Antique Daily 12 Jul 24

AMP
STRICTLY CONFIDENTIAL
12 July 2024
ANTIQUE’S MORNING PRESENTATION
FROM THE RESEARCH DESK
Market Snapshot
Global Indices Closing % Chg % YTD
QUARTERLY RESULTS REVIEW
Dow Jones 39,754 0.1 5.5
Tata Consultancy Services NASDAQ 18,283 (2.0) 21.8
Strong quarter, but demand environment remains unchanged FTSE 8,223 0.4 6.3
CAC 7,627 0.7 1.1
JTL Industries DAX 18,535 0.7 10.6
Higher volume, backward integration, product mix Russia 1,152 (0.2) 6.3
improvement to drive growth Bovespa 1,28,294 0.8 (4.4)
Nikkei 42,224 0.9 26.2
COMPANY UPDATE Hang Seng 17,832 2.1 4.6
Crompton Greaves Consumer Electricals Shanghai Composite 2,970 1.1 (0.2)
Geared for profitable growth; upgrade to BUY Indian Indices Closing % Chg % YTD
MONTHLY UPDATE Sensex 79,897 (0.0) 10.6
Nifty 24,316 (0.0) 11.9
Pharmaceuticals MSCI India 1,091 (0.0) 18.4
IPM reports ~9% growth for 1QFY25, aided by recovery in CNX Midcap 57,148 0.4 23.7
acute segment BSE Smallcap 54,086 0.6 26.7
Flows (USD mn) Prev. Day MTD

Global News FII 262 1,611
n Nasdaq posted a particularly steep loss on the day, plunging 364.04 points Locals 0 347
or 2.0 percent to 18,283.41, while the S&P 500 slumped 49.37 points or 0.9
percent to 5,584.54. Dow, on the other hand, spent most of the day lingering Provisional flows (USD mn)
near the unchanged line before closing up 32.39 points or 0.1 percent at FIIs (136)
39,753.85. Local 201
n The Nikkei 225 Index jumped 0.94% to close at 42,224 on Thursday, reaching
a new all-time high as surging artificial intelligence-related chip stocks and Volumes USD bn % Chg
expectations for Federal Reserve rate cuts lifted the market further. The broader Cash (NSE + BSE) 19.1 9.5
Topix Index also gained 0.69% to 2,929, the highest in 34 years. In the US,
the S&P 500 and Nasdaq Composite notched new record highs as well, with FII F&O Stock Fut Index Fut
major US technology firms leading the advance. On the economic front, data Net ($ mn) (604) (260.8)
showed that core machinery orders in Japan, a leading indicator of capital OI (%) 0.3 (4.1)
spending in the coming six to nine months, unexpectedly declined in May.
ADR/GDR Gainers Last % Chg
Sector & Corporate News Infosys 19.9 2.7
Wipro 6.5 1.6
n Hindustan Zinc gets power supply from Serentica 180 MW solar project.
Dr Reddy 78.7 0.7
Vedanta group firm Hindustan Zinc on Thursday said it has started receiving
power supply from Serentica Renewables. The renewable energy is being SBI 102.0 0.4
used for Hindustan Zinc's operational business units in Rajasthan. "On Global
Energy Independence Day, Hindustan Zinc… announced the commencement ADR/GDR Losers Last % Chg
of the first phase of renewable energy integration from Serentica Renewables," ICICI Bank 29.3 (0.5)
the Vedanta group firm said in a statement. Reliance 75.9 (0.3)
HDFC 60.3 (0.1)
n Vedanta to raise up to INR 10 bn via debentures. Mining conglomerate
Vedanta Ltd on Thursday said it plans to raise up to INR 10 bn through the
issuance of debentures. In a regulatory filing the company said, its directors
have approved the allotment of 1,00,000 non-convertible debentures
aggregating to INR 1,000 crore on a private placement basis.
Please refer to disclosures at the end of the Research Report

ANTIQUE STOCK BROKING LIMITED FROM THE RESEARCH DESK 12 July 2024 | 2
Sectoral indices Delivery Spike

Closing % Chg % MTD % YTD Company Volume Spike (%) Chg (%)
BSE Auto 57,489 (0.4) 0.3 36.1 Mahindra & Mahindra Financial Services Ltd 20,12,636 248% 0.69%
BSE Bank 60,078 0.3 0.7 10.5 UPL Ltd 27,11,926 229% -0.38%
BSE Cap Goods 75,382 0.2 4.2 35.5 Glenmark Pharmaceuticals Ltd 16,69,992 209% 0.33%
BSE Cons dur 59,310 0.8 0.8 18.6 Coal India Ltd 82,47,693 195% 1.90%
BSE FMCG 21,575 0.4 5.0 5.4 United Breweries Ltd 1,12,989 176% -0.53%
BSE IT 38,181 0.2 3.3 6.0 LIC Housing Finance Ltd 15,54,758 132% 1.40%
BSE Health 38,438 (0.4) 3.6 21.8 Hero MotoCorp Ltd 3,18,479 130% 0.32%
BSE Metal 33,056 0.3 0.0 22.5 UltraTech Cement Ltd 2,09,636 116% -0.68%
BSE Oil 30,973 1.7 5.1 34.5 Cipla Ltd/India 7,01,223 112% -0.48%
BSE Power 8,105 (0.4) 1.9 39.3 JSW Steel Ltd 13,87,953 107% -0.04%
BSE PSU 22,537 1.2 6.3 44.9
BSE Realty 8,672 (1.4) 0.4 40.2
BSE TECK 17,571 0.1 2.4 10.2 Derivatives Update
Long Build Up
Company Last % Chg % Chg OI OI (in 000)
MFSL 1,033.65 0.55 4.95 4,426
HCLTECH 1,503.85 0.01 4.22 17,843
DIVISLAB 4,587.40 1.51 2.97 2,643
NAVINFLUOR 3,656.90 0.72 2.46 1,534
BAJAJ-AUTO 9,484.30 0.78 2.07 2,310
Short Build Up
Nifty Outperformers
GLENMARK 1,385.20 (0.20) 21.86 6,258
Price % Chg % MTD % YTD BALRAMCHIN 445.55 (1.89) 11.14 10,955
Oil & Natural Gas Corp Ltd 305 2.2 11.1 48.6 INDIACEM 305.80 (3.14) 9.75 15,227
Bharat Petroleum Corp Ltd 307 2.1 0.9 36.1 POLYCAB 6,626.45 (3.76) 7.16 4,120
Coal India Ltd 500 1.9 5.7 33.0 BRITANNIA 5,769.00 (0.08) 6.31 2,549
Itc Ltd 459 1.6 7.9 (0.7) Short Covering
Tata Motors Ltd 1,021 1.5 3.1 31.3
State Bank Of India 857 0.9 0.9 33.4 SUNTV 812.85 (3.68) (17.08) 6,999
Asian Paints Ltd 3,022 0.9 3.6 (11.2) TCS 3,933.80 (0.54) (10.02) 20,496
IOC 175.18 (1.75) (8.05) 1,65,477
Nifty Underperformers MANAPPURAM 213.60 (0.12) (7.23) 49,575
Price % Chg % MTD % YTD ITC 459.90 (1.59) (6.48) 1,24,651
Tata Consumer Products Ltd 1,131 (1.7) 3.1 4.1 Long Unwinding
Bajaj Finance Ltd 6,950 (1.5) (2.3) (5.2) Company Last % Chg % Chg OI OI (in 000)
Mahindra & Mahindra Ltd 2,698 (1.2) (5.9) 56.0 SYNGENE 724.80 0.50 (7.71) 7,008
Divi'S Laboratories Ltd 4,583 (1.2) (0.3) 17.4 ZYDUSLIFE 1,169.50 1.50 (5.33) 16,504
Ntpc Ltd 377 (1.1) (0.3) 21.2 VEDL 449.40 1.76 (5.32) 1,41,056
Sun Pharmaceutical Indus 1,582 (1.1) 4.0 25.6 TATACONSUM 1,136.10 1.42 (4.98) 11,537
Power Grid Corp Of India Ltd 343 (0.9) 3.6 44.5 SHRIRAMFIN 2,736.00 0.88 (4.80) 8,001
Bulk Deals
Security Name Client Name Buy/Sell Qty Price Value (mn)
Godrej Properties Ltd R K N Enterprises Sell 3986400 3313.90 13,211
Godrej Agrovet Limited R K N Enterprises Sell 4146156 800.05 3,317
Gokaldas Exports Limited SBI Mutual Fund Sell 4332080 950.00 4,115
The Great Eastern Shippin HRTI Private Limited Buy 7,88,633 1468.71 1,158
Godrej Agrovet Limited Jamshyd Naoroji Godrej Buy 1036539 800.05 829
Nifty Nifty P/E Nifty P/B

36 4.5
24000
21000 4.0
31
3.5
18000
26 3.0
15000 2.5
21
12000 2.0
9000 16 1.5
Jun-20 Jun-21 Jun-22 Jun-23 Jun-24 Jul-20 Jul-21 Jul-22 Jul-23 Jul-24 Jul-20 Jul-21 Jul-22 Jul-23 Jul-24
Source: Bloomberg
Sensex FII Provisional Flows (INR bn) DII Provisional Flows (INR bn)
290 155
75000
230 130
65000 105 c
170
80
55000 110 55
45000 50 30
(10) 5
35000 (20)
(70) (45)
25000
Jul-20 Jul-21 Jul-22 Jul-23 Jul-24 (130) (70)
Jul-20 Jul-21 Jul-22 Jul-23 Jul-24 Jul-20 Jul-21 Jul-22 Jul-23 Jul-24
Source: Bloomberg
Economy, Money & Banking Commodities Update

Forex Rate Last % Chg % MTD % YTD Commodities Last % Chg % MTD % YTD
INR~USD 83.6 (0.0) (0.2) (0.4) Gold ($/Ounce) 2,414 (0.1) 3.7 17.0
INR~EUR 90.6 (0.3) (1.5) 1.4 Crude Oil ($/Bl) 83 0.4 1.7 15.7
INR~GBP 107.6 (0.6) (2.0) (1.7) Aluminium ($/t) 2,413 (0.3) (3.0) 2.9
Copper ($/t) 9,628 (1.2) 1.8 13.8
Bond Market Last Chg (bps) MTD (bps) YTD (bps) Zinc ($/t) 2,899 (0.2) 0.7 9.8
10 Year Bond 7.0 1 (3) (19) Lead ($/t) 2,137 0.8 (1.8) 5.0
Interbank call 6.5 75 26 26 Nickel ($/t) 16,533 (0.4) (3.0) 1.0
INR/USD Gold and silver prices (USD/Tr.Oz) Crude prices (USD/barrel)

84 2500 30 95
2200 27
83 24 75
1900
21
1600
18
82 1300 55
15
1000 12
81 Jul-20 Jul-21 Jul-22 Jul-23 Jul-24 35
Jul-23 Oct-23 Jan-24 Apr-24 Jul-24 Jul-20 Jul-21 Jul-22 Jul-23 Jul-24
Gold (LHS) Silver (RHS)
Source: Bloomberg
Inflation vs 10 year yield Nifty premium/discount NSE volatility index (%)

20 80 30
66.7
15 26
55.6 55.0 52.5
10 60
22
5
0 40 30.6 18
-5 14
20
Sep-22
Dec-22
Jun-23
Sep-23
Dec-23
Jun-24
Mar-23
Mar-24
10
4-Apr
18-Apr
11-Jul
13-Jun
27-Jun
2-May
16-May
30-May
21-Mar
0
WPI Inflation (%) 10 Yr Yield (%) 05-Jul 08-Jul 09-Jul 10-Jul 11-Jul
Source: Bloomberg
CMP : INR 3,923 1QFY25 RESULT REVIEW

Reco
Target Price
: HOLD çè
: INR 4,275 é
Tata Consultancy Services
Target Price Change : 1% Strong quarter, but demand environment remains
Target 1HFY27 P/E (x) : 26
EPS Change FY25/ 26/ 27 : 0.5%/ 1%/ 1%
unchanged
Tata Consultancy Services (TCS) reported a revenue growth of 2.2% in 1QFY25
in CC terms versus our expectation of 1.5% QoQ in CC terms. Growth was
helped by the BSNL ramp up resulting in India contribution to overall revenue
Vikas Ahuja
+91 22 6911 3439
increasing by 80 bps to 7.5% of total revenue, while other key markets returned
vikas.ahuja@antiquelimited.com to growth on a sequential basis. Overall, management indicated that the
demand environment remains uncertain, with little improvement observed
Ashish Bansal
ashish.bansal@antiquelimited.com over the past few quarters. However, management remains confident of better
revenue growth in FY25 than FY24. Deal bookings moderated slightly during
the quarter, TCV stood at USD 8.3 bn (book to bill of 1.1x) vs. the last eight-
quarter average of USD 9.6 bn. Deal bookings were impacted by some large
programs being pushed back by a few weeks, but the company is confident
Market data
of these orders being booked in 2Q. Operating margin decreased by 130 bps
Sensex : 79,897
to 24.7%, but was better than expectation with 170 bps headwind from annual
Sector : IT
Market Cap (INR bn) : 14,196.3
wage hikes. We retain HOLD recommendation on the stock and raise our TP to
Market Cap (USD bn) : 169.878 INR 4,275 from INR 4,250 as a result of 1% increase in FY26/ 27 EPS due to
O/S Shares (mn) : 3,618.1 better than expected 1Q results.
52-wk HI/LO (INR) : 4255/3235
1QFY25 result highlights: TCS reported a revenue of USD 7.5 bn, up 2.2% QoQ in CC
Avg. Daily Vol ('000) : 2,127
Bloomberg : TCS IN
terms, better than our expectation of 1.5%. The order book stood at USD 8.3 bn vs. ~USD 9.6
Source: Bloomberg bn (an average of the past eight quarters). EBIT margin declined 130 bps sequentially to
Valuation 24.7% due to wage hikes rolled out during the quarter. The company maintains its 4Q
FY25e FY26e FY27e guidance of FY25 to be better than FY24. Moreover, the company will continue to work on
EPS (INR) 139.3 155.8 172.6 levers like improving the pyramid structure and other operational efficiencies to improve
P/E (x) 28.2 25.2 22.7 margins. Total headcount stood at 6,06,998, up 0.9% QoQ. LTM IT services attrition moderated
P/BV (x) 13.4 11.5 9.9 to 12.1% (vs. 12.5% in 4Q). Contribution of USD 100 mn+ clients improved to 63 during the
EV/EBITDA (x) 21.1 19.1 17.1 quarter from 60 in 4Q. TCS is seeing an increased interest for WisdomNext, its GenAI services
Dividend Yield (%) 2.0 2.2 2.4 platform. During the quarter, Gen AI deals doubled to USD 1.5 bn.
Source: Company, Antique
Growth driven by regional markets and the UK, Communication & Media;
Returns (%)
1m 3m 6m 12m
Latin America remained muted: Among verticals, growth was driven by regional markets
Absolute 2 (2) 6 20 (+10.6% QoQ in USD terms), Healthcare (+2.9%), Manufacturing (+1.9%), BFSI and
Relative (2) (8) (4) (1) Technological services were up 0.6% and 0.7% respectively. Retail and Consumer Business
Source: Bloomberg was flat and Communication & Media was down -4.2%. BFSI reported its first sequential
Shareholding pattern growth in the last six months, while Communication & Media continued to show de-growth for
over four quarters. By region, the UK was up 2.5% QoQ in USD terms, India up 14.1%, North
Promoters : 72%
America was up 0.9%, Continental Europe was up 0.5%, APAC was up 1.9%, while Latin
Public : 28%
America was down -3.2% QoQ. North America reported sequential growth for the first time
Others : 0%
in the last four quarters, while India and APAC regions continue to remain sequentially strong.
Source: Bloomberg
Out of the total deal wins during the quarter, USD 2.7 bn was in BFSI and USD 1.1 bn in the
Price performance vs Nifty Consumer vertical, while deal wins from North America were at USD 4.6 bn.
140
130 Investment Summary
120
110 Although TCS remains one of the best-managed companies among Indian IT services
100 companies, we maintain HOLD rating on the stock due to its expensive valuation and single-
90
Jul-23 Nov-23 Mar-24 Jul-24 digit organic revenue growth expectations in FY25 after reporting low single-digit growth in
TCS NIFTY FY24. We retain HOLD recommendation on the stock and raise our TP to INR 4,275 from INR
Source: Bloomberg, Indexed to 100 4,250 as a result of 1% increase in FY26/ 27 EPS due to better than expected 1Q results.
Table 1: Financial summary

INR mn 1QFY25 4QFY24 QoQ 1QFY24 YoY FY23 FY24 FY25e FY26e FY27e
Revenues (USD mn) 7,505 7,363 1.9% 7,226 3.9% 27,927 29,080 30,970 33,811 37,049
Revenues 6,26,130 6,12,370 2.2% 5,93,810 5.4% 22,54,580 24,08,930 25,77,664 28,11,990 30,81,276
EBIT 1,54,420 1,59,180 -3.0% 1,37,550 12.3% 5,42,370 5,93,110 6,52,287 7,16,638 7,98,292
EBIT Margins 24.7% 26.0% 23.2% 24.1% 24.6% 25.3% 25.5% 25.9%
PAT 1,20,400 1,24,340 -3.2% 1,10,740 8.7% 4,21,470 4,68,660 5,04,065 5,63,626 6,24,378
NPM 19.2% 20.3% 18.6% 18.7% 19.5% 19.6% 20.0% 20.3%
EPS 33.3 34.4 -3.2% 30.3 10.0% 115.2 128.5 139.3 155.8 172.6
EBITDA 1,66,850 1,71,640 -2.8% 1,49,980 11.2% 5,92,590 6,42,960 7,03,459 7,72,462 8,59,462
PBT 1,62,310 1,68,490 -3.7% 1,49,980 8.2% 5,69,070 6,29,550 6,78,867 7,58,638 8,40,292
Exhibit 1: Better than expected all-round growth across industries and markets
8%
3.2%
2.4%
2.3%
2.2%
4%
1.6%
1.2%
1.1%
0.3%
4.8%
4.1%
4.2%
4.0%
4.0%
3.5%
3.9%
0.6%
0.1%
0%
-6.9%
-0.2%
-1.3%
-4%
-8%
2QFY20
3QFY20
4QFY20
1QFY21
2QFY21
3QFY21
4QFY21
1QFY22
2QFY22
3QFY22
4QFY22
1QFY23
2QFY23
3QFY23
4QFY23
1QFY24
2QFY24
3QFY24
4QFY24
1QFY25
CC organic revenue growth QoQ
Source: Company; Antique
Exhibit 2: EBIT margin was down 130 bps QoQ impacted by wage hikes
28%
27%
26%
25%
24.0%
23.6%
24%
25.0%
25.1%
26.2%
26.6%
26.8%
25.5%
25.6%
25.0%
25.0%
23.1%
24.5%
24.5%
23.2%
24.3%
25.0%
26.0%
24.7%
23%
3QFY20
4QFY20
1QFY21
2QFY21
3QFY21
4QFY21
1QFY22
2QFY22
3QFY22
4QFY22
1QFY23
2QFY23
3QFY23
4QFY23
1QFY24
2QFY24
Q3FY24
Q4FY24
Q1FY25
EBIT Margins
Exhibit 3: Deal bookings moderated at USD 8.3 bn

15,000 (USD mn)
13,000
11,000
9,000
7,000
11,300
10,000
10,200
11,200
13,200
6,800
9,200
8,100
7,600
7,600
8,200
8,100
7,800
8,100
8,300
6,000
8,900
6,900
8,600
5,000
3,000
3QFY20
4QFY20
1QFY21
2QFY21
3QFY21
4QFY21
1QFY22
2QFY22
3QFY22
4QFY22
1QFY23
2QFY23
3QFY23
4QFY23
1QFY24
2QFY24
3QFY24
4QFY24
1QFY25
Deal wins Aveage deal size
Table 2: Key metrics

3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25
Revenue (USD mn) 5,702 5,989 6,154 6,333 6,524 6,696 6,780 6,877 7,075 7,195 7,226 7,210 7,281 7,363 7,505
QoQ growth (%) 5.1 5.0 2.8 2.9 3.0 2.6 1.3 1.4 2.9 1.7 0.4 (0.2) 1.0 1.1 1.9
CC QoQ growth (%) 4.1 4.2 2.4 3.6 4.0 3.0 3.5 4.0 2.2 0.6 0.1 (0.2) 1.0 1.1 2.2
Geography-wise (%)
North America 49.1 48.6 49.4 50.3 50.7 51.6 53.2 54.3 53.7 52.4 52.0 51.7 50.6 50.0 49.5
Latin America 1.7 1.6 1.6 1.6 1.7 1.7 1.8 1.7 1.8 1.8 2.0 2.0 2.1 2.0 1.9
UK 15.7 16.0 16.3 16.1 15.6 15.6 14.9 14.5 14.9 15.7 16.4 16.5 16.4 16.8 16.9
Continental Europe 16.2 16.8 16.7 15.9 16.0 15.5 15.2 14.5 14.8 15.1 14.9 14.9 15.0 14.6 14.4
India 5.6 5.6 4.6 5.1 5.5 5.1 4.8 5.1 5.1 5.0 4.9 4.9 6.1 6.7 7.5
Asia Pacific 9.7 9.4 9.3 9.0 8.6 8.5 8.3 8.0 7.9 8.0 7.8 7.8 7.8 7.8 7.8
MEA 2.0 2.0 2.1 2.0 1.9 2.0 1.8 1.9 1.8 2.0 2.0 2.2 2.0 2.0 2.0
Vertical break up (%)
BFSI 31.3 32.2 32.4 32.4 32.1 31.9 32.1 33.6 33.1 32.9 32.5 32.6 31.7 31.3 30.9
Communication & Media 6.6 6.5 6.6 6.5 6.5 6.7 6.8 7.3 7.2 7.1 7.0 6.9 6.7 6.6 6.2
Manufacturing 9.6 9.6 9.8 9.9 9.9 10.0 9.9 8.2 8.2 8.2 8.3 8.5 8.6 8.8 8.8
Retail & CPG 14.5 14.5 14.7 15.0 15.1 15.4 15.9 16.1 16.0 16.0 16.1 15.9 15.7 15.7 15.4
Life Sciences & Healthcare 9.8 9.7 10.2 10.0 9.9 10.0 10.1 10.7 10.8 10.9 11.0 10.9 10.9 10.9 11.0
Technology & Services 8.6 8.4 8.6 8.8 8.7 8.7 8.8 9.1 9.0 8.9 8.7 8.6 8.4 8.2 8.1
Regional Markets & Others 19.6 19.1 17.7 17.4 17.8 17.3 16.4 10.0 10.5 10.6 10.9 11.0 12.3 12.9 14.0
Client data
US$ 1m+ clients 1,077 1,096 1,118 1,138 1,175 1,182 1,196 1,210 1,217 1,241 1,268 1,272 1,288 1,294 1,310
US$ 5m+ clients 565 569 586 609 619 638 650 650 658 665 677 688 693 693 697
US$ 10m+ clients 386 387 405 417 426 439 446 455 456 461 468 483 480 487 486
US$ 20m+ clients 229 228 241 247 255 268 272 283 290 291 296 292 299 301 300
US$ 50m+ clients 97 101 105 114 118 120 124 124 130 133 137 137 137 139 140
US$ 100m+ clients 48 48 50 54 58 58 59 59 59 60 60 61 61 62 63
Employee Metrics
Total employees (nos) 4,69,261 4,88,649 5,09,058 5,28,748 5,56,986 5,92,195 6,06,331 6,16,171 6,13,974 6,14,795 6,15,318 6,08,985 6,03,305 6,01,546 6,06,998
Net addition (nos) 15,721 19,388 20,409 19,690 28,238 35,209 14,136 9,840 (2,197) 821 523 (6,333) (5,680) (1,759) 5,452
Attrition IT services (%) 7.6 7.2 8.6 11.9 15.3 17.4 19.7 21.5 21.3 20.1 17.8 14.9 13.3 12.5 12.1
Exhibit 4: TCS is trading at 27x one-year forward P/E multiple, near mean +1 SD levels
and…
35
30
25
20
15
10 Jul-13
Jan-14
Jul-14
Jan-15
Jul-15
Jan-16
Jul-16
Jan-17
Jul-17
Jan-18
Jul-18
Jan-19
Jul-19
Jan-20
Jul-20
Jan-21
Jul-21
Jan-22
Jul-22
Jan-23
Jul-23
Jan-24
Jul-24
PE 10Y Avg Mean + 1SD
Mean + 2 SD Mean-1SD 5Y Avg
Source: Bloomberg; Antique
Exhibit 5: ...is trading at 30% premium to Nifty vs. 10-year average of 20%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
-10%
-20%
Jul-14
Jul-15
Jul-16
Jul-17
Jul-18
Jul-19
Jul-20
Jul-21
Jul-22
Jul-23
Jul-24
Jan-15
Jan-16
Jan-17
Jan-18
Jan-19
Jan-20
Jan-21
Jan-22
Jan-23
Jan-24
TCS premium to Nifty 10Y Average
Source: Bloomberg; Antique
Financials
Profit and loss account (INR mn) Cash flow statement (INR mn)
Year-ended March 31 FY23 FY24 FY25e FY26e FY27e Year-ended March 31 FY23 FY24 FY25e FY26e FY27e
Net Revenue 22,54,580 24,08,930 25,77,664 28,11,990 30,81,276 PBT 5,69,070 6,29,550 6,78,867 7,58,638 8,40,292
Op. Expenses 16,61,990 17,65,970 18,74,205 20,39,528 22,21,814 Depreciation & amortization 50,220 49,850 51,172 55,824 61,170
EBITDA 5,92,590 6,42,960 7,03,459 7,72,462 8,59,462 (Inc)/Dec in working capital (44,450) (33,420) 60,666 (3,142) (4,944)
Depreciation 50,220 49,850 51,172 55,824 61,170 Tax paid (1,29,660) (1,24,890) (1,72,982) (1,93,453) (2,14,274)
EBIT 5,42,370 5,93,110 6,52,287 7,16,638 7,98,292 Other operating Cash Flow (158) (51,770) (1,74,802) (1,95,013) (2,15,914)
Other income 26,700 36,440 26,580 42,000 42,000 CF from operating activities 4,45,022 4,69,320 4,42,921 4,22,854 4,66,329
Reported PBT 5,69,070 6,29,550 6,78,867 7,58,638 8,40,292 Capital expenditure (25,320) (22,020) 23,770 23,770 23,770
Tax 1,46,040 1,58,980 1,72,982 1,93,453 2,14,274 Inc/(Dec) in investments (11,49,530) (14,20,090) - - -
Reported PAT 4,23,030 4,70,570 5,05,885 5,65,186 6,26,018 Others 11,42,070 14,69,450
Minority Int./Profit (loss) From Asso. 1,560 1,910 1,820 1,560 1,640 CF from investing activities (32,780) 27,340 23,770 23,770 23,770
Net Profit 4,21,470 4,68,660 5,04,065 5,63,626 6,24,378 Inc/(Dec) in share capital (41,740) (2,10,050) - - -
Adjusted PAT 4,21,470 4,68,660 5,04,065 5,63,626 6,24,378 Dividend Paid (4,29,250) (2,68,320) (3,47,009) (3,81,710) (4,16,411)
Adjusted EPS (INR) 115.2 128.5 139.3 155.8 172.6 CF from financing activities (4,70,990) (4,78,370) (3,47,009) (3,81,710) (4,16,411)
Net cash flow (58,748) 18,290 1,19,682 64,915 73,689
Balance sheet (INR mn) Opening balance 1,29,970 76,312 95,242 2,14,924 2,79,839
Year-ended March 31 FY23 FY24 FY25e FY26e FY27e Closing balance 76,312 95,242 2,14,924 2,79,839 3,53,528
Share Capital 3,660 3,620 3,620 3,620 3,620
Reserves & Surplus 9,21,760 9,22,500 10,79,556 12,61,472 14,69,439 Growth indicators (%)
Networth 9,25,420 9,26,120 10,83,176 12,65,092 14,73,059 Year-ended March 31 FY23 FY24 FY25e FY26e FY27e
Debt 76,880 80,210 80,210 80,210 80,210 Revenue 17.6 6.8 7.0 9.1 9.6
Minority Interest 7,820 8,300 8,300 8,300 8,300 EBITDA 11.7 8.5 9.4 9.8 11.3
Capital Employed 10,10,120 10,14,630 11,71,686 13,53,602 15,61,569 Adj PAT 10.0 11.2 7.6 11.8 10.8
Net Fixed Assets 1,15,950 1,91,100 75,613 61,969 47,018 Adj EPS 11.2 11.6 8.4 11.8 10.8
Goodwill 48,730 44,990 44,990 44,990 44,990
Investments 4,03,870 3,65,230 3,65,230 3,65,230 3,65,230 Valuation (x)
Non Current Investments 2,660 2,810 2,810 2,810 2,810 Year-ended March 31 FY23 FY24 FY25e FY26e FY27e
Current Investments 4,01,210 3,62,420 3,62,420 3,62,420 3,62,420 P/E (x) 34.1 30.5 28.2 25.2 22.7
Current Assets, Loans & Adv. 8,94,222 8,89,482 10,46,693 11,63,724 12,97,304 P/BV (x) 15.7 15.7 13.4 11.5 9.9
Debtors 4,99,540 5,35,770 5,73,298 6,25,415 6,85,306 EV/EBITDA (x) 25.2 23.3 21.1 19.1 17.1
Cash & Bank balance 76,312 95,242 2,14,924 2,79,839 3,53,528 EV/Sales (x) 6.6 6.2 5.8 5.3 4.8
Loans & advances and others 3,18,370 2,58,470 2,58,470 2,58,470 2,58,470 Dividend Yield (%) 2.9 1.9 2.0 2.2 2.4
Current Liabilities & Provisions 4,47,570 4,71,090 5,69,284 6,18,258 6,73,207
Liabilities 26,840 25,100 25,100 25,100 25,100
Financial ratios
Provisions 4,20,730 4,45,990 5,44,184 5,93,158 6,48,107
Year-ended March 31 FY23 FY24 FY25e FY26e FY27e
RoE (%) 45.9 50.6 50.2 48.0 45.6
Net Current Assets 4,46,652 4,18,392 4,77,408 5,45,465 6,24,098
RoCE (%) 56.7 62.2 62.1 60.1 57.6
Application of Funds 10,10,120 10,14,630 11,71,686 13,53,602 15,61,569
Asset/T.O (x) 3.9 4.1 4.4 4.8 4.8
Per share data Net Debt/Equity (x) (0.4) (0.4) (0.5) (0.4) (0.4)
No. of shares (mn) 3,699 3,699 3,699 3,699 3,699
Margins (%)
Diluted no. of shares (mn) 3,699 3,699 3,699 3,699 3,699
EBITDA Margin (%) 26.3 26.7 27.3 27.5 27.9
BVPS (INR) 250.2 250.4 292.8 342.0 398.2
EBIT Margin (%) 24.1 24.6 25.3 25.5 25.9
CEPS (INR) 127.9 140.7 150.6 167.9 185.8
PAT Margin (%) 18.5 19.2 19.4 19.7 20.0
DPS (INR) 115 73 80 88 96
Source: Company Antique
CMP : INR 225 1QFY25 RESULT REVIEW

Reco
Target Price
: BUY çè
: INR 271 çè
JTL Industries
Target Price Change : No Change Higher volume, backward integration, product mix
Target 1HFY27 P/E (x) : 19
improvement to drive growth
EPS Change FY25/ 26/ 27 : No Change
JTL Industries' 1QFY25 consolidated revenue at ~INR 5.2 bn rose by 2.1%
YoY and 10.6% QoQ. The company reported quarterly sales volume at 85.7
KT (grew by 10.8% YoY and 4.6% QoQ). EBITDA at INR 397 mn was in line
with our estimate, higher by 11.7% YoY and 8% sequentially. Blended
Pallav Agarwal
+91 22 6911 3411 realization at INR 60,156 per ton declined by 7.8% YoY but rose by 5.8%
pallav.agarwal@antiquelimited.com QoQ. EBITDA per ton came in at ~INR 4,632, largely flat YoY and higher by
3.3% QoQ; the sequential improvement was aided by the highest-ever export
Suman Kumar
+91 22 6911 3416 sales and a greater proportion of value-added products (VAPs) in the sales
suman.kumar@antiquelimited.com mix. Consolidated PAT came in at INR 307 mn, higher by 21% YoY and 3.9%
QoQ. Capacity expansion is underway to reach 1 mtpa by FY25 (an additional
1 mtpa of VAP in Maharashtra by FY27). As the 1 mtpa Maharashtra VAP
expansion would be primarily funded by a QIP to raise INR 13.1 bn, leverage
Market data levels would remain low. We maintain BUY rating with a TP of INR 271 at a
Sensex : 79,897 target 1HFY27E EPS multiple of 19x.
Sector : Metals
1QFY25 witnessed the highest-ever quarterly export sales
Market Cap (INR bn) : 38.5
Market Cap (USD bn) : 0.461 The company reported quarterly sales volume at 85.7 KT (grew by 10.8% YoY and 4.6%
O/S Shares (mn) : 171.5 QoQ). Export volume at ~5.9 KT (the highest-ever since inception) rose by 31.4% YoY and
52-wk HI/LO (INR) : 278/167 27.1% sequentially. The proportion of exports for the quarter stood at 6.9% of total sales
Avg. Daily Vol ('000) : 1,251 against 5.8% in 1QFY24 and 5.7% in 4QFY24. Domestic volume at ~79.8 KT was higher by
Bloomberg : JTLIND IN 9.5% YoY and 3.2% QoQ. The company commissioned the 1st phase of Nabha Steel and
Source: Bloomberg Metals in June 2024 and reported sales of 10.7 KT (profits from Nabha Steel have been
accounted as other income in 1QFY25; full consolidation would be done post conversion of
Valuation
the partnership firm into a private limited company). Management is targeting 25%-30% YoY
FY25e FY26e FY27e
volume growth in FY25.
EPS (INR) 9.5 12.8 15.7
P/E (x) 23.6 17.6 14.3 EBITDA per ton flat YoY but higher QoQ, sequentially aided by lower other expenses
P/BV (x) 4.2 3.4 2.8
EBITDA at INR 397 mn was in line with our estimate, higher by 11.7% YoY and 8% sequentially.
EV/EBITDA (x) 17.9 13.2 10.8
Blended realization at INR 60,156 per ton declined by 7.8% YoY but rose by 5.8% QoQ.
Dividend Yield (%) 0.1 0.3 0.4
EBITDA per ton came in at ~INR 4,632, largely flat YoY and higher by 3.3% QoQ; the
Source: Bloomberg
sequential improvement was aided by lower other expenses. The proportion of VAP to sales
Returns (%) stood at 25% in 1QFY25; the company is targeting 40% VAP by FY25, which could support
1m 3m 6m 12m better margins.
Absolute 2 2 (14) 26
Capacity expansion on track, medium-term target of 1 mtpa by FY25
Relative (2) (5) (22) 3
Source: Bloomberg The company's current total installed capacity at the end of FY24 stands at 586 ktpa (with
backward integration of 300 ktpa). DFT (Direct Forming Technology) capacity at Mangaon is
Shareholding pattern expected to come online by 2QFY25 (expected to add about 300 SKUs). Capacity expansion
Promoters : 54% is underway to reach 1 mtpa by FY25, which would aid topline growth. Ramp up of the
Public : 46% recently acquired Nabha Steel's 200 ktpa steel recycling facility (67% stake) in the next 2-3
Others : 0% quarters would support greater backward integration (enhance coil production at the Raipur
plant from 150 ktpa to 250 ktpa, increase long product output by 100 ktpa across Chhattisgarh
Source: Bloomberg
and Punjab) and support profitability. Higher capacity utilization of newly installed capacities
Price performance vs Nifty would eventually improve return ratios going further.
160
150
140
Investment Summary
130
120 Backward integration (ramp up of Nabha steel to 200 ktpa level), nearly equal presence in
110
100 primary/ secondary steel-based pipes insulates JTL against steel price volatility and supports
90 higher EBITDA per ton. The Company is undertaking capacity expansion and product portfolio
Jul-23 Nov-23 Mar-24 Jul-24
improvement while keeping leverage levels low. We maintain BUY rating with a TP of INR
JTL Industries NIFTY
271 at a target 1HFY27E EPS multiple of 19x.
Source: Bloomberg Indexed to 100
Table 1: JTL Industries Quarterly performance (INR mn)

Consolidated summary 1QFY25 1QFY24 YoY (%) 4QFY24 QoQ (%) FY25TD FY24TD YoY (%)
Sales 5,154 5,048 2.1 4,659 10.6 5,154 5,048 2.1
Change in inventory (9) 248 (103.5) (81) -89.4 (9) 248 (103.5)
Cost of Material Consumed 4,412 4,348 1.5 3,429 28.7 4,412 4,348 1.5
% of sales 85.6 86.1 -53 bps 73.6 1202 bps 85.6 86.1 -53 bps
Employee cost 62 53 16.7 67 -7.7 62 53 16.7
% of sales 1.2 1.0 15 bps 1.4 -24 bps 1.2 1.0 15 bps
Other expenses 292 44 566.6 878 (66.8) 292 44 566.6
% of sales 5.7 0.9 479 bps 18.8 -1318 bps 5.7 0.9 479 bps
Total Exp 4,757 4,693 1.4 4,292 10.8 4,757 4,693 1.4
EBITDA 397 355 11.7 367 8.0 397 355 11.7
Margin % 7.7 7.0 66 bps 7.9 -18 bps 7.7 7.0 66 bps
Other income 42 8 444.4 39 6.3 42 8 444.4
Depreciation 19 12 63.7 16 21.6 19 12 63.7
Interest expenses 13 12 1.1 10 31.9 13 12 1.1
Profit Before Tax 407 339 20.1 382 6.7 407 339 20.1
PBT after exceptional 407 339 20.1 382 6.7 407 339 20.1
Tax 100 85 17.4 86 16.3 100 85 17.4
Tax Rate % 24.6 25.2 -56 bps 22.6 203 bps 24.6 25.2 -56 bps
Reported Net Profit 307 254 21.0 295 3.9 307 254 21.0
Adjusted Net Profit 307 254 21.0 295 3.9 307 254 21.0
Operating metrics 1QFY25 1QFY24 YoY (%) 4QFY24 QoQ (%) FY25TD FY24TD YoY (%)
Sales volume (tons) 85,674 77,342 10.8 81,913 4.6 85,674 77,342 10.8
Blended realization per ton (INR) 60,156 65,269 (7.8) 56,882 5.8 60,156 65,269 (7.8)
Blended EBITDA per ton (INR) 4,632 4,594 0.8 4,485 3.3 4,632 4,594 0.8
Financials
Year ended 31 Mar FY23 FY24 FY25e FY26e FY27e Year ended 31 Mar FY23 FY24 FY25e FY26e FY27e
Net Revenue 15,499 20,402 27,336 36,765 43,685 PBT 1,226 1,502 2,259 3,030 3,732
Op. Expenses 14,206 18,880 25,097 33,655 39,911 Depreciation & amortization 43 56 83 163 179
EBITDA 1,294 1,522 2,238 3,110 3,774 Interest expense 63 51 52 121 106
Gross Profit 1,901 3,411 3,268 4,274 5,024 (Inc)/Dec in working capital (989) (2,408) (1,697) (2,546) (1,354)
Depreciation 43 56 83 163 179 Tax paid (325) (372) (571) (767) (944)
EBIT 1,251 1,466 2,155 2,947 3,595 Less: Interest/Div. Income Recd. (49) (87) (156) (205) (242)
Other income 49 87 156 205 242 CF from operating activities (31) (1,258) (30) (203) 1,477
Interest Exp. 63 51 52 121 106 Capital expenditure (189) (531) (1,100) (800) (300)
Extra Ordinary Items -gain/(loss) (11) - - - - Inc/(Dec) in investments (37) 104 - - -
Reported PBT 1,226 1,502 2,259 3,030 3,732 Add: Interest/Div. Income Recd. 39 87 156 205 242
Tax 325 372 571 767 944 CF from investing activities (188) (341) (944) (595) (58)
Reported PAT 901 1,130 1,687 2,263 2,788 Inc/(Dec) in share capital 34 185 - - -
Net Profit 901 1,130 1,687 2,263 2,788 Inc/(Dec) in debt (400) (345) 274 1,037 (340)
Adjusted PAT 912 1,130 1,687 2,263 2,788 Dividend Paid (80) (95) (97) (245) (283)
Adjusted EPS (INR) 5.2 6.4 9.5 12.8 15.7 Others 1,178 2,382 (0) 0 (751)
CF from financing activities 732 2,127 178 792 (1,374)
Balance sheet (INR mn) Net cash flow 514 529 (796) (7) 45
Year ended 31 Mar FY23 FY24 FY25e FY26e FY27e Opening balance 18 531 1,060 264 258
Share Capital 169 354 354 354 354 Closing balance 531 1,060 264 258 303
Reserves & Surplus 3,902 7,394 9,037 11,176 13,787
Networth 4,071 7,748 9,391 11,530 14,141 Growth indicators (%)
Debt 547 202 477 1,514 1,173 Year ended 31 Mar FY23 FY24 FY25e FY26e FY27e
Net deferred Tax liabilities 42 19 19 19 19 Revenue 14.4 31.6 34.0 34.5 18.8
Capital Employed 4,660 7,968 9,886 13,062 15,333 EBITDA 44.7 17.6 47.1 38.9 21.4
Gross Fixed Assets 908 1,423 2,383 3,333 3,583 Adj PAT 49.4 23.9 49.3 34.2 23.2
Accumulated Depreciation 254 310 393 557 736 Adj EPS 49.4 23.9 49.3 34.2 23.2
Capital work in progress 44 60 200 50 100
Net Fixed Assets 698 1,173 2,190 2,827 2,948 Valuation (x)
Investments 162 58 58 58 58 Year ended 31 Mar FY23 FY24 FY25e FY26e FY27e
Non Current Investments 162 58 58 58 58 P/E (x) 43.6 35.2 23.6 17.6 14.3
Current Assets, Loans & Adv. 4,775 7,203 8,325 11,100 13,421 P/BV (x) 9.8 5.1 4.2 3.4 2.8
Inventory 1,677 1,504 2,369 3,187 3,783 EV/EBITDA (x) 30.8 25.6 17.9 13.2 10.8
Debtors 1,412 1,927 2,546 3,425 4,309 EV/Sales (x) 2.5 1.8 1.4 1.0 0.8
Cash & Bank balance 531 1,060 264 258 303 Dividend Yield (%) 0.1 0.1 0.1 0.3 0.4
Loans & advances and others 1,154 2,712 3,145 4,230 5,027
Current Liabilities & Provisions 975 467 688 922 1,093
Financial ratios
Liabilities 948 445 655 878 1,041
Year ended 31 Mar FY23 FY24 FY25e FY26e FY27e
RoE (%) 30.2 19.1 19.7 21.6 21.7
Provisions 27 22 33 44 52
RoCE (%) 34.2 24.6 25.9 27.5 27.0
Net Current Assets 3,801 6,737 7,638 10,178 12,328
Asset/T.O (x) 4.2 3.3 3.1 3.2 3.1
Application of Funds 4,660 7,968 9,886 13,062 15,333
Net Debt/Equity (x) 0.0 (0.1) 0.0 0.1 0.1
Per share data EBIT/Interest (x) 20.5 30.5 44.1 26.0 36.3
No. of shares (mn) 84 177 177 177 177
Margins (%)
Diluted no. of shares (mn) 177 177 177 177 177
EBITDA Margin (%) 8.3 7.5 8.2 8.5 8.6
BVPS (INR) 23.0 43.8 53.1 65.1 79.9
EBIT Margin (%) 8.1 7.2 7.9 8.0 8.2
CEPS (INR) 5.3 6.7 10.0 13.7 16.8
PAT Margin (%) 5.9 5.5 6.1 6.1 6.3
DPS (INR) 0.2 0.3 0.3 0.7 1.0
Source: Company Antique
CMP : INR 424 COMPANY UPDATE

Reco
Target
: BUY é
: INR 503 é
Crompton Greaves Consumer Electricals
Target Price Change : 14% Geared for profitable growth; upgrade to BUY
Target 1HFY27e P/E (x) : 40
Crompton over the last three years has seen its operational performance
EPS Change FY25/ 26/ 27 : No Change suffer on account of a) Soft consumer demand, b) Margin pressure on account
of steep cost increase and inability to pass on the same to end consumers
given demand weakness, c) Integration challenges post the acquisition of
Amit Shah
Butterfly, and d) Management change leading to change in Crompton’s
+91 22 6911 3466
strategy. With demand witnessing initial signs of recovery, stabilizing
amit.shah@antiquelimited.com commodities, and Butterfly restructuring nearing an end, Crompton’s
operational performance is expected to witness improvement from FY25
Dhirendra Tiwari onwards which will help the company deliver 27% earnings CAGR over FY24–
+91 22 6911 3436 27E as against -10% CAGR over FY21–24. Given the anticipated demand
dhirendra.tiwari@antiquelimited.com revival on account of the sharp improvement in real estate sales and pick-up
Prathamesh Rane in rural demand, we upgrade the stock to BUY with a revised target price of
prathamesh.rane@antiquelimited.com INR 503 valuing the business at 40x its 1HFY27E EPS (earlier 35x its 1HFY27E
EPS; TP of INR 440).
Multiple measures initiated for the ECD division to deliver market leading performance
Market data Crompton has initiated multiple measures to ensure that the ECD segment continues to deliver
market leading growth. Measures in the form of a) Scaling up the premium fans product
Sensex : 79,897
portfolio with GTM excellence (25% to 40% in the medium term), b) Focus on innovation
Sector : Industrials (energy efficient products) and timely introduction of new products, c) Focus on rural market
Market Cap (INR bn) : 272.3 and further bolstering its leadership position, d) Focus on scaling up contribution from the
Market Cap (USD bn) : 3.259 appliances segment (SDA, LDA, and large kitchen appliances). Given its focus on scaling up
O/S Shares (mn) : 643.2 the rural presence by expanding its distribution network and market leadership position in
52-wk HI/LO (INR) : 442/261 categories like fans, residential pumps and domestic appliance category, we believe Crompton
has potential to register revenue growth of 15.5% CAGR over FY24-27E.
Avg. Daily Vol ('000) : 3,740
Bloomberg : CROMPTON IN Butterfly restructuring to help improve performance in FY25
Source: Bloomberg Butterfly’s business performance has been sub-par post its acquisition by Crompton in FY22
as the latter has been restructuring the Butterfly business by scaling down its institutional and
Valuation corporate businesses and ramping up retail sales by focus on modern trade, regional trade,
FY25e FY26e FY27e and e-commerce channels. Additionally, Crompton has introduced new products like glass
EPS (INR) 8.5 11.0 14.2 top, cook-top and intends to invest in introducing a new range of high-efficiency cookers, gas
P/E (x) 50.1 38.6 29.9 stoves, and emerging categories like induction cook-tops, chimneys, and kettles which will
P/BV (x) 8.2 7.4 6.5 help improve Butterfly’s positioning. Establishing the Butterfly brand will help Crompton deliver
EV/EBITDA (x) 29.8 23.4 18.2 consistent business with a better margin profile. Crompton expects the business restructuring
to be complete by 1QFY25, post which Butterfly’s operational performance is expected to
Dividend Yield (%) 0.7 0.9 1.1
witness an improvement.
Product portfolio expansion coupled with network expansion to help lighting segment
Returns (%) bounce back
1m 3m 6m 12m
The lighting segment’s operational performance has been on a declining trajectory over the
Absolute 3 46 30 43 last six years with a revenue decline of 4% CAGR (FY18–24) and earnings decline of 5%
Relative (1) 35 18 17 CAGR over the same period. Soft demand from B2B segment and sharp price erosion led to
Source: Bloomberg the lighting segment’s performance coming under pressure. Crompton is focused on product
range expansion and increasing its market penetration through a structured Go-to-Market
Shareholding pattern (GTM) strategy which will help its lighting division improve performance. With B2B demand
Promoters : 0%
witnessing revival from traditional markets as well as the government sector and Crompton
expanding its B2C portfolio by scaling up its ceiling light offering, we expect the lighting
Public : 100%
segment’s performance to bounce back and report 12% revenue CAGR and 16% earnings
Others : 0% CAGR over FY24–27E.
Source: Bloomberg Cash flow to be used to bolster balance sheet, turn debt free by FY25 end
Price performance vs Nifty Crompton intends to bolster its balance sheet by scaling down debt, which it had raised to
complete the Butterfly acquisition. Of the INR 16 bn debt in FY22, Crompton has already
155 retired INR 10 bn and expects the balance to be repaid within a year, leading to it turning
145
135 debt-free by FY25 end. We expect the company to generate an annual FCF of INR 8 bn over
125 FY24–27 and believe it is in a comfortable position to achieve its target by FY25 end.
115
105
95
Investment Summary
85 Given the anticipated demand revival on account of the sharp improvement in real estate
Jul-23 Nov-23 Mar-24 Jul-24 sales and pick-up in rural demand, we upgrade the stock to BUY with a revised target price
CG Consumer NIFTY of INR 503 valuing the business at 40x its 1HFY27E EPS (earlier 35x its 1HFY27E EPS; TP of
Source: Bloomberg Indexed to 100 INR 440).
Snippets from the annual report

ECD segment
n The ECD segment witnessed a growth of 17% YoY, primarily attributed to the strong
momentum in fans, pumps, and small domestic appliances.
n Fans: Growth in fans was largely driven by a major share of premium fans, newer
product pipeline & notable growth in non-celling fans. Focus on improving gross margin
through targeted pricing strategies and cost rationalization measures. The company
introduced new models across categories, including hyper jet cookie, groove rover (non-
under light) & baby Enso(36’) in BLDC along with innovative products like Toro, Rapidus,
Java, Infinia Star Speed, Breeze & Apin. It has bolstered market presence in e-commerce
platforms capturing a substantial share & expanding digital footprint.
n Small domestic appliances: Achieved notable growth in the mixer-grinder category,
especially online & enhanced offerings with advanced models tailored to consumer
needs. Key focus would be to introduce new products to meet evolving customer needs,
increase distribution footprints across underpenetrated regions in the East & West India,
and enhance engagement strategies to better connect with customers.
n Large domestic appliances: Focus on premiumization & portfolio expansion across
product lines led to improved premium saliency & improved margins. Water heaters
posted robust growth on the e-commerce front along with increased contribution of premium
water heaters in the trade channel. Launched carbon-based heaters during FY24.
n Pumps: Pump segment growth was driven by strong traction in agricultural & residential
segments led by agricultural pumps which grew 18% YoY. Crompton forayed into solar
pump business successfully executing orders worth INR 360 mn under the PM Kusum
scheme along with additional empanelment for INR 700 mn. The company extended its
product offerings by launching mono block, open well & bore well agricultural pumps
with better durability.
n Solar pumps: Successfully launched agricultural solar pumps with a capacity up to 10
HP for irrigation systems.
Lighting
B2C segment
n The segment continues to encounter industry-level challenges along with price erosion &
intense competition.
n The company has increased focus on e-commerce platforms supported by the introduction
of new products to meet changing customer needs.
n Saliency of ceiling lights and new products have shown a gradual improvement.
B2B segment
n Traditional markets witnessed a resurgence and a consistent uptick in government sector
engagements.
n Witnessed growth in enterprise business aided B2B performance with profitability due to
higher margins from new product launches.
n Key trends witnessed include increasing investments in infrastructure & focus on sustainable
solutions.
Butterfly
n Retail & modern trade channels continue to grow despite sluggish demand.
n Contribution from new product launches remained at 13%.
n Maintained its leadership position in South India, especially in wet grinders & LPG stoves.
n Several activities were conducted to drive consumer engagement and reinvigorate the
channel.
n In FY25, the company targets to post robust revenue growth and profitability through
focused e-commerce strategies, investing in a new range of high-efficiency cookers, and
gas stoves along with focusing on emerging categories such as induction cook tops,
chimneys, and kettles.
Story in Charts
Exhibit 1: Expect revenue CAGR of 15% over FY24–27E Exhibit 2: Expect EBIDTA growth of 25% CAGR over FY24–27E
14.8%
27%
14.3%
13.2%
13.1%
18%
13.0%
12.4%
16%
11.7%
11.2%
10.9%
14%
12%
9.8%
10%
6%
1%
47.5 5%
40.8 5%
112.6
44.8
45.1
53.9
68.7
73.1
82.1
95.6
11.2
14.0
5.3
5.9
6.0
7.0
7.7
7.7
7.1
8.9
FY18
FY19
FY20
FY21
FY22
FY23
FY24E
FY25E
FY26E
FY27E
FY18
FY19
FY20
FY21
FY22
FY23
FY24E
FY25E
FY26E
FY27E
Revenue (INR bn) Growth YoY (%) EBITDA (INR bn) EBITDA margin (%)
Source: Company, Antique Source: Company, Antique
Exhibit 3: Appliances to be key contributor to ECD sales growth Exhibit 4: Lighting segment to witness growth from FY25 onwards
19.2%
19.9%
19.7%
19.7%
18.9%
11.5%
10.6%
16.6%
9.5%
16.0%
15.5%
15.0%
12.0%
14.6%
8.4%
11.8%
11.5%
11.7%
11.0%
6.1%
12.8
12.7
11.2
10.8
10.6
10.0
11.0
12.3
14.0
28.3
32.1
33.9
37.6
43.1
47.6
53.9
61.4
72.7
86.3
9.9
FY18
FY19
FY20
FY21
FY22
FY23
FY24E
FY25E
FY26E
FY27E
FY18
FY19
FY20
FY21
FY22
FY23
FY24E
FY25E
FY26E
FY27E
ECD revenue (INR bn) EBIT margin (%) Lighting revenue (INR bn) EBIT margin (%)
Exhibit 5: Expect earnings CAGR of 27% over FY23–27E Exhibit 6: RoE & RoCE to improve from current levels by FY25
48.7
30%
29%
23%
22%
32%
39.6
16%
38.6
14%
35.7
27.1
23.0
-2%
20.1
18.6
-7%
31.8
17.3
15.6
29.7
27.9
27.8
-19%
22.2
19.7
19.3
16.6
14.7
14.0
3.2
3.7
4.9
6.0
5.9
4.8
4.4
5.4
7.1
9.1
FY18
FY19
FY20
FY21
FY22
FY23
FY24E
FY25E
FY26E
FY27E
FY18
FY19
FY20
FY21
FY22
FY23
FY24E
FY25E
FY26E
FY27E
PAT (INR bn) YoY growth (%) RoE (%) RoCE (%)
Financials
Year-ended March 31 FY23 FY24 FY25e FY26e FY27e Year-ended March 31 FY23 FY24 FY25e FY26e FY27e
Net Revenue 68,696 73,128 82,092 95,618 1,12,600 PBT 6,122 5,731 7,281 9,440 12,170
Op. Expenses 60,991 65,991 73,156 84,421 98,585 Depreciation & amortization 1,159 1,288 1,430 1,714 1,997
Gross Profit 21,893 23,125 26,874 31,744 37,566 Interest expense 633 406 933 786 628
EBITDA 7,705 7,137 8,937 11,197 14,015 (Inc)/Dec in working capital (1,033) 2,553 48 251 315
Depreciation 1,159 1,288 1,430 1,714 1,997 Tax paid (1,399) (1,313) (1,835) (2,379) (3,067)
EBIT 6,546 5,849 7,507 9,483 12,018 Other operating Cash Flow 50 (233) - - -
Other income 668 674 708 743 780 CF from operating activities 5,532 8,432 7,857 9,811 12,043
Interest Exp. 1,092 792 933 786 628 Capital expenditure (791) (805) (1,500) (1,500) (1,500)
Reported PBT 6,122 5,731 7,281 9,440 12,170 Inc/(Dec) in investments 3,749 (937) 326 326 326
Tax 1,358 1,313 1,835 2,379 3,067 CF from investing activities 2,958 (1,743) (1,174) (1,174) (1,174)
Reported PAT 4,764 4,418 5,446 7,061 9,103 Inc/(Dec) in share capital 416 893 - - -
Net Profit 4,764 4,418 5,446 7,061 9,103 Inc/(Dec) in debt (6,842) (3,250) (1,000) (1,000) (1,000)
Adjusted PAT 4,764 4,418 5,446 7,061 9,103 Dividend Paid (1,578) (1,912) (2,378) (3,083) (3,975)
Adjusted EPS (INR) 7.5 6.9 8.5 11.0 14.2 Others (1,108) (754) (933) (786) (628)
CF from financing activities (9,111) (5,023) (4,311) (4,869) (5,603)
Balance sheet (INR mn) Net cash flow (622) 1,667 2,372 3,769 5,267
Year-ended March 31 FY23 FY24 FY25e FY26e FY27e Opening balance 9,152 1,095 2,608 4,653 8,096
Share Capital 1,272 1,286 1,286 1,286 1,286 Closing balance 1,095 2,608 4,653 8,096 13,036
Reserves & Surplus 25,328 28,710 31,778 35,756 40,885
Networth 26,600 29,996 33,064 37,042 42,171 Growth indicators (%)
Debt 9,222 5,990 4,990 3,990 2,990 Year-ended March 31 FY23 FY24 FY25e FY26e FY27e
Minority Interest 4,477 4,494 4,494 4,494 4,494 Revenue 27.4 6.5 12.3 16.5 17.8
Net deferred Tax liabilities 123 99 99 99 99 EBITDA 0.1 (7.4) 25.2 25.3 25.2
Capital Employed 40,422 40,579 42,647 45,625 49,753 Adj PAT (19.4) (7.3) 23.3 29.7 28.9
Capital work in progress 55 114 114 114 114 Adj EPS (20.3) (7.7) 22.0 29.7 28.9
Net Fixed Assets 4,286 3,711 3,781 3,567 3,070
Goodwill 28,478 28,842 28,842 28,842 28,842 Valuation (x)
Current Assets, Loans & Adv. 18,298 21,373 25,715 32,627 41,924 Year-ended March 31 FY23 FY24 FY25e FY26e FY27e
Inventory 7,439 8,304 9,322 10,858 12,787 P/E (x) 56.4 61.0 50.1 38.6 29.9
Debtors 6,861 7,335 8,235 9,591 11,295 P/BV (x) 10.1 9.0 8.2 7.4 6.5
Cash & Bank balance 1,095 2,608 4,653 8,096 13,036 EV/EBITDA (x) 35.5 37.7 29.8 23.4 18.2
Loans & advances and others 2,904 3,125 3,504 4,082 4,807 EV/Sales (x) 4.0 3.7 3.2 2.7 2.3
Current Liabilities & Provisions 16,123 20,238 22,582 26,303 30,975 Dividend Yield (%) 0.6 0.7 0.7 0.9 1.1
Liabilities 13,126 16,261 18,118 21,103 24,851

Financial ratios
Provisions 2,997 3,977 4,465 5,200 6,124
Net Current Assets 2,175 1,135 3,132 6,324 10,950
RoE (%) 18.6 15.6 17.3 20.1 23.0
Application of Funds 40,422 40,579 42,646 45,624 49,753
RoCE (%) 16.2 16.1 19.7 23.2 26.8
Per share data Asset/T.O (x) 6.6 12.9 14.0 11.4 9.4
Year-ended March 31 FY23 FY24 FY25e FY26e FY27e Net Debt/Equity (x) 0.3 0.1 0.0 (0.1) (0.2)
No. of shares (mn) 633 636 643 643 643 EBIT/Interest (x) 6.6 8.2 8.8 13.0 20.4
Diluted no. of shares (mn) 633 636 643 643 643

Margins (%)
BVPS (INR) 42.0 47.2 51.4 57.6 65.6
CEPS (INR) 9.4 9.0 10.7 13.6 17.3
EBITDA Margin 11.2 9.8 10.9 11.7 12.4
DPS (INR) 2.5 3.0 3.0 3.7 4.8
EBIT Margin 9.5 8.0 9.1 9.9 10.7
PAT Margin 6.9 6.0 6.6 7.3 8.0
MONTHLY UPDATE
Pharmaceuticals
IPM reports ~9% growth for 1QFY25, aided by
recovery in acute segment
As per IQVIA IMS, the Indian Pharmaceutical Market (IPM) reported a 9%
YoY growth for 1QFY25, primarily led by price increases. Acute therapies
continued on the path to recovery, reporting 8% growth led by GI, which
grew 11% during the quarter due to seasonality benefits, coupled with Anti-
infective being the largest acute therapy growing at 6% YoY for the quarter.
Chronic therapies remained the key growth driver for IPM, reporting ~11%
Monish Shah YoY growth for the quarter, supported by healthy growth in its large therapies
+91 22 6911 3412
viz. Cardiac and Anti-diabetic, growing 12% and 7% respectively. Amongst
monish.shah@antiquelimited.com
the top 10 companies MACLEODS, MANKIND, and INTAS grew faster than
Pranav Chawla IPM. Looking ahead to FY25, we anticipate continued improvement in Cardiac,
+91 22 6911 3417
pranav.chawla@antiquelimited.com
Neuro/ CNS, and Anti-diabetic therapies, as these segments are affected by
both large products losing exclusivity and new launches. Overall, for FY25,
we expect IPM to grow at a healthy rate of ~8%–10%, driven by 3%–4%
increase in prices; whereas volumes, including new products, are likely to
contribute ~5%–6%. Among our coverage companies, we prefer MANKIND
and TRP for their healthy growth rates and therapy mix.
Seasonality aids recovery in acute therapies
Acute therapies witnessed a marginal recovery in 1QFY25, driven by GI, VMN, and DERMA,
growing at 11%, 8%, and 9% respectively for the quarter (YoY). The growth in GI therapy
was driven by Electrolytes and PPIs (proton pump inhibitors), which recorded +20% growth,
benefiting from seasonality. The performance of respiratory therapy was muted on account of
last year’s high base, leading to ~2% growth for the quarter. Anti-infective, the largest acute
therapy, recorded a 6% value growth with only ~2% unit decline. With base normalization
for Anti-infective, we believe the growth of acute therapies will further improve from 2QFY25.
Large brands losing exclusivity
Linagliptin’s franchise, which saw a loss of exclusivity (LOE) in Aug’23, reported ~10% value
decline as of MAT Jun’24, with 25% volume growth. LPC continues to maintain ~34% unit
market share in the Linagliptin subgroup, with BI (innovator) at ~30% volume market share.
Sacubitril + Valsartan, which lost exclusivity in Jan’23, has now stabilized at ~INR 6 bn
market, with Novartis holding ~31% unit market share, followed by DRRD and JBCP at 17%
and 11% respectively. LPC and MANKIND have been able to significantly scale up their
market share to ~7% and ~6% respectively post the LOE expiry (refer to exhibit 5). Anti-
diabetics also recorded 7% YoY growth for the quarter, with long-acting injectables and the
Metforming + Sitagliptin combination leading therapeutic growth. Oral anti-diabetic (OAD)
market remains one of the most competitive yet lucrative segments where the market continues
to shift from older drugs to gliptins (DPP-IV) and SGLT2 drugs. In our view, OAD segment
patent expiry for SGLT2 molecules like Dapagliflozin, Canagliflozin, and Empagliflozin offer
significant growth opportunities.
Our View
We expect IPM to grow at a healthy 8%–10% in FY25 supported by a recovery in volumes
and new launches, whereas we expect limited price hikes on account of weak NLEM. With
newer launches in the chronic space and expected GLP-1 in-licensing opportunities, we believe
the chronic segment would grow faster and drive IPM growth in FY25. Among our coverage
companies, we prefer MANKIND and TRP with their healthy growth rates and therapy mix.
Indian Pharmaceutical Market

Exhibit 2: Pricing remains a key growth driver supported by
Exhibit 1: IPM delivers 7% YoY growth for Jun'24 new introductions
17
2.7
10
9
7
9
2.8
8
2.9
7
5.4
5
5
174 2
5.0
166
179
187
192
190
180
181
180
180
196
190
177
4.2
2.7
OCT'23
DEC'23
JAN'24
MAR'24
APR'24
JUN'23
JUL'23
AUG'23
SEP'23
NOV'23
FEB'24
MAY'24
JUN'24
0.5 0.5
MAT Jun'22 MAT Jun'23 MAT Jun'24

IPM (INR bn) YoY growth (%) Volume growth (%) Price growth (%) New introduction growth (%)
Source: IQVIA IMS, Antique Source: IQVIA IMS, Antique
Table 1: 6 Out of top 10 companies grew faster then the IPM in 1QFY25
MAT Jun'24 Market YoY 3 year Jun'24 YoY MoM 1QFY25 YoY QoQ
Rank (INR mn) share (%) (%) CAGR (%) (INR mn) (%) (%) (INR mn) (%) (%)
IPM 22,07,220 8 9 1,77,300 7 -7 5,63,204 9 5
1 SUN 1,71,394 7.8% 9 11 14,162 8 -3 44,310 9 6
2 ABBOTT 1,36,995 6.2% 8 10 11,267 7 -6 35,637 9 7
3 CIPLA 1,20,919 5.5% 7 7 8,979 4 -9 29,163 7 -4
4 MANKIND 98,302 4.5% 8 11 7,633 8 -7 24,909 10 4
5 ALKEM 88,306 4.0% 6 11 6,930 6 -5 21,851 7 8
6 INTAS PHARMA 78,889 3.6% 12 14 6,557 8 -5 20,527 11 6
7 LUPIN LIMITED 75,359 3.4% 7 7 6,083 6 -9 19,428 9 5
8 TORRENT PHARMA 75,091 3.4% 8 10 6,236 4 -8 19,787 8 9
9 MACLEODS PHARMA 74,403 3.4% 10 13 5,786 10 -8 18,354 12 3
10 DR REDDYS LABS 68,082 3.1% 9 7 5,643 6 -3 17,460 8 5
11 ARISTO PHARMA 63,998 2.9% 7 10 4,623 4 -9 15,227 5 1
12 ZYDUS CADILA 62,931 2.9% 6 7 5,080 9 -8 16,357 10 6
13 GLAXOSMITHKLINE 52,053 2.4% 0 5 3,837 3 -7 12,465 3 -3
14 EMCURE 50,569 2.3% 7 6 4,026 5 -6 12,668 6 3
15 GLENMARK PHARMA 46,028 2.1% 11 4 3,501 10 -7 11,333 16 -5
16 IPCA LABS 44,281 2.0% 13 15 3,796 12 -7 12,241 15 26
17 U S V 42,393 1.9% 7 8 3,468 2 -8 11,067 6 6
18 MICRO LABS 34,758 1.6% 2 9 2,710 3 -7 8,563 4 4
19 PFIZER 32,397 1.5% -1 -1 2,429 1 -8 7,984 2 1
20 ALEMBIC 32,187 1.5% 3 9 2,386 5 -8 7,734 5 -1
21 JB PHARMA 25,268 1.1% 10 17 2,121 7 -7 6,682 12 9
22 ERIS LIFESCIENCES 23,508 1.1% 9 8 1,970 8 -5 6,178 11 6
Source: IQVIA IMS, Antique
Exhibit 3: Improving contribution of chronic therapies in IPM Exhibit 4: Chronic therapies outpaces IPM growth
37.0% 37.2% 37.7% 38.5%
10%
10%
11%
8%
6%
7%
6%
9%
8%
63.0% 62.8% 62.3% 61.5%
MAT JUN'21 MAT JUN'22 MAT JUN'23 MAT JUN'24 MAT JUN'24 YTD CY24 1QFY25
ACUTE CHRONIC IPM Acute Chronic
Source: IQVIA IMS, Antique Source: IQVIA IMS, Antique
Table 2: Most therapies report heathly growth, except Respiratory

MAT Jun'24 Market YoY 3 year Jun'24 YoY MoM 1QFY25 YoY QoQ
(INR mn) share (%) CAGR (INR mn) (%) (%) (INR mn) (%) (%)
IPM 22,07,220 8 9 1,77,300 7 -7 5,63,204 9 5
1 CARDIAC 2,77,615 12.6% 11 9 23,174 8 -7 73,423 12 5
2 ANTI-INFECTIVES 2,46,744 11.2% 4 9 17,385 9 -8 56,605 6 -3
3 GASTRO INTESTINAL 2,35,100 10.7% 9 11 20,637 10 -6 65,139 11 19
4 ANTI DIABETIC 1,94,879 8.8% 6 6 16,327 4 -6 51,372 7 7
5 RESPIRATORY 1,78,891 8.1% 1 12 10,292 2 -13 35,878 2 -26
6 PAIN / ANALGESICS 1,75,756 8.0% 7 12 14,304 6 -7 45,395 8 11
7 VITAMINS/ MINERALS/
NUTRIENTS 1,72,597 7.8% 8 6 14,719 5 -6 45,959 8 15
8 DERMA 1,52,043 6.9% 7 6 12,618 6 -5 39,298 9 8
9 NEURO / CNS 1,32,139 6.0% 8 10 10,950 7 -5 34,430 8 6
10 GYNAEC. 1,10,133 5.0% 6 11 9,289 2 -6 29,135 5 11
Exhibit 5: Market formation post LOE

SACUBITRIL + VALSARTAN
38%
36%
31%
29%
26% 26%
23%
22%
20%
19% 18%
17% 17%
15% 15% 14% 14%
13%
11%
9%
7%
7% 7% 7%
5% 6% 6% 6% 6% 6%
4%
MAT MAT MAT MAT MAT MAT MAT

JAN'23 MAR'23 JUN'23 SEP'23 DEC'23 MAR'24 JUN'24
VYMADA (NOVARTIS) CIDMUS (DR REDDYS LABS) AZMARDA (JB PHARMA)
NEPTAZ (MANKIND) VALENTAS (LUPIN)
Cipla
Exhibit 6: CIPLA's growth driven by price increases
1.3
3.5 7.3
1.6
3.9
4.9
3.3 1.5
-7.1

Volume growth Price growth New introduction growth
Table 3: Key Therapies and growth

MAT Jun'24 Contribution YoY 3 year Jun'24 YoY MoM 1QFY25 YoY QoQ
Therapy (INR mn) to sales (%) (%) CAGR (%) (INR mn) (%) (%) (INR mn) (%) (%)
1,20,919 7 7 8,979 4 -9 29,163 7 -4
Respiratory 44,636 36.9 9 13 2,915 5 -12 9,862 9 -18
Anti-Infectives 16,592 13.7 3 6 1,148 1 -10 3,809 6 -6
Cardiac 13,731 11.4 11 9 1,172 8 -5 3,663 12 8
Anti Diabetic 6,610 5.5 2 -1 548 1 -9 1,746 7 7
Gastro Intestinal 6,508 5.4 2 8 603 14 -6 1,866 13 26
Table 4: Performance of Top 10 brands

Brand MAT Jun'24 YoY 3 year Jun'24 YoY MoM 1QFY25 YoY QoQ
name Therapy (INR mn) (%) CAGR (%) (INR mn) (%) (%) (INR mn) (%) (%)
CIPLA 1,20,919 7 7 8,979 4 -9 29,163 7 -4
Foracort Respiratory 8,815 16 18 640 2 -10 2,089 7 -11
Duolin Respiratory 5,172 11 18 329 11 -17 1,164 20 -20
Budecort Respiratory 4,799 12 20 265 6 -15 930 13 -33
Seroflo Respiratory 3,061 6 1 242 14 -3 754 8 -5
Asthalin Respiratory 2,908 3 12 181 -2 -15 635 5 -18
Montair-Lc Respiratory 2,895 1 11 172 13 -16 622 10 -22
Dytor Cardiac 2,852 19 17 261 19 -7 810 22 14
Ibugesic Plus Pain / Analgesics 2,380 13 25 175 15 -18 611 12 12
Azee Anti-Infectives 2,311 -7 -0 129 -2 -8 434 -3 -27
Galvus Met Anti Diabetic 2,104 -0 -9 168 -8 -10 537 -3 4
Total top 10 brand sales 37,298 2,564 8,585
Mankind
Exhibit 7: Growth Drivers—MAT Jun’24 growth driven by price increases and new introduction
2.9
5.4
2.6
2.1
4.3
6.1
3.1 6.8
-0.1
Table 5: Growth in key therapies

98,302 8 11 7,633 8 -7 24,909 10 4
Anti-Infectives 14,842 15.1 6 14 935 9 -8 3,192 7 -11
Cardiac 13,976 14.2 18 17 1,168 15 -5 3,756 21 5
Anti Diabetic 8,561 8.7 14 13 714 8 -5 2,285 15 8
Vitamins/Minerals/Nutrients 8,244 8.4 7 3 706 7 -7 2,255 10 25

Brand MAT Jun'24 YoY 3 year Jun'24 YoY MoM 1QFY25 YoY QoQ Contribution
name Therapy (INR mn) (%) CAGR (%) (INR mn) (%) (%) (INR mn) (%) (%) to sales (%)
MANKIND 98,302 8 11 7,633 8 -7 24,909 10 4
Manforce Gynaec. 5,043 10 24 410 4 -11 1,344 11 2 5.1
Moxikind-Cv Anti-Infectives 3,888 7 20 233 10 -6 796 9 -22 4.0
Amlokind-At Cardiac 2,529 23 15 202 20 -4 670 23 1 2.6
Unwanted-Kit Gynaec. 2,507 9 17 195 -2 -17 684 7 -5 2.5
Prega News Gynaec. 2,249 3 18 193 -1 -12 626 2 11 2.3
Dydroboon Gynaec. 2,178 6 29 199 14 -6 627 16 12 2.2
Gudcef Anti-Infectives 2,036 6 20 113 9 -16 423 6 -11 2.1
Candiforce Derma 1,970 6 3 142 2 -0 449 3 2 2.0
Glimestar-M Anti Diabetic 1,940 11 11 152 -1 -7 501 8 4 2.0
Telmikind-Am Cardiac 1,520 24 27 122 12 -7 405 19 1 1.5
Total top 10 brand sales 25,858 1,961 6,523 26.3
Alkem
Exhibit 8: Growth Drivers— Healthy mix between Price and new introductions for MAT Jun’24
3.6
3.0
4.1 5.7
3.6
5.6
3.5
6.5
-1.0
Table 7: Key Therapy contribution—GI and VMN record double digit growth
88,306 6 11 6,930 6 -5 21,851 7 8
Anti-Infectives 31,478 35.6 1 8 2,196 2 -7 7,118 2 -2
Gastro Intestinal 17,123 19.4 11 15 1,492 10 -6 4,665 14 23
Vitamins/Minerals/Nutrients 9,577 10.8 11 9 854 11 -0 2,546 12 22
Pain / Analgesics 9,444 10.7 4 12 734 2 -6 2,326 4 9
Anti Diabetic 4,082 4.6 16 23 338 4 -4 1,049 8 4

ALKEM 88,306 6 11 6,930 6 -5 21,851 7 8
Pan Gastro Intestinal 6,329 13 17 545 8 -4 1,697 17 22 7.2
Clavam Anti-Infectives 6,051 -1 13 398 6 -8 1,355 10 -12 6.9
Pan-D Gastro Intestinal 5,528 17 16 501 16 -7 1,541 23 25 6.3
Taxim-O Anti-Infectives 3,217 2 10 254 18 -4 802 14 14 3.6
A To Z Ns Vitamins/Minerals/Nutrients 2,947 10 3 262 15 -3 796 16 25 3.3
Xone Anti-Infectives 2,696 5 10 180 5 -7 581 8 4 3.1
Pipzo Anti-Infectives 2,079 26 16 165 27 -2 502 28 3 2.4
Uprise-D3 Vitamins/Minerals/Nutrients 1,862 31 16 189 29 20 501 21 22 2.1
Gemcal Pain / Analgesics 1,814 -1 4 147 -2 -4 454 1 9 2.1
Sumo-L Pain / Analgesics 1,468 18 24 119 32 0 365 28 19 1.7
Lupin
Exhibit 9: Growth Drivers— Healthy mix between Price and NI driving growth for MAT Jun’24
1.7
2.1
3.3
6.7 4.4
3.6
1.1
-0.3 -0.2
Table 9: Key Therapy contribution—Cardiac and GI grow double digit

75,359 7 7 6,083 6 -9 19,428 9 5
Cardiac 17,013 22.6 12 9 1,437 12 -9 4,566 17 6
Anti Diabetic 15,199 20.2 3 3 1,264 4 -10 4,043 7 7
Respiratory 11,061 14.7 7 12 757 4 -12 2,564 7 -13
Anti-Infectives 5,089 6.8 3 2 351 -0 -10 1,142 -1 -7

LUPIN LIMITED 75,359 7 7 6,083 6 -9 19,428 9 5
Gluconorm-G Anti Diabetic 3,386 10 7 293 12 -5 908 14 5 4.5
Budamate Respiratory 2,542 12 14 167 -9 -11 576 -1 -15 3.4
Huminsulin Anti Diabetic 1,962 -6 -1 132 -12 -30 511 1 3 2.6
Ivabrad Cardiac 1,484 10 12 121 6 -13 398 11 1 2.0
Rablet-D Gastro Intestinal 1,190 7 9 95 1 -9 305 5 9 1.6
Tonact Cardiac 1,071 -1 -1 85 1 -11 277 16 5 1.4
Ajaduo Anti Diabetic 1,069 -5 5 87 -4 -9 278 1 4 1.4
Beplex Forte Vitamins/Minerals/Nutrients 927 3 3 73 -6 -14 241 4 12 1.2
Telekast-L Respiratory 921 -10 9 60 -8 -13 205 -6 -15 1.2
Gibtulio Anti Diabetic 861 -6 -13 68 -9 -7 220 -3 2 1.1
Torrent Pharma
Exhibit 10: Growth Drivers—Price and new introductions a key growth driver for MAT Jun’24
2.5 3.5
3.9
7.3
8.1
7.1
1.4
0.5
-3.0

Table 11: Key Therapies witness healthy growth

75,091 8 10 6,236 4 -8 19,787 8 9
Cardiac 20,049 26.7 8 6 1,673 5 -9 5,356 10 7
Gastro Intestinal 13,164 17.5 9 13 1,132 9 -7 3,537 11 15
Neuro / Cns 10,981 14.6 9 13 915 6 -7 2,890 8 8
Vitamins/Minerals/Nutrients 7,601 10.1 8 12 633 -1 -7 2,007 5 9
Anti Diabetic 6,573 8.8 13 12 562 8 -8 1,777 13 11

TORRENT PHARMA 75,091 8 10 6,236 4 -8 19,787 8 9
Shelcal Vitamins/Minerals/Nutrients 4,488 4 8 375 -0 -7 1,194 5 8 6.0
Chymoral Others 3,114 13 17 270 3 -5 834 8 14 4.1
Shelcal Xt Vitamins/Minerals/Nutrients 2,244 20 32 190 1 -6 590 9 11 3.0
Nexpro-Rd Gastro Intestinal 2,123 10 16 179 11 -4 557 12 9 2.8
Nikoran Pain / Analgesics 2,010 13 13 161 3 -13 533 10 3 2.7
Unienzyme Gastro Intestinal 1,626 12 7 147 18 -6 468 18 19 2.2
Nebicard Cardiac 1,391 4 3 108 -4 -7 348 -1 -1 1.9
Losar Cardiac 1,306 4 2 112 -2 -11 361 6 12 1.7
Veloz-D Gastro Intestinal 1,229 4 11 101 -2 -7 320 5 16 1.6
Tedibar Derma 1,145 18 15 94 -2 4 293 2 10 1.5
Zydus Life
Exhibit 11: Growth Drivers—Price increases and new introduction a key growth driver
3.3 2.1
6.0 2.1
7.9
4.5
2.0
-0.4
-5.0

Table 13: Key Therapy contribution: Cardiac and Anti-infectives support growth
62,931 6 7 5,080 9 -8 16,357 10 6
Respiratory 8,784 14.0 3 12 584 -1 -12 1,995 3 -16
Cardiac 8,426 13.4 5 7 755 18 -5 2,297 14 13
Anti-Infectives 8,233 13.1 10 9 684 25 -5 2,158 21 9
Gastro Intestinal 6,240 9.9 -1 6 536 7 -6 1,704 7 13
Pain / Analgesics 4,937 7.8 8 10 395 0 -6 1,253 5 9

ZYDUS CADILA 62,931 6 7 5,080 9 -8 16,357 10 6
Deriphyllin Respiratory 2,133 -0 8 132 -5 -18 478 -3 -19 3.4
Atorva Cardiac 1,634 -9 4 123 -1 -8 401 -0 -0 2.6
Thrombophob Others 1,620 12 16 125 -3 -4 398 3 -1 2.6
Lipaglyn Anti Diabetic 1,545 36 44 193 77 7 502 53 44 2.5
Amicin Anti-Infectives 1,410 10 20 117 6 -6 357 8 21 2.2
Formonide Respiratory 1,176 0 6 84 -5 -8 275 -2 -9 1.9
Skinlite Derma 1,123 -9 -3 80 -7 -11 272 -1 -6 1.8
Monotax Anti-Infectives 1,096 24 30 91 57 -12 300 41 22 1.7
Vivitra 1,058 39 51 111 74 -4 351 54 39 1.7
Deca Durabolin Others 885 -9 -5 75 -17 -4 252 -0 22 1.4
Dr. Reddy's
Exhibit 12: Growth Drivers—Healthly growth across drivers
2.5 2.4
1.0
2.8
6.2 6.4
3.3
-0.5
-1.9

Table 15: Contribution from Key Therapies

68,082 9 7 5,643 6 -3 17,460 8 5
Gastro Intestinal 11,039 16.2 7 9 1,048 4 2 3,094 6 16
Respiratory 9,354 13.7 6 9 559 5 -7 1,872 4 -24
Pain / Analgesics 7,306 10.7 12 7 619 7 -6 1,914 9 7
Cardiac 6,540 9.6 -12 1 564 -3 -6 1,783 -0 10
Derma 5,039 7.4 16 15 430 21 -1 1,304 20 5

DR REDDYS LABS 68,082 9 7 5,643 6 -3 17,460 8 5
Voveran Pain / Analgesics 2,501 4 1 176 -19 -12 565 -14 -7 3.7
Omez Gastro Intestinal 2,200 8 3 204 -1 -4 618 4 9 3.2
Atarax Neuro / Cns 2,105 6 16 182 11 1 542 14 7 3.1
Econorm Gastro Intestinal 1,937 3 23 225 14 5 643 11 47 2.8
Ketorol Pain / Analgesics 1,857 22 19 197 38 -2 585 36 21 2.7
Hexaxim Vaccines 1,528 23 13 109 -13 -16 371 2 -10 2.2
Venusia Derma 1,421 27 28 107 31 -10 354 32 -9 2.1
Razo-D Gastro Intestinal 1,348 -7 5 110 -20 -3 341 -12 3 2.0
Zedex Respiratory 1,288 -8 -0 72 -4 -14 260 -7 -30 1.9
Bro-Zedex Respiratory 1,263 -5 -3 64 -8 -21 245 -7 -28 1.9
Alembic Pharma
Exhibit 13: Growth Drivers—Growth driven by Price increases and new introductions
2.3 3.4
5.2 3.0
5.7
5.0
2.7
3.9
-4.8

Table 17: Key Therapy contribution—Gynaec grows double digit

32,187 3 9 2,386 5 -8 7,734 5 -1
Anti-Infectives 6,884 21.4 -4 2 428 10 -10 1,441 3 -14
Cardiac 4,952 15.4 6 6 415 7 -7 1,319 7 9
Gynaec. 4,842 15.0 14 20 409 10 -7 1,293 12 12
Respiratory 4,195 13.0 -3 16 194 -4 -18 733 -4 -36
Gastro Intestinal 3,363 10.4 8 6 282 4 -6 884 8 13

ALEMBIC 32,187 3 9 2,386 5 -8 7,734 5 -1
Azithral Anti-Infectives 4,541 -5 2 266 11 -14 930 3 -16 14.1
Althrocin Anti-Infectives 1,322 3 2 103 11 1 309 10 8 4.1
Wikoryl Respiratory 1,227 -5 11 58 -3 -20 219 -1 -34 3.8
Gestofit Gynaec. 1,044 6 12 90 6 -6 282 6 10 3.2
Crina-Ncr Gynaec. 796 15 17 71 18 -5 219 19 17 2.5
Brozeet-Ls Respiratory 743 2 38 26 -6 -27 115 -2 -47 2.3
Richar Cr Gynaec. 666 1 13 53 -5 -5 167 -2 11 2.1
Isofit Gynaec. 652 57 NA 64 41 -0 192 39 21 2.0
Roxid Anti-Infectives 651 -4 3 41 1 -13 138 -4 -17 2.0
Rekool-D Gastro Intestinal 579 4 6 46 -8 -8 144 -2 7 1.8
Total top 10 brand sales 12,219 818 2,715 38.0
Source: IQVIA IMS, AntiqueJB Chemicals
JB Chemicals
Exhibit 14: Growth Driver—Broad based growth
3.2 2.3
9.1 8.9
2.7
4.6
8.0 8.6 2.5

Table 19: Key Therapy contribution—robust growth in Cardiac and Gynaec therapies
25,268 10 17 2,121 7 -7 6,682 12 9
Cardiac 10,710 42.4 14 20 918 11 -8 2,894 20 7
Anti-Parasitic 2,044 8.1 9 20 179 1 -12 597 9 24
Ophthal / Otologicals 1,915 7.6 -9 4 148 -20 -8 479 -16 5
Gynaec. 1,099 4.3 20 28 96 17 -5 294 23 11

JB PHARMA 25,268 10 17 2,121 7 -7 6,682 12 9
Cilacar Cardiac 4,097 20 19 362 11 -8 1,130 24 12 16.2
Rantac Gastro Intestinal 3,639 2 12 266 -7 -7 869 -4 1 14.4
Metrogyl Anti-Infectives 2,121 8 19 186 1 -12 617 9 23 8.4
Cilacar-T Cardiac 1,869 27 29 162 23 -10 521 36 8 7.4
Nicardia Cardiac 1,802 16 23 151 11 -6 484 20 2 7.1
Sporlac Gastro Intestinal 1,007 8 22 96 17 0 274 11 24 4.0
Azmarda Cardiac 688 -40 3 52 -19 4 156 -27 -3 2.7
Vigamox Opthal 597 0 14 44 -10 -10 142 -5 -1 2.4
Cilacar-M Cardiac 392 20 22 34 14 -8 106 24 9 1.6
Nevanac Opthal 319 -11 -1 24 -13 -8 82 -16 -1 1.3
Table 21: Valuation

P/E (x) EV/EBITDA (x) RoE (%)
RECO TP (INR) FY25E FY26E FY27E FY25E FY26E FY27E FY25E FY26E FY27E
ALKEM HOLD 4,652 27.3 24.7 24.5 21.2 18.7 16.6 20.5 19.7 17.4
ALPM HOLD 940 29.1 24.1 22.1 17.0 14.3 12.9 13.1 14.2 15.7
CIPLA SELL 1,221 35.3 30.0 26.7 21.4 17.9 15.5 12.2 12.9 13.0
DRRD SELL 5,267 30.3 26.8 23.5 17.6 15.3 13.0 12.3 12.5 12.9
JBCP HOLD 1,631 35.4 30.6 26.6 21.8 18.7 16.1 23.7 23.2 22.7
LPC BUY 1,958 28.9 25.1 21.4 16.8 14.9 12.5 18.5 18.2 18.3
MANKIND BUY 2,438 36.6 32.5 28.6 26.1 22.5 19.2 22.3 20.7 19.6
TRP BUY 3,337 48.5 36.3 29.6 25.6 21.3 18.0 28.3 33.4 35.6
ZYDUSLIF HOLD 888 35.1 31.4 29.1 23.9 20.9 18.8 15.6 15.2 14.4
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) FY25 FY26 FY27 FY25 FY26 FY27 FY25 FY26 FY27 FY25 FY26 FY27 FY26 FY26 FY26 1m 12m
AGROCHEM & FERTILIZERS

Bayer Cropscience Hold 6,589 5,850 (11) 296.1 3.5 8.8 9.9 11.1 195.2 220.8 247.1 33.8 29.8 26.7 25.1 22.3 19.8 9.4 32.3 41.6 8 41
Coromandel Intl. Buy 1,603 1,670 4 472.1 5.7 18.8 21.6 27.5 63.2 73.1 93.3 25.4 21.9 17.2 17.1 14.7 11.4 3.7 18.4 26.1 9 67
Dhanuka Agritech Buy 1,681 1,770 5 76.6 0.9 2.8 3.3 4.0 60.8 72.7 87.3 27.6 23.1 19.3 19.6 16.1 13.2 4.5 21.0 28.1 7 116
Paradeep Phosphates Buy 88 120 36 71.7 0.9 6.7 7.6 7.9 8.2 9.3 9.7 10.8 9.5 9.1 7.6 6.5 5.9 1.5 16.9 16.4 16 37
PI Industries Buy 3,862 4,390 14 586.0 7.0 15.2 17.7 20.4 100.3 116.2 134.3 38.5 33.2 28.8 25.3 21.3 18.0 5.1 16.4 21.7 6 6
Rallis India Hold 337 270 (20) 65.6 0.8 2.0 2.6 3.2 10.5 13.4 16.3 32.2 25.2 20.7 14.9 12.1 10.0 3.0 12.4 17.7 6 65
Sharda Cropchem Buy 507 560 10 45.7 0.5 2.2 3.1 3.6 24.5 33.9 40.0 20.7 14.9 12.7 7.6 5.8 4.8 1.7 11.9 15.2 19 -7
Sumitomo Chemical India Buy 496 540 9 247.3 3.0 5.0 6.2 7.3 9.9 12.3 14.6 49.9 40.2 34.0 38.7 31.2 26.6 7.2 19.6 26.1 2 21
UPL Buy 558 770 38 418.6 5.0 19.8 33.1 43.0 26.4 44.1 57.3 21.1 12.6 9.7 7.1 5.7 4.9 1.5 12.2 13.4 1 -13
BUILDING MATERIALS
Apollo Pipes Buy 631 940 49 26.1 0.3 0.7 1.0 1.5 16.3 23.7 34.8 38.8 26.7 18.2 18.3 12.8 8.7 3.0 11.8 15.6 -5 -12
Astral Buy 2,338 2,600 11 628.2 7.5 8.1 9.9 11.6 30.3 36.7 43.1 77.2 63.8 54.3 48.0 39.6 33.6 13.0 22.5 29.1 5 27
Cera Sanitaryware Buy 8,923 9,620 8 116.1 1.4 2.7 3.1 3.5 205.5 236.7 269.2 43.4 37.7 33.1 32.2 28.2 24.5 6.7 19.0 24.6 20 25
Finolex Industries Hold 321 260 (19) 198.9 2.4 5.8 6.7 7.7 9.3 10.9 12.5 34.4 29.5 25.6 27.2 23.8 21.0 3.1 10.8 12.9 -6 86
Greenlam Industries Buy 576 820 42 73.5 0.9 1.5 2.7 3.8 11.9 20.9 29.9 48.6 27.6 19.3 20.4 14.7 11.7 5.1 20.2 17.0 -6 23
Kajaria Ceramics Buy 1,407 1,620 15 224.0 2.7 5.2 6.4 8.2 32.8 40.5 51.8 42.9 34.8 27.2 26.0 21.4 17.1 6.2 19.4 25.0 7 6
Prince Pipes and Fittings Buy 680 870 28 75.1 0.9 2.1 2.7 3.3 18.8 24.2 30.2 36.1 28.1 22.5 20.7 16.4 13.1 3.8 14.3 18.4 -1 7
Somany Ceramics Buy 794 1,000 26 32.6 0.4 1.3 1.7 2.3 32.5 42.6 56.5 24.5 18.6 14.1 12.6 10.0 7.6 3.3 19.0 20.3 10 1
Supreme Industries Buy 5,832 6,880 18 740.8 8.9 13.6 16.2 18.7 107.3 127.5 147.6 54.4 45.7 39.5 37.3 31.5 27.3 10.4 24.6 29.2 -5 80
CEMENT
ACC Buy 2,664 3,050 14 500.3 6.0 22.6 26.0 28.8 120.4 138.3 153.1 22.1 19.3 17.4 11.8 9.9 8.6 2.4 13.3 17.9 2 49
Ambuja Cement Buy 679 740 9 1,672.8 20.0 42.8 50.7 60.0 17.4 20.6 24.4 39.1 33.0 27.9 21.4 17.2 14.5 2.9 9.1 14.2 2 61
Birla Corp Hold 1,601 1,730 8 123.3 1.5 5.6 6.3 7.1 72.1 81.7 91.9 22.2 19.6 17.4 9.3 8.8 8.2 1.6 8.5 9.5 5 30
Dalmia Bharat Hold 1,866 1,770 (5) 349.9 4.2 10.2 11.9 14.0 54.3 63.1 74.2 34.4 29.6 25.1 12.3 11.2 9.9 1.8 6.3 8.1 -2 -10
Grasim Industries Buy 2,802 2,850 2 1,879.7 22.5 15.0 17.0 16.4 22.7 25.5 24.7 123.6 109.7 113.5 75.6 67.6 61.4 3.3 3.0 4.2 14 58
Heidelberg Hold 229 190 (17) 51.9 0.6 2.1 2.5 2.8 9.4 10.9 12.3 24.4 21.0 18.5 12.5 10.8 9.7 3.5 16.6 19.9 4 30
JK Cement Buy 4,342 5,150 19 335.5 4.0 9.9 11.4 13.6 128.5 147.9 176.0 33.8 29.4 24.7 15.3 13.7 12.0 4.7 17.1 16.0 2 30
JK Lakshmi Cement Buy 890 970 9 104.7 1.3 6.0 6.8 7.8 50.6 57.5 66.0 17.6 15.5 13.5 9.7 8.8 8.1 2.6 18.3 17.5 8 32
Nuvoco Vistas Hold 355 400 13 126.8 1.5 3.4 4.3 5.2 9.4 12.2 14.6 37.6 29.2 24.3 9.1 8.5 7.8 1.3 4.6 7.1 2 1
Orient Cement Hold 311 225 (28) 63.8 0.8 2.4 2.8 3.5 11.6 13.9 17.0 26.8 22.4 18.3 11.7 10.4 9.6 3.0 13.9 17.8 34 122
Shree Cements Buy 27,773 32,300 16 1,002.1 12.0 28.3 32.6 38.0 785.5 904.9 1,052.1 35.4 30.7 26.4 17.9 15.5 13.5 3.9 13.3 17.1 1 14
Ramco Cement Hold 797 840 5 188.3 2.3 3.9 5.6 6.9 16.5 23.6 29.3 48.2 33.8 27.2 14.2 12.3 10.7 2.3 7.1 8.9 -7 -14
UltraTech Cement Buy 11,555 12,000 4 3,335.9 40.0 91.6 114.0 134.8 310.0 385.9 456.1 37.3 29.9 25.3 21.0 17.3 14.8 4.6 16.1 20.7 5 41
FMCG & RETAIL
Aditya Birla Fashion & Retail Hold 323 302 (7) 328.2 3.9 -2.4 1.8 4.2 -2.4 1.8 4.1 -135.8 184.3 78.0 19.2 14.5 12.2 8.3 4.6 8.6 -1 51
Arvind Fashions Buy 519 659 27 69.3 0.8 1.1 2.0 2.8 8.2 14.8 21.1 63.0 35.1 24.6 11.5 8.8 7.0 4.7 13.5 20.2 10 46
Asian Paints Hold 3,022 3,105 3 2,898.7 34.7 51.5 56.6 62.5 53.7 59.0 65.2 56.3 51.2 46.4 39.9 35.6 31.6 11.9 24.8 28.9 4 -11
Avenue Supermarts Hold 4,899 5,098 4 3,187.9 38.2 34.5 44.0 53.4 53.1 67.6 82.1 92.3 72.5 59.6 61.1 48.1 39.5 11.7 16.2 21.9 5 29
Bajaj Consumer Care Buy 270 300 11 38.7 0.5 1.8 2.0 2.2 12.6 14.2 15.7 21.4 19.0 17.2 15.6 13.0 10.9 2.6 14.7 17.9 3 38
Colgate Palmolive Hold 3,007 2,810 (7) 817.8 9.8 14.9 16.3 17.7 54.8 59.8 65.1 54.8 50.3 46.2 38.1 34.8 31.7 32.2 69.4 105.8 2 68
Dabur India Buy 629 718 14 1,115.4 13.4 20.9 23.9 26.8 11.8 13.5 15.2 53.2 46.5 41.5 40.6 35.5 31.5 9.2 20.9 24.4 2 8
Devyani International Buy 163 222 36 196.3 2.4 1.8 3.0 3.7 1.5 2.5 3.1 108.3 65.2 52.5 20.2 15.4 12.9 12.8 21.7 28.8 -10 -15
Emami Buy 765 816 7 336.0 4.0 8.6 9.6 10.7 19.6 22.0 24.6 39.0 34.8 31.1 31.6 27.8 24.4 10.7 32.8 38.6 7 80
Godrej Consumer Buy 1,441 1,652 15 1,473.8 17.7 23.7 31.1 36.4 23.2 30.4 35.6 62.1 47.3 40.4 40.5 33.6 28.8 9.7 21.6 28.0 2 35
Hindustan Unilever Hold 2,609 2,574 (1) 6,129.7 73.4 105.5 115.4 126.5 44.9 49.1 53.8 58.1 53.1 48.5 40.1 36.4 33.0 12.1 22.7 28.0 3 -2
Honasa Consumer Hold 474 440 (7) 153.7 1.8 1.5 2.2 2.6 4.7 6.7 8.0 101.7 71.1 59.2 49.2 38.2 27.5 10.5 16.0 28.1 10
ITC Buy 459 511 11 5,728.2 68.6 217.1 241.5 268.6 17.4 19.3 21.5 26.4 23.7 21.3 20.5 18.1 15.8 5.6 26.0 33.6 6 -3
Jubilant Foodworks Hold 582 511 (12) 383.9 4.6 4.8 6.9 8.1 7.3 10.5 12.2 80.2 55.3 47.6 22.1 18.1 16.1 13.0 25.5 33.5 9 21
Jyothy Labs Buy 489 605 24 179.4 2.1 4.4 5.1 6.0 12.0 14.0 16.3 40.6 35.0 30.0 31.4 27.0 23.0 7.5 23.0 30.2 9 108
Kansai Nerolac Buy 279 364 30 225.8 2.7 7.9 9.2 10.4 9.8 11.4 12.8 28.5 24.5 21.8 17.3 14.6 12.7 3.4 14.6 19.7 -1 -7
Kewal Kiran Buy 682 1,013 49 42.0 0.5 1.7 2.0 2.2 28.1 31.8 35.7 24.3 21.4 19.1 19.5 16.6 14.3 4.3 20.3 26.0 -3 7
Marico Buy 645 721 12 834.8 10.0 16.2 19.2 22.1 12.6 14.9 17.2 51.4 43.3 37.6 35.8 30.3 26.2 16.2 40.6 46.7 2 20
Nestle Hold 2,593 2,720 5 2,500.3 29.9 35.0 40.4 47.1 36.3 41.9 48.8 71.5 61.9 53.1 48.3 42.0 36.2 51.6 90.8 123.9 2 12
Patanjali Foods Buy 1,627 2,144 32 589.1 7.1 14.8 23.1 28.6 40.9 63.9 79.0 39.8 25.5 20.6 28.5 17.7 13.7 4.3 18.5 23.2 11 33
Restaurant Brands Asia Buy 116 145 25 57.5 0.7 -0.7 -0.2 0.1 -1.4 -0.5 0.2 -82.8 -239.8 496.4 14.2 11.2 9.1 3.3 -1.4 13.1 6 3
Radico Khaitan Buy 1,666 1,996 20 222.7 2.7 4.2 5.5 6.4 31.1 41.1 47.6 53.5 40.5 35.0 31.8 25.8 22.5 6.9 18.5 21.1 -3 20
Sapphire Foods India Buy 1,554 1,966 27 99.1 1.2 0.5 1.2 2.1 7.1 18.9 33.1 219.2 82.3 46.9 17.7 12.6 9.4 6.6 8.3 21.6 4 12
Shoppers Stop Buy 837 960 15 92.1 1.1 1.4 2.4 3.7 12.4 21.8 33.6 67.3 38.4 24.9 10.6 8.9 7.0 13.1 34.2 17.9 11 1
Titan Co Ltd Buy 3,249 4,490 38 2,884.1 34.5 44.5 59.4 73.4 50.1 67.0 82.7 64.8 48.5 39.3 42.6 33.3 27.2 15.9 38.5 34.5 -4 5
Trent Buy 5,635 5,521 (2) 2,003.3 24.0 18.3 25.9 32.4 51.6 72.8 91.2 109.3 77.4 61.8 67.6 48.7 38.8 22.7 29.3 41.5 12 234
United Spirits Buy 1,285 1,513 18 934.3 11.2 14.4 17.1 19.5 19.8 23.5 26.9 65.0 54.6 47.8 46.4 39.0 33.7 10.4 20.3 33.8 0 38
Vedant Fashion Buy 1,050 1,446 38 255.1 3.1 4.7 5.6 6.5 19.6 23.1 26.9 53.7 45.5 39.0 32.3 27.3 23.1 10.7 25.7 32.9 -7 -16
V-Mart Retail Buy 3,265 3,276 0 64.6 0.8 -0.4 0.4 0.6 -18.4 19.8 31.7 -177.1 164.8 102.9 21.0 15.0 13.1 8.6 5.3 10.2 16 47
Westlife Foodworld Hold 850 897 6 132.6 1.6 0.8 1.6 2.1 5.2 10.1 13.5 164.7 84.1 62.8 31.8 23.8 19.8 17.3 22.2 39.9 4 -4
Valuation Guide
INDUSTRIALS & ENGINEERING

ABB Buy 8,458 9,884 17 1,792.3 21.5 17.5 23.0 29.9 82.7 108.8 141.2 102.3 77.8 59.9 80.8 60.8 46.7 20.7 29.1 39.7 2 87
Bharat Dynamics Buy 1,666 1,643 (1) 610.8 7.3 7.3 12.0 14.8 19.9 32.7 40.3 83.8 50.9 41.4 78.6 41.6 33.1 12.5 26.8 27.2 17 171
Bajaj Elec. Hold 1,076 1,075 (0) 124.0 1.5 2.1 3.1 4.0 18.6 26.7 34.7 57.9 40.2 31.0 31.2 22.8 18.0 7.0 18.4 21.9 6 -1
BEML Buy 5,109 5,216 2 212.8 2.5 3.4 4.9 7.2 81.6 117.0 172.8 62.6 43.7 29.6 39.3 28.2 19.7 6.2 15.3 16.0 29 225
Bharat Electronics Buy 336 339 1 2,452.4 29.4 45.5 56.3 67.5 6.2 7.7 9.2 53.8 43.5 36.3 39.9 31.8 26.1 11.1 27.6 28.4 15 163
BHEL Buy 333 361 9 1,158.5 13.9 18.5 34.8 43.8 5.3 10.0 12.6 62.6 33.3 26.5 41.6 23.4 18.8 4.2 13.0 27.2 13 253
Blue Star Hold 1,759 1,527 (13) 361.7 4.3 5.9 7.9 9.4 28.5 38.3 45.9 61.6 45.9 38.3 40.3 30.5 25.6 10.4 24.4 31.3 5 124
Cochin Shipyard Hold 2,864 890 (69) 753.4 9.0 5.4 5.5 6.9 20.6 21.1 26.3 139.0 136.0 108.7 132.1 136.2 118.5 13.1 10.0 13.4 50 790
Crompton Consumer Buy 423 503 19 272.3 3.3 5.4 7.1 9.1 8.5 11.0 14.2 50.0 38.6 29.9 30.5 24.0 18.7 7.3 20.1 23.2 0 44
Cummins India Hold 3,996 3,965 (1) 1,107.8 13.3 16.5 19.8 24.2 59.5 71.3 87.3 67.1 56.1 45.8 57.2 46.7 37.2 14.8 27.7 36.4 9 110
Engineers India Hold 290 239 (18) 163.1 2.0 3.5 4.4 5.3 5.6 6.9 8.4 51.7 41.9 34.6 44.9 33.7 26.4 5.9 16.5 19.0 13 139
Garden Reach Shipbuilders Buy 2,595 962 (63) 297.2 3.6 3.2 3.5 3.8 27.8 30.9 33.4 93.3 84.0 77.7 105.0 90.5 78.3 13.2 16.6 22.9 90 324
GE T&D Hold 1,682 1,470 (13) 430.8 5.2 3.5 6.0 9.1 13.7 23.4 35.4 123.0 72.0 47.5 78.6 48.0 32.0 19.7 31.6 48.7 13 635
Jupiter Wagons Ltd Hold 689 588 (15) 284.2 3.4 4.7 6.0 7.8 11.3 14.6 19.0 61.1 47.1 36.4 43.6 33.8 26.2 10.8 25.6 30.6 -1 301
Havells India Hold 1,920 1,890 (2) 1,203.2 14.4 17.0 21.2 26.1 27.2 33.9 41.7 70.7 56.7 46.0 47.4 37.9 30.7 11.6 22.2 29.3 5 49
Hindustan Aeronautics Buy 5,548 6,145 11 3,710.1 44.4 68.9 83.5 99.1 103.0 124.9 148.2 53.8 44.4 37.4 38.1 31.0 26.5 9.6 23.1 24.2 13 189
Hitachi Energy Buy 12,681 14,164 12 537.4 6.4 3.6 7.8 12.2 85.0 183.5 288.6 149.2 69.1 43.9 87.3 47.1 30.7 24.9 41.2 56.6 21 200
Honeywell Automation Buy 57,019 62,362 9 504.1 6.0 6.0 7.7 10.7 675.4 872.11,206.6 84.4 65.4 47.3 66.2 50.1 34.8 10.7 17.7 24.4 5 31
KEC International Buy 870 937 8 223.7 2.7 7.5 12.0 17.2 29.0 46.8 67.0 30.0 18.6 13.0 15.0 11.2 7.9 3.9 22.9 24.2 5 48
Kirloskar Pneumatic Buy 1,385 1,809 31 89.8 1.1 2.0 2.6 3.2 31.0 40.5 49.9 44.7 34.2 27.7 31.9 23.7 18.7 6.6 21.3 19.7 6 102
Kirloskar Oil Engines Buy 1,349 1,591 18 195.7 2.3 4.4 5.8 7.2 30.5 39.8 49.6 44.2 33.9 27.2 27.9 21.5 17.2 5.8 18.4 23.4 4 237
Lakshmi Machine Works Hold 16,103 18,023 12 172.0 2.1 3.8 5.1 6.9 359.1 477.2 649.2 44.8 33.7 24.8 34.6 25.2 17.7 5.2 16.4 21.5 2 19
Linde India Hold 8,775 9,312 6 748.3 9.0 7.4 9.9 12.2 87.1 115.9 143.3 100.8 75.7 61.3 66.9 50.6 41.1 15.4 22.3 27.9 -5 98
Larsen & Toubro Buy 3,621 4,204 16 4,978.5 59.6 162.2 226.2 276.7 115.8 161.5 197.6 31.3 22.4 18.3 20.7 16.0 13.0 4.1 19.8 14.8 0 48
PTC Indiustries Buy 14,854 13,010 (12) 214.5 2.6 1.0 2.9 6.3 69.8 201.0 433.7 212.7 73.9 34.3 121.1 48.3 24.5 21.3 33.3 37.0 21 251
Mazagon Dock Shipbuilders Buy 5,744 3,548 (38) 1,158.6 13.9 16.3 18.9 21.8 80.6 93.6 108.2 71.3 61.4 53.1 82.8 70.5 58.8 13.0 22.8 31.9 80 232
Siemens Buy 7,776 8,738 12 2,769.2 33.2 30.6 41.5 58.6 86.0 116.5 164.6 90.4 66.7 47.3 68.5 50.3 35.3 15.2 24.5 33.2 10 103
Thermax Hold 5,230 5,327 2 623.2 7.5 7.3 10.0 13.9 64.5 89.2 123.9 81.0 58.6 42.2 59.9 44.0 31.8 10.1 18.5 22.4 -3 127
Titagarh Rail Systems Buy 1,711 1,669 (2) 230.5 2.8 4.6 6.3 7.8 36.1 49.6 61.6 47.5 34.5 27.8 33.9 24.9 19.9 6.6 21.2 30.8 21 228
Transformers & Rectifiers India Buy 745 861 16 111.7 1.3 1.5 3.1 4.7 9.6 19.5 29.7 78.0 38.1 25.1 39.6 21.5 15.2 8.2 23.6 32.0 -8 637
Voltas Hold 1,513 1,515 0 500.6 6.0 8.1 10.4 13.5 24.4 31.5 40.7 61.9 48.0 37.2 45.5 35.5 27.4 7.0 15.4 21.1 5 98
INFRASTRUCTURE
Ashoka Buildcon Buy 240 224 (7) 67.4 0.8 4.2 5.1 6.1 14.9 18.2 21.8 16.1 13.2 11.0 10.7 8.9 7.2 1.2 9.7 10.9 8 159
Dilip Buildcon Hold 535 404 (24) 78.2 0.9 4.0 4.4 5.3 29.3 32.5 39.0 18.2 16.4 13.7 6.5 6.0 5.3 1.2 7.7 14.1 17 113
IRB Infra Buy 68 90 33 411.5 4.9 11.1 13.7 16.6 1.8 2.3 2.8 37.0 30.1 24.8 14.5 12.2 10.8 2.5 8.7 7.5 1 163
IRCON International Buy 320 359 12 300.9 3.6 9.4 10.7 12.4 10.0 11.4 13.2 32.0 28.2 24.3 31.3 25.2 19.4 4.1 15.4 11.1 18 292
KNR Constructions Ltd. Buy 374 360 (4) 105.3 1.3 4.6 5.2 6.1 16.3 18.5 21.8 22.9 20.2 17.1 13.3 11.9 10.3 2.5 13.2 18.4 1 51
NBCC Sell 194 30 (85) 349.0 4.2 4.9 5.5 5.6 2.7 3.1 3.1 70.7 63.0 62.2 64.8 53.0 51.2 11.8 20.3 20.6 23 376
NCC Ltd. Buy 333 314 (6) 209.0 2.5 9.2 11.7 14.4 14.6 18.6 23.0 22.8 17.9 14.5 10.4 8.8 7.2 2.3 14.1 22.5 0 145
RITES Buy 722 802 11 173.5 2.1 4.8 5.6 6.5 20.0 23.4 26.9 36.0 30.8 26.8 23.3 19.9 16.6 5.9 20.0 18.7 6 83
Rail Vikas Nigam Ltd Hold 630 233 (63) 1,313.6 15.7 14.9 16.7 17.8 7.2 8.0 8.6 88.1 78.6 73.6 93.6 83.2 72.9 11.9 16.0 9.3 61 422
Welspun Ent. Buy 507 447 (12) 70.2 0.8 3.3 4.9 4.2 24.0 35.3 31.0 21.1 14.4 16.4 15.0 10.3 13.1 2.2 15.9 18.7 8 115
IT
Cyient Hold 1,773 1,950 10 196.7 2.4 8.0 9.3 10.5 73.8 86.3 96.8 24.0 20.6 18.3 13.8 11.7 10.2 3.7 18.4 22.9 -6 26
FirstSource Sol. Buy 240 230 (4) 167.4 2.0 6.2 7.5 8.4 8.9 10.7 12.0 27.1 22.4 20.1 15.8 13.4 11.7 3.9 18.1 15.7 20 90
HCL Tech Buy 1,512 1,700 12 4,102.8 49.1 168.6 188.7 207.5 61.6 68.7 75.3 24.5 22.0 20.1 14.8 12.9 11.6 6.0 27.8 36.3 5 36
Infosys Hold 1,653 1,700 3 6,862.1 82.2 263.9 296.9 324.4 63.7 71.7 78.3 26.0 23.1 21.1 17.3 15.1 13.5 6.8 30.4 41.8 11 25
LTI Mindtree Hold 5,408 5,475 1 1,601.5 19.2 48.9 56.7 64.1 165.3 191.6 216.6 32.7 28.2 25.0 22.4 19.1 16.6 6.1 23.2 30.7 9 12
L&T Technology Services Hold 4,943 4,750 (4) 523.1 6.3 13.4 15.1 16.8 127.2 142.5 158.7 38.8 34.7 31.1 25.7 22.7 19.9 8.3 25.2 32.3 1 28
Mphasis Buy 2,560 2,900 13 484.1 5.8 16.7 18.8 21.2 88.9 100.0 112.3 28.8 25.6 22.8 17.9 15.7 13.8 4.7 19.1 23.6 7 34
Coforge Ltd Buy 5,564 6,200 11 371.1 4.4 11.7 13.9 16.1 176.0 208.0 241.0 31.6 26.7 23.1 18.8 16.1 13.9 7.6 30.7 38.6 7 20
Persistent Sys Hold 4,618 4,000 (13) 711.4 8.5 13.5 17.1 20.7 89.0 113.0 137.1 51.9 40.9 33.7 35.5 28.9 23.3 11.9 30.4 39.8 22 97
TCS Hold 3,924 4,275 9 14,196.3 170.0 504.1 563.6 624.4 139.3 155.8 172.6 28.2 25.2 22.7 19.5 17.7 15.8 11.5 48.0 60.1 2 21
TeamLease Buy 2,857 3,950 38 47.9 0.6 1.7 2.0 2.2 98.7 111.4 128.1 28.9 25.6 22.3 24.2 19.8 15.9 4.3 18.3 19.1 0 19
Tech Mahindra Buy 1,461 1,475 1 1,428.3 17.1 43.4 55.7 65.1 49.1 63.0 73.7 29.7 23.2 19.8 18.3 14.8 12.8 5.3 22.2 31.2 7 26
Wipro Buy 534 575 8 2,793.6 33.5 115.6 132.1 143.4 22.1 25.2 27.4 24.2 21.2 19.5 14.1 12.4 11.2 3.4 16.4 19.9 12 36
Zensar Technologies Buy 718 775 8 162.8 1.9 6.7 7.4 8.4 29.3 32.6 36.8 24.5 22.0 19.5 16.5 14.1 12.2 3.5 17.0 22.9 3 81
contd...
Valuation Guide
METALS & MINING
APL Apollo Tubes Buy 1,552 1,744 12 430.8 5.2 9.9 14.6 19.9 35.6 52.8 71.8 43.6 29.4 21.6 28.2 20.1 15.3 7.9 30.0 34.2 -2 18
Hindalco Industries Buy 696 793 14 1,564.7 18.7 115.3 120.1 126.0 51.8 54.0 56.7 13.4 12.9 12.3 7.1 6.7 6.3 1.2 9.6 11.7 3 64
Hindustan Zinc Sell 672 380 (43) 2,837.7 34.0 98.9 108.0 115.1 23.4 25.6 27.2 28.7 26.3 24.7 16.9 15.6 14.7 12.9 53.0 52.2 -2 102
HI-Tech Pipes Buy 141 182 29 21.1 0.3 0.9 1.4 2.0 5.0 8.0 11.1 28.4 17.5 12.6 13.8 9.6 7.0 2.7 16.4 19.2 7 90
Indian Hume Pipe Buy 444 414 (7) 23.4 0.3 0.7 1.1 1.3 14.0 20.3 25.4 31.7 21.9 17.5 17.1 13.6 11.5 2.4 11.4 14.0 26 80
Jindal Steel & Power Buy 1,015 1,108 9 1,034.9 12.4 64.9 90.3 102.4 64.2 89.3 101.3 15.8 11.4 10.0 8.7 6.7 5.9 1.7 16.0 17.5 -1 63
JSW Steel Hold 925 945 2 2,262.0 27.1 126.2 162.1 175.2 52.2 67.0 72.5 17.7 13.8 12.8 9.2 7.8 7.3 2.3 17.8 15.2 1 15
JTL Industries Buy 225 271 21 38.5 0.5 1.7 2.3 2.8 9.5 12.8 15.7 23.6 17.6 14.3 17.3 12.8 10.4 3.4 21.6 27.5 3 27
Kirloskar Ferrous Buy 743 785 6 103.6 1.2 4.0 7.6 8.9 28.7 54.2 63.6 25.9 13.7 11.7 14.6 9.0 7.7 3.8 31.5 32.1 4 51
MOIL Buy 538 564 5 109.5 1.3 8.0 10.1 11.9 39.6 49.6 58.2 13.6 10.8 9.2 8.5 6.5 5.2 2.8 28.4 38.3 2 180
NALCO Buy 199 235 18 365.3 4.4 27.3 32.5 33.5 14.8 17.7 18.3 13.4 11.2 10.9 7.7 6.3 6.0 2.0 18.5 23.8 8 135
NMDC Buy 246 294 19 721.5 8.6 76.7 88.5 96.7 26.2 30.2 33.0 9.4 8.2 7.5 6.4 5.3 4.6 2.0 26.6 34.5 -6 121
SAIL Hold 152 161 6 627.2 7.5 56.3 63.9 70.6 13.6 15.5 17.1 11.1 9.8 8.9 6.9 6.2 5.7 1.0 10.0 10.3 1 69
Tata Steel Buy 169 190 13 2,108.8 25.3 121.2 178.9 204.8 9.7 14.3 16.4 17.4 11.8 10.3 8.2 6.5 5.8 1.7 15.8 16.0 -7 47
Venus Pipes Hold 2,145 2,160 1 43.5 0.5 1.2 1.7 1.9 58.5 83.9 96.1 36.7 25.6 22.3 22.7 16.8 15.0 6.2 27.4 30.9 0 80
Vedanta Hold 448 465 4 1,664.2 19.9 154.4 188.5 208.5 41.5 50.7 56.0 10.8 8.8 8.0 5.2 4.5 4.0 4.1 49.7 28.7 1 61
OIL & GAS
BPCL Buy 307 378 23 1,330.2 15.9 138.5 140.3 142.9 31.9 32.3 32.9 9.6 9.5 9.3 6.2 6.4 6.8 1.5 16.1 16.3 0 59
GAIL Sell 229 185 (19) 1,508.3 18.1 90.7 84.3 90.9 13.6 12.7 13.6 16.8 18.1 16.8 11.8 12.2 10.9 2.0 11.7 12.0 6 107
Gujarat Gas Buy 645 690 7 444.1 5.3 14.1 19.4 21.8 20.5 28.3 31.7 31.5 22.8 20.3 18.9 14.0 12.4 4.5 20.9 25.1 6 37
HPCL Buy 350 424 21 744.8 8.9 84.0 79.8 81.5 39.5 37.5 38.3 8.9 9.3 9.1 7.1 7.1 6.9 1.5 16.8 11.7 0 80
IGL Hold 531 426 (20) 371.6 4.5 15.9 17.8 18.8 22.7 25.4 26.8 23.4 20.9 19.8 15.3 13.4 12.4 3.4 17.1 21.9 11 8
Indian Oil Corp Buy 174 217 25 2,463.3 29.5 233.8 241.5 278.6 17.0 17.5 20.2 10.3 9.9 8.6 7.5 7.0 6.0 1.2 12.3 11.1 3 78
Mahanagar Gas Hold 1,704 1,493 (12) 168.3 2.0 10.3 10.4 11.1 103.9 105.5 112.9 16.4 16.2 15.1 9.1 8.7 8.0 2.7 17.5 22.8 18 53
Oil India Buy 551 534 (3) 896.3 10.7 66.4 73.4 69.7 40.8 45.1 42.8 13.5 12.2 12.9 9.2 8.0 8.0 1.7 14.6 16.6 25 224
ONGC Buy 305 338 11 3,833.8 45.9 370.8 428.8 387.6 29.5 34.1 30.8 10.3 8.9 9.9 5.2 4.5 4.5 1.1 12.6 15.1 11 82
Petronet LNG Buy 342 325 (5) 512.5 6.1 36.9 38.4 37.6 24.6 25.6 25.1 13.9 13.4 13.6 9.3 9.6 9.8 2.6 20.3 21.7 7 54
Reliance Industries Buy 3,161 3,276 4 21,390.0 256.2 739.5 818.2 853.6 109.3 120.9 126.2 28.9 26.1 25.1 12.4 10.8 9.5 2.3 9.1 9.7 8 25
PHARMA & HEALTHCARE
Alkem Hold 5,199 4,652 (11) 621.7 7.4 22.8 25.2 25.4 190.4 210.5 212.4 27.3 24.7 24.5 21.2 18.7 16.6 4.5 19.7 23.1 2 47
Alembic Pharma Hold 999 940 (6) 196.4 2.4 6.7 8.0 8.8 33.8 40.8 44.6 29.5 24.5 22.4 17.3 14.5 13.1 3.3 14.2 17.2 12 52
CIPLA Sell 1,506 1,221 (19) 1,216.1 14.6 34.2 40.3 45.3 42.5 50.0 56.2 35.4 30.1 26.8 21.5 18.0 15.6 3.7 12.9 18.0 -2 47
Concord Biotech Buy 1,690 1,920 14 176.8 2.1 4.1 5.1 6.4 39.1 48.3 61.3 43.2 35.0 27.5 30.7 24.5 19.1 8.1 25.4 33.1 18
Divi's Laboratories Ltd Sell 4,583 3,198 (30) 1,216.5 14.6 21.1 24.5 27.0 79.6 92.2 101.7 57.6 49.7 45.1 39.6 33.5 30.0 7.5 15.8 20.6 3 26
Dr Reddys Sell 6,595 5,267 (20) 1,100.1 13.2 36.3 41.1 46.8 217.3 246.1 280.6 30.3 26.8 23.5 17.9 15.5 13.2 3.2 12.5 16.8 9 27
IOL Chemicals Buy 421 467 11 24.7 0.3 2.1 2.4 2.2 36.0 41.0 36.9 11.7 10.2 11.4 6.8 5.7 5.6 1.2 12.6 16.6 7 13
JB Chemicals Hold 1,721 1,631 (5) 267.2 3.2 7.5 8.7 10.0 48.6 56.3 64.6 35.4 30.6 26.7 21.9 18.7 16.1 3.3 23.2 28.7 -9 32
Dr Lal Pathlabs Sell 2,946 2,291 (22) 246.0 2.9 4.2 5.0 5.9 50.3 60.3 70.6 58.5 48.8 41.7 34.5 28.8 24.5 51.3 22.4 29.6 7 24
Laurus Labs Hold 472 353 (25) 254.2 3.0 5.5 7.2 8.0 10.2 13.4 14.8 46.3 35.2 31.8 20.1 16.6 15.3 4.9 14.7 15.8 7 34
Lupin Buy 1,817 1,958 8 828.5 9.9 28.6 32.8 38.6 62.7 72.0 84.7 29.0 25.2 21.5 16.8 14.9 12.5 4.2 18.1 22.7 13 93
Mankind Pharma Buy 2,117 2,438 15 848.2 10.2 23.2 26.1 29.7 57.9 65.2 74.1 36.6 32.5 28.6 26.1 22.5 19.2 6.1 20.7 25.0 -5 13
Metropolis Healthcare Sell 2,058 1,718 (17) 105.4 1.3 1.7 2.2 2.8 33.4 43.1 55.1 61.7 47.8 37.4 30.1 24.5 19.6 7.4 16.5 20.8 6 42
Solara Active Pharma Sell 616 361 (41) 26.4 0.3 0.4 0.9 1.4 8.7 19.6 28.5 70.9 31.4 21.6 15.1 12.1 10.0 2.1 7.5 8.0 40 76
Torrent Pharma Buy 2,958 3,337 13 1,001.2 12.0 20.5 27.4 33.6 60.6 81.1 99.3 48.8 36.5 29.8 25.7 21.4 18.0 11.4 33.4 35.6 2 53
Vijaya Diagnostic Centre Hold 795 796 0 81.6 1.0 1.6 2.0 2.4 15.2 19.2 23.8 52.4 41.4 33.4 28.8 23.2 18.8 4.2 22.1 24.6 -3 67
Zydus Life Science Hold 1,163 888 (24) 1,170.6 14.0 33.3 37.3 40.3 33.1 37.1 40.1 35.1 31.3 29.0 23.9 20.9 18.7 4.5 15.2 18.5 6 96
REALTY
Arvind SmartSpaces Buy 706 1,112 57 32.1 0.4 0.7 1.1 1.5 17.1 26.8 36.2 41.3 26.4 19.5 25.2 16.8 13.2 4.4 18.2 24.2 1 102
Brigade Enterprise Buy 1,301 1,620 25 300.6 3.6 6.8 8.2 10.3 29.7 35.5 44.8 43.8 36.6 29.0 21.6 19.2 16.4 29.2 17.3 15.0 -3 124
Century Textile & Industries Buy 2,188 3,470 59 244.4 2.9 2.8 4.2 4.6 25.5 37.6 41.5 85.7 58.2 52.7 30.2 24.0 21.8 5.4 9.6 11.2 5 146
DLF Buy 832 1,071 29 2,059.3 24.7 37.4 44.4 56.5 15.1 17.9 22.8 55.0 46.4 36.5 79.9 66.3 63.2 4.3 9.8 7.0 -3 69
Godrej Properties Buy 3,294 3,677 12 915.9 11.0 13.2 30.5 39.6 47.3 109.6 142.5 69.6 30.1 23.1 147.2 78.0 62.5 6.4 23.7 19.2 12 106
Kolte Patil Buy 412 765 86 31.3 0.4 1.7 1.8 1.9 22.1 24.0 25.1 18.7 17.1 16.4 7.1 6.6 6.0 3.1 19.3 19.6 -11 7
Macrotech Developers Buy 1,472 1,634 11 1,464.9 17.5 29.3 33.8 39.5 29.5 34.0 39.8 49.9 43.3 37.0 35.8 31.7 27.2 6.2 15.3 16.1 0 115
Nexus Select Trust Buy 148 151 2 224.5 2.7 7.3 8.6 9.3 4.8 5.7 6.1 30.9 26.0 24.3 15.6 14.0 13.9 1.6 6.1 7.9 13 30
Oberoi Realty Buy 1,712 1,922 12 622.3 7.5 27.3 32.6 37.1 75.1 89.8 102.2 22.8 19.1 16.8 18.3 15.1 12.9 3.1 17.9 20.9 -11 66
Phoenix Buy 3,934 3,214 (18) 703.0 8.4 10.3 12.1 13.0 57.6 67.8 72.8 68.2 58.0 54.1 33.5 30.2 28.4 6.2 11.2 10.8 15 150
Prestige Estates Buy 1,768 2,198 24 708.6 8.5 15.4 18.9 30.6 38.5 47.1 76.3 45.9 37.5 23.2 25.5 21.4 14.3 4.8 12.8 12.9 -4 202
Sobha Buy 2,017 3,003 49 191.3 2.3 3.4 5.9 8.2 31.5 55.1 76.7 64.0 36.6 26.3 29.5 19.7 14.8 5.6 18.7 21.9 0 271
Sunteck Realty Buy 571 656 15 83.7 1.0 3.1 2.8 2.4 21.4 19.4 16.7 26.7 29.4 34.3 - - - 2.4 8.2 10.4 -1 73
TELECOM
Bharti Airtel Buy 1,438 1,574 9 8,592.1 102.9 181.1 245.0 318.2 31.6 42.8 55.5 45.5 33.6 25.9 11.5 9.7 8.0 7.1 23.2 19.5 0 62
TEXTILE
Arvind Ltd Buy 390 491 26 102.0 1.2 4.5 6.0 7.4 17.3 23.1 28.4 22.5 16.9 13.7 11.1 8.9 7.4 2.2 14.1 16.4 4 190
KPR Mills Hold 855 942 10 292.2 3.5 10.9 12.1 13.6 31.8 35.4 39.9 26.9 24.1 21.4 19.0 17.1 15.3 4.8 21.4 26.0 2 31
Welspun Living Buy 174 215 23 169.3 2.0 9.7 12.6 13.6 9.9 12.9 14.0 17.5 13.5 12.5 10.4 8.4 7.4 2.6 20.7 21.2 26 77
contd...
Valuation Guide
UTILITIES
CESC Buy 192 153 (20) 254.4 3.0 17.6 23.2 21.7 13.3 17.5 16.3 14.4 11.0 11.7 11.1 9.1 8.0 1.9 17.3 12.0 29 158
COAL India Buy 500 557 11 3,081.7 36.9 358.9 374.5 405.2 58.2 60.8 65.7 8.6 8.2 7.6 7.9 7.3 6.6 2.6 34.7 18.7 2 113
Indian Energy Exchange Sell 177 114 (35) 157.9 1.9 4.0 4.4 4.8 4.4 5.0 5.4 39.8 35.6 32.7 35.5 32.0 29.4 12.5 37.5 38.4 2 43
JSW Energy Buy 713 592 (17) 1,246.2 14.9 23.8 29.5 32.1 14.5 17.9 19.5 49.3 39.8 36.5 21.6 18.2 16.3 4.6 12.1 8.9 10 128
NHPC Buy 114 94 (17) 1,145.8 13.7 45.1 52.0 61.0 4.4 5.1 5.9 26.0 22.5 19.2 22.5 18.7 16.4 2.6 11.9 6.8 11 142
NTPC Buy 377 383 1 3,656.6 43.8 157.1 182.1 219.3 16.2 18.8 22.6 23.3 20.1 16.7 12.3 11.2 9.9 2.1 11.1 9.3 2 98
Power Grid Buy 343 319 (7) 3,188.2 38.2 164.7 182.7 214.3 17.7 19.6 23.0 19.4 17.4 14.9 11.1 10.4 9.2 3.0 17.9 18.7 6 81
PTC India Buy 224 227 1 66.3 0.8 3.8 4.5 5.2 12.9 15.2 17.6 17.3 14.7 12.8 10.0 7.7 6.2 1.5 10.2 26.4 5 100
SJVN Ltd Buy 150 163 9 589.2 7.1 18.0 21.8 22.4 4.6 5.6 5.7 32.6 27.0 26.4 20.3 16.9 15.9 3.7 14.1 8.8 12 213
Torrent Power Hold 1,530 1,159 (24) 735.4 8.8 28.2 31.8 35.7 58.8 66.1 74.2 26.0 23.2 20.6 13.5 12.3 11.3 4.6 21.2 18.7 -5 144
Tata Power Buy 440 450 2 1,407.2 16.9 38.9 49.1 58.8 12.2 15.4 18.4 36.2 28.7 23.9 17.5 14.8 13.2 3.7 12.9 8.2 -2 95
MIDCAPS - OTHER
CCL Products Buy 608 870 43 81.1 1.0 2.7 3.7 5.4 20.3 28.1 40.7 30.0 21.6 14.9 18.9 14.8 11.2 3.7 18.5 12.5 1 -16
EPL Ltd. Buy 233 340 46 74.1 0.9 3.5 4.8 5.8 11.0 15.0 18.3 21.1 15.5 12.7 9.0 7.0 6.0 2.8 19.6 23.8 19 6
Ganesha Ecosphere Buy 1,517 1,910 26 38.5 0.5 1.4 1.6 2.4 51.8 61.2 91.4 29.3 24.8 16.6 16.2 14.4 10.2 2.8 12.1 13.9 21 43
Gravita India BUY 1,359 1,340 (1) 93.8 1.1 2.8 3.4 4.0 40.5 49.8 57.3 33.5 27.3 23.7 23.8 19.7 17.6 6.8 28.0 25.1 2 120
Indian Hotels Hold 603 550 (9) 857.9 10.3 15.4 18.1 20.8 10.8 12.8 14.6 55.6 47.2 41.2 34.4 30.0 25.5 7.0 15.8 16.8 3 54
Chalet Hotels Buy 836 950 14 182.4 2.2 3.7 4.8 6.8 18.0 23.3 33.0 46.5 35.9 25.4 24.2 20.0 14.9 4.2 12.6 13.9 -1 82
Mold-Tek Packaging Buy 797 1,160 46 26.5 0.3 0.8 1.1 1.4 25.2 33.4 43.3 31.6 23.9 18.4 17.2 13.7 11.0 3.6 16.0 14.0 0 -27
Raymond Buy 2,001 3,905 95 133.2 1.6 8.0 10.7 12.6 119.6 161.2 189.4 16.7 12.4 10.6 10.9 8.5 7.1 2.1 18.2 18.2 27 78
Solar Industries Hold 12,252 9,310 (24) 1,108.7 13.3 12.0 15.4 18.3 132.5 170.0 202.2 92.5 72.1 60.6 57.1 45.1 37.8 19.1 30.1 37.1 30 240
Varun Beverages Buy 1,592 1,890 19 2,069.3 24.8 28.8 37.8 49.0 22.1 29.1 37.7 71.9 54.7 42.2 42.0 33.2 26.7 16.3 34.2 33.2 2 89
Yatra Online Buy 127 181 42 20.0 0.2 0.6 1.2 1.2 3.9 7.4 7.7 32.4 17.3 16.5 17.9 10.2 9.1 2.2 13.3 15.4 -1
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 1,297 1,375 6 4,007.6 48.0 281.4 321.5 387.9 550.0 631.2 729.3 2.2 1.9 1.7 0.4 0.4 0.4 12.4 17.6 1.8 9 37
Bank of Baroda Buy 257 315 23 1,327.5 15.9 191.3 208.4 230.3 228.4 260.6 296.2 1.1 1.0 0.9 0.4 0.3 0.6 6.4 16.5 1.1 -9 25
Canara Bank Buy 114 140 22 1,035.4 12.4 153.5 171.9 196.0 100.9 116.0 133.3 1.1 1.0 0.9 1.0 0.9 1.4 6.0 17.5 1.0 -7 72
City Union Bank Buy 162 185 14 120.3 1.4 10.2 11.6 12.3 125.6 139.7 154.6 1.3 1.2 1.1 1.9 1.9 1.8 10.4 11.8 1.4 9 26
DCB Bank Buy 133 175 32 41.7 0.5 6.7 7.8 9.0 172.4 195.5 222.5 0.8 0.7 0.6 1.1 1.1 1.2 5.3 13.5 1.0 -1 4
Equitas SFB Buy 91 125 37 103.7 1.2 9.1 12.0 14.8 58.8 66.9 76.9 1.6 1.4 1.2 1.2 1.2 1.1 8.6 16.9 1.9 -6 -3
Federal Bank Buy 193 200 4 471.4 5.6 39.9 46.0 54.2 133.0 148.5 165.5 1.4 1.3 1.2 0.6 0.6 0.8 10.2 13.4 1.2 11 44
HDFC Bank Buy 1,622 1,900 17 12,339.6 147.8 690.2 806.1 921.4 631.6 713.0 806.0 2.2 2.0 1.7 0.4 0.4 0.4 15.3 15.8 1.8 3 -1
ICICI Bank Buy 1,238 1,350 9 8,715.4 104.4 436.3 475.3 557.0 381.3 435.4 498.9 2.8 2.4 2.0 0.5 0.5 0.4 18.3 16.4 2.0 11 31
IndusInd Bank Buy 1,430 1,925 35 1,113.4 13.3 103.3 121.4 140.7 909.41,032.61,173.3 1.6 1.4 1.2 0.6 0.6 0.7 9.2 16.1 1.9 -4 4
Karur Vysya Bank Buy 195 240 23 156.1 1.9 17.6 19.5 21.6 143.6 164.4 187.5 1.4 1.2 1.0 0.2 0.2 0.2 8.1 15.7 1.5 -6 55
Kotak Mahindra Bank Buy 1,845 2,000 8 3,666.8 43.9 135.7 149.3 174.1 536.1 608.4 692.7 2.7 2.3 2.0 0.4 0.5 0.5 24.6 13.1 2.0 8 -2
L&T Finance Buy 179 220 23 446.3 5.3 31.2 37.2 44.9 103.6 114.8 128.3 1.7 1.6 1.4 0.6 0.6 0.6 12.0 13.7 2.8 5 33
Punjab National Bank Hold 119 130 9 1,314.7 15.7 150.1 183.2 198.3 100.1 112.5 126.1 1.2 1.1 0.9 0.5 0.5 0.5 7.2 15.7 1.0 -6 94
Shriram Finance Buy 2,739 3,300 20 1,029.6 12.3 82.2 96.5 112.6 1,466.2 1,672.9 1,922.6 1.9 1.6 1.4 2.8 2.9 3.0 10.7 16.4 3.3 7 52
State Bank of India Buy 857 975 14 7,645.7 91.6 682.7 711.0 822.8 414.1 477.8 551.5 1.6 1.4 1.1 0.6 0.6 0.6 10.8 17.0 1.0 2 45
South Indian Bank Hold 27 32 21 69.6 0.8 9.9 11.1 14.2 35.7 39.5 44.3 0.7 0.7 0.6 1.6 1.6 1.6 6.3 11.3 0.8 -3 26
Ujjivan Small Bank Buy 45 65 44 87.7 1.0 12.1 13.5 14.8 36.2 44.0 52.6 1.3 1.0 0.9 0.4 0.4 0.4 5.8 18.9 2.5 -9 6
Union Bank of India Buy 137 175 28 1,044.1 12.5 165.3 173.5 185.7 134.6 150.9 168.4 1.0 0.9 0.8 1.1 1.1 1.2 6.0 15.9 1.0 -7 66
*Adjusted for subsidiaries
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) FY25 FY26 FY27 FY25 FY26 FY27 FY25 FY26 FY27 FY25 FY26 FY27 FY26 1m 12m
Insurance
HDFC Life Insurance Buy 634 760 20 1,364.3 16.3 41.8 50.2 57.5 254.4 299.0 350.1 2.5 2.1 1.8 18.6 13.6 9.7 17.9 11 -6
ICICI Prudential Life Insurance Buy 653 710 9 942.1 11.3 26.2 30.5 34.9 335.9 383.2 436.9 1.9 1.7 1.5 16.6 12.1 8.3 14.7 13 9
LIC of India Buy 1,057 1,160 10 6,687.7 80.1 110.4 120.5 132.5 1,261.6 1,376.7 1,501.4 0.8 0.8 0.7 NA NA NA 10.1 6 70
Max Life Insurance* Buy 1,033 1,280 24 356.4 4.3 23.1 27.0 31.4 722.0 854.3 1,007.8 2.2 1.9 1.6 12.4 8.9 6.0 18.8 7 25
SBI Life Insurance Buy 1,559 1,910 22 1,561.3 18.7 65.7 77.2 90.0 692.4 821.7 972.1 2.3 1.9 1.6 12.6 9.1 6.2 19.1 7 20
*Valuations after factoring 20% holdco discount
Events Calendar July/ August 2024

Monday Tuesday Wednesday Thursday Friday Saturday Sun
8 July 9 July 10 July 11 July 12 July 13 July 14 July

Tata Consultancy Serv. HCL Tech Avenue Supermarts

HDFC Life Insurance Bajaj Auto Asian Paints Infosys UltraTech Cement HDFC Bank
Century Textile & Ind. LTI Mindtree Persistent Sys Wipro JK Cement
L&T Finance Rallis India JSW Steel
South Indian Bank
Havells India
L&T Technology Services

Coforge Ltd ICICI Prudential Life Petronet LNG Ramco Cement CIPLA ICICI Bank
Zensar Technologies Axis Bank Nestle Dr Reddys
Torrent Pharma Cyient Sumitomo Chemical
ICICI Securities Mphasis
Tech Mahindra
29 July 30 July 31 July 1 Aug 2 Aug 3 Aug 4 Aug
Bharat Electronics Crompton Consumer

Kansai Nerolac Lakshmi Machine Works
Maruti Suzuki India
TeamLease
5 Aug 6 Aug 7 Aug 8 Aug 9 Aug 10 Aug 11 Aug

Marico Blue Star ABB Jubilant Foodworks
Cummins India
Gujarat Gas
TVS Motors
12 Aug 13 Aug 14 Aug 15 Aug 16 Aug 17 Aug 18 Aug

Hindalco Industries
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AMP

Flows (USD mn) Prev. Day MTD

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 (%)

CMP : INR 3,923 1QFY25 RESULT REVIEW

Table 1: Financial summary

Exhibit 3: Deal bookings moderated at USD 8.3 bn

Table 2: Key metrics

CMP : INR 225 1QFY25 RESULT REVIEW

Table 1: JTL Industries Quarterly performance (INR mn)

CMP : INR 424 COMPANY UPDATE

Snippets from the annual report

Liabilities 13,126 16,261 18,118 21,103 24,851

Diluted no. of shares (mn) 633 636 643 643 643

Indian Pharmaceutical Market

MAT Jun'22 MAT Jun'23 MAT Jun'24

37.0% 37.2% 37.7% 38.5%

Table 2: Most therapies report heathly growth, except Respiratory

Exhibit 5: Market formation post LOE

MAT MAT MAT MAT MAT MAT MAT

MAT Jun'22 MAT Jun'23 MAT Jun'24

Table 3: Key Therapies and growth

Table 4: Performance of Top 10 brands

Table 5: Growth in key therapies

Table 6: Performance of Top 10 brands

Table 8: Performance of Top 10 brands

Table 9: Key Therapy contribution—Cardiac and GI grow double digit

Table 10: Performance of Top 10 brands

MAT Jun'22 MAT Jun'23 MAT Jun'24

Table 11: Key Therapies witness healthy growth

Table 12: Performance of Top 10 brands

MAT Jun'22 MAT Jun'23 MAT Jun'24

Table 14: Performance of Top 10 brands

MAT Jun'22 MAT Jun'23 MAT Jun'24

Table 15: Contribution from Key Therapies

Table 16: Performance of Top 10 brands

MAT Jun'22 MAT Jun'23 MAT Jun'24

Table 17: Key Therapy contribution—Gynaec grows double digit

Table 18: Performance of Top 10 brands

8.0 8.6 2.5

MAT Jun'22 MAT Jun'23 MAT Jun'24

Table 20: Performance of Top 10 brands

Table 21: Valuation

AGROCHEM & FERTILIZERS

INDUSTRIALS & ENGINEERING

Events Calendar July/ August 2024

8 July 9 July 10 July 11 July 12 July 13 July 14 July

15 July 16 July 17 July 18 July 19 July 20 July 21 July

22 July 23 July 24 July 25 July 26 July 27 July 28 July

29 July 30 July 31 July 1 Aug 2 Aug 3 Aug 4 Aug

Bharat Electronics Crompton Consumer

5 Aug 6 Aug 7 Aug 8 Aug 9 Aug 10 Aug 11 Aug

12 Aug 13 Aug 14 Aug 15 Aug 16 Aug 17 Aug 18 Aug

Antique Stock Broking Limited

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