BSE SENSEX
36,140
S&P CNX
11,084
Mahindra CIE
CMP: INR240
TP: INR297(+24%)
Buy
Ahead of the curve in identifying EV prospects
Ample opportunities in BEV to help mitigate potential weakness in
powertrain/gearbox components
We attended Mahindra CIE’s (MACA) Investor Meet, where Mr Inigo Loizaga, Engineering
Director, CIE Automotive Group, provided updates on technological trends in the
automotive industry (click
here for the presentation).
According to Mr Loizaga, CIE is
ahead of the curve in terms of developing new technologies for electric vehicles (EVs). He
also expressed optimism that evolving opportunities within BEV and PHEV components
(aluminum, stamping and plastic) could more than compensate for the potential threat to
powertrain and gearbox components, and that macro trends like increasing outsourcing
could benefit companies like CIE and MACA.
23 January 2018
Update
| Sector:
Automobiles
Stock Info
Bloomberg
Equity Shares (m)
52-Week Range (INR)
1, 6, 12 Rel. Per (%)
M.Cap. (INR b)
M.Cap. (USD b)
Avg Val, INRm
Free float (%)
MACA IN
378
270/189
-11/-17/-10
90.7
1.4
40.1
30.1
Financials Snapshot (INR b)
2017 2018E 2019E
Y/E Dec
53.2 60.7
65.7
Net Sales
5.3 60.7
65.7
EBITDA
1.7 56.5
61.0
PAT
4.6
9.0
12.0
EPS (INR)
28.5 94.3
33.0
Gr. (%)
86.4 95.4 107.3
BV/Sh (INR)
6.6
9.9
11.8
RoE (%)
5.7
8.3
10.0
RoCE (%)
51.8 26.7
20.0
P/E (x)
2.8
2.5
2.2
P/BV (x)
Shareholding pattern (%)
As On
Dec-17 Sep-17 Dec-16
Promoter
69.9
69.9
69.9
DII
7.1
6.4
6.7
FII
5.7
5.5
5.1
Others
17.3
18.3
18.3
FII Includes depository receipts
Stock Performance (1-year)
Mahindra CIE
Sensex - Rebased
280
260
240
220
200
180
Key highlights:
Over the last several decades, the automotive industry has seen multiple
evolutions, from injection systems (from carburetor distributor to GDi 350bar),
to auxiliaries electrification (e.g. hydraulic steering to electric steering and
amplification in the braking forced changing from air/vacuum to electrically
driven force) to materials usage (e.g. casted crankshafts to forged crankshafts).
According to management, CIE has always been ahead of the curve to
anticipate changes in the automotive industry to best meet technology
requirements of OEMs in all markets and segments where it operates.
CIE has demonstrated its presence in critical EV components. It is already
supplying products to leading EV OEMs globally such as Renault, Nissan, Tesla,
Mahindra Reva, Magneti Marelli, and Bosch, among others.
CIE is also engaged in the supply of aluminum and machining components
(such as platine assembles, battery supporter, end plate and housing trans
case) to Renault, metal stamping components (battery structure, winding hub,
battery cover) to Renault and Nisan, stamping and welding components
(corners, skid plates, floor, battery wall, cross member) to Tesla, and rotor
components to Borg Warner.
The EV industry is grappling with various uncertainties, such as lithium/other
raw material (RM) availability, RM/battery costs, government grants, and huge
capex for battery factories/charging infrastructure – this is likely to keep EV
penetration under check. Most forecasts point toward average global EV
penetration of 7-8%.
We are enthused with CIE’s readiness to move ahead in the EV segment with a
diversified product portfolio. MACA would leverage upon CIE’s technology and
product portfolio in aluminum and plastics beyond its own expertise in forging,
machining and stamping.
Valuation view:
We value MACA at 20x CY19E consolidated EPS (at ~20% discount
to Bharat Forge’s target multiple of ~25x, given its relatively weak, though
improving, capital efficiency). Maintain
Buy
with a target price of INR297.
Motilal Oswal research is available on www.motilaloswal.com/Institutional-Equities, Bloomberg, Thomson Reuters, Factset and S&P Capital.
Investors are advised to refer through important disclosures made at the last page of the Research Report.
Jinesh Gandhi – Research Analyst
(Jinesh@MotilalOswal.com); +91 22 6129 1524
Deep A Shah – Research Analyst
(Deep.S@MotilalOswal.com);
Suneeta Kamath – Research Analyst
(Suneeta.Kamath@MotilalOswal.com);

Mahindra CIE
CIE has adapted well to multiple evolutions over past several decades
Over the last several decades, the automotive industry has seen multiple
evolutions, from injection systems (from carburetor distributor to GDi 350bar),
to auxiliaries electrification (e.g., hydraulic steering to electric steering and
amplification in the braking forced changing from air/vacuum to electrically
driven force) to materials usage (e.g., casted crankshafts to forged crankshafts).
CIE, with its global R&D expertise, has responded well to these challenges and is
currently supplying latest products to OEMs globally.
Exhibit 1: Evolution of injection systems over the years
Source: Company presentation
Exhibit 2: Evolution of steering systems over the years
Source: Company presentation
Exhibit 3: Braking: Change from air (vacuum) to electrically driven force
Source: Company presentation
23 January 2018
2

Mahindra CIE
Potential threat to powertrain/gearbox components to be offset by
evolving opportunities in BEV and PHEV components
CIE sees evolving opportunities in the EV space, such as aluminum and
machining components (platine assembles, battery supporter, end plate and
housing trans case), metal stamping (battery structure, winding hub, battery
cover), stamping and welding components (corners, skid plates, floor, battery
wall, cross member) and rotor components.
Furthermore, macro trends like increasing outsourcing and vendor base
consolidation are expected to further support CIE to supply ICE components
globally.
Exhibit 4: EVs to add up to existing product portfolio
Source: Company presentation
CIE already supplying EV products to Renault, Nissan and Tesla
CIE is already supplying aluminum and stamping components to global EV OEMs
like Renault, Nissan, Tesla, Magneti Marelli and Bosch. It is also working with
OEMs, tier 1 players in electric motors/electronics, and is currently working on
several R&D projects.
Exhibit 5: EVs to add up to existing product portfolio
Source: Company presentation
23 January 2018
3

Mahindra CIE
New business opportunities from existing and new components
Some of the existing casting components that are used in ICE engines can be
used as a direct substitute in new powertrains.
Furthermore, aluminum and casting requirement of new parts such as inverter,
motor controller, converter, charger, battery cooling components and battery
module plastics can provide new business opportunity.
Exhibit 6: Existing products can be a direct substitute for EV components
Source: Company presentation
Exhibit 7: Examples of aluminum and stamping products for EV applications
Source: Company presentation
23 January 2018
4

Mahindra CIE
Exhibit 8: Comparative valuations
Auto OEM's
Bajaj Auto
Hero MotoCorp
TVS Motor
M&M
Maruti Suzuki
Tata Motors
Ashok Leyland
Eicher Motors
Auto Ancillaries
Bharat Forge
Exide Industries
Amara Raja Batteries
BOSCH
Endurance Tech
Motherson Sumi
Mahindra CIE
CMP
(INR)*
3,294
3,623
707
769
9,397
418
124
27,113
746
223
821
19,794
1,271
385
240
Rating
Buy
Neutral
Neutral
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Neutral
Buy
Buy
Buy
TP
(INR)
4,023
3,922
756
858
11,026
593
153
34,678
859
265
984
20,025
1,554
458
297
P/E (x)
FY19E FY20E
18.3
15.8
18.7
16.9
27.6
20.5
17.4
15.8
24.7
19.5
6.9
6.3
20.3
16.5
25.3
20.2
28.4
22.8
24.0
32.7
33.0
26.7
20.0
21.7
19.2
20.0
27.1
24.5
21.0
16.1
EV/EBITDA (x)
FY19E FY20E
13.9
11.6
11.7
10.5
18.2
13.5
13.7
12.1
16.2
13.1
2.8
2.4
10.3
8.4
21.5
17.7
16.6
13.6
12.1
20.2
16.3
1.3
10.9
13.3
11.6
10.1
16.6
12.8
0.7
8.9
RoE (%)
FY19E FY20E
26.0
26.8
31.2
29.9
35.8
35.7
14.6
14.9
23.1
24.7
24.8
21.4
24.7
26.2
35.2
33.3
23.4
13.9
18.1
18.2
23.8
28.1
11.8
25.2
14.8
18.7
19.6
26.6
29.2
12.9
Div Yield (%) EPS CAGR (%)
FY19E FY20E
FY18-20E
2.3
2.6
18.0
2.5
2.5
8.7
0.6
0.7
55.6
1.3
1.3
13.8
1.2
1.4
29.8
0.1
0.1
42.2
1.8
2.0
27.7
0.6
0.7
27.7
0.7
1.0
0.6
1.0
0.5
0.9
0.0
0.8
1.4
0.8
1.2
1.0
1.3
0.0
33.2
22.2
19.6
26.7
37.0
35.3
28.6
23 January 2018
5

Mahindra CIE
Financials and Valuations
Income Statement
Y/E Dec
Net Sales
Change (%)
EBITDA
EBITDA Margin (%)
Depreciation
EBIT
Interest
Other Income
Extraordinary items
PBT
Tax
Tax Rate (%)
Min. Int. & Assoc. Share
Reported PAT
Adjusted PAT
Change (%)
2013
22,164
-9.2
429
1.9
1,104
-674
493
38
-11
-1,141
-2
0.1
0
-1,140
-1,128
-314.3
2014
25,908
16.9
1,088
4.2
1,200
-112
629
128
-83
-697
118
-16.9
0
-815
-718
-36.4
2015
55,699
115.0
4,403
7.9
2,375
2,028
1,197
429
-2,261
-1,001
-219
21.9
-1
-781
985
-237.2
2016
38,653
-30.6
3,632
9.4
1,630
2,002
504
287
-779
1,006
239
23.7
0
767
1,361
38.2
2017
53,199
37.6
5,311
10.0
2,325
2,986
594
314
-90
2,616
926
35.4
0
1,690
1,748
28.5
2018E
60,668
14.0
60,668
100.0
2,637
58,031
599
223
0
57,655
1,196
2.1
0
56,459
56,459
3,129.2
2019E
65,673
8.2
65,673
100.0
2,874
62,798
(INR Million)
2020E
70,679
7.6
70,679
100.0
3,148
67,531
553
241
0
62,486
1,484
2.4
0
61,002
61,002
8.0
514
319
0
67,336
1,727
2.6
0
65,609
65,609
7.6
Balance Sheet
Y/E Dec
Share Capital
Reserves
Net Worth
Debt
Deferred Tax
Total Capital Employed
Gross Fixed Assets
Less: Acc Depreciation
Net Fixed Assets
Capital WIP
Investments
Current Assets
Inventory
Debtors
Cash & Bank
Loans & Adv, Others
Curr Liabs & Provns
Curr. Liabilities
Provisions
Net Current Assets
Total Assets
2013
922
6,622
7,544
6,836
-596
13,784
22,818
17,462
5,356
513
413
6,354
3,023
2,668
365
297
5,086
3,433
1,652
1,268
13,784
2014
923
5,637
6,560
7,341
-600
13,302
27,396
21,516
5,880
291
578
6,528
3,683
1,610
436
800
6,209
4,218
1,991
319
13,302
2015
3,230
15,635
18,865
15,491
-974
33,537
47,496
34,516
12,980
1,263
570
15,461
6,850
4,225
893
3,493
14,995
12,405
2,589
466
33,537
2016
3,233
16,833
20,066
10,847
-1,429
29,484
16,500
2,935
13,565
559
671
15,844
7,189
3,831
502
4,323
20,520
17,362
3,158
-4,675
29,484
2017
3,781
28,882
32,663
13,917
-1,436
45,144
22,914
6,730
16,185
967
389
20,154
8,352
5,219
981
5,602
21,101
18,065
3,037
-947
45,144
2018E
3,781
32,279
36,060
12,917
-1,436
47,541
25,437
9,367
16,070
1,943
389
22,932
9,254
5,952
1,337
6,389
22,344
18,881
3,463
588
47,541
2019E
3,781
36,799
40,580
11,917
-1,436
51,061
28,867
12,241
16,625
2,264
389
25,583
9,851
6,443
2,374
6,916
22,352
18,603
3,749
3,232
51,061
(INR Million)
2020E
3,781
42,415
46,196
10,917
-1,436
55,677
32,678
15,389
17,288
2,453
389
30,834
10,463
6,934
5,994
7,443
23,837
19,803
4,034
6,996
55,677
23 January 2018
6

Mahindra CIE
Financials and Valuations
Ratios
Y/E Dec
Basic (INR)
EPS
Cash EPS
Book Value
DPS
Payout (incl. Div. Tax.)
Valuation(x)
P/E
Cash P/E
Price / Book Value
EV/Sales
EV/EBITDA
Dividend Yield (%)
Profitability Ratios (%)
RoE
RoCE
Turnover Ratios (%)
Asset Turnover (x)
Debtors (No. of Days)
Inventory (No. of Days)
Creditors (No. of Days)
Leverage Ratios (%)
Net Debt/Equity (x)
2013
-3.0
-0.1
20.0
0.0
0.0
2014
-1.9
1.3
17.4
0.0
0.0
2015
2.6
8.9
49.9
0.0
0.0
92.0
27.0
4.8
1.9
23.9
0.0
-13.9
-4.5
1.6
44
50
37
0.8
-10.2
0.1
1.9
23
52
37
1.0
7.7
8.2
1.7
28
45
67
0.7
2016
3.6
7.9
53.1
0.0
0.0
66.6
30.3
4.5
2.6
27.8
0.0
7.0
5.5
1.3
36
68
133
0.5
2017
4.6
10.8
86.4
0.0
0.0
51.8
22.2
2.8
1.9
19.5
0.0
6.6
5.7
1.2
36
57
107
0.4
2018E
9.0
16.0
95.4
0.0
0.0
26.7
15.0
2.5
1.7
13.4
0.0
9.9
8.3
1.3
36
56
96
0.3
2019E
12.0
19.6
107.3
0.0
0.0
20.0
12.3
2.2
1.5
10.9
0.0
11.8
10.0
1.3
36
55
86
0.2
2020E
14.9
23.2
122.2
0.0
0.0
16.1
10.3
2.0
1.4
8.9
0.0
12.9
11.3
1.3
36
54
85
0.1
Cash Flow Statement
Y/E Dec
Adjusted EBITDA
Non cash opr. exp (inc)
(Inc)/Dec in Wkg. Cap.
Tax Paid
Other operating activities
CF from Op. Activity
(Inc)/Dec in FA & CWIP
Free cash flows
(Pur)/Sale of Invt
Others
CF from Inv. Activity
Inc/(Dec) in Net Worth
Inc / (Dec) in Debt
Interest Paid
Divd Paid (incl Tax) & Others
CF from Fin. Activity
Inc/(Dec) in Cash
Add: Opening Balance
Closing Balance
2013
429
31
1,506
-18
-930
1,018
-632
386
-390
2
-1,020
0
686
-493
0
193
191
175
365
2014
1,088
35
1,215
-68
-160
2,110
-733
1,377
-164
21
-876
9
-362
-810
0
-1,164
71
365
436
2015
4,403
-1,934
-1,103
-206
2,062
3,223
-2,077
1,145
136
2,113
171
87
-1,803
-1,220
0
-2,937
457
436
893
2016
3,632
-491
3,857
-261
60
6,796
-2,006
4,790
-295
49
-2,252
28
-4,627
-337
0
-4,936
-391
893
502
2017
5,311
223
-1,881
-593
-21
3,040
-1,979
1,061
285
-6,613
-8,308
4,525
1,816
-594
0
5,748
480
502
981
2018E
60,668
-53,062
-1,179
-1,196
0
5,232
-3,500
1,732
0
223
-3,277
0
-1,000
-599
0
-1,599
356
981
1,337
2019E
65,673
-56,482
-1,607
-1,484
0
6,100
-3,750
2,350
0
241
-3,509
0
-1,000
-553
0
-1,553
1,037
1,337
2,374
(INR Million)
2020E
70,679
-59,992
-145
-1,727
0
8,815
-4,000
4,815
0
319
-3,681
0
-1,000
-514
0
-1,514
3,620
2,374
5,994
23 January 2018
7

Disclosures:
The following Disclosures are being made in compliance with the SEBI Research Analyst Regulations 2014 (herein after referred to as the Regulations).
Motilal Oswal Securities Ltd. (MOSL) is a SEBI Registered Research Analyst having registration no. INH000000412. MOSL, the Research Entity (RE) as defined in the Regulations, is engaged in the business of providing Stock
broking services, Investment Advisory Services, Depository participant services & distribution of various financial products. MOSL is a subsidiary company of Motilal Oswal Financial Service Ltd. (MOFSL). MOFSL is a listed
public company, the details in respect of which are available on
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MOSL is registered with the Securities & Exchange Board of India (SEBI) and is a registered Trading Member with National Stock
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(CDSL) & National Securities Depository Limited (NSDL) and is member of Association of Mutual Funds of India (AMFI) for distribution of financial products. Details of associate entities of Motilal Oswal Securities Limited are
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inquiry and adjudge violation of SEBI Regulations; MOSL requested SEBI to provide all documents, records, investigation report relied upon by SEBI which were referred in Show Cause Notice. The matter is currently
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the subject company at the end of the month immediately preceding the date of publication of the Research Report.
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Mahindra CIE
Disclosure of Interest Statement
Analyst ownership of the stock
Mahindra CIE
No
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Regional Disclosures (outside India)
This report is not directed or intended for distribution to or use by any person or entity resident in a state, country or any jurisdiction, where such distribution, publication, availability or use would be contrary to law,
regulation or which would subject MOSL & its group companies to registration or licensing requirements within such jurisdictions.
For Hong Kong:
This report is distributed in Hong Kong by Motilal Oswal capital Markets (Hong Kong) Private Limited, a licensed corporation (CE AYY-301) licensed and regulated by the Hong Kong Securities and Futures Commission (SFC)
pursuant to the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong) “SFO”. As per SEBI (Research Analyst Regulations) 2014 Motilal Oswal Securities (SEBI Reg No. INH000000412) has an agreement with
Motilal Oswal capital Markets (Hong Kong) Private Limited for distribution of research report in Hong Kong. This report is intended for distribution only to “Professional Investors” as defined in Part I of Schedule 1 to SFO. Any
investment or investment activity to which this document relates is only available to professional investor and will be engaged only with professional investors.” Nothing here is an offer or solicitation of these securities,
products and services in any jurisdiction where their offer or sale is not qualified or exempt from registration. The Indian Analyst(s) who compile this report is/are not located in Hong Kong & are not conducting Research
Analysis in Hong Kong.
For U.S.
Motilal Oswal Securities Limited (MOSL) is not a registered broker - dealer under the U.S. Securities Exchange Act of 1934, as amended (the"1934 act") and under applicable state laws in the United States. In addition MOSL is
not a registered investment adviser under the U.S. Investment Advisers Act of 1940, as amended (the "Advisers Act" and together with the 1934 Act, the "Acts), and under applicable state laws in the United States.
Accordingly, in the absence of specific exemption under the Acts, any brokerage and investment services provided by MOSL, including the products and services described herein are not available to or intended for U.S.
persons. This report is intended for distribution only to "Major Institutional Investors" as defined by Rule 15a-6(b)(4) of the Exchange Act and interpretations thereof by SEC (henceforth referred to as "major institutional
investors"). This document must not be acted on or relied on by persons who are not major institutional investors. Any investment or investment activity to which this document relates is only available to major institutional
investors and will be engaged in only with major institutional investors. In reliance on the exemption from registration provided by Rule 15a-6 of the U.S. Securities Exchange Act of 1934, as amended (the "Exchange Act") and
interpretations thereof by the U.S. Securities and Exchange Commission ("SEC") in order to conduct business with Institutional Investors based in the U.S., MOSL has entered into a chaperoning agreement with a U.S.
registered broker-dealer, Motilal Oswal Securities International Private Limited. ("MOSIPL"). Any business interaction pursuant to this report will have to be executed within the provisions of this chaperoning agreement.
The Research Analysts contributing to the report may not be registered /qualified as research analyst with FINRA. Such research analyst may not be associated persons of the U.S. registered broker-dealer, MOSIPL, and
therefore, may not be subject to NASD rule 2711 and NYSE Rule 472 restrictions on communication with a subject company, public appearances and trading securities held by a research analyst account.
For Singapore
Motilal Oswal Capital Markets Singapore Pte Limited is acting as an exempt financial advisor under section 23(1)(f) of the Financial Advisers Act(FAA) read with regulation 17(1)(d) of the Financial Advisors Regulations and is a
subsidiary of Motilal Oswal Securities Limited in India. This research is distributed in Singapore by Motilal Oswal Capital Markets Singapore Pte Limited and it is only directed in Singapore to accredited investors, as defined in
the Financial Advisers Regulations and the Securities and Futures Act (Chapter 289), as amended from time to time. In respect of any matter arising from or in connection with the research you could contact the following
representatives of Motilal Oswal Capital Markets Singapore Pte Limited:
Disclaimer:
The report and information contained herein is strictly confidential and meant solely for the selected recipient and may not be altered in any way, transmitted to, copied or distributed, in part or in whole, to any other person
or to the media or reproduced in any form, without prior written consent. This report and information herein is solely for informational purpose and may not be used or considered as an offer document or solicitation of
offer to buy or sell or subscribe for securities or other financial instruments. Nothing in this report constitutes investment, legal, accounting and tax advice or a representation that any investment or strategy is suitable or
appropriate to your specific circumstances. The securities discussed and opinions expressed in this report may not be suitable for all investors, who must make their own investment decisions, based on their own investment
objectives, financial positions and needs of specific recipient. This may not be taken in substitution for the exercise of independent judgment by any recipient. Each recipient of this document should make such investigations
as it deems necessary to arrive at an independent evaluation of an investment in the securities of companies referred to in this document (including the merits and risks involved), and should consult its own advisors to
determine the merits and risks of such an investment. The investment discussed or views expressed may not be suitable for all investors. Certain transactions -including those involving futures, options, another derivative
products as well as non-investment grade securities - involve substantial risk and are not suitable for all investors. No representation or warranty, express or implied, is made as to the accuracy, completeness or fairness of
the information and opinions contained in this document. The Disclosures of Interest Statement incorporated in this document is provided solely to enhance the transparency and should not be treated as endorsement of the
views expressed in the report. This information is subject to change without any prior notice. The Company reserves the right to make modifications and alternations to this statement as may be required from time to time
without any prior approval. MOSL, its associates, their directors and the employees may from time to time, effect or have effected an own account transaction in, or deal as principal or agent in or for the securities
mentioned in this document. They may perform or seek to perform investment banking or other services for, or solicit investment banking or other business from, any company referred to in this report. Each of these entities
functions as a separate, distinct and independent of each other. The recipient should take this into account before interpreting the document. This report has been prepared on the basis of information that is already
available in publicly accessible media or developed through analysis of MOSL. The views expressed are those of the analyst, and the Company may or may not subscribe to all the views expressed therein. This document is
being supplied to you solely for your information and may not be reproduced, redistributed or passed on, directly or indirectly, to any other person or published, copied, in whole or in part, for any purpose. This report is not
directed or intended for distribution to, or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction, where such distribution, publication, availability or use would
be contrary to law, regulation or which would subject MOSL to any registration or licensing requirement within such jurisdiction. The securities described herein may or may not be eligible for sale in all jurisdictions or to
certain category of investors. Persons in whose possession this document may come are required to inform themselves of and to observe such restriction. Neither the Firm, not its directors, employees, agents or
representatives shall be liable for any damages whether direct or indirect, incidental, special or consequential including lost revenue or lost profits that may arise from or in connection with the use of the information.
The
person accessing this information specifically agrees to exempt MOSL or any of its affiliates or employees from, any and all responsibility/liability arising from such misuse and agrees not to hold MOSL or any of its affiliates or
employees responsible for any such misuse and further agrees to hold MOSL or any of its affiliates or employees free and harmless from all losses, costs, damages, expenses that may be suffered by the person accessing this
information due to any errors and delays.
Registered Office Address: Motilal Oswal Tower, Rahimtullah Sayani Road, Opposite Parel ST Depot, Prabhadevi, Mumbai-400025; Tel No.: 022-3980 4263; www.motilaloswal.com. Correspondence Address: Palm Spring
Centre, 2nd Floor, Palm Court Complex, New Link Road, Malad (West), Mumbai- 400 064. Tel No: 022 3080 1000. Compliance Officer: Neeraj Agarwal, Email Id:
na@motilaloswal.com,
Contact No.:022-30801085.
Registration details of group entities.: MOSL: SEBI Registration: INZ000158836 (BSE/NSE/MSE); CDSL: IN-DP-16-2015; NSDL: IN-DP-NSDL-152-2000; Research Analyst: INH000000412. AMFI: ARN 17397. Investment Adviser:
INA000007100. Motilal Oswal Asset Management Company Ltd. (MOAMC): PMS (Registration No.: INP000000670) offers PMS and Mutual Funds products. Motilal Oswal Wealth Management Ltd. (MOWML): PMS
(Registration No.: INP000004409) offers wealth management solutions. *Motilal Oswal Securities Ltd. is a distributor of Mutual Funds, PMS, Fixed Deposit, Bond, NCDs, Insurance and IPO products. * Motilal Oswal
Commodities Broker Pvt. Ltd. offers Commodities Products. * Motilal Oswal Real Estate Investment Advisors II Pvt. Ltd. offers Real Estate products. * Motilal Oswal Private Equity Investment Advisors Pvt. Ltd. offers Private
Equity products
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