India Strategy
The Eagle Eye – November 2025
Markets rebound on earnings optimism and hopes of trade resolution
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
Indian markets rebounded in
Oct’25, while South Korea, Japan
and Taiwan outperform
AI-driven growth is redefining
market cap contributions across key
economies
DOMESTIC MARKETS
Markets post broad-based MoM
gains; Real Estate and PSBs
outperform
2QFY26 Interim Review: A beat
driven by Commodities; mid-
caps outperform
About 71% of BSE-200
constituents end higher in
Oct’25
FLOWS AND VOLUMES
Foreign flows turn positive as DII
inflows stay resilient
Institutional holdings: DIIs extend
their lead in ownership
Monthly average cash volumes
inch up, while F&O volumes jump
MoM
KEY RESEARCH REPORTS
Initiating Coverages on:
LG Electronics India
Rubicon Research
India Strategy | Flows meet
fundamentals: MSCI India’s
enduring edge!
MULTI-YEAR HIGHS/LOWS
Sep’25 CPI falls to an eight-year
low
Mid-caps’ market cap share hits
record high, while large-caps’
share near all-time low
India-US 10-year yield spread
widens MoM to the highest level
since Feb’25
VALUATIONS
Large-cap valuations hover near
average; SMIDs valuations remain
elevated
Auto and Private Banks trade
below their average valuations
India’s market cap-to-GDP ratio
remains high
CHART BOOK | November 2025
2
June 2020
 Motilal Oswal Financial Services
A view from the EAGLE’S EYE!
CHART BOOK | November 2025
3
June 2020
 Motilal Oswal Financial Services
KEY EXHIBITS AI-driven growth is redefining market cap contributions across key economies
The development of Artificial Intelligence (AI) is accelerating globally, with the US, China, and Taiwan emerging as key innovation hubs driving
advances in AI software, semiconductors, and computing infrastructure.
AI-linked companies witnessed strong growth worldwide, led by firms at the core of the AI supply chain - from hardware and chip manufacturing
enablers to cloud and model developers.
The contribution of AI-related sectors has risen significantly, now accounting for a major share of market cap gains - roughly ~40% in the US,
~15% in China, and ~44% in Taiwan in recent years, and collectively accounting for ~22% of global market capitalization.
US, China, and Taiwan see sharp rise in market cap of AI-linked companies
US AI stocks as % of total US market cap
US AI stocks market cap (USD t)
China AI/tech stocks as % of total China market cap
Taiwan AI/tech stocks as % of total Taiwan market cap
Taiwan AI stocks (USD t)
40%
37%
China AI stocks market cap (USD t)
19%
17%
11%
11% 11%
13%
15%
44%
40%
31%
28%
26%
31%
17% 18%
14%14%
3.2 3.6 5.0 4.9 7.0 10.9 15.1 9.2 15.6 22.728.6
20%
22%
32%
7% 10%
3% 4%
0.2 0.2 0.5 0.5 1.3 2.1 1.4 1.1 1.1 1.3 2.0
26%
30%
28%
20%
21%
16%18%
0.1 0.2 0.2 0.2 0.3 0.6 0.7 0.4 0.6 1.0 1.4
Note: We have considered key AI, big tech, semiconductor, and chip manufacturing companies from the US (41 companies), China (17 companies), and Taiwan (9 companies).
Global share of Key AI stocks in total market capitalization
US+China+Taiwan AI stocks as % of World mkt cap
US+China+Taiwan AI stocks mkt cap (USD t)
22%
20%
14%
13%
10%
11%
15%
6%
3.6
CY15
6%
4.0
CY16
7%
5.8
CY17
8%
5.7
CY18
8.6
CY19
13.6
CY20
17.2
CY21
10.7
CY22
17.3
CY23
25.0
CY24
32.1
Oct'25
CHART BOOK | November 2025
June 2020
 Motilal Oswal Financial Services
KEY EXHIBITS Flows meet fundamentals: MSCI India’s enduring edge!
Over the past decade, MSCI India outperformed other EMs, growing at an 8.6% USD CAGR vs. 6% for MSCI EM and 4.5% for MSCI China.
After strong outperformance till Sep’24, Indian markets entered a phase of healthy consolidation with flat returns over the past year.
As China and other EMs rebounded, India’s relative valuation premium eased to 54% in Oct’25, below its long-period average (LPA) of ~79%.
Following muted 2% earnings growth in FY25, MSCI India’s aggregate earnings are expected to rise 11%/16% in FY26/FY27.
MSCI India underperforms MSCI China and MSCI EM over the last 12 months
(in USD)
MSCI India notably outperforms MSCI EM by 51% over last 10 years
MSCI India
10 Year CAGR:
MSCI India: 8.6%
MSCI EM: 5.9%
MSCI China: 4.5%
174
MSCI China
MSCI EM
250
229
140
125
230
190
150
110
70
178
155
110
MSCI India
YoY Change (%):
MSCI China: 35%
MSCI EM: 26%
MSCI India: 1%
MSCI China
MSCI EM
135
126
101
95
82
80
Earnings growth set to pick up after a muted FY25
MSCI EM constituents PAT (INR b)
In P/E terms, MSCI India trades at a premium to MSCI EM, but below its
10-year average (%)
MSCI India Vs EM PE Premium (%)
163
160
120
80
CAGR 2%
40
0
23
Average of 78%
55
CHART BOOK | November 2025
5
June 2020
 Motilal Oswal Financial Services
KEY EXHIBITS Institutional Holdings: DIIs extend their lead in ownership
Strong domestic inflows and buoyant capital markets drove a historic shift in ownership, with DII holdings surpassing FII holdings in Nifty-500
companies for the first time in Mar’25 and rising further in Sep’25.
Both promoter and FII holdings declined to all-time lows of 49.3% and 18.3%, respectively, in Sep’25, while public holdings remained stable at
12.4% in NSE-500.
Trends in FII/DII holdings for Nifty-500 (%)
FIIs
22.5
21.3
Trends in FII/DII holdings for Nifty-50 (%)
DIIs
26.2
FIIs
20.0
24.5
19.1
18.8
19.4
20.0
24.5
24.0
24.9
24.6
25.0
DIIs
26.0
24.3
25.2
25.1
24.5
24.5
21.0
20.5
21.0
20.5
20.7
19.1
23.8
13.7
14.9
14.7
13.8
16.4
17.8
18.0
18.3
12.9
13.2
14.2
14.8
16.2
16.1
15.2
21.1
19.6
22.0
11.8
12.3 12.7
FII and promoter holdings in NSE-500 at all-time low, while DII holdings at all-time high
Value in USD b
1,261
14.5
11.8
22.5
Promoter
FIIs
DIIs
Public
1,391
15.3
12.3
21.3
1,724
15.8
12.7
21.0
1,780
14.8
13.7
20.5
1,847
13.8
14.9
21.0
1,863
13.6
14.7
20.5
3,116
14.5
13.8
20.7
3,029
12.6
16.4
3,472
12.5
17.8
20.0
5,094
12.3
18.0
19.1
4,883
12.4
19.4
18.8
4,634
12.4
20.0
18.3
19.1
51.2
51.1
50.5
51.0
50.3
51.2
51.0
51.9
49.7
50.5
49.4
49.3
Sep 15
Sep 16
Sep 17
Sep-18
Sep-19
Sep-20
Sep-21
Sep-22
Sep-23
Sep-24
Jun-25
Sep-25
CHART BOOK | November 2025
6
June 2020
 Motilal Oswal Financial Services
KEY EXHIBITS
Mid-caps’ market cap share hits record high, while large-caps’ near all-time low
Large-caps’ market cap contribution fell to 59.8% in Oct’25, near the record low of 59.7% seen in Dec’24.
Mid-caps’ contribution rose to an all-time high of 19.6% during the month, while small-caps’ share remained range-bound over the past year
at 20.6%, after hitting a high of 21% in Dec’24.
Market cap contribution of Top 100, Next 150, and 251st onward listed companies
Market cap contribution (%)
95
7.2 (low)
8.6
251 onwards (SMALL)
21.0 (high)
85
9.5 (low)
10.8
101 to 250 companies (MID)
75
19.6 (high)
80.6
65
83.0 (high)
Top 100 companies (LARGE)
59.7 (low)
55
CHART BOOK | November 2025
7
June 2020
 Motilal Oswal Financial Services
KEY EXHIBITS
2QFY26 Interim Review: A beat driven by Commodities; mid-caps outperform
As of 31st Oct’25, earnings of 151 MOFSL Universe companies grew 14% YoY (in line with our estimate of 9% YoY) in 2QFY26. Overall earnings
growth was driven by O&G (OMCs’ profit up 9x YoY), which grew 79% YoY, Technology (8% YoY), Cement (147% YoY), Capital Goods (17% YoY),
and Metals (7% YoY). These five sectors contributed 86% of the incremental YoY accretion in earnings so far.
Earnings of 27 Nifty companies that have declared results so far have grown 5% YoY (vs. est. of +6% YoY), driven by HDFC Bank, Reliance
Industries, TCS, JSW Steel, and Infosys. Conversely, Coal India, Axis Bank, Eternal, HUL, and Kotak Mahindra Bank dragged down Nifty earnings.
Click here for detailed report
Var. over
Exp. %
-6.3
19.4
-2.4
-3.1
6.8
7.1
5.6
4.7
7.2
31.8
2.8
3.0
17.9
0.7
19.8
29.0
7.1
-2.7
0.4
-2.9
-1.1
3.6
8.0
10.3
4.3
5.5
PBT
Chg. %
QoQ YoY
3.4
-12.4
-19.2 122.2
-3.4
78.8
-16.9
-3.2
9.5
46.0
157.1 75.3
-6.3
-2.0
-44.2 -55.6
0.5
14.4
6.4
18.2
3.8
8.4
-7.4
4.9
20.3 1,083
7.4
17.5
-8.3
174.1
-12.1 512.7
64.9
29.6
-29.9
-3.1
10.5
20.2
-11.6
28.0
-5.8
-4.3
48.3
1.7
-2.3
26.1
1.7
72.7
0.1
6.9
-0.7
13.1
Var. over
Exp. %
-15.7
24.8
-3.5
-5.2
7.1
128.9
3.0
-30.5
7.2
52.7
4.6
0.9
40.3
2.2
31.0
29.4
9.8
-14.2
1.2
-29.5
-22.4
-9.6
7.4
11.9
2.8
4.8
PAT
Chg. %
QoQ YoY
4.6
-13.3
-26.5
92.9
-1.1
87.0
-16.5
-2.9
9.6
45.2
10.0
15.5
-5.7
-0.2
-43.0 -54.7
0.9
15.9
6.6
18.3
2.6
8.5
-3.6
16.4
21.0
877.9
2.2
38.9
-6.6
185.0
-12.4 506.9
60.8
31.8
-29.4
-2.8
4.8
17.8
-3.0
108.5
-5.2
-17.4
104.7 -11.4
-3.7
25.6
-1.4
70.5
-1.8
5.9
-2.2
12.4
Var. over
Exp. %
-13.3
6.2
-2.3
-4.6
6.7
-3.1
2.4
-28.3
8.4
11.8
3.9
5.2
37.8
1.0
36.5
29.4
1.4
-12.6
0.8
-33.7
-15.7
-11.6
5.6
9.0
0.3
2.8
Sector-wise 2QFY26 performance of the MOFSL Mid-cap Universe companies (INR b)
Sector
(no of companies)
Automobiles (2)
Cement (2)
Chemicals (1)
Consumer (4)
Consumer Durables (2)
EMS (1)
Financials (15)
Banks-Private (4)
Banks-PSU (2)
Insurance (2)
NBFC - Lending (4)
NBFC - Non Lend. (3)
Healthcare (1)
Logistics (1)
Metals (2)
Oil & Gas (1)
Real Estate (2)
Retail (1)
Technology (5)
Telecom (1)
Utilities (1)
Others (5)
MOFSL Midcap Univ.
Ex Financials (32)
Ex Metals & Oil (44)
Ex OMCs (46)
Sep-25
35
93
36
83
92
149
590
142
157
179
87
24
17
13
331
1,008
29
7
154
61
52
245
2,992
2,402
1,653
1,984
Sales
Chg. %
QoQ YoY
-4.0
2.2
-4.5
20.1
-4.7
6.3
-10.3
4.8
8.3
18.3
15.7
28.8
9.1
3.6
1.5
-2.2
2.1
1.2
27.4
5.0
3.5
12.2
9.4
19.6
5.3
35.1
3.4
26.4
1.8
18.3
-9.0
0.9
49.2
29.3
3.6
11.2
5.9
18.0
2.3
8.1
0.7
59.9
14.4
25.3
0.6
9.6
-1.3
11.1
7.2
13.9
6.3
14.6
Var. over
Exp. %
0.7
4.6
-6.3
-0.6
-0.5
3.1
1.3
3.1
2.5
-1.4
1.4
3.0
5.8
5.4
8.9
11.4
15.9
0.0
-0.2
0.8
-9.1
3.2
5.3
6.3
1.3
2.5
EBITDA
Chg. %
QoQ YoY
-8.1
-9.7
-8.5
75.6
-2.0
43.5
-14.5
-1.3
12.7
46.8
16.4
31.7
-0.4
2.0
-11.6 -17.9
0.8
8.4
152.4 -2.7
5.0
13.5
8.2
16.5
5.5
126.1
4.9
17.1
-10.9 69.9
-0.7 175.1
55.6
26.7
-12.0 10.3
8.7
20.3
3.2
12.5
7.5
77.8
14.0
13.3
0.8
23.8
2.0
54.0
2.4
11.2
1.1
14.6
Sep-25
8
15
8
14
13
6
287
68
134
4
65
16
4
6
45
76
17
2
28
12
30
30
601
313
479
525
Sep-25
6
9
5
13
12
9
196
19
103
14
42
17
3
5
32
51
15
1
25
3
10
12
404
208
321
353
Sep-25
4
6
4
10
9
2
150
14
78
11
32
14
2
4
24
38
11
1
18
2
7
6
297
147
235
259
CHART BOOK | November 2025
8
June 2020
 Motilal Oswal Financial Services
KEY EXHIBITS
Sep’25 CPI falls to an eight-year low
Headline inflation softened to 1.5% in Sep’25 (lowest since Jun’17) from 2.1% in Aug’25. It remained below the 3% mark for the 5
th
consecutive
month. In 2QFY26, CPI stood at 1.7% YoY, in line with the RBI’s forecast of 1.8%.
Core inflation increased to a two-year high of 4.6% in Sep’25, led by an increase in housing inflation and gold and silver prices. Excluding gold
and other volatile components like oil, inflation stood at 3.2% in Sep’25, which is well within the RBI’s comfort zone.
The RBI has reduced its FY26 inflation forecast to 2.6% (3.1% earlier) in order to account for the GST rate cut impact. The significant moderation
in inflation has created additional policy space to support growth. As per the RBI, the adverse impact of tariffs is more than offsetting the
positive impact of GST cuts on consumption. This, we believe, provides the rationale to cut rates and further support growth. Against this
backdrop, we see a window of a 50bp rate cut opening up in Dec’25/Feb’26.
…led by decline in food inflation
CPI ex. food
15
10
4.27
5.0
5
0
Food CPI (% YoY)
CPI softened to 1.54% in Sep’25…
10.0
7.5
CPI (% YoY)
2.5
0.0
1.54
-1.37
-5
Core CPI increased to 4.6%, highest in 25 months
Core core CPI (% YoY)
7.0
Core CPI (% YoY)
Trends in rural and urban inflation
10.0
7.5
Source: CEIC, MOFSL
Urban CPI
Rural CPI
(% YoY)
6.0
5.0
4.0
3.0
5.0
2.5
0.0
CHART BOOK | November 2025
June 2020
 Motilal Oswal Financial Services
KEY EXHIBITS Large-cap valuations hover near averages; SMIDs’ remain elevated
The Nifty-50’s one-year forward P/E stood at 21.4x, above its long-period average (LPA) of 20.7x.
In contrast, the Nifty Midcap-100 and Nifty Smallcap-100 indices are trading at 28.3x and 25.9x, representing a premium of ~23% and ~56% to
their respective LTAs.
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
22.4
21.4
22.5
21.6
Average 20.7x
20.0
21.5
21.4
19.2
18.4
18.7
19.1
FY16
FY17
FY18
FY19
FY20
FY21
FY22
FY23
FY24
FY25
FY26 YTD
Oct-25
Nifty Midcap-100 P/E (x)
31.2
Average 23.0x
24.8
22.9
18.6
16.9
19.7
17.1
28.2
26.2
22.3
25.4
Average 16.6x
28.3
Nifty Smallcap-100 PE (x)
25.4
22.2
20.4
17.8
16.1
16.2
13.1
13.4
15.3
25.9
13.0
FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 Oct-25
YTD
13.0
FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 Oct-25
YTD
Note: The bars represent the 12-month average of one-year forward P/E on an FY basis as of 30th Oct’25.
CHART BOOK | November 2025
10
June 2020
 Motilal Oswal Financial Services
KEY EXHIBITS
Auto and Private Banks trade below their average valuations
Valuations have been trading below the 10-year average for Automobiles and Pvt. Banks, while they have remained above the average for
Capital Goods, Consumer, Healthcare, Technology, and Metals, and O&G.
Auto P/E (x)
Average 25.9
Pvt. Banks P/E (x)
Average 21.0
Capital Goods P/E (x)
Average 25.6x
Consumer P/E (x)
Average 42.1x
Healthcare P/E (x)
Average 27.2x
Technology P/E (x)
Average 21.2x
Pvt. Banks P/B (x)
Metals P/B (x)
Average 1.6x
O&G P/B (x)
Average 1.5x
Average 2.5x
Note: The bars represent 12-month average of one-year fwd P/E and P/B across MOFSL Universe sectors and as of Oct’25; Blue and Grey bars represent latest
sectoral valuations below and above the 10-year average, respectively.
CHART BOOK | November 2025
11
June 2020
 Motilal Oswal Financial Services
Macro, Markets, and More…
CHART BOOK | November 2025
12
June 2020
 Motilal Oswal Financial Services
Indian markets rebound in Oct’25, while South Korea, Japan and Taiwan outperforms
MoM performance of global equity indices in USD terms (%)
18
12
8
5
4
2
2
1
1
MoM change (%)
1
-2
-2
CY25YTD performance of global equity indices in USD terms (%)
CY25YTD change (%)
76
43
34
33
31
30
25
23
21
16
10
5
CHART BOOK | November 2025
13
June 2020
 Motilal Oswal Financial Services
Markets post broad-based MoM gains; Real Estate and PSBs outperform
Sectoral performance MoM (%): RE and PSBs post healthy MoM gains, while Auto and Media underperform
9
6
5
9
6
6
6
6
4
3
3
MoM change (%)
5
3
1
0
Sectoral performance in CY25YTD (%): PSBs and Metals remain the best performing sectors, while Technology and Media continue to underperform
25
9
23
CY25YTD change (%)
17
13
13
4
3
-1
5
-2
-5
-10
-15
-18
Note: (*) represents BSE Capital goods index.
CHART BOOK | November 2025
14
June 2020
 Motilal Oswal Financial Services
About 78% of Nifty constituents end higher in Oct’25
Among Nifty constituents, 39 stocks closed higher MoM in Oct’25. Eicher, Shriram Fiannce, HCL Tech and Titan Co. were the leaders, whereas
HDFC Life, Eternal, and Ultratech were among the laggards.
About 37 Nifty constituents trade higher in CY25YTD. Bajaj Finance, Maruti, and BEL are the top gainers, whereas Trent, TCS, and Infosys are the
key laggards.
Best and worst Nifty performers on a MoM basis (%)
22
11
11
11
10
10
9
9
9
9
5
0
0
0
-1
-1
-2
-2
-2
-2
-3
Best and worst Nifty performers in CY25YTD (%)
53
49
45
45
41
41
34
33
32
30
9
-8
-8
-10
-14
-17
-20
-20
-21
-25
-34
CHART BOOK | November 2025
15
June 2020
 Motilal Oswal Financial Services
About 71% of BSE-200 constituents end higher in
Oct’25
In Oct’25, about 142 BSE-200 stocks closed higher. Zydus Life, LTI Mindtree and Info Edge gained the most during the month.
About 120 BSE-200 constituents trade higher in CY25YTD. GIC, Adani Power and Info Edge are the top gainers.
Top gainers within BSE-200 on a MoM basis (%)*
23 23
20 18
17 16 16 16
15 15
14
14
13
13
12
12
12
12
11
11
11
11
11
11
10
10
10
9
9
9
4
Top gainers within BSE-200 CY25YTD (%)*
82
62
57
51
49
49
48
44
43
42
39
37
37
36
35
33
33
32
31
30
28
28
28
24
23
23
22
22
22
22
7
*The list excludes Nifty-50 constituents.
CHART BOOK | November 2025
16
June 2020
 Motilal Oswal Financial Services
About 29% of BSE-200 constituents end lower in Oct’25
In Oct’25, 58 companies closed lower. Tube Investments, Divis Labs and Union Bank were among the key laggards.
About 80 of BSE-200 companies trade lower in CY25YTD. Persistent, IRCTC, and Escorts Kubota are the key laggards in CY25YTD.
Key laggards among the BSE-200 constituents on a MoM basis (%)*
4
-6
-10
-8
-7
-6
-6
-5
-5
-5
-4
-4
-4
-3
-3
-3
-3
-3
-3
-2
-2
-2
-2
-2
-2
-2
-2
-1
-1
-1
-1
Key laggards among the BSE-200 constituents in CY25YTD (%)*
7
-18 -18 -17 -17 -17 -17 -17 -17
-23 -23 -22 -22 -21 -21 -20 -20
-19
-19 -19
-25 -25
-24
-24 -24 -23
-33
-29 -26 -26
-33
*The list excludes Nifty-50 constituents.
CHART BOOK | November 2025
17
June 2020
 Motilal Oswal Financial Services
Nifty sectoral weights: O&G, Capital Goods, and Retail gain weight; Pvt Banks and Autos decline MoM
O&G weight rose by ~40bp MoM, primarily driven by an increase in Reliance’s weight. Retail and Telecom weights also grew by 20bp MoM
each.
On a YTD basis, Technology (-420bp) witnessed the sharpest decline in weight, followed by Consumer (-130bp), Retail (-60bp), and Private
Banks (-60bp). In contrast, NBFCs & Insurance (+200bp), Telecom (+70bp), and Metals (+60bp) recorded the highest gains.
Nifty sectoral weights (%)
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
Weightage in the Nifty (%)
Dec’21
Dec’22
Dec’23
Dec’24
5.0
5.3
6.5
7.4
21.9
24.2
28.2
27.1
2.3
2.9
2.6
2.9
11.4
10.6
4.5
4.6
3.0
3.1
4.4
5.0
2.4
1.8
2.1
2.1
9.4
10.3
10.8
9.0
3.4
3.8
4.0
4.2
2.9
2.9
3.0
2.7
12.3
12.1
10.5
9.2
10.8
11.0
9.2
7.8
1.4
1.4
1.6
2.8
2.1
2.5
2.7
4.0
19.1
14.0
13.6
14.1
2.1
2.5
3.6
3.6
1.2
2.6
1.9
1.4
100
100
100
100
Mar’24
7.6
25.6
2.9
5.0
4.5
2.0
9.5
4.4
2.9
11.9
10.2
1.6
3.2
13.0
3.9
1.9
100
Sept’25
7.5
26.9
3.2
6.4
5.1
2.2
7.7
4.3
3.2
9.0
8.2
2.2
4.5
9.9
3.3
4.6
100
Oct’25
7.3
26.5
3.3
6.5
5.3
2.1
7.7
4.2
3.3
9.4
8.5
2.2
4.7
9.9
3.2
4.4
100
Automobiles
Banks – Private
Banks – Public
NBFC + Insurance
Capital Goods
Cement
Consumer
Healthcare
Metals
Oil and Gas
Reliance
Retail
Telecom
Technology
Utilities
Miscellaneous
Nifty
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, IndusInd Bank and Hero Motocorp were replaced with Interglobal Aviation and Max healthcare in Sep’24
CHART BOOK | November 2025
18
June 2020
 Motilal Oswal Financial Services
Foreign flows turn positive as DII inflows stay resilient
DIIs invested a record USD5.8b in Oct’25, marking their 27
th
consecutive month of inflows, while FIIs turned positive after three months of
selling, recording inflows of USD1.3b.
In CY25YTD, DIIs have invested USD72.6b, already surpassing their entire CY24 inflows, whereas FIIs have sold USD16.2b of Indian equities.
Over CY21-CY25YTD, DII inflows touched a record USD202.1b, while net FII outflows stood at USD8.8b.
Monthly institutional flows (USD b)
7.0
2.3
4.0
0.5
-1.1
-3.0
Net FII (USD b)
5.9
3.1 3.3
Net DII (USD b)
12.8
1.3
0.2
1.3 1.7
2.4
1.3
6.8
6.7
5.3
3.4
3.2 3.1
1.7 1.6
10.0
7.4
5.8
5.3
7.9 8.5
4.3
10.8
7.1
7.4
5.8
4.0
3.3
1.4
-2.7
-3.1
-2.2
-5.4
-8.4
-10.9
-2.9 -2.1
-4.3
3.4
2.8
3.8
Yearly institutional flows (USD b)
Net FII (USD b)
14.2
3.8
32.2
23.4
Net DII (USD b)
21.4
62.9
72.6
-0.8
-4.6
-17.0
-16.2
15.9
6.0
-5.0
22.3
12.1
CHART BOOK | November 2025
19
June 2020
 Motilal Oswal Financial Services
Monthly average cash volumes inch up, while F&O volumes jump MoM
Monthly average cash volumes remained nearly flat MoM in Oct’25 at INR1.06t. Non-institutional participation rose 100bp MoM, accounting for
49% of total cash volumes.
Monthly average F&O volumes increased 16% MoM, reaching the highest level in CY25, just 6% below the Sep’24 peak.
Monthly average cash volumes (INR b)
Monthly Avg. Cash Volume (INR b)
1750
1350
950
550
150
Non Institution % to Cash Volume (RHS)
70
60
49
50
40
30
Monthly average F&O volumes (INR t)
Monthly Avg F&O Volume (INR t)
500
1.6
375
250
125
0
1.2
0.8
Cash % to Total Volumes
2.0
0.2
0.4
0.0
CHART BOOK | November 2025
20
June 2020
 Motilal Oswal Financial Services
India-US 10-year yield spread widens MoM to the highest level since Feb’25
India’s 10-year government bond yield declined 10bp MoM to 6.5%, while the US yield also fell 10bp MoM to 4.1%. As a result, the yield spread
expanded 10bp MoM to 2.5% in Oct’25 (highest since Feb’25).
India-US 10Y bond yield (%)
India 10-year yield
12.0
India fiscal tightening,
strong economic growth led by
the global book, and Fed
raising rates
9.0
US 10-year yield
Fed cuts rates to zero
after the GFC
GFC
Fed raises rates
Fed easing,
US-Sino trade
war, and
Covid-19
outbreak
Fed tightening,
geopolitical
uncertainties,
sharp rise in bond
yields
Fed starts easing
rates, geopolitical
uncertainty
sustains, bond
yields moderate
from the highs
6.5
2.5
6.0
2.2
6.9
6.0
3.9
4.1
4.4
3.0
0.0
Source: Bloomberg, MOFSL
CHART BOOK | November 2025
21
June 2020
 Motilal Oswal Financial Services
Forex reserves hover near all-time highs; INR remains flat MoM
India’s forex reserves declined marginally to USD695b, remaining close to the all-time high of USD705b recorded in Sep’24.
On the currency front, USD/INR remained flat MoM (depreciating 6% YoY) at an all-time low of 88.8 against USD.
Forex reserves (USD b)
Forex Reserves (USD b) (RHS)
USD:INR
95
80
INR had its best run
during the CY03-07 global
bull run when GDP
growth and corporate
earnings growth were
high and the twin deficits
– CAD and FD – were
among the lowest in two
decades
Eurozone crisis, taper tantrum, and
devaluation of RMB – the taper tantrum
episode in CY13 drove the INR down
sharply to 68 from 55 in just four
months. This was a period of high
inflation and INR depreciation
Low inflation has characterized
the period post CY15. INR has
been relatively less volatile,
despite several global
headwinds. Forex reverses are
surging
Pandemic impact, geopolitical
tensions led to global volatility, high
liquidity, followed by quantitative
tightening, sharp currency
depreciation, but resilient economy
700
560
420
65
Pre GFC peak
in FX reserves
280
50
140
35
0
Source: Bloomberg, MOFSL
CHART BOOK | November 2025
22
June 2020
 Motilal Oswal Financial Services
Notable reports from MOFSL’s research desk published in Oct’25
Initiating Coverage | LG Electronics India | Beyond gadgets –building lifestyles!
Report link>>
High industry growth potential:
India's home appliances and consumer electronics market is estimated to post a CAGR of ~14% over CY24-
29. LGEIL, with its leadership across key product categories, is well-positioned to capitalize on this growth opportunity. The company plans to
balance between premium and mass product as part of LG's global strategy and aims for premiumization of mass products which would help
to improve affordability.
Focus on export; higher B2B and AMC revenue:
The company plans to increase its export share to ~10% by FY28E from 6% in FY25. It also
aims to generate 14-15% of its revenue from the B2B segment over the next few years (vs. ~10% in FY25), noting that B2B margins are higher
than those in the B2C segment. Additionally, the company targets over 25% YoY increase in AMC revenue for the next few years.
Premiumization and localization drive profitability:
LGEIL's strategic focus on premiumization has resulted in innovative launches across
OLED TVs, inverter ACs, and advanced smart appliances.
Strong fundamentals; initiate coverage with a BUY rating:
We initiate coverage on LGEIL with a BUY rating and a TP of INR1,800, premised
on 40x FY28E EPS. LGEIL should trade at higher multiple, given the strong return ratios, higher OCF conversion and a focus on localization.
Initiating Coverage| Rubicon Research |Gains in the gale
Report link>>
Rubicon Research is a fast-growing research and development-driven pharmaceutical manufacturing company with a focus on regulated markets
Notably, over the past decade, Rubicon has built a sustainable moat through a) full spectrum capabilities across multiple dosage forms (oral solids,
oral liquids, Nasal Sprays, Topicals) with a track record of successful specialty projects (170 scientist pool); b) building supporting manufacturing
capacities with a consistent compliance track record of supplying to US; and c) focusing on commercial success.
Over FY22-25, Rubicon’s revenue has increased at a CAGR of 60% to INR12.8b. From an operational loss of INR392m in FY22, it has posted EBITDA of
INR2.5b in FY25 with a margin of 19.9%. Effectively, from a net loss of INR671m in FY22, it has reported PAT of INR1.3b in FY25.
Over FY25-28, we estimate a CAGR of 29%/32%/43% in revenue/ EBITDA/PAT to INR27.8b/INR5.8b/INR3.9b, driven by a) new launches in generics,
including nasal sprays; b) enhanced focus on prescription-led business in CNS therapy; c) stable R&D productivity; and d) curated approach toward
supply chain management to maintain high commercialization rate/minimize supply failure. Considering a strong earnings CAGR of 43% over FY25-28
and 30%+ RoE, we believe Rubicon should command a premium valuation. Rubicon scores well-ahead of peers in pharma space on ROE*earnings
CAGR matrix. Hence, we assign 35x (30% premium to sector multiple of 27x) 12M forward earnings to arrive at a TP of INR740. Initiate with BUY.
India Strategy: Flows meet fundamentals: MSCI India’s enduring edge!
Report link>>
Indian markets experienced a strong rally over the past decade, fuelled by robust economic growth, solid corporate earnings, and healthy domestic
inflows. India remained the fastest growing major economy in the EMs, recording an average GDP growth rate of over 6% during the past decade,
compared to the broader EM average of ~4%. In contrast, China, the largest EM economy, expanded at a relatively slower pace of about 4.5% over
the same period. This growth differential positioned India as a key driver of overall EM growth throughout the decade.
Over the past decade, MSCI India outperformed other EMs, growing at an 8.6% USD CAGR vs. 6% for MSCI EM and 4.5% for MSCI China.
After strong outperformance till Sep’24, Indian markets entered a phase of healthy consolidation with flat returns over the past year.
As China and other EMs rebounded, India’s relative valuation premium eased to 54% in Oct’25, below its long-period average (LPA) of ~79%.
India’s improving corporate earnings outlook, sustained domestic inflows, superior RoEs among EM peers (at over 15%), and the historically
underweight positioning of foreign investors (since 2009), coupled with a weak base in CY24 and CY25YTD FII flows, suggest a higher likelihood of
upside from current levels.
CHART BOOK | November 2025
23
June 2020
 Motilal Oswal Financial Services
Valuations: Key observations
CHART BOOK | November 2025
24
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, at 24.2x, was 5% above its LTA.
At 3.5x, the 12-month trailing P/B was 13% above its historical average of 3.1x.
12-month trailing Nifty P/E (x)
29
25
21
17
13
24.2
10 Year Avg: 23x
12-month trailing Nifty P/B (x)
4.5
4.0
3.5
3.5
3.0
2.5
2.0
10 Year Avg: 3.1x
CHART BOOK | November 2025
25
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 at 21.4x was 3% below its LTA of 20.8x, but it was down 12% from the Sep’24 high.
At 3.2x, the 12-month forward P/B traded at a 12% premium to its LTA of 2.9x.
12-month forward Nifty P/E (x)
28
24
21.4
20
10 Year Avg: 20.8x
16
12
12-month forward Nifty P/B (x)
3.8
3.3
2.8
2.3
1.8
3.2
10 Year Avg: 2.9x
CHART BOOK | November 2025
26
June 2020
 Motilal Oswal Financial Services
The EY/BY ratio remains flat MoM
India’s 10Y bond yield stood at 6.5% (down 1% MoM). Consequently, the earnings yield-to-bond yield (EY/BY) remained flat MoM on both
trailing and forward basis at its LPA.
Trailing earnings yield/G-Sec yield (x)
1.2
Earnings Yield/G-Sec Yield
0.8
15-year average: 0.7%
0.7
0.4
Forward earnings yield/G-Sec yield (x)
1.1
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
EY/BY spiked sharply
during Covid19
Pandemic
0.8
15 Year Avg: 0.7
0.7
0.5
CHART BOOK | November 2025
27
June 2020
 Motilal Oswal Financial Services
India’s market cap-to-GDP ratio remains high
India's market cap-to-GDP ratio is projected to be at 132% in FY26 (up 700bp MoM), 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%/9.0%
105
84
84
56
97
Average of 87% for the period
Lowest since
the GFC
129
103
113
97
126
132
90
84
82
71
64
66
69
79
80
57
Market cap-to-GDP ratio (%)-Top 100 Large-caps
Average of 62% for 15 years
Market cap-to-GDP ratio (%)-101 to 250
th
Mid-caps
Average of 14% for 15 years
Market cap-to-GDP ratio(%)-Small-caps, 250
th
onwards
Average of 12% for 15 years
74
78
60
50 55
57 57
43
66
84
78 79
17 18 16
9
23
24
13
14 13
26
16
10 8
11
13
10
5
12
14
23
24
27
12 10
CHART BOOK | November 2025
28
June 2020
 Motilal Oswal Financial Services
Top ideas: MOFSL
Company
Mcap
(USDb)
CMP
FY25
2,055
1,345
937
4,031
3,486
11,947
3,745
426
183
5,623
3,508
1,425
1,148
742
48.9
72.8
87.4
130.2
120.7
272.7
55.1
8.2
9.2
222.1
76.2
60.1
18.7
13.1
EPS (INR)
FY26E
65.3
82.7
101.1
154.9
143.7
350.5
65.5
9.8
14.2
246.4
96.4
78.0
24.3
15.9
-8.7
276.9
2.3
44.7
58.7
830.8
132.9
53.3
6.1
22.5
9.3
FY27E
86.1
95.7
119.6
184.9
163.0
423.9
77.7
11.7
15.6
276.2
121.9
86.3
25.6
17.7
3.8
363.8
2.4
49.2
74.3
937.2
196.2
65.5
8.0
33.1
13.4
EPS CAGR
(%)
FY25-27E
32.7
14.7
17.0
19.2
16.2
24.7
18.7
19.4
29.9
11.5
26.5
19.9
17.1
16.2
NM
44.2
37.7
16.4
28.9
13.7
54.5
25.0
28.9
55.3
NM
PE (x)
FY25
42.0
18.5
10.7
31.0
28.9
43.8
67.9
51.9
19.8
25.3
46.0
23.7
61.5
56.6
NM
88.6
46.8
20.7
39.8
56.8
81.6
74.7
96.3
60.4
170.4
FY26E
31.5
16.3
9.3
26.0
24.3
34.1
57.2
43.4
12.9
22.8
36.4
18.3
47.2
46.5
NM
56.0
26.3
16.9
30.3
49.6
50.5
58.7
77.1
36.8
43.9
FY27E
23.9
14.0
7.8
21.8
21.4
28.2
48.2
36.4
11.7
20.4
28.8
16.5
44.8
41.9
107.8
42.6
24.7
15.3
24.0
43.9
34.2
47.8
58.0
25.0
30.3
FY25
8.7
2.9
1.6
5.0
5.7
4.6
22.1
12.5
2.3
12.4
12.9
4.5
9.2
8.2
13.2
23.3
10.3
3.2
8.3
27.1
8.6
13.3
3.6
7.2
8.9
PB (x)
FY26E
6.7
2.5
1.3
4.4
4.8
4.3
17.4
10.0
2.0
8.2
10.0
4.3
7.8
7.0
16.0
16.6
7.4
2.7
7.3
22.6
7.3
11.3
3.4
6.0
7.4
FY27E
5.8
2.1
1.1
3.9
4.1
3.9
13.9
8.0
1.7
5.9
7.8
4.2
6.6
6.0
13.6
12.1
5.7
2.3
6.3
19.1
6.0
9.5
3.2
4.8
5.9
FY25
23.0
16.7
15.4
17.2
21.5
11.0
36.8
24.0
12.1
64.2
31.7
19.2
16.0
15.5
-45.5
30.0
24.9
15.4
17.4
47.7
14.1
17.9
3.8
12.6
5.4
ROE (%)
FY26E
26.2
16.5
15.3
18.1
21.6
13.0
34.1
22.9
16.5
43.4
31.0
24.1
17.8
16.2
-30.9
34.7
32.9
16.2
20.7
45.6
16.4
19.2
4.5
17.7
18.3
FY27E
28.3
16.5
15.5
19.0
20.7
14.3
32.1
22.1
15.7
33.9
30.5
25.8
16.0
15.5
13.6
32.8
26.1
15.3
23.5
43.5
20.1
19.9
5.7
21.4
21.6
Preferred largecap stocks
Bharti Airtel
141.7
ICICI Bank
109.7
St Bk of India
97.1
Larsen & Toubro
61.8
M&M
49.1
UltraTech Cem.
40.0
Titan Company
37.6
Bharat Electronics
33.8
Tata Steel
25.9
Interglobe Aviation
24.9
TVS Motor Co.
18.7
Tech Mahindra
15.8
Max Healthcare
12.9
Indian Hotels
12.0
Preferred midcap/smallcap stocks
Swiggy
11.7
Dixon Tech.
10.6
Suzlon Energy
9.0
Jindal Stainless
7.3
Coforge
6.8
Page Industries
5.1
Kaynes Tech
5.1
Radico Khaitan
4.7
Delhivery
4.0
V-Mart Retail
0.7
VIP Industries
0.7
410 -17.2
15,497 174.9
59
1.3
754 36.4
1,780 44.7
41,172 725.3
6,711 82.2
3,130 41.9
466
4.8
829 13.7
407
2.4
CHART BOOK | November 2025
29
June 2020
 Motilal Oswal Financial Services
NOTES
CHART BOOK | November 2025
30
June 2020
 Motilal Oswal Financial Services
Quant Research & India Strategy Gallery
CHART BOOK | November 2025
31
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
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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
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managed or co-managed public offering of securities from subject company of this research report,
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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.
•
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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.
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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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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.
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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
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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
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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
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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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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
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eligible for sale in all jurisdictions or to certain category of investors. Persons in whose possession this document may come are required to inform themselves of and to observe such restriction. Neither the Firm, not its directors, employees, agents or representatives
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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.
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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
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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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