India Strategy
Gautam Duggad
Gautam.Duggad@motilaloswal.com
Abhishek Saraf, CFA
Abhishek.Saraf@motilaloswal.com
The Eagle Eye
February 2025
June 2020
Anshul Agarawal
Aanshul.Agarawal@motilaloswal.com
Deven Mistry
Deven@motilaloswal.com
1
 Motilal Oswal Financial Services
CONTENTS
GLOBAL MARKETS
India and China underperform
global equity markets in Jan’25
MSCI India underperforms global
indices and remains nearly flat in
the past one year
Nasdaq’s outperformance widens;
Nifty Midcap 100 takes the second
spot in the past decade
India market had a weak start to
CY25 with most sectoral indices
reporting a decline MoM
DOMESTIC MARKETS
Sharp decline in SMIDs
About 70% of Nifty-50 and Nifty-
500 companies ended in red
since Jul’24 Budget
SMIDs’ valuations have
expanded materially
FLOWS AND VOLUMES
DII inflows further strengthen,
while FII sell-off intensifies
Monthly average cash volumes
weaken, while F&O volumes
remain flat MoM
DII inflows during CY21-25YTD
touch USD140b, while FII flows
stay flat
KEY RESEARCH REPORTS
Union Budget 2025-26: Focus on
fiscal consolidation and
consumption
10-year Union Budget analysis:
Balancing growth, investments,
prudence and populism
Top ideas of CY25
INTERESTING SNIPPETS
DII vs. FII ownership spread
converged to an all-time low
Record FII outflows during
Oct’24-Jan’25
Forex reserves moderate for the
fourth consecutive month to
USD630b
VALUATIONS
The 12-month trailing P/E for the
Nifty stands at 22.6x, near its LPA
Nifty’s 12-month forward P/E
trades at 19.9x, at its LPA
India’s market capitalization-to-
GDP ratio down from an all-time
year-end high
CHART BOOK | February 2025
2
June 2020
 Motilal Oswal Financial Services
A view from the EAGLE’S EYE!
CHART BOOK | February 2025
3
June 2020
 Motilal Oswal Financial Services
KEY EXHIBITS Sharp decline in SMIDs
Nifty50/Midcap100/Smallcap100/Nifty500 fell 13%/15%/17%/12% from Sep’24 highs, while 9/32/55/208 constituents of those indices fell over 30% from
their 52-week highs.
Key index constituents decline more than 30% from 52-week highs
% of stocks and number of stocks
208 stocks
32 stocks
55 stocks
55%
42%
32%
9 stocks
18%
Nifty
Nifty MidCap 100
NSE 500
Nifty SmallCap 100
Lesser proportion of SMIDs trading above 30x, though overall valuation still stretched
Percentage/No. of stocks > 30 FY26E P/E
42%
49%
Jul'24 FY26 P/E
Feb'25 FY26 P/E
45%
42%
37%
41%
35%
38%
32%
28%
No of Stocks above
30 P/E
Jul'24 FY26 P/E
Feb'25 FY26 P/E
Nifty 50
28%
14
16
32%
NSE 500
211
42%
208
42%
Nifty MidCap 100
49
49%
45
45%
Nifty SmallCap 100
37
37%
35
35%
MOFSL Universe
112
38%
123
41%
CHART BOOK | February 2025
4
June 2020
 Motilal Oswal Financial Services
KEY EXHIBITS SMIDs’ valuations have expanded materially
For largecaps, earnings growth was in line with market cap growth in the last six years; however, their market cap (excl. Financials) grew faster than earnings.
Smallcaps witnessed broad-based rerating across the sectors, while rerating was high in midcaps, excluding financials.
PAT vs. Market cap CAGR (%)
MOFSL Largecaps (85 companies)
FY19-FY25E; 6-yr CAGR (%)
PAT
Market cap
21
18
16
17
16
11
Largecaps (85 cos)
MOFSL Midcaps (87 companies)
FY19-FY25E; 6-yr CAGR (%)
Ex-Financials
MOFSL Small caps (122 companies)
FY19-FY25E; 6-yr CAGR (%)
Ex-Commodities
PAT
Market cap
PAT
Market cap
25
19
19
20
19
16
12
17
16
13
11
9
Midcaps (87 cos)
Ex-Financials
Ex-Commodities
Smallcaps (122 cos)
Ex-Financials
Ex-Commodities
Note: MOFSL Universe considered. Largecaps (85 companies), Midcaps (87 companies) and Smallcaps (122 companies) are defined as per SEBI classification
CHART BOOK | February 2025
5
June 2020
 Motilal Oswal Financial Services
KEY EXHIBITS
The fiscal kicker to weak consumption
A slowdown in consumption is a decade-long phenomenon. The sales CAGR of MOFSL consumer universe halved in this decade vs. the previous one.
Consumer stocks under MOFSL coverage clocked single-digit sales growth due to a weak demand environment during the past decade.
However, a 10% profit CAGR during FY15-FY25E is majorly driven by margin expansion.
Sales growth of key consumer companies
36
Sales CAGR (%)
FY05-FY15
FY15-FY25E
Sales growth of consumer sector
16
Sales CAGR (%)
12
12
19
9
18
9
16
8
17
12
7
7
19
18
15
6
20
7
5
4
4
FY05-15
FY15-25E
FY05-25E
Page Asian Paints
Industries
Britannia
Nestle
ITC
Hind.
Unilever
Marico
Dabur
Colgate
United
Spirits
PAT growth of consumer sector
PAT CAGR (%)
PAT growth of key consumer companies
47
PAT CAGR (%)
FY05-FY15
FY15-FY25E
17
13
10
13
23
12
13
14
23
21
17
11
6
22
21
16
10
17
8
12
11
10
FY05-15
FY15-25E
FY05-25E
Page
Industries
Asian
Paints
Britannia
Nestle
ITC
Hind.
Unilever
Marico
Dabur
Colgate
United
Spirits
Note: MOFSL Consumer companies considered for analysis (Like for Like)
CHART BOOK | February 2025
6
June 2020
 Motilal Oswal Financial Services
KEY EXHIBITS FY26 Union Budget: Focus on fiscal consolidation and consumption
Union Budget 2025-26 in numbers
FY24
INR t
27.9
27.3
34.7
23.3
19.6
9.1
10.4
15.1
2.3
3.1
9.6
11.4
4.0
0.6
0.3
44.4
29.4
34.9
10.6
4.3
2.9
2.4
6.2
4.4
2.4
9.5
16.5
7.7
8.9
5.9
295.4
INR t
31.5
30.9
38.5
25.6
22.4
9.8
12.6
16.2
2.4
3.1
10.6
13.0
5.3
0.6
0.5
47.2
31.5
37.0
11.4
4.3
3.0
2.8
6.2
4.8
2.8
10.2
15.7
6.1
9.6
4.3
324.1
FY25RE
% YoY
12.8
13.2
11.2
9.9
14.4
7.6
20.3
7.1
0.8
-0.1
10.9
13.9
32.2
-1.3
66.7
6.1
7.0
5.8
7.0
-1.6
2.3
15.4
0.0
8.4
15.2
7.3
% of GDP
9.7
9.5
11.9
7.9
6.9
3.0
3.9
5.0
0.7
0.9
3.3
4.0
1.6
0.2
0.2
14.6
9.7
11.4
3.5
1.3
0.9
0.8
1.9
1.5
0.8
3.1
4.8
1.9
3.0
1.3
INR t
35.0
34.2
42.7
28.4
25.2
10.8
14.4
17.5
2.4
3.2
11.8
14.3
5.8
0.8
50.7
33.6
39.4
12.8
4.3
3.1
2.8
7.4
5.0
1.9
11.2
15.7
5.2
10.5
2.9
357.0
FY26BE
% YoY*
11.1
10.8
10.8
11.0
12.7
10.4
14.4
8.3
2.1
3.9
10.9
10.5
9.8
28.8
7.4
6.7
6.7
12.2
-0.4
4.9
0.6
20.6
5.1
-31.1
10.1
% of GDP
9.8
9.6
12.0
7.9
7.1
3.0
4.0
4.9
0.7
0.9
3.3
4.0
1.6
0.2
14.2
9.4
11.0
3.6
1.2
0.9
0.8
2.1
1.4
0.5
3.1
4.4
1.5
2.9
0.8
Total receipts
Revenue receipts
Gross taxes
Net taxes
Direct taxes
Corporation taxes
Income taxes
Indirect taxes
Customs
Excise duties
Goods & services tax (GST)
Devolution to States
Non-tax revenue
Non-debt capital receipts
Divestment
Total expenditure
Core spending
Revenue expenditure
Interest payments
Defense
Subsidies
Pensions
Grants to states/UTs
Non-defense pay/allowances
Other
Capital expenditure
Fiscal deficit
Revenue deficit
Capital deficit
Primary deficit
Nominal GDP
9.7
10.1
Source: Union Budget 2025-26, MOFSL
CHART BOOK | February 2025
7
June 2020
 Motilal Oswal Financial Services
KEY EXHIBITS Budget: Total FY26 receipts budgeted to grow lowest in three years
The GoI has reduced its FY25RE total receipts to INR31.5t from INR32.1t (reduction of INR602b). While gross taxes are revised up by INR130b to INR38.5t in
FY25RE from INR38.4t in FY25BE, higher devolution to states (by INR400b) has reduced net tax receipts of the central government to INR25.6t in FY25RE from
INR25.8t in FY25BE (reduction of INR265b).
Total spending is budgeted at INR50.7t in FY26BE vs. INR47.2t in FY25RE (revised lower by INR1040b in FY25RE, entirely led by lower capital spending),
implying 7.4% growth in FY26 (highest in three years).
Receipts expected to grow 11.1% in FY26BE, the lowest in 3 years…
Total receipts (% of GDP)
Total receipts (% YoY)
30.6
14.8
9.1
9.4
9.2
9.1
9.1
4
19
13.6 12.8
11.1
9.4
9.7
9.8
77
78
75
77
80
79
77
…and non-tax receipts to account for 17% of receipts
Net Tax receipts
4
17
5
20
5
19
7
12
Non Tax receipts
7
14
4
3
12
Non-debt capital receipts
(%)
2
2
2
3
2
12
14
17
17
17
19
14.4
7.7
7.4
8.8
11.1
5.2
8.7
-3.5
8.5
9.4
9.1
84
82
85
83
81
81
9.4
9.1
Total spending growth budgeted to rise to 7.4% in FY26BE
Total spending (% YoY)
30.7
Total spending as share of GDP to ease to 6 years low
20
15
Total Spending (% of GDP)
14.6
14.2
16.0
10.6
6.7
7.6
10.3
8.4
8.1
8.1
10.5
6.0
6.1
10
7.4
5
0
CHART BOOK | February 2025
8
June 2020
 Motilal Oswal Financial Services
KEY EXHIBITS
Focus on roads and railways moderates
After the strong run-up in the past decade, the capex budget for both roads and railways is expected to remain flat YoY at INR2.5t and INR2.6t, respectively,
while the capex budget for defense is likely to grow 13% YoY to INR1.8t in FY26RE.
The annual capital expenditure budget jumped 5x in the last 10 years to INR10.2t as of FY25RE.
Notably, budget expenditure toward roads and railways saw the highest growth of 17x and 9x to INR2.6t and INR2.5t as of FY25RE (vs. FY14), respectively.
Capital expenditure bifurcation (%)
Defense (%)
Railways (%)
Roads & highways (%)
Others (%)
Loans & advances (%)
INR t
Annual capital expenditure growth in the segment
during FY14 to FY25RE INR t/(x)
36.6t
16
17
10.2t
17
17
11.2t
20
18
23
3.4t
4.6t
16
7.8t
13
25
13.1t
11
24
16
16
Loans and
advances
Others
Road &
highways
Railway
Defense
INR 0.2 to
1.7t
INR.5t to
1.8t
INR0.1t to
2.6t
INR 0.3t to
2.5t
INR 0.8t to
1.6t
9x
4x
17x
9x
2x
41
31
6
27
4
7
21
FY00-04
FY05-09
FY10-14
5
9
14
26
25
22
39
42
33
20
FY15-19
FY20-24
25
16
FY25RE
22
16
FY26BE
Budget Estimates as of Union Budget 1
st
Feb, 2025
CHART BOOK | February 2025
9
June 2020
 Motilal Oswal Financial Services
KEY EXHIBITS Key budgetary reforms drive domestic cyclicals outperformance
The NDA government over the past decade has pivoted from the previous govt ‘consumption push toward embracing a supply-side reform policy.
India’s economic expansion under the NDA government has driven strong m-cap growth across domestic cyclicals like BFSI, Automobiles, and Capital
Goods.
Also, domestic cyclicals’ profit growth surged as their PAT quadrupled from INR1.5t to INR6.3t between FY14 and FY24.
Report link
Domestic cyclicals led robust market cap growth across sectors over the last two budget cycles…
37
32
Market Cap (INR t)
27
Jul'14
Jul'19
Jan'25
3x
5x
3x
26
24
3x
4x
4x
15
19
6x
19
3.5x
18
16
11
Technology
6
2x
15
9
Oil & Gas
13
8
Consumer
15
15
5x
5
Metals
3
5
6
7
5
5
3
7
NBFCs
5
6
7
Banks - Private
Automobiles
Capital Goods
Healthcare
Banks - Public
…their profit quadrupled from INR1.5t to INR6.3t between FY14 and FY24
Adj PAT (INR t)
6.3
Adj PAT CAGR
(FY14 to FY19)
(FY19 to FY24)
Domestic: 2%
Domestic:
30%
Global:
7%
Global: 15%
Defensives: 5%
Defensives: 13%
FY14
FY19
FY24
3.6
1.5
1.7
1.3
2.6
1.1
1.5
1.8
Domestic Cyclicals
Global Cyclicals
Defensive
CHART BOOK | February 2025
10
June 2020
 Motilal Oswal Financial Services
KEY EXHIBITS
Sector-specific earnings to be in focus after the recent market fall
The Technology sector has outperformed most sectors since the Sep’24 market fall.
Amid slowing earnings and rich valuations, the focus is expected to shift to the sectors with better earnings growth prospects. During FY24-26E, Real
Estate, Metals, Cap. Goods, and Healthcare are expected to clock the highest earnings growth, with healthy earnings growth for Technology and Banks.
Sectoral performance since the 2024 highs (%): Technology the only gainer; Real Estate, Energy, and Media declined the most
28
21
11
30
18
16
9
1
-7
3yr CAGR (%)
25
15
15
7
Change since 23rd Sep high (%)
24
11
-10
-12
-13
-8
-10
-12
-14
-16
-17
-11
-19
-23
-26
Sectoral earnings growth expectations (%): Real Estate, Metals, Capital goods and Healthcare to post earnings growth of more than 20% during FY24-26E
57
43
26
10
24
18
22
17
6
36
25
28
23
11
FY21-24 earnings CAGR (%)
46
15
FY24-26E earnings CAGR (%)
31
20
25
9
15
7
7
12
9
11
9
-7
MOFSL coverage Universe considered for future earnings projections
CHART BOOK | February 2025
11
June 2020
 Motilal Oswal Financial Services
KEY EXHIBITS
3QFY25 Interim Review: In line with modest expectations
Downgrades outpace Upgrades by 4x; Nifty EPS cut 1.2%/1.5% for FY26E/FY27E
Earnings of the 183 MOFSL Universe companies grew 3% YoY (est. +4% YoY) in 3QFY25. The aggregate performance was hit by a drag from global commodities.
Excluding Metals and O&G, the MOFSL Universe and Nifty clocked 8% and 4% earnings growth vs. expectations of +8% and +5%, respectively.
The Nifty EPS estimate for FY26 was cut by 1.2% to INR1,205. FY27E EPS was also reduced by 1.5% to INR1,378 (from INR1,398).
Report link
Sales
Sector
(no of companies)
Automobiles (11)
Capital Goods (4)
Cement (7)
Chemicals (5)
Consumer (12)
Cons. Durables (5)
EMS (5)
Financials (50)
Banks-Private (12)
Banks-PSU (5)
Insurance (5)
NBFC - Lending (15)
NBFC-Non Len. (13)
Healthcare (11)
Infrastructure (1)
Logistics (6)
Media (1)
Metals (6)
Oil & Gas (10)
Ex OMCs (7)
Real Estate (8)
Retail (9)
Staffing (4)
Technology (12)
Telecom (2)
Utilities (3)
Others (11)
MOFSL Univ. (183)
Ex Financials
Ex Metals & Oil
Nifty (36)
EBIDTA
Chg. %
QoQ
3.8
2.7
31.5
11.3
0.6
14.9
4.6
-0.7
0.7
-6.7
19.0
3.3
-3.3
1.2
28.4
7.2
-0.8
19.4
23.8
9.5
20.0
20.6
4.2
2.9
37.3
13.1
62.2
9.9
15.5
5.0
7.7
Chg. % Var. over
Dec-24
YoY
Exp. %
-6
17.6
-30
24.8
1
24.9
89
11.8
10
9.0
11
16.3
48
16.1
13
13.2
52
3.0
3
4.8
29
6.3
8
6.9
72
16.5
36
7.7
6.0
10.2
6.9
-6.7
-2.9
-9.0
8.0
-3.0
2.4
1.9
0.9
0.1
2.6
2.7
0.6
0.1
4.7
21.0
5.1
6.3
9.3
1.3
1.9
2.1
-5.4
-2.2
1.6
27.1
-3.6
-6.4
1.2
1.3
0.1
1.7
195
73
29
8
91
15
5
1,047
553
285
26
148
36
98
3
42
3
274
599
470
32
19
3
419
56
69
59
3,140
2,092
2,267
2,140
Chg. %
QoQ
10.7
2
45.9
13
0.8
5
-27.6
-1
-2.0
-2
10.3
9
-11.3
-3
20.8
6
1.2
31
25.9
5
23.1
37
22.2
3
74.5
-4
526.7
10.7
17.4
5.4
5.5
PBT
PAT
Chg. %
YoY
-8.7
23.4
-47.0
29.3
-0.9
23.4
94.9
10.2
1.5
29.3
36.4
7.2
27.9
16.1
18.4
15.7
129.5
-9.2
-10.2
-7.4
50.6
1.5
50.4
8.8
10.8
4.6
33.7
2.8
-0.8
7.9
1.3
Var.
over
Exp. %
-8.2
-3.0
-10.0
12.6
-5.8
-5.5
-17.5
3.5
-0.8
14.4
9.2
2.1
-0.6
3.3
10.2
3.6
29.9
8.6
-6.8
-4.3
12.7
-10.3
-3.1
-0.1
10.7
-9.9
-17.5
-0.8
-3.0
-0.2
-0.6
Dec-24
2,072
725
422
61
473
175
146
2,370
922
473
633
280
63
464
20
156
20
1,903
7,658
3,483
114
294
125
1,967
133
439
605
20,343
17,973
10,782
12,265
Chg. %
QoQ
6.4
6.4
11.0
2.3
2.6
4.3
-3.0
3.6
1.3
1.2
9.5
3.8
-0.3
1.7
27.7
8.0
-1.1
4.9
6.6
1.9
10.1
13.2
4.8
1.2
1.6
0.5
12.5
5.4
5.6
4.6
4.4
Chg. % Var. over
Dec-24
YoY
Exp. %
5.6
19.0
-0.2
17.6
6.3
15.9
90.3
10.4
9.0
3.2
13.8
16.7
34.0
10.4
2.9
12.7
-3.3
1.2
0.2
2.8
19.4
19.3
13.6
5.9
3.8
4.3
16.7
5.0
4.4
9.5
4.7
-1.1
-1.3
0.3
-0.1
-0.4
1.4
1.3
-1.6
-0.3
-1.4
-4.4
0.3
0.5
1.6
20.5
2.3
-4.5
-0.4
-1.1
3.7
-9.5
-0.2
2.6
0.1
-2.6
0.4
0.2
-0.8
-0.7
-0.6
1.3
255
82
60
12
99
17
8
1,316
694
344
31
213
35
121
10
62
3
409
919
687
41
29
4
448
81
130
123
4,228
2,913
2,900
2,815
Chg. % Var. over
Chg. %
Dec-24
YoY
Exp. %
QoQ
3.1
20.9
-53.9
25.7
-0.8
18.0
119.2
11.0
4.8
23.3
36.5
7.0
30.1
16.8
9.7
6.0
95.8
1.8
-2.4
3.7
32.8
1.9
36.8
9.0
130.8
8.0
70.9
7.1
5.3
10.7
5.3
-1.8
-3.5
-23.5
11.8
-5.1
-4.8
-11.5
2.4
-1.8
12.0
9.4
1.8
-0.5
5.5
12.2
-0.9
10.7
15.7
-1.4
3.2
0.7
-8.7
-2.7
0.5
54.8
-2.2
-14.7
1.5
1.1
0.8
1.3
143
12.4
49
4.8
23
59.5
6
16.4
68
-0.2
11
5.3
3
-1.2
791
-0.5
420
-2.9
209
-0.4
22
10.4
112
10.0
28
-8.3
75
0.2
2
122.2
36
10.7
2
23.1
172
26.4
398
16.4
299
-6.9
32
35.0
14
29.0
3
23.6
309
2.9
20
29.5
49
-5.3
53
1,056.4
2,259
9.3
1,468
15.4
1,690
6.3
1,526
3.7
CHART BOOK | February 2025
12
June 2020
 Motilal Oswal Financial Services
KEY EXHIBITS
FY25/FY26 earnings estimates cut by 9%/7% for MOFSL universe since Apr’24
Most sectors witnessed a significant reduction in their FY25/FY26 earnings estimates since April’24.
Telecom and Metals saw the highest upgrades in FY26 earnings estimates.
PAT (INR b) - As of Apr'24
PAT (INR b) - Current
% Revision
Sector
No of Cos
NBFC - Non Lending
Telecom
Metals
EMS
Insurance
Healthcare
Others
Capital Goods
Real Estate
Logistics
Infrastructure
Consumer
4
4
10
5
7
23
16
11
10
8
3
19
FY25E
27
-39
1,087
9
489
495
202
297
130
148
22
636
FY26E
33
42
1,292
13
546
581
277
370
162
182
28
705
FY25E
34
-9
982
8
512
495
180
293
107
140
19
590
FY26E
43
53
1,368
13
558
590
277
365
160
174
27
668
FY25E
26.2
-77.0
-9.6
-4.9
4.7
-0.1
-11.0
-1.2
-17.1
-5.6
-11.2
-7.2
FY26E
31.6
25.8
5.8
2.3
2.2
1.7
0.3
-1.3
-1.7
-4.3
-4.4
-5.1
Banks-PSU
Automobiles
Consumer Durables
Chemicals
Technology
Media
NBFC - Lending
Banks-Private
Oil & Gas
Retail
Cement
Staffing
MOFSL Universe
6
25
2
12
12
3
22
12
15
17
11
4
126
1,560
966
22
83
1,294
28
664
1,897
2,135
115
260
13
12,539
1,822
1,113
29
102
1,520
34
818
2,241
2,364
151
302
18
14,745
1,592
930
22
68
1,221
24
550
1,782
1,657
90
172
10
11,469
1,725
1,034
27
93
1,366
30
723
1,978
2,056
121
241
13
13,704
2.1
-3.7
0.5
-17.7
-5.7
-14.3
-17.2
-6.1
-22.4
-21.8
-33.9
-26.1
-8.5
-5.4
-7.1
-7.4
-9.1
-10.1
-10.9
-11.7
-11.7
-13.0
-19.8
-20.1
-27.4
-7.1
Note: Earnings estimates as of Apr’24 and 31
st
Jan’25, like-for-like companies under MOFSL coverage
CHART BOOK | February 2025
13
June 2020
 Motilal Oswal Financial Services
KEY EXHIBITS ~ 70% of Nifty50 and Nifty500 companies ended in red since Jul’24 Budget
Nifty50: About 32 stocks ended lower, with 12 declining more than 15% between the two budgets.
Nifty500 (excl. Nifty50): About 325 stocks ended lower, while 201 declined more than 15% since 23rd Jul’24.
Nifty50 stock performance: 23
rd
July’24 vs. 31
st
Jan’25
25
17
Change (%)
12
11
9
9
8
7
7
6
-10
-16
-17
-19
-21
-21
-24
-24
-27
-29
-30
Nifty500 (excl. Nifty50) stock performance: 23
rd
July’24 vs. 31
st
Jan’25
138
74
70
Change (%)
55
51
50
49
46
45
44
-12
-38
-41
-41
-41
-41
-42
-44
-45
-50
-53
CHART BOOK | February 2025
14
June 2020
 Motilal Oswal Financial Services
KEY EXHIBITS Ownership analysis: DII vs. FII ownership spread converged as of Dec’24
Relentless FII selling has led to a continuous decline in its share in ownership in Indian equities.
DII ownership continues to rise, with both FII and DII converging at 17.5% as of Dec’24.
FIIs ownership(%)
DII ownership(%)
Share of FIIs continues to decline, while share of DIIs continues to rise
22.3
21.0
20.3
19.9
20.3
21.5
21.7
19.6
19.0
16.1
18.4
16.8
17.5
17.5
12pp
13.5
11.5
10.4
Dec 14
Dec 15
Dec 16
Dec 17
Dec-18
11.9
12.5
14.2
13.9
13.3
Dec-19
Dec-20
Dec-21
Dec-22
Dec-23
Dec-24
Share of DIIs and Public rises, while share of FIIs declines in the past two years (%)
Promoter (%)
15.8
10.4
22.3
16.2
11.5
21.0
17.0
11.9
16.5
12.5
19.9
16.1
13.5
20.3
FIIs (%)
DII (%)
14.4
14.2
21.5
Public / Others (%)
14.6
13.9
16.4
13.3
19.6
13.4
16.1
19.0
14.1
16.8
18.4
14.5
17.5
17.5
20.3
21.7
51.5
51.3
50.9
51.1
50.1
49.9
49.8
50.7
51.4
50.7
50.5
Dec 14
Dec 15
Dec 16
Dec 17
Dec-18
Dec-19
Dec-20
Dec-21
Dec-22
Dec-23
Dec-24
CHART BOOK | February 2025
15
June 2020
 Motilal Oswal Financial Services
KEY EXHIBITS Divergence between cumulative FII and DII flows at an all-time high
Sharp FII outflows have led to a significant change in the ownership structure in the past two years.
12-month cumulative FII/DII flows (USD b)
85
65
45
25
5
-15
-35
72.2
75.7
T12 month cumulative FII flows (USDb)
T12 month cumulative DII flows (USDb)
69.7
-6.0
DII ownership as proportion of free float at all-time high
FII Proportion of Free Float (%)
DII Proportion of Free Float (%)
46.0
43.2
41.3
23.6
24.1
25.6
27.1
40.6
40.6
28.4
27.7
42.9
35.3
43.2
39.8
26.9
33.2
34.0
39.1
37.4
35.4
21.5
Axis Title
CHART BOOK | February 2025
16
June 2020
 Motilal Oswal Financial Services
Macro, Markets, and More…
CHART BOOK | February 2025
17
June 2020
 Motilal Oswal Financial Services
India and China underperform global equity markets in Jan’25
CY25YTD performance of global equity indices in USD terms (%)
11
9
MoM change (%)
8
7
7
6
3
2
2
1
-2
-2
India is among the top-performing markets and has outperformed China and other EMs over the past three years (between Jan’22 and Jan’25)
3-Yr CAGR (%)
13
(in USD)
11
10
6
4
3
2
2
0
-3
-6
-7
CHART BOOK | February 2025
18
June 2020
 Motilal Oswal Financial Services
MSCI India underperforms global indices and remains nearly flat in the past one year
Key MSCI Indices: India has been a key underperformer since Jan’24
MSCI India
154
MSCI US
MSCI World
MSCI EM
MSCI China
(indices rebased to 100)
153
129
131
125
120
112
103
138
122
106
90
MSCI China and US outperform global indices in CY24
YoY Change(%)
(in USD)
But MSCI India outperforms EMs in the last 10 years
10-yr CAGR (%)
12
(in USD)
31
25
20
12
9
6
5
1
0
MSCI China
MSCI US
MSCI World
MSCI EM
MSCI India
MSCI US
MSCI World
MSCI India
MSCI EM
MSCI China
CHART BOOK | February 2025
19
June 2020
 Motilal Oswal Financial Services
Nasdaq’s outperformance widens; Nifty Midcap 100 takes the second spot in the past decade
Performance of the Nifty 50, Nifty Midcap 100, and Nifty Smallcap 100 indices vs. the US Nasdaq, US S&P500, and China
(indices rebased to 100; in USD)
450
Nasdaq
Nifty Midcap 100
423
400
US S&P 500
Nifty Smallcap 100
Nifty50
Japan
China
350
312
303
300
250
200
234
207
175
150
100
89
50
Source: Bloomberg, MOFSL
CHART BOOK | February 2025
20
June 2020
 Motilal Oswal Financial Services
Weak start to CY25 for India; most sectoral indices decline in Jan’25
Sectoral performance MoM (%): Barring Auto, most of the sectoral indices declined MoM in Jan’25
0
-1
0
-1
-2
MoM change (%)
-2
-3
-3
-4
-5
-8
-6
-10
-12
-13
Sectoral performance since CY24 highs (%): Technology outperformed key sectoral indices since Sep’24 highs
1
Change since Sep'24 high
-10
-7
-12
-13
-8
-10
-12
-14
-16
-17
-19
-23
-26
Note: (*) represents BSE capital goods index.
CHART BOOK | February 2025
21
June 2020
 Motilal Oswal Financial Services
About 52% of Nifty constituents end higher in Jan’25
Among Nifty constituents, 26 stocks closed higher MoM and 22 underperformed the benchmark. Bajaj Finance, Maruti Suzuki, and
Tata Consumer were the top gainers, whereas Trent, Dr. Reddy’s and BPCL were the key laggards.
About 32 Nifty constituents traded higher in CY24. Trent, MM, and Bharat Electronics were the top gainers, whereas IndusInd Bank,
Asian Paints, and Nestle were the key laggards.
Best and worst Nifty performers in Jan’25 on MoM basis (%)
16
13
12
11
10
8
8
7
7
7
-1
-6
-7
-7
-8
-10
-10
-11
-11
-12
-19
Best and worst Nifty performers in CY24 (%)
133
74
59
54
50
41
34
31
30
30
9
-7
-7
-11
-11
-11
-13
-15
-18
-33
-40
CHART BOOK | February 2025
22
June 2020
 Motilal Oswal Financial Services
About 67% of BSE-200 constituents end lower in Jan’25
In Jan’25, 34% of BSE-200 stocks closed higher. SRF, UPL and SBI Cards gained the most during the month.
About 133 BSE-200 constituents traded lower in Jan’25 MoM. Voltas, Oracle Fin. Serv. and Oberoi Realty were the key laggards.
Top gainers from the BSE-200 pack on MoM basis (%)*
26
21
17
15
13
12
10
9
8
8
8
7
6
6
6
6
5
5
5
5
5
5
5
4
4
4
4
4
3
3
-2
Top laggards from the BSE-200 pack on MoM basis (%)*
-2
-30
-29
-14 -13 -13
-13
-13 -13
-12
-12
-16 -16 -16 -16
-16
-15 -15 -15
-15
-15 -15 -14 -14
-18 -17
-22 -21 -21 -20 -19
*The list excludes Nifty constituents.
CHART BOOK | February 2025
23
June 2020
 Motilal Oswal Financial Services
NBFC and O&G weights rise, while weights of Pvt Banks and Healthcare decline MoM
In Jan’25, NBFC, O&G and Auto witnessed an increase in weights, while those of Pvt. Banks, Healthcare, and Retail declined MoM
Sector
Automobiles
Banks – Private
Banks – Public
NBFC + Insurance
Capital Goods
Cement
Consumer
Healthcare
Metals
Oil and Gas
Reliance
Retail
Telecom
Technology
Utilities
Miscellaneous
Nifty
Dec’08
2.5
5.0
5.4
2.3
7.7
1.7
6.5
2.6
4.8
24.5
10.6
0.0
11.6
9.0
13.3
3.3
100
Dec’12
8.8
16.9
4.7
7.9
5.9
4.2
12.3
5.0
3.8
12.3
7.4
0.0
2.0
11.4
4.5
0.5
100
Weightage in the Nifty (%)
Dec’20
Dec’21
Dec’22
5.4
5.0
5.3
24.7
21.9
24.2
1.8
2.3
2.9
12.3
11.4
10.6
2.6
3.0
3.1
2.2
2.4
1.8
10.4
9.4
10.3
3.6
3.4
3.8
2.0
2.9
2.9
12.5
12.3
12.1
10.7
10.8
11.0
1.1
1.4
1.4
2.0
2.1
2.5
16.3
19.1
14.0
2.1
2.1
2.5
1.0
1.2
2.6
100
100
100
Dec’23
6.5
28.2
2.6
4.5
4.4
2.1
10.8
4.0
3.0
10.5
9.2
1.6
2.7
13.6
3.6
1.9
100
Dec’24
7.4
27.1
2.9
4.6
5.0
2.1
9.0
4.2
2.7
9.2
7.8
2.8
4.0
14.1
3.6
1.4
100
Jan’25
7.6
26.5
2.8
5.0
5.0
2.1
9.0
3.9
2.7
9.6
8.1
2.6
4.1
14.0
3.6
1.3
100
Note: The merger of HDFC Bank and HDFC Ltd. resulted in a shift in weightage from NBFCs to private banks in CY23.
CHART BOOK | February 2025
24
June 2020
 Motilal Oswal Financial Services
DII inflows further strengthen, while FII sell-off intensifies
FIIs sold Indian equities worth USD8.4b (second-highest monthly outflow) in Jan’25, while DIIs invested USD10b (second-highest monthly inflows),
clocking 18 subsequent months of inflows.
DII inflows during CY21-25YTD touched USD140b, while FII flows remained flat during the same period.
Monthly institutional flows (USD b)
Monthly FII flows (USD b)
5.0
1.8 1.9
6.7
4.1
1.7
2.3
0.5
-1.1
-3.0
7.0
4.0
3.1 3.3
1.4
Monthly DII flows (USD b)
5.9
1.3
4.1
-2.2
-8.4
-10.9
2.3
3.7
0.3
0.5
-0.3
3.0 2.4 3.4
6.8
5.3
1.7 1.6
12.8
10.0
6.7
3.4 2.8
5.8
3.8
5.3
-0.6
-3.7
-2.3-2.7
3.2
3.1
4.0
-3.1
-0.4
Yearly institutional flows (USD b)
FII (USD b)
14.2
23.4
Cumulative
outflow of USD 1b
21.4
DII (USD b)
Cumulative inflow
of USD 140b
32.2
22.3
62.9
3.8
-0.8
-4.6
-8.4
-17.0
15.9
6.0
12.1
10.0
-5.0
CHART BOOK | February 2025
25
June 2020
 Motilal Oswal Financial Services
Monthly average cash volumes weaken, while F&O volumes remain flat MoM
Monthly average cash volumes declined 8% MoM in Jan’25 to a 14-month low of INR1.0t (down 32% from the highs of Jun’24 ).
Non-institutional participation accounted for 49% of the total cash volumes.
Monthly average F&O volume was flat MoM at INR298t (down 44% from the Sep’24 highs).
Monthly Avg. Cash Volume (INR b)
1750
1350
950
550
150
Non Institution % to Cash Volume (RHS)
78
66
54
49
42
30
Monthly Avg F&O Volume (INR t)
Cash % to Total Volumes
600
450
300
7.0
5.3
3.5
150
0
1.8
0.3
0.0
CHART BOOK | February 2025
26
June 2020
 Motilal Oswal Financial Services
The 10-year yield spread between India and US was flat MoM
India and US bond yields fell 10bp MoM each to 6.7% and 4.5% MoM in Jan’25, respectively. The yield spread was flat MoM at 2.2%.
India 10-year yield
12.0
India fiscal tightening,
strong economic growth led by
the global book, and Fed
raising rates
9.0
US 10-year yield
GFC
Fed cuts rates to zero
Fed raises rates
after the GFC
Fed easing,
US-Sino trade
war, and
Covid-19
outbreak
Fed tightening,
geopolitical
uncertainties,
sharp rise in bond
yields
Fed starts easing
rates, geopolitical
uncertainty
sustains, bond
yields moderate
from the highs
6.7
6.0
1.3
6.9
2.2
6.0
3.9
4.4
4.5
3.0
0.0
Source: Bloomberg, MOFSL
CHART BOOK | February 2025
27
June 2020
 Motilal Oswal Financial Services
Forex reserves dip for the fourth consecutive month to USD630b
India’s forex reserves declined 2% MoM to USD630b in Jan’25 (down ~11% from the Sep’24 highs of USD705b).
On the currency front, INR:USD declined 1.2% MoM to an all-time low of INR86.6 (down 4.2% YoY).
Forex Reserves (USD b) (RHS)
USD:INR
95
80
INR had its best run
during the CY03-07 global
bull run, when GDP
growth and corporate
earnings growth were
high and the twin deficits
– CAD and FD – were
among the lowest in two
decades
Eurozone crisis, taper tantrum, and
devaluation of RMB – the taper tantrum
episode in CY13 drove the INR down
sharply to 68 from 55 in just four
months. This was a period of high
inflation and INR depreciation
Low inflation has characterized
the period post CY15. INR has
been relatively less volatile,
despite several global
headwinds. Forex reverses are
surging
Pandemic impact, geopolitical
tensions led to global volatility, high
liquidity, followed by quantitative
tightening, sharp currency
depreciation, but resilient economy
600
400
65
Pre GFC peak
in FX reserves
50
200
35
0
Source: Bloomberg, MOFSL
CHART BOOK | February 2025
28
June 2020
 Motilal Oswal Financial Services
Key reports from MOFSL’s Research desk in Jan’25
Union Budget 2025-26: Focus shifts from capex to consumption and savings
Report link>>
Targets a fiscal deficit of 4.4% of GDP in FY26
The new government after the 2024 general elections presented its first full Union Budget on 1st Feb’25. The
anticipation was high for some consumption-boosting initiatives, tax cuts for the middle-income class, and continued
focus on the capex, with some relaxed fiscal deficit targets. The Budget, for the first time in many years, chose to
stimulate consumption and savings instead of focusing on capex. It, however, stayed focused on the fiscal deficit
consolidation.
The GoI has budgeted a fiscal deficit of 4.4% of GDP for next year, better than the broad expectation of 4.5%. This is
budgeted with receipt growth of 11.1% (with nominal GDP growth of 10.1%) and spending growth of 7.4%.
Interim review: In line with modest expectations
Report link>>
Downgrades outpace Upgrades by 4:1; Nifty EPS cut 1.2%/1.5% for FY26/27E
The earnings growth of the aforementioned 183 MOFSL Universe companies grew 3% YoY (est. +4% YoY) in 3QFY25. The
aggregate performance was hit by drag from global commodities. Excluding Metals and O&G, the MOFSL Universe and
Nifty clocked 8% and 4% earnings growth vs. expectations of +8% and +5%, respectively.
The modest earnings growth was driven once again by BFSI, with positive contributions from Technology, Real Estate,
Healthcare, and Capital Goods. Conversely, earnings growth was weighed down by global cyclicals, such as O&G (OMC’s
profit declined 18% YoY), which dipped 10% YoY, along with Metals (-9% YoY), Cement (-47% YoY), Automobiles (-9%),
and Consumer (-1%). Excluding BFSI, profits for the MOFSL Universe have declined 1% YoY (vs. est. of +2% YoY).
The Nifty EPS estimate for FY26 was cut by 1.2% to INR1,205. FY27E EPS was also reduced by 1.5% to INR1,378 (from
INR1,398).
CHART BOOK | February 2025
29
June 2020
 Motilal Oswal Financial Services
Top ideas of CY25 from MOFSL’s research desk
Reliance Inds: Multiple re-rating
triggers in CY25; risk-reward
compelling
SBI: Delivering all-round
performance!
Maruti Suzuki: New
launches to aid market
share recovery
Bharat Electronics: Well
equipped to benefit from
defence ordering
LTI Mindtree: Asymmetric
risk-reward potential
Shriram Finance: A beacon of
resilience and opportunity
ahead
BSE: Resilient growth in spite
of tough regulations
Page Industries: On the road to
recovery; long runway for
growth ahead
CHART BOOK | February 2025
30
June 2020
 Motilal Oswal Financial Services
Valuations: Key observations
CHART BOOK | February 2025
31
June 2020
 Motilal Oswal Financial Services
Valuations: Nifty’s 12-month trailing P/E at its LPA
The 12-month trailing P/E for the Nifty stood at 22.6x, near its LPA.
At 3.5x, the 12-month trailing P/B was 13% above its historical average of 3.1x.
12-month trailing Nifty P/E (x)
30.0
Long-term average: 22.7x
25.0
22.6
20.0
15.0
10.0
12-month trailing Nifty P/B (x)
4.5
3.9
3.3
2.7
2.1
1.5
Long-term average: 3.1x
3.5
CHART BOOK | February 2025
32
June 2020
 Motilal Oswal Financial Services
Valuations: Nifty’s 12-month forward P/E near its LPA
Nifty’s 12-month forward P/E traded at 19.9x, 3% below its LPA.
At 3.1x, the 12-month forward P/B was trading at a premium of 11% to the Nifty’s historical average of 2.8x.
12-month forward Nifty P/E (x)
30
25
Long-term average: 20.6x
19.9
20
15
10
12-month forward Nifty P/B (x)
4.0
3.3
Long-term average: 2.8x
2.6
1.9
1.2
3.1
CHART BOOK | February 2025
33
June 2020
 Motilal Oswal Financial Services
The 10-year G-Sec yield stands at 6.8%; EY/BY trades at LPA on a forward basis
India’s 10-year bond yield stood at 6.7% (flat MoM). As a result, EY/BY traded near to its LPA on a trailing and forward basis.
Trailing Earnings Yield/G-Sec Yield (x)
1.0
0.9
Earnings Yield/G-Sec Yield
0.7
0.6
0.4
15-year average: 0.67%
0.66
Forward Earnings Yield/G-Sec Yield (x)
1.7
1.4
Earnings yield (12-month forward)/G-Sec yield
It remained below 1x between
FY14-20, except for a brief period
during demonetization
EY/BY spiked sharply
during the Covid-19
Pandemic
1.1
0.8
0.5
15 Year Avg: 0.73%
0.75
CHART BOOK | February 2025
34
June 2020
 Motilal Oswal Financial Services
Valuation snapshot – Large caps trade below LPA, broader markets trade at a premium
While midcaps and smallcaps have declined from their Sep’24 highs, their valuations continue to trade at a premium to their averages.
Among the key sectoral indices, Auto, IT and Capital Goods were the top performers in the past one year.
Nifty50 has been trading below its LPA, whereas most of the sectoral indices (excluding Banks) have been trading at a significant premium to their
LPA.
NSE indices: Valuation snapshot
Indices
Jan'25 closing
YoY change (%)
EPS (12m fwd)
P/E (12m fwd)
P/E (10 yr
average)
P/B (12m fwd)
P/B (10 yr
average)
RoE (%)
RoA (%)
Nifty50
23,508
8
1,049
19.9
20.6
3.1
2.8
15.7
2.8
Nifty Midcap
100
53,712
11
1,472
35.8
22.4
4.8
2.6
12.4
0.5
Nifty
Smallcap
100
16,911
6
675
24.5
16.0
3.8
2.0
14.9
4.6
Nifty 500
21,581
9
910
23.4
19.4
3.7
2.8
15.0
2.5
Auto
22,868
19
933
24.1
19.4
4.2
2.9
17.6
7.6
BANK
49,587
8
3,807
13.0
15.9
1.8
2.1
13.8
-
FMCG
56,692
3
1,333
41.7
33.4
9.5
8.5
23.1
23.3
IT
42,663
16
1,479
28.7
20.9
7.5
5.0
27.3
19.4
Metal
8,400
5
549
15.1
11.0
2.1
1.3
13.7
5.4
Energy
33,896
-8
2,281
14.5
11.5
2.2
1.4
15.8
7.6
BSE Capital
Goods
64,530
14
1,465
42.4
25.4
7.0
3.4
16.7
8.3
Source: Bloomberg, MOFSL; as of 31
st
Jan’25| LPA: Long Period Average i.e. 10-year average
CHART BOOK | February 2025
35
June 2020
 Motilal Oswal Financial Services
India’s market-cap-to-GDP ratio down from an all-time high
India’s market cap-to-GDP ratio was at 132% (flat vs. FY24) and is trading above its long-term average of ~85%.
Market capitalization-to-GDP ratio (%)
Nominal GDP growth in
FY24/FY25E: 9.6%/9.2%
GFC: Peak of 149% in Dec’07
132
132
105
97
90
Average of 85% for the period
Lowest since
the GFC
103
113
96
84
82
71
64
66
69
57
79
80
84
84
56
CHART BOOK | February 2025
36
June 2020
 Motilal Oswal Financial Services
Barring Auto/Pvt. Banks/Retail, most sectors trade at a premium to their historical averages
Sectoral valuation comparison
PE (x)
Sector
Auto
Banks - Private
Banks - PSU
NBFC
Capital Goods
Cement
Chemicals
Consumer
Consumer Ex ITC
Cons. Durables
Healthcare
Infrastructure
Logistics
Media
Metals
Oil & Gas
Oil & Gas Ex RIL
Real Estate
Retail
Technology
Telecom
Utilities
Current
23.0
16.1
6.8
13.0
36.9
38.4
32.8
42.9
50.5
48.0
31.3
21.7
22.4
15.4
10.4
14.0
8.3
39.2
80.6
27.6
Loss
16.3
10 Yr Avg
27.8
21.1
10.1
12.5
28.9
28.5
24.8
42.0
52.3
34.3
27.0
11.9
21.4
25.2
10.9
12.6
8.6
30.4
84.2
21.0
123.5
11.6
Prem/Disc (%)
-17.3
-23.8
-32.0
4.2
27.5
34.7
32.2
2.2
-3.4
40.1
15.9
82.5
4.8
-38.9
-3.9
11.1
-3.6
29.2
-4.3
31.3
-
40.7
Relative to Nifty P/E
(%)
Current
15
-19
-66
-35
85
93
64
115
153
141
57
9
12
-23
-48
-30
-59
97
304
38
-
-18
10 Yr Avg
34
2
-55
-40
41
39
22
105
156
67
32
-42
4
23
-47
-39
-59
47
315
3
486
-43
Current
4.0
2.2
1.1
2.0
6.7
3.2
3.9
10.4
11.6
7.8
4.6
1.6
3.7
1.4
2.1
1.5
1.1
4.3
14.1
8.8
39.9
2.4
PB (x)
10 Yr Avg
3.5
2.5
0.9
1.8
4.1
2.6
3.3
10.3
13.2
5.4
3.8
1.2
3.4
3.6
1.6
1.5
1.2
2.2
9.8
5.8
18.5
1.5
Relative to Nifty
P/B (%)
10 Yr
Prem/Disc (%) Current
Avg
16.6
29
22
-11.8
-29
-10
27.2
-65
-70
10.2
-36
-36
64.9
113
41
20.2
1
-7
18.7
24
13
1.0
230
264
-11.9
270
369
45.4
150
86
19.8
47
37
34.8
-48
-58
10.2
18
18
-60.6
-54
32
26.6
-34
-43
1.8
-52
-48
-11.2
-66
-57
99.2
38
-26
44.0
348
237
52.0
180
101
115.8
0
267
57.5
-25
-48
Source: Bloomberg, Cline, MOFSL
CHART BOOK | February 2025
37
June 2020
 Motilal Oswal Financial Services
Top ideas
Company
Preferred large cap stocks
Reliance Inds.
Bharti Airtel
ICICI Bank
St Bk of India
Hind. Unilever
Larsen & Toubro
Sun Pharma.Inds.
Maruti Suzuki
M&M
197.6
113.6
102.1
79.7
67.0
56.6
48.3
44.7
41.4
1,265
1,623
1,255
766
2,507
3,447
1,743
12,921
3,080
50.6
34.8
66.3
89.1
44.1
106.2
49.2
462.3
101.3
61.0
41.1
71.7
98.7
49.3
135.4
59.5
512.4
120.6
67.9
57.2
82.0
115.9
54.1
156.5
66.6
573.4
141.2
15.9
28.3
11.2
14.1
10.8
21.4
16.4
11.4
18.1
25.0
46.7
18.9
8.6
56.9
32.5
35.4
28.0
30.4
20.7
39.5
17.5
7.8
50.9
25.5
29.3
25.2
25.5
18.6
28.4
15.3
6.6
46.3
22.0
26.2
22.5
21.8
2.0
10.0
3.2
1.5
11.5
4.9
5.7
4.3
6.0
1.8
7.8
2.8
1.2
11.3
4.2
4.8
3.9
5.1
1.7
6.8
2.4
1.1
11.1
3.7
4.2
3.4
4.3
8.3
23.1
18.3
18.8
20.2
15.9
17.2
14.8
21.3
9.3
23.9
17.0
17.4
22.4
17.8
17.9
15.3
21.5
9.5
27.7
16.8
17.3
24.2
17.9
17.1
15.2
21.3
(USDb)
(INR)
EPS (INR)
FY24
FY25E
FY26E
CAGR (%)
FY24-26E
FY24
PE (x)
FY25E
FY26E
FY24
PB (x)
FY25E
FY26E
FY24
ROE (%)
FY25E
FY26E
Titan Company
Trent
LTIMindtree
35.9
23.6
20.2
3,553
6,182
5,910
42.6
47.0
158.8
53.4
65.0
187.0
63.7
90.5
217.7
22.3
38.9
17.1
83.4
131.7
37.2
66.6
95.2
31.6
55.8
68.3
27.1
26.2
35.8
7.7
20.6
25.5
6.7
16.3
18.2
5.9
35.4
34.0
22.0
34.7
33.5
22.7
32.7
33.3
23.2
Preferred midcap/smallcap stocks
Indian Hotels
Dixon Tech.
BSE
Godrej Properties
JSW Infra
12.6
10.4
8.3
7.5
6.7
801
14,701
5,404
2,362
267
11.8
130.8
98.9
51.3
6.7
15.3
174.2
129.0
32.0
7.7
18.1
250.6
158.2
26.9
9.8
23.7
38.4
26.5
-27.6
20.9
67.6
112.4
54.6
46.0
40.0
52.4
84.4
41.9
73.8
34.6
44.2
58.7
34.1
87.8
27.3
10.1
35.7
19.7
5.8
6.2
8.6
25.2
17.3
5.3
5.4
7.2
17.7
15.0
5.0
4.7
16.2
37.7
36.2
13.3
16.4
17.7
35.1
41.3
7.5
16.7
17.7
35.5
44.0
5.9
18.5
Coforge
Page Industries
IPCA Labs.
Metro Brands
Angel one
Vinati Organics
6.4
5.8
4.2
3.7
2.4
2.0
8,075
46,717
1,415
1,237
2,480
1,740
133.9
603.3
33.1
13.7
148.5
42.3
227.1
720.5
44.3
17.1
160.7
51.9
282.3
865.8
55.5
21.8
214.6
61.3
45.2
19.8
29.4
26.3
20.2
20.3
60.3
77.4
42.7
90.6
16.7
41.1
35.6
64.8
31.9
72.2
15.4
33.5
28.6
54.0
25.5
56.7
11.6
28.4
12.7
29.7
5.1
15.3
3.7
6.4
10.9
25.5
4.5
13.0
3.2
5.6
9.1
21.8
3.9
10.9
2.7
4.9
22.2
38.4
12.6
18.5
28.6
16.7
32.8
39.4
14.9
19.9
22.2
17.9
34.5
40.4
16.4
21.4
25.4
18.3
CHART BOOK | February 2025
38
June 2020
 Motilal Oswal Financial Services
Quant Research & India Strategy Gallery
CHART BOOK | February 2025
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 Motilal Oswal Financial Services
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 is inconsistent with the investment rating legend for a continuous period of 30 days, the Research Analyst shall within following 30 days take appropriate measures to make the recommendation consistent
with the investment rating legend.
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 Motilal Oswal Financial Services
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 Motilal Oswal Financial Services
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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
MOFSL or any of its affiliates or employees from, any and all responsibility/liability arising from such misuse and agrees not to hold MOFSL or any of its affiliates or employees responsible for any such misuse and further agrees to hold MOFSL 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.
This report is meant for the clients of Motilal Oswal only.
Investment in securities market are subject to market risks. Read all the related documents carefully before investing.
Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.
Registered Office Address: Motilal Oswal Tower, Rahimtullah Sayani Road, Opposite Parel ST Depot, Prabhadevi, Mumbai-400025; Tel No.: 022 - 71934200 / 71934263; www.motilaloswal.com. Correspondence Address: Palm Spring Centre, 2nd Floor, Palm Court
Complex, New Link Road, Malad (West), Mumbai- 400 064. Tel No: 022 71881000. Details of Compliance Officer: Neeraj Agarwal, Email Id: na@motilaloswal.com, Contact No.:022-40548085.
Grievance Redressal Cell:
Contact Person
Ms. Hemangi Date
Ms. Kumud Upadhyay
Mr. Ajay Menon
Contact No.
022 40548000 / 022 67490600
022 40548082
022 40548083
Email ID
query@motilaloswal.com
servicehead@motilaloswal.com
am@motilaloswal.com
Registration details of group entities.: Motilal Oswal Financial Services Ltd. (MOFSL): INZ000158836 (BSE/NSE/MCX/NCDEX); CDSL and NSDL: IN-DP-16-2015; Research Analyst: INH000000412 . AMFI: ARN .: 146822. IRDA Corporate Agent – CA0579. Motilal
Oswal Financial Services Ltd. is a distributor of Mutual Funds, PMS, Fixed Deposit, Insurance, Bond, NCDs and IPO products.
Customer having any query/feedback/ clarification may write to query@motilaloswal.com. In case of grievances for any of the services rendered by Motilal Oswal Financial Services Limited (MOFSL) write to grievances@motilaloswal.com, for DP to
dpgrievances@motilaloswal.com.
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June 2020