185 Stocks | Valuation Summary | India | 06/06/2023

India Coverage Valuation Summary

CORE EPS PER P/Bk EV/EBITDA Dividend ROAE
MktCap Target Up/down CORE EPS Growth (%) (x) (x) (x) Yield (%) (%) Analyst Name
Company Rec (US$bn) Price Price (%) FY23F FY24F FY25F FY23F FY24F FY23F FY24F FY25F FY23F FY24F FY23F FY23F FY23F
Automobiles and Parts
Ashok Leyland ADD 6.1 150 181 20.7% 4.4 6.8 8.8 14.9 0.5 31.9 22.1 17.0 5.2 4.7 13.7 1.7 16.5 Pramod AMTHE
Apollo Tyres Ltd REDUCE 3.4 392 256 -34.6% 14.3 17.5 22.0 0.4 0.2 27.3 22.3 17.8 2.0 1.9 9.3 1.5 7.6 Pramod AMTHE
Bharat Forge ADD 5.1 803 918 14.4% 10.5 19.7 25.6 -0.5 0.9 92.6 40.7 31.3 5.6 4.1 23.0 1.0 8.3 Pramod AMTHE
Balkrishna Industries Ltd REDUCE 6.1 2297 1730 -24.7% 55.9 69.3 83.7 -0.3 0.2 41.1 33.2 27.5 5.9 5.2 24.5 0.7 14.9 Pramod AMTHE
Bajaj Auto ADD 18.8 4726 4975 5.3% 194.5 234.7 269.3 0.2 0.2 24.3 20.1 17.5 5.4 5.0 17.4 2.9 21.6 Pramod AMTHE
Bosch Ltd REDUCE 7.7 18880 16401 -13.1% 487.0 507.9 574.6 0.3 0.0 38.8 37.2 32.9 5.1 4.8 26.9 2.5 13.2 Pramod AMTHE
Eicher Motors Ltd REDUCE 14.0 3705 3284 -11.4% 106.6 122.2 136.3 0.8 0.1 34.8 30.3 27.2 7.7 6.7 25.6 1.0 22.6 Pramod AMTHE
Endurance Technologies Ltd ADD 2.9 1483 1647 11.1% 34.5 50.3 62.9 -0.1 0.5 43.5 29.5 23.6 4.7 4.2 20.3 0.5 11.7 Pramod AMTHE
Escorts Kubota Ltd REDUCE 4.0 2197 1719 -21.8% 61.6 86.8 99.3 -0.1 0.4 40.0 25.3 22.1 2.9 2.6 30.5 0.4 8.6 Pramod AMTHE
Exide Industries Ltd ADD 2.5 212 225 6.2% 11.3 13.8 15.9 0.3 0.2 18.8 15.4 13.3 1.6 1.5 7.2 2.8 8.9 Pramod AMTHE
Hero MotoCorp REDUCE 8.0 2905 2238 -23.0% 137.7 183.0 213.3 0.1 0.3 21.1 15.9 13.6 3.5 3.3 12.1 3.4 17.0 Pramod AMTHE
Mahindra & Mahindra ADD 24.2 1411 1596 13.1% 71.9 83.1 92.9 0.6 0.2 19.6 17.0 15.2 3.6 3.1 12.4 1.2 19.4 Pramod AMTHE
Maruti Suzuki ADD 40.5 9736 11061 13.6% 266.5 373.4 466.3 1.1 0.4 36.5 26.1 20.9 4.9 4.3 22.9 0.9 14.1 Pramod AMTHE
Samvardhana Motherson International Ltd HOLD 7.5 80 76 -5.5% 2.1 3.5 4.5 1.5 0.7 39.0 23.1 17.7 2.5 2.3 9.8 0.7 6.6 Pramod AMTHE
Tata Motors REDUCE 27.5 556 401 -27.8% -9.3 20.2 39.4 -0.6 -3.2 -63.3 27.6 14.1 4.7 4.1 8.2 0.4 -7.9 Pramod AMTHE
TVS Motor Co Ltd REDUCE 8.7 1332 926 -30.5% 30.2 32.5 35.4 0.6 0.1 42.4 41.0 37.7 10.5 8.8 24.5 0.5 26.0 Pramod AMTHE
Aviation
InterGlobe Aviation Ltd REDUCE 12.8 2410 1600 -33.6% 6.5 -16.0 -9.3 -1.0 -3.5 -34.2 -150.8 -259.9 -10.6 -9.9 16.5 0.0 -3.4 Rajarshi MAITRA
SpiceJet Ltd HOLD 0.2 26 42 58.9% -31.5 -17.9 -11.9 0.2 -0.4 -0.8 -1.5 -2.2 -0.3 -0.2 -19.9 0.0 36.2 Rajarshi MAITRA
Chemicals
Anupam Rasayan India Ltd REDUCE 1.6 1100 553 -49.8% 21.7 25.2 27.6 0.4 0.2 50.7 43.7 39.8 4.6 4.2 26.2 0.0 10.6 Satish KUMAR
Aarti Industries REDUCE 2.6 512 625 22.1% 17.7 25.4 NA 0.2 0.4 29.0 20.1 NA 3.8 3.3 16.2 0.7 14.0 Satish KUMAR
Ami Organics Ltd REDUCE 0.6 1195 714 -40.3% 21.3 24.7 28.5 0.1 0.2 56.2 48.3 41.8 7.6 6.8 37.1 0.0 14.2 Satish KUMAR
Astec Lifesciences Ltd REDUCE 0.4 1409 1073 -23.8% 40.0 50.5 NA 0.3 0.3 35.2 27.9 NA 5.5 4.4 20.1 0.2 17.6 Satish KUMAR
Atul Ltd REDUCE 2.7 6754 6431 -4.8% 197.3 215.0 257.8 0.0 0.1 34.2 31.4 26.2 4.1 3.7 19.7 0.4 12.5 Satish KUMAR
Bayer Cropscience Ltd ADD 2.7 4408 6621 50.2% 161.3 179.5 NA 0.2 0.1 27.3 24.6 NA 4.5 3.8 -3.3 0.0 17.9 Satish KUMAR
Camlin Fine Sciences ADD 0.4 169 300 77.0% 6.2 15.1 21.8 0.5 1.4 27.2 11.3 7.8 2.8 2.1 14.4 0.4 11.5 Satish KUMAR
Clean Science and Technology REDUCE 2.1 1407 660 -53.1% 26.8 29.4 33.8 0.2 0.1 52.6 47.9 41.7 15.6 12.9 39.4 0.0 33.0 Satish KUMAR
Coromandel International Ltd ADD 3.9 956 871 -8.9% 55.3 NA NA 0.1 NA 17.3 NA NA 3.7 NA -0.2 1.5 23.3 Satish KUMAR
Castrol India ADD 1.6 114 185 62.5% 10.8 12.2 NA 0.2 0.1 10.5 9.3 NA 5.0 4.4 6.4 7.9 50.9 Satish KUMAR
Dhanuka Agritech Ltd REDUCE 0.5 778 704 -9.5% 45.6 48.2 NA 0.1 0.1 17.0 16.1 NA 3.3 2.9 -0.6 1.2 21.0 Satish KUMAR
Deepak Nitrite Ltd REDUCE 4.0 2130 1460 -31.5% 59.4 64.7 72.9 -0.2 0.1 35.9 32.9 29.2 7.1 6.0 22.7 0.3 21.9 Satish KUMAR
Galaxy Surfactants Ltd HOLD 1.3 2623 2519 -4.0% 112.5 87.7 93.6 0.5 -0.2 23.3 29.9 28.0 4.7 4.1 16.3 0.2 22.5 Satish KUMAR
Gujarat Fluorochemicals Ltd REDUCE 4.8 3143 1946 -38.1% 56.0 70.9 NA 0.0 0.3 56.1 44.3 NA 7.0 6.0 33.2 0.0 13.3 Satish KUMAR
Heranba Industries Ltd REDUCE 0.2 343 436 27.2% 29.1 29.0 NA -0.1 0.0 11.8 11.8 NA 1.8 1.6 -1.3 0.2 16.4 Satish KUMAR
Insecticides (India) Ltd HOLD 0.2 452 461 2.1% 45.4 NA NA 0.1 NA 9.9 NA NA 1.0 NA -0.1 1.1 10.2 Satish KUMAR
India Pesticides Ltd REDUCE 0.4 231 220 -4.6% 13.9 14.7 16.6 0.0 0.1 16.6 15.7 13.9 3.8 3.2 11.6 0.9 23.8 Satish KUMAR
Jubilant Ingrevia Ltd REDUCE 0.9 409 495 21.0% 23.0 24.8 25.2 -0.2 0.1 17.8 16.5 16.2 2.3 1.8 10.6 0.4 13.9 Satish KUMAR
Kaveri Seed Co Ltd ADD 0.4 512 639 24.7% 45.5 53.3 NA 0.3 0.2 11.3 9.6 NA 2.0 1.7 8.0 0.7 19.0 Nitin AWASTHI
Laxmi Organic Industries Ltd REDUCE 1.0 271 155 -42.9% 7.7 9.3 NA 0.0 0.2 35.1 29.1 NA 4.9 4.2 20.8 0.2 15.0 Satish KUMAR
Meghmani Finechem Ltd ADD 0.6 1097 2151 96.1% 86.6 107.5 NA 0.4 0.2 12.7 10.2 NA 3.5 2.6 9.1 0.0 39.7 Satish KUMAR
Navin Fluorine International Ltd HOLD 3.2 4627 3476 -24.9% 75.8 95.2 NA 0.2 0.3 61.1 48.6 NA 10.3 8.7 -0.6 0.2 18.2 Satish KUMAR
PI Industries Ltd REDUCE 7.5 3587 2417 -32.6% 82.2 85.2 96.7 0.4 0.0 43.7 42.1 37.1 7.4 6.4 32.3 0.1 18.6 Satish KUMAR
Rallis India Ltd REDUCE 0.5 189 180 -4.7% 11.5 12.0 15.5 0.4 0.0 16.4 15.8 12.2 2.0 1.8 9.7 1.7 12.6 Satish KUMAR
SRF Limited REDUCE 10.3 2533 1540 -39.2% 60.9 53.7 NA 0.0 -0.1 41.6 47.1 NA 7.4 6.4 24.5 0.2 19.2 Satish KUMAR
UPL Limited REDUCE 7.2 694 754 8.7% 53.6 61.9 NA 0.1 0.2 14.7 12.5 NA 1.9 1.7 7.6 1.8 18.4 Satish KUMAR
Vinati Organics HOLD 2.6 1845 1798 -2.5% 44.3 0.0 NA 0.2 0.0 41.6 0.0 NA 8.7 7.3 -1.3 0.6 22.8 Satish KUMAR

1
185 Stocks | Valuation Summary | India | 06/06/2023

CORE EPS PER P/Bk EV/EBITDA Dividend ROAE

MktCap Target Up/down CORE EPS Growth (%) (x) (x) (x) Yield (%) (%) Analyst Name
Company Rec (US$bn) Price Price (%) FY23F FY24F FY25F FY23F FY24F FY23F FY24F FY25F FY23F FY24F FY23F FY23F FY23F
Commodities
Apex Frozen Foods Ltd ADD 0.1 214 385 79.8% 14.4 25.7 NA 0.1 0.8 14.9 8.3 NA 1.3 1.1 12.5 0.7 12.2 Nitin AWASTHI
Avanti Feeds Ltd REDUCE 0.7 389 353 -9.2% 15.5 22.1 NA -0.2 0.4 25.7 17.6 NA 2.6 2.3 17.0 0.8 10.8 Nitin AWASTHI
Balrampur Chini Mills Ltd REDUCE 1.1 392 229 -41.6% 13.4 24.9 22.9 -0.4 0.9 29.4 15.7 17.1 2.7 2.3 17.6 0.2 13.7 Nitin AWASTHI
BCL Industries Ltd ADD 0.2 470 790 68.3% 26.1 65.9 80.7 -0.3 1.5 18.0 7.1 5.8 4.0 2.6 13.5 0.2 25.5 Nitin AWASTHI
Coal India ADD 19.3 228 233 2.3% 30.5 31.3 NA 0.3 0.0 7.5 7.3 NA 2.6 2.1 3.4 5.5 38.8 Satish KUMAR
Coastal Corp Ltd ADD 0.0 202 990 390.9% 14.5 55.3 99.0 0.2 2.8 13.9 3.6 2.0 1.0 0.8 12.3 1.3 10.7 Nitin AWASTHI
Globus Spirits Ltd ADD 0.4 1119 3014 169.5% 46.0 120.6 140.5 -0.3 1.6 24.3 9.3 8.0 3.6 2.6 13.2 0.2 15.9 Nitin AWASTHI
Gulshan Polyols Ltd ADD 0.2 275 444 61.6% 8.8 31.7 45.3 -0.5 2.6 31.3 8.7 6.1 2.5 1.9 17.7 0.3 10.9 Nitin AWASTHI
Hindalco Industries Ltd ADD 12.9 416 429 3.2% 31.5 28.7 22.6 -0.5 -0.1 13.2 14.5 18.4 1.1 1.0 5.8 1.0 8.6 Satish KUMAR
National Aluminium Co Ltd ADD 2.1 84 103 23.4% 11.6 10.2 9.6 -0.3 -0.1 7.2 8.2 8.7 1.5 1.4 4.7 7.4 19.0 Satish KUMAR
NMDC HOLD 4.4 109 117 7.0% 13.6 12.1 13.8 -0.6 -0.1 8.0 9.0 7.9 0.9 0.8 4.6 3.8 11.0 Satish KUMAR
Triveni Engineering and Industries Ltd REDUCE 0.8 277 191 -31.3% 17.5 18.1 19.2 0.1 0.0 3.9 15.3 14.5 1.9 1.9 12.5 0.1 16.7 Nitin AWASTHI
Conglomerates
Larsen & Toubro Ltd ADD 44.1 2278 2515 10.4% 73.6 93.8 113.4 0.2 0.3 31.0 24.3 20.1 3.6 3.2 21.0 0.9 12.0 Arafat Saiyed
Reliance Industries ADD 231.0 2479 3369 35.9% 162.2 178.7 NA 0.6 0.1 15.3 13.9 NA 1.8 1.6 8.6 0.3 12.7 Satish KUMAR
Construction and Materials
ACC Ltd ADD 4.8 1856 2150 15.8% 53.4 89.8 114.6 -0.5 0.7 39.4 20.7 16.2 2.5 2.3 17.9 0.7 7.4 Nishant BAGRECHA
Ambuja Cements Ltd ADD 12.6 459 460 0.2% 13.5 14.5 15.6 0.3 0.1 35.7 31.6 29.4 3.2 2.0 27.5 0.5 10.7 Nishant BAGRECHA
APL Apollo Tubes ADD 4.4 1164 1611 38.4% 23.1 31.6 44.7 0.0 0.4 50.3 36.9 26.0 10.7 8.8 32.1 0.4 32.8 Rahul AGARWAL
Asian Paints Limited REDUCE 42.4 3213 2820 -12.2% 43.2 54.2 57.6 0.3 0.3 75.0 59.3 55.8 19.3 16.2 49.0 0.6 27.5 Harsh SHAH
Ashoka Buildcon Ltd ADD 0.3 81 97 19.5% 5.0 NA NA 0.8 NA 16.1 NA NA 4.9 NA 4.2 0.6 35.4 Rajarshi MAITRA
Astral Ltd. ADD 7.1 1910 1978 3.5% 17.7 21.6 26.4 -0.3 0.2 108.6 88.5 72.4 18.9 16.1 62.9 0.1 25.0 Rahul AGARWAL
Birla Corporation Ltd ADD 1.3 1193 1195 0.2% 4.4 55.2 74.6 -0.9 11.6 271.4 21.6 16.0 1.5 1.5 16.7 0.3 0.6 Nishant BAGRECHA
Berger Paints India Limited HOLD 8.7 652 640 -1.9% 9.1 12.3 13.1 0.1 0.4 71.5 52.9 49.7 14.1 12.3 43.2 0.6 21.0 Harsh SHAH
Century Plyboards ADD 1.8 573 734 28.0% 16.5 19.0 21.0 0.1 0.2 34.7 30.1 27.4 6.7 5.5 23.7 0.2 28.5 Rahul AGARWAL
Cera Sanitaryware HOLD 1.4 7697 6929 -10.0% 165.1 186.8 223.5 0.4 0.1 47.4 41.2 34.4 8.5 7.4 32.0 0.6 26.5 Rahul AGARWAL
Dalmia Bharat Ltd ADD 5.6 2160 2250 4.2% 64.4 59.8 72.9 0.5 -0.1 30.5 36.1 29.6 2.6 2.4 17.7 0.2 7.5 Nishant BAGRECHA
Dilip Buildcon Ltd ADD 0.4 215 350 62.5% -26.0 13.1 7.3 -0.3 -1.5 -2286.7 16.4 29.6 0.8 0.8 11.5 0.6 -7.3 Rajarshi MAITRA
Finolex Industries REDUCE 1.4 167 177 5.9% 4.0 7.6 9.8 -0.6 0.9 41.3 12.2 17.0 2.1 1.9 31.0 0.9 7.3 Rahul AGARWAL
Heidelberg Cement India Ltd HOLD 0.5 175 205 16.7% 7.3 12.1 14.7 -0.3 0.7 24.1 14.5 12.0 2.5 2.4 11.4 3.5 10.4 Nishant BAGRECHA
IRB Infrastructure Developers Ltd HOLD 2.4 28 30 6.0% 0.8 1.4 1.9 -0.3 0.6 23.7 20.9 14.8 1.3 1.2 9.6 0.0 3.1 Rajarshi MAITRA
IRB InvIT Fund HOLD 0.6 72 73 1.2% 6.5 4.7 5.6 0.2 -0.3 11.1 15.2 12.9 1.0 1.1 8.1 11.1 9.2 Rajarshi MAITRA
J K Cement Ltd HOLD 3.4 3243 3324 2.5% 55.2 102.0 123.3 -0.4 0.8 58.8 31.8 26.3 5.3 4.7 22.1 0.5 9.5 Nishant BAGRECHA
JK Lakshmi Cement ADD 1.2 732 821 12.1% 30.5 47.6 57.6 -0.3 0.6 24.0 15.4 12.7 3.1 2.6 11.5 0.5 13.5 Nishant BAGRECHA
Kajaria Ceramics ADD 2.7 1243 1376 10.7% 22.0 27.6 36.2 -0.1 0.3 57.4 45.0 34.3 8.5 7.7 33.2 0.7 21.1 Rahul AGARWAL
Kansai Nerolac Paints Limited REDUCE 3.2 427 395 -7.6% 8.7 11.7 12.4 0.4 0.4 49.2 36.4 34.6 5.1 4.8 27.8 1.1 10.8 Harsh SHAH
KNR Constructions Ltd REDUCE 0.9 242 235 -3.1% 13.4 19.9 19.5 0.1 0.5 15.5 12.2 12.4 2.5 2.1 8.0 0.3 24.4 Rajarshi MAITRA
NCC Ltd REDUCE 1.1 126 104 -17.2% 10.1 12.2 12.7 1.2 0.2 12.8 10.3 9.9 1.3 1.1 7.5 0.4 14.7 Rajarshi MAITRA
Orient Cement ADD 0.4 141 148 5.0% 6.0 10.5 12.1 -0.5 0.8 23.5 13.3 11.6 1.8 1.6 8.8 1.1 7.8 Nishant BAGRECHA
Pidilite Industries Limited HOLD 18.4 2624 2360 -10.1% 28.0 37.0 43.0 0.2 0.3 93.7 70.9 61.1 18.5 15.9 62.5 0.5 20.9 Harsh SHAH
PNC Infratech Ltd HOLD 1.1 318 337 6.0% 25.7 18.6 22.2 0.1 -0.3 12.4 17.1 14.3 1.9 1.7 8.5 0.2 24.2 Rajarshi MAITRA
Prism Johnson Ltd ADD 0.9 128 142 11.0% 2.5 5.7 NA 0.6 1.3 51.3 22.4 NA 4.6 3.9 13.0 0.6 9.2 Nishant BAGRECHA
Supreme Industries ADD 4.9 2825 3247 14.9% 68.1 80.0 90.2 -0.1 0.2 41.5 35.3 31.3 8.2 7.1 29.3 0.9 27.0 Rahul AGARWAL
Shree Cement Ltd REDUCE 12.8 25794 22390 -13.2% 352.2 508.9 616.8 -0.5 0.4 73.2 50.7 41.8 5.0 4.7 31.1 0.4 7.0 Nishant BAGRECHA
Ramco Cements Ltd HOLD 3.0 922 860 -6.7% 14.5 26.2 31.8 -0.6 0.8 63.4 35.1 29.0 3.2 3.0 22.1 0.2 5.2 Nishant BAGRECHA
UltraTech Cement Ltd ADD 32.2 8110 8530 5.2% 175.4 239.2 290.6 -0.3 0.4 46.2 33.9 27.9 4.3 3.9 22.3 0.6 9.7 Nishant BAGRECHA
Consumer Discretionary
Colgate Palmolive India HOLD 6.1 1620 1645 1.6% 38.9 43.8 47.1 0.0 0.1 41.6 37.0 34.4 25.7 24.8 27.9 2.4 61.3 Harsh SHAH
Dabur India Ltd ADD 13.4 548 585 6.8% 9.6 11.5 13.6 -0.1 0.2 56.8 47.5 40.3 10.8 9.6 45.0 0.9 19.7 Harsh SHAH
Ethos Limited ADD 0.4 1322 1213 -8.2% 25.1 32.1 40.4 1.0 0.3 52.7 41.2 32.7 4.6 4.2 24.6 0.0 17.5 Rahul AGARWAL
Godrej Consumer Products Ltd ADD 14.9 1055 1010 -4.3% 16.6 22.1 24.0 -0.1 0.3 64.5 47.7 44.0 8.7 7.8 44.5 0.7 14.2 Harsh SHAH
Emami Ltd HOLD 2.4 394 410 4.0% 14.5 17.1 19.8 -0.2 0.2 27.2 20.8 18.2 7.6 6.8 19.9 2.1 29.2 Harsh SHAH
Hindustan Unilever Ltd ADD 87.1 2691 2720 1.1% 42.4 47.4 54.4 0.1 0.1 63.8 56.8 49.5 12.6 12.0 45.8 1.3 20.2 Harsh SHAH
Jyothy Labs Limited ADD 1.0 206 260 26.5% 6.3 8.1 9.4 0.4 0.3 31.5 25.4 21.9 4.9 4.6 23.0 1.2 15.6 Harsh SHAH
Marico Ltd HOLD 9.7 543 520 -4.2% 10.1 11.6 13.0 0.2 0.2 53.8 46.7 41.6 18.6 16.6 38.3 1.3 36.6 Harsh SHAH
Titan Co Ltd ADD 35.2 2881 3150 9.3% 36.5 44.1 53.6 0.5 0.2 78.9 65.4 53.8 22.1 17.9 52.3 0.4 31.1 Harsh SHAH

2
185 Stocks | Valuation Summary | India | 06/06/2023

CORE EPS PER P/Bk EV/EBITDA Dividend ROAE

MktCap Target Up/down CORE EPS Growth (%) (x) (x) (x) Yield (%) (%) Analyst Name
Company Rec (US$bn) Price Price (%) FY23F FY24F FY25F FY23F FY24F FY23F FY24F FY25F FY23F FY24F FY23F FY23F FY23F
Consumer Staples
Britannia Industries Ltd HOLD 15.6 4705 4700 -0.1% 80.8 91.8 104.4 0.3 0.1 58.2 51.2 45.1 32.1 29.7 40.4 1.2 63.9 Harsh SHAH
Nestle India Ltd HOLD 28.8 21705 21570 -0.6% 302.7 354.8 398.0 0.2 0.2 71.7 61.2 54.5 83.8 82.4 48.6 1.4 117.8 Harsh SHAH
Financial Services
Aavas Financiers Ltd HOLD 1.5 1395 1650 18.3% 54.8 62.3 73.9 0.2 0.1 25.5 22.4 18.9 3.4 2.9 NA 0.0 14.2 Mayank Agarwal
Aditya Birla Sunlife AMC ADD 1.5 372 390 4.8% 20.1 16.1 18.2 -0.1 -0.2 18.5 23.1 20.5 4.3 4.1 NA 2.8 24.6 Jignesh SHIAL
Axis Bank HOLD 41.1 968 950 -1.9% 71.8 70.0 80.4 0.7 0.0 31.1 13.8 12.0 2.5 2.1 NA 0.2 18.6 Jignesh SHIAL
Bajaj Finance Ltd ADD 59.3 7114 9000 26.5% 190.7 231.6 293.2 0.6 0.2 37.3 30.7 24.3 7.9 6.5 NA 0.4 23.5 Jignesh SHIAL
Cholamandalam Investment and Finance Company ADD 12.0 1057 1100 4.0% 32.5 41.9 52.7 0.2 0.3 32.6 25.2 20.0 6.1 5.0 NA 0.2 20.5 Jignesh SHIAL
HDFC AMC Add 5.8 1972 2050 4.0% 66.8 62.3 71.8 0.0 -0.1 29.5 31.7 27.5 6.9 6.5 NA 2.4 24.5 Jignesh SHIAL
HDFC Bank ADD 123.1 1599 2000 25.0% 79.1 80.6 104.1 0.2 0.0 20.2 19.8 15.4 3.2 2.6 NA 1.6 17.0 Jignesh SHIAL
Home First Finance company ADD 0.9 780 950 21.8% 26.1 31.6 38.0 0.2 0.2 29.9 24.7 20.5 3.8 3.3 NA 0.0 13.5 Mayank Agarwal
ICICI Bank ADD 90.7 942 1040 10.4% 45.7 49.2 55.3 0.4 0.1 20.6 19.2 17.0 5.1 4.5 NA 0.8 17.2 Jignesh SHIAL
IndusInd Bank ADD 14.0 1306 1300 -0.5% 90.1 98.9 115.7 0.6 0.1 13.7 12.5 11.0 1.9 1.7 NA 1.1 14.4 Jignesh SHIAL
Mahindra & Mahindra Finance ADD 5.0 294 350 19.0% 16.1 19.2 23.2 1.0 0.2 18.3 15.3 12.7 2.1 2.0 NA 2.0 12.1 Jignesh SHIAL
Nippon Life India Asset Management Ltd ADD 2.2 255 270 5.8% 11.7 9.6 0.0 0.0 -0.2 21.7 26.5 0.0 4.6 4.4 NA 0.0 21.7 Jignesh SHIAL
Spandana Sphoorty Financial ADD 0.7 698 850 21.7% 1.7 65.6 90.3 -0.8 36.5 399.4 10.6 7.7 1.6 1.3 NA 0.0 0.4 Jignesh SHIAL
SBI Cards ADD 12.1 926 900 -2.8% 23.9 29.5 34.5 0.4 0.2 38.8 31.4 26.8 8.9 7.2 NA 0.2 25.7 Jignesh SHIAL
State Bank of India ADD 71.9 585 800 36.7% 56.3 66.8 77.0 0.4 0.2 10.4 8.8 7.6 1.6 1.4 NA 1.9 16.5 Jignesh SHIAL
UTI AMC ADD 1.3 731 800 9.4% 34.5 34.3 43.1 -0.2 0.0 21.2 21.3 16.9 2.5 2.4 NA 3.0 11.9 Jignesh SHIAL
Healthcare
Ajanta Pharma Ltd ADD 2.4 1411 1360 -3.6% 46.7 52.7 59.1 -0.2 0.1 30.2 26.7 23.9 4.8 4.1 21.2 0.5 17.0 Bino Pathiparampil
Alkem Laboratories Ltd HOLD 5.6 3389 3434 1.3% 107.3 124.9 136.1 -0.2 0.2 31.6 27.1 24.9 4.3 4.0 22.9 1.8 14.2 Bino Pathiparampil
Aurobindo Pharma ADD 5.4 664 553 -16.7% 32.7 41.3 44.8 -0.3 0.3 20.3 16.1 14.8 1.5 1.4 9.9 0.8 7.6 Bino Pathiparampil
Cipla Ltd HOLD 10.8 972 1030 6.0% 37.2 42.3 48.0 0.2 0.1 26.1 23.0 20.3 3.4 3.0 15.2 0.5 13.6 Bino Pathiparampil
Divi's Laboratories REDUCE 12.9 3538 2218 -37.3% 72.3 72.3 78.3 -0.4 0.0 48.9 48.9 45.2 7.3 6.6 36.7 0.0 15.6 Bino Pathiparampil
Dr. Lal Pathlabs Ltd. HOLD 2.3 2019 1969 -2.5% 28.6 34.9 41.6 -0.3 0.2 70.6 57.8 48.6 10.1 9.2 33.3 0.6 21.5 Rahul AGARWAL
Dr Reddy's Laboratories Ltd HOLD 10.6 4637 4556 -1.7% 215.2 262.8 287.2 0.2 0.2 17.6 17.6 16.1 3.4 2.9 12.1 0.6 17.0 Bino Pathiparampil
Gland Pharma Ltd ADD 2.1 942 1564 66.0% 55.5 62.0 68.0 -0.2 0.1 17.0 15.2 13.9 1.9 1.7 9.8 0.0 12.0 Bino Pathiparampil
Ipca Laboratories Ltd REDUCE 2.6 748 759 1.5% 21.5 27.2 30.8 -0.4 0.3 34.7 27.5 24.2 3.3 3.0 18.5 0.5 9.7 Bino Pathiparampil
Laurus Labs ADD 2.5 342 449 31.3% 17.1 18.1 20.6 0.1 0.1 20.0 18.9 16.6 4.4 3.6 11.8 0.6 24.4 Bino Pathiparampil
Lupin Ltd HOLD 5.1 822 759 -7.6% 10.5 30.6 38.1 -0.5 1.9 78.4 26.8 21.6 3.1 2.8 24.3 0.9 3.9 Bino Pathiparampil
Metropolis Healthcare Ltd. REDUCE 0.9 1316 1235 -6.1% 29.1 34.6 42.4 -0.3 0.2 45.2 38.0 31.0 6.8 6.0 22.2 0.6 15.8 Rahul AGARWAL
Sun Pharmaceutical Industries ADD 33.5 1014 1187 17.1% 32.8 36.2 42.2 0.0 0.1 30.9 28.0 24.0 4.6 4.1 21.0 1.0 15.5 Bino Pathiparampil
Thyrocare Technologies Ltd. ADD 0.3 477 581 21.8% 14.7 20.3 27.3 -0.6 0.4 39.3 26.1 18.2 4.7 4.7 17.1 3.8 12.1 Rahul AGARWAL
Torrent Pharmaceuticals Ltd HOLD 8.3 1788 1509 -15.6% 38.7 42.7 50.9 0.2 0.1 46.2 41.9 35.1 9.4 8.2 23.1 0.8 21.1 Bino Pathiparampil
Zydus Lifesciences ADD 7.2 515 593 15.0% 22.9 29.0 34.4 0.0 0.3 22.5 17.7 15.0 2.9 2.6 14.5 1.2 13.3 Bino Pathiparampil
Industrial Goods and Services
ABB India Ltd HOLD 11.8 4058 3890 -4.1% 46.5 53.8 59.5 0.3 0.2 87.2 75.4 68.2 14.8 12.7 65.1 0.2 22.5 Arafat Saiyed
Bharat Dynamics Ltd ADD 3.0 1191 1300 9.1% 19.2 44.1 54.3 -0.3 1.3 62.0 27.0 21.9 6.8 5.8 44.0 0.8 11.3 Dipen Vakil
Bharat Electronics Ltd ADD 11.9 118 140 18.6% 4.1 4.7 5.7 0.3 0.1 28.7 25.3 20.8 6.4 5.6 19.3 1.5 23.5 Dipen Vakil
Bharat Heavy Electricals REDUCE 4.0 84 38 -54.7% 1.1 2.2 NA -1.7 1.1 79.2 38.3 NA 1.1 1.1 35.7 0.6 1.4 Arafat Saiyed
Crompton Greaves Consumer Electricals ADD 2.5 278 320 15.1% 7.0 8.8 10.7 -0.3 0.3 40.0 31.6 26.1 6.6 6.0 23.8 1.1 22.6 Rahul AGARWAL
Finolex Cables REDUCE 1.6 781 621 -20.5% 33.0 42.5 52.0 0.0 0.3 23.7 16.1 15.0 2.7 2.4 18.8 0.9 15.7 Rahul AGARWAL
Havells India ADD 11.5 1335 1488 11.5% 17.1 22.7 27.1 -0.1 0.3 78.0 58.9 49.3 12.6 11.3 50.5 0.6 22.9 Rahul AGARWAL
Hindustan Aeronautics Ltd ADD 15.7 3413 2970 -13.0% 152.7 155.8 165.0 0.0 0.0 22.3 21.9 20.7 5.0 4.2 13.6 1.2 24.2 Dipen Vakil
Jindal Steel and Power ADD 7.3 523 380 -27.3% 24.3 29.3 27.5 -0.7 0.2 21.6 17.9 19.0 1.4 1.3 8.4 0.0 6.7 Satish KUMAR
JSW Steel REDUCE 23.7 713 330 -53.7% 11.9 -29.4 NA -0.8 -3.5 60.1 -24.3 NA 3.2 3.8 13.9 0.9 5.3 Satish KUMAR
KEC International Ltd ADD 1.9 533 571 7.1% 6.8 25.1 38.0 -0.5 2.7 77.8 21.2 14.0 3.6 3.2 19.9 0.8 4.8 Arafat Saiyed
KEI Industries ADD 2.6 2092 2104 0.6% 53.0 66.6 77.9 0.3 0.3 39.5 31.4 26.8 7.3 6.0 26.1 0.1 27.2 Rahul AGARWAL
Cummins India Ltd HOLD 6.9 1807 1740 -3.7% 41.3 44.1 52.7 0.5 0.1 43.8 40.9 34.3 9.3 8.1 39.5 1.0 22.4 Arafat Saiyed
Orient Electric ADD 0.7 243 250 2.6% 3.6 5.9 7.1 -0.4 0.6 68.1 41.6 34.1 8.8 7.8 33.0 0.6 18.1 Rahul AGARWAL
Polycab India REDUCE 7.4 3595 3126 -13.1% 80.2 86.8 97.7 0.4 0.1 44.8 41.4 36.8 8.1 7.1 28.1 0.6 19.7 Rahul AGARWAL
Steel Authority of India REDUCE 4.7 83 58 -30.3% -2.2 6.4 NA -1.1 -4.0 -38.7 13.0 NA 0.7 0.7 11.3 0.0 -1.8 Satish KUMAR
Schaeffler India Ltd ADD 6.6 3060 3538 15.6% 64.7 76.5 91.1 0.2 0.2 47.3 40.0 33.6 9.8 8.6 30.0 0.9 22.1 Hitesh THAKURANI
Siemens Ltd ADD 17.6 3586 4255 18.6% 53.3 62.6 70.9 0.5 0.2 67.3 57.3 50.6 9.8 8.6 46.1 0.3 15.4 Arafat Saiyed
SKF India Ltd ADD 3.2 4645 5302 14.1% 111.4 134.0 153.3 0.4 0.2 41.7 34.7 30.3 9.8 7.8 28.4 0.4 23.4 Hitesh THAKURANI
Tata Steel REDUCE 18.3 109 70 -35.8% 10.3 5.3 NA -0.7 -0.5 10.5 20.7 NA 1.1 1.0 6.3 1.8 10.6 Satish KUMAR
Timken Ltd HOLD 3.5 3381 3222 -4.7% 52.5 66.6 82.0 0.2 0.3 64.3 50.8 41.2 12.5 10.1 44.7 0.1 21.4 Hitesh THAKURANI
Thermax Ltd ADD 3.8 2308 2600 12.7% 39.6 55.2 65.0 0.4 0.4 58.4 41.8 35.5 6.7 6.0 45.4 0.4 12.1 Arafat Saiyed
V-Guard Industries ADD 1.5 253 290 14.5% 4.4 6.3 8.1 -0.2 0.4 58.0 40.4 31.3 6.8 6.1 35.4 0.5 17.0 Rahul AGARWAL
Voltas Ltd ADD 3.7 803 942 17.3% 11.4 20.5 26.2 -0.3 0.8 70.3 39.3 30.7 4.9 4.4 41.4 0.7 6.9 Arafat Saiyed

3
185 Stocks | Valuation Summary | India | 06/06/2023

CORE EPS PER P/Bk EV/EBITDA Dividend ROAE

MktCap Target Up/down CORE EPS Growth (%) (x) (x) (x) Yield (%) (%) Analyst Name
Company Rec (US$bn) Price Price (%) FY23F FY24F FY25F FY23F FY24F FY23F FY24F FY25F FY23F FY24F FY23F FY23F FY23F
Insurance
SBI Life Insurance ADD 16.9 1223 1400 14.5% 5.3 21.1 26.3 -0.7 3.0 91.9 42.4 35.9 9.5 7.5 NA 0.2 NA Jignesh SHIAL
Oil and Gas
Bharat Petroleum REDUCE 10.6 356 375 5.3% 38.3 38.1 NA -0.2 0.0 9.3 9.3 NA 1.6 1.5 7.5 5.5 17.8 Satish KUMAR
Hindustan Petroleum HOLD 5.1 262 305 16.3% 47.9 49.1 NA 0.0 0.0 5.5 5.3 NA 0.8 0.7 5.0 5.3 15.8 Satish KUMAR
Indian Oil Corp ADD 17.4 89 107 19.7% 13.5 14.5 NA -0.2 0.1 6.6 6.2 NA 0.9 0.8 5.2 7.8 18.6 Satish KUMAR
Oil India ADD 3.8 254 261 2.6% 61.8 56.9 54.6 0.2 -0.1 4.1 4.5 4.7 0.9 0.8 2.0 5.5 22.3 Satish KUMAR
Oil & Natural Gas ADD 26.6 154 221 43.8% 36.8 35.9 38.6 0.0 0.0 4.2 4.3 4.0 0.7 0.6 2.5 7.8 14.2 Satish KUMAR
Services
Blue Dart Express Ltd HOLD 2.1 6342 6250 -1.4% 152.6 147.7 170.3 -0.1 0.0 41.6 42.9 37.2 14.5 13.0 16.2 1.1 38.0 Rajarshi MAITRA
Container Corp of India Ltd ADD 5.6 670 940 40.2% 20.2 25.9 42.1 0.1 0.3 33.2 25.9 15.9 3.5 3.2 19.4 0.9 11.0 Rajarshi MAITRA
Cyient Limited ADD 2.0 1339 1204 -10.1% 50.0 65.5 73.8 0.1 0.3 28.6 20.4 18.1 4.2 3.9 14.7 1.9 22.1 Abhishek SHINDADKAR
Technology
Birlasoft ADD 1.3 344 318 -7.5% 11.8 18.2 21.0 -0.3 0.5 29.1 18.8 16.4 3.9 3.4 16.6 1.0 13.2 Abhishek SHINDADKAR
Coforge Limited ADD 3.7 4416 4579 3.7% 133.1 168.0 198.0 0.2 0.3 33.2 26.3 22.3 8.9 7.5 19.6 1.4 28.4 Abhishek SHINDADKAR
HCL Technologies HOLD 42.2 1129 1133 0.4% 54.8 60.5 67.0 0.1 0.1 20.6 18.7 16.8 4.7 4.5 12.8 4.3 23.3 Abhishek SHINDADKAR
Infosys HOLD 73.1 1279 1400 9.5% 57.3 62.7 70.9 0.1 0.1 22.3 20.4 18.0 7.1 6.6 15.0 2.6 32.0 Abhishek SHINDADKAR
LTIMindtree Ltd HOLD 19.9 4885 4680 -4.2% 149.0 173.1 199.0 0.1 0.2 32.8 28.2 24.5 8.7 7.4 22.6 1.2 28.6 Abhishek SHINDADKAR
L&T Technology Services Ltd ADD 5.6 3842 3728 -3.0% 111.1 121.5 151.5 0.2 0.1 34.6 31.6 25.4 8.1 6.9 22.8 0.8 25.6 Abhishek SHINDADKAR
Mphasis ADD 5.0 1914 1981 3.5% 86.2 93.5 108.5 0.1 0.1 22.2 20.5 17.6 4.6 4.2 14.3 2.6 22.0 Abhishek SHINDADKAR
Persistent Systems Ltd ADD 5.3 4981 5100 2.4% 120.5 155.0 181.0 0.3 0.3 41.3 32.1 27.5 9.6 8.0 24.5 1.0 33.8 Abhishek SHINDADKAR
Tata Consultancy Services HOLD 162.9 3232 3265 1.0% 115.2 128.1 143.0 0.1 0.1 28.1 25.2 22.6 13.1 12.1 19.3 3.6 46.9 Abhishek SHINDADKAR
Tech Mahindra ADD 14.6 1086 1216 11.9% 58.1 69.0 73.5 -0.1 0.2 18.8 15.7 14.8 3.4 3.1 10.8 3.5 18.5 Abhishek SHINDADKAR
Wipro HOLD 30.2 400 429 7.1% 20.7 23.5 25.5 0.0 0.1 19.4 17.0 15.7 3.0 2.7 11.7 1.8 16.4 Abhishek SHINDADKAR
Transport (General)
Delhivery REDUCE 3.6 355 263 -26.0% -17.6 -11.5 -13.4 0.0 -0.3 -19.9 -30.7 -26.5 2.9 3.3 -26.4 0.0 -16.4 Rajarshi MAITRA
VRL Logistics Ltd REDUCE 0.8 698 426 -38.9% 19.7 11.3 14.4 0.1 -0.4 19.7 61.9 48.5 7.0 6.6 14.7 0.7 16.4 Rajarshi MAITRA
Transport Infrastructure
Adani Ports & Special Economic Zone Ltd ADD 22.2 745 823 10.4% 34.1 41.0 51.0 0.3 0.2 21.9 18.2 14.6 3.5 3.0 15.4 0.6 22.1 Rajarshi MAITRA
Gujarat Pipavav Port Ltd ADD 0.7 111 148 33.5% 6.7 8.3 10.1 0.6 0.2 16.5 13.4 10.9 2.6 2.4 8.2 5.0 15.8 Rajarshi MAITRA
Utilities
GAIL India HOLD 9.5 105 182 73.8% 19.1 19.8 NA -0.3 0.0 5.5 5.3 NA 0.7 0.7 3.6 7.6 13.8 Satish KUMAR
Gujarat Gas REDUCE 4.5 479 410 -14.4% 15.7 17.8 NA 0.0 0.1 30.5 27.0 NA 5.1 4.4 17.3 0.4 18.2 Satish KUMAR
Indraprastha Gas REDUCE 4.5 463 277 -40.1% 15.7 16.7 18.1 -0.2 0.1 29.4 27.8 25.5 3.9 3.5 22.8 0.8 14.0 Satish KUMAR
Mahanagar Gas REDUCE 1.4 1028 642 -37.5% 53.6 53.5 NA 0.1 0.0 19.2 19.2 NA 2.4 2.1 11.2 1.0 13.2 Satish KUMAR
Petronet LNG HOLD 4.6 223 228 2.0% 18.8 19.9 NA -0.1 0.1 11.9 11.2 NA 2.3 2.1 6.6 5.0 20.0 Satish KUMAR