India Strategy
The Eagle Eye - July 2025
Geopolitical thaw fuels market momentum!
Gautam Duggad(Gautam.Duggad@motilaloswal.com)
|
Deven Mistry
(Deven@motilaloswal.com)
Abhishek Saraf
(Abhishek.Saraf@motilaloswal.com) |
Anshul Agarawal
(Aanshul.Agarawal@motilaloswal.com)
1
June 2020
 Motilal Oswal Financial Services
CONTENTS
GLOBAL MARKETS
Global markets rally; South Korea
notably outperforms
Decade in review: Nasdaq
dominates, Nifty Midcap-100
shines, while China underperforms
Global volatility eases from its
peak after a sharp mid-1H spike
DOMESTIC MARKETS
Markets reclaim the Sep’24
levels fueled by BFSI
Most sectors gain during the
month, barring Consumer
Mid-caps outshine amid
moderate Nifty-500 earnings
About 69% of the BSE-200
constituents end higher in Jun’25
FLOWS AND VOLUMES
FII momentum builds further; DII
inflows near record high
Monthly average cash volumes
rise, while F&O volumes remain
flat MoM
Telecom and O&G gain weight,
while Private Banks and Consumer
dip the most
KEY RESEARCH REPORTS
Initiating Coverage on:
Time Technoplast
Go Fashion (India)
AB Lifestyle Brands
INOX Wind
Plastic Pipes (thematic)
Corporate profit-to-GDP: Standing
tall at a 17-year high!
The PSU saga: Resilient earnings;
valuations retreat from the highs
MULTI-YEAR HIGHS/LOWS
Crude eases after spike, metal
prices clock modest gains from
the lows
India-US 10Y yield spread
widens to 2.1%
Forex reserves reach their
second-highest level after five
consecutive months of gains
VALUATIONS
Large-cap valuations above
average; SMIDs significantly above
their respective averages
Nifty’s 12-month forward P/E at
21.7, trades above its LTA
EY/BY remains flat MoM
India’s market cap-to-GDP ratio
continues to inch up from its
Feb’25 lows – now at 127% vs.
120% in Feb’25
CHART BOOK | July 2025
2
June 2020
 Motilal Oswal Financial Services
A view from the EAGLE’S EYE!
CHART BOOK | July 2025
3
June 2020
 Motilal Oswal Financial Services
KEY EXHIBITS Markets reclaim the Sep’24 levels fueled by BFSI
While the broader market corrected and subsequently recovered from its lows to post flat returns over the past nine months, financials delivered
strong gains.
Over the past nine months, around 40% of Nifty-500 stocks have recorded positive returns, with 20% delivering gains of more than 15%, despite
the broader market remaining relatively flat.
Sectoral indices’ performance between Sep’24 and Jun’25
11
7
7
Sep'24 to Jun'25(%)
-1
-1
-3
-3
-1
-2
-5
-7
-7
-10
-12
-16
-17
-18
Nifty-500: Distribution of stock performance
Count and performance of Nifty-500 companies between Sep'24 and Jun'25
~60% stocks
125
141
90
~40% stocks
41
62
41
Less than -30%
-30% to -15%
-15% to 0%
0% to 15%
15% to 30%
Above 30%
CHART BOOK | July 2025
4
June 2020
 Motilal Oswal Financial Services
KEY EXHIBITS Global volatility eases from its peak after a sharp mid-1H spike
Historically, market drawdowns have been accompanied by rising volatility. In contrast, Indian markets have shown greater resilience and lower
volatility compared to the US, which has experienced sharper spikes over the past six months.
India’s VIX remained below its two-year average of 14, while the US VIX eased towards its two-year average of 16.8.
Nifty volatility index
30
25
20
India VIX average 14
15
10
Nifty closing
26,000
24,000
22,000
20,000
18,000
India
60
50
40
30
20
10
S&P500 VIX
S&P500 closing
6,180
5,510
4,840
4,170
3,500
USA
US VIX average 16.8
CHART BOOK | July 2025
5
June 2020
 Motilal Oswal Financial Services
KEY EXHIBITS Corporate profit-to-GDP: Standing tall at a 17-year high!
In FY25, the corporate profit-to-GDP ratio for the Nifty-500 Universe remained at 4.7%, marking a 17-year high. Notably, for listed India Inc., the
ratio stood at 5.1%, at a 14-year high.
For the first time in many years, corporate earnings are tracking GDP growth, resulting in the corporate profit-to-GDP ratio remaining flat YoY at
a 17-year high of 4.7% in FY25.
This stable ratio was primarily driven by a 10.5% YoY profit growth in FY25, building on a strong earnings base of 30% YoY in FY24, which was
broadly aligned with the year’s revenue growth. This performance was bolstered by a robust GDP growth of 9.8% YoY in FY25, following a high
base of 12% YoY growth in FY24.
Detailed report
Nifty-500 – the corporate profit to GDP ratio remains flat YoY at 4.7% in FY25
Phase 1
5.2
4.6
3.9
4.1
4.7
4.6
4.1
3.8
Phase 2
Phase 3
2.7
3.3
3.7
3.7
4.2
3.2
2.8
3.0
3.3
2.7
2.6
4.7
4.0
4.7
Average: 3.7%
2.1
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
India Inc. (Listed/Unlisted) – corporate profit to GDP ratio trend
3.1
4.8
5.5
6.4
7.3
7.9
1.7
6.2
5.6
6.6
6.4
4.8
4.5
4.4
3.5
3.0
3.5
2.3
2.7
1.9
4.6
6.5
6.3
7.3 5.1
2.3
5.0
5.1
Listed universe profit to GDP (%)
1.3
4.2
2.1
4.3
2.0
5.3
1.2
4.4
1.3
5.3
0.9
5.5
Un-listed universe profit to GDP (%)
Total profit to GDP (%)
2.0
1.9
4.4
0.5
2.5
1.6
3.2
0.2
4.6
0.6
4.0
0.6
3.7
0.5
2.9
0.6
2.4
0.7
2.8
0.3
2.0
0.5
2.2
0.2
1.7
1.3
3.3
4.5
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
CHART BOOK | July 2025
6
June 2020
 Motilal Oswal Financial Services
KEY EXHIBITS The PSU saga: Resilient earnings; valuations retreat from the highs
After a remarkable post-pandemic rebound, PSU earnings growth moderated in FY25, weighed down by the high base of a robust 43% YoY
increase in FY24 and a decline in O&G sector earnings. Overall, PSU profits inched lower by 2% YoY in FY25, though excluding the O&G sector,
PSU earnings growth remained resilient at 16% YoY, following a robust 23% jump in FY24.
PSUs’ share in overall profits rose to an impressive 38% in FY24 (from a low of 18.5% in FY18), before easing to 32.4% in FY25 amid a moderation
in earnings.
The loss pool of PSUs has consistently declined over the past five years and was largely flat YoY in FY25. The contribution of loss-making
companies to the overall profit pool has significantly diminished to just 1% in FY25 from 45% in FY18.
Detailed report
PSUs’ corporate earnings rose faster than that of the private sector in second half of the decade; however, earnings moderated in FY25 mainly due to a dip in O&G earnings
CAGR:FY15-20
Private: 4.9%
PSU: -3.8%
PVT
PSU
9,724
7,098
3,524
1,258
FY17
3,503
797
FY18
4,168
1,268
FY19
4,947
3,444
1,153
FY20
2,180
3,351
7,615
5,441
3,815
CAGR:FY20-25
Private: 26.3%
PSU: 35.7%
FY24
FY25
5,307
11,071
2,705
1,398
FY15
2,932
977
FY16
FY21
FY22
FY23
PSUs’ share in overall profit pool declined from the elevated base of FY24
PVT
25.0
26.3
18.5
23.3
25.1
PSU
30.6
Loss pool of PSUs witnessing continuous reduction from the FY18 highs
45
Losses reported by PSUs (INRb)
32
17
34.1
32.1
33.4
35.9
32.4
28
29
65.9
75.0
73.7
81.5
76.7
74.9
69.4
67.9
66.6
64.1
67.6
5
79
374
FY16
250
FY17
651
FY18
585
FY19
477
FY20
5
123
FY21
2
54
FY22
3
116
FY23
1
57
FY24
1
67
FY25
FY15
FY16
FY17
FY18
FY19
FY20
FY21
FY22
FY23
FY24
FY25
FY15
CHART BOOK | July 2025
7
June 2020
 Motilal Oswal Financial Services
KEY EXHIBITS The PSU saga: Strong rebound in the second half of the decade
(cont..)
Over the past year, the market capitalization of the BSE PSU Index hit an all-time high of INR74t in Jul’24, driven by consistent re-rating trends.
The index’s current market capitalization stands 14% below its all-time high (up 5% in CY25YTD).
PSUs’ share in India’s total market cap dropped significantly to 11% in FY22 from 19% in FY15 but has since recovered and currently stands at
15% (albeit down from 17% in FY24).
BSE PSUs’ market cap remained nearly flat during FY09-20, while it surged 5.8x in the last five years (since Mar’20)
80
60
40
20
0
Flat returns between FY09-20
5
10
11
BSE PSU Index Market Cap (INR t)
74
64
PSUs’ share in the Indian market cap moderated from its highs but continues to recover from the Feb’25 lows
Indian market cap (INRt)
31
26
22
26
31
28
31
29
PSU’s share in the Indian market cap
25
21
19
16
18
17
15
13
11
199
11
260
13
17
15
15
17
30
36
52
31
62
62
56
59
69
94
90
115
137
146
110
254
388
417
454
CHART BOOK | July 2025
8
June 2020
 Motilal Oswal Financial Services
KEY EXHIBITS Mid-caps outshine amid moderate Nifty-500 earnings
The 4QFY25 and FY25 performance ended on a muted note for large-caps and small-caps, while mid-caps recorded strong growth.
The aggregate PAT of Nifty-500 constituents grew 9% YoY in 4QFY25. Among the key indices, PAT of Nifty100/Midcap-150/Smallcap-250
constituents grew 5%/29%/8% YoY. For FY25, the aggregate Nifty-500 PAT rose 6% YoY, while the indices posted PAT growth of 3%/22%/7% YoY.
Quarterly PAT growth of Nifty-100/Nifty Midcap-150/Nifty Smallcap-250
Nifty-100 PAT (INR b)
16
YoY growth (%)
Midcap-150 PAT (INR b)
YoY growth (%)
31
4
1
-1
5
1
13
29
Smallcap-250 PAT (INR b)
28
32
8
YoY growth (%)
7
-13
2
Annual PAT growth of Nifty-100/Nifty Midcap-150/Nifty Smallcap-250
Nifty-100 PAT (INR b)
38
28
12
-1
YoY growth (%)
34
3
0
-63
Midcap-150 PAT (INR b)
296
YoY growth (%)
354
Smallcap-250 PAT (INR b)
YoY growth (%)
19
45
0
36
22
2
100
47
12
31
7
Source: MOFSL, Company, Cline
CHART BOOK | July 2025
9
June 2020
 Motilal Oswal Financial Services
KEY EXHIBITS Crude eases after spike; metal prices clock modest gains from the lows
Crude prices remained range-bound over the past two years, despite
heightened tensions in the Middle East
138
Palm oil prices remained flat YoY and MoM
Palm Oil (MYR/MT)
Brent Crude (USD)
8,077
68
3,963
Avg: MYR 3,343
Avg: USD 66
HRC prices saw an uptick, rising 11% from the Jan’25 lows
76,725
Average monthly HRC prices (INR/t)
TMT prices rose 10% from the Aug’24 lows
73,225
Average monthly TMT prices (INR/t)
49,840
55,362
CHART BOOK | July 2025
10
June 2020
 Motilal Oswal Financial Services
KEY EXHIBITS Valuations expand across market caps and sectors over the past six months
The 12-month forward P/E of MOFSL Universe by market cap and sectors spiked since the 2QFY25 lows.
12-month forward P/E (x) of MOFSL Universe by market cap post-2QFY25 (Nov’24) and 4QFY25 (Jun’25) results
FY26 P/E (x) as of 2QFY25 review
FY26 P/E (x) as of 4QFY25 review
23.7
21.7
20.0
19.7
22.1
20.6
25.3
26.0
Nifty-50
Large Cap
Mid Cap
Small Cap
12-month forward P/E (x) of MOFSL Universe by sectors post-2QFY25 (Nov’24) and 4QFY25 (Jun’25) results
FY26 P/E (x) as of 2QFY25 review
FY26 P/E (x) as of 4QFY25 review
Note: Sector-wise market capitalization of 286 companies under the MOFSL Universe has been considered as of 15th Nov’25 and 30th Jun’25, along with FY26 forward earnings
estimates for both periods. The like-for-like MOFSL Universe includes 85 Large-cap, 86 Mid-cap, and 115 Small-cap companies, classified as per SEBI norms.
CHART BOOK | July 2025
11
June 2020
 Motilal Oswal Financial Services
KEY EXHIBITS Large-cap valuations above average; small-caps the most stretched
The Nifty-50’s one-year forward P/E stood at 21.7x, about 5% above its long-period average (LPA) of 20.7x.
In contrast, the Nifty Midcap-100 and Nifty Smallcap-100 indices are trading at 29.3x and 25.8x, representing premiums of ~30% and ~60% to
their respective LPAs.
One-year forward P/E trends across the Nifty-50, Nifty Midcap-100 and Nifty Smallcap-100 indices (x)
Nifty-50 P/E (x)
22.8
21.4
19.2
19.2
21.6
22.3
21.6
18.7
Average 20.7x
19.0
19.9
21.8
21.7
FY15
FY16
FY17
FY18
FY19
FY20
FY21
FY22
FY23
FY24
FY25
Jun-25
Nifty Midcap-100 P/E (x)
31.4
Average 22.8x
22.9
18.6
19.7
17.1
13.0
FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 Jun-25
13.0
24.8
26.2
22.3
18.6
16.0
27.9
25.4
Nifty Smallcap-100 PE (x)
27.7
22.7
Average 16.4x
16.2
13.4
13.5
20.5
17.7
15.5
17.2
16.9
FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 Jun-25
Note: The bars represents 12-month average of one-yr fwd P/E and as of 30
th
Jun’25
CHART BOOK | July 2025
12
June 2020
 Motilal Oswal Financial Services
KEY EXHIBITS
Auto and Consumer trade below their average valuations
Valuations have been trading below the 10-year average for Automobiles and Consumer, while they have remained above the 10-year average
for Capital Goods, Healthcare, Technology, Metals and O&G and near to the average for Private Banks.
Auto P/E (x)
Average 28.2x
Pvt. Banks P/E (x)
Average 21.1x
Capital Goods P/E (x)
Average 25.1x
Consumer P/E (x)
Average 42.0x
Healthcare P/E (x)
Average 26.9x
Technology P/E (x)
Average 21.2x
Pvt. Banks P/B (x)
Average 2.5x
Metals P/B (x)
Average 1.6x
O&G P/B (x)
Average 1.5x
Note: The bars represent 12-month average of one-year fwd P/E and P/B across MOFSL Universe sectors and as of 30
th
Jun’25
CHART BOOK | July 2025
13
June 2020
 Motilal Oswal Financial Services
Macro, Markets, and More…
CHART BOOK | July 2025
14
June 2020
 Motilal Oswal Financial Services
Global markets rally; South Korea notably outperforms
MoM performance of global equity indices in USD terms (%)
16
MoM change (%)
6
6
6
6
5
3
3
3
2
2
1
CY25YTD performance of global equity indices in USD terms (%)
39
CY25YTD change (%)
36
32
31
18
17
14
11
8
8
5
5
CHART BOOK | July 2025
15
June 2020
 Motilal Oswal Financial Services
Decade in review: Nasdaq dominates, Nifty Midcap-100 shines, while China underperforms
Over the past decade, the Nasdaq delivered a 15% CAGR, followed by the Nifty Midcap-100 (13%), US S&P-500 (12%), Nifty Smallcap-100 (10%),
Nifty-50 (9%), Japan (5%), and China (0%).
Performance of the Nifty-50, Nifty Midcap-100, and Nifty Smallcap-100 indices vs. the Nasdaq, US S&P-500, Japan, and China
450
400
350
300
250
200
150
100
50
Nasdaq
Nifty Midcap-100
US S&P-500
Nifty Smallcap-100
Nifty-50
Japan
China
(indices rebased to 100; in USD)
408
341
301
266
226
169
98
Source: Bloomberg, MOFSL
CHART BOOK | July 2025
16
June 2020
 Motilal Oswal Financial Services
Most sectors gain during the month, barring Consumer
Sectoral performance MoM (%): Mid- and Small-caps have outperformed large-caps during the month
7
3
4
5
4
4
4
3
MoM change (%)
3
3
2
2
2
2
-1
Sectoral performance in CY25YTD (%): Private banks and Infra outperform, while Technology lags
14
8
4
2
CY25YTD change (%)
11
10
10
7
5
4
-3
-3
-6
-6
-10
Note: (*) represents BSE Capital goods index.
CHART BOOK | July 2025
17
June 2020
 Motilal Oswal Financial Services
About 76% of the Nifty constituents end higher in Jun’25
Among Nifty constituents, 38 stocks closed higher in Jun’25, with 23 outperforming the benchmark. Jio Financials, Grasim Ind. and Eternal
posted notable gains, whereas Tata Motors, Bajaj Auto, and HUL were the key laggards.
About 33 Nifty constituents trade higher in CY25YTD. Bharat Electronics, Bajaj Finance, and SBI Life Ins. are the top gainers, whereas TCS,
Infosys, and Trent are the key laggards.
Best and worst Nifty performers on a MoM basis (%)
14
12
11
11
10
10
9
8
8
7
3
0
0
0
-1
-1
-1
-2
-2
-3
-4
Best and worst Nifty performers in CY25YTD (%)
44
37
32
32
31
27
23
22
21
20
8
-7
-8
-9
-9
-10
-11
-12
-13
-15
-15
CHART BOOK | July 2025
18
June 2020
 Motilal Oswal Financial Services
About 69% of the BSE-200 constituents end higher in Jun’25
In Jun’25, 137 BSE-200 stocks closed higher. Aditya Birla Capital, Swiggy, and Hyundai Motors gained the most during the month.
About 110 BSE-200 constituents trade higher in CY25YTD. Solar Industries, Aditya Birla Capital, and GSK Pharma are the top gainers.
Top gainers within BSE-200 on a MoM basis (%)*
24
20
20
18
18
17
14
13
13
13
13
12
11
10
10
10
9
9
9
9
9
9
9
9
8
8
7
7
7
7
3
Top gainers within BSE-200 CY25YTD (%)*
80
56
50
48
46
46
45
44
39
37
35
34
33
32
32
31
29
28
27
24
23
23
23
23
23
23
21
21
21
20
6
*The list excludes Nifty constituents.
CHART BOOK | July 2025
19
June 2020
 Motilal Oswal Financial Services
About 32% of the BSE-200 constituents end lower in Jun’25
In Jun’25, 63 companies closed lower. Sona BLW, Linde India, and Mazagon Dock were among the key laggards.
About 90 of the BSE-200 companies trade lower in CY25YTD. Oracle Finance, Varun Beverages, and Kalyan J. are the key laggards in CY25YTD.
Key laggards among the BSE-200 constituents on a MoM basis (%)*
3
-7
-6
-6
-6
-6
-5
-5
-5
-4
-4
-4
-3
-3
-3
-3
-3
-3
-2
-2
-2
-2
-2
-2
-2
-2
-2
-2
-2
-12 -11
Key laggards among the BSE-200 constituents in CY25YTD (%)*
6
-13 -13 -13 -13
-16 -16 -16 -16 -15 -15 -14 -14 -13
-18 -18 -18
-21 -20 -19 -19 -19 -18
-30 -28 -27 -27 -26 -26 -26 -25
*The list excludes Nifty constituents.
CHART BOOK | July 2025
20
June 2020
 Motilal Oswal Financial Services
Telecom and O&G gain weight, while Private Banks and Consumer dip the most
In Jun’25, the weights of the Private Banks, Consumer, Healthcare, and Utilities sectors declined 40bp, 30bp, 20bp, and 20bp MoM,
respectively, while the Capital Goods sector saw a significant increase of 50bp MoM among the Nifty-50 constituents.
Nifty sectoral weights (%)
Weightage in the Nifty (%)
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
Dec’20
5.4
24.7
1.8
12.3
2.6
2.2
10.4
3.6
2.0
12.5
10.7
1.1
2.0
16.3
2.1
1.0
100
Dec’21
5.0
21.9
2.3
11.4
3.0
2.4
9.4
3.4
2.9
12.3
10.8
1.4
2.1
19.1
2.1
1.2
100
Dec’22
5.3
24.2
2.9
10.6
3.1
1.8
10.3
3.8
2.9
12.1
11.0
1.4
2.5
14.0
2.5
2.6
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
Mar’25
6.9
28.4
2.8
6.1
4.9
2.2
7.8
3.8
3.1
9.0
8.1
2.3
4.4
11.9
3.7
2.7
100
May’25
7.1
28.6
2.8
6.2
5.1
2.0
7.7
3.7
2.9
9.4
8.6
2.4
4.4
11.3
3.4
3.0
100
June’25
7.0
28.3
2.7
6.4
5.0
2.2
7.4
3.6
2.8
9.6
8.8
2.5
4.7
11.2
3.3
3.1
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 | July 2025
21
June 2020
 Motilal Oswal Financial Services
FII momentum builds further; DII inflows near record high
FII flows remained positive for the fourth consecutive month, at USD 2.4b, while DIIs invested USD8.5b, their 23
rd
consecutive month of inflows
and the third-highest monthly tally ever. This led to a record 15-month high institutional flow. In CY25YTD, DIIs have invested USD41.5b, while FIIs
have sold USD8.2b worth of Indian equities.
Interestingly, every bi-annual DII inflow has surpassed the previous six-month period over the past three years. During CY21-CY25YTD, DII inflows
have totaled ~USD171b, whereas net FII outflows stood nearly flat at USD0.7b.
Monthly institutional flows (USD b)
6.7
7.0
4.1
1.7
2.3
4.0
0.5
FII (USD b)
3.1 3.3
1.4
5.9
1.3
0.2
2.4
1.3 1.7
3.0 2.4
3.4
3.2 3.1
6.8
1.7 1.6
DII (USD b)
12.8
10.0
7.4
3.8
5.3
4.0
4.3
3.3
7.9 8.5
5.3
6.7
3.4 2.8
5.8
-2.3-2.7
-3.1
-1.1
-3.0
-2.2
-5.4
-10.9
-8.4
0.5
-0.3
Institutional flows on a half-yearly basis (USD b)
FII (USD b)
6.2
3.0
-2.9
-0.1
8.4
-0.7
-0.6
-3.9
11.3
2.9
-2.4
25.8
8.1
11.5 11.2
10.3
0.3
-4.3
-1.1
4.1 6.1
-8.2
1.3 4.0 3.3
DII(USD b)
26.7
10.8
28.5
5.5
11.8
10.5
41.5
34.4
9.5
6.4
-1.1
7.1
11.9
12.5
-0.4
-16.9
-28.6
CHART BOOK | July 2025
22
June 2020
 Motilal Oswal Financial Services
Institutional holdings: DIIs overtake FIIs in the Nifty-500 ownership
Strong domestic inflows and buoyant capital markets led to a historic shift in ownership, with DII holdings surpassing FII holdings in the Nifty-500
companies for the first time.
Promoter holdings declined to an all-time low of 49.5% in Mar’25, while retail holdings remained broadly stable.
Trends in FII/DII holdings for Nifty-500 (%)
FIIs
22.8
21.1
21.1
21.0
21.4
19.4
19.5
18.0
10.8
13.3
14.0
14.8
14.2
14.6
22.5
19.2
18.9
18.5
18.8
19.2
25.8
DIIs
47.7
43.2
42.8
30.7
43.3
28.8
39.6 39.1
39.2
37.6
37.3
Trends in FII/DII share as proportion of free float
FII proportion of free float (%) - LHS
DII proportion of free float (%) - RHS
36.2
42.0
27.4
42.0
29.7
35.8
36.9
38.0
20.4
19.8
17.6
28.0
40.9
12.3
12.7
25.3
DIIs continued to raise their stakes for the fourth consecutive quarter
Value USDB
1,375
14.3
10.8
22.8
1,199
15.4
12.3
21.1
1,529
15.4
12.7
21.1
1,871
14.8
13.3
20.4
Promoter
1,872
15.0
14.0
21.0
1,408
13.7
14.8
19.8
FIIs
2,521
13.8
14.2
21.4
DIIs
3,132
15.0
14.6
19.4
Public
2,815
12.3
18.0
19.5
4,235
12.3
17.6
19.2
4,697
12.8
18.5
18.9
4,326
12.4
19.2
18.8
52.1
51.1
50.8
51.4
50.0
51.7
50.5
51.0
50.2
50.9
49.8
49.5
Mar 15
Mar 16
Mar 17
Mar-18
Mar-19
Mar-20
Mar-21
Mar-22
Mar-23
Mar-24
Dec-24
Mar-25
CHART BOOK | July 2025
23
June 2020
 Motilal Oswal Financial Services
Monthly average cash volumes rise, while F&O volumes remain flat MoM
Monthly average cash volumes rose 2% MoM in Jun’25 to INR1.2t (albeit, down 26% from the Jun’24 high). Non-institutional participation, which
accounted for 47% of the total cash volumes, was down 300bp MoM.
Monthly average F&O volumes were nearly flat MoM (down 36% from the Sep’24 high).
Monthly average cash volumes (INR b)
1750
1350
950
550
150
Monthly Avg. Cash Volume (INR b)
Non Institution % to Cash Volume (RHS)
70
60
50
47
50
40
30
Monthly average F&O volumes (INR t)
540
360
180
0
Monthly Avg F&O Volume (INR t)
Cash % to Total Volumes
2.0
1.6
1.2
0.3
0.8
0.4
0.0
CHART BOOK | July 2025
24
June 2020
 Motilal Oswal Financial Services
India-US 10Y yield spread widens to 2.1%
India’s 10-year government bond yield remained flat at 6.3% in Jun’25, while the US yield declined 20bp MoM to 4.2%. As a result, the yield spread
expanded 20bp MoM to 2.1% in Jun’25, up from an all-time low of 1.9% in May’25.
India-US 10Y bond yield (%)
India 10-year yield
India’s fiscal tightening,
strong economic growth led by
the global book, and Fed
raising rates
GFC
US 10-year yield
12.0
Fed cuts rates to zero
after the GFC
Fed raises rates
9.0
Fed easing, US-
Sino trade
war, and
Fed tightening,
Covid-19
geopolitical
pandemic
uncertainties,
sharp rise in bond
yields
Fed starts easing
rates, geopolitical
uncertainty
sustains, bond
yields moderate
from the highs
6.0
6.3
2.2
6.9
6.0
3.9
4.4
2.1
4.2
3.0
0.0
Source: Bloomberg, MOFSL
CHART BOOK | July 2025
25
June 2020
 Motilal Oswal Financial Services
Forex reserves reach their second-highest level after five consecutive months of gains
India’s forex reserves rose 1% MoM to USD698b in Jun’25 (up 11% from the Jan’25 low of USD 631b), nearing the all-time high of USD705b
reached in Sep’24.
On the currency front, INR weakened 0.2% MoM to 85.8 against the USD.
Forex reserves (USD b)
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
600
400
65
Pre GFC peak
in FX reserves
50
200
35
0
Source: Bloomberg, MOFSL
CHART BOOK | July 2025
26
June 2020
 Motilal Oswal Financial Services
Key reports from MOFSL’s research desk
Initiating Coverage| Time Technoplast| Right Metrics + Right TIME = Rerating in Sight!
Report link>>
TIME is the world's largest manufacturer of large-size plastic drums, with an impressive 50-60% market share in India and a significant
share in 10 other countries. It was the first company to launch intermediate bulk containers (IBC) in India and is now the third largest IBC
manufacturer worldwide. TIME ranks as the second largest global manufacturer of Type-IV composite LPG and CNG cylinders. After
clocking a CAGR of 16%/19%/39% in revenue/EBITDA/PAT over FY21-25, we estimate a CAGR of 15%/16%/23% over FY25-28E, led by
strong performance in its value-added product (VAP) segment (20% revenue CAGR, 18%+ EBITDA margin) and strong cash flow
generation. Despite annual capex of ~INR1.7b, we estimate pre-tax RoCE/RoIC to expand from ~18% each in FY25 (FY24: 16-17%) to
~23%/26% in FY28 on healthy operating performance, improved plant efficiency and tightening of net working capital cycle (by 10-15
days). An estimated annual FCF of INR4b+ will be used to pare debt and achieve net cash status in FY27E (vs. net debt of INR5.9b/4.7b in
FY24/FY25). We estimate healthy OCF/EBITDA (~60%+) and FCF/PAT (80%+) over the next three years.
We initiate coverage on Time Technoplast (TIME) with a BUY rating, based on 22x FY27E P/E with 40% upside. Our positive stance is
backed by the company's strong growth prospects, improving return ratios and attractive valuation (~16x FY27E P/E).
Initiating Coverage | Go Fashion (India)| Get set, GO in style!!
Go Fashion (GOCOLORS), operating under the brand 'Go Colors', is a pioneer and category leader in the women's bottom wear market,
holding an 8% share of the organized market. Leveraging its first-mover advantage, GOCOLORS has successfully established a direct-to-
consumer (D2C) brand, offering a wide range of products through 776 exclusive brand outlets (EBOs) across 180 cities.
GOCOLORS is well-positioned to leverage its leadership in the women's bottom-wear segment and D2C model, with significant
expansion potential beyond its current presence in ~180 cities. We model a 16% revenue CAGR over FY25- 28E, led by an 18% growth in
EBO/online channels. While its gross margin may contract ~130bp due to RM benefit pass-through, its operating leverage is likely to drive
~135bp EBITDA margin expansion to 18.2%. EBITDA and PAT are projected to clock 19%/20% CAGR over FY25-28E. Strong operational
cash flows are expected to result in cumulative OCF/ FCFF of INR3.7b/INR2.5b.
Following the recent correction, the stock currently trades at 34x FY27E EPS. We value the stock at 45x FY27E EPS to arrive at our TP of
INR1,127. We initiate coverage on the stock with a BUY rating.
Report link>>
Initiating Coverage | Aditya Birla Lifestyle Brands |Well-Stitched Brands, Loose Ends in Execution
Report link>>
Aditya Birla Lifestyle Brands (ABLBL) was demerged from Aditya Birla Fashion and Retail (ABFRL) in May’25 and comprises four industry-
leading lifestyle brands (Louis Philippe, Van Heusen, Allen Solly and Peter England) and emerging brands such as Van Heusen Innerwear,
Reebok and American Eagle.
We expect ABLBL to deliver ~10% revenue CAGR over FY25-28E, driven by 1) acceleration in retail store additions in lifestyle brands, 2)
improvement in store productivity, and 3) scale-up of emerging brands. Driven by lower discounting, an improved channel mix and
operating leverage benefits, we expect gross/EBITDA margin to expand ~80bp/~140bp to 59%/16.6% by FY28E. Further, ABLBL could
generate cumulative FCF of INR11b over FY25-28E, which should help ABLBL to become a net-cash company (excl. leases).
We ascribe a TP of INR190/share (vs. ~INR171/sh implied price on demerger), premised on 15x FY27E EV/EBITDA for lifestyle brands and
~1x FY27E EV/sales for emerging brands. We assume coverage on ABLBL with a Neutral rating.
CHART BOOK | July 2025
27
June 2020
 Motilal Oswal Financial Services
Key reports from MOFSL’s research desk (cont...)
Initiating Coverage| Plastic Pipes | Capturing new opportunities!
Report link>>
Initiate coverage on SI/ASTRA/PRINCPIP with a BUY rating
Core industry growth to accelerate at ~14% CAGR:
The Indian plastic pipes industry has evolved significantly, registering a ~10% CAGR
over the last decade to reach ~INR541b in FY24. This growth is anticipated to accelerate to ~14% CAGR over FY24-27, reaching ~INR805b
by FY27, driven by strong demand from housing, irrigation, water supply, and sanitation. Additionally, robust replacement demand will be
a key growth driver
Seizing emerging opportunities and expanding TAM:
Leading players within the sector have diversified beyond pipes into adjacent high-
growth categories such as water tanks (TAM INR100b in FY24), bathware (INR194b), and industrial components, leveraging innovation
and market expansion. Each of these categories is set to register a healthy CAGR averaging ~12% over the next few years.
Organized players to gain further share:
Organized players currently hold ~70% of industry demand, up from 50% in FY10. A few key
players dominate ~40% of the market: SI (~11%), Ashirvad (9%), FNXP (8%), ASTRA (7%), and PRINCPIP (5%). The extended Anti-Dumping
Duty (ADD) on CPVC (until Jun’29) and potential ADD on PVC resins will accelerate the shift towards organized players. Sector
consolidation is expected to gain momentum, benefiting organized firms with strong balance sheets.
Our initiating coverage universe:
We initiate coverage on: 1) Supreme Industries (SI), 2) Astral (ASTRA), and 3) Prince Pipes and Fittings
(PRINCPIP) with a BUY rating. These companies are some of the key players operating in the Indian plastic pipes space. We believe that
these companies are well-positioned to gain further market share and deliver a healthy earnings trajectory.
Initiating Coverage | INOX Wind |Energizing India's Wind Opportunity
Report link>>
IWL is a leading vertically integrated player in India's wind energy sector, delivering end-to end solutions from conception and
commissioning to O&M of wind power projects. With a manufacturing capacity of 2.5GW annually across four facilities, IWL produces
2MW and 3MW Wind Turbine Generators (WTGs).
As of FY25-end, IWL holds a robust order book of ~3.2GW, offering strong revenue visibility for at least two years. Its listed subsidiary,
Inox Green Energy Services Ltd. (IGESL) (55.93% stake), manages a significant 5.1GW O&M portfolio. Meanwhile, its other subsidiary,
Inox Renewable Solutions Limited (IRSL, 93% stake), is diversifying beyond wind EPC into solar, hybrid EPC, and specialized services such
as crane operations broadening IWL's market reach and service offering.
Valuation and view: We arrive at a TP of INR210 by applying a target P/E of 25x to FY27E EPS, which is at a 29% discount to our target
multiple for SUEL. IWL is currently trading at FY27 P/E of 20.5x, which is at a 28% discount to its direct competitor, SUEL.
CHART BOOK | July 2025
28
June 2020
 Motilal Oswal Financial Services
Valuations: Key observations
CHART BOOK | July 2025
29
June 2020
 Motilal Oswal Financial Services
Valuations: Nifty’s 12-month trailing P/E rises MoM
The 12-month trailing P/E for Nifty-50 traded at 24.5x, 7% above its LTA.
At 3.6x, the 12-month trailing P/B was 15% above its historical average of 3.1x.
12-month trailing Nifty P/E (x)
29
25
21
17
13
24.5
10-Year Avg: 22.8x
12-month trailing Nifty P/B (x)
4.5
4.0
3.5
3.0
2.5
2.0
10-Year Avg: 3.1x
3.6
CHART BOOK | July 2025
30
June 2020
 Motilal Oswal Financial Services
Valuations: Nifty’s 12-month forward P/E trades above its LTA
Nifty’s 12-month forward P/E traded at 21.7x, 5% above its LTA of 20.7x, but it was down 10% from the Sep’24 high.
At 3.2x, the 12-month forward P/B traded at a 14% premium to its LTA of 2.8x.
12-month forward Nifty P/E (x)
26
10-Year Avg: 20.7x
22
21.7
18
14
12-month forward Nifty P/B (x)
3.3
10-Year Avg: 2.8x
2.8
2.3
1.8
3.2
CHART BOOK | July 2025
31
June 2020
 Motilal Oswal Financial Services
EY/BY remains flat MoM
India’s 10Y bond yield stood at 6.3% (flat MoM). Consequently, the Earnings yield to Bond yield (EY/BY) traded near its LTA on both trailing and
forward basis.
Trailing Earnings Yield/G-Sec Yield (x)
Earnings yield (12-month trailing)/G-Sec yield
0.75
15 Year Avg: 0.67%
0.65
0.40
Forward Earnings Yield/G-Sec Yield (x)
1.10
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
15 Year Avg: 0.73%
0.80
0.73
0.50
CHART BOOK | July 2025
32
June 2020
 Motilal Oswal Financial Services
NSE indices: Valuations above historical averages across the board
Valuations of mid- and small-caps traded at a significant premium of 22% and 69% to their historical averages, respectively, while valuations for
large caps traded at 5% above the LPA.
Most of the sectoral indices (excluding Banks) have been trading at a significant premium to their LPA.
NSE indices: Valuation snapshot
Indices
Jun'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 (%)
Nifty-50
25,517
6.3
1,135
21.7
20.7
3.2
2.8
15.0
3.3
Nifty
Midcap-100
59,741
7.2
1,923
27.9
22.8
4.2
2.7
13.3
1.1
Nifty
Smallcap-
100
19,075
4.1
609
27.7
16.4
3.8
2.1
12.4
4.3
Nifty-500
23,617
4.7
959
24.6
19.6
3.6
2.8
14.3
2.7
Auto
23,873
-5.3
1,003
23.8
19.6
3.8
2.9
16.5
7.3
BANK
57,313
9.5
3,232
17.7
15.9
2.2
2.1
12.5
1.3
FMCG
54,884
-3.3
1,395
39.3
33.8
9.3
8.5
26.3
23.2
Capital
Goods
38,950
7.7
1,463
26.6
25.8
5.8
3.6
21.5
18.0
IT
9,535
-2.8
585
16.3
21.1
2.1
5.1
13.0
7.8
Metal
36,569
-12.5
2,439
15.0
11.1
2.1
1.3
14.5
7.6
Energy
26,140
4.5
1,151
22.7
11.6
3.4
1.4
14.6
2.9
Source: Bloomberg, MOFSL; as of 30
th
Jun’25| LPA: Long Period Average i.e. 10-year average
CHART BOOK | July 2025
33
June 2020
 Motilal Oswal Financial Services
India’s market cap-to-GDP ratio continues to inch up from its Feb’25 lows
India's market cap-to-GDP ratio is projected at 127% in FY26, lower than the peak of 146% in Sep’24 but above the Feb’25 low of 120%.
The market cap-to-GDP ratio for broader markets continues to trade at a significant premium to the long-term average.
Market cap-to-GDP ratio (%) – Overall
GFC: Peak of 149% in Dec’07
Nominal GDP growth in
FY25/FY26E: 9.8%/10.8%
129
105
84
84
56
97
Average of 87% for the period
90
71
64
66
Lowest since the
GFC
103
113
126
127
97
82
69
79
84
80
57
Market cap-to-GDP ratio (%)-Top 100 Large-caps
Average of 62% for 15 years
Market cap-to-GDP ratio (%)-101 to 250th Mid-caps
Average of 13% for 15 years
Market cap-to-GDP ratio (%) - Small-caps, beyond 250th
74 78
84
66
78 77
12
10
14 13
13
25
23 24
Average of 11% for 15 years
60
50 55
57 57
43
17 18 16
9
23 24
11
13
16
12
5
14
25
10 8
10
CHART BOOK | July 2025
34
June 2020
 Motilal Oswal Financial Services
Top ideas
Company
Preferred large cap stocks
Reliance Inds.
Bharti Airtel
ICICI Bank
Larsen & Toubro
Kotak Mah. Bank
M&M
Titan Company
Trent
Tech Mahindra
Indian Hotels
BSE
HDFC AMC
SRF
Suzlon Energy
Dixon Tech.
Coforge
Jindal Stainless
Page Industries
Kaynes Tech
L T Foods
224.0
131.9
115.1
57.5
49.3
44.4
36.0
23.5
19.0
12.3
12.2
12.0
10.3
9.9
9.7
7.0
6.3
5.8
4.1
1.7
1,465
1,937
1,427
3,661
2,169
3,182
3,517
5,907
1,696
764
2,688
4,956
3,030
63
14,056
1,833
671
45,016
5,866
434
51.5
30.3
66.8
106.9
110.4
98.7
42.3
43.2
47.9
11.8
32.4
115.2
46.1
1.1
117.2
25.0
30.5
652.9
45.8
17.4
59.5
47.6
72.9
128.6
108.9
121.5
53.5
55.5
60.9
14.7
43.7
131.3
70.9
1.7
168.7
46.3
36.2
749.1
83.5
22.5
66.5
62.9
85.5
152.8
129.1
137.8
63.3
68.3
77.0
17.5
50.3
149.0
98.7
2.4
241.6
58.1
44.5
877.2
132.4
28.0
13.7
44.1
13.2
19.5
8.2
18.1
22.3
25.8
26.7
21.6
24.6
13.7
46.4
48.3
43.6
52.3
20.7
15.9
70.0
26.8
28.5
63.9
21.4
34.2
19.7
32.2
83.2
136.8
35.4
64.7
82.9
43.0
65.8
58.7
120.0
73.2
22.0
68.9
128.1
24.9
24.6
40.7
19.6
28.5
19.9
26.2
65.7
106.5
27.9
52.2
61.6
37.7
42.7
37.3
83.3
39.6
18.5
60.1
70.3
19.3
22.0
30.8
16.7
24.0
16.8
23.1
55.6
86.5
22.0
43.8
53.4
33.3
30.7
26.7
58.2
31.5
15.1
51.3
44.3
15.5
4.7
9.5
3.5
5.2
2.8
6.2
26.9
35.9
5.5
9.7
24.7
13.0
7.1
14.2
28.1
9.5
3.3
35.7
13.2
3.9
2.2
8.2
3.2
4.6
2.5
5.2
20.9
26.4
5.3
8.3
18.9
12.0
6.3
10.3
21.3
8.6
2.8
29.4
11.1
3.4
2.0
6.3
2.7
4.0
2.2
4.4
16.6
19.9
5.2
7.0
14.9
11.0
5.4
7.4
15.7
7.6
2.4
24.4
8.9
2.9
8.5
18.0
18.0
16.0
12.8
20.8
35.8
32.2
15.7
16.3
29.8
32.4
11.4
29.4
30.0
13.9
15.1
51.8
11.0
16.8
9.2
22.5
17.1
17.0
12.6
21.7
35.9
30.6
19.5
17.1
30.7
33.1
15.7
31.9
29.1
18.0
15.4
48.9
17.2
18.8
9.4
25.3
17.5
17.9
13.3
20.8
33.3
28.1
23.8
17.3
27.8
34.5
19.0
32.2
31.1
20.6
16.1
47.5
22.3
20.0
Mcap
(USDb)
CMP
EPS (INR)
FY25
FY26E
EPS CAGR
(%)
FY27E FY25-27E FY25
PE (x)
FY26E
FY27E
FY25
PB (x)
FY26E
FY27E
FY25
ROE (%)
FY26E
FY27E
Preferred Mid-cap/Small-cap stocks
CHART BOOK | July 2025
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 Motilal Oswal Financial Services
NOTES
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Quant Research & India Strategy Gallery
CHART BOOK | July 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.
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.
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 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
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 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.
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