17 September 2014
Update | Sector: Textiles
Arvind
BSE Sensex
26,631
S&P CNX
7,976
CMP: INR319
TP: INR400
Buy
Stock Info
Bloomberg
Equity Shares (m)
52-Week Range (INR)
1, 6, 12 Rel. Per (%)
M.Cap. (INR b)
M.Cap. (USD b)
Crown jewels added; prospects bright
ARVND IN
258.2
341/78
36/92/246
82.4
1.4
Beginning of a massive re – rating cycle; reiterate Buy
We extensively interacted with Mr. Sanjay Lalbhai, Mr. Kulin Lalbhai
and Mr. Jayesh Shah and came out extremely positive on their
approach and vision for brands and retail expansion plans in India. We
believe that the recent tie up with Children’s place and GAP are
transformational and major milestones for Arvind mills as it makes
them future ready and Brand Powerhouse in India.
Tie-up with GAP a big milestone; could change India’s retail landscape
GAP, a leading specialty brand retailer, with a global turnover of USD16.1b,
has tied up with ARVND to open 40-50 stores by FY18. The first store should
be operational by May 2015, with the launch of the GAP Summer 2015
collection. ARVND plans an initial footprint of 15-20 cities across India for GAP
stores. It will look at opportunities to penetrate beyond tier-1 cities/towns
over the long term. Each store, spread across 8,000-10,000sf, will be located in
the most prominent location of the city. The look-and-feel of the stores will be
similar to global GAP stores. Each store will need an investment of ~INR100m
for fixtures and other related capex, excluding working capital requirement.
ARVND will sell GAP’s global merchandise at global prices. GAP is present
across menswear, women’s wear, and most importantly, it is very strong in
kids and infant wear. Its product mix is spread across basic, fashion, modern,
and heritage categories. ARVND will also have rights to sell GAP products
through e-commerce platforms, a huge opportunity over the long term. The
management believes that GAP can generate annual revenue of INR10b in the
next five years, with 9-10% EBITDA margin in two years of operation.
Financial Snapshot (INR Million)
Y/E Mar
2015E 2016E 2017E
Net Sales
83,815103,577125,925
EBITDA
Adj PAT
EPS (INR)
Growth (%)
BV/Sh. (INR)
RoE (%)
RoCE (%)
P/E (x)
P/BV (x)
11,315 14,128 17,554
4,299
16.7
11.2
113.2
15.6
16.0
19.2
2.8
5,622
21.8
30.8
130.3
17.9
18.2
14.7
2.4
7,903
30.6
40.6
156.2
21.4
21.0
10.4
2.0
Shareholding pattern (% )
As on
Jun-14 Mar-14 Jun-13
Promoter
DII
FII
Others
43.5
13.7
23.4
19.4
43.8
14.2
22.9
19.0
43.9
19.5
16.1
20.4
FII includes depository receipts
Expect quick scale-up of GAP in India, in line with global experience
Stock Performance (1-year)
Globally, GAP store launches have been huge impact events and the
management indicated that India would be no exception. ARVND is planning
innovative brand awareness campaigns like outdoor bus advertising, exciting
store formats in line with global GAP stores to provide great consumer
experience. Globally, GAP has seen a flood of footfalls on day-1 of its launch of
new stores, with long queues. GAP stores will be exclusive brand outlets
(EBOs) and not shops-in-shops, thus maintaining exclusivity. We believe
ARVND’s tie-up with GAP highlights the management’s vision to be future
ready and create large engines of growth for the long term.
Niket Shah
(Niket.Shah@MotilalOswal.com); +91 22 3982 5426
Atul Mehra
(Atul.Mehra@MotilalOswal.com); +91 22 3982 5417
Investors are advised to refer through disclosures made at the end of the Research Report.

Arvind
Tie-up with The Children’s Place to help gain leadership in kidswear
The Children’s Place, the largest pure-play children’s specialty apparel retailer
in North America, with a turnover of USD1.8b, has also tied up with ARVND.
The plan is to open 50 stores across 15-20 cities by FY18, with average store
size of 2,000-3,000sf. The first store should be launched by fall, 2015. The
Children’s Place will be first of its kind children’s retail format in India, with a
one-stop shop offering trend-right assortment of apparel and a full line of
accessories and footwear for kids from newborn to 10 years of age at
competitive prices. The management believes that kids are the crowd pullers
for malls and high street shops. We believe its tie-up with The Children’s Place
will make ARVND a leader in the fast-growing kid’s category. It will be able to
offer an unmatched portfolio in the INR480b Indian kids wear retail segment.
The Children’s Place could be an INR5b brand in India in five years.
Beginning of a massive re – rating cycle
We believe iconic brands like Gap and The Children’s Place complete ARVND’s
brand portfolio and are highly scalable brands which will drive the margins
going forward. We believe tie up with GAP and Children’s place makes Arvind
as the preferred choice for any other large brands to enter into India. We
believe post GAP and Children’s place; Arvind will now have better bargaining
power with the mall owners for retail space and will further provide a huge
phillip to its e commerce venture given it has e commerce rights for all brands.
We believe this transaction is truly transformational and a huge milestone for
Arvind warranting a re-rating in the stock. We value the stock at 9.5x FY16E
EV/EBITDA and upgrade our target price to INR400 on the stock (Previous
target price INR300).
17 September 2014
2

Arvind
Tie-up with GAP a big milestone; could change India’s retail landscape
GAP is a leading specialty brand retailer, with a global turnover of USD16.1b. It
began operations in 1969. It is now available in 90 countries through 3,100
company-operated stores, over 350 franchised stores, and e-commerce sites.
GAP is popular for its khakis, jeans, and t-shirts, selling under brands like GAP,
Banana Republic, Old Navy, Piperlime, Athleta and Intermix. GAP is one of the
top-4 specialty retail brands of the world, others being Zara, H&M, and Uniqlo.
GAP has tied up with ARVND to open 40-50 stores by FY18. The first store
should be operational by May 2015, with the launch of the GAP Summer 2015
collection. ARVND plans an initial footprint of 15-20 cities across India for GAP
stores. It will look at opportunities to penetrate beyond tier-1 cities/towns over
the long term.
Each store, spread across 8,000-10,000sf, will be located in the most prominent
location of the city. The look-and-feel of the stores will be similar to global GAP
stores. Each store will need an investment of ~INR100m for fixtures and other
related capex, excluding working capital requirement.
ARVND will sell GAP’s global merchandise at global prices. GAP is present across
menswear, women’s wear, and most importantly, it is very strong in kids and
infant wear. Its product mix is spread across basic, fashion, modern, and
heritage categories.
Specialty retail is a USD20b-25b market growing at an impressive pace of 10-
15%. By 2020, the apparel market in India could touch USD60b and GAP is likely
to take the largest share of the pie.
ARVND will also have rights to sell GAP products through e-commerce
platforms, a huge opportunity over the long term. The management believes
that GAP can generate annual revenue of INR10b in the next five years, with 9-
10% EBITDA margin in two years of operation.
Addition of GAP will give Arvind an unmatched apparel brand portfolio in India
Source: Company, MOSL
17 September 2014
3

Arvind
GAP's competitive advantage: Product portfolio spanning menswear, womenswear, and
kidswear
Source: Company, MOSL
Arvind's portfolio most balanced and future-ready in menswear
Source: Company, MOSL
Arvind's portfolio is strongest in kidswear
Arvind's portfolio will be most future-ready in innerwear
Source: Company, MOSL
Source: Company, MOSL
17 September 2014
4

Arvind
Expect quick scale-up of GAP in India, in line with global experience
Globally, GAP store launches have been huge impact events and the
management indicated that India would be no exception. Given its iconic brand
value, GAP attracts huge footfalls, especially among the youth.
ARVND is planning innovative brand awareness campaigns like outdoor bus
advertising, exciting store formats in line with global GAP stores to provide great
consumer experience.
GAP stores will be exclusive brand outlets (EBOs) and not shops-in-shops, thus
maintaining exclusivity. Initially, these stores will offer only the GAP brand and
not its associated brands like Banana Republic, Old Navy, etc.
We believe ARVND’s tie-up with GAP highlights the management’s vision to be
future ready and create large engines of growth for the long term.
Promotional activity in Budapest, Hungary
Source: Company, MOSL
17 September 2014
5

Arvind
Promotional activity during the launch in Cyprus
Source: Company, MOSL
Mega hoarding during the launch
Source: Company, MOSL
17 September 2014
6

Arvind
Promotional campaign in Singapore
Source: Company, MOSL
..drawing consumer foot falls from Day 1!
Footfall in Brazil on Day 1
Source: Company, MOSL
Source: Company, MOSL
….and in Australia
….and so in Italy
Source: Company, MOSL
Source: Company, MOSL
17 September 2014
7

Arvind
GAP will revolutionize consumer experience in India
Gap Japan
Source: Company, MOSL
Source: Company, MOSL
Inside view of Gap store, Italy
Inside view of Gap store, Japan
Source: Company, MOSL
Source: Company, MOSL
17 September 2014
8

Arvind
Tie-up with The Children’s Place to help gain leadership in kidswear
The Children’s Place, the largest pure-play children’s specialty apparel retailer in
North America, with a turnover of USD1.8b, has also tied up with ARVND.
Globally, The Children’s Place is famous for its fashionable and high-quality
merchandise at value prices. It has 1,116 EBOs and an online store.
The Children’s Place will be first of its kind children’s retail format in India, with
a one-stop shop offering trend-right assortment of apparel and a full line of
accessories and footwear for kids from newborn to 10 years of age at
competitive prices. ARVND plans to open 50 stores across 15-20 cities by FY18,
with average store size of 2,000-3,000sf.
The management believes that kids are the crowd pullers for malls and high
street shops. We believe its tie-up with The Children’s Place will make ARVND a
leader in the fast-growing kid’s category. It will be able to offer an unmatched
portfolio in the INR480b Indian kids wear retail segment. The Children’s Place
could be an INR5b brand in India in five years.
Arvind’s kids brand portfolio
Source: Company, MOSL
Likelihood of recommending TCP specialty store
Top-of-the-mind brand awareness
Source: Brand Tracker 2012, MOSL
Source: Brand Tracker 2012, MOSL
17 September 2014
9

Arvind
Competitive pricing
Inside view of The Children’s Place
Source: Company, MOSL
Source: Company, MOSL
Engaging in marketing activity
Even popular with kids
Source: Company, MOSL
Source: Company, MOSL
The Children’s Place store
Source: Company, MOSL
17 September 2014
10

Arvind
Financials and valuations
Income statement
Y/E Mar
Net Sales
Change (%)
EBITDA
EBITDA Margin (%)
Depreciation
EBIT
Interest
Other Income
Extraordinary items
PBT
Tax
Tax Rate (%)
Reported PAT
Adjusted PAT
Change (%)
Min. Int. & Assoc. Share
Adj Cons PAT
2012
49,251
20.6
6,022
12.2
1,614
4,408
3,091
1,185
-2,450
4,953
594
12.0
4,359
2,202
33.2
0
4,359
2013
52,925
7.5
6,874
13.0
2,043
4,831
3,153
806
0
2,483
3
0.1
2,481
2,481
12.6
3
2,484
2014
68,621
29.7
9,340
13.6
2,252
7,088
3,545
694
-164
4,401
548
12.4
3,853
3,710
49.5
13
3,867
2015E
83,815
22.1
11,315
13.5
2,671
8,644
4,085
798
0
5,358
1,072
20.0
4,286
4,286
15.5
13
4,299
(INR Million)
2016E
103,577
23.6
14,128
13.6
3,009
11,119
4,377
736
0
7,478
1,869
25.0
5,608
5,608
30.8
13
5,622
2017E
125,925
21.6
17,554
13.9
3,284
14,270
4,442
692
0
10,520
2,630
25.0
7,890
7,890
40.7
13
7,903
Balance sheet
Y/E Mar
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
2012
2,580
17,738
20,318
21,283
189
41,881
39,668
13,737
25,932
1,918
417
25,827
11,261
6,422
709
7,435
12,213
11,206
1,006
13,614
41,881
2013
2,580
19,959
22,540
24,608
58
47,313
42,875
15,930
26,945
2,076
678
32,635
14,129
7,547
1,856
9,104
15,021
14,130
891
17,614
47,313
2014
2,582
23,248
25,830
29,920
435
56,427
46,709
17,782
28,927
1,347
1,293
42,066
16,281
10,093
1,663
14,028
17,205
16,127
1,078
24,860
56,427
2015E
2,582
26,641
29,223
32,920
435
62,820
52,209
20,453
31,756
0
1,293
51,135
19,541
12,400
2,530
16,663
21,364
20,070
1,294
29,771
62,820
(INR Million)
2016E
2017E
2,582
2,582
31,055
37,750
33,636
40,331
34,420
33,920
435
435
68,734
74,929
57,209
62,209
23,462
26,746
33,747
35,463
0
0
1,293
1,293
60,263
71,117
23,701
27,893
14,756
17,250
2,007
2,438
19,800
23,535
26,570
32,944
25,017
31,081
1,553
1,863
33,693
38,172
68,734
74,929
E: MOSL Estimates
17 September 2014
11

Arvind
Financials and valuations
Ratios
Y/E Mar
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)
2012
16.9
14.8
78.7
1.0
6.9
18.9
21.6
4.1
0.0
0.0
0.3
23.4
13.9
1.2
46.9
83.5
94.6
1.0
2013
9.6
17.5
87.4
1.7
20.1
33.1
18.2
3.7
2.0
15.3
0.5
11.6
12.7
1.1
51.3
97.4
112.0
1.1
2014
15.0
23.1
100.0
2.4
18.4
21.3
13.8
3.2
1.6
11.8
0.7
16.0
15.1
1.2
53.0
86.6
99.3
1.2
2015E
16.7
26.9
113.2
3.0
21.1
19.2
11.8
2.8
1.3
10.0
0.9
15.6
16.0
1.3
53.5
85.1
101.0
1.1
2016E
21.8
33.4
130.3
4.0
21.5
14.7
9.6
2.4
1.1
8.1
1.3
17.9
18.2
1.5
51.3
83.5
102.1
1.0
2017E
30.6
43.3
156.2
4.0
15.3
10.4
7.4
2.0
0.9
6.5
1.3
21.4
21.0
1.7
49.3
80.9
104.7
0.8
Cash flow statement
Y/E Mar
OP/(Loss) before Tax
Depreciation
Interest
Direct Taxes Paid
(Inc)/Dec in Wkg Cap
CF from Op. Activity
(Inc)/Dec in FA & CWIP
(Pur)/Sale of Invt
Others
CF from Inv. Activity
Inc/(Dec) in Net Worth
Inc / (Dec) in Debt
Interest Paid
Divd Paid (incl Tax)
CF from Fin. Activity
Inc/(Dec) in Cash
Add: Opening Balance
Closing Balance
2012
4,953
1,614
2,786
839
-1,874
3,352
-2,324
136
2,523
335
3
-672
-2,947
0
-3,563
124
585
709
2013
2,483
2,043
3,153
620
-1,700
4,900
-2,815
-281
-213
-3,308
0
3,253
-3,342
-298
-445
1,147
709
1,856
2014
4,073
2,252
3,545
1,078
-4,486
4,121
-3,349
-706
-1,685
-5,740
10
5,311
-3,586
-496
1,427
-192
1,856
1,664
2015E
5,358
2,671
4,085
1,072
-4,044
6,997
-4,153
0
0
-4,153
0
3,000
-4,085
-906
-1,977
867
1,664
2,530
(INR Million)
2016E
2017E
7,478
10,520
3,009
3,284
4,377
4,442
1,869
2,630
-4,446
-4,047
8,549
11,569
-5,000
-5,000
0
0
0
0
-5,000
-5,000
0
0
1,500
-500
-4,377
-4,442
-1,208
-1,208
-4,072
-6,137
-523
432
2,530
2,007
2,007
2,439
E: MOSL Estimates
17 September 2014
12

Arvind
NOTES
17 September 2014
13

Disclosures
Arvind
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Analyst ownership of the stock
ARVIND
No
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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
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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:
Anosh Koppikar
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17 September 2014
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