India Strategy
The Eagle Eye - May 2025
Trump's tariff truce lifts global markets
Gautam Duggad
(Gautam.Duggad@motilaloswal.com) |
Deven Mistry
(Deven@motilaloswal.com)
Anshul Agarawal
(Aanshul.Agarawal@motilaloswal.com) |
Abhishek
1
Saraf
(Abhishek.Saraf@motilaloswal.com)
June 2020
 Motilal Oswal Financial Services
CONTENTS
GLOBAL MARKETS
Global markets recover MoM
MSCI China rallies off lows amid
global market turbulence
DXY weakens; INR, Yuan, and Yen
recover from their lows
India's market cap rebounds from
the March lows to reach USD5t
India-US 10Y yield spread further
narrows MoM
DOMESTIC MARKETS
Broader markets take a tumble,
then stage a sharp recovery
About 66% of Nifty constituents
end higher in Apr’25
Most sectors climb higher;
Technology and Metals lag
behind
FLOWS AND VOLUMES
Key Asian markets, except China,
see FII exodus in CY25YTD
FII flows gather steam; DII inflows
slow down
Monthly average cash and F&O
volumes continue to rise MoM
Private Banks and O&G’s weights
rise, while Technology’s grip
weakens
KEY RESEARCH REPORTS
IC| Hindustan Aeronautics|
Charting the next frontier in
Defense!
IC| Niva Bupa Health Insurance|
Citius, Altius, Fortius!
IC| Blue Jet Healthcare|
Ascending the value chain
Financials| The Changing Face of
BFSI
MULTI-YEAR HIGHS/LOWS
Nifty seems poised to
outperform Gold
The tides of change: DIIs
overtake FIIs in Nifty-500
ownership
Forex fortunes: Reserves rise for
the third consecutive month
Hiring slowdown: Top service
employers put on the brakes
VALUATIONS
Valuations retreat from the FY25
peak; Pvt. Bank multiples expand
Nifty’s 12-month forward P/E
trades near its LTA
EY/BY accelerates MoM; India’s
bond yield settles down
India’s market cap-to-GDP ratio
moderates from the FY25 highs
CHART BOOK | May 2025
2
June 2020
 Motilal Oswal Financial Services
A view from the EAGLE’S EYE!
CHART BOOK | May 2025
3
June 2020
 Motilal Oswal Financial Services
KEY EXHIBITS
Nifty seems poised to outperform Gold
Ongoing geopolitical challenges, weak global equity markets, and strong demand from central banks have driven domestic gold prices to an all-time high of
over INR100,000 per 10g.
The comparison between gold price and Nifty-50 index trends suggests that the prospects of equities outperforming gold have turned higher going forward.
Gold price to Nifty-50 trend: The ratio rose above the 15-year average and is nearing the FY16 peak
6.5
5.5
4.8
Ratio of Gold price (INR per 10g) to Nifty-50 index closing (x)
6.2
5.9
4.5
3.5
4.2
Average 3.6%
3.9
2.5
Difference between the 10-year CAGR of the Nifty-50 Index and Gold price: Approaching FY21 lows
10
5
1.3
Difference between Nifty-50 index and Gold price 10-yr CAGR (%)
6.6
8.9
7.1
0
Average 1.1%
-1.8
-3.7
3.6
-1.7
-5
-5.8
-10
-4.6
Note: The exhibit shows the difference between the rolling 10-year CAGR of the Nifty 50 and that of gold prices
CHART BOOK | May 2025
4
June 2020
 Motilal Oswal Financial Services
KEY EXHIBITS
India's market cap rebounds from the March lows to reach USD5t
India's listed market cap declined 20% from its Sep’24 highs but rebounded 10% from its Mar’24 lows. It is now at the USD5t market cap level.
India's listed market cap trend (USD, INR)
India’s Mcap (INR t)
USD5.8t
USD 5t
USD 4.4t
USD 4t
USD 5t
USD 3t
481
417
386
426
USD 2t
335
219
USD 1t
130
41
May-07
USD:
INR
40.2
Jul-17
64.5
May-21
73.0
Nov-23
83.3
May-24
83.3
Sep-24
83.5
Mar-25
87.4
Apr-25
84.5
Note: Market cap in as of the lows of Mar’03, 2025 and Apr’30, 2025
CHART BOOK | May 2025
5
June 2020
 Motilal Oswal Financial Services
KEY EXHIBITS
Broader markets take a tumble, then stage a sharp recovery
Stock prices of ~92% of NSE-500 companies declined between the Sep’24 highs and Mar’25 lows, while ~85% of the companies posted a stock price increase
between the Mar’25 lows and Apr’25.
While the NSE-500 index is 10% below its Sep’24 highs, about 65% of NSE-500 companies are still 10% below the levels of the Sep’24 market highs.
Count and performance of NSE-500 companies between the Sep’24 highs and Mar'25 lows (NSE-500 fell 19%)
Count and performance of NSE-500 companies between Sep'24 highs and Mar'25 lows
Count of companies
92% stocks
169
191
101
8% stocks
31
5
3
Above 30%
Less than -30%
-30% to -15%
-15% to 0%
0% to 15%
15% to 30%
Count and performance of NSE500 companies between the Mar'25 lows and Apr'25 (NSE-500 rose 11%)
Count and performance of NSE-500 companies between Mar'25 lows and April'25
Count of companies
15% stocks
251
85% stocks
141
73
Nil
Less than -30%
4
-30% to -15%
-15% to 0%
0% to 15%
15% to 30%
31
Above 30%
Note: We have used the NSE-500 index for comparing market highs and lows.
CHART BOOK | May 2025
6
June 2020
 Motilal Oswal Financial Services
KEY EXHIBITS The tides of change: DIIs overtake FIIs in Nifty-500 ownership
The dominance of domestic flows led to a significant shift in institutional holdings across India Inc.
FII ownership in the Nifty-500 dipped to an all-time low of 18.8%, while DII ownership rose to a record high of 19.2%. As a share of the free float, FIIs’
ownership dropped to a historic low of 37.3%, whereas DIIs’ ownership jumped to 38% in Mar’25.
Institutional ownership in NSE500 (%)
FIIs
22.8
21.1
21.1
20.4
21.0
19.8
14.8
21.4
19.4
14.6
19.5
19.2
18.9
18.5
18.8
19.2
DIIs
12.3
10.8
12.7
13.3
14.0
14.2
18.0
17.6
As a proportion of free float, FIIs’ share declined to an all-time low, while DIIs’ share continued to rise
FII proportion of free float (%) - LHS
47.7
43.2
42.8
42.0
27.4
42.0
28.0
30.7
40.9
43.3
28.8
39.6
39.1
39.2
29.7
DII proportion of free float (%) - RHS
36.2
35.8
36.9
38.0
22.5
25.3
25.8
37.6
37.3
CHART BOOK | May 2025
7
June 2020
 Motilal Oswal Financial Services
KEY EXHIBITS DXY weakens; INR, Yuan, and Yen recover from their lows
INR, Chinese Yuan, and Yen have strengthened from their lows as the DXY drops from its peak levels in CY25 YTD.
DXY dips 9.6% from the CY25YTD high of 110, while the INR appreciates from the 3.6% CY25YTD lows from the lows of 87.6.
Exchange rates vs USD: Changes from CY25 highs
CY25 highs
-9.6%
-0.8%
-1.6%
+1.0%
+3.6%
Apr'25
+13%
DXY
Euro
Pound
Chinese Yuan
INR
Yen
DXY vs INR
110
107
DXY
INR
(rebased to DXY)
104.9
104
101
98
99.5
CHART BOOK | May 2025
8
June 2020
 Motilal Oswal Financial Services
KEY EXHIBITS The Changing Face of BFSI
The BFSI sector has undergone a profound transformation driven by digitalization, regulatory reforms, the growth of fintechs, and demographic dividends.
The Indian banking sector has strengthened significantly over the past decade, driven by improved asset quality, regulatory reforms, and enhanced capital
buffers. This has translated into a sharp jump in profitability, with record-high net interest margins and return on assets across both PSB and Private banks.
We believe that the next phase will witness hyper-personalized banking experiences, driven by AI and decentralized finance, alongside the growing adoption of
Central Bank Digital Currencies (CBDCs).
Detailed Report link
The BFSI sector’s market cap has surged over 50x in the past two decades,
rising from 6% of GDP to 27% by 2025
Market cap of BFSI (INRt)
As a % of GDP
Aggregate NBFC earnings grew multifold in the past two decades
NBFCs PAT
27%
12%
6%
1.8
2005
7.5
2010
13%
13%
90.7
26.0
2020
2025
365
FY15
392
FY20
FY24
FY25E
1,371
1,481
16.3
2015
6
FY05
137
FY10
PSBs have shown a sharp earnings surge with aggregate earnings hitting INR1.7t in FY25E Private Bank’s earnings have jumped ~10x from the lows of FY20 to INR1.84t in FY25E
PSBs PAT
1,751
1,412
Pvt banks PAT
1,753
1,841
154
372
343
-260
55
199
FY10
374
191
FY20
FY24
FY25E
FY05
FY10
FY15
FY20
FY24
FY25E
FY05
FY15
Note: Analysis of the Indian BFSI sector is based on 70 BFSI companies under MOFSL coverage.
CHART BOOK | May 2025
9
June 2020
 Motilal Oswal Financial Services
KEY EXHIBITS Key Asian markets, except China, see FII exodus in CY25YTD
Key equity markets have witnessed significant FII outflows in CY25YTD.
India/Japan/Indonesia/South Korea/Taiwan have seen FII outflows of USD12.3b/12.8b/3.1b/12.3b/18.5b in CY25YTD.
India experienced a pickup in FII flows over the past two months, while flows in other countries remained volatile.
FII flows (USD b)
India
7.7
14.2
3.8
-4.6
-17.0
-0.8
-12.3
23.4
2.9
China
21.4
3.1
1.0
-11.2
-160.7
-67.5
84.6
132.5
221.1
98.0
9.6
8.6
3.3
Japan
3.5
3.7
29.7
2.4
29.1
Indonesia
3.5
4.3
2.7
1.2
-0.4
1.6
-12.8
1.3
0.0
-39.8
-50.3
-65.7
-1.6
-3.0
-3.7
-3.2
-3.1
S. Korea
10.5
8.3
0.9
10.7
2.4
Taiwan
11.0
3.3
6.7
9.4
6.9
-3.6
-5.7
-20.1 -23.0
-9.7
-12.2
-12.3
-15.3 -15.3
-18.2
-18.5
-44.0
Source: Bloomberg, Note: FII flows for China are as of March 31, 2025, while those for Japan are as of March 18, 2025.
CHART BOOK | May 2025
10
June 2020
 Motilal Oswal Financial Services
KEY EXHIBITS
Hiring slowdown: Top service employers put on the brakes
Employee expenses of MOFSL Banking Universe
Total Employee expense (INR t)
YoY Growth (%)
Banks’ employee expense
Aggregate employee headcount growth in India’s two large services sectors depicted a significant slowdown.
Headcount of MOFSL Banking Universe
Headcount (million)
Banks employee headcount
12%
3%
15%
8%
9%
28%
3%
18%
13%
10%
13%
29%
3%
0%
0.89
FY19
1.01
FY20
1.16
FY21
1.25
FY22
1.28
FY23
1.40
FY24
1.44
9MFY25
0.94
FY19
1.11
FY20
1.42
FY21
1.57
FY22
1.78
FY23
2.29
FY24
2.28
FY25E
Headcount of MOFSL IT Universe
Headcount (million)
YoY Growth (%)
IT employee headcount
Employee expenses of MOFSL IT Universe
Total Employee expense (INR t)
YoY Growth (%)
IT employee expense
26%
18%
20%
10%
19%
9%
6%
8%
5%
1%
-4%
5%
4%
4%
1.19
FY19
1.27
FY20
1.36
FY21
1.71
FY22
1.81
FY23
1.74
FY24
1.76
9MFY25
2.5
FY19
2.7
FY20
2.8
FY21
3.4
FY22
4.1
FY23
4.2
FY24
4.4
FY25E
Note: We have considered 12 Private and 8 Public Sector Banks and 12 IT companies under MOFSL coverage to represent industry trends.
CHART BOOK | May 2025
11
June 2020
 Motilal Oswal Financial Services
KEY EXHIBITS Large-caps fair; broader markets still expensive
The 12M forward P/E of Nifty-50 is 12% below its Sep’24 high, while mid- and small-cap valuations have fallen 22% and 1%, respectively, over
the same period.
Nifty-50 is trading at its LTA, while mid- and small-cap indices are trading at 20% and 47% premiums to their LTA, respectively.
12M forward P/E trends across Nifty-50, Nifty Midcap-100 and Nifty Smallcap-100 indices (x)
Nifty-50 P/E (x)
21.6
21.4
22.8
19.3
19.2
22.3
18.7
Average 20.6x
21.6
19.0
19.9
21.8
20.7
FY15
FY16
FY17
FY18
FY19
FY20
FY21
FY22
FY23
FY24
FY24
Apr-25
Nifty Midcap-100 P/E (x)
31.1
Average 22.5x
22.9
17.2 16.9
18.6
19.7
17.1
13.0 13.0
Nifty Smallcap-100 PE (x)
23.6
22.0
24.8
26.2
22.3
25.4
27.1
18.6
Average
16.1x
16.0
13.4 13.5
16.2
20.5
17.7
15.5
Note: The 12-month average of one-year fwd P/E is considered for the year
CHART BOOK | May 2025
12
June 2020
 Motilal Oswal Financial Services
KEY EXHIBITS
Valuations retreat from the FY25 peak; Pvt. Bank multiples expand
Valuations trading below the 10-year average for Auto, Private Banks, and Oil & Gas. However, remain above the 10-year average for
Consumer, Capital Goods, Healthcare, Technology and Metals.
Auto P/E (x)
Pvt. Banks P/E (x)
Consumer P/E (x)
Average 27.1x
Average 20.7x
Average 41.6x
Capital Goods P/E (x)
Healthcare P/E (x)
Average 26.9x
Technology P/E (x)
Average 20.9x
Average 29.5x
Pvt. Banks P/B (x)
Metals P/B (x)
O&G P/B (x)
Average 1.5x
Average 2.5x
Average 1.6x
Note: The 12-month average of one-year fwd P/E and P/B has been considered for the year across MOFSL Universe sectors.
CHART BOOK | May 2025
13
June 2020
 Motilal Oswal Financial Services
Macro, Markets, and More…
CHART BOOK | May 2025
14
June 2020
 Motilal Oswal Financial Services
Global markets recover MoM, while Russia, China, and the US remain in the red
MoM performance of global equity indices in USD terms (%)
7
7
6
MoM change (%)
5
4
2
2
2
1
-1
-2
-3
CY25YTD performance of global equity indices in USD terms (%)
28
23
22
CY25YTD change (%)
13
11
10
4
3
0
-2
-5
-10
CHART BOOK | May 2025
15
June 2020
 Motilal Oswal Financial Services
MSCI China rallies off lows amid global market turbulence
Performance of MSCI India vs. MSCI US, MSCI World, MSCI Emerging Market, and MSCI China in USD terms
MSCI India emerges as the second-best performing index in CY25YTD
CY25YTD Change (%)
9
6
6
3
4
(in USD)
MSCI India has outpaced global indices over the past five years
5-yr CAGR (%)
(in USD)
17
14
12
MSCI China
MSCI India
MSCI US
MSCI EM
-1
MSCI World
MSCI India
MSCI US
MSCI World
MSCI EM
-3
MSCI China
MSCI China leads, MSCI India lags on base effect in the past one year
140
MSCI India
MSCI US
MSCI World
MSCI EM
MSCI China
(indices rebased to 100)
125
110
95
80
122
111
106
104
Data as of 30
th
April’25
CHART BOOK | May 2025
16
June 2020
 Motilal Oswal Financial Services
Most sectors climb higher; Technology and Metals lag behind
Sectoral performance MoM (%): Mid-caps outperform large-caps and small-caps during the month
7
5
3
2
5
5
4
MoM change (%)
4
4
3
3
2
0
-3
-6
Sectoral performance in CY25YTD (%): Private banks significantly outperform, while most other sectors end lower in CY25YTD
11
3
4
0
-1
-5
-12
-1
-2
-3
-7
-7
-16
-17
-17
CY25YTD change (%)
Note: (*) represents BSE Capital goods index.
CHART BOOK | May 2025
17
June 2020
 Motilal Oswal Financial Services
About 66% of the Nifty constituents end higher in Apr’25
Among Nifty constituents, 33 stocks closed higher MoM and 26 outperformed the benchmark. IndusInd Bank, TATA Consumer, and Eternal
posted notable gains, whereas TATA Steel, Hindalco and Wipro were the key laggards.
About 28 Nifty constituents trade higher in CY25YTD. TATA Consumer, SBI Life and Bajaj Finance are the top gainers, whereas Trent, Infosys, and
Wipro are the key laggards.
Best and worst Nifty performers on a MoM basis (%)
29
16
15
14
14
10
10
10
8
8
3
-3
-3
-4
-4
-4
-4
-7
-8
-8
-9
Best and worst Nifty performers in CY25YTD (%)
27
27
27
24
24
21
17
16
15
14
3
-13
-13
-13
-15
-16
-16
-18
-20
-20
-27
CHART BOOK | May 2025
18
June 2020
 Motilal Oswal Financial Services
About 68% of BSE-200 constituents end higher in Apr’25
In Apr’25, 136 BSE-200 stocks closed higher. AU Small Fin, Dixon Tech and Indus Towers gained the most during the month.
About 82 BSE-200 constituents trade higher in CY25YTD. Mazagon Dock, Solar Industries and SRF are the top gainers.
Top gainers from the BSE-200 on a MoM basis (%)*
27
25
22
19
18
17
16
16
15
15
14
12
12
11
11
11
11
11
10
10
10
10
9
9
9
9
9
9
9
9
3
Top gainers from the BSE-200 CY25YTD (%)*
37
35
34
34
32
32
26
21
21
19
19
18
18
17
16
16
16
15
14
13
13
12
11
11
10
10
7
7
7
6
0
*The list excludes Nifty constituents.
CHART BOOK | May 2025
19
June 2020
 Motilal Oswal Financial Services
About 32% of BSE-200 constituents end lower in Apr’25
In Apr’25, 64 companies closed lower. Voltas, Central Bank, UCO Bank were among the key laggards.
About 118 of BSE-200 companies trade lower in CY25YTD. Oracle Finance, Voltas and Central Bank are the key laggards in CY25YTD.
Key laggards among the BSE-200 constituents on a MoM basis (%)*
3
-15
-13 -13 -11 -10 -10 -10
-9
-8
-7
-7
-6
-6
-6
-5
-5
-5
-5
-5
-4
-4
-4
-3
-3
-3
-3
-3
-3
-2
-2
Key laggards among the BSE-200 constituents in CY25YTD (%)*
0
-19 -19 -18 -18 -18 -18 -18 -18 -17 -17
-23 -22 -22 -22
-21
-20 -19 -19 -19 -19
-27
-25
-25 -24 -24
-32 -31 -30 -29 -29
*The list excludes Nifty constituents.
CHART BOOK | May 2025
20
June 2020
 Motilal Oswal Financial Services
Private Banks and O&G’s weights rise, while Technology’s grip weakens
In Apr’25, the weights of Private Banks and O&G (Reliance) increased 60bp and 50bp MoM, respectively, while Technology’s weight saw a
sharp reduction of 80bp MoM among the Nifty-50 constituents.
Weightage in the Nifty (%)
Dec’21
Dec’22
5.0
21.9
2.3
11.4
3.0
2.4
9.4
3.4
2.9
5.3
24.2
2.9
10.6
3.1
1.8
10.3
3.8
2.9
Sector
Automobiles
Banks – Private
Banks – Public
NBFC + Insurance
Capital Goods
Cement
Consumer
Healthcare
Metals
Dec’08
2.5
5.0
5.4
2.3
7.7
1.7
6.5
2.6
4.8
Dec’12
8.8
16.9
4.7
7.9
5.9
4.2
12.3
5.0
3.8
Dec’20
5.4
24.7
1.8
12.3
2.6
2.2
10.4
3.6
2.0
Dec’23
6.5
28.2
2.6
4.5
4.4
2.1
10.8
4.0
3.0
Mar’25
6.9
28.4
2.8
6.1
4.9
2.2
7.8
3.8
3.1
Apr’25
7.0
29.0
2.8
6.0
4.6
2.2
8.0
3.9
2.8
Oil and Gas
Reliance
Retail
Telecom
Technology
Utilities
Miscellaneous
Nifty
24.5
10.6
0.0
11.6
9.0
13.3
3.3
100
12.3
7.4
0.0
2.0
11.4
4.5
0.5
100
12.5
10.7
1.1
2.0
16.3
2.1
1.0
100
12.3
10.8
1.4
2.1
19.1
2.1
1.2
100
12.1
11.0
1.4
2.5
14.0
2.5
2.6
100
10.5
9.2
1.6
2.7
13.6
3.6
1.9
100
9.0
8.1
2.3
4.4
11.9
3.7
2.7
100
9.5
8.6
2.3
4.5
11.1
3.6
2.8
100
Note: The merger of HDFC Bank and HDFC Ltd. resulted in a shift in weightage from NBFCs to private banks in CY23. Britannia and BPCL were replaced with Jio
Financials and Eternal in Mar’25
CHART BOOK | May 2025
21
June 2020
 Motilal Oswal Financial Services
FII flows gather steam; DII inflows slow down
FII flows remained positive for the second consecutive month. Meanwhile, DIIs invested USD3.3b, marking their 21
st
consecutive month of
inflows.
In CY25YTD, DIIs have invested ~USD25.1b, while FIIs have sold ~USD12.3b worth of Indian equities.
During CY21-CY25YTD, DII inflows have totaled ~USD155b, whereas net FII outflows stood at ~USD5b.
Monthly institutional flows (USD b)
FII (USD b)
5.0
1.9
6.7
4.1
1.7
2.3
7.0
4.0
0.5
-1.1
-3.0
3.1 3.3
1.4
5.9
1.3
0.2 1.3
3.0 2.4 3.4
0.3
-5.4
-8.4
-10.9
1.7 1.6
3.2 3.1
6.8
5.3
6.7
3.4 2.8
5.8
5.3
DII (USD b)
12.8
10.0
7.4
4.3
3.8
4.0
3.3
-2.3
-2.7
-3.1
-2.2
0.5
-0.3
-0.4
FII (USD b)
14.2
23.4
DII (USD b)
21.4
32.2
15.9
22.3
6.0
-12.3
-5.0
12.1
62.9
3.8
25.1
-0.8
-4.6
-17.0
CHART BOOK | May 2025
22
June 2020
 Motilal Oswal Financial Services
Monthly average cash and F&O volumes rise MoM
Monthly average cash volumes rose 2% MoM in Apr’25 to INR1,063b (down 36% from the Jun’24 high). Non-institutional participation, which
accounted for 46% of the total cash volumes, was up 500bp MoM.
Monthly average F&O volumes were up 5% MoM at INR368t (down 31% from the Sep’24 high).
1750
1350
950
550
150
Monthly Avg. Cash Volume (INR b)
Non Institution % to Cash Volume (RHS)
70
60
46
50
40
30
Monthly Avg F&O Volume (INR t)
600
450
300
150
0
Cash % to Total Volumes
2.0
1.5
1.0
0.3
0.5
0.0
CHART BOOK | May 2025
23
June 2020
 Motilal Oswal Financial Services
India-US 10Y yield spread further narrows MoM
The GoI 10-year bond yield slipped 20bp MoM to 6.4% in Apr’25, while the US yield remained flat at 4.2%. As a result, the yield spread dipped 20bp
MoM to 2.2%.
India-US 10Y bond yield (%)
India 10-year yield
12.0
India fiscal tightening,
strong economic growth
led by the global events,
and Fed raising rates
9.0
Fed easing,
US-Sino trade
war, and
Covid-19
Fed starts easing
rates, geopolitical
uncertainty
sustains, bond
yields moderate
from the highs
US 10-year yield
Fed cuts rates to zero
after the GFC
GFC
Fed raises rates
Fed tightening,
geopolitical
uncertainties,
sharp rise in bond
yields
6.0
2.2
6.4
2.2
6.9
3.0
6.0
3.9
4.2
4.4
0.0
Source: Bloomberg, MOFSL
CHART BOOK | May 2025
24
June 2020
 Motilal Oswal Financial Services
Forex fortunes: Reserves rise for the third consecutive month
India’s forex reserves rose 3% MoM to USD686b in Apr’25 (up 9% from the Jan’25 lows of USD631b).
On the currency front, INR:USD strengthened 1.1% MoM to 84.5 (down 1.5% YoY).
Forex Reserves (USD b) (RHS)
USDINR
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
800
600
65
Pre GFC peak
in FX reserves
400
50
200
35
0
Source: Bloomberg, MOFSL
CHART BOOK | May 2025
25
June 2020
 Motilal Oswal Financial Services
Key reports from MOFSL’s research desk in Apr’25
Initiating Coverage| Hindustan Aeronautics| Charting the next frontier in Defense!!
Report link>>
Hindustan Aeronautics (HAL) is a market leader in aerospace defense. It boasts a strong order book of INR1.8t as of Mar’25,
along with a promising prospect pipeline of INR6t. The company is transitioning from a traditional licensed model to an
indigenized model and is currently working on marque projects such as Tejas Mk1, Tejas Mk1a, Su-30 upgrade, Dornier25,
and Light Utility Helicopter (LUH), et al. We expect HAL to benefit from 1) a strong pipeline of projects, 2) execution scale-up
aided by large platform orders, 3) a stable stream of RoH revenues, 4) backward integration, and 5) a healthy 29%/33%/29%
revenue/EBITDA/PAT CAGR over FY25-27.
We initiate coverage on the stock with a BUY rating with a TP of INR5,100 based on average of DCF and 32x P/E on Mar’27
estimates. We believe that near-term catalysts will emerge when aircraft deliveries commence as engine supplies from GE
resume, while medium- to long-term triggers will stem from the finalization of orders for 97 Tejas-Mk1A, Tejas MK-II, LUH,
Advanced Medium Combat Aircraft (AMCA), et al.
Initiating Coverage | Niva Bupa Health Insurance| Citius, Altius, Fortius!
Report link>>
Niva Bupa Health Insurance (Niva) has emerged as one of the fastest-growing health insurers, delivering a CAGR of ~34%
during FY22-25 and garnering the highest incremental market share in the retail health segment. We expect the growth
momentum to remain strong and estimate a CAGR of 25% in gross written premium (GWP) over FY25-28E (Pre 1/n).
Niva has a diversified product mix, with retail/group health accounting for 68%/31% as of 9MFY25. Consistent innovations
and right pricing will boost momentum in its retail health segment (33.5% CAGR in FY22-24). The company has a well-
diversified distribution model, with agents/corporate agents/ brokers/direct contributing 30%/28%/29%/13% of the mix in
9MFY25.
We expect the company to report a CAGR of 25%/32% in pre-1/n GWP/PAT over FY25-28. We initiate coverage on Niva with
a TP of INR100, based on 40x FY27E P/E on IFRS PAT.
Initiating Coverage | Blue Jet Healthcare| Ascending the value chain
Report link>>
BLUEJET is on the path to building a legacy business in line with this philosophy. With its niche product offerings in Contrast
Media and Pharmaceutical Intermediaries & API, BLUEJET has been changing the way the healthcare industry caters to the
therapeutic needs of patients around the globe. The company has established itself as a reliable supplier to its customers for
the past three decades and is now working toward moving up the value chain by significantly increasing its investment in
R&D.
With existing products ramping up and new product launches in sight, we expect BLUEJET to post a CAGR of ~27%/24%/19%
in revenues/ EBITDA/ PAT over FY25-27E, with a sharp uptick to be seen in the pharma Intermediaries segment.
We expect FCF generation of INR3.6b during FY25-27E, with cumulative capex of INR5b. The stock is trading at a P/E of ~28x
on FY27E EPS of INR24.7 and FY27E EV/ EBITDA of ~20x. We initiate coverage with a BUY rating on the stock with a target
price of INR865, valuing the company at a P/E of 35x on FY27E EPS of INR24.7.
CHART BOOK | May 2025
26
June 2020
 Motilal Oswal Financial Services
Valuations: Key observations
CHART BOOK | May 2025
27
June 2020
 Motilal Oswal Financial Services
Valuations: Nifty’s 12-month trailing P/E rises further MoM
The 12-month trailing P/E for Nifty rose 4% MoM to 23.6x (down 7% from the Sep’24 high of 25.5x) and traded 4% above its LTA.
At 3.5x, the 12-month trailing P/B was 12% above its historical average of 3.1x.
12-month trailing Nifty P/E (x)
29
25
10 Year Avg: 22.8x
21
23.6
17
12-month trailing Nifty P/B (x)
4.0
3.5
3.5
10 Year Avg: 3.1x
3.0
2.5
2.0
CHART BOOK | May 2025
28
June 2020
 Motilal Oswal Financial Services
Valuations: Nifty’s 12-month forward P/E trades near its LTA
Nifty’s 12-month forward P/E traded at 20.7x, near to its LTA and down 15% from the Sep’24 high.
At 3.2x, the 12-month forward P/B traded at a premium of 12% to Nifty’s historical average of 3.2x.
12-month forward Nifty P/E (x)
24
20
16
10 Year Avg: 20.6x
20.7
12
12-month forward Nifty P/B (x)
3.3
2.8
2.3
1.8
10 Year Avg: 2.8x
3.2
CHART BOOK | May 2025
29
June 2020
 Motilal Oswal Financial Services
EY/BY accelerates MoM; India’s bond yield settles down
India’s 10Y bond yield stood at 6.4% (down 20bp MoM). As a result, EY/BY traded at its LPA on a trailing basis and was at a premium
on a forward basis.
Trailing Earnings Yield/G-Sec Yield (x)
1.00
0.85
0.70
15 Year Avg: 0.67%
0.55
0.40
Earnings yield (12-month trailing)/G-Sec yield
0.67
Forward Earnings Yield/G-Sec Yield (x)
1.10
0.95
0.80
0.65
0.50
15 Year Avg: 0.73%
EY/BY spiked sharply
during the GFC
Earnings yield (12-month forward)/G-Sec yield)
It remained below 1x for last six
years, except for a brief period
during demonetization
0.76
CHART BOOK | May 2025
30
June 2020
 Motilal Oswal Financial Services
India’s market cap-to-GDP ratio moderates from the FY25 highs
India’s market cap-to-GDP ratio is projected at 117% in FY26, down from the high of 146% in Sep’24.
Market cap-to-GDP ratio (%)
Nominal GDP growth in
FY25E/FY26E: 9.5%/10.8%
GFC: Peak of 149% in Dec’07
129
Average of 85% for the period
Lowest since
the GFC
126
117
103
113
97
105
84
84
97
90
82
71
79
69
84
80
64
56
66
57
CHART BOOK | May 2025
31
June 2020
 Motilal Oswal Financial Services
Top ideas
Company
Preferred large-cap stocks
Reliance Inds.
Bharti Airtel
ICICI Bank
Hind. Unilever
Larsen & Toubro
Kotak Mah. Bank
TCS
M&M
Mcap
(USDb)
CMP
FY25E
EPS (INR)
FY26E
FY27E
EPS
CAGR (%)
FY25-27E
FY25E
PE (x)
FY26E
FY27E
FY25E
PB (x)
FY26E
FY27E
FY25E
ROE (%)
FY26E
FY27E
225.4
134.2
118.8
65.0
54.3
51.9
146.8
41.5
35.5
21.8
13.3
11.7
11.0
10.6
10.2
9.1
1,422
1,852
1,432
2,323
3,329
2,185
3,444
2,930
3,339
5,146
800
16,350
4,382
2,970
6,307
56
25.7
36.5
66.8
44.3
104.9
94.3
134.2
98.3
42.8
43.2
11.7
124.1
115.2
42.7
87.2
1.0
59.5
44.7
72.9
47.8
135.1
106.2
142.5
116.4
53.1
55.5
15.1
168.2
131.3
71.6
132.7
1.6
66.5
62.1
85.5
52.3
156.2
126.4
153.1
130.2
63.2
68.3
17.9
242.4
149.0
100.1
150.2
2.4
60.7
30.5
13.2
8.6
22.0
15.8
6.8
15.1
21.6
25.8
23.6
39.7
13.7
53.2
31.2
58.6
55.3
50.8
21.4
52.4
31.7
23.2
25.7
29.8
78.0
119.2
68.4
131.7
38.0
69.6
72.3
59.2
23.9
41.4
19.6
48.6
24.6
20.6
24.2
25.2
62.9
92.8
53.1
97.2
33.4
41.5
47.5
34.7
21.4
29.8
16.7
44.4
21.3
17.3
22.5
22.5
52.8
75.3
44.8
67.4
29.4
29.7
42.0
23.5
4.6
10.1
3.5
11.1
4.7
2.9
13.2
5.7
24.6
31.3
10.1
40.4
11.5
7.2
23.3
14.7
2.1
7.7
3.2
10.8
4.1
2.6
12.6
4.9
19.3
23.0
8.6
28.7
10.6
6.4
20.3
10.3
1.9
6.6
2.7
10.4
3.6
2.2
12.1
4.2
15.4
17.3
7.2
20.2
9.7
5.4
17.8
7.4
8.5
22.8
18.0
20.7
15.7
13.5
52.4
20.8
35.5
32.2
16.1
36.1
32.4
10.7
32.3
28.4
9.2
22.8
17.1
22.4
17.8
13.0
53.3
20.9
34.5
30.6
17.5
34.5
33.1
16.3
42.8
35.0
9.4
25.6
17.5
23.8
17.9
13.5
55.0
20.0
32.5
28.1
17.5
35.2
34.5
19.7
42.3
36.6
Titan Company
Trent
Indian Hotels
Dixon Tech.
HDFC AMC
SRF
BSE
Suzlon Energy
JSW Infra
Page Industries
Coforge
IPCA Labs.
Preferred mid-cap/small-cap stocks
7.2
6.0
5.8
4.2
290
45,201
7,387
1,378
7.0
616.9
127.9
34.4
7.5
708.4
233.8
45.5
9.4
839.8
282.1
56.1
16.2
16.7
48.5
27.7
41.5
73.3
57.7
40.0
38.5
63.8
31.6
30.3
30.7
53.8
26.2
24.6
6.2
28.7
11.7
4.9
5.5
24.7
9.9
4.3
4.8
21.2
8.4
3.8
16.3
39.2
21.3
13.0
15.4
38.7
33.8
15.3
16.7
39.4
34.5
16.4
CHART BOOK | May 2025
32
June 2020
 Motilal Oswal Financial Services
Quant Research & India Strategy Gallery
CHART BOOK | May 2025
33
June 2020
 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.
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 Financial Services Ltd. (MOFSL) is a SEBI Registered Research Analyst having registration no. INH000000412. MOFSL, the Research Entity (RE) as defined in the Regulations, is engaged in the business of providing Stock broking services,
Depository participant services & distribution of various financial products. MOFSL is a listed public company, the details in respect of which are available on
www.motilaloswal.com.
MOFSL (erstwhile Motilal Oswal Securities Limited - 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), Multi Commodity Exchange of India Limited (MCX) and National Commodity &
Derivatives Exchange Limited (NCDEX) for its stock broking activities & is Depository participant with Central Depository Services Limited (CDSL) National Securities Depository Limited (NSDL),NERL, COMRIS and CCRL and is member of Association of Mutual
Funds of India (AMFI) for distribution of financial products and Insurance Regulatory & Development Authority of India (IRDA) as Corporate Agent for insurance products. Details of associate entities of Motilal Oswal Financial Services Ltd. are available on the
website at
http://onlinereports.motilaloswal.com/Dormant/documents/Associate%20Details.pdf
Details of pending Enquiry Proceedings of Motilal Oswal Financial Services Limited are available on the website at
https://galaxy.motilaloswal.com/ResearchAnalyst/PublishViewLitigation.aspx
MOFSL, it’s associates, Research Analyst or their relatives may have any financial interest in the subject company. MOFSL and/or its associates and/or Research Analyst or their relatives may have actual beneficial ownership of 1% or more securities in the subject
company at the end of the month immediately preceding the date of publication of the Research Report or date of the public appearance. MOFSL and its associate company(ies), their directors and Research Analyst and their relatives may have any other potential
conflict of interests at the time of publication of the research report or at the time of public appearance, however the same shall have no bearing whatsoever on the specific recommendations made by the analyst(s), as the recommendations made by the analyst(s)
are completely independent of the views of the associates of MOFSL even though there might exist an inherent conflict of interest in some of the stocks mentioned in the research report.
In the past 12 months, MOFSL or any of its associates may have:
a.
received any compensation/other benefits from the subject company of this report
b.
managed or co-managed public offering of securities from subject company of this research report,
c.
received compensation for investment banking or merchant banking or brokerage services from subject company of this research report,
d.
received compensation for products or services other than investment banking or merchant banking or brokerage services from the subject company of this research report.
•
MOFSL and it’s associates have not received any compensation or other benefits from the subject company or third party in connection with the research report.
•
Subject Company may have been a client of MOFSL or its associates during twelve months preceding the date of distribution of the research report.
•
Research Analyst may have served as director/officer/employee in the subject company.
•
MOFSL and research analyst may engage in market making activity for the subject company.
•
MOFSL and its associate company(ies), and Research Analyst and their relatives from time to time may have:
a) a long or short position in, act as principal in, and buy or sell the securities or derivatives thereof of companies mentioned herein.
(b) be engaged in any other transaction involving such securities and earn brokerage or other compensation or act as a market maker in the financial instruments of the company(ies) discussed herein or act as an advisor or lender/borrower to such company(ies) or
may have any other potential conflict of interests with respect to any recommendation and other related information and opinions.; however the same shall have no bearing whatsoever on the specific recommendations made by the analyst(s), as the
recommendations made by the analyst(s) are completely independent of the views of the associates of MOFSL even though there might exist an inherent conflict of interest in some of the stocks mentioned in the research report.
Above disclosures include beneficial holdings lying in demat account of MOFSL which are opened for proprietary investments only. While calculating beneficial holdings, It does not consider demat accounts which are opened in name of MOFSL for other purposes
(i.e holding client securities, collaterals, error trades etc.). MOFSL also earns DP income from clients which are not considered in above disclosures.
To enhance transparency, MOFSL has incorporated a Disclosure of Interest Statement in this document. This should, however, not be treated as endorsement of the views expressed in the report. MOFSL and / or its affiliates do and seek to do business including
investment banking with companies covered in its research reports. As a result, the recipients of this report should be aware that MOFSL may have a potential conflict of interest that may affect the objectivity of this report.
Terms & Conditions:
This report has been prepared by MOFSL and is meant for sole use by the recipient and not for circulation. The report and information contained herein is strictly confidential and may not be altered in any way, transmitted to, copied or distributed, in part or in whole,
to any other person or to the media or reproduced in any form, without prior written consent of MOFSL. The report is based on the facts, figures and information that are considered true, correct, reliable and accurate. The intent of this report is not recommendatory in
nature. The information is obtained from publicly available media or other sources believed to be reliable. Such information has not been independently verified and no guaranty, representation of warranty, express or implied, is made as to its accuracy, completeness
or correctness. All such information and opinions are subject to change without notice. The report is prepared solely for informational purpose and does not constitute an offer document or solicitation of offer to buy or sell or subscribe for securities or other financial
instruments for the clients. Though disseminated to all the customers simultaneously, not all customers may receive this report at the same time. MOFSL will not treat recipients as customers by virtue of their receiving this report.
CHART BOOK | May 2025
34
June 2020
 Motilal Oswal Financial Services
Analyst Certification
The views expressed in this research report accurately reflect the personal views of the analyst(s) about the subject securities or issues, and no part of the compensation of the research analyst(s) was, is, or will be directly or indirectly related to the specific
recommendations and views expressed by research analyst(s) in this report.
Disclosure of Interest Statement
Companies where there is interest
Analyst ownership of the stock
No
A graph of daily closing prices of securities is available at
www.nseindia.com, www.bseindia.com.
Research Analyst views on Subject Company may vary based on Fundamental research and Technical Research. Proprietary trading desk of MOFSL or its associates
maintains arm’s length distance with Research Team as all the activities are segregated from MOFSL research activity and therefore it can have an independent view with regards to subject company for which Research Team have expressed their views.
Regional Disclosures (outside India)
This report is not directed or intended for distribution to or use by any person or entity resident in a state, country or any jurisdiction, where such distribution, publication, availability or use would be contrary to law, regulation or which would subject MOFSL & its group
companies to registration or licensing requirements within such jurisdictions.
For Hong Kong:
This report is distributed in Hong Kong by Motilal Oswal capital Markets (Hong Kong) Private Limited, a licensed corporation (CE AYY-301) licensed and regulated by the Hong Kong Securities and Futures Commission (SFC) pursuant to the Securities and Futures
Ordinance (Chapter 571 of the Laws of Hong Kong) “SFO”. As per SEBI (Research Analyst Regulations) 2014 Motilal Oswal Financial Services Limited (SEBI Reg No. INH000000412) has an agreement with Motilal Oswal capital Markets (Hong Kong) Private Limited
for distribution of research report in Hong Kong. This report is intended for distribution only to “Professional Investors” as defined in Part I of Schedule 1 to SFO. Any investment or investment activity to which this document relates is only available to professional
investor and will be engaged only with professional investors.” Nothing here is an offer or solicitation of these securities, products and services in any jurisdiction where their offer or sale is not qualified or exempt from registration. The Indian Analyst(s) who compile
this report is/are not located in Hong Kong & are not conducting Research Analysis in Hong Kong.
For U.S.
MOTILAL Oswal Financial Services Limited (MOFSL) is not a registered broker - dealer under the U.S. Securities Exchange Act of 1934, as amended (the"1934 act") and under applicable state laws in the United States. In addition MOFSL is not a registered
investment adviser under the U.S. Investment Advisers Act of 1940, as amended (the "Advisers Act" and together with the 1934 Act, the "Acts), and under
applicable state laws in the United States. Accordingly, in the absence of specific exemption under the Acts, any brokerage and investment services provided by MOFSL, including the products and services described herein are not available to or intended for U.S.
persons. This report is intended for distribution only to "Major Institutional Investors" as defined by Rule 15a-6(b)(4) of the Exchange Act and interpretations thereof by SEC (henceforth referred to as "major institutional investors"). This document must not be acted on
or relied on by persons who are not major institutional investors. Any investment or investment activity to which this document relates is only available to major institutional investors and will be engaged in only with major institutional investors. In reliance on the
exemption from registration provided by Rule 15a-6 of the U.S. Securities Exchange Act of 1934, as amended (the "Exchange Act") and interpretations thereof by the U.S. Securities and Exchange Commission ("SEC") in order to conduct business with Institutional
Investors based in the U.S., MOFSL has entered into a chaperoning agreement with a U.S. registered broker-dealer, Motilal Oswal Securities International Private Limited. ("MOSIPL"). Any business interaction pursuant to this report will have to be executed within the
provisions of this chaperoning agreement.
The Research Analysts contributing to the report may not be registered /qualified as research analyst with FINRA. Such research analyst may not be associated persons of the U.S. registered broker-dealer, MOSIPL, and therefore, may not be subject to NASD rule
2711 and NYSE Rule 472 restrictions on communication with a subject company, public appearances and trading securities held by a research analyst account.
For Singapore
In Singapore, this report is being distributed by Motilal Oswal Capital Markets (Singapore) Pte. Ltd. (“MOCMSPL”) (UEN 201129401Z), which is a holder of a capital markets services license and an exempt financial adviser in Singapore.This report is distributed solely
to persons who (a) qualify as “institutional investors” as defined in section 4A(1)(c) of the Securities and Futures Act of Singapore (“SFA”) or (b) are considered "accredited investors" as defined in section 2(1) of the Financial Advisers Regulations of Singapore read
with section 4A(1)(a) of the SFA. Accordingly, if a recipient is neither an “institutional investor” nor an “accredited investor”, they must immediately discontinue any use of this Report and inform MOCMSPL .
In respect of any matter arising from or in connection with the research you could contact the following representatives of MOCMSPL. In case of grievances for any of the services rendered by MOCMSPL write to
grievances@motilaloswal.com.
Nainesh Rajani
Email:
nainesh.rajani@motilaloswal.com
Contact: (+65) 8328 0276
CHART BOOK | May 2025
35
June 2020
 Motilal Oswal Financial Services
Disclaimer:
The report and information contained herein is strictly confidential and meant solely for the selected recipient and may not be altered in any way, transmitted to, copied or distributed, in part or in whole, to any other person or to the media or reproduced in any form,
without prior written consent. This report and information herein is solely for informational purpose and may not be used or considered as an offer document or solicitation of offer to buy or sell or subscribe for securities or other financial instruments. Nothing in this
report constitutes investment, legal, accounting and tax advice or a representation that any investment or strategy is suitable or appropriate to your specific circumstances. The securities discussed and opinions expressed in this report may not be suitable for all
investors, who must make their own investment decisions, based on their own investment objectives, financial positions and needs of specific recipient. This may not be taken in substitution for the exercise of independent judgment by any recipient. Each recipient of
this document should make such investigations as it deems necessary to arrive at an independent evaluation of an investment in the securities of companies referred to in this document (including the merits and risks involved), and should consult its own advisors to
determine the merits and risks of such an investment. The investment discussed or views expressed may not be suitable for all investors. Certain transactions -including those involving futures, options, another derivative products as well as non-investment grade
securities - involve substantial risk and are not suitable for all investors. No representation or warranty, express or implied, is made as to the accuracy, completeness or fairness of the information and opinions contained in this document. The Disclosures of Interest
Statement incorporated in this document is provided solely to enhance the transparency and should not be treated as endorsement of the views expressed in the report. This information is subject to change without any prior notice. The Company reserves the right to
make modifications and alternations to this statement as may be required from time to time without any prior approval. MOFSL, its associates, their directors and the employees may from time to time, effect or have effected an own account transaction in, or deal as
principal or agent in or for the securities mentioned in this document. They may perform or seek to perform investment banking or other services for, or solicit investment banking or other business from, any company referred to in this report. Each of these entities
functions as a separate, distinct and independent of each other. The recipient should take this into account before interpreting the document. This report has been prepared on the basis of information that is already available in publicly accessible media or developed
through analysis of MOFSL. The views expressed are those of the analyst, and the Company may or may not subscribe to all the views expressed therein. This document is being supplied to you solely for your information and may not be reproduced, redistributed or
passed on, directly or indirectly, to any other person or published, copied, in whole or in part, for any purpose. This report is not directed or intended for distribution to, or use by, any person or entity who is a citizen or resident of or located in any locality, state, country
or other jurisdiction, where such distribution, publication, availability or use would be contrary to law, regulation or which would subject MOFSL to any registration or licensing requirement within such jurisdiction. The securities described herein may or may not be
eligible for sale in all jurisdictions or to certain category of investors. Persons in whose possession this document may come are required to inform themselves of and to observe such restriction. Neither the Firm, not its directors, employees, agents or representatives
shall be liable for any damages whether direct or indirect, incidental, special or consequential including lost revenue or lost profits that may arise from or in connection with the use of the information. The person accessing this information specifically agrees to exempt
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.
CHART BOOK | May 2025
36
June 2020