30.0 11,486 9 20.7 42.23 25 38 66 105
FY25e 60,193 8 18,624 12 30.9 12,890 12 21.4 47.39 23 34 72 114
FY21 1,107 1,032 7 Buy 110,286 24,431 22.2 16,330 14.8 15.98 44 65 19 24
FY22 122,765 11 24,917 2 20.3 17,480 7 14.2 17.10 43 60 17 22
GCPL FY23 133,160 8 25,392 2 19.1 17,460 (0) 13.1 17.08 42 60 14 19
FY24e 152,981 15 31,718 25 20.7 22,107 27 14.5 21.63 33 48 15 19
FY25e 171,632 12 36,883 16 21.5 25,154 14 14.7 24.61 28 42 15 20
FY21 532 533 (0) Hold 80,480 15,880 19.7 11,590 14.4 8.98 43 59 37 46
FY22 95,120 18 16,780 6 17.6 12,250 6 12.9 9.49 41 56 37 46
MRCO FY23 97,640 3 18,100 8 18.5 12,808 5 13.1 9.92 38 54 36 43
FY24e 108,338 11 21,495 19 19.8 15,147 18 14.0 11.73 32 45 37 44
FY25e 119,009 10 24,168 12 20.3 17,170 13 14.4 13.30 28 40 37 45
FY21 3,500 3,180 10 Buy 217,128 48,556 22.4 31,393 14.5 32.73 62 97 27 33
FY22 291,013 34 48,036 (1) 16.5 31,463 0 10.8 32.80 63 97 24 28
APNT FY23 344,886 19 62,598 30 18.2 41,553 32 12.0 43.32 48 73 28 33
FY24e 392,288 14 75,900 21 19.3 51,123 23 13.0 53.30 40 60 30 35
FY25e 446,220 14 90,164 19 20.2 61,037 19 13.7 63.63 33 50 30 36
FY21 506 433 17 Buy 47,709 8,435 17.7 5,385 11.3 9.99 26 43 14 18
FY22 59,489 25 6,716 (20) 11.3 4,007 (26) 6.7 7.44 33 58 10 13
KNPL FY23 70,810 19 7,939 18 11.2 4,864 21 6.9 9.03 27 48 11 15
FY24e 78,343 11 10,240 29 13.1 6,527 34 8.3 12.11 20 36 14 18
FY25e 85,646 9 12,056 18 14.1 7,790 19 9.1 14.45 17 30 15 20
Source: Company, Antique
Earnings estimate and valuation table (Continued.....)

Companies Year TP CMP Up Reco Sales Sales EBITDA EBITDA EBITDA Adj. Adj. Adj. Adj. EV/ PE RoE RoCE
(INR) side (INR mn) growth (INR mn) growth margin PAT PAT PAT EPS EBITDA (x) % %
(%) (YoY %) (YoY %) (%) (INR mn) growth margin (INR) (x)
(YoY %) ( %)
FY21 960 887 8 Buy 78,892 9,877 12.5 4,617 5.9 6.4 65 140 12 21
FY22 93,817 19 15,107 53 16.1 9,789 112 10.4 13.5 42 66 22 37
UNSP FY23 103,737 11 14,187 (6) 13.7 8,808 (10) 8.5 12.1 44 73 16 30
FY24e 107,452 4 16,054 13 14.9 10,392 18 9.7 14.3 38 62 16 28
FY25e 122,965 14 20,852 30 17.0 13,950 34 11.3 19.2 29 46 18 30
FY21 1,163 1,190 (2) Hold 23,988 4,089 17.0 2,706 11.3 20.3 39 59 16 18
FY22 28,680 20 4,022 (2) 14.0 2,522 (7) 8.8 18.9 39 63 13 16
RDCK FY23 31,428 10 3,584 (11) 11.4 2,044 (19) 6.5 15.3 45 78 10 11
FY24e 36,673 17 5,326 49 14.5 3,169 55 8.6 23.7 30 50 14 15
FY25e 42,424 16 7,029 32 16.6 4,437 40 10.5 33.2 23 36 17 19
FY21 487 383 27 Buy 28,805 8,831 30.7 6,691 23.2 15.05 20 25 37 30
FY22 31,872 11 9,524 8 29.9 10,373 55 32.5 23.51 19 16 54 36
HMN FY23 34,057 7 8,628 (9) 25.3 7,612 (27) 22.4 17.25 21 22 35 33
FY24e 36,495 7 9,369 9 25.7 8,023 5 22.0 18.18 18 21 33 35
FY25e 40,007 10 10,690 14 26.7 8,603 7 21.5 19.50 16 20 31 33
FY21 277 203 37 Buy 19,091 3,145 16.5 2,229 11.7 6.07 24 33 17 20
FY22 21,965 15 2,482 (21) 11.3 1,619 (27) 7.4 4.41 31 46 11 15
JYL FY23 24,860 13 3,159 27 12.7 2,327 44 9.4 6.34 24 32 16 20
FY24e 27,214 9 3,939 25 14.5 2,965 27 10.9 8.07 19 25 18 23
FY25e 29,734 9 4,542 15 15.3 3,392 14 11.4 9.24 16 22 19 23
FY21 213 186 15 Buy 9,146 2,435 26.6 2,236 24.4 15.15 9 12 31 37
FY22 8,784 (4) 1,785 (27) 20.3 1,745 (22) 19.9 11.83 12 16 22 26
BAJAJCON FY23 9,499 8 1,414 (21) 14.9 1,398 (20) 14.7 9.80 15 19 17 21
FY24e 10,240 8 1,707 21 16.7 1,633 17 16.0 11.45 11 16 16 20
FY25e 11,254 10 2,038 19 18.1 1,899 16 16.9 13.31 8 14 15 19
FY21 1,405 1,024 37 Buy 163,186 9,540 5.8 6,808 4.2 23.02 43 44 18 12
FY22 242,054 48 14,870 56 6.1 8,063 18 3.3 27.26 27 38 16 17
PATANJAL FY23 315,247 30 12,806 (14) 4.1 8,864 10 2.8 24.49 30 42 11 13
FY24e 337,981 7 19,493 52 5.8 13,744 55 4.1 37.98 18 27 13 16
FY25e 365,542 8 23,816 22 6.5 16,953 23 4.6 46.84 14 22 14 18
Reco : Not Rated VISIT NOTE

CMP : INR 1,038
Meghmani Finechem
Foray into new areas of specialization to drive growth
Incorporated in 2007, Meghmani Finechem (MFL), is a leading manufacturer
Manish Mahawar of chlor-alkali and its value-added derivatives. It was demerged from
+91 22 6911 3427 Meghmani Organics (MOL) in FY21 to pursue growth in chemical businesses.
manish.mahawar@antiquelimited.com As of FY23, the company’s caustic soda capacity was 400 ktpa, making it
Darshita Shah
the 4th largest player in India. In 2018, the company forayed into a new
+91 22 6911 3431 segment, derivatives and specialty chemicals (specialty chemical segment),
darshita.shah@antiquelimited.com with focus on introducing products with a) Import substitution opportunity,
b) RoCE potential of +25% levels and leadership position in the country. With
Jenish Karia
+91 22 6911 3406
constant focus on scaling up the specialty business, company has announced
jenish.karia@antiquelimited.com capex for multiple projects which will be executed over FY21-24, and aims to
increase the revenue contribution from 30% in FY23 to >60% by FY27. Further,
it plans on achieving a revenue target of INR 50 bn by FY27. Over FY20–23,
revenue/ EBITDA/ PAT has grown at a CAGR of 53%/ 53%/ 47%, supported
by new products and better realisation. As of FY23, D/E stood at 0.8x with
Market data total debt being at INR 8.8 bn. We do not have a rating on the stock.
Sensex : 62,626
Leadership in Chlor Alkali segment
Sector : Sp. Chemicals
Market Cap (INR bn) : 43.2 The Company’s Chlor-Alkali business was commissioned in 2009, and grew the caustic soda
Market Cap (USD bn) : 0.524 installed capacity from 167 KTPA in FY15 to 400 KTPA in FY23. The company is now among
O/S Shares (mn) : 41.6 the top 5 players in India’s chlor-alkali industry, with a market share of ~10%. The company’s
52-wk HI/LO (INR) : 1737/811 chlor-alkali product portfolio consists of caustic soda and caustic potash. In FY17, the company
Avg. Daily Vol ('000) : 330 started manufacturing of caustic potash with a capacity of 21 ktpa, making it the 3rd largest
Bloomberg : MEGHFL IN manufacturer in India. The traditional chlor-alkali business contributes about 70% to MFL’s
Source: Bloomberg
overall top-line as of FY23.
Valuation Diversifying business model by foray into specialty chemicals
FY21 FY22 FY23 With a view to de-risk its business model, the company over the past 2–3 years has introduced
EPS (INR) 24.3 60.8 85.0 new margin accretive products. The product portfolio consists of Chloromethane (CMS),
P/E (x) 42.8 17.1 12.2 Hydrogen Peroxide (H2O2), Chlorinated Polyvinyl Chloride (CPVC), Epichlorohydrin (ECH),
P/BV (x) 6.3 5.9 4.0 Chlorotoluene value chain. MFL aims to launch products with import substitution opportunity
EV/EBITDA (x) 21.6 11.9 8.6 and address a large existing demand coupled with RoCE potential of +25% levels. The
Dividend Yield (%) - - 0.5 specialty chemical segment contributed 30% to MFL’s overall top-line in FY23 from 14% in
Source: Bloomberg FY20. The company will use its in-house manufactured products to manufacture value-added
Returns (%) products, which not only makes it an integrated player, but also aids in strengthening its
1m 3m 6m 12m
profitability as these new launches will have higher realization and superior value addition.
Absolute 8 0 (17) (28) On a capex spree, to clock INR 50 bn revenue by FY27
Relative 7 (5) (17) (38) Company has announced capex for multiple projects which will be executed over FY21-24,
Source: Bloomberg to cater to the newly launched products, coupled with expanding its chlor-alkali capacity and
Shareholding pattern a captive power plant to strengthen its backward integration. Aided by the capex for foraying
into new segments and new chemistry, the company aims to achieve revenue of INR 50 bn by
Promoters : 71% FY27, with EBITDA margin profile of 28% (+/-2%). The specialty chemical segment is also
Public : 29% expected to contribute >60% to overall revenue by FY27. Further, 2 kms away from the current
Others : 0% facility in Dahej, the company has purchased 71 hectares of land at a capex of INR 1.5 bn,
Source: Bloomberg
which will be used to manufacture further downstream products in new chemistries.
Price performance vs Nifty Outlook

125 We believe company is setting foot in its next leg of growth with capacity expansion across
105 various products and on a path to achieve INR 50 bn revenue by FY27, considering its foray
85 into margin accretive products and their opportunity size. MFL aims to de-risk business model
65 by shifting focus to specialty chemical products, which will aid in maintaining EBITDA margin
45 at 28% (+/-2%). FY20–23 revenue/ EBITDA/ PAT grew at a CAGR of 53%/ 53%/ 47%
Jun-22 Oct-22 Feb-23 Jun-23 supported by new products and better realization. As on FY23, D/E stood at 0.8x with total
Meghmani Finech. NIFTY debt being at INR 8.8 bn. The stock currently trades at 9xFY23EPS. We do not have a rating
Source: Bloomberg Indexed to 100 on the stock.
About the company

The company, incorporated in 2007, is a leading manufacturer of chlor-alkali and its value-
added derivatives. MFL was demerged from Meghmani Organics (MOL) in FY21 to pursue
growth in chemical businesses. The demerger was carried out with an objective to empower
both companies to focus on their respective businesses, while empowering each of them to
organize their own growth resources. The demerged company is now being driven by the
second generation of the promoter family that came on to the company’s board in 2016. The
company is primarily engaged in manufacturing chlor-alkali & its derivatives. MFL has an
advanced automated production facility, equipped to address international standards in the
manufacturing of CPVC Resin, Epichlorohydrin, Caustic Soda, Caustic Potash, Chloromethanes,
and Hydrogen Peroxide. Its manufacturing facility is located in Dahej spread across 60 acres
of land.
MOL and MFL demerger:

In FY20, MOL had demerged its agrochemical and pigment divisions into a separate
subsidiary, Meghmani Organochem Ltd. and transferred other businesses of MOL to MFL.
Eventually, Meghmani Organochem Ltd. was renamed as MOL. As per the composite scheme,
shareholders of the Meghmani Organochem received shares in the ratio of 1:1; and
shareholders of MFL received 94 shares of INR 10 each for every 1,000 shares (INR 1) held
in MOL.
Exhibit 1: Restructuring carried out to unlock the potential of chlor-alkali and its derivatives

Business Overview
Leadership in the chlor-alkali segment
The Company’s Chlor-Alkali business was commissioned in 2009, and grew the caustic soda
installed capacity from 167 KTPA in FY15 to 400 KTPA in FY23. The company is now among
the top 5 players in India’s chlor-alkali industry, with a market share of ~10%. Considering
power is an important feedstock in the manufacture of caustic soda, the company also has a
132 MW captive power plant, which takes care of 100% of its power requirement of chlor
alkali. Further, it is also setting up an 18.34 MW wind-solar hybrid power plant, which is
expected to be commissioned by 1QFY24.
The company’s chlor-alkali product portfolio consists of caustic soda and caustic potash. In
FY17, the company started manufacturing of caustic potash with a capacity of 21 ktpa,
making it the 3rd largest manufacturer in India. The traditional chlor-alkali business contributes
70% to MFL’s overall top-line as of FY23.
Exhibit 2: Product details

Product Domestic India MFL
demand capacity Demand India Key
(KTPA) (KTPA) CAGR End user industry positioning competitors
Caustic Soda 4200 4700 6% Alumina, textile, chemical 4 Grasim, DCM, Guj Alkali
Caustic Potash 91 83 8% Soap & detergent, agrochem and pharma 3 Gujarat Alkali (GACL), TGV
Diversifying its business model by foraying into specialty chemicals

MFL aims to de-risk business model by shifting focus to specialty chemical products. It aims to
launch products with import substitution opportunities and address a large existing demand
coupled with RoCE potential of +25% levels. Further, the focus is to enter in products where
the competition is less and company can maintain a leadership position. The company will
use its in-house manufactured products to manufacture value-added products, which not only
makes it an integrated player, but also aids in strengthening its profitability as these new
launches will have higher realization and superior value addition.
Furthermore, in manufacturing of caustic soda, chlorine is produced as a by-product in
substantial quantity, failing to dispose it off cautiously can result in shutting down of its plant.
In order to address the problem, the company over the past 2–3 years has introduced new
margin accretive products. This has not only enabled it to judiciously circumvent its chlorine
disposal problem, but has also enabled it to launch new products. While this will result in
MFL’s captive chlorine consumption increasing to ~85% by FY26 (65% as on FY23), it
simultaneously puts the company on its next leg of growth.
The specialty chemical segment contributed 30% to MFL’s overall top-line in FY23 from 14%
in FY20. Its product portfolio consists of Chloromethane (CMS), Hydrogen Peroxide (H2O2),
Chlorinated Polyvinyl Chloride (CPVC), Epichlorohydrin (ECH), Chlorotoluene value chain.
Exhibit 3: Product launch timeline

Year Milestone
2018 Planned new facilities of CMS and H202
2020 Commissioned CMS plant
Announced entry into ECH
2021 Commissioned H2O2 plant
Announced entry into CPVC
2022 Announced to set up R&D Facility
Announced entry into Chlorotoluene and value chain
2023 Commissioned ECH Plant
Commissioned CPVC Plant
Announced additional capacity of 45 ktpa of CPVC resin plant
Exhibit 4: Product details

Product Domestic India MFL
demand capacity Demand India
(KTPA) (KTPA) CAGR End user industry positioning Key competitors
CMS 580 677 12% Pharma, refrigerant, 5 SRF, GACL, GFL,
tetrafluoroethylene (TFE) Chemplast Sanmar
H2O2 340 429 10% Paper & pulp, textiles, effluent treatment, 3 National Peroxide, GACL
chemicals
ECH 85 — 15% Automotive, windmill, adhesives, pharma 1 Grasim, DCM
CPVC 200 95% demand 10% CPVC pipes and fittings 1 Imports
served through import
Chlorotoluene value chain

In order to tap the growth opportunity of manufacturing specialty chemicals and to benefit
from the China + 1 strategy, MFL announced India’s 1st ever Chlorotoluene and its value
chain plant, at the existing chlor-alkali complex in Dahej at a capex of INR 1.8 bn. It will be
catering to intermediates used in pharma and agrochem sector. The expansion will be carried
out in two phases:
Phase 1: Has delivered ~10–15 intermediates to serve pharma and agrochem segment,
and will be operational by 4QFY24.
Phase 2: Will work on products down the value chain, for which the company is setting up
an R&D center that will be operational by Sept’23.
The expansion is in line with its objective of strengthen its value chain by foraying into products
that will aid in creating an integrated complex. Further, chlorine will be the key starting
material for the same, which the company manufacturers captively.
Exhibit 5: Diverse and integrated product portfolio

Segments Products
Chlor Alkali Segment
Caustic Soda Caustic Soda Lye
Caustic Soda Flakes
Liquid Chlorine
Hydrogen Gas
Caustic Potash Caustic Potash Lye
Caustic Potash Flakes
Other by-products Hydrochloric Acid
Sodium Hypochlorite
Diluted Sulphuric Acid
Specialty Chemical Segment
CMS Methyl chloride
Methylene dichloride
Chloroform
Carbon tetrachloride
CPVC CPVC Resin
Chlorotoluene value chain Intermediates for agrochem and pharma
On a capex spree, to clock INR 50 bn revenue by FY27

Company has announced capex for multiple projects which will be executed over FY21-24,
60% of which is funded through internal accruals. The capex is to cater to newly launched
products, coupled with expanding its chlor-alkali capacity and a captive power plant to
strengthen its backward integration.
Exhibit 6: Capex story

Year (KTPA) Caustic Caustic CMS H2O2 ECH CPVC Chlorotoluene Captive
Soda Potash Power Plant
FY10 119 40
FY15 167 60
FY17 21
FY20 50
FY21 294 60 96
FY23 400 50 30 132
FY24 75 NA
During FY23, the company entered into joint venture with ReNew Green (GJS Three) in the
ratio of 26:74, to set-up a grid connected 18.34 wind-solar hybrid project. The estimated
capex cost of which is INR 2.6 bn and is to be funded in a debt:equity ratio of 70:30. During
the year, MFL invested INR 205 mn towards equity contribution of 26%. The commissioning of
this facility will address >5% of the company's power needs and moderate the cost of power
by 25%-30% per unit (as compared to the grid).
With the considerable thrust that the capex provides for foraying into these new segments
and chemistry, the company aims to achieve revenue of INR 50 bn by FY27, with EBITDA
margin profile of 28% (+/-2%). The specialty chemical segment is also expected to contribute
>60% to overall revenue by FY27. Further, 2 kms away from its current facility in Dahej, the
company has purchased 71 hectares of land at a capex of INR 1.5 bn, which will be used
to manufacture further downstream products in Chlorotoluene chemistry, as well as introduce
new chemistries.
Exhibit 7: Roadmap to achieve INR50bn by FY27

Segment Capital Employed Revenue Potential Commissioning
(INR in bn) (INR in bn) by
ECH 27 50 1QFY23
CPVC resin 19 35 2QFY23
25 50 4QFY24
Chlorotoluene 18 30 4QFY24
Integrated manufacturing facility

MFL has an integrated business model aimed at mitigating the risks of price volatility and
unavailability of raw materials. Further, by entering into the specialty chemical segment, the
company is strengthening its integrated complex by virtue of combining an investment in
broad-based infrastructure at one end and niche products at the other. Further, the recent
expansion of its power plant and JV for wind-solar hybrid power plant will address 95% of its
power needs.
Exhibit 8: Fully integrated complex
Company’s captive chlorine consumption stood at 65% as on FY23 which is expected to

reach ~85% by FY26, as a result of expansion in Specialty chemical segment, leading to
chlorine and other in-house materials to be consumed as raw materials with no further expansion
in Chlor-alkali capacity.
Exhibit 9: Strong backward integration

Financial Profile
Robust revenue growth aided by realization growth
MFL’s top-line has grown at a CAGR of 53% from FY20–23, largely led by higher realization
growth in caustic soda, caustic potash, H2O2, and CMS. In FY23, the company’s top-line
grew 41% YoY, with volume/ realization up by 9%/ 32% YoY. For FY24, the company has
guided for 15%–20% YoY top-line growth resulting from volume growth of its newly launched
products. A precursor to this guidance is an increase in contribution of specialty chemical
segment from 14% in FY20 to 30% in FY23.
Exhibit 10: Realization led revenue growth Exhibit 11: Increasing contribution of specialty chemical
25,000 INR in mn 120%
100%
14%
20,000
25%
26%
30%
80%
15,000
60%
10,000 40%
20%
86%
74%
75%
70%
5,000
15,509
21,884
6,105
8,286
0%
FY20 FY21 FY22 FY23
-
FY20 FY21 FY22 FY23 Chlor Alkali Specialty Chemical
Source: Company, Antique Source: Company, Antique
Strong operational performance

The company's EBITDA/ PAT has grown at a CAGR of 53%/ 47% over FY20-23, led by a)
Strong realization growth, b) Improvement in product mix, and c) Operating leverage benefit.
It has guided for EBITDA margin to sustain at 28% (+/-2%) led by increasing contribution of
specialty chemical segment, which is margin accretive in nature. The lower CAGR in PAT is on
account of increasing depreciation and interest costs rising up 35%/ 81% CAGR over FY20-
23 as the company is in capex mode and higher working capital.
Exhibit 12: Ramp up of new products drives

operational performance Exhibit 13: Higher depreciation and int cost impact PAT growth
8,000 INR in mn 33% 4,000 INR in mn 20%
16%
16%
7,000 3,500 18%

18%
33%
33% 16%
6,000 3,000
12%
14%
32%
5,000 32% 2,500 12%

32%
31%
4,000 2,000 10%
3,000 32% 1,500 8%

6%
2,000 1,000
31% 4%
1,120
1,008
2,528
3,533
1,941
2,613
5,095
6,889
1,000 500 2%
- 31% - 0%
FY20 FY21 FY22 FY23 FY20 FY21 FY22 FY23
EBITDA (LHS) EBITDA Margin (RHS) PAT (LHS) PAT Margin (RHS)
Improving balance sheet profile

Over the last three years, the company has been in capex mode, as it has expended INR 11 bn
over FY20–23, of which 60% has been funded through internal accruals and the rest through
debt. This has resulted in debt being on an upward trend. However, with strong operational
performance, the company’s D/E has improved from 1.4x in FY22 to 0.8x in FY23. Further, the
company has alluded to long term debt peaking out and is expected to sustain at current levels
over the next 2-3 years. Aided by strong performance in the newly launched products and
strong realization growth, company has been able to generate decent OCF.
Exhibit 14: D/E on an improving trend Exhibit 15: ATO improving despite continuous capex
12,000 INR in mn
1.4
x 1.6 5,000 INR in mn x 1.8
1.5
1.4
4,500
1.4
1.4 1.6
10,000
4,000 1.4
1.2
1.1
3,500
0.9
8,000 0.8 1.2

1.0
0.8
3,000
1.0
6,000 0.8 2,500
0.8
0.6 2,000
4,000 0.6
1,500
0.4
1,000 0.4
5,262
5,383
9,894
8,761
2,000
3,692
1,968
4,563
4,165
0.2 0.2
500
- - - -
FY20 FY21 FY22 FY23 FY20 FY21 FY22 FY23
Debt (LHS) D/E (RHS) Capex ATO
Exhibit 16: Strong OCF generation Exhibit 17: Working capital trend
8,000 100% 70 70
63
91%
INR in mn
55
7,000 60 60
80%
88%
48
85%
6,000
56%
50 50
5,000 60%
35
40 40
4,000
3,000 40% 30 30
2,000 20 20
20%
1,000
10 10
- 0%
FY20 FY21 FY22 FY23 - -
OCF (LHS) FY20 FY21 FY22 FY23
EBITDA (LHS) Inventory Days Receivable Days
Cash Conversation Ratio (RHS) Payable Days Working Capital Cycle
Financials
Profit and loss account (INR mn) Cash flow statement (INR mn)
Year ended 31 Mar FY20 FY21 FY22 FY23 Year ended 31 Mar FY20 FY21 FY22 FY23
Net Revenue 6,105 8,286 15,509 21,884 PBT 1,410 1,609 3,834 5,225
Op. Expenses 4,164 5,673 10,415 14,995 Depreciation & amortization 443 735 859 1,090
EBITDA 1,941 2,613 5,095 6,889 Interest expense 82 311 443 655
Depreciation 443 735 859 1,090 (Inc)/Dec in working capital (38) (56) (1,694) 358
EBIT 1,498 1,878 4,236 5,800 Tax paid (283) (286) (604) (1,075)
Other income 23 22 41 80 Less: Interest/Div. Income Recd. (1) (1) (2) (8)
Interest Exp. 111 291 443 655 Other operating Cash Flow 35 (19) 2 18
Reported PBT 1,410 1,609 3,834 5,225 CF from operating activities 1,647 2,292 2,838 6,262
Tax 290 600 1,306 1,692 Capital expenditure (3,692) (1,968) (4,563) (4,173)
Reported PAT 1,120 1,008 2,528 3,533 Inc/(Dec) in investments 20 (1) 14 (207)
Net Profit 1,120 1,008 2,528 3,533 Add: Interest/Div. Income Recd. 40 1 3 8
Adjusted PAT 1,120 1,008 2,528 3,533 CF from investing activities (3,632) (1,967) (4,546) (4,372)
Adjusted EPS (INR) 27.0 24.3 60.8 85.0 Inc/(Dec) in share capital - - - (609)
Inc/(Dec) in debt 1,263 78 2,433 (542)
Balance sheet (INR mn) Dividend Paid (203) - - (242)
Year ended 31 Mar FY20 FY21 FY22 FY23 Others (366) (397) (480) (596)
Share Capital 2,525 2,525 416 416 CF from financing activities 694 (319) 1,952 (1,989)
Reserves & Surplus 3,310 4,317 6,844 10,276 Net cash flow (1,291) 6 244 (100)
Networth 5,835 6,841 7,260 10,691 Opening balance 1,292 1 7 251
Debt 5,262 5,383 9,894 8,761 Closing balance 1 7 251 151
Net deferred Tax liabilities (10) - 918 1,667
Capital Employed 11,087 12,224 18,071 21,120 Growth indicators (%)
Gross Fixed Assets 6,881 14,211 14,687 23,139 Year ended 31 Mar FY20 FY21 FY22 FY23
Accumulated Depreciation 2,479 3,188 4,009 5,099 Revenue 35.7 87.2 41.1
Capital work in progress 6,912 1,258 5,893 1,581 EBITDA 34.6 95.0 35.2
Net Fixed Assets 11,313 12,281 16,571 19,622 Adj PAT (10.0) 150.7 39.8
Investments - - - 205 Adj EPS (10.0) 150.7 39.8
Current Assets, Loans & Adv. 1,412 2,206 4,666 4,495
Inventory 484 540 1,541 2,118 Valuation (x)
Debtors 765 1,188 2,563 1,663 Year ended 31 Mar FY20 FY21 FY22 FY23
Cash & Bank balance 1 7 251 151 P/E (x) 38.5 42.8 17.1 12.2
Loans & advances and others 162 471 310 563 P/BV (x) 7.4 6.3 5.9 4.0
Current Liabilities & Prov. 1,638 2,263 3,166 3,203 EV/EBITDA (x) 29.0 21.6 11.9 8.6
Liabilities 468 730 881 1,102 EV/Sales (x) 9.2 6.8 3.9 2.7
Provisions 1,170 1,532 2,285 2,101 Dividend Yield (%) - - - 0.5
Net Current Assets (226) (57) 1,500 1,293
Application of Funds 11,087 12,224 18,071 21,120
Financial ratios
Year ended 31 Mar FY20 FY21 FY22 FY23
Per share data RoE (%) 19.2 15.9 35.9 39.4
Year ended 31 Mar FY20 FY21 FY22 FY23 RoCE (%) 13.7 16.3 28.2 30.0
No. of shares (mn) 42 42 42 42 Asset/T.O (x) 0.6 0.7 1.0 1.1
Diluted no. of shares (mn) 42 42 42 42 Net Debt/Equity (x) 0.9 0.8 1.3 0.8
BVPS (INR) 140.4 164.6 174.7 257.3 EBIT/Interest (x) 13.7 6.5 9.7 9.0
CEPS (INR) 37.6 42.0 81.5 111.2
DPS (INR) - - - 5.0
Margins (%)
Year ended 31 Mar FY20 FY21 FY22 FY23
EBITDA Margin (%) 31.8 31.5 32.9 31.5
EBIT Margin (%) 24.5 22.7 27.3 26.5
PAT Margin (%) 18.3 12.1 16.3 16.1
Source: Company Antique
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) FY23 FY24 FY25 FY23 FY24 FY25 FY23 FY24 FY25 FY23 FY24 FY25 FY24 FY24 FY24 1m 12m
AGROCHEM & FERTILIZERS
Bayer Cropscience Hold 4,258 4,710 11 191.3 2.3 6.8 7.2 8.5 151.8 160.8 188.4 28.1 26.5 22.6 19.7 18.0 15.4 5.8 24.1 32.7 3 -18
Coromandel Intl. Buy 932 1,360 46 273.9 3.3 20.1 19.6 22.2 68.6 66.8 75.6 13.6 14.0 12.3 8.9 9.2 7.7 2.9 22.5 31.6 -4 1
Dhanuka Agritech Buy 791 1,010 28 36.1 0.4 2.3 2.5 2.9 51.2 55.0 63.0 15.4 14.4 12.6 12.6 10.8 8.7 2.8 21.5 29.0 22 12
PI Industries Buy 3,620 4,320 19 549.2 6.7 12.2 14.1 16.3 80.7 93.1 107.9 44.9 38.9 33.6 33.5 29.0 24.1 6.5 18.0 21.6 6 40
Rallis India Hold 192 180 (6) 37.4 0.5 0.9 1.7 2.3 4.7 8.8 11.8 40.9 21.7 16.3 16.4 10.7 8.3 2.0 9.6 12.7 2 -2
Sharda Cropchem Buy 559 720 29 50.5 0.6 3.4 3.8 4.4 37.9 41.8 48.2 14.8 13.4 11.6 6.9 6.1 4.9 2.0 15.7 20.2 13 -23
Sumitomo Chemical India Buy 406 520 28 202.5 2.5 5.0 5.4 6.5 10.1 10.8 13.0 40.3 37.5 31.3 29.6 26.4 22.0 7.1 20.6 27.8 3 -12
UPL Hold 680 710 4 510.6 6.2 37.2 42.8 53.5 49.6 57.1 71.3 13.7 11.9 9.5 6.4 5.6 4.8 1.7 15.0 15.5 0 -7
AUTO & AUTO ANC.
Apollo Tyres Buy 405 464 14 257.4 3.1 10.8 16.5 19.6 17.1 25.9 30.9 23.8 15.6 13.1 9.1 7.1 5.7 1.8 12.1 13.1 10 102
Ashok Leyland Buy 152 180 18 447.3 5.4 13.0 19.8 25.2 4.4 6.7 8.6 34.5 22.6 17.8 16.2 12.9 10.6 4.8 22.3 23.1 2 11
Bajaj Auto Hold 4,743 4,463 (6) 1,372.6 16.7 56.3 62.8 71.4 198.9 221.7 252.2 23.9 21.4 18.8 20.1 17.6 15.1 24.7 23.9 31.1 5 22
Balkrishna Industries Hold 2,265 2,228 (2) 437.9 5.3 10.3 13.1 17.2 53.5 67.7 89.1 42.4 33.5 25.4 23.9 20.2 16.0 5.3 16.5 15.8 3 3
Ceat Buy 1,941 1,980 2 78.5 1.0 2.2 3.9 5.7 54.2 96.7 141.2 35.8 20.1 13.7 10.1 8.3 6.4 2.1 10.9 11.5 4 99
Eicher Motors Buy 3,581 3,907 9 980.0 11.9 29.1 35.6 43.0 106.3 130.0 157.1 33.7 27.6 22.8 28.2 23.1 19.2 2.9 22.3 25.8 -1 32
Hero MotoCorp Hold 2,899 2,771 (4) 579.4 7.0 29.1 31.4 36.2 145.7 157.2 181.3 19.9 18.4 16.0 13.6 12.1 10.5 3.3 18.3 23.8 11 11
TVS Motors Buy 1,336 1,342 0 634.7 7.7 14.9 18.5 23.5 31.4 38.9 49.4 42.6 34.3 27.0 24.6 20.2 16.2 8.5 27.3 28.0 8 75
Mahindra & Mahindra Buy 1,371 1,456 6 1,704.4 20.7 74.8 86.2 97.1 60.3 69.5 78.3 22.7 19.7 17.5 15.5 13.2 11.5 8.3 18.5 22.3 7 32
Maruti Suzuki India Buy 9,628 11,070 15 2,908.4 35.3 80.5 109.1 133.7 266.5 361.1 442.8 36.1 26.7 21.7 25.7 19.5 16.3 10.6 17.0 21.7 4 21
BUILDING MATERIALS
Apollo Pipes Buy 697 680 (2) 27.4 0.3 0.2 0.8 1.0 6.1 19.2 22.6 114.5 36.3 30.8 40.4 19.2 14.8 5.2 15.3 20.5 12 47
Astral Hold 1,988 1,550 (22) 534.0 6.5 4.6 6.6 8.4 17.0 24.7 31.1 117.1 80.6 64.0 65.2 47.8 38.6 16.3 22.1 27.4 26 61
Cera Sanitaryware Buy 7,887 8,190 4 102.6 1.2 2.1 2.5 3.0 161.0 194.9 234.0 49.0 40.5 33.7 32.8 27.4 22.7 7.6 20.1 26.2 10 93
Finolex Industries Hold 165 190 15 102.1 1.2 2.5 5.1 5.8 4.1 8.2 9.4 40.6 20.0 17.5 30.5 14.2 12.5 1.9 10.0 11.8 -9 8
Greenlam Industries Buy 476 500 5 60.4 0.7 1.3 1.5 2.1 10.1 12.0 16.7 47.0 39.7 28.4 27.3 22.0 14.3 5.5 14.7 12.9 51 56
Kajaria Ceramics Buy 1,261 1,290 2 200.8 2.4 3.5 4.9 6.4 22.0 30.7 40.4 57.3 41.1 31.2 33.6 25.0 19.5 7.7 19.8 24.0 7 33
Prince Pipes and Fittings Buy 648 860 33 71.7 0.9 1.2 2.6 3.2 11.0 23.7 28.8 59.0 27.4 22.5 28.0 16.2 13.4 4.5 17.7 23.3 8 7
Somany Ceramics Buy 658 810 23 27.9 0.3 0.7 1.3 1.7 17.2 30.7 40.3 38.2 21.4 16.3 16.4 11.0 9.1 3.1 15.4 15.2 20 14
Supreme Industries Buy 2,820 3,170 12 358.3 4.3 8.7 10.2 11.5 68.1 80.5 90.5 41.4 35.0 31.2 29.2 24.0 20.9 7.2 21.8 24.8 1 56
CEMENT
ACC Hold 1,837 1,950 6 345.0 4.2 10.5 13.6 18.9 47.1 72.2 100.7 39.0 25.4 18.2 16.2 12.3 9.3 2.3 9.2 12.4 2 -14
Ambuja Cement Buy 456 470 3 904.9 11.0 27.1 28.2 38.4 12.9 11.5 15.6 35.4 39.7 29.2 25.5 18.1 13.9 2.4 7.6 10.2 11 25
Birla Corp Buy 1,168 1,200 3 90.0 1.1 0.3 3.9 6.2 5.3 50.3 80.5 220.9 23.2 14.5 16.4 9.3 7.3 1.4 6.3 7.6 17 36
Dalmia Bharat Buy 2,096 2,500 19 392.9 4.8 6.3 12.6 16.9 72.0 68.4 91.4 29.1 30.7 22.9 17.1 12.2 10.2 2.3 7.8 9.9 1 63
Grasim Industries Buy 1,716 1,920 12 1,129.7 13.7 22.1 18.0 20.7 33.6 27.3 31.4 51.1 62.7 54.7 36.1 41.3 32.9 2.4 3.8 5.3 -2 30
Heidelberg Hold 176 175 (1) 39.9 0.5 1.1 2.3 3.0 4.8 9.9 13.2 36.8 17.7 13.4 14.8 9.1 7.1 2.7 15.4 17.9 2 -3
JK Cement Buy 3,227 3,460 7 249.3 3.0 4.3 7.2 9.6 55.2 92.6 124.0 58.5 34.9 26.0 21.6 15.0 12.2 4.8 14.5 13.4 6 50
JK Lakshmi Cement Buy 719 875 22 84.6 1.0 3.6 5.7 6.9 30.5 48.1 58.5 23.6 14.9 12.3 11.2 8.2 6.7 2.6 19.0 19.4 -8 72
Nuvoco Vistas Hold 348 375 8 124.1 1.5 4.2 2.1 4.2 11.8 5.9 11.6 29.4 59.1 29.9 13.9 9.4 8.0 1.4 2.3 5.2 5 22
Orient Cement Hold 138 140 1 28.2 0.3 1.2 2.5 3.0 6.0 12.2 14.5 23.0 11.3 9.5 8.6 6.3 5.9 1.6 14.6 16.1 7 13
Shree Cements Buy 25,448 27,500 8 918.2 11.1 11.2 21.4 27.0 309.5 591.8 748.4 82.2 43.0 34.0 28.9 19.3 15.6 4.5 10.9 14.7 3 33
Ramco Cement Buy 933 920 (1) 220.4 2.7 3.1 7.2 9.2 13.3 30.7 38.9 70.0 30.4 23.9 22.3 14.0 12.1 2.9 10.0 10.6 21 53
UltraTech Cement Buy 8,153 8,900 9 2,353.7 28.6 50.6 77.3 94.2 175.4 268.5 327.0 46.5 30.4 24.9 22.4 16.3 13.7 3.9 13.5 17.8 6 48
FMCG & RETAIL
Aditya Birla Fashion & Retail Hold 199 215 8 189.0 2.3 -0.4 1.0 2.1 -0.4 1.0 2.2 -525.1 194.2 90.4 13.6 10.8 9.0 5.5 2.9 9.8 0 -23
Asian Paints Buy 3,181 3,500 10 3,050.8 37.0 41.6 51.1 61.0 43.3 53.3 63.6 73.4 59.7 50.0 48.9 40.2 33.7 16.4 29.5 35.0 2 17
Avenue Supermarts Buy 3,632 4,360 20 2,362.2 28.7 25.6 31.1 37.8 39.5 48.0 58.3 92.0 75.6 62.3 64.2 50.8 41.7 12.0 15.9 21.1 -1 -3
Bajaj Consumer Care Buy 186 213 15 26.6 0.3 1.4 1.6 1.9 9.8 11.5 13.3 18.9 16.2 13.9 14.6 10.3 8.1 2.3 16.4 20.0 7 34
Colgate Palmolive Hold 1,597 1,659 4 434.2 5.3 10.6 11.5 12.9 38.9 42.2 47.4 41.0 37.8 33.7 27.5 25.4 22.6 24.8 66.3 105.4 -2 5
Dabur India Hold 550 564 3 974.5 11.8 17.1 18.8 22.2 9.7 10.6 12.5 56.9 51.7 43.8 45.0 40.3 34.0 9.9 20.0 22.9 6 9
Devyani International Buy 181 200 11 217.9 2.6 2.9 2.4 3.8 2.4 2.0 3.2 75.9 91.3 56.8 33.2 27.0 19.9 17.9 21.8 46.8 2 11
Emami Buy 383 487 27 168.6 2.0 7.6 8.0 17.3 18.2 19.5 22.2 21.0 19.6 19.3 16.9 14.4 6.5 32.8 35.0 -2 -9
Godrej Consumer Buy 1,035 1,107 7 1,058.9 12.9 17.5 22.1 25.2 17.1 21.6 24.6 60.6 47.9 42.1 41.1 32.9 27.7 6.7 15.0 19.4 4 38
Hindustan Unilever Buy 2,636 2,931 11 6,194.0 75.2 97.2 111.1 125.2 41.4 47.3 53.3 63.7 55.7 49.5 44.9 39.5 35.0 11.9 21.8 26.1 0 20
ITC Buy 438 492 12 5,449.1 66.1 186.8 214.8 245.4 15.0 17.3 19.7 29.2 25.4 22.2 21.9 19.0 16.5 7.5 30.8 39.5 5 63
Jubilant Foodworks Hold 480 478 (0) 316.4 3.8 3.5 5.4 7.0 5.4 8.2 10.6 89.6 58.4 45.1 27.3 21.9 18.0 12.9 24.1 41.5 3 -9
Jyothy Labs Buy 202 277 37 74.3 0.9 2.3 3.0 3.4 6.3 8.1 9.2 31.9 25.1 21.9 22.6 18.2 15.4 4.4 18.3 22.8 -3 33
Kansai Nerolac Buy 434 506 17 233.7 2.8 4.9 6.5 7.8 9.0 12.1 14.4 48.0 35.8 30.0 28.7 21.4 17.8 4.6 13.5 18.4 4 9
Marico Hold 533 532 (0) 689.5 8.4 12.8 15.1 17.2 9.9 11.7 13.3 53.7 45.4 40.1 37.6 31.2 27.5 15.9 37.3 44.3 -2 8
Nestle Hold 22,073 21,687 (2) 2,128.2 25.8 24.9 29.5 34.9 258.5 305.5 361.5 85.4 72.3 61.1 55.5 47.3 40.4 69.8 107.0 148.3 1 32
Patanjali Foods Buy 1,024 1,405 37 370.7 4.5 8.9 13.7 17.0 24.5 38.0 46.8 41.8 27.0 21.9 29.2 17.8 14.1 3.4 13.2 16.1 10 -6
Restaurant Brands Asia Hold 108 122 14 53.2 0.6 -0.7 -0.8 -0.4 -1.5 -1.5 -0.8 -74.1 -70.6 -128.3 31.2 22.4 16.3 2.9 -4.1 1.7 3 1
Radico Khaitan Hold 1,191 1,163 (2) 159.2 1.9 2.0 3.2 4.4 15.3 23.7 33.2 77.8 50.2 35.9 46.0 30.8 23.1 6.6 13.9 15.2 7 47
Sapphire Foods India Buy 1,367 1,450 6 86.9 1.1 1.4 1.0 1.7 22.1 15.2 26.8 62.0 90.0 51.0 20.2 16.4 12.1 6.4 7.4 18.7 7 36
Shoppers Stop Buy 780 957 23 85.5 1.0 1.2 1.6 2.3 11.1 15.0 20.9 70.3 51.9 37.3 12.3 10.4 8.9 21.5 41.5 19.2 12 73
Titan Co Ltd Buy 2,876 3,147 9 2,553.5 31.0 32.5 41.7 50.8 36.6 47.0 57.2 78.6 61.2 50.3 52.1 41.0 33.5 17.2 31.4 34.4 4 34
Trent Buy 1,598 1,638 2 568.2 6.9 5.6 6.7 8.9 15.6 18.7 24.9 102.3 85.4 64.1 50.7 41.7 33.2 15.3 17.9 30.6 8 44
United Spirits Buy 888 960 8 646.0 7.8 8.8 10.4 14.0 12.1 14.3 19.2 73.3 62.1 46.3 44.8 38.7 29.1 9.2 16.1 27.8 12 13
Vedant Fashion Buy 1,285 1,380 7 312.0 3.8 4.3 5.0 6.1 17.7 20.8 25.0 72.7 61.9 51.5 45.6 38.3 31.8 17.5 31.7 39.5 1 25
V-Mart Retail Buy 1,985 2,418 22 39.3 0.5 -0.1 0.5 1.0 -4.0 23.5 48.5 -498.5 84.4 40.9 15.0 11.9 9.4 4.4 5.3 7.7 -7 -29
Westlife Foodworld Hold 826 800 (3) 128.8 1.6 1.1 1.7 2.1 7.2 11.1 13.6 115.1 74.4 60.9 34.6 26.7 22.8 17.4 26.5 39.6 8 78
Valuation Guide
INDUSTRIALS & ENGINEERING

ABB Buy 4,151 4,175 1 879.7 10.7 6.9 9.4 12.6 32.4 44.5 59.6 128.2 93.3 69.6 88.2 71.6 52.7 15.6 17.8 24.5 5 78
Bharat Dynamics Buy 1,151 1,261 10 211.0 2.6 3.5 6.6 9.6 19.2 35.8 52.6 59.9 32.2 21.9 42.2 19.3 13.1 5.8 19.2 19.6 14 40
Bajaj Elec. Buy 1,160 1,391 20 133.5 1.6 2.3 3.1 4.0 20.0 26.9 34.4 57.9 43.2 33.7 36.3 28.0 21.8 6.2 15.0 16.8 -1 21
BEML Buy 1,497 1,695 13 62.4 0.8 1.6 2.3 2.9 37.8 55.1 70.5 39.6 27.2 21.2 18.0 16.1 13.2 2.4 9.2 9.1 9 45
Bharat Electronics Buy 120 137 14 879.7 10.7 30.1 33.6 40.1 4.1 4.6 5.5 29.3 26.2 22.0 20.4 17.9 15.2 8.3 30.7 32.6 12 46
BHEL Buy 86 110 28 298.8 3.6 4.5 6.3 19.2 1.3 1.8 5.5 66.8 47.2 15.6 40.0 38.5 11.3 1.1 2.3 3.7 6 72
Blue Star Buy 1,458 1,600 10 140.4 1.7 2.3 3.9 5.6 23.8 40.8 58.2 61.1 35.8 25.0 29.2 21.0 15.4 8.7 26.7 28.1 3 52
Cochin Shipyard Hold 540 516 (4) 71.0 0.9 3.3 3.7 4.5 25.4 27.8 34.4 21.2 19.4 15.7 17.5 12.3 10.2 1.4 7.6 10.3 0 70
Crompton Consumer Buy 275 312 13 176.1 2.1 4.8 5.7 7.1 7.5 9.0 11.1 36.6 30.5 24.7 23.9 20.3 16.8 6.0 20.6 20.5 8 -19
Cummins India Buy 1,783 1,875 5 494.2 6.0 11.4 12.4 14.8 41.3 44.7 53.5 43.2 39.9 33.3 38.9 34.1 27.6 8.5 22.1 27.6 9 77
Engineers India Hold 110 115 5 61.7 0.7 3.4 3.4 3.7 5.4 5.4 5.9 20.3 20.5 18.6 17.3 15.3 13.3 2.7 15.3 18.1 12 78
Garden Reach Shipbuilders Buy 508 619 22 58.2 0.7 2.3 3.8 4.1 19.9 33.3 36.0 25.5 15.3 14.1 14.8 6.5 5.5 2.3 15.5 18.7 0 113
GE T&D Hold 209 176 (16) 53.6 0.7 0.1 1.0 2.1 0.4 3.9 8.0 542.0 53.2 26.1 54.5 28.4 16.5 4.6 9.0 14.0 -4 100
Johnson Controls-Hitachi Hold 1,041 1,071 3 28.3 0.3 -0.7 0.5 1.0 -24.5 18.2 38.2 -42.5 57.4 27.3 -156.9 18.8 11.8 4.1 7.3 6.6 -6 -39
Havells India Hold 1,346 1,330 (1) 843.2 10.2 10.7 14.7 18.5 17.2 23.4 29.5 78.3 57.4 45.5 51.4 38.0 30.1 10.8 20.4 26.6 3 20
Hindustan Aeronautics Buy 3,733 3,621 (3) 1,248.2 15.2 58.1 50.2 55.0 173.8 150.0 164.6 21.5 24.9 22.7 15.7 15.6 14.0 4.7 20.0 21.1 26 97
Hitachi Energy Buy 3,837 4,383 14 162.6 2.0 0.9 2.7 4.6 22.2 63.3 109.6 173.0 60.6 35.0 69.4 35.1 22.1 11.6 20.5 25.9 1 14
Honeywell Automation Buy 40,844 44,443 9 361.1 4.4 4.4 5.4 6.5 495.5 606.7 740.7 82.4 67.3 55.1 65.0 49.7 39.9 10.1 15.9 22.0 10 25
KEC International Buy 537 583 9 138.0 1.7 1.8 5.3 10.0 6.8 20.4 38.8 78.4 26.3 13.8 20.3 13.3 9.4 3.3 13.2 18.0 0 41
Kirloskar Pneumatic Buy 637 755 18 41.2 0.5 1.1 1.5 1.9 16.9 22.8 30.2 37.7 28.0 21.1 24.0 17.1 12.8 4.5 17.1 22.5 8 46
Kirloskar Oil Engines Buy 416 578 39 60.2 0.7 2.7 3.4 4.1 18.6 23.5 28.5 22.3 17.7 14.6 13.6 10.4 8.4 2.4 14.4 18.7 -1 178
Lakshmi Machine Works Buy 12,163 14,134 16 129.9 1.6 3.5 4.0 5.4 327.8 378.5 504.8 37.1 32.1 24.1 29.7 25.1 18.1 5.0 16.5 22.5 7 32
Linde India Buy 3,989 4,679 17 340.2 4.1 5.4 5.3 6.7 62.8 62.2 78.0 63.5 64.2 51.1 43.0 39.1 31.5 9.7 16.1 19.6 1 32
Larsen & Toubro Buy 2,363 2,725 15 3,321.4 40.3 103.3 142.2 181.1 73.8 101.6 129.3 32.0 23.3 18.3 20.6 16.3 13.3 3.4 15.3 11.5 6 49
Mazagon Dock Shipbuilders Buy 1,035 1,073 4 208.7 2.5 10.7 9.9 11.9 53.2 49.0 59.2 19.5 21.1 17.5 12.3 13.9 9.0 3.2 16.1 21.8 38 286
Siemens Buy 3,659 4,364 19 1,302.9 15.8 19.5 22.0 25.8 54.8 61.8 72.5 66.8 59.2 50.5 47.8 42.4 35.9 9.3 16.5 22.5 -6 54
Thermax Hold 2,346 2,399 2 279.6 3.4 4.5 6.4 7.7 40.0 56.4 68.5 58.6 41.6 34.2 46.3 31.2 25.4 6.1 15.4 18.7 -1 16
Voltas Hold 778 855 10 257.4 3.1 3.8 6.2 8.2 11.5 18.8 24.8 67.9 41.5 31.4 44.9 29.2 22.4 4.4 10.9 18.8 -4 -22
INFRASTRUCTURE
Ashoka Buildcon Buy 80 119 49 22.4 0.3 3.2 7.8 5.3 11.4 27.6 18.8 7.0 2.9 4.2 4.9 2.9 3.8 0.5 10.9 10.2 -5 -3
Dilip Buildcon Hold 220 225 2 32.1 0.4 0.9 1.4 1.8 6.8 10.4 12.9 32.2 21.0 17.1 3.9 3.6 3.0 0.6 3.1 8.7 27 -3
IRB Infra Buy 28 32 13 168.8 2.0 8.3 9.4 12.5 1.4 1.6 2.1 20.4 17.9 13.6 9.2 9.2 7.9 1.2 6.9 10.8 0 26
KNR Constructions Ltd. Buy 234 295 26 65.9 0.8 3.6 3.2 3.5 12.8 11.4 12.3 18.2 20.5 19.0 7.8 8.1 7.3 2.3 11.5 15.7 -2 -7
NBCC Sell 42 28 (33) 74.8 0.9 4.0 4.2 5.0 2.2 2.3 2.8 18.7 17.8 15.0 14.3 10.1 7.0 3.2 18.9 16.0 1 31
NCC Ltd. Buy 121 149 24 75.7 0.9 5.7 7.6 9.3 9.1 12.1 14.8 13.3 10.0 8.1 6.5 5.6 5.0 1.1 11.3 18.7 2 96
RITES Hold 376 358 (5) 90.4 1.1 5.3 4.2 6.2 22.1 17.7 25.7 17.0 21.3 14.6 7.3 8.9 5.0 3.3 15.9 16.5 -7 55
Welspun Ent. Buy 166 210 26 23.0 0.3 2.0 2.3 2.9 13.6 19.3 24.4 12.3 8.6 6.8 10.9 7.7 3.4 0.9 11.2 12.4 16 62
IT
Cyient Hold 1,386 1,175 (15) 153.3 1.9 5.7 7.6 8.4 51.4 69.1 76.1 27.0 20.0 18.2 15.2 11.7 10.3 4.0 21.0 21.6 15 71
FirstSource Sol. Buy 129 120 (7) 90.2 1.1 5.1 5.7 6.8 7.4 8.2 9.7 17.6 15.7 13.3 12.9 10.4 9.0 2.6 17.0 13.0 -1 23
HCL Tech Buy 1,110 1,300 17 3,011.5 36.6 148.1 160.7 179.7 54.3 59.0 65.7 20.5 18.8 16.9 12.3 10.9 9.7 4.5 24.2 30.7 1 9
Infosys Buy 1,266 1,500 18 5,253.5 63.8 241.1 267.4 305.2 57.4 63.9 72.9 22.0 19.8 17.4 14.1 12.7 10.7 6.1 32.8 44.5 2 -14
LTI Mindtree Buy 4,823 5,200 8 1,427.1 17.3 44.1 53.1 61.8 149.0 179.3 208.7 32.4 26.9 23.1 23.0 19.1 16.2 7.3 29.3 39.0 3 11
L&T Technology Services Hold 3,808 3,600 (5) 402.3 4.9 11.7 13.2 15.2 110.8 124.9 144.3 34.4 30.5 26.4 22.2 19.2 16.4 7.1 24.9 31.0 0 10
Mphasis Buy 1,853 2,400 30 349.3 4.2 16.4 17.9 20.1 86.9 95.0 106.8 21.3 19.5 17.4 13.4 12.7 11.1 4.0 21.6 29.2 0 -26
Coforge Ltd Buy 4,408 5,000 13 269.3 3.3 8.3 9.5 11.1 135.8 155.8 182.6 32.4 28.3 24.1 19.0 15.2 13.2 7.7 28.8 36.9 8 27
Persistent Sys Buy 4,887 5,000 2 375.9 4.6 9.2 11.8 14.1 120.5 154.9 184.9 40.5 31.6 26.4 24.6 20.2 16.7 7.9 27.3 34.8 5 40
TCS Hold 3,209 3,250 1 11,743.0 142.5 421.5 477.5 522.8 115.2 130.5 142.9 27.9 24.6 22.5 19.1 16.6 14.9 11.8 49.4 61.2 -2 -3
TeamLease Buy 2,314 2,300 (1) 39.6 0.5 1.9 2.5 2.9 110.9 143.3 171.7 20.9 16.1 13.5 17.5 12.6 9.1 3.5 24.4 25.2 4 -28
Tech Mahindra Buy 1,063 1,300 22 1,035.8 12.6 51.0 59.2 66.9 54.9 67.2 76.0 19.4 15.8 14.0 11.9 9.9 8.8 3.7 23.4 31.0 2 -1
Wipro Buy 397 415 4 2,180.7 26.5 113.7 128.9 143.4 20.7 23.5 26.1 19.2 16.9 15.2 11.5 10.0 8.6 2.8 17.3 19.9 4 -14
Zensar Technologies Buy 399 440 10 90.3 1.1 3.3 4.7 5.5 14.5 21.1 24.5 27.4 18.9 16.3 13.9 10.2 8.3 2.7 15.0 21.1 17 38
contd...
Valuation Guide
METALS & MINING

Hindalco Industries Buy 415 534 29 932.7 11.3 100.6 114.3 119.4 45.2 51.4 53.7 9.2 8.1 7.7 6.0 5.2 4.9 0.9 11.5 11.7 3 8
Hindustan Zinc Hold 301 317 5 1,269.9 15.4 105.2 110.1 108.0 24.9 26.0 25.6 12.1 11.5 11.8 7.3 7.1 6.9 7.2 72.0 52.5 -3 4
Jindal Steel & Power Buy 524 677 29 534.5 6.5 46.0 52.9 67.2 45.6 52.3 66.4 11.5 10.0 7.9 6.1 5.5 4.5 1.2 12.8 14.1 -9 43
JSW Steel Hold 749 656 (12) 1,809.3 22.0 35.5 144.1 161.1 14.7 59.6 66.7 50.9 12.6 11.2 13.0 8.5 7.6 2.4 20.5 15.2 7 31
JTL Industries Buy 338 400 18 28.5 0.3 0.9 1.4 1.8 10.8 16.4 20.8 31.2 20.5 16.2 22.0 15.4 12.2 5.3 29.2 36.6 10 52
Kirloskar Ferrous Buy 451 502 11 62.6 0.8 3.5 5.3 6.7 25.2 38.4 47.9 17.9 11.7 9.4 10.7 8.0 6.5 3.0 28.9 27.9 -2 104
MOIL Buy 158 206 30 32.2 0.4 2.5 3.2 3.9 12.2 15.6 19.2 13.0 10.1 8.2 6.1 4.1 3.0 1.3 13.4 18.2 0 2
NALCO Buy 84 99 18 154.8 1.9 15.4 10.8 12.1 8.4 5.9 6.6 10.0 14.3 12.7 5.4 5.3 4.7 1.1 8.1 10.2 3 -7
NMDC Buy 108 149 38 315.2 3.8 42.9 51.7 56.3 14.6 17.6 19.2 7.3 6.1 5.6 4.1 3.1 2.8 1.3 21.9 29.3 1 26
SAIL Hold 83 92 11 342.4 4.2 17.4 39.3 48.9 4.2 9.5 11.8 19.7 8.7 7.0 8.0 5.8 5.2 0.6 7.0 7.8 0 13
Tata Steel Buy 109 133 22 1,331.0 16.2 86.5 60.4 102.6 7.1 4.9 8.4 15.4 22.0 13.0 6.2 5.8 4.7 1.2 5.6 9.8 2 6
Venus Pipes Buy 1,100 1,238 13 22.3 0.3 0.4 0.9 1.2 21.8 45.2 61.2 50.5 24.3 18.0 33.2 16.3 12.5 5.4 24.9 29.1 18 234
Vedanta Buy 277 344 24 1,028.7 12.5 107.9 131.9 147.1 29.0 35.4 39.5 9.5 7.8 7.0 4.3 3.9 3.5 2.4 31.9 25.5 1 -8
OIL & GAS
BPCL Buy 359 529 47 779.7 9.5 32.3 96.6 95.2 15.2 45.4 44.7 23.7 7.9 8.0 10.6 5.4 5.4 1.2 16.3 14.6 -1 9
GAIL Buy 105 125 19 689.7 8.4 53.0 78.9 98.7 8.0 11.8 14.8 13.2 8.9 7.1 12.6 7.2 5.7 1.2 13.6 13.2 -3 6
Gujarat Gas Buy 480 607 27 330.1 4.0 15.3 13.7 18.2 22.2 20.0 26.4 21.6 24.0 18.2 13.6 14.6 11.1 4.2 18.5 22.0 1 -1
HPCL Buy 262 397 52 371.9 4.5 -89.7 68.2 71.2 -63.2 48.1 50.2 -4.1 5.5 5.2 -13.1 5.6 5.1 0.9 19.9 12.3 1 10
IGL Buy 463 564 22 324.1 3.9 14.4 17.0 17.9 20.6 24.2 25.6 22.4 19.1 18.1 14.3 12.1 11.0 3.9 22.0 28.0 -6 28
Indian Oil Corp Buy 90 117 30 1,275.1 15.5 82.3 164.6 173.5 6.0 12.0 12.6 15.1 7.6 7.2 11.9 6.6 6.3 0.8 11.3 9.5 8 16
Mahanagar Gas Buy 1,025 1,323 29 101.3 1.2 7.9 8.8 9.1 79.9 88.9 91.8 12.8 11.5 11.2 7.3 6.4 6.0 2.2 20.1 25.9 -2 34
Oil India Buy 256 322 26 277.6 3.4 68.1 58.6 54.8 62.8 54.1 50.5 4.1 4.7 5.1 3.6 3.8 3.7 0.7 16.2 17.7 0 -15
ONGC Buy 154 216 40 1,940.5 23.6 457.6 450.3 429.9 36.4 35.8 34.2 4.2 4.3 4.5 2.6 2.3 2.2 0.7 16.6 19.0 -7 -6
Petronet LNG Buy 223 279 25 334.2 4.1 32.4 34.2 36.6 21.6 22.8 24.4 10.3 9.8 9.1 6.2 5.4 5.4 2.1 22.0 24.9 -3 4
Reliance Industries Buy 2,482 2,844 15 16,792.8 203.8 740.9 903.3 960.6 98.6 123.0 127.4 25.2 20.2 19.5 13.5 10.7 9.9 2.0 11.0 9.8 0 -9
PHARMA & HEALTHCARE
Alkem Hold 3,415 3,078 (10) 408.3 5.0 10.7 15.9 17.5 89.1 133.4 146.6 38.3 25.6 23.3 24.4 19.2 17.1 4.0 16.5 19.7 0 10
Alembic Pharma Hold 590 524 (11) 115.9 1.4 3.4 4.4 4.7 17.4 22.4 23.8 33.9 26.3 24.8 17.3 12.4 11.1 2.5 9.7 12.0 5 -19
CIPLA Sell 969 842 (13) 782.4 9.5 29.3 26.3 30.8 36.4 32.7 38.2 26.6 29.7 25.4 14.8 15.8 13.4 3.1 10.7 14.7 3 0
Dr Reddys Hold 4,667 4,557 (2) 777.2 9.4 45.6 35.3 37.3 273.9 212.2 224.3 17.0 22.0 20.8 11.3 12.5 11.4 3.0 14.4 19.0 4 7
IOL Chemicals Buy 453 510 13 26.6 0.3 1.4 2.3 2.5 23.6 39.9 42.5 19.2 11.4 10.7 12.0 7.4 6.5 1.5 14.5 18.8 7 28
JB Chemicals Hold 2,159 1,904 (12) 167.2 2.0 4.1 5.2 5.9 52.9 67.1 76.1 40.8 32.2 28.4 24.5 19.5 17.3 5.8 19.4 22.2 6 37
Dr Lal Pathlabs Sell 1,956 1,187 (39) 163.1 2.0 2.4 2.9 3.3 28.7 34.2 39.6 68.2 57.2 49.4 32.5 30.1 26.2 43.7 16.1 18.9 -4 -6
Laurus Labs Hold 341 294 (14) 183.4 2.2 7.9 6.1 6.9 14.7 11.3 12.8 23.2 30.0 26.7 12.8 14.8 13.1 4.0 14.2 15.8 10 -38
Lupin Buy 806 811 1 367.0 4.5 4.3 9.5 17.6 9.5 20.9 38.6 85.3 38.6 20.9 22.0 15.9 10.7 2.8 7.4 9.5 4 30
Mankind Pharma Buy 1,485 1,539 4 595.0 7.2 12.8 17.6 20.5 32.0 43.9 51.3 46.4 33.9 29.0 30.6 23.5 19.8 6.6 21.4 26.6 7
Metropolis Healthcare Sell 1,279 1,027 (20) 65.5 0.8 1.4 1.5 1.8 27.9 29.5 34.2 45.9 43.3 37.4 23.3 21.5 19.2 6.0 14.5 17.6 -5 -19
Solara Active Pharma Sell 356 303 (15) 12.8 0.2 -0.2 0.6 0.7 -6.2 18.0 20.2 -57.8 19.7 17.6 17.1 8.0 7.1 0.8 4.2 7.0 -13 -10
Torrent Pharma Buy 1,806 1,954 8 611.2 7.4 12.4 15.5 18.9 36.5 45.8 55.8 49.5 39.5 32.4 23.1 19.7 17.1 8.8 23.5 22.8 9 26
Zydus Life Science Hold 508 500 (2) 513.9 6.2 24.0 21.4 24.4 23.7 21.1 24.1 21.4 24.0 21.1 13.5 14.5 12.6 2.7 11.7 14.1 -1 41
REALTY
Arvind SmartSpaces HOLD 349 350 0 15.8 0.2 0.3 0.5 0.8 6.0 11.4 17.8 57.8 30.5 19.6 33.9 19.4 13.1 2.9 9.9 15.3 12 114
Brigade Enterprise Buy 548 635 16 126.6 1.5 1.7 3.5 5.2 7.4 15.3 22.7 74.6 35.8 24.1 16.1 12.2 10.4 17.6 10.3 11.4 1 20
Century Textile & Industries Buy 799 969 21 89.2 1.1 1.4 4.2 4.6 12.3 38.0 41.3 64.8 21.0 19.3 18.6 11.7 9.9 2.1 10.4 11.7 3 1
DLF Buy 485 537 11 1,201.0 14.6 20.4 33.4 39.8 8.2 13.5 16.1 59.0 36.0 30.2 70.1 43.6 38.2 2.9 8.5 7.1 11 51
Godrej Properties Buy 1,430 1,451 1 397.5 4.8 5.7 14.0 24.1 20.6 50.2 86.6 69.6 28.5 16.5 173.9 119.2 63.7 3.7 14.0 9.5 7 9
Kolte Patil Buy 331 382 15 25.2 0.3 1.0 1.5 2.0 13.5 19.6 26.4 24.6 16.9 12.6 14.3 8.0 6.2 2.2 13.4 18.9 23 32
Macrotech Developers Buy 599 643 7 577.4 7.0 16.6 19.2 29.1 34.5 19.9 30.2 17.4 30.2 19.8 31.4 20.3 14.3 3.8 13.8 14.2 23 9
Oberoi Realty Hold 966 942 (2) 351.2 4.3 19.0 21.6 26.6 52.4 59.4 73.1 18.4 16.3 13.2 18.1 13.4 11.0 2.4 16.2 15.4 3 22
Phoenix Buy 1,563 1,906 22 279.2 3.4 7.3 10.9 12.5 40.9 61.1 69.9 38.3 25.6 22.4 20.1 14.0 11.7 3.0 12.3 10.9 7 40
Prestige Estates Buy 537 577 7 215.2 2.6 9.4 12.7 14.1 23.5 31.6 35.2 22.8 17.0 15.2 13.3 9.4 8.4 1.9 11.3 12.3 11 28
Sobha Buy 534 670 25 50.6 0.6 1.0 2.0 3.4 11.0 20.9 35.6 48.6 25.6 15.0 18.0 12.6 9.6 1.7 7.3 11.5 8 -1
Sunteck Realty Buy 285 479 68 41.8 0.5 -0.1 2.3 3.4 -0.4 16.4 24.3 -716.1 17.4 11.8 74.4 8.2 5.8 1.4 8.0 10.2 -8 -39
TEXTILE
Arvind Ltd Buy 126 139 11 32.9 0.4 3.6 4.1 4.9 13.7 15.6 18.8 9.2 8.1 6.7 5.7 4.9 4.3 0.9 11.5 12.4 18 28
KPR Mills Buy 626 775 24 213.9 2.6 8.1 10.0 10.6 23.8 29.2 31.0 26.3 21.5 20.2 17.7 15.1 13.8 4.8 24.4 26.9 12 5
Welspun India Buy 96 108 13 94.8 1.2 2.0 5.8 8.9 2.0 5.8 9.0 47.7 16.4 10.6 15.4 8.4 6.0 2.1 13.2 13.0 2 27
contd...
Valuation Guide
UTILITIES
CESC Buy 71 93 31 94.5 1.1 14.0 19.4 20.1 10.5 14.6 15.1 6.8 4.9 4.7 9.3 5.7 5.8 0.9 11.7 10.9 1 -9
COAL India Buy 228 280 23 1,402.9 17.0 282.1 218.3 190.9 45.4 35.2 30.8 5.0 6.5 7.4 5.0 6.5 6.5 2.1 35.9 16.2 -3 15
Indian Energy Exchange Hold 123 105 (14) 109.3 1.3 2.9 3.4 3.8 3.2 3.7 4.2 37.8 32.8 29.2 31.5 26.2 23.2 10.9 36.2 39.1 -23 -33
JSW Energy Sell 261 209 (20) 429.9 5.2 14.8 37.0 42.1 9.1 22.7 25.9 28.8 11.5 10.1 16.1 7.8 6.7 1.9 17.9 18.0 1 6
NHPC Buy 45 54 21 447.0 5.4 42.8 41.3 50.3 4.2 4.0 4.9 10.7 11.0 9.1 12.0 10.5 8.6 1.2 10.8 7.3 0 35
NTPC Buy 183 197 8 1,772.6 21.5 177.9 180.8 179.9 18.0 18.3 18.2 10.1 10.0 10.0 8.2 8.6 8.2 1.3 13.5 9.7 4 18
Power Grid Buy 245 279 14 1,708.3 20.7 153.3 150.9 180.9 22.0 21.6 25.9 11.1 11.3 9.4 7.8 7.7 7.1 2.0 18.1 11.8 1 9
PTC India Buy 106 121 14 31.5 0.4 3.2 4.0 4.3 10.8 13.5 14.4 9.9 7.9 7.4 4.4 3.3 3.0 0.8 10.1 14.2 13 32
SJVN Ltd Buy 37 44 19 143.6 1.7 13.6 14.7 18.7 3.3 3.5 4.5 11.1 10.3 8.1 7.4 5.2 3.9 1.1 10.5 9.1 0 29
Torrent Power Hold 680 561 (18) 327.0 4.0 21.7 24.8 25.8 45.2 51.5 53.7 15.0 13.2 12.7 8.6 7.3 7.0 2.5 20.5 19.3 27 50
Tata Power Buy 221 245 11 706.8 8.6 38.1 31.3 26.4 11.9 9.8 8.3 18.6 22.6 26.8 12.6 8.3 7.9 2.6 15.4 9.8 7 -4
MIDCAPS - OTHER
APL Apollo Tubes Buy 1,228 1,344 9 340.5 4.1 6.4 8.8 11.5 23.1 31.6 41.5 53.1 38.9 29.6 33.8 25.1 19.7 9.3 26.3 29.1 4 30
CCL Products Buy 637 690 8 84.7 1.0 2.7 3.3 4.2 20.2 25.0 31.4 31.5 25.5 20.3 23.3 19.0 15.1 4.9 20.7 15.8 7 77
EPL Ltd. Buy 201 250 24 63.9 0.8 2.3 2.9 4.0 7.2 9.2 12.5 28.0 21.9 16.1 11.9 9.0 7.3 3.0 14.2 16.2 6 23
Ganesha Ecosphere Buy 1,053 1,300 23 23.0 0.3 0.7 0.8 1.6 34.2 38.7 72.3 30.8 27.2 14.6 20.7 14.3 9.7 3.2 12.5 12.4 -2 62
Indian Hotels Hold 382 365 (4) 542.5 6.6 10.0 12.0 13.5 7.0 8.4 9.5 54.3 45.3 40.2 30.8 25.9 23.4 6.1 14.2 14.3 7 73
Chalet Hotels Buy 433 550 27 88.8 1.1 1.4 2.4 3.7 7.0 11.9 17.8 61.9 36.5 24.3 25.1 17.8 14.5 4.5 13.2 11.1 4 46
Indian Hume Pipe Buy 199 177 (11) 9.6 0.1 0.6 0.6 0.9 11.5 12.8 17.7 17.3 15.6 11.2 11.5 9.7 8.0 1.3 8.6 11.3 39 27
Mold-Tek Packaging Buy 972 1,070 10 32.2 0.4 0.8 0.9 1.2 24.2 26.6 35.6 40.1 36.5 27.3 24.1 20.2 15.9 5.2 14.9 14.1 0 32
Raymond Buy 1,640 2,043 25 109.2 1.3 6.4 7.3 8.1 95.6 109.8 121.2 17.2 14.9 13.5 10.6 9.0 8.1 3.1 22.6 24.3 2 69
Solar Industries Hold 3,884 4,140 7 351.5 4.3 7.6 7.7 9.4 83.7 84.9 103.5 46.4 45.8 37.5 28.0 26.7 22.2 10.7 26.0 28.9 4 36
Varun Beverages Buy 1,591 1,580 (1) 1,033.7 12.5 15.0 21.2 26.5 23.1 32.6 40.8 69.0 48.7 39.1 38.3 28.1 23.3 14.8 35.2 31.5 2 111
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 (%)
FINANCIALS
Axis Bank Buy 975 1,050 8 3,001.3 36.4 95.8 237.0 271.3 397.6 464.9 541.9 2.3 2.0 1.7 0.4 0.7 0.4 12.7 17.9 1.7 7 48
Bank of Baroda Buy 185 220 19 955.9 11.6 141.1 169.9 173.1 171.9 198.1 224.8 1.1 0.9 0.8 0.9 0.8 0.8 5.6 17.7 1.1 3 76
Canara Bank Buy 311 390 25 564.2 6.8 106.0 123.8 125.3 364.5 419.1 474.4 0.9 0.7 0.7 1.7 1.4 1.5 4.6 17.4 0.9 5 50
City Union Bank Buy 125 170 37 92.2 1.1 9.4 10.0 11.3 100.7 112.8 126.5 1.2 1.1 1.0 2.4 2.1 2.2 9.2 12.7 1.4 -10 -9
DCB Bank Buy 116 150 29 36.3 0.4 4.7 5.3 6.2 137.0 151.5 168.6 0.8 0.8 0.7 1.0 1.0 1.2 6.9 11.7 0.9 2 42
Equitas SFB Buy 84 90 6 93.7 1.1 5.7 7.6 8.7 46.4 51.7 57.7 - - - 1.2 1.6 1.3 12.4 13.9 1.9 9 114
Federal Bank Buy 125 170 36 264.9 3.2 30.1 33.0 37.2 101.6 114.5 128.9 1.2 1.1 1.0 0.7 0.8 0.9 8.0 14.4 1.2 -1 36
HDFC Bank Buy 1,611 2,025 26 9,002.1 109.3 441.1 526.6 631.1 494.7 567.1 653.8 3.1 2.7 2.3 0.3 0.3 0.4 17.1 17.8 2.0 -3 19
ICICI Bank Buy 938 1,125 20 6,560.0 79.6 319.0 357.7 401.6 280.8 321.8 367.8 2.9 2.5 2.2 0.5 0.5 0.7 18.3 16.7 2.1 -1 30
IndusInd Bank Buy 1,331 1,460 10 1,032.9 12.5 73.9 86.1 102.0 700.1 790.3 895.7 1.9 1.7 1.5 0.6 0.6 0.6 12.0 14.9 1.8 10 46
Karur Vysya Bank Buy 110 140 28 87.5 1.1 11.1 11.6 12.7 107.0 118.9 131.9 1.0 0.9 0.8 0.7 0.6 0.7 7.6 12.8 1.2 14 133
Kotak Mahindra Bank Buy 1,872 2,250 20 3,718.9 45.1 109.4 124.4 135.3 402.6 462.9 528.4 3.6 3.0 2.5 0.4 0.6 0.7 29.9 14.5 2.3 -5 4
Punjab National Bank Hold 51 55 7 565.4 6.9 25.1 87.0 111.2 82.7 89.0 97.1 0.6 0.6 0.5 2.7 1.9 1.8 6.5 9.2 0.6 6 66
RBL Bank@ Not Rated 175 NA - 104.8 1.3 13.9 16.4 229.1 251.7 0.8 0.7 - 1.5 1.5 6.4 11.4 1.2 19 54
State Bank of India Buy 579 725 25 5,164.7 62.7 502.3 555.9 613.0 303.5 353.3 408.3 1.5 1.2 1.0 0.7 0.6 0.7 9.3 17.8 1.0 0 25
South Indian Bank Hold 18 21 18 37.8 0.5 7.8 9.6 10.4 30.2 34.3 38.7 0.6 0.5 0.5 1.9 1.5 1.4 3.9 14.3 0.8 2 131
Union Bank of India Hold 72 85 18 490.4 6.0 84.3 93.6 103.3 105.6 116.1 127.7 0.7 0.6 0.6 1.7 1.3 1.3 5.2 12.3 0.7 0 93
*Adjusted for subsidiaries; @ Under Review
NBFCs
Bajaj Finance Hold 7,037 6,341 (10) 4,260.5 51.7 114.0 137.5 170.2 898.51,111.51,378.6 7.8 6.3 5.1 0.7 0.6 0.6 30.9 22.7 5.2 5 24
CanFin Homes Buy 742 684 (8) 98.8 1.2 6.1 7.2 8.5 271.9 321.0 380.2 2.7 2.3 2.0 0.3 0.3 0.3 13.8 18.0 2.1 15 63
Cholamandalam Invst & Fin Buy 1,066 843 (21) 876.1 10.6 25.1 31.8 42.6 170.5 206.7 255.6 6.2 5.2 4.2 2.5 2.0 1.8 27.5 20.5 2.8 6 64
HDFC Buy 2,653 3,095 17 4,893.7 59.4 155.4 176.9 206.2 724.0 796.6 885.3 3.7 3.3 3.0 0.8 0.9 0.8 27.2 12.8 2.3 -4 22
LIC Housing Finance Hold 364 394 8 200.2 2.4 24.6 36.0 41.9 484.5 538.8 602.0 0.8 0.7 0.6 1.3 1.2 1.2 5.6 12.8 1.2 -3 9
Manappuram Buy 117 140 19 99.2 1.2 15.0 17.5 21.0 114.6 133.1 155.4 1.0 0.9 0.8 0.6 0.6 0.6 5.7 16.5 5.1 7 27
M&M Finance Buy 283 315 11 350.1 4.3 20.1 24.0 30.2 139.1 153.6 173.1 2.0 1.8 1.6 3.7 3.3 2.9 14.5 13.3 2.4 1 54
Muthoot Capital Buy 359 355 (1) 5.9 0.1 0.7 0.9 1.0 280.6 332.6 394.2 1.3 1.1 0.9 3.8 3.5 3.5 6.9 16.9 3.4 12 98
Muthoot Finance Buy 1,117 1,345 20 448.3 5.4 35.0 41.8 47.3 519.3 593.5 681.5 2.2 1.9 1.6 0.7 0.5 0.5 10.7 18.7 6.3 5 5
Repco Home Finance Buy 289 331 15 18.1 0.2 2.9 3.1 3.4 400.6 447.6 498.4 0.7 0.6 0.6 3.9 3.3 3.3 5.8 11.7 2.3 42 111
Shriram Finance Buy 1,417 1,685 19 530.6 6.4 64.8 75.4 87.7 1,156.1 1,327.41,531.5 1.2 1.1 0.9 0.0 0.0 0.0 7.0 16.2 3.5 5 22
Sundaram Finance Buy 2,571 2,662 4 285.6 3.5 10.4 11.6 13.4 699.1 785.7 887.9 3.7 3.3 2.9 3.2 2.8 2.4 24.6 14.1 3.2 8 35
Ujjivan Small Bank Buy 37 35 (5) 72.1 0.9 10.8 8.3 10.3 21.2 25.2 30.2 1.7 1.5 1.2 0.4 0.4 0.4 8.9 17.9 2.5 20 128
ICICI Securities Hold 525 525 0 169.4 2.1 11.6 15.1 17.7 91.2 110.7 133.6 5.8 4.7 3.9 11.2 46.5 5 14
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Rural recovery happening; foods moderating FTSE 7,562 (0.5) 1.5

Global News Indian Indices Closing % Chg % YTD

Sector & Corporate News Provisional flows (USD mn)

Please refer to disclosures at the end of the Research Report

Sectoral indices Delivery Spike

Nifty Nifty P/E Nifty P/B

Economy, Money & Banking Commodities Update

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

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

Earnings estimate and valuation table

Earnings estimate and valuation table (Continued.....)

Reco : Not Rated VISIT NOTE

Price performance vs Nifty Outlook

About the company

MOL and MFL demerger:

Source: Company, Antique

Exhibit 2: Product details

Diversifying its business model by foraying into specialty chemicals

Exhibit 3: Product launch timeline

Exhibit 4: Product details

Chlorotoluene value chain

Exhibit 5: Diverse and integrated product portfolio

On a capex spree, to clock INR 50 bn revenue by FY27

Exhibit 6: Capex story

Exhibit 7: Roadmap to achieve INR50bn by FY27

Integrated manufacturing facility

Exhibit 8: Fully integrated complex

Source: Company, Antique

Company’s captive chlorine consumption stood at 65% as on FY23 which is expected to

Exhibit 9: Strong backward integration

Source: Company, Antique

Strong operational performance

Exhibit 12: Ramp up of new products drives

7,000 3,500 18%

5,000 32% 2,500 12%

4,000 2,000 10%

3,000 32% 1,500 8%

Improving balance sheet profile

8,000 0.8 1.2

INDUSTRIALS & ENGINEERING

METALS & MINING

Antique Stock Broking Limited

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