India Strategy

PL Valuation
Sector / Price Upside Mcap Revenues (Rs bn) PAT (Rs bn) EBITDA (Rs bn) EPS (Rs) BVPS (Rs) RoE (%) RoCE (%) PER (x) P/BV (x) EV/EBITDA (x)
Rating TP (Rs)
Company Name (Rs) (%) (Rs bn) 2023 2024E 2025E 2023 2024E 2025E 2023 2024E 2025E 2023 2024E 2025E 2023 2024E 2025E 2023 2024E 2025E 2023 2024E 2025E 2023 2024E 2025E 2023 2024E 2025E 2023 2024E 2025E
Agri Chemicals
Bayer Cropscience Acc 5,330 4,720 (11.4) 239.3 51.4 56.0 61.6 6.8 7.5 8.5 9.2 10.3 11.6 150.4 167.0 188.7 604.0 710.8 827.3 25.8 25.4 24.5 32.3 31.9 30.9 35.4 31.9 28.2 8.8 7.5 6.4 24.9 21.9 19.1
Dhanuka Agritech BUY 845 950 12.4 38.5 17.0 19.2 21.6 2.3 2.6 2.9 2.8 3.3 3.8 51.2 57.4 63.4 232.9 283.0 339.2 23.1 22.3 20.4 25.8 25.7 24.9 16.5 14.7 13.3 3.6 3.0 2.5 13.5 11.0 9.0
Godrej Agrovet HOLD 495 420 (15.1) 95.1 93.7 100.4 109.2 2.3 3.0 4.1 5.2 5.9 7.2 12.0 15.9 21.1 121.6 128.0 139.6 10.0 12.7 15.8 9.0 10.7 13.4 41.1 31.2 23.4 4.1 3.9 3.5 20.7 18.1 14.7
Insecticides India Acc 510 550 7.8 15.1 18.0 19.8 21.8 0.6 1.1 1.3 1.2 1.8 2.2 21.3 36.2 45.6 309.4 341.5 382.6 7.1 11.1 12.6 9.6 13.7 15.7 24.0 14.1 11.2 1.6 1.5 1.3 13.5 9.2 7.4
P.I. Industries BUY 3,461 4,850 40.1 524.4 64.9 81.5 95.5 12.2 15.4 18.4 15.4 19.5 23.6 80.7 101.8 121.3 475.1 568.5 680.8 18.4 19.5 19.4 19.4 21.3 21.5 42.9 34.0 28.5 7.3 6.1 5.1 31.9 25.7 20.9
Rallis India REDUCE 212 180 (15.0) 41.2 29.7 31.8 35.3 0.9 1.7 2.2 2.2 3.4 4.0 4.7 9.0 11.1 88.9 93.1 98.8 5.3 9.9 11.6 7.1 12.3 14.5 45.1 23.6 19.1 2.4 2.3 2.1 18.1 11.4 9.4
Sharda Cropchem Acc 418 540 29.2 37.7 40.5 43.4 47.7 3.4 2.8 3.5 7.0 6.6 8.2 37.9 30.7 38.3 247.4 272.1 304.4 16.5 11.8 13.3 21.6 15.1 17.0 11.0 13.6 10.9 1.7 1.5 1.4 5.1 6.1 4.4
Sumitomo Chemical India BUY 422 500 18.4 210.8 35.1 36.6 41.6 5.0 5.0 6.2 6.7 6.8 8.4 10.1 10.0 12.4 47.7 55.9 66.5 23.3 19.3 20.3 28.3 23.8 25.0 42.0 42.1 34.0 8.9 7.6 6.3 30.8 30.1 24.0
UPL HOLD 622 650 4.5 466.4 535.8 541.2 583.0 37.1 39.1 49.1 111.6 115.0 129.9 49.5 52.1 65.4 358.1 395.5 446.2 15.3 13.8 15.6 16.7 16.4 18.8 12.6 11.9 9.5 1.7 1.6 1.4 6.0 5.5 4.6

Auto & Auto Ancillary

Ashok Leyland BUY 174 220 27.0 509.7 361.4 408.1 437.5 13.2 25.3 28.3 29.3 44.1 48.6 4.5 8.6 9.7 28.7 32.5 36.8 16.8 28.1 27.8 19.5 29.6 29.8 38.5 20.2 18.0 6.0 5.3 4.7 17.4 11.4 10.1
Bharat Forge BUY 1,109 1,170 5.5 516.6 129.1 163.5 180.4 4.3 14.3 19.4 17.7 29.2 36.2 9.2 30.7 41.6 165.4 190.7 222.4 5.8 17.2 20.2 8.7 15.8 18.7 120.7 36.2 26.6 6.7 5.8 5.0 31.3 18.9 15.1
Bajaj Auto REDUCE 5,038 4,750 (5.7) 1,425.4 364.3 426.8 489.8 55.8 67.9 78.2 65.5 80.9 94.4 197.2 239.8 276.5 898.6 978.4 1,079.9 21.4 25.6 26.9 23.9 29.0 30.9 25.5 21.0 18.2 5.6 5.1 4.7 18.5 14.8 12.5
CEAT Acc 2,086 2,450 17.4 84.4 113.1 118.3 128.3 2.1 5.7 6.3 9.7 15.1 16.1 51.9 142.1 156.3 850.3 972.5 1,106.8 6.3 15.6 15.0 9.0 16.7 16.6 40.2 14.7 13.3 2.5 2.1 1.9 10.9 6.6 5.9
Eicher Motors Acc 3,459 3,730 7.9 946.0 144.4 161.3 179.0 29.1 37.2 42.3 34.4 40.4 45.4 106.5 135.9 154.7 548.1 633.0 730.7 21.1 23.0 22.7 20.9 21.2 20.9 32.5 25.4 22.4 6.3 5.5 4.7 24.3 20.2 17.4
Endurance Technologies Acc 1,576 1,820 15.5 221.7 88.0 104.3 117.6 4.9 7.6 9.7 10.4 14.1 17.1 34.7 54.2 68.7 313.7 361.1 423.1 11.7 16.1 17.5 13.3 18.2 20.2 45.5 29.1 22.9 5.0 4.4 3.7 21.0 15.1 12.0
Exide Industries Acc 258 295 14.2 219.6 145.9 160.0 175.8 9.0 11.0 13.0 15.7 18.7 21.7 10.6 12.9 15.2 131.9 141.8 153.5 8.3 9.4 10.3 10.2 11.8 13.0 24.3 20.0 16.9 2.0 1.8 1.7 13.6 11.2 9.3
Hero Motocorp Acc 2,977 3,575 20.1 594.9 338.1 372.3 405.1 29.1 38.5 41.5 39.9 51.0 56.5 145.6 192.9 207.6 835.9 920.0 1,022.6 17.9 22.0 21.4 20.5 25.1 25.1 20.4 15.4 14.3 3.6 3.2 2.9 13.1 9.9 8.8
Mahindra & Mahindra BUY 1,538 1,775 15.4 1,842.5 849.6 1,006.7 1,111.2 80.4 101.4 111.8 104.4 132.9 150.0 67.1 84.6 93.3 361.9 428.5 501.8 19.7 21.4 20.1 15.6 18.7 18.5 22.9 18.2 16.5 4.2 3.6 3.1 16.9 13.2 11.4
Maruti Suzuki BUY 10,375 11,500 10.8 3,133.3 1,175.2 1,412.0 1,561.0 80.5 110.5 132.0 110.1 152.0 184.8 266.5 365.7 437.2 1,999.4 2,260.2 2,577.4 14.1 17.2 18.1 14.1 18.4 20.3 38.9 28.4 23.7 5.2 4.6 4.0 24.3 16.8 13.3
Tata Motors BUY 631 760 20.5 2,415.1 3,459.7 4,415.5 4,743.6 7.2 196.2 233.5 318.2 588.5 649.9 1.9 51.2 61.0 118.3 171.9 232.9 1.6 35.3 30.1 3.8 16.0 16.0 335.5 12.3 10.3 5.3 3.7 2.7 10.1 5.3 4.6
TVS Motor Company Acc 1,528 1,560 2.1 726.0 263.8 314.4 353.5 14.1 19.7 25.6 26.7 33.8 41.9 29.7 41.5 53.8 127.3 163.8 211.6 26.0 28.5 28.7 24.3 26.5 28.8 51.4 36.8 28.4 12.0 9.3 7.2 28.3 22.1 17.5

Banks
Axis Bank BUY 1,012 1,170 15.6 3,114.5 429.5 480.1 539.6 219.3 224.2 259.9 321.4 347.3 416.8 71.3 72.8 84.2 406.2 480.9 544.7 18.3 16.4 16.4 1.8 1.6 1.7 14.2 13.9 12.0 2.5 2.1 1.9 - - -
Bank of Baroda BUY 214 235 9.7 1,109.6 413.6 446.3 496.7 141.1 144.4 162.1 268.6 283.3 324.0 27.3 27.9 31.3 178.4 206.5 226.9 16.5 14.5 14.4 1.0 0.9 0.9 7.9 7.7 6.8 1.2 1.0 0.9 - - -
City Union Bank Acc 135 160 18.7 99.8 21.6 21.9 24.6 9.4 10.5 11.2 18.2 17.3 19.4 12.7 13.9 15.2 100.7 114.6 128.4 13.4 12.9 12.5 1.5 1.5 1.5 10.6 9.7 8.9 1.3 1.2 1.0 - - -
DCB Bank BUY 122 150 22.8 38.4 17.2 19.5 22.7 4.7 5.2 7.1 7.9 8.7 12.1 14.8 16.5 22.5 135.7 151.1 167.1 11.5 11.5 14.1 1.0 0.9 1.0 8.3 7.4 5.4 0.9 0.8 0.7 - - -
Federal Bank BUY 148 175 18.3 313.1 72.3 82.6 98.8 30.1 33.5 39.9 47.9 52.9 64.6 14.2 13.8 16.4 101.6 119.1 128.4 14.9 13.3 13.3 1.3 1.2 1.2 10.4 10.7 9.0 1.5 1.2 1.2 - - -
HDFC Bank BUY 1,525 2,025 32.8 11,421.2 1,060.9 1,155.9 1,379.1 561.0 598.1 709.2 872.7 983.2 1,097.6 74.9 79.7 94.6 507.4 570.9 643.7 15.8 14.8 15.6 1.9 1.7 1.8 20.4 19.1 16.1 3.0 2.7 2.4 - - -
ICICI Bank BUY 951 1,180 24.1 6,643.1 621.3 717.6 797.5 319.0 362.3 403.4 490.9 537.8 611.6 45.7 51.8 58.0 283.0 333.8 372.5 17.5 16.8 16.4 2.1 2.1 2.0 20.8 18.4 16.4 3.4 2.8 2.6 - - -
IndusInd Bank BUY 1,421 1,530 7.7 1,165.2 175.9 200.1 228.3 73.9 86.7 103.7 143.5 158.9 182.8 90.1 111.8 126.5 662.3 817.1 863.5 14.5 14.7 15.5 1.7 1.8 1.8 15.8 12.7 11.2 2.1 1.7 1.6 - - -
Kotak Mahindra Bank BUY 1,756 2,250 28.1 3,700.4 215.5 253.7 295.3 109.4 123.3 137.8 148.5 178.0 200.0 51.9 62.0 69.3 394.0 480.0 543.0 14.0 13.7 13.5 2.4 2.3 2.2 33.8 28.3 25.3 4.5 3.7 3.2 - - -
State Bank of India BUY 592 770 30.1 5,280.2 1,448.4 1,599.7 1,721.8 508.2 566.4 579.2 837.1 873.0 951.0 56.9 63.5 64.9 336.0 399.4 442.5 18.3 17.3 15.4 1.0 1.0 0.9 10.4 9.3 9.1 1.8 1.5 1.3 - - -

Buidling Materials
Astral Ltd. HOLD 1,912 1,983 3.7 514.2 51.6 60.2 71.1 4.6 6.5 8.3 8.1 10.4 12.8 17.0 24.3 31.0 110.0 132.0 160.8 17.2 20.1 21.2 23.9 26.3 27.6 112.2 78.7 61.6 17.4 14.5 11.9 62.8 49.1 39.2
Century Plyboard (I) BUY 639 855 33.8 142.3 36.5 39.5 46.8 3.8 4.1 5.1 5.6 6.5 8.0 17.2 18.6 22.8 86.0 102.6 122.9 22.1 19.7 20.3 26.4 22.7 22.3 37.1 34.4 28.0 7.4 6.2 5.2 25.5 22.8 18.2
Cera Sanitaryware Acc 8,221 8,857 7.7 106.9 18.0 21.2 24.8 2.2 2.6 3.1 2.9 3.5 4.1 166.1 203.1 235.0 901.6 1,074.6 1,275.8 19.8 20.6 20.0 26.4 27.7 26.9 49.5 40.5 35.0 9.1 7.7 6.4 34.3 28.7 24.2
Finolex Industries Acc 223 243 8.9 138.1 44.0 47.0 52.6 2.5 5.1 6.1 3.1 6.7 8.0 4.1 8.2 9.9 79.3 83.4 88.3 5.7 10.1 11.5 4.6 9.9 11.5 54.5 27.1 22.6 2.8 2.7 2.5 40.1 18.7 15.4
Greenpanel Industries BUY 374 495 32.3 45.9 17.8 18.2 20.8 2.5 2.1 2.6 4.2 3.6 4.3 20.4 17.2 20.9 97.4 112.0 129.9 23.3 16.4 17.3 27.8 19.6 20.8 18.3 21.8 17.9 3.8 3.3 2.9 10.6 13.0 10.2
Kajaria Ceramics Acc 1,278 1,445 13.0 203.5 43.8 49.2 56.9 3.4 5.0 6.1 5.9 7.9 9.4 21.6 31.3 38.3 146.2 169.2 197.3 15.5 19.9 20.9 20.6 25.5 27.0 59.1 40.8 33.4 8.7 7.6 6.5 34.1 25.3 20.9
Supreme Industries Acc 4,028 4,225 4.9 511.7 92.0 108.2 123.0 8.7 10.5 12.7 12.0 15.2 18.1 68.1 82.5 100.2 346.5 406.0 479.1 21.0 21.9 22.6 23.4 26.7 28.0 59.1 48.8 40.2 11.6 9.9 8.4 42.0 33.0 27.2

HFCs
AAVAS Financiers HOLD 1,727 1,560 (9.7) 204.7 8.0 9.7 11.7 4.3 4.9 5.9 5.6 6.6 8.0 54.4 62.1 74.7 413.6 471.9 542.1 14.2 14.0 14.7 3.5 3.3 3.3 31.7 27.8 23.1 4.2 3.7 3.2 - - -
Can Fin Homes BUY 759 900 18.6 101.1 10.1 12.4 14.0 6.2 7.2 8.4 8.7 10.4 11.7 46.6 53.8 62.9 273.9 324.5 383.6 18.5 18.0 17.8 2.0 2.0 2.0 16.3 14.1 12.1 2.8 2.3 2.0 - - -
LIC Housing Finance HOLD 469 430 (8.4) 387.5 63.5 79.1 78.4 28.9 42.9 43.0 55.0 69.6 68.3 52.5 78.0 78.2 492.4 553.8 616.3 11.2 14.9 13.4 1.1 1.5 1.4 8.9 6.0 6.0 1.0 0.8 0.8 - - -

October 10, 2023 37

 India Strategy
Sector / Price Upside Mcap Revenues (Rs bn) PAT (Rs bn) EBITDA (Rs bn) EPS (Rs) BVPS (Rs) RoE (%) RoCE (%) PER (x) P/BV (x) EV/EBITDA (x)
Rating TP (Rs)
Company Name (Rs) (%) (Rs bn) 2023 2024E 2025E 2023 2024E 2025E 2023 2024E 2025E 2023 2024E 2025E 2023 2024E 2025E 2023 2024E 2025E 2023 2024E 2025E 2023 2024E 2025E 2023 2024E 2025E 2023 2024E 2025E
Capital Goods
ABB India Acc 4,193 5,013 19.6 888.4 85.7 103.8 125.4 7.7 11.4 14.1 9.6 14.0 17.3 36.4 53.7 66.6 233.1 267.6 310.6 17.2 21.5 23.0 19.0 24.0 25.8 115.1 78.0 62.9 18.0 15.7 13.5 88.4 60.7 49.1
Bharat Electronics Acc 140 140 0.0 1,023.0 176.5 206.5 240.1 30.1 33.8 40.6 40.5 45.4 54.0 4.1 4.6 5.6 18.6 20.7 23.7 23.5 23.6 25.0 28.5 28.6 30.4 34.0 30.2 25.2 7.5 6.8 5.9 23.3 20.7 17.3
BHEL Reduce 131 67 (49.0) 456.8 233.6 280.8 324.9 4.5 8.8 15.5 7.2 14.6 23.2 1.3 2.5 4.5 78.3 80.4 84.5 1.7 3.2 5.4 1.4 3.3 5.4 102.1 51.8 29.4 1.7 1.6 1.6 62.1 30.2 18.8
Carborundum Universal BUY 1,150 1,482 28.9 218.3 46.5 51.2 60.0 4.0 4.9 6.4 6.5 7.9 10.0 20.8 25.6 33.6 148.5 170.6 198.6 15.3 16.1 18.2 16.5 17.8 20.4 55.2 44.9 34.2 7.7 6.7 5.8 33.2 27.1 21.1
Engineers India Acc 140 165 18.1 78.5 33.3 37.5 42.4 3.5 4.2 5.5 3.1 4.1 5.6 6.2 7.5 9.7 34.9 39.0 44.4 18.6 20.4 23.3 15.1 18.4 22.2 22.7 18.5 14.4 4.0 3.6 3.1 21.5 15.6 11.4
GE T&D India HOLD 395 260 (34.2) 101.2 27.7 34.4 41.5 0.0 1.4 2.2 1.0 2.6 3.6 -0.1 5.6 8.7 41.9 46.6 53.1 -0.2 12.6 17.4 3.5 14.5 20.3 (4,763.2) 70.7 45.6 9.4 8.5 7.4 101.7 39.7 28.0
Grindwell Norton BUY 2,127 2,604 22.4 235.5 25.4 29.6 34.4 3.6 4.3 5.1 5.0 5.9 7.0 32.7 38.8 46.3 163.1 187.4 216.3 21.5 22.2 23.0 25.5 26.1 27.2 65.1 54.8 45.9 13.0 11.3 9.8 46.1 38.8 32.5
Harsha Engineers InternationalAcc 411 474 15.3 37.5 13.6 15.1 17.3 1.2 1.5 2.0 1.9 2.3 2.8 13.5 16.7 21.6 117.7 133.4 152.5 15.5 13.3 15.1 17.2 16.0 18.0 30.4 24.6 19.1 3.5 3.1 2.7 19.2 15.7 12.3
KEC International HOLD 665 645 (2.9) 170.9 172.8 199.1 228.7 1.8 5.3 11.1 8.3 13.8 21.2 6.8 20.5 43.0 146.7 163.9 197.5 4.8 13.2 23.8 10.6 12.2 17.8 97.1 32.4 15.5 4.5 4.1 3.4 24.3 14.6 9.6
Cummins India HOLD 1,707 1,788 4.8 473.2 77.4 86.8 97.2 11.4 12.6 14.2 12.4 14.2 16.2 41.1 45.4 51.1 193.7 209.1 225.9 22.3 22.5 23.5 20.0 21.2 22.4 41.5 37.6 33.4 8.8 8.2 7.6 36.4 31.9 27.9
Kalpataru Projects InternationalBUY 638 732 14.8 103.6 143.4 184.0 211.7 4.9 6.5 8.6 11.6 15.1 18.6 30.4 40.2 53.2 327.5 361.7 406.9 9.6 11.7 13.8 10.8 13.2 15.2 21.0 15.8 12.0 1.9 1.8 1.6 10.8 8.4 6.9
Larsen & Toubro BUY 3,076 3,302 7.3 4,321.9 1,833.4 2,117.4 2,334.6 103.7 129.4 152.3 207.5 247.2 281.3 73.8 92.1 108.4 635.7 719.1 813.0 12.1 13.6 14.2 8.3 9.7 10.5 41.7 33.4 28.4 4.8 4.3 3.8 23.7 19.9 17.3
Praj Industries Acc 586 618 5.5 107.6 35.3 39.7 43.7 2.4 3.0 3.4 3.1 4.0 4.6 13.1 16.4 18.7 58.7 68.5 79.7 24.1 25.8 25.2 27.8 30.9 30.4 44.9 35.7 31.4 10.0 8.5 7.3 33.0 25.5 22.1
Siemens Acc 3,591 4,241 18.1 1,278.4 161.4 194.1 208.7 12.6 19.3 21.2 17.6 25.5 27.6 35.4 54.2 59.6 326.1 365.2 409.5 11.5 15.7 15.4 13.1 18.0 17.4 101.3 66.2 60.3 11.0 9.8 8.8 69.0 47.4 43.5
Thermax HOLD 2,918 2,613 (10.5) 328.6 80.9 89.3 97.7 4.5 5.8 6.8 6.0 7.9 9.2 40.0 51.8 60.8 343.5 378.2 420.1 12.2 14.3 15.2 11.2 13.0 13.6 72.9 56.4 48.0 8.5 7.7 6.9 52.1 39.9 34.1
Triveni Turbine Acc 385 419 8.8 122.3 12.5 16.3 20.4 2.0 2.6 3.6 2.4 3.2 4.4 6.2 8.3 11.3 23.9 29.3 36.6 24.2 31.0 34.3 26.9 35.5 39.6 62.5 46.6 34.0 16.1 13.1 10.5 48.8 35.6 26.0
Voltamp Transformers HOLD 4,391 4,611 5.0 44.4 13.9 15.9 18.1 2.0 2.0 2.3 2.3 2.3 2.7 197.6 199.4 230.6 1,094.4 1,224.0 1,380.8 19.5 17.2 17.7 21.6 18.7 19.3 22.2 22.0 19.0 4.0 3.6 3.2 18.9 18.9 16.3

Chemicals
Aarti Industries HOLD 477 472 (0.9) 172.8 66.2 70.0 78.1 5.5 5.5 6.1 10.9 12.0 14.9 15.0 15.2 16.9 135.7 146.0 157.8 11.6 10.8 11.1 10.5 9.6 10.3 31.7 31.3 28.3 3.5 3.3 3.0 18.3 17.5 14.6
Clean Science and Technology
HOLD 1,380 1,418 2.7 146.6 9.4 8.3 9.2 3.0 2.4 2.7 4.0 3.5 3.8 27.8 22.9 25.1 95.1 113.8 134.4 33.2 21.9 20.2 41.2 27.2 25.3 49.7 60.3 54.9 14.5 12.1 10.3 36.4 41.9 37.9
Deepak NIitrite Reduce 2,066 1,803 (12.7) 281.7 79.7 85.9 95.3 8.5 8.6 11.2 12.9 13.8 17.7 62.5 62.8 82.0 299.9 355.1 427.2 22.9 19.2 21.0 28.9 24.7 27.3 33.1 32.9 25.2 6.9 5.8 4.8 21.9 20.7 16.2
Fine Organic Industries HOLD 4,844 4,594 (5.2) 148.5 30.3 30.6 31.1 5.9 5.1 4.7 7.8 6.7 6.2 192.6 165.1 153.1 496.5 612.0 719.2 47.6 29.8 23.0 57.2 35.8 27.6 25.1 29.3 31.6 9.8 7.9 6.7 18.4 21.1 22.2
Gujarat Fluorochemicals Acc 2,798 3,230 15.4 307.4 56.8 50.2 69.9 12.5 8.6 13.7 19.7 14.9 22.8 113.5 78.1 124.7 502.6 577.6 696.1 25.5 14.5 19.6 27.0 16.0 21.9 24.7 35.8 22.4 5.6 4.8 4.0 16.3 21.4 14.0
Jubilant Ingrevia HOLD 483 462 (4.3) 76.8 47.7 51.1 60.8 3.1 3.2 4.3 5.5 5.7 7.4 19.3 19.9 26.9 167.7 184.1 206.4 12.1 11.3 13.8 14.8 13.4 15.7 25.0 24.3 18.0 2.9 2.6 2.3 14.6 14.2 11.3
Laxmi Organic Industries Reduce 271 252 (7.2) 71.9 28.0 29.4 34.1 1.2 1.9 2.4 2.4 3.6 4.4 4.7 7.3 9.2 53.2 60.2 68.5 9.2 12.9 14.4 10.7 13.6 16.1 57.7 37.0 29.3 5.1 4.5 4.0 30.4 20.4 16.3
Navin Fluorine International Acc 3,703 4,128 11.5 183.5 20.8 24.6 31.0 3.8 4.1 5.7 5.5 6.4 8.3 75.7 83.7 114.4 441.0 511.4 607.6 18.6 17.6 20.4 19.6 16.9 20.2 48.9 44.3 32.4 8.4 7.2 6.1 34.8 30.2 23.3
NOCIL HOLD 222 228 3.0 36.9 16.2 17.1 18.9 1.5 1.7 1.9 2.5 2.7 3.1 9.0 10.0 11.5 93.1 100.1 108.7 10.0 10.3 11.0 13.1 13.2 14.2 24.8 22.2 19.2 2.4 2.2 2.0 13.7 12.3 10.5
SRF HOLD 2,230 2,143 (3.9) 661.1 148.7 140.0 159.1 21.6 16.8 19.3 35.3 31.1 35.9 72.9 56.7 65.2 348.4 398.1 455.3 22.9 15.2 15.3 22.1 15.2 15.4 30.6 39.3 34.2 6.4 5.6 4.9 19.7 22.4 19.6
Vinati Organics Acc 1,828 1,974 8.0 187.9 20.8 20.3 25.2 4.6 4.2 5.1 6.0 5.6 6.8 44.6 40.7 49.3 215.9 250.2 291.8 22.6 17.5 18.2 26.7 19.8 20.6 41.0 44.9 37.0 8.5 7.3 6.3 31.6 33.5 27.2

Consumer Durables
Bajaj Electricals BUY 1,060 1,421 34.0 122.0 48.8 54.9 62.9 2.3 2.9 4.1 3.7 4.3 5.9 19.9 25.2 35.7 170.4 191.5 222.2 12.4 13.9 17.2 19.2 20.6 24.7 53.2 42.1 29.7 6.2 5.5 4.8 31.5 26.4 18.9
Crompton Greaves ConsumerBUY
Electricals 298 401 34.7 189.6 68.7 74.4 86.1 4.6 5.2 6.8 7.7 8.2 10.0 7.3 8.0 10.4 41.8 45.4 50.5 18.1 18.6 21.8 18.5 21.2 26.5 40.9 37.2 28.5 7.1 6.6 5.9 25.1 23.2 18.5
Havells India Acc 1,399 1,538 9.9 876.7 169.1 193.8 222.4 10.7 13.9 17.5 16.0 20.1 24.7 17.1 22.2 28.0 105.8 123.5 144.0 17.0 19.4 20.9 22.7 26.5 28.5 81.8 62.9 50.0 13.2 11.3 9.7 53.5 42.3 33.9
KEI Industries BUY 2,684 2,908 8.3 242.1 69.1 82.4 96.2 4.8 6.2 7.4 7.1 9.1 10.8 52.8 68.8 82.0 287.1 349.7 425.2 20.2 21.6 21.2 26.0 28.7 28.0 50.8 39.0 32.7 9.3 7.7 6.3 33.7 26.2 22.1
Polycab India Acc 5,205 5,665 8.8 779.6 141.1 173.7 200.8 12.7 16.5 19.0 18.5 23.4 27.0 84.8 110.2 126.7 442.8 540.8 649.0 20.9 22.4 21.3 28.6 30.5 29.1 61.4 47.2 41.1 11.8 9.6 8.0 41.1 32.3 27.6
R R Kabel BUY 1,460 1,624 11.2 139.7 56.0 67.9 84.9 1.9 3.1 4.5 3.2 4.9 7.0 19.8 27.5 40.2 148.4 170.1 210.2 14.2 18.6 21.1 16.0 21.5 25.7 73.6 53.1 36.3 9.8 8.6 6.9 43.8 28.7 20.2
Voltas HOLD 855 909 6.3 282.9 95.0 109.2 123.9 3.8 6.1 7.8 5.7 7.9 9.7 11.5 18.3 23.7 164.8 179.1 196.3 6.9 10.7 12.6 11.8 15.6 17.2 74.7 46.7 36.1 5.2 4.8 4.4 48.7 35.1 28.9

Consumer Staples
Asian Paints Acc 3,152 3,571 13.3 3,022.9 344.9 379.9 416.4 41.6 56.9 60.6 62.6 81.9 87.4 43.3 59.3 63.2 166.7 198.8 229.0 27.9 32.5 29.5 34.2 39.9 37.1 72.7 53.1 49.9 18.9 15.9 13.8 47.9 36.4 34.0
Britannia Industries HOLD 4,530 4,612 1.8 1,091.3 163.0 175.3 195.1 19.4 20.4 22.6 28.3 30.8 33.4 80.6 84.6 93.9 146.7 159.1 177.7 63.7 55.3 55.8 45.2 41.3 46.2 56.2 53.6 48.2 30.9 28.5 25.5 38.9 35.7 32.7
Colgate Palmolive HOLD 2,030 1,869 (8.0) 552.2 52.3 56.6 60.7 10.6 12.4 13.4 15.5 17.7 19.0 38.9 45.5 49.3 63.1 68.9 75.4 61.3 69.0 68.4 79.5 88.9 87.8 52.2 44.6 41.1 32.2 29.5 26.9 35.1 30.5 28.2
Dabur India Acc 544 597 9.7 963.6 115.3 128.4 142.1 17.1 19.5 22.6 21.6 24.7 28.7 9.6 11.0 12.8 50.6 57.0 63.8 19.7 20.4 21.2 19.0 19.6 20.9 56.4 49.4 42.6 10.7 9.5 8.5 44.6 38.9 33.5
Avenue Supermarts BUY 3,794 4,576 20.6 2,459.4 428.4 520.1 642.0 23.8 26.3 33.8 36.4 42.3 53.4 36.7 40.5 52.1 248.0 288.6 340.7 16.0 15.1 16.6 20.2 20.0 21.9 103.4 93.6 72.8 15.3 13.1 11.1 67.2 58.0 45.8
Emami Acc 517 524 1.4 228.1 34.1 37.1 40.8 7.6 8.3 9.1 8.6 10.2 11.3 17.2 18.9 20.5 52.2 60.3 68.2 34.6 33.6 32.0 26.2 32.7 32.6 30.1 27.3 25.2 9.9 8.6 7.6 26.2 21.5 19.0
Hindustan Unilever HOLD 2,516 2,837 12.8 5,913.1 591.4 628.5 694.2 100.2 106.1 119.4 136.3 148.2 167.1 42.7 45.2 50.8 213.7 216.6 220.1 20.3 21.0 23.3 25.5 27.1 30.2 59.0 55.7 49.5 11.8 11.6 11.4 42.8 39.4 34.9
ITC Acc 444 475 7.0 5,523.0 660.4 678.4 739.3 186.8 207.7 227.6 239.4 262.8 289.1 15.0 16.7 18.3 54.4 55.8 60.1 29.0 30.3 31.5 34.5 35.7 37.4 29.6 26.6 24.3 8.2 8.0 7.4 22.2 20.2 18.2
Jubilant FoodWorks HOLD 530 490 (7.5) 349.9 51.0 57.2 67.7 4.0 3.7 5.4 11.6 12.4 15.3 6.1 5.7 8.3 32.5 37.8 44.1 19.2 16.1 20.2 32.5 28.7 32.8 86.9 93.8 64.2 16.3 14.0 12.0 29.9 27.6 22.0
Kansai Nerolac Paints Acc 319 351 10.1 171.7 70.8 76.6 84.8 5.0 7.6 8.9 8.1 11.6 13.1 9.3 9.5 11.0 85.5 69.8 76.6 11.4 14.9 15.0 14.7 18.8 18.9 34.2 33.7 29.1 3.7 4.6 4.2 20.5 13.9 12.1
Marico HOLD 537 581 8.2 692.6 97.6 104.8 118.7 13.0 15.3 16.9 18.1 21.4 23.7 10.1 11.9 13.1 29.4 31.3 33.0 36.4 39.1 40.8 41.5 45.0 47.8 53.2 45.2 41.0 18.2 17.1 16.3 37.8 32.0 28.7
Mold-tek Packaging HOLD 889 956 7.6 29.5 7.3 7.5 9.2 0.8 0.8 1.0 1.4 1.5 1.9 24.2 24.6 31.4 168.4 165.9 179.3 15.8 14.7 18.2 19.2 17.5 20.1 36.7 36.1 28.3 5.3 5.4 5.0 22.1 20.0 16.7
Nestle India Acc 23,000 23,585 2.5 2,217.6 169.0 196.3 220.9 24.4 29.7 33.4 37.6 44.9 51.5 252.7 308.3 346.2 255.1 316.8 452.0 110.6 107.8 90.1 150.1 145.5 124.2 91.0 74.6 66.4 90.2 72.6 50.9 58.7 49.2 43.0
Pidilite Industries HOLD 2,450 2,610 6.5 1,245.4 118.0 125.9 139.3 12.9 19.7 23.1 19.8 28.4 32.7 25.4 38.7 45.4 141.9 169.3 200.4 18.9 24.9 24.6 24.4 31.4 30.6 96.6 63.2 54.0 17.3 14.5 12.2 62.4 43.1 37.0
Restaurant Brands Asia Acc 124 142 14.3 61.5 14.4 19.2 24.4 -0.7 -0.6 -0.3 1.7 2.4 3.5 -1.5 -1.2 -0.5 38.3 36.8 36.3 -3.7 -3.1 -1.4 -0.8 1.3 4.4 (85.6) (107.5) (245.1) 3.2 3.4 3.4 36.2 24.8 17.6
Titan Company Acc 3,269 3,312 1.3 2,909.6 383.3 454.8 539.9 33.9 37.7 45.2 48.3 55.2 66.3 38.1 42.4 50.7 134.8 164.3 202.1 31.7 28.3 27.7 27.0 24.1 23.8 85.9 77.2 64.4 24.3 19.9 16.2 61.0 54.1 44.9
Westlife Foodworld HOLD 940 958 1.9 146.6 22.8 26.3 31.5 1.1 1.3 1.8 3.7 4.6 5.7 7.2 8.5 11.3 36.3 41.3 48.6 21.7 21.8 25.1 30.9 33.6 39.2 131.4 111.2 83.3 25.9 22.8 19.3 39.3 32.1 25.8

October 10, 2023 38

 India Strategy
Sector / Price Upside Mcap Revenues (Rs bn) PAT (Rs bn) EBITDA (Rs bn) EPS (Rs) BVPS (Rs) RoE (%) RoCE (%) PER (x) P/BV (x) EV/EBITDA (x)
Rating TP (Rs)
Company Name (Rs) (%) (Rs bn) 2023 2024E 2025E 2023 2024E 2025E 2023 2024E 2025E 2023 2024E 2025E 2023 2024E 2025E 2023 2024E 2025E 2023 2024E 2025E 2023 2024E 2025E 2023 2024E 2025E 2023 2024E 2025E
Education
Navneet Education BUY 168 205 21.9 38.0 17.0 19.3 21.4 1.4 2.1 2.6 3.0 3.7 4.4 6.2 9.2 11.4 50.9 57.9 66.5 13.0 17.0 18.3 19.8 21.0 23.1 27.1 18.2 14.8 3.3 2.9 2.5 13.6 11.0 9.0
S Chand and Company BUY 271 338 24.7 9.5 6.1 7.2 8.6 0.3 0.6 0.9 1.0 1.3 1.7 9.3 18.0 26.1 254.8 269.8 292.9 3.8 6.9 9.3 4.1 6.5 8.7 29.1 15.0 10.4 1.1 1.0 0.9 10.3 7.3 5.4

Media
Nazara Technologies HOLD 868 836 (3.7) 57.5 10.9 13.5 15.8 0.4 0.8 1.0 1.1 1.7 2.1 6.2 11.1 13.2 166.8 230.9 244.1 3.9 5.8 5.6 4.0 7.8 8.6 138.9 77.9 65.8 5.2 3.8 3.6 47.3 27.7 21.7
PVR Inox BUY 1,687 1,862 10.3 165.2 37.5 64.0 73.9 -3.2 2.9 5.4 10.5 21.4 25.3 -33.1 29.3 55.0 748.7 775.4 827.9 -4.6 3.8 6.6 2.0 6.7 8.7 (50.9) 57.6 30.7 2.3 2.2 2.0 23.1 11.4 9.6
Zee Entertainment EnterprisesBUY 259 314 21.0 248.9 80.9 86.3 94.7 5.8 5.6 10.8 11.0 10.7 17.1 6.0 5.9 11.2 111.6 115.4 123.8 5.4 5.2 9.4 7.2 6.8 11.8 42.8 44.2 23.1 2.3 2.2 2.1 22.1 22.7 14.1

Metals & Mining

Hindalco Industries BUY 481 557 15.8 1,067.0 2,232.0 2,129.6 2,309.1 100.6 85.1 111.6 228.9 213.6 260.6 45.3 38.3 50.3 427.1 462.4 509.1 11.6 8.6 10.4 11.4 9.3 11.4 10.6 12.5 9.6 1.1 1.0 0.9 6.3 6.6 5.2
Jindal Stainless BUY 464 484 4.2 382.1 357.0 425.1 483.7 21.1 31.0 37.2 35.9 53.5 61.1 25.7 37.7 45.2 144.9 181.6 225.7 19.4 23.1 22.2 20.2 26.9 26.8 18.1 12.3 10.3 3.2 2.6 2.1 11.4 7.5 6.2
Jindal Steel & Power BUY 693 812 17.2 696.7 527.1 557.0 664.2 45.2 54.7 73.1 99.3 108.6 133.1 45.0 54.4 72.7 385.1 436.6 505.3 12.2 13.2 15.4 14.7 16.3 19.0 15.4 12.7 9.5 1.8 1.6 1.4 7.7 7.0 5.5
JSW Steel BUY 772 925 19.8 1,865.9 1,659.6 1,834.9 2,085.0 35.5 143.2 187.0 185.5 329.1 400.8 14.7 59.3 77.4 271.8 327.6 400.0 5.3 19.8 21.3 7.7 16.5 18.6 52.5 13.0 10.0 2.8 2.4 1.9 13.3 7.5 6.0
National Aluminium Co. Acc 97 97 (0.1) 178.2 142.3 129.9 136.2 15.6 16.4 18.9 24.3 26.9 31.3 8.5 8.9 10.3 72.1 77.2 83.2 12.1 12.0 12.8 15.3 16.0 17.1 11.4 10.9 9.4 1.3 1.3 1.2 6.5 6.0 5.2
NMDC Acc 150 147 (2.3) 440.3 176.7 218.1 225.8 46.4 51.8 51.6 60.6 68.8 68.6 15.8 17.7 17.6 77.2 86.9 94.5 22.8 21.5 19.4 30.0 28.9 26.9 9.5 8.5 8.5 1.9 1.7 1.6 6.3 5.3 5.1
Steel Authority of India Acc 89 94 6.1 366.8 1,044.5 1,101.1 1,237.8 16.5 37.2 45.7 80.2 112.9 125.6 4.0 9.0 11.1 126.2 132.7 141.3 3.2 7.0 8.1 5.6 8.8 9.8 22.3 9.8 8.0 0.7 0.7 0.6 8.8 5.9 5.3
Tata Steel BUY 125 144 14.8 1,530.2 2,433.5 2,476.5 2,635.3 86.5 75.7 171.6 323.0 306.0 411.0 7.1 6.2 14.1 84.4 87.0 97.1 8.0 7.2 15.3 12.6 11.5 16.9 17.7 20.2 8.9 1.5 1.4 1.3 6.6 7.2 5.2

Oil & Gas

Bharat Petroleum CorporationHOLD 340 353 3.7 0.7 4.7 4.6 4.2 0.0 0.2 0.1 0.1 0.3 0.2 10.2 103.8 42.5 255.7 310.5 334.8 4.0 36.7 13.2 2.7 23.7 7.8 33.4 3.3 8.0 1.3 1.1 1.0 13.8 3.5 7.1
GAIL (India) BUY 123 136 10.9 0.8 1.4 1.3 1.4 0.1 0.1 0.1 0.1 0.1 0.1 8.1 11.7 14.1 84.3 92.8 102.7 9.6 13.2 14.4 6.4 11.8 13.2 15.2 10.5 8.7 1.5 1.3 1.2 14.1 8.6 7.3
Gujarat Gas Acc 423 480 13.4 0.3 0.2 0.2 0.2 0.0 0.0 0.0 0.0 0.0 0.0 22.2 15.9 20.0 101.6 112.8 126.7 24.2 14.8 16.7 30.0 19.0 21.8 19.1 26.6 21.2 4.2 3.8 3.3 11.9 15.0 12.0
Gujarat State Petronet BUY 287 327 14.0 0.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16.8 17.9 18.6 164.4 177.1 190.1 10.7 10.5 10.1 12.0 12.8 12.3 17.1 16.0 15.4 1.7 1.6 1.5 12.3 10.6 9.9
HOLD
Hindustan Petroleum Corporation 252 263 4.5 0.4 4.4 4.6 4.3 -0.1 0.1 0.1 -0.1 0.2 0.1 -49.2 99.1 48.9 227.4 300.2 336.3 -19.0 37.6 15.4 -12.7 16.2 6.8 (5.1) 2.5 5.1 1.1 0.8 0.7 (14.2) 4.6 7.4
Indraprastha Gas HOLD 459 539 17.5 0.3 0.1 0.1 0.1 0.0 0.0 0.0 0.0 0.0 0.0 20.6 25.2 27.3 101.2 118.9 138.0 20.6 22.9 21.3 23.9 28.0 26.0 22.2 18.2 16.8 4.5 3.9 3.3 14.4 11.6 10.7
Indian Oil Corporation HOLD 88 97 9.6 1.2 8.4 9.2 10.2 0.1 0.3 0.2 0.3 0.6 0.4 8.5 24.9 12.4 101.5 115.5 123.3 8.6 22.9 10.4 6.5 15.3 6.9 10.4 3.6 7.1 0.9 0.8 0.7 8.5 4.1 6.4
Mahanagar Gas HOLD 1,109 1,056 (4.8) 0.1 0.1 0.1 0.1 0.0 0.0 0.0 0.0 0.0 0.0 80.0 115.5 88.0 418.5 487.8 540.6 20.4 25.5 17.1 24.5 32.3 21.2 13.9 9.6 12.6 2.6 2.3 2.1 9.1 6.2 7.7
HOLD
Manglore Refinery Petrochemicals 96 79 (18.5) 0.2 1.1 1.0 1.0 0.0 0.0 0.0 0.1 0.1 0.0 15.1 22.9 13.8 56.1 73.7 84.2 31.0 35.3 17.4 21.7 22.5 12.7 6.4 4.2 7.0 1.7 1.3 1.1 4.7 3.9 5.4
Oil India BUY 319 341 6.7 0.4 0.2 0.2 0.2 0.1 0.1 0.1 0.1 0.1 0.1 60.3 45.3 45.5 304.0 330.5 357.1 21.2 14.3 13.2 18.6 13.4 12.5 5.3 7.1 7.0 1.1 1.0 0.9 4.7 5.5 5.4
Oil & Natural Gas CorporationB UY 184 202 10.1 2.4 6.8 6.5 6.8 0.2 0.6 0.5 0.9 1.1 1.1 19.2 45.0 41.6 218.7 248.4 273.6 9.1 19.3 15.9 15.7 18.3 16.1 9.6 4.1 4.4 0.8 0.7 0.7 3.9 2.8 2.6
Petronet LNG BUY 225 225 0.2 0.3 0.6 0.6 0.5 0.0 0.0 0.0 0.0 0.0 0.0 21.6 18.9 18.8 99.6 109.7 119.8 22.8 18.1 16.4 28.8 22.7 20.1 10.4 11.9 12.0 2.3 2.1 1.9 5.8 6.2 5.9
Reliance Industries BUY 2,308 2,913 26.2 15.6 8.8 9.5 10.6 0.7 0.7 0.8 1.4 1.6 1.8 98.6 107.0 119.0 1,213.6 1,313.2 1,424.5 8.3 8.5 8.7 9.3 9.7 10.1 23.4 21.6 19.4 1.9 1.8 1.6 12.8 11.4 10.2

Pharma
Aurobindo Pharma Acc 901 900 (0.1) 527.9 248.6 279.3 299.9 19.3 28.3 33.1 37.6 51.4 57.5 32.9 48.3 56.4 458.1 500.6 548.8 7.5 10.1 10.8 8.6 11.7 12.5 27.4 18.7 16.0 2.0 1.8 1.6 13.7 10.2 9.0
Cipla BUY 1,155 1,220 5.6 932.3 227.5 250.7 276.4 29.8 35.4 40.7 50.3 57.0 64.2 37.0 43.9 50.4 290.0 323.0 361.4 13.5 14.3 14.7 16.7 17.7 18.3 31.2 26.3 22.9 4.0 3.6 3.2 18.4 15.9 13.8
Divi's Laboratories Reduce 3,714 3,000 (19.2) 985.8 77.7 79.5 92.2 18.2 18.1 22.7 23.7 24.5 30.7 68.7 68.3 85.7 481.0 511.8 555.4 14.9 13.8 16.1 16.5 15.6 18.5 54.1 54.4 43.3 7.7 7.3 6.7 39.9 38.5 30.6
Dr. Reddy's Laboratories Reduce 5,479 5,150 (6.0) 912.7 245.9 269.0 289.1 45.1 48.1 51.2 64.6 71.1 75.7 270.5 288.6 307.4 1,386.5 1,629.1 1,884.7 21.4 19.1 17.5 22.2 21.7 19.9 20.3 19.0 17.8 4.0 3.4 2.9 13.4 11.9 10.7
Eris Lifesciences BUY 894 910 1.8 121.6 16.9 20.1 22.7 3.8 4.0 4.5 5.4 7.0 8.1 28.1 29.5 33.2 161.5 184.0 210.2 18.6 17.1 16.9 16.9 17.9 20.9 31.8 30.3 26.9 5.5 4.9 4.3 24.0 17.9 15.1
Glenmark Pharmaceuticals Reduce 786 570 (27.5) 221.7 129.9 142.9 155.5 3.0 9.9 11.8 22.8 26.0 29.2 37.7 35.0 41.7 335.8 366.0 403.1 3.2 10.0 10.8 12.5 13.7 14.6 20.9 22.5 18.9 2.3 2.1 1.9 11.0 9.5 8.3
Indoco Remedies BUY 335 380 13.6 30.8 16.7 18.4 20.8 1.4 1.5 1.9 2.9 3.1 3.7 15.4 16.5 21.0 111.6 125.8 144.6 14.7 13.9 15.6 17.3 16.4 18.3 21.7 20.3 15.9 3.0 2.7 2.3 11.8 10.7 9.0
Ipca Laboratories HOLD 952 880 (7.5) 241.4 62.4 67.0 93.6 4.8 6.7 9.1 9.6 12.7 18.6 18.9 26.4 35.8 230.3 248.1 272.9 8.5 11.1 13.7 10.3 12.7 17.3 50.4 36.0 26.6 4.1 3.8 3.5 24.4 19.7 13.3
BUY
J.B. Chemicals & Pharmaceuticals 1,474 1,500 1.8 228.2 31.5 35.9 40.8 4.1 5.6 7.2 7.0 9.0 10.8 26.5 36.3 46.8 160.2 181.5 213.3 17.8 21.2 23.7 22.4 25.3 28.8 55.7 40.6 31.5 9.2 8.1 6.9 33.2 25.3 20.7
Lupin HOLD 1,155 1,010 (12.6) 525.7 166.4 193.3 208.9 4.3 15.7 19.0 17.2 32.4 36.2 9.5 34.6 41.8 273.9 307.2 342.0 3.5 11.9 12.9 5.1 13.1 13.9 122.2 33.4 27.6 4.2 3.8 3.4 32.3 17.0 14.9
Sun Pharmaceutical IndustriesB UY 1,127 1,265 12.3 2,702.8 438.9 487.6 538.6 84.7 95.4 112.4 117.7 133.1 153.0 36.6 39.7 46.9 233.4 259.1 289.6 16.3 16.1 17.1 16.5 16.3 17.6 30.8 28.3 24.0 4.8 4.3 3.9 23.1 20.1 17.1
Torrent Pharmaceuticals BUY 1,868 2,250 20.4 631.5 96.2 109.2 124.4 12.4 16.7 21.1 28.4 33.6 39.2 36.8 49.4 62.4 183.4 204.7 236.7 20.5 25.5 28.3 19.9 22.9 28.1 50.7 37.8 29.9 10.2 9.1 7.9 23.8 19.9 16.8
Zydus Lifesciences Acc 600 650 8.3 607.2 172.4 193.4 203.0 19.6 32.1 32.8 35.8 47.8 48.4 19.4 31.8 32.4 173.1 200.0 226.9 11.4 17.0 15.2 14.3 20.2 18.1 30.9 18.9 18.5 3.5 3.0 2.6 17.1 12.5 12.0

October 10, 2023 39

 India Strategy
Sector / Price Upside Mcap Revenues (Rs bn) PAT (Rs bn) EBITDA (Rs bn) EPS (Rs) BVPS (Rs) RoE (%) RoCE (%) PER (x) P/BV (x) EV/EBITDA (x)
Rating TP (Rs)
Company Name (Rs) (%) (Rs bn) 2023 2024E 2025E 2023 2024E 2025E 2023 2024E 2025E 2023 2024E 2025E 2023 2024E 2025E 2023 2024E 2025E 2023 2024E 2025E 2023 2024E 2025E 2023 2024E 2025E 2023 2024E 2025E
Hospitals
Apollo Hospitals Enterprise BUY 5,064 5,800 14.5 728.1 166.1 193.8 226.5 8.2 9.6 15.8 20.5 25.2 33.6 57.0 67.0 109.7 431.0 478.4 565.9 13.9 14.7 21.0 16.7 20.2 26.7 88.9 75.6 46.2 11.7 10.6 8.9 36.3 29.8 22.2
Aster DM Healthcare BUY 327 345 5.6 163.2 119.3 132.7 144.4 4.2 5.1 7.6 15.7 18.5 21.3 9.5 11.6 16.5 89.0 97.0 109.8 10.1 11.1 14.6 12.2 14.3 16.4 34.4 28.3 19.8 3.7 3.4 3.0 11.6 9.9 8.4
Fortis Healthcare BUY 333 365 9.5 251.7 63.0 69.1 77.4 5.2 6.6 8.3 11.0 12.8 15.1 6.8 8.7 11.0 95.9 104.7 115.7 7.7 8.7 10.0 10.4 11.5 13.2 48.9 38.2 30.2 3.5 3.2 2.9 23.2 19.8 16.3
HealthCare Global EnterprisesB UY 361 385 6.8 50.2 16.9 18.8 21.5 0.3 0.8 1.3 3.0 3.5 4.2 2.1 5.8 9.2 61.9 67.6 76.8 3.4 8.9 12.8 10.7 13.6 17.1 171.0 62.6 39.1 5.8 5.3 4.7 17.5 15.3 12.6
Krishna Institute of Medical Sciences
BUY 1,924 2,000 3.9 154.0 22.0 24.8 29.6 3.2 3.6 4.2 6.0 6.9 8.2 40.2 45.0 53.0 208.6 247.8 292.7 21.0 19.7 19.6 25.3 22.9 23.4 47.9 42.7 36.3 9.2 7.8 6.6 26.3 23.0 19.4
Max Healthcare Institute BUY 555 610 9.9 538.9 58.8 65.8 78.0 13.7 12.5 15.1 16.1 18.0 21.2 14.1 12.9 15.5 83.1 96.0 111.5 18.5 14.4 14.9 16.4 16.3 17.3 39.4 43.1 35.8 6.7 5.8 5.0 33.0 29.3 24.5
Narayana Hrudayalaya BUY 1,062 1,110 4.5 217.1 45.2 49.9 55.8 6.1 7.0 8.0 9.7 11.0 12.4 29.7 34.3 39.0 104.3 137.4 175.2 33.5 28.4 24.9 30.7 26.2 24.6 35.8 31.0 27.3 10.2 7.7 6.1 22.9 20.2 17.6

Travel & Tourism

Chalet Hotels BUY 600 656 9.4 122.9 11.3 15.3 17.5 1.4 2.8 3.6 4.5 6.5 7.7 6.9 13.6 17.4 75.3 91.2 106.9 9.8 16.3 17.6 8.2 10.5 12.3 87.2 44.1 34.4 8.0 6.6 5.6 33.0 23.2 19.2
InterGlobe Aviation BUY 2,510 2,701 7.6 967.8 544.5 645.0 719.6 -3.1 67.1 85.2 68.2 153.0 185.9 -7.9 174.1 221.0 -162.0 12.1 233.0 5.0 -232.2 180.3 -45.8 ##### 177.4 (316.5) 14.4 11.4 (15.5) 208.1 10.8 11.1 4.3 2.8
Indian Railway Catering and Tourism
HOLD Corporation
706 700 (0.8) 564.6 35.4 42.1 46.0 9.8 11.8 12.5 12.8 14.8 16.0 12.2 14.7 15.6 31.0 39.4 48.7 44.9 41.8 35.3 56.0 50.5 43.4 57.7 47.9 45.3 22.8 17.9 14.5 42.7 36.5 33.2
Lemon Tree Hotels BUY 118 140 18.5 93.4 8.7 11.0 13.2 1.1 1.5 2.3 4.5 5.3 6.7 1.4 1.9 2.8 10.8 12.7 15.4 13.6 16.5 20.2 13.7 16.0 19.6 81.6 60.7 41.5 10.9 9.3 7.7 24.7 20.4 15.7
Safari Industries (India) BUY 4,477 4,559 1.8 106.2 12.1 15.5 18.7 1.3 1.7 2.2 2.0 2.8 3.4 52.8 72.7 90.9 179.5 247.9 334.2 34.4 34.0 31.2 35.5 35.1 34.1 84.9 61.6 49.2 24.9 18.1 13.4 54.2 38.5 31.3
V.I.P. Industries Acc 670 721 7.6 94.9 20.8 22.6 25.0 1.8 1.8 2.4 3.1 3.3 4.0 13.0 12.9 17.0 45.3 55.5 68.0 30.7 25.6 27.4 25.9 23.9 26.2 51.4 51.9 39.5 14.8 12.1 9.9 31.2 29.3 24.3

Telecom
Bharti Airtel Acc 948 936 (1.3) 5,380.2 1,391.4 1,590.2 1,872.1 83.5 97.7 220.5 712.7 832.4 999.5 14.8 17.1 38.1 137.4 183.7 211.0 11.6 10.7 19.4 12.9 12.1 14.9 64.2 55.6 24.9 6.9 5.2 4.5 10.5 8.7 7.0

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 India Strategy

Notes

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 India Strategy

Notes

October 10, 2023 42

 India Strategy
PL’s Recommendation Nomenclature
Buy : > 15%
Accumulate : 5% to 15%
Hold : +5% to -5%
Reduce : -5% to -15%
Sell : < -15%
Not Rated (NR) : No specific call on the stock
Under Review (UR) : Rating likely to change shortly

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 India Strategy

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