28 February 2018
Market snapshot
Equities - India
Close
Chg .%
Sensex
34,346
-0.3
Nifty-50
10,554
-0.3
Nifty-M 100
19,682
-0.9
Equities-Global
Close
Chg .%
S&P 500
2,744
-1.3
Nasdaq
7,330
-1.2
FTSE 100
7,282
-0.1
DAX
12,491
-0.3
Hang Seng
12,647
-1.5
Nikkei 225
22,390
1.1
Commodities
Close
Chg .%
Brent (US$/Bbl)
66
-1.4
Gold ($/OZ)
1,318
-1.1
Cu (US$/MT)
6,986
-1.3
Almn (US$/MT)
2,172
0.3
Currency
Close
Chg .%
USD/INR
64.9
0.1
USD/EUR
1.2
-0.7
USD/JPY
107.3
0.4
YIELD (%)
Close
1MChg
10 Yrs G-Sec
7.7
-0.02
10 Yrs AAA Corp
8.2
-0.02
Flows (USD b)
27-Feb
MTD
FIIs
-0.1
-1.7
DIIs
0.2
2.7
Volumes (INRb)
27-Feb
MTD*
Cash
314
379
F&O
5,555
8,471
Note: YTD is calendar year, *Avg
YTD.%
0.9
0.2
-6.9
YTD.%
2.6
6.2
-5.3
-3.3
8.0
-1.6
YTD.%
-0.7
1.2
-3.1
-3.7
YTD.%
1.6
1.9
-4.8
YTDchg
0.3
0.3
YTD
0.5
2.6
YTD*
405
7,814
Today’s top research idea
UPL (Initiating Coverage): Reaping growth
Generic pesticides, backward integration to drive profitability
A multitude of products going off-patent would unleash a generics opportunity
of ~USD3b over CY17-20. With strong R&D and integrated manufacturing
facilities, UPL is in a sweet spot to grab the impending opportunity in the
generics market.
The company is also set to benefit from the increasing phenomenon of pest
resistance across crops with its broad array of products, which enables it to
launch new combinations to tackle resistance.
Pest resistance to major agrochemical ‘glyphosate’ (market size of ~USD5b)
could provide UPL with its next key growth driver – its variant, ‘gluphosinate’.
We expect UPL to clock ~12% revenue CAGR and ~14% PAT CAGR over FY18-20
and value the company at 17x FY20E EPS of INR55.6, arriving at a TP of INR945.
Initiate coverage with Buy.
Research covered
Cos/Sector
Key Highlights
UPL (Initiating Coverage) Reaping growth
Auto Sales Estimate
Overloading ban to continue driving CV wholesales
Piping hot news
Nirav Modi's Firestar Diamond files for bankruptcy as PNB fraud hits $2 b
The international jewelry business that's part of the empire controlled by Nirav
Modi, a billionaire accused of masterminding India’s biggest bank fraud, has
filed for bankruptcy in the US just as the Indian lender at the heart …
Chart of the Day: UPL (Initiating Coverage): Reaping growth
EBITDA margin to expand 80bp over FY18-20
PAT to post CAGR of ~14% over FY18-20
Source: Company, MOSL
Source: Company, MOSL
Research Team (Gautam.Duggad@MotilalOswal.com)
Investors are advised to refer through important disclosures made at the last page of the Research Report.
Motilal Oswal research is available on www.motilaloswal.com/Institutional-Equities, Bloomberg, Thomson Reuters, Factset and S&P Capital.

In the news today
Kindly click on textbox for the detailed news link
1
Dalmia Bharat pips UltraTech to
win bid for Binani Cement
Dalmia Bharat Cement Ltd on
Tuesday emerged the winner for
troubled Binani Cement Ltd,
beating India’s largest cement
maker UltraTech Cement Ltd
which had put in a nearly identical
bid. The creditors’ panel
supervising the insolvency
proceedings of Binani Cement …
2
Record foodgrain production signals a recovery in agriculture
Indian farmers, battling adversities on farms and off them, have brought
glad tidings for the rest of the nation. Foodgrain production is set to rise to
a record 277.5 million tonnes in 2017-18, according to the agriculture
ministry. At this level, food production is about 0.9% higher than the 275.1
million tonnes produced in 2016-17, also a record crop year, the second
advance estimates of crop production released by the ministry showed on
Tuesday. The crop year is from July to June.
3
GST revenue slips in January to
₹86,318
cr., from December
The Centre collected ₹86,318
crore in revenue from the Goods
and Services Tax in January,
according to official data released
on Tuesday. “The last date for
filing of GSTR 3B return for the
month of January 2018 was
February 20, 2018,” the
government said in a release. “The
total revenue received under GST
for January …
4
Firms line up IPOs worth
Rs12,000 crore in March
After a dull start to the year,
activity in the initial public offering
(IPO) market in India is expected
to pick up pace with companies
expected to raise more than
Rs12,000 crore in the month of
March. The first two months of
this year witnessed a total IPO
fund-raising of Rs3,559 crore from
six offerings, with February
accounting for just two, data …
5
Probe NPAs of over Rs 50
crore; make plans to combat
risks: Finmin to PSBs
Stung by the fraud at Punjab
National Bank and more such
cases being unearthed at other
lenders, the government has
ordered all state-run banks to
examine non-performing loans of
more than Rs 50 crore for any
sign of similar wrongdoing. They
have been given 15 days to
prepare a “pre-emptive” …
6
Banks’ NPA from gem and
jewellery sector rises to 30%
he act of ‘loot and scoot’, unleased
by diamond merchant Nirav Modi
and Gitanjali Gems promoter-
Mehul Choksi, would increase
banks’ non-performing assets from
the gem and jewellery sector to 30
per cent from 12 per cent. Punjab
National Bank had extended
guarantees to jeweller Nirav Modi
and his associates to raise ₹11,400
crore abroad without taking …
28 February 2018
7
BPCL may sell up to 24% in
Bina Refinery in Madhya
Pradesh
National oil companies of Oman,
Kuwait and Abu Dhabi are in
talks to buy up to 24% stake in
Madhya Pradesh’s Bina refinery,
two people aware of the
development said. Bharat Oman
Refineries Ltd (BORL), which
operates the refinery, is an equal
joint venture between Bharat
Petroleum Corp. Ltd (BPCL) of
India and Oman Oil Co. …
2

Initiating Coverage | Sector: Agrochemicals
UPL
Buy
BSE Sensex
34,346
S&P CNX
10,554
CMP: INR721
TP: INR945(+31%)
Stock Info
Bloomberg
Equity Shares (m)
52-Week Range (INR)
M.Cap. (INR b)
M.Cap. (USD b)
1, 6, 12 Rel. Per (%)
Avg Val, (INR m)
Free float (%)
UPLL IN
505
902 / 675
364.1
5.6
-1/-23/-18
1220.0
72.2
UPL is the second largest post-patent global player in crop protection. It has evolved
from a crop protection chemicals company into a complete agro solutions provider,
offering seeds, crop protection chemicals, biologicals, soil nutrients and post-harvest
solutions. It is well diversified across geographies, with revenue contribution of 32%
from Latin America, 20% from India, 17% from North America, 13% from Europe, and
18% from Rest of the World.
Reaping growth
Generic pesticides, backward integration to drive profitability
Financial Snapshot (INR b)
Y/E Mar
2018E 2019E 2020E
Sales
175.8 196.1 222.3
EBITDA
35.8
40.7
47.0
NP
21.7
23.8
28.1
EPS (INR)
43.0
47.2
55.6
EPS Gr. (%)
8.9
9.7
17.9
BV/Sh. (INR)
180.7 218.2 262.4
P/E (x)
16.8
15.3
13.0
P/BV (x)
4.0
3.3
2.7
RoE (%)
26.3
23.6
23.1
RoCE (%)
19.3
18.9
19.3
Shareholding pattern (%)
As On
Dec-17 Sep-17 Dec-16
Promoter
DII
FII
Others
27.8
11.5
39.6
21.1
27.9
10.9
40.8
20.5
27.8
9.7
51.9
10.6
A multitude of products going off-patent would unleash a generics opportunity of
~USD3b over CY17-20. With strong R&D and integrated manufacturing facilities,
UPL is in a sweet spot to grab the impending opportunity in the generics market.
The company is also set to benefit from the increasing phenomenon of pest
resistance across crops with its broad array of products, which enables it to
launch new combinations to tackle resistance.
Pest resistance to major agrochemical ‘glyphosate’ (market size of ~USD5b) could
provide UPL with its next key growth driver – its variant, ‘gluphosinate’.
We expect UPL to clock ~12% revenue CAGR and ~14% PAT CAGR over FY18-20
and value the company at 17x FY20E EPS of INR55.6, arriving at a TP of INR945.
Initiate coverage with Buy.
Strong R&D, backward integration to help grab fungicide opportunity
UPL possesses in-house manufacturing expertise, reducing its dependence on
third-party partners. Backward integration enables 70-75% of its manufacturing
to take place in-house (50-55% in India and 20% overseas). It imports 10-15%
from China and Europe (France and UK). Its gross margin was at 53% in FY17
against domestic player average of 43.6% (FY17) and global player average of
35.6% (CY16). The size of the global fungicides market is USD15b (CY17) and its
share in the global agrochemicals market has increased from ~20% in CY00 to
27% in CY17. Given the high growth expected in fungicides, UPL too has aligned
itself with the industry – the contribution of fungicides to its revenue has
increased from 5% in FY03 to 29% in FY17. With just ~4.5% share in the global
fungicides market, UPL has immense growth opportunity in the segment.
UPL
Reaping Growth
Products worth USD3b going off-patent – opportunity unleashed for UPL
Products worth USD3.7b have already gone off-patent over CY15-17. This has
led to a shift from the use of high value patented products to generic
agrochemicals, enabling 16% CAGR for UPL over FY15-17. The multitude of
products going off-patent is expected to create ~USD3b opportunity for the
generics industry over CY17-20. UPL is adept at identifying and registering
products attracting robust demand even after going off-patent and is therefore
expected to leverage the impending opportunity well. The generics opportunity
has been supported by subdued farm income, which should continue, as higher
closing stocks would keep prices of agricultural commodities in check.
3
Sumant Kumar
+
91 22 3078 4702
Sumant.Kumar@motilaloswal.com
28 February 2018

‘Gluphosinate’ herbicide likely to be a boon for UPL
In CY14, UPL launched two brands of the herbicide, gluphosinate in the USA for
soybean and corn to fill gaps in its portfolio both from a crop and regional
perspective. One brand,
Lifeline
is targeted at regions outside the Midwest. The
other brand,
Interline
is solely for the Midwest, given the quantum of area under
soybean and corn cultivation in the region. The company has gradually established
presence of gluphosinate in markets across geographies and now competes directly
with glyphosate, the size of which is estimated at ~USD5b. Additionally, glyphosate
has been facing headwinds, as the targeted herbs have gradually developed
resistance against it and the active ingredient is also under evaluation by WHO for
being carcinogenic in nature. Given the headwinds surrounding glyphosate,
gluphosinate could be the next key growth driver for the company.
New launches and branded products to drive growth
UPL has been continuously investing in brand building and innovation, and this has
paid rich dividends. Its EBITDA margin has improved from 15-16% over FY09-10 to
19-20% over FY16-17. Branded and innovative products command higher margins
than commoditized products. The revenue share of branded products has gradually
increased from 75% in FY14 to 86% in FY17. The company has launched over 240
products and filed 195 patents over FY15-17. Its global product registrations have
increased from 4,692 in FY15 to 5,934 in FY17. The revenue contribution from
innovative products launched in the past three years has grown from 5% in FY15 to
15% in FY17. Revenue from innovative products is likely to improve further, aided by
products launched in the last 2-3 years and by planned product launches across the
globe in the next 2-3 years. Rising contribution of new products is likely to improve
the revenue mix; higher share of value-added products will aid revenue growth.
Valuation and view
We believe UPL is one of the best bets on the global agrochemicals industry, as it
offers (a) a robust product pipeline, (b) an integrated business model (backward
integration of 70-75%), (c) a broad product portfolio covering various crops across
seasons, (d) geographical diversification, and (e) scope to gain further market share
(from the current ~4%). The stock has re-rated from a one-year forward P/E of 7x
(FY14) to a one-year forward P/E of 16x (FY18E). We expect the re-rating to continue
on improving fundamentals coupled with healthy earnings growth. At the current
market price, average free cash flow yield works out to 4.3% over FY18-20 against
the last three years’ average of 4%. We estimate ~12% CAGR in sales and ~14%
CAGR in PAT over FY18-20, with EBITDA margin expanding 80bp to 21.2%. We value
UPL at 17x FY20E EPS of INR55.6, arriving at a TP of INR945. We initiate coverage
with
Buy.
28 February 2018
4

Sector Update | 27 February 2018
Automobiles
Feb-18 Sales Estimates
Overloading ban to continue driving CV wholesales
2W/PV retail sales in key markets impacted by Holashtak
Our interaction with leading channel partners indicates continued demand momentum
across segments. However, retails in the month are impacted by inauspicious days of
Holashtak in key markets like Gujarat, Maharashtra, Rajasthan and Uttar Pradesh (UP).
PV retails are healthy, driven by strong rural sales and healthy demand for newly launched
products. Momentum in CV wholesales is expected to remain healthy, driven by strict
overloading vigilance. However, supply has remained constrained due to limited
availability of key components. Hero MotoCorp (HMCL) and TVSL are witnessing better
retails than Bajaj Auto (BJAUT). Royal Enfield (RE) demand remains weak in key rural
markets.
Key highlights:
CV wholesales momentum is expected to remain strong. Strict vigilance of overloading
ban in key northern markets has ensured healthy retails.
We expect Ashok Leyland’s (AL) wholesales to increase 27% YoY to 17.9k units, with
HCV and LCV expected to grow at 19.2% YoY and 60.7%, respectively. Tata Motors
(TTMT) and VE Commercial’s (VECV) CV sales are expected to grow by 28% each.
In the PV segment, Maruti Suzuki’s (MSIL) dispatches are expected to grow 18% YoY to
153.8k units. Compact and UV segments continue to grow robustly at 41.2% and
17.6%, respectively.
TTMT’s PV segment is expected to grow 54.8% YoY, led by its new SUV
Nexon,
as well
as other new models like Tiago, Tigor and Hexa.
M&M’s volumes are expected to increase 14.8% YoY to 66.3k units, as tractor and UV
sales are expected to grow 19.9% and 10.5%, respectively.
In the 2W segment, BJAUT’s dispatches are expected increase 25.8% YoY to 344k units,
led by growth of 24.8% in domestic sales and 27.2% in exports.
HMCL’s wholesales are expected to grow 14.8% YoY (-6.1% MoM) to 602.5k units.
TVSL is expected to grow at 28.6% YoY, as motorcycle, scooter, moped and 3W are
expected to grow by 61%, 26.1%, 3.5% and 72.3%, respectively. Exports are expected
to improve by 17.8% YoY to 45k units.
RE volumes are expected to grow by 26.6% YoY to 74k units.
We prefer 4Ws over 2Ws and CVs due to stronger volume growth and a stable
competitive environment. While we expect 2W volumes to benefit from a rural
recovery in the near term, competitive intensity remains high in the segment due to
changing customer preferences.
Our top picks in autos are Maruti Suzuki and Motherson Sumi among large caps, and
Ashok Leyland and Amara Raja among midcaps. We also consider M&M as the best
bet on a rural market recovery.
28 February 2018
5

In conversation
1. GODREJ PROPERTIES : See a lot of new investment & project
opportunities in NCR market; Pirojsha Godrej, Executive Chairman
NCR market has been a key part of company’s growth strategy. Want to focus
on business development activities in the top-four markets in the country which
are Mumbai, NCR, Bangalore and Pune. These contribute to the vast majority of
the rally of real estate sold.
Very happy with the response received in the NCR market.
in the process of launching a new project in Sohna, NCR and that project has
received a very strong response. So the NCR market will continue to be one
which will see a lot of new investment and lot of new project opportunities in.
Quite positive with the momentum both in business development and sales so
that should lead to a pretty healthy pipeline for the next year.
The next financial year should be best ever year for new launches.
Prices have been flattish for the most parts of the country. On an average many
places in NCR are seeing a 20-30 percent price reduction.
The downturn of the real estate sector has continued for 4th-5th year now.
Situation wills turnaround quite significantly over the next year or two.
See prices start picking up over the next year or two.
Process of consolidation in the industry was already underway much before
RERA but it is fair to say that RERA has added a lot of impetus to that process.
2. PARAG MILK FOODS : Margin can exceed 10% mark in Q4;
Devendra Shah, Chairman
Procuring price for milk has decreased 7-8 percent compared to last year.
High growth seen in value added products.
Gross margins expected to remain at 30-32 percent mark.
Current milk procurement price is at Rs 23.50 per litre.
Margins can exceed 10 percent mark in Q4.
3. PVR : Will close FY18 with footfalls of around 75-80m, expect
100m footfalls in FY19; Ajay Bijli, CMD
Have already opened about 49 screens this year and there is another 10-11
more that company can open in March. Hopefully should be closing at about 62-
63 screens this year.
Next year have a very good ramp up of almost 100 screens. It is a mix of screens
in different parts of the country and in different catchments.
Probably will end-up closing at about Rs 280-290 crore of ad revenues. Company
grows at about 18 percent roughly every year so that trajectory will continue to
remain.
Revenues will close this year at about Rs 2,350 crore and looking at about 20
percent increase next year.
On footfalls, this year probably will be closing at about 75-80 million. Next year
with the addition of another 100 screens, company could touch a figure of at
least about 100 million people visiting cinemas.
28 February 2018
6

4. HINDALCO : Getting a clear policy for mining other minerals is
most critical; Satish Pai, MD
Hope that import duties being considered by the US on aluminium and steel
sectors don’t impact Indian trade.
Getting an exploration going and getting a clear policy so that mines can be
opened.
The eternal compromise between getting a balance between forest and the
mining sector is probably the most critical thing to solve. So getting a
sustainable development framework clear is very critical.
5. MERCATOR : DGH approved field development plan for jyoti-1
& jyoti-2 oil discoveries; Shalabh Mittal, MD & CEO
Directorate General of Hydrocarbons (DGH) has approved field development
plan for what could be 23 million barrels of recoverable oil in a field.
This is an exciting development for the company. Have invested last few years
on developing this oil well.
Trial production targeted to begin in March 2018.
Oil field is much larger. Talking about only two wells here, Jyoti-1 and Jyoti-2.
There is a revenue sharing as per the production plan and government gets
about 70 percent of what it is sold at.
28 February 2018
7

From the think tank
1. Incremental policy progress, one fraud at a time
Science is said to progress one death at a time. Public policy makes progress, one
fraud at a time. Yes, amid all the anger and hand-wringing over the scam involving
Punjab National Bank (PNB), it is important to recognize that frauds help systemic
improvements. In a country of 1.3 billion people, with systems and incentives rife
with exploitation, fraud is inevitable. When it is exposed, one more loophole is
plugged even as several others remain open for exploitation. In a recent speech,
Y.V. Reddy said the problem of non-performing assets (NPA) was not a banking
crisis. He said there was no run on the banks and, second, with the owner and
capital provider being the state, bank solvency was not in doubt either. Hence, he
said, NPA was a problem but not a crisis. Fair enough. But the PNB scandal might
make him rethink. Even if the fraud and the amount involved are not of crisis
proportions, public anger suggests that it be deemed a national crisis.
2. Uttar Pradesh, India’s biggest state, is still its biggest problem
Uttar Pradesh, India’s largest state, is also its greatest challenge. It has about as
many people as Brazil but, according to Prime Minister Narendra Modi himself,
suffers from development indicators more similar to sub-Saharan Africa than
anywhere else in Asia. Anyone who wants India to live up to its potential has to
figure out how to fix UP. And that isn’t going to be easy. You’d need somehow
to turn investors positive on a state burdened by overstretched infrastructure,
an unqualified workforce, endemic corruption, hours-long power cuts and
widespread lawlessness. Last week, the state’s chief minister, a controversial
monk-turned-politician who calls himself “Yogi” Adityanath, held a giant
“investor summit” in UP’s capital, Lucknow. Modi’s choice of Adityanath to lead
the state last year shocked many; the pugnacious Hindu nationalist is better
known for his history of startling anti-Muslim rhetoric than for his
pronouncements on policy or governance.
3. India Canada relations remain frozen in time
In November 2012, then Canadian prime minister Stephen Harper made an official
six-day visit to India, accompanied by his wife. He was welcomed at the airport by
former Indian minister of state for human resource development Shashi Tharoor.
Harper’s itinerary included Agra, Bengaluru, Chandigarh and New Delhi with stops
at symbolic sites like the Taj Mahal, Keshgarh Sahib Gurudwara in Anandpur and
Someshwara Temple in Bengaluru where Harper and his wife garlanded each other
with Mysuru jasmine buds, observing thereafter “we have married again”.
Between meetings with business and government leaders where the former
Canadian prime minister pushed for greater bilateral trade and investment, Harper
was admonished by the United Progressive Alliance (UPA) government over
alleged support from Canadian Sikhs for the establishment of Khalistan. Harper
voiced his unequivocal support of “a united India” alongside his contingent that
had several ministers of Sikh origin.
28 February 2018
8

4. 15th finance commission: mandate sans mission
Over the last 70 years, the form and functioning of federalism has constantly
evolved. Yet, fiscal federal policymaking has stagnated. It has kept pace neither
with the changing politics nor with the economics of the federal set-up. The
mandate given to the 15th Finance Commission is yet another example of this
policy stagnation. Even though the institutional landscape of Indian federalism has
been changed for good—Planning Commission, the extra-constitutional intruder,
wound up and the first genuinely federal institution, the goods and services tax
(GST) Council created—the terms of reference (TOR) of the 15th Finance
Commission are disappointingly routine and ritualistic. Indeed, the TOR are also
dangerously regressive and inimical to federalism. A serious inadequacy in the TOR
is in not recognizing the way in which the GST regime has, and will, change the face
of fiscal federalism in India. The fundamental change in tax regime has neither
appropriately informed the TOR of the 15th Finance Commission nor adequately
taken cognizance of its implication on the role of the 15th Finance Commission.
International
5. Crypto hawks and doves
A few days ago, President Nicolás Maduro of Venezuela announced that his
government had launched a new state-sponsored cryptocurrency called the
petro. He claimed that $735 million worth of the new currency had already been
sold, though observers are skeptical, unless state entities have been obliged to
buy them. Even they will find it hard to do so, however, as the technology
platform on which the petro will be traded has not yet been confirmed.
International demand for the petro will not be helped by recent
pronouncements from Warren Buffett and Charlie Munger, the “sages of
Omaha” who still control Berkshire Hathaway. Speaking of cryptocurrencies in
general, Buffett was scathing. “I can say almost with certainty that they will
come to a bad end,” he declared in January, while noting for good measure that
he would be glad to buy put options on every one of them. Munger is, if
anything, even more hostile, characterizing Bitcoin in particular as “totally
asinine” and a “noxious poison.” Not much room for doubt there.
28 February 2018
9

Click excel icon
for detailed
valuation guide
CMP
(INR)
816
138
3034
773
19050
1574
27142
1358
871
209
3588
739
238
8892
327
373
676
Valuation snapshot
Company
Automobiles
Amara Raja
Ashok Ley.
Bajaj Auto
Bharat Forge
Bosch
CEAT
Eicher Mot.
Endurance Tech.
Escorts
Exide Ind
Hero Moto
M&M
Mahindra CIE
Maruti Suzuki
Motherson Sumi
Tata Motors
TVS Motor
Aggregate
Banks - Private
AU Small Finance
Axis Bank
DCB Bank
Equitas Hold.
Federal Bank
HDFC Bank
ICICI Bank
IDFC Bank
IndusInd
J&K Bank
Kotak Mah. Bk
RBL Bank
South Indian
Yes Bank
Aggregate
Banks - PSU
BOB
BOI
Canara
Indian Bk
PNB
SBI
Union Bk
Aggregate
NBFCs
Aditya Birla Cap
Bajaj Fin.
Capital First
Cholaman.Inv.&F
n
Dewan Hsg.
GRUH Fin.
HDFC
HDFC Stand. Life
Indiabulls Hsg
Reco
Buy
Buy
Buy
Buy
Neutral
Buy
Buy
Buy
Sell
Buy
Neutral
Buy
Buy
Buy
Buy
Buy
Neutral
TP % Upside
EPS (INR)
EPS Gr. YoY (%)
P/E (x)
P/B (x)
ROE (%)
(INR) Downside FY18E FY19E FY20E FY18E FY19E FY20E FY18E FY19E FY18E FY19E FY18E FY19E
1035
158
4031
880
21951
1899
34764
1540
714
268
3986
889
303
10972
437
515
741
27
15
33
14
15
21
28
13
-18
28
11
20
27
23
34
38
10
28.3 34.7 41.4
4.9
6.2
7.7
150.3 174.1 201.6
20.2 26.8 35.2
459.1 595.2 731.7
63.1 84.7 111.7
829.4 1,053.0 1,335.0
28.2 38.5 51.3
36.6 45.6 54.9
8.0 10.2 11.6
185.0 200.1 212.6
37.7 43.9 48.4
9.6 12.2 15.1
275.6 369.9 471.3
8.1 12.5 17.5
28.0 57.9 58.5
13.9 25.1 33.9
0.9
22.7 19.4
7.8
26.7 24.0
6.5
15.8 15.8
54.2 32.7 31.5
-3.0 29.6 22.9
-32.3 34.1 31.9
34.5 27.0 26.8
20.1 36.7 33.2
90.4 24.3 20.6
-1.3 27.5 13.6
9.4
8.2
6.2
37.8 16.4 10.1
107.8 27.2 23.9
10.8 34.2 27.4
5.0
54.7 39.6
41.1 107.1 1.1
18.5 80.5 34.9
19.9 45.2 15.1
-42.8 43.9 41.1
-4.4 111.4 43.7
5.3
22.2 21.4
-81.6 616.0 53.4
13.3 19.1 26.1
18.0 20.3 25.2
-18.3 32.0 27.6
0.4
7.0
21.9
27.0 29.2 28.5
LP
41.6 37.7
22.0 26.9 30.5
33.0 43.7 33.2
-22.6 97.1 30.4
24.8 31.2 28.8
15.6 35.1 29.8
28.9
28.1
20.2
38.3
41.5
24.9
32.7
48.2
23.8
26.1
19.4
19.6
24.8
32.3
40.4
13.3
48.5
25.0
55.3
36.6
22.4
161.0
17.5
28.4
25.6
17.3
27.6
7.9
33.4
31.1
14.0
18.0
27.4
23.5
22.1
17.4
28.9
32.0
18.6
25.8
35.2
19.1
20.5
17.9
16.8
19.5
24.0
26.1
6.4
26.9
17.2
38.4
17.3
18.4
22.5
14.7
23.6
19.4
16.1
21.3
5.6
26.3
21.6
7.1
13.7
20.3
4.7
5.9
4.7
7.5
6.0
2.4
10.4
9.3
3.6
3.3
6.2
3.1
2.4
6.5
7.3
1.8
11.1
4.5
7.3
2.0
2.0
2.2
1.5
4.2
2.4
1.1
4.4
0.7
4.4
3.2
1.0
3.0
3.0
0.9
0.7
0.6
1.0
0.6
1.2
0.5
0.9
4.4
5.8
2.5
4.4
2.0
16.8
5.0
3.1
4.0
4.0
5.1
4.2
6.2
5.4
2.2
7.8
7.7
3.1
2.9
5.4
2.8
2.2
5.6
6.1
1.4
8.3
3.7
6.1
1.8
1.8
2.0
1.4
3.7
2.2
1.1
3.7
0.6
3.8
2.8
0.9
2.5
2.7
0.8
0.7
0.6
0.9
0.5
1.1
0.4
0.8
3.4
4.9
2.2
3.7
1.8
13.8
4.3
2.6
3.5
17.3
22.1
24.2
21.0
15.2
10.1
36.2
21.0
17.2
12.6
34.0
14.4
10.4
19.8
19.2
14.7
24.9
17.9
14.1
5.9
10.1
1.4
9.4
16.7
8.1
6.8
17.0
8.9
13.2
12.2
6.9
17.6
11.0
2.0
-6.5
2.3
10.8
2.9
1.6
-16.7
0.3
12.6
20.1
13.7
20.4
14.0
32.9
17.6
21.7
29.9
18.3
24.7
25.3
23.5
17.9
12.3
34.6
23.9
17.3
14.4
32.0
14.4
11.7
22.8
25.4
24.3
35.3
21.7
17.2
11.1
10.4
9.5
9.8
16.6
10.1
6.9
19.1
11.9
14.3
13.8
12.7
19.9
13.3
5.5
0.6
6.8
11.9
4.3
8.4
2.7
5.7
12.4
19.8
15.6
20.2
15.8
32.2
16.5
21.1
30.4
Neutral
Buy
Neutral
Buy
Buy
Buy
Buy
Neutral
Buy
Buy
Buy
Buy
Buy
Buy
587
538
165
149
96
1904
320
52
1685
68
1093
491
27
327
705
710
188
205
149
2350
405
65
2076
100
1220
680
38
410
20
32
14
37
55
23
27
25
23
47
12
39
41
25
10.6
14.7
7.4
0.9
5.5
67.0
12.5
3.0
61.1
8.6
32.7
15.8
1.9
18.2
15.3
31.0
9.0
6.6
6.5
80.6
16.5
3.2
78.9
12.2
41.5
22.7
3.8
23.9
21.6
44.6
10.9
10.2
8.2
100.9
21.0
3.9
101.4
16.8
54.2
30.3
4.9
30.8
Buy
Neutral
Neutral
Buy
Buy
Buy
Neutral
141
118
296
312
98
268
103
185
150
415
430
215
375
145
31
27
40
38
119
40
41
9.8
-15.6
12.6
34.1
5.7
3.2
-40.5
16.7
1.1
37.3
40.6
8.5
18.0
5.9
23.7
3.7
70.6
46.5
15.7
29.7
15.3
182.1 70.7 42.0 14.5
8.5
Loss
LP 222.3 NM 103.9
-33.0 196.8 89.1 23.5
7.9
16.4 19.3 14.5
9.2
7.7
-8.8 49.5 84.7 17.3 11.6
978.7 459.4 65.3 83.5 14.9
PL
LP 158.0 NM 17.4
-72.8 2,102 71.3 313.8 14.3
NA
42.3
38.9
34.5
26.5
22.1
8.0
5.4
32.8
45.2
35.4
30.2
18.7
26.8
18.8
14.0
13.9
15.4
42.4
34.2
27.5
21.5
26.1
23.4
16.3
25.2
22.1
45.3
36.4
19.6
23.7
15.1
56.1
42.5
99.8
14.1
31.2
26.9
15.1
19.9
11.9
47.2
37.3
87.6
12.2
Buy
Buy
Buy
Buy
Buy
Neutral
Buy
Buy
Buy
167
1657
671
1462
564
557
1827
470
1281
225
2330
960
1520
720
540
2260
485
1630
35
41
43
4
28
-3
24
3
27
3.7
45.6
34.2
61.8
5.3
61.7
44.6
73.3
7.6
82.8
56.8
89.1
37.4 47.5 59.9
9.9 11.8 14.6
43.0 49.0 57.0
4.7
5.4
6.7
91.1 105.1 128.3
28 February 2018
10

Click excel icon
for detailed
valuation guide
CMP
(INR)
165
510
600
440
390
1219
554
1937
1348
TP % Upside
EPS (INR)
EPS Gr. YoY (%)
(INR) Downside FY18E FY19E FY20E FY18E FY19E FY20E
240
45
7.4 11.0 13.5 42.2 47.1 23.2
608
19
38.5 44.3 52.6
0.6
15.2 18.7
750
25
18.6 24.2 30.0 24.0 29.6 24.1
575
31
13.9 19.2 23.0 95.8 38.7 19.4
475
22
43.8 44.8 49.3 48.1
2.3
10.2
1750
44
51.4 69.0 92.3 62.4 34.4 33.7
740
34
33.4 39.0 46.0 14.6 16.8 18.1
2500
1750
29
30
114.2 140.0 166.8
78.7 104.8 125.9
35.4
42.1
28.2
12.1
12.6
123.6
36.0
9.8
-72.2
-12.4
84.1
19.4
35.5
15.7
10.9
18.4
-7.4
76.0
16.4
17.2
22.6
33.1
22.8
52.0
12.0
-2.6
48.2
26.1
63.3
34.6
9.6
21.6
16.6
18.8
53.8
21.5
21.4
4.9
12.4
19.9
19.2
20.2
22.6
16.2
6.3
37.5
26.9
18.4
58.8
18.6
13.9
24.1
28.5
19.2
13.8
23.7
12.5
10.3
13.8
18.8
30.4
23.6
19.5
39.0
21.4
37.7
36.0
35.2
27.2
88.7
33.4
39.7
34.6
66.2
31.1
31.2
20.2
25.1
19.7
16.2
19.1
14.2
17.4
Valuation snapshot
P/E (x)
P/B (x)
FY18E FY19E FY18E FY19E
22.2 15.1
3.2
2.7
13.3 11.5
2.0
1.8
32.2 24.8
4.5
4.0
31.7 22.8
3.0
2.7
8.9
8.7
2.0
1.7
23.7 17.7
3.3
2.9
16.6 14.2
2.6
2.2
17.0
17.1
29.1
77.2
21.5
30.5
44.2
45.2
72.5
34.8
39.1
44.9
25.7
27.3
58.9
42.4
41.0
16.8
33.7
32.8
41.8
34.4
103.9
49.0
32.9
42.2
23.1
46.4
30.8
48.5
55.2
39.0
20.3
39.9
46.9
42.7
51.4
58.8
43.9
43.4
45.4
52.1
41.9
13.8
12.9
23.7
50.8
19.2
31.3
29.8
35.8
44.4
25.9
35.7
36.9
22.0
23.0
38.3
34.9
33.8
16.0
30.0
27.4
30.2
26.3
21.7
34.6
9.8
20.9
18.2
23.5
24.6
29.1
25.9
19.4
13.2
38.7
30.7
24.5
43.3
47.1
37.2
36.4
34.8
45.3
36.7
2.3
2.4
4.4
9.0
3.9
1.0
8.8
19.8
1.2
5.6
8.7
8.7
5.5
3.4
5.4
7.8
4.8
2.7
5.4
3.6
2.5
3.4
2.2
4.4
1.7
0.9
3.5
3.5
4.2
3.1
5.9
2.5
2.1
6.5
4.4
3.4
13.7
18.2
21.3
10.3
12.4
11.0
8.3
2.0
2.1
3.7
7.8
3.4
1.0
8.1
16.2
1.2
5.2
7.6
7.7
4.6
3.1
4.9
6.6
4.3
2.4
4.7
3.3
2.4
3.2
2.0
3.9
1.4
0.9
3.0
3.0
3.7
2.9
4.9
2.2
1.8
5.7
3.9
3.1
12.1
15.7
20.0
9.2
10.8
9.6
7.6
ROE (%)
FY18E FY19E
15.9 19.7
16.4 16.5
20.2 17.0
10.9 12.5
24.3 21.0
14.7 17.4
16.9 16.9
14.1
14.9
15.0
11.6
17.9
3.4
20.4
50.6
1.7
16.7
24.1
19.4
21.6
13.0
9.1
20.0
12.1
17.1
16.9
11.0
6.1
10.1
2.1
9.4
5.2
2.2
16.4
7.7
14.4
6.6
11.2
6.5
10.8
17.6
9.7
8.0
26.9
33.9
49.9
25.4
29.0
23.6
20.7
15.2
17.5
15.8
15.4
18.0
3.3
28.3
49.8
2.7
20.8
22.7
20.8
21.0
14.1
12.9
20.6
13.4
15.8
16.8
12.2
8.0
12.6
9.6
12.0
15.7
4.4
17.8
13.8
15.9
10.3
20.9
12.0
14.6
15.7
13.5
12.5
29.6
35.8
55.5
26.7
33.2
22.6
21.6
Company
Reco
L&T Fin Holdings Buy
LIC Hsg Fin
Neutral
MAS Financial
Buy
M&M Fin.
Buy
Muthoot Fin
Neutral
PNB Housing
Buy
Repco Home
Buy
Shriram
City
Buy
Union
Shriram Trans. Buy
Aggregate
Capital Goods
ABB
Sell
Bharat Elec.
Buy
BHEL
Sell
Blue Star
Neutral
CG Cons. Elec.
Buy
CG Power & Indu. Neutral
Cummins
Buy
GE T&D
Neutral
Havells
Buy
K E C Intl
Neutral
L&T
Buy
Siemens
Neutral
Solar Ind
Neutral
Thermax
Neutral
Va Tech Wab.
Buy
Voltas
Neutral
Aggregate
Cement
Ambuja Cem.
Neutral
ACC
Neutral
Birla Corp.
Buy
Dalmia Bharat
Buy
Grasim Inds.
Neutral
India Cem
Neutral
J K Cements
Buy
JK Lakshmi Ce
Buy
Ramco Cem
Buy
Orient Cem
Buy
Prism Cem
Buy
Not
Sagar Cements
Rated
Sanghi Inds.
Buy
Shree Cem
Buy
Ultratech
Buy
Aggregate
Consumer
Asian Paints
Neutral
Britannia
Buy
Colgate
Buy
Dabur
Buy
Emami
Buy
Godrej Cons.
Neutral
GSK Cons.
Neutral
1530
153
91
733
232
83
809
413
512
412
1338
1164
1034
1172
558
607
1240
210
80
780
305
90
1040
435
640
385
1650
1285
1100
1250
700
630
-19
38
-12
6
31
9
29
5
25
-7
23
10
6
7
25
4
19.8
7.1
3.0
16.6
5.1
1.1
23.2
10.6
11.4
16.1
49.0
19.8
24.4
28.6
33.2
18.0
30.1
7.9
2.9
24.6
6.5
1.9
31.3
11.6
13.9
18.7
58.1
30.4
29.6
34.7
34.8
20.2
35.0
8.4
4.0
31.2
7.7
3.0
37.1
13.2
17.2
24.1
69.3
34.6
36.7
39.0
38.4
23.0
252
1633
920
2680
1170
158
1027
435
750
159
123
981
290
1781
1234
3328
1242
148
1343
470
847
179
159
-
15
9
34
24
6
-6
31
8
13
12
30
6.0
8.3
10.9 29.5 38.4
47.4 62.2 76.9 31.3 31.1
8.9 42.4 50.6 -69.0 378.7
54.7 77.4 107.6 41.2 41.5
35.6 119.4 145.0 -47.5 235.5
3.7
7.6
10.4 -33.4 101.9
44.4 56.5 76.9 31.8 27.3
9.4 18.5 25.0 34.7 97.2
24.3 30.5 38.8 -10.8 25.3
3.3
5.5
10.3
LP
66.8
2.2
4.7
6.3 713.3 113.1
25.2
50.6
70.6
LP
101.0
53.5
3.0
53.0
74.3
18.8
24.8
17.9
19.2
30.5
15.1
14.1
118
157
16861 22424
4173 5131
33
33
23
5.8
8.9
12.0 102.0
423.0 435.8 724.2 10.0
89.0 136.2 178.4 -7.4
-7.7
21.6
84.2
24.0
7.6
24.0
20.9
161.0
25.6 30.8
105.1 131.5
28.3 33.8
9.0
10.5
31.3 37.3
24.1 27.5
183.8 215.7
2.7
14.3
12.9
4.5
-9.6
10.6
3.1
1110
4954
1052
329
1090
1090
6744
1270
5995
1365
415
1505
1065
6350
14
21
30
26
38
-2
-6
28 February 2018
11

Click excel icon
for detailed
valuation guide
CMP
(INR)
1343
266
344
312
7761
22336
285
886
9341
173
1066
3278
TP % Upside
EPS (INR)
EPS Gr. YoY (%)
(INR) Downside FY18E FY19E FY20E FY18E FY19E FY20E
1585
18
23.1 27.9 32.9 17.6 20.7 18.1
278
4
9.0 10.2 11.4
6.6
13.7 12.4
380
10
8.1 10.7 13.3 -27.7 32.0 24.2
345
11
6.4
7.6
9.0
1.2
19.2 18.4
7882
2
140.0 159.1 192.3 13.2 13.6 20.8
27490
23
297.1 415.7 549.8 24.5 39.9 32.2
314
10
8.9 12.4 16.8 147.7 38.7 35.6
1050
18
17.7 20.8 24.1
5.7
17.8 15.5
9303
0
142.1 171.3 200.8 6.9
20.5 17.3
-
1380
3515
30
7
3.5
14.1
32.9
6.4
17.4
57.0
9.7
22.9
78.7
-2.0
62.0
22.9
9.0
83.8
23.9
73.4
18.5
52.1
31.2
38.1
17.3
Valuation snapshot
P/E (x)
FY18E FY19E
58.2 48.2
29.7 26.2
42.4 32.1
49.0 41.1
55.4 48.8
75.2 53.7
32.0 23.0
50.1 42.5
65.7 54.5
49.9
75.7
99.8
45.2
23.5
33.5
26.0
13.8
81.7
24.2
26.2
31.5
30.0
82.7
17.7
18.5
48.8
31.4
18.6
28.0
25.6
34.9
33.0
49.9
40.2
28.1
29.4
42.2
9.2
18.3
28.7
15.9
27.2
61.1
57.5
38.1
22.1
25.1
21.3
12.6
57.1
19.3
21.7
23.5
19.7
31.7
16.4
14.8
43.6
23.0
14.2
18.3
20.6
30.6
16.6
17.3
24.9
22.0
22.1
23.5
9.5
22.1
25.0
15.4
14.0
25.9
19.8
23.2
P/B (x)
FY18E FY19E
44.2 44.0
6.5
6.0
6.0
5.8
15.2 14.4
23.3 21.8
30.0 24.0
3.3
2.9
11.7 10.0
36.9 30.9
2.4
10.6
17.2
12.2
4.7
5.3
6.3
3.0
7.2
5.1
3.4
5.3
2.9
1.2
2.9
2.1
11.7
3.2
3.4
3.7
2.6
5.6
3.5
2.2
3.5
4.7
3.7
2.2
1.3
3.9
3.7
2.1
2.3
3.4
2.2
3.1
2.2
9.2
12.9
11.0
4.1
4.5
5.0
2.5
6.6
4.2
2.9
4.7
2.6
1.2
2.5
2.0
13.3
2.8
2.8
3.1
2.4
5.1
2.9
2.0
3.2
4.1
3.3
2.0
1.2
3.3
3.2
1.9
2.0
3.2
2.1
2.9
ROE (%)
FY18E FY19E
76.5 91.4
22.8 23.8
13.8 18.3
33.0 36.0
43.4 46.2
39.9 44.6
10.8 13.3
25.2 25.4
61.2 61.8
4.9
14.9
17.3
26.9
21.8
16.7
27.0
24.6
8.9
22.7
12.8
16.6
10.0
1.6
16.4
13.2
23.9
10.5
19.7
14.1
10.4
16.1
11.0
4.6
8.8
17.6
12.7
5.5
15.5
23.6
13.5
13.3
11.7
11.2
6.5
10.6
8.5
16.2
22.3
28.9
19.7
19.3
26.2
21.6
11.6
23.7
13.6
21.2
13.7
3.9
15.3
13.9
30.5
13.0
21.4
18.3
12.0
16.8
19.0
12.1
13.3
19.9
14.9
8.9
13.4
16.2
13.7
12.3
15.3
12.9
10.7
12.6
33.2
20.9
0.2
Company
HUL
ITC
Jyothy Lab
Marico
Nestle
Page Inds
Parag Milk
Pidilite Ind.
P&G Hygiene
Prabhat Dairy
United Brew
United Spirits
Aggregate
Healthcare
Alembic Phar
Alkem Lab
Ajanta Pharma
Aurobindo
Biocon
Cadila
Cipla
Divis Lab
Dr Reddy’s
Fortis Health
Glenmark
Granules
GSK Pharma
IPCA Labs
Jubilant Life
Laurus Labs
Lupin
Sanofi India
Shilpa Medicare
Strides Shasun
Sun Pharma
Torrent Pharma
Aggregate
Infrastructure
Ashoka Buildcon
IRB Infra
KNR
Constructions
Sadbhav
Engineering
Aggregate
Logistics
Allcargo Logistics
Concor
Gateway
Distriparks
Aggregate
Media
Dish TV
D B Corp
Den Net.
Reco
Buy
Neutral
Neutral
Neutral
Neutral
Buy
Neutral
Buy
Neutral
Not
Rated
Buy
Neutral
Neutral
Buy
Buy
Buy
Neutral
Buy
Neutral
Neutral
Neutral
Buy
Neutral
Buy
Neutral
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Neutral
561
2235
1403
614
623
407
586
1035
2234
156
541
117
2395
672
890
532
826
4952
440
705
545
1348
555
2500
1840
820
600
500
600
1100
2575
185
550
175
2500
750
1110
631
940
5600
749
989
675
1400
-1
12
31
33
-4
23
2
6
15
19
2
49
4
12
25
19
14
13
70
40
24
4
23.9
66.8
54.0
44.5
7.6
16.8
22.4
32.9
74.4
1.9
30.6
6.3
49.1
21.4
47.8
19.0
32.3
141.7
13.3
14.1
13.6
48.0
25.3 30.1 10.8
5.9
19.0
88.9 109.9 -10.5 33.2 23.5
65.8 81.4 -5.8 21.9 23.6
48.7 53.6 13.2
9.4
10.1
10.9 19.8 -25.3 43.1 81.5
21.0 24.4 18.5 25.0 15.8
27.0 33.0 40.9 20.6 22.0
44.0 52.7 -17.7 33.9 19.7
113.2 145.0 2.4
52.2 28.0
4.9
8.4 -81.8 160.8 71.9
32.9 41.1 -22.2 7.7
24.7
7.9
11.0 -12.4 25.2 38.7
54.9 61.1 42.9 11.9 11.2
29.2 37.3 33.2 36.6 27.7
62.6 72.5 29.5 30.9 15.8
29.1 35.7
7.0
52.7 22.8
40.2 54.1 -43.0 24.6 34.6
161.8 186.9 9.8
14.2 15.5
26.5 33.4 -5.0 99.2 26.1
40.8 55.7 -56.2 188.8 36.7
21.9 27.9 -48.1 61.4 27.7
61.3 78.5 -12.9 27.6 28.0
-16.9 32.7 24.9
9.5
24.6
14.0
16.0
19.1
21.3
18.2
17.4
LP
24.8
41.2
27.1
79.9
-3.0
-17.3
14.9
101.0
-13.6
30.2
8.6
Buy
Neutral
Buy
Buy
223
234
308
400
290
250
375
460
30
7
22
15
5.3
25.4
16.9
13.9
Buy
Neutral
Buy
180
1328
210
223
1469
237
24
11
13
8.9
41.9
6.2
12.9
51.2
10.6
14.9
58.2
13.1
-9.3
10.3
-9.0
5.3
44.2
22.3
71.3
28.5
LP
22.0
LP
15.8
13.5
23.4
14.6
109.9
20.1
5,545
20.2
31.7
33.9
29.8
Buy
Buy
Neutral
73
328
102
101
420
90
38
28
-12
-0.5
18.8
-2.9
1.6
23.0
0.1
3.4
27.6
4.0
PL
-7.6
Loss
NM 45.5 18.1
17.4 14.3
3.3
NM 1,437.2 2.3
13.0 -11.9
2.8 20.1
2.3
-6.3
28 February 2018
12

Click excel icon
for detailed
valuation guide
CMP
(INR)
720
38
238
92
169
383
1335
101
19
951
576
TP % Upside
EPS (INR)
EPS Gr. YoY (%)
(INR) Downside FY18E FY19E FY20E FY18E FY19E FY20E
820
14
8.3 16.4 28.7 -27.7 98.0 75.7
47
25
-0.2 0.8
2.0
Loss
LP 161.9
305
28
25.9 28.8 32.4
0.2
11.3 12.6
117
27
11.8 12.1 12.7 59.3
2.6
4.9
215
27
9.9 12.5 15.2 -6.9 26.4 21.5
469
23
8.2 13.5 17.8 27.8 64.9 31.4
1760
32
22.1 37.3 51.5
7.8
68.7 37.9
130
29
2.5
5.8
7.9 100.6 137.5 36.4
27
43
-0.9 0.1
0.6
Loss
LP 411.6
1225
29
27.7 35.8 42.5 11.6 29.1 18.7
705
22
13.7 17.6 21.0
2.1
28.7 19.3
12.1 43.8 28.1
344
342
361
339
79
215
71
492
416
778
41
4
37
7
16
64
-16
23
22
16
19.5
21.6
-11.5
20.7
-0.5
13.7
-0.9
25.5
23.8
57.7
27.0
33.3
7.3
24.0
5.1
14.0
4.3
38.9
41.7
69.4
27.9
32.1
11.9
23.7
5.3
14.7
6.5
43.0
43.4
61.5
127.9
9.6
Loss
39.8
PL
37.6
Loss
165.2
57.4
51.9
66.7
-22.0
17.4
28.2
40.1
-14.7
-7.7
7.4
27.0
-15.0
-22.6
7.1
24.3
19.6
3.4
186.2
44.4
38.8
48.6
18.1
3.1
21.2
2.6
0.8
18.5
31.5
12.9
17.4
14.4
38.6
54.6
LP
15.9
LP
2.2
LP
52.3
74.8
20.4
55.3
9.2
22.0
59.6
4.1
-9.4
-9.4
17.2
-3.6
-7.7
56.7
32.5
13.4
10.3
11.8
29.6
26.6
27.0
27.2
12.1
3.8
10.9
9.7
10.5
13.7
24.6
14.8
16.9
22.8
3.0
-3.8
63.4
-1.0
2.6
4.7
50.2
10.7
4.2
-11.5
1.7
11.3
4.6
28.7
8.3
15.8
21.1
13.2
1.2
5.0
3.3
4.1
17.9
11.6
10.6
31.3
27.6
24.1
26.0
13.2
7.5
13.4
11.2
29.1
15.2
17.2
8.3
16.2
14.3
Valuation snapshot
P/E (x)
P/B (x)
FY18E FY19E FY18E FY19E
87.1 44.0
3.8
3.6
NM 49.3
2.7
2.5
9.2
8.3
1.3
1.1
7.9
7.6
0.9
0.8
17.0 13.5
2.7
2.3
46.6 28.3
3.7
3.2
60.3 35.8
5.9
5.1
41.1 17.3
4.2
2.7
NM 149.2 3.6
3.5
34.3 26.5
8.6
7.8
42.1 32.8
7.1
6.1
38.5 26.8
5.4
4.7
12.5
15.3
NM
15.4
NM
9.6
NM
15.6
14.3
11.6
15.6
11.3
17.3
43.2
16.6
11.3
9.8
32.4
18.7
9.7
13.4
10.7
17.6
15.7
13.1
67.2
21.9
65.5
51.6
17.4
15.4
20.9
17.8
17.8
21.6
24.5
19.9
18.7
19.7
9.1
9.9
36.4
13.3
13.3
9.4
19.5
10.3
8.2
9.7
10.1
10.4
14.2
27.0
15.9
12.4
10.8
27.6
19.4
10.5
8.6
8.1
15.6
14.3
11.7
51.8
17.3
51.6
40.6
15.5
14.8
18.8
16.2
16.1
19.0
19.7
17.4
16.0
16.0
1.7
6.7
0.8
2.8
1.4
1.7
1.0
3.5
2.2
1.7
1.9
2.4
1.9
6.5
2.3
2.7
1.6
6.2
5.0
1.8
0.9
1.1
3.9
1.9
1.7
15.1
3.5
13.9
9.9
3.0
3.7
5.2
4.1
2.4
6.2
5.1
3.4
3.0
3.3
1.4
4.7
0.8
2.4
1.3
1.5
0.9
2.7
1.9
1.5
1.7
2.1
1.7
5.5
2.1
2.4
1.5
5.3
4.5
1.6
0.9
1.0
3.3
1.7
1.5
15.4
3.0
12.9
9.0
2.8
3.4
4.6
3.6
2.1
5.0
4.4
3.1
2.7
3.2
ROE (%)
FY18E FY19E
4.5
8.4
-1.2
5.2
15.1 14.6
11.5 10.6
15.3 18.4
8.2 12.2
10.2 15.3
11.6 18.9
-15.8 2.4
26.1 30.9
18.2 20.0
14.0 17.4
14.0
35.3
-3.6
20.2
-0.9
18.4
-1.0
25.2
15.1
15.9
12.3
22.7
11.3
16.1
14.6
24.9
17.3
20.8
28.0
20.2
7.1
10.0
23.9
12.8
12.9
22.5
16.9
23.4
19.2
17.4
25.1
26.9
24.3
14.3
32.1
19.9
15.3
16.1
17.8
16.8
55.7
2.3
19.5
9.8
17.3
4.8
29.7
25.4
16.3
16.8
21.8
12.8
22.0
13.6
20.2
14.4
20.8
24.4
16.2
10.5
12.8
22.9
12.7
13.2
29.8
18.4
25.9
22.2
17.8
23.9
25.8
23.1
13.8
29.0
24.0
18.7
17.6
21.0
Company
Ent.Network
Hathway Cable
Hind. Media
HT Media
Jagran Prak.
Music Broadcast
PVR
Prime Focus
Siti Net.
Sun TV
Zee Ent.
Aggregate
Metals
Hindalco
Hind. Zinc
JSPL
JSW Steel
Nalco
NMDC
SAIL
Rain Industries
Vedanta
Tata Steel
Aggregate
Oil & Gas
BPCL
GAIL
Gujarat Gas
Gujarat St. Pet.
HPCL
IOC
IGL
Mahanagar Gas
MRPL
Oil India
ONGC
PLNG
Reliance Ind.
Aggregate
Retail
Jubilant Food
PC Jeweller
Titan Co.
Aggregate
Technology
Cyient
HCL Tech.
Hexaware
Infosys
KPIT Tech
L&T Infotech
Mindtree
Mphasis
NIIT Tech
Persistent Sys
Reco
Buy
Buy
Buy
Neutral
Buy
Buy
Buy
Buy
Neutral
Buy
Buy
Buy
Neutral
Buy
Buy
Neutral
Buy
Sell
Buy
Buy
Neutral
245
329
264
318
68
131
84
399
340
672
Buy
Sell
Buy
Neutral
Buy
Buy
Buy
Buy
Neutral
Buy
Buy
Buy
Buy
426
458
889
204
392
378
305
1047
122
350
188
249
950
549
388
1014
188
530
513
416
1228
114
425
230
318
1111
29
-15
14
-8
35
36
36
17
-7
21
22
28
17
37.7
26.5
20.6
12.3
34.7
38.7
9.4
55.9
12.6
26.1
17.6
14.1
60.4
41.2
32.3
32.9
12.8
31.5
35.0
11.1
53.9
11.6
40.9
23.3
16.0
66.6
45.8
33.8
42.3
13.9
36.4
42.4
12.5
54.6
12.2
42.2
24.3
18.9
74.3
Neutral
Buy
Buy
2038
338
822
2185
685
990
7
103
21
30.3
15.4
12.5
39.3
19.5
15.9
51.6
24.9
19.8
Buy
Neutral
Neutral
Buy
Neutral
Buy
Buy
Neutral
Neutral
Buy
630
951
346
1148
214
1418
802
876
833
849
675
950
340
1250
219
1400
725
800
800
900
7
0
-2
9
3
-1
-10
-9
-4
6
36.2
61.7
16.6
64.4
12.0
65.7
32.7
43.9
44.6
43.1
40.6
64.1
18.4
70.7
13.3
74.7
40.8
50.4
52.2
53.0
45.9
68.9
20.9
78.6
17.2
86.1
47.8
54.6
60.6
60.5
28 February 2018
13

Click excel icon
for detailed
valuation guide
CMP
(INR)
1040
3043
611
292
883
TP % Upside
EPS (INR)
EPS Gr. YoY (%)
(INR) Downside FY18E FY19E FY20E FY18E FY19E FY20E
1236
19
36.8 43.6 51.5 30.8 18.4 18.2
2700
-11
130.6 147.3 161.0 -2.1 12.8
9.3
700
15
39.2 40.9 47.7 26.8
4.5
16.6
300
3
17.9 18.5 21.2
6.0
3.2
14.7
1100
25
54.2 64.1 85.2
4.0
18.3 33.1
4.2
5.1
11.1
680
380
110
750
58
10
30
16
3.5
3.9
14.0 16.2
-10.7 -11.6
2.4 11.6
7.2
17.8
-9.7
23.6
Valuation snapshot
P/E (x)
P/B (x)
FY18E FY19E FY18E FY19E
28.3 23.9
9.1
7.3
23.3 20.7
7.3
6.3
15.6 14.9
3.1
2.7
16.3 15.8
2.9
2.4
16.3 13.8
2.4
2.1
19.3 18.4
4.8
4.2
2.5
4.3
1.4
13.2
2.5
7.5
1.2
1.2
1.0
1.3
1.8
1.8
2.0
2.9
19.2
6.3
1.6
19.5
4.7
6.0
8.2
7.6
2.0
7.1
3.6
3.5
3.0
7.4
4.1
2.9
5.6
6.3
2.4
3.1
4.5
7.8
1.2
8.7
12.6
ROE (%)
FY18E FY19E
36.0 33.8
30.4 32.9
20.6 19.5
17.2 16.7
15.7 16.4
25.0 23.1
Company
Tata Elxsi
TCS
Tech Mah
Wipro
Zensar Tech
Aggregate
Telecom
Bharti Airtel
Bharti Infratel
Idea Cellular
Tata Comm
Aggregate
Utiltites
Coal India
CESC
JSW Energy
NHPC
NTPC
Power Grid
Tata Power
Aggregate
Others
Arvind
Avenue
Supermarts
Bata India
BSE
Castrol India
Coromandel Intl
Delta Corp
Eveready Inds.
Interglobe
Indo Count
Info Edge
Kaveri Seed
Manpasand
MCX
Monsanto
Navneet
Education
Oberoi Realty
Quess Corp
PI Inds.
Piramal Enterp.
SRF
S H Kelkar
Team Lease Serv.
Trident
TTK Prestige
V-Guard
Reco
Buy
Neutral
Buy
Neutral
Buy
Buy
Neutral
Buy
Buy
431
345
84
648
-68.7 12.2 84.4 123.8 110.4
-6.1 16.5
9.7
24.7 21.2
Loss Loss Loss NM
NM
-75.8 383.2 102.9 269.7 55.8
-
PL
Loss
LP -453.1
1,606.5
16.2
8.4
10.7
3.1
9.5
4.6
8.6
10.3
34.1
33.4
16.6
8.6
4.3
4.5
34.0
24.1
44.4
17.7
27.1
17.0
35.6
18.5
18.4
17.6
-3.5
27.3
16.4
27.1
32.1
17.7
47.9
25.8
15.4
12.1
16.8
11.4
19.0
11.4
12.9
11.7
17.6
13.8
36.6
107.9
45.4
19.2
28.8
22.5
60.3
32.8
20.8
13.4
53.8
14.8
41.8
36.7
24.1
18.2
38.7
45.1
30.1
31.5
23.0
35.3
47.9
10.1
50.7
51.8
11.6
10.6
22.5
8.9
11.2
9.7
11.8
10.9
29.6
78.5
37.5
17.7
30.6
18.7
42.8
23.0
17.5
10.2
47.8
12.5
28.4
26.0
20.0
14.1
10.9
30.5
25.0
22.5
18.5
26.8
34.9
7.8
39.7
39.0
2.5
2.1
2.3
4.4 17.0 20.4
1.7 -18.1 -20.9
10.7 4.6 21.2
2.6
7.1
1.1
1.2
0.9
1.2
1.6
1.6
1.9
2.7
16.4
5.5
1.3
18.4
4.1
5.4
6.7
7.1
1.6
6.4
3.2
3.2
2.8
6.4
3.5
2.4
4.5
5.2
2.1
2.8
4.1
6.4
1.1
7.8
10.1
-0.6
44.7
10.6
6.7
8.5
10.5
16.5
10.8
14.8
8.0
19.0
14.6
8.5
69.1
22.5
12.6
27.1
46.8
16.0
13.7
23.4
7.4
7.9
32.5
23.9
7.8
21.7
22.6
8.9
14.1
13.4
17.7
12.6
18.0
26.9
-0.2
60.8
10.4
5.5
10.8
11.3
17.5
14.5
17.3
9.4
22.6
15.7
7.4
61.8
23.4
13.2
32.0
42.1
17.4
14.0
27.1
11.8
11.0
34.5
26.9
24.2
21.0
22.9
10.2
15.9
16.0
20.1
14.5
20.7
28.8
Buy
Buy
Sell
Buy
Buy
Buy
Sell
311
1008
81
28
166
198
86
401
1408
61
37
210
282
74
29
40
-25
34
27
42
-14
18.5
88.8
4.3
2.4
12.9
16.9
4.9
26.8
95.2
3.6
3.1
14.8
20.4
7.3
31.1 23.8 44.9
103.2 71.1
7.3
4.0
11.4 -15.4
3.2 -18.1 28.5
16.2
7.5
15.1
21.3 20.7 20.9
7.9
-5.8 49.0
14.5 26.3
18.8
23.0
-8.4
63.6
23.8
37.4
21.0
8.7
-5.9
20.4
40.7
42.5
19.3
32.0
12.5
18.5
47.2
41.1
20.6
28.4
Neutral
Sell
Sell
Neutral
Buy
Buy
Buy
Buy
Neutral
Neutral
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Neutral
Neutral
416
1354
722
803
201
543
357
385
1334
101
1256
506
376
765
2529
138
527
997
883
2616
1905
279
2076
72
6994
232
402
920
578
950
242
523
382
458
1307
117
1550
664
467
1100
3293
194
608
1300
988
3500
2040
343
2700
114
5281
167
-3
-32
-20
18
20
-4
7
19
-2
16
23
31
24
44
30
41
15
30
12
34
7
23
30
58
-24
-28
11.3
12.6
15.9
41.8
7.0
24.1
5.9
11.7
64.0
7.5
23.4
34.2
9.0
20.8
105.0
7.6
13.6
22.1
29.3
83.1
82.9
7.9
43.3
7.2
137.8
4.5
14.1
17.2
19.3 22.4 17.8
45.5 49.4
2.0
6.6
6.9
2.9
29.0 30.3 45.1
8.3
11.2 93.7
16.7 20.8 -8.7
76.4 110.4 48.2
9.9
11.7 -42.2
26.3 33.4 49.0
40.6 47.4 79.5
13.2 17.9 41.6
29.4 34.9 -16.0
126.6 149.9 21.9
9.7
11.4
3.6
48.2 46.5 22.3 253.5
32.7 41.6 124.2 47.7
35.4 41.2 -12.2 20.6
116.4 147.9 14.5 40.0
103.0 136.0 -3.5 24.2
10.4 12.2
9.1
31.6
59.6 88.1 11.6 37.5
9.2
11.6
8.4
28.1
176.1 203.2 4.4
27.8
6.0
6.7
25.3 32.9
28 February 2018
14

MOSL Universe stock performance
Company
Automobiles
Amara Raja
Ashok Ley.
Bajaj Auto
Bharat Forge
Bosch
CEAT
Eicher Mot.
Endurance Tech.
Escorts
Exide Ind
Hero Moto
M&M
Mahindra CIE
Maruti Suzuki
Motherson Sumi
Tata Motors
TVS Motor
Banks - Private
AU Small Fin. Bank
Axis Bank
DCB Bank
Equitas Hold.
Federal Bank
HDFC Bank
ICICI Bank
IDFC Bank
IndusInd
J&K Bank
Kotak Mah. Bk
RBL Bank
South Indian
Yes Bank
Banks - PSU
BOB
BOI
Canara
Indian Bk
PNB
SBI
Union Bk
NBFCs
Aditya Birla Cap
Bajaj Fin.
Capital First
Cholaman.Inv.&Fn
Dewan Hsg.
GRUH Fin.
HDFC
HDFC Stand. Life
Indiabulls Hsg
L&T Fin.Holdings
LIC Hsg Fin
M&M Fin.
Muthoot Fin
1 Day (%)
-0.3
0.6
0.9
0.6
-0.1
-2.4
-0.1
4.1
-1.7
-0.7
1.3
0.5
3.2
-1.2
-0.3
0.2
-0.5
-0.7
-2.7
-1.1
1.3
-0.5
-0.3
-2.2
-0.5
-0.4
0.8
-1.2
-0.8
-0.7
0.5
-1.6
-7.2
-4.6
-3.7
-12.1
-2.5
-4.2
2.2
-0.8
-0.7
1.7
-3.1
2.2
-0.8
0.4
-1.0
-1.5
-1.4
-1.7
0.2
1M (%)
-3.0
12.5
-8.2
6.8
-2.9
-14.2
2.3
10.0
4.3
-7.7
0.5
-2.1
1.9
-4.2
-12.1
-6.8
-4.1
-14.3
-12.4
-9.4
2.1
-5.2
-3.3
-10.8
-10.7
-2.6
-9.1
0.1
-3.9
-13.8
-10.0
-15.4
-30.1
-18.2
-17.3
-45.6
-14.5
-27.0
-4.9
-3.1
-11.6
11.8
-5.5
-5.9
-3.9
5.0
-8.1
-6.3
-8.6
-8.7
-8.4
12M (%)
-5.1
54.3
8.3
45.6
-12.2
34.5
11.5
89.4
92.4
0.3
13.2
14.1
15.8
49.4
42.0
-18.5
55.4
Company
MAS Financial Serv.
PNB Housing
Repco Home
Shriram City Union
Shriram Trans.
Capital Goods
ABB
Bharat Elec.
BHEL
Blue Star
CG Cons. Elec.
CG Power & Inds Sol.
Cummins
GE T&D
Havells
K E C Intl
L&T
Siemens
Solar Ind
Thermax
Va Tech Wab.
Voltas
Cement
Ambuja Cem.
ACC
Birla Corp.
Dalmia Bharat
Grasim Inds.
India Cem
J K Cements
JK Lakshmi Ce
Ramco Cem
Orient Cem
Prism Cem
Sagar Cements
Sanghi Inds.
Shree Cem
Ultratech
Consumer
Asian Paints
Britannia
Colgate
Dabur
Emami
Godrej Cons.
GSK Cons.
HUL
ITC
Jyothy Lab
Marico
Nestle
Page Inds
Parag Milk
Pidilite Ind.
P&G Hygiene
1 Day (%)
0.3
-0.2
-1.5
-0.9
-0.2
1.0
-1.7
-2.2
-1.1
-0.1
0.3
-1.5
1.2
-0.2
-3.8
-0.1
-0.8
0.7
0.5
-0.7
-1.0
-3.9
-1.8
1.6
-0.3
-0.9
-1.6
1.4
-0.3
2.1
-1.8
-3.8
0.8
-2.5
-0.5
0.8
0.4
-0.1
-0.3
-0.9
-0.9
2.6
-0.2
0.7
-0.1
-1.2
1.8
1.9
0.2
-1.1
-0.6
0.3
1M (%)
-5.0
-7.3
-15.9
-4.8
-6.7
-7.8
-13.9
-11.6
-3.5
-2.2
-10.3
-11.1
-0.5
-11.7
13.3
-5.3
-10.4
-6.0
-7.9
-9.1
-1.2
-4.2
-5.5
-20.0
-10.6
-1.7
-9.7
-10.8
3.5
-4.4
-2.9
-8.9
-5.7
-9.2
-7.1
-4.2
-3.4
7.1
-8.4
-7.2
-9.3
1.1
4.0
-2.0
-5.2
-3.8
1.3
3.3
2.2
-0.7
1.0
0.2
12M (%)
14.5
-16.2
2.1
44.3
27.9
11.3
-10.5
32.0
20.3
19.3
-9.4
37.7
27.2
150.6
36.7
-2.7
42.5
37.2
-2.8
66.2
9.7
15.1
31.5
42.4
37.8
-3.9
15.2
7.7
15.0
4.3
28.3
31.8
85.7
3.5
11.4
10.8
52.6
18.4
20.7
4.0
32.4
31.0
55.0
0.7
-7.4
12.9
22.1
58.2
27.7
29.6
31.6
5.6
9.1
-15.7
14.9
36.6
26.1
-16.3
27.6
-6.8
36.5
4.9
33.4
15.0
-14.0
-5.5
2.4
6.8
-29.4
-0.1
-28.9
52.2
1.2
50.2
69.8
51.2
32.9
47.6
42.9
-9.9
51.4
9.9
28 February 2018
15

MOSL Universe stock performance
Company
Prabhat Dairy
United Brew
United Spirits
Healthcare
Alembic Phar
Alkem Lab
Ajanta Pharma
Aurobindo
Biocon
Cadila
Cipla
Divis Lab
Dr Reddy’s
Fortis Health
Glenmark
Granules
GSK Pharma
IPCA Labs
Jubilant Life
Lupin
Laurus Labs
Sanofi India
Shilpa Medicare
Strides Shasun
Sun Pharma
Torrent Pharma
Infrastructure
Ashoka Buildcon
IRB Infra.Devl.
KNR Construct.
Sadbhav Engg.
Logistics
Allcargo Logistics
Concor
Gateway Distriparks
Media
Dish TV
D B Corp
Den Net.
Ent.Network
Hathway Cab.
Hind. Media
HT Media
Jagran Prak.
Music Broadcast
PVR
Prime Focus
Siti Net.
Sun TV
Zee Ent.
Metals
Hindalco
Hind. Zinc
JSPL
JSW Steel
1 Day (%)
-0.9
-1.5
1.0
-1.7
1.2
-1.8
-0.1
-0.6
0.0
-0.8
-0.1
1.8
-2.4
0.7
-1.8
-0.1
-0.4
1.1
0.6
2.2
0.9
-4.0
-0.8
-2.0
0.3
0.0
3.3
1.6
-0.1
0.9
-0.1
2.3
-0.6
0.5
-1.7
1.2
-1.6
0.6
-1.2
0.7
1.7
-2.1
-1.8
-1.6
0.3
-1.6
-0.5
-0.7
-1.2
0.6
1M (%)
-23.6
-7.1
-2.7
1.4
1.8
-6.1
-4.2
2.6
-2.6
-5.7
-7.8
-10.8
-1.0
-15.0
-14.2
-2.4
18.1
-1.4
-13.1
-2.7
1.1
-24.6
-10.9
-6.2
-5.4
-5.1
-3.9
-2.2
-2.4
-9.3
-7.8
-10.8
-1.3
-3.1
-15.3
-7.1
-14.1
-7.9
-12.3
-4.0
-1.8
-8.8
-6.7
-24.6
-8.0
-3.2
-5.4
10.4
-5.7
9.4
12M (%)
34.5
36.1
41.3
-2.8
3.7
-19.0
-9.5
66.2
-6.9
0.1
34.7
-21.8
-20.2
-42.2
-12.4
-10.4
19.3
23.9
-43.6
4.4
19.1
-31.5
-39.8
-19.3
0.3
24.7
2.1
72.5
44.4
8.8
36.0
-15.6
-23.6
-13.8
26.6
-10.7
3.9
-14.0
10.9
-9.7
4.7
20.0
-49.2
34.2
14.5
35.7
7.3
112.1
71.6
Company
Nalco
NMDC
Rain Industries
SAIL
Vedanta
Tata Steel
Oil & Gas
BPCL
GAIL
Gujarat Gas
Gujarat St. Pet.
HPCL
IOC
IGL
Mahanagar Gas
MRPL
Oil India
ONGC
PLNG
Reliance Ind.
Retail
Jubilant Food
PC Jeweller
Titan Co.
Technology
Cyient
HCL Tech.
Hexaware
Infosys
KPIT Tech
L&T Infotech
Mindtree
Mphasis
NIIT Tech
Persistent Sys
Tata Elxsi
TCS
Tech Mah
Wipro
Zensar Tech
Telecom
Bharti Airtel
Bharti Infratel
Idea Cellular
Tata Comm
Utiltites
Coal India
CESC
JSW Energy
NHPC Ltd
NTPC
Power Grid
Tata Power
1 Day (%)
0.4
-0.7
1.0
-2.6
-0.9
-1.2
-1.5
-1.3
3.3
1.5
0.0
0.3
2.8
2.7
1.5
0.3
-1.2
2.4
1.2
1.7
1.4
0.2
-1.1
0.8
0.2
0.6
2.5
-1.2
0.0
-0.7
0.2
-2.1
-0.5
0.3
-0.4
0.2
-0.8
2.1
-0.1
2.6
2.0
-1.1
-1.0
-0.9
-0.7
1.5
1.1
0.0
1M (%)
-11.3
-8.8
-4.7
-10.3
-1.7
-7.3
-11.1
-7.5
2.3
-1.8
1.9
-3.4
-0.7
1.1
-4.6
-8.5
-9.5
2.1
-1.5
-7.6
-39.7
-7.2
-2.1
-5.4
-9.1
-1.9
1.0
16.0
7.2
6.5
-9.0
7.6
-4.3
-2.4
2.0
-6.3
-5.1
-4.8
0.2
-11.4
4.9
3.7
-5.8
-6.7
-6.7
-3.6
2.0
-4.8
12M (%)
0.7
-9.3
372.1
39.7
32.9
48.3
-9.7
18.1
43.4
31.4
4.9
-2.3
47.1
19.4
13.7
6.6
-3.1
21.7
53.4
103.6
77.8
89.3
32.3
13.1
55.3
13.4
53.5
99.4
70.1
47.5
100.3
35.4
37.8
22.3
22.1
19.6
-3.7
21.2
19.6
-26.4
-11.2
-5.9
19.4
24.6
-7.1
0.2
2.6
3.6
28 February 2018
16

MOSL Universe stock performance
Company
Others
Arvind
Avenue Super.
Bata India
BSE
Castrol India
Coromandel Intl
Delta Corp
Eveready Inds.
Interglobe
Indo Count
Info Edge
Kaveri Seed
Manpasand
MCX
Monsanto
Navneet Educat.
Oberoi Realty
PI Inds.
Piramal Enterp.
Quess Corp
SRF
S H Kelkar
Team Lease Serv.
Trident
V-Guard
1 Day (%)
0.0
5.0
-0.6
-0.4
1.6
0.1
-3.1
0.4
-0.3
-0.5
2.8
0.7
-2.8
1.3
0.0
-3.0
-5.7
-1.5
-1.0
-0.4
-1.0
0.3
-0.8
-0.8
-0.7
1M (%)
-6.5
17.0
2.2
-12.1
10.0
-0.1
-4.4
-11.0
8.0
-5.6
-9.4
-1.3
-5.6
-7.0
-1.0
-6.2
-1.1
-3.9
-5.2
-10.1
3.5
-7.1
-5.8
-15.1
0.0
12M (%)
10.6
44.6
-15.9
-3.4
64.2
145.1
54.2
54.5
-38.6
47.4
8.7
7.3
-31.5
3.1
-3.7
59.9
3.5
41.9
54.0
22.6
-6.7
142.3
2.9
50.7
28 February 2018
17

THEMATIC/STRATEGY RESEARCH GALLERY

REPORT GALLERY
RECENT INITIATING COVERAGE REPORTS
Rs

DIFFERENTIATED PRODUCT GALLERY

NOTES
28 February 2018
18

Explanation of Investment Rating
Investment Rating
BUY
SELL
NEUTRAL
UNDER REVIEW
NOT RATED
Expected return (over 12-month)
>=15%
< - 10%
> - 10 % to 15%
Rating may undergo a change
We have forward looking estimates for the stock but we refrain from assigning recommendation
*In case the recommendation given by the Research Analyst becomes inconsistent with the investment rating legend, the Research Analyst shall within 28 days of the inconsistency, take appropriate measures to make the recommendation consistent with the investment rating legend.
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
www.motilaloswal.com.
MOSL is registered with the Securities & Exchange Board of India (SEBI) and is a registered Trading Member with National Stock Exchange of India Ltd. (NSE) and Bombay Stock Exchange Limited
(BSE), Metropolitan Stock Exchange Of India Ltd. (MSE) for its stock broking activities & is Depository participant with Central Depository Services Limited (CDSL) & National Securities Depository Limited (NSDL) and is member of Association of
Mutual Fund