Agrochemicals

India I Equities Company Update

Change in Estimates  Target  Reco 

27 January 2025

Sharda Cropchem Rating: Buy

Target Price (12-mnth): Rs.730
Decent show in Q3, growth momentum to continue; upgrading to a Buy Share Price: Rs.654
A gradual price increase, volume growth across regions and a good
product mix drove Sharda Cropchem’s better-than-expected Q3 results. Key data SHCR IN / [Link]
52-week high / low Rs887 / 318
Growth would improve ahead as de-stocking is now complete. Prices Sensex / Nifty 75366 / 22829
have bottomed out and volumes would improve as the company expands 3-m average volume $4m
its reach by penetrating current markets and entering new ones. We Market cap Rs.51bn / $594.7m
expect revenue/EBITDA/PAT to clock 14%/21%/23% CAGRs over Shares outstanding 90m
FY25-27. Due to the recent correction in stock price, we upgrade to a
Buy rating, with an unchanged TP of Rs730, 15x FY27e EPS. Shareholding pattern (%) Dec'24 Sep'24 Jun'24
Promoters 74.8 74.8 74.8
Good show continued in Q3. Recovery has been strong in the past few - of which, Pledged 0.0 0.0 0.0
quarters. Q3 revenue shot up 47% y/y to Rs9.3bn, driven by more volumes Free float 25.2 25.2 25.2
and a gradual price increase. Volume growth (~50% y/y) in agrochemicals was - Foreign institutions 3.8 2.5 2.0
seen across regions, with Europe and NAFTA being key contributors. The - Domestic institutions 10.1 12.8 12.9
gross margin expanded 650bps y/y to 32.7%, driven by a better product mix. - Public 11.3 9.9 10.3
The EBITDA margin rose to 16.3%, supported by the expanded gross margin
and greater efficiency. Management remains optimistic regarding improving the Estimates revision (%) FY25e FY26e FY27e
gross margin. Sales 8.4 6.7 3.5
EBITDA 8.2 2.2 3.7
Guidance. Management expects the growth momentum to persist on a) an PAT 4.0 -2.2 -0.2
extensive registration pipeline, b) Rs4bn-4.5bn capex driving revenue growth
and c) focus on operational efficiency supporting margin expansion. With
realizations expected to rise in a better demand environment globally, Relative price performance
900
management has revised up its revenue growth guidance and now expects
800
revenue of Rs40bn in FY25 (+26% y/y vs. earlier guidance of 15-20% y/y), 700
with the EBITDA margin at 15-18% in FY25. Further, it remains optimistic 600
regarding non-agrochemical performance and hopes for demand to improve. 500
400
Valuation. We largely maintain our earnings estimates. We expect 300
revenue/EBITDA/PAT to clock 14%/21%/23% CAGRs over FY25-27. Due
Jan-24
Feb-24
Mar-24
Apr-24
May-24
Jun-24
Jul-24
Aug-24
Sep-24
Oct-24
Nov-24
Dec-24
to the recent correction in the stock price, we upgrade to a Buy, with an Jan-25
unchanged TP of Rs730, 15x FY27e EPS. Risks: Forex movements, no major SHCR Sensex

improvement in realisations, delay in registrations. Source: Bloomberg

Key financials (YE Mar) FY23 FY24 FY25e FY26e FY27e

Sales (Rs m) 40,452 31,630 39,841 45,650 51,832
Net profit (Rs m) 3,420 319 2,871 3,466 4,376
EPS (Rs) 37.9 3.5 31.8 38.4 48.5
PE (x) 14.8 158.2 17.6 14.6 11.5
EV / EBITDA (x) 6.9 17.0 8.3 6.8 5.5 Himanshu Binani
PBV (x) 2.3 2.3 2.0 1.8 1.6 Research Analyst
RoE (%) 16.5 1.4 12.2 13.3 14.9
RoCE (%) 20.2 3.4 16.5 18.0 20.1
Dividend yield (%) 3.4 36.5 3.4 3.4 3.1
Bhavin Soni
Research Associate
Net debt / equity (x) -0.1 -0.1 0.2 0.1 0.1
Source: Company, Anand Rathi Research

Anand Rathi Share and Stock Brokers Limited (hereinafter “ARSSBL”) is a full-service brokerage and equities-research firm and the views expressed therein are solely of
ARSSBL and not of the companies which have been covered in the Research Report. This report is intended for the sole use of the Recipient. Disclosures and analyst
certifications are present in the Appendix.

Anand Rathi Research India Equities

27 January 2025 Sharda Cropchem - Decent show in Q3, growth momentum to continue; upgrading to a Buy

Quick Glance – Financials and Valuations

Fig 1 – Income statement (Rs m) Fig 2 – Balance sheet (Rs m)
Year-end: Mar FY23 FY24 FY25e FY26e FY27e Year-end: Mar FY23 FY24 FY25e FY26e FY27e
Revenues 40,452 31,630 39,841 45,650 51,832 Share capital 902 902 902 902 902
Growth (%) 13.0 -21.8 26.0 14.6 13.5 Net worth 22,320 22,371 24,699 27,517 31,135
Raw material 28,608 23,424 27,968 31,773 35,764 Debt 30 34 - 4 6
Employee & other expenses 4,837 5,378 5,310 6,004 6,463 Minority interest 4 4 4 4 4
EBITDA 7,007 2,829 6,563 7,873 9,605 DTL / (Assets) -79 -103 -103 -103 -103
EBITDA margins (%) 17.3 8.9 16.5 17.2 18.5 Long Term Liab. & prov. 27 14 14 14 14
- Depreciation 2,481 2,671 2,944 3,424 3,904 Capital employed 22,301 22,319 24,614 27,436 31,056
Other income -173 598 260 222 184 Net tangible assets 50 182 182 182 182
Interest expense 45 36 50 50 50 Net intangible assets 6,630 6,900 8,456 9,032 9,128
PBT 4,307 719 3,828 4,621 5,835 Goodwill - - - - -
Effective tax rate (%) 20.6 55.6 25.0 25.0 25.0 CWIP (tang. & intang.) 2,039 2,829 2,829 2,829 2,829
+ Associates/(Minorities) - - - - - Investments (strategic) - - - - -
Adjusted income 3,420 319 2,871 3,466 4,376 Investments (financial) - - - - -
Extraord. item (Loss)/Profit - - - - - Current asset (excl. cash) 32,573 27,902 30,906 34,446 38,601
Reported PAT 3,420 319 2,871 3,466 4,376 Cash 2,138 2,468 -3,814 -3,220 -1,972
WANS 90 90 90 90 90 Current liabilities 21,128 17,961 13,945 15,833 17,712
FDEPS (Rs/share) 37.9 3.5 31.8 38.4 48.5 Working capital 11,445 9,941 16,962 18,613 20,889
Capital deployed 22,301 22,319 24,614 27,436 31,056
Source: Company, Anand Rathi Research Source: Company, Anand Rathi Research

Fig 3 – Cash-flow statement (Rs m) Fig 4 – Ratio analysis

Year-end: Mar FY23 FY24 FY25e FY26e FY27e Year-end: Mar FY23 FY24 FY25e FY26e FY27e
PBT adj. OI and interest 4,307 719 3,828 4,621 5,835 P/E (x) 14.8 158.2 17.6 14.6 11.5
+ Non-cash items 2,526 2,708 2,994 3,474 3,954 EV / EBITDA (x) 6.9 17.0 8.3 6.8 5.5
Oper. prof. before WC 6,834 3,426 6,822 8,095 9,789 EV / Sales (x) 1.2 1.5 1.4 1.2 1.0
- Incr. / (decr.) in WC 3,037 -470 7,020 1,652 2,276 P/B (x) 2.3 2.3 2.0 1.8 1.6
Others incl. taxes 514 484 1,617 1,827 2,143 RoE (%) 16.5 1.4 12.2 13.3 14.9
Operating cash-flow 3,283 3,413 -1,815 4,616 5,370 RoCE (%) - after tax 20.2 3.4 16.5 18.0 20.1
- Capex (tang. + intang.) 2,441 2,721 4,500 4,000 4,000 RoIC 16.5 1.4 12.2 13.3 14.9
Free cash-flow 842 692 -6,315 616 1,370 DPS (Rs) 19.1 204.1 18.9 18.8 17.4
Acquisitions - - - - - Dividend yield (%) 3.4 36.5 3.4 3.4 3.1
-Div. (incl. buyback, tax) 553 270 543 652 763 Dividend payout (%) - incl. DDT 19.1 204.1 18.9 18.8 17.4
+ Equity raised - - - -2 -1 Net debt / equity (x) -0.1 -0.1 0.2 0.1 0.1
+ Debt raised -399 -62 -34 4 2 Receivables (days) 152 192 153 157 158
- Fin. investments -989 1,214 -610 -622 -634 Inventory (days) 129 166 127 115 113
-Misc. items (CFI+CFF) (311) 31 - - (3) Payables (days) 241 305 208 171 171
Net cash-flow 1,190 -885 -6,282 588 1,245 CFO : PAT % 96 1,069 -63 133 123
Source: Company, Anand Rathi Research Source: Company, Anand Rathi Research

Fig 5 – Price movement Fig 6 – Segment-wise revenue, Q3 FY25

(Rs) Non-
agrochemicals
900 17%
800
700
600
500
400
300
200
100
0
Jan-20
Apr-20

Jan-21
Apr-21
Jul-21

Jan-22
Apr-22

Jan-23
Apr-23

Jan-24
Apr-24

Jan-25
Jul-20
Oct-20

Oct-21

Jul-22
Oct-22

Jul-23
Oct-23

Jul-24
Oct-24

Agrochemicals
83%

Source: Bloomberg Source: Company

Anand Rathi Research 2

27 January 2025 Sharda Cropchem - Decent show in Q3, growth momentum to continue; upgrading to a Buy

Fig 7 – Segment-wise revenue trend

(Rs m) Q1 FY23 Q2 FY23 Q3 FY23 Q4 FY23 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25
Agrochemicals 6,150 5,760 8,420 13,160 4,750 4,410 5,080 12,150 6,790 6,340 7,690
Growth % y/y 15 15 16 6 -23 -23 -40 -8 43 44 51
% share 75 80 83 89 75 76 80 93 86 82 83
Non-agrochemicals 2,100 1,460 1,750 1,660 1,620 1,400 1,240 970 1,060 1,430 1,600
Growth % y/y 138 4 12 -13 -23 -4 -29 -42 -35 2 29
% share 25 20 17 11 25 24 20 7 14 18 17
Total 8,250 7,220 10,170 14,820 6,370 5,810 6,320 13,120 7,850 7,770 9,290
Source: Company

Fig 8 – Segment-wise EBIT and margin

(Rs m) Q1 FY23 Q2 FY23 Q3 FY23 Q4 FY23 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25
Agrochemicals (184) (120) 951 2,141 (1,456) (586) (192) 1,906 76 121 68
Growth % y/y NA NA (17) 12 NA NA P2L (11) L2P L2P L2P
EBIT margin % (3.0) (2.1) 11.3 16.3 (30.7) (13.3) (3.8) 15.7 1.1 1.9 0.9
Non-agrochemicals 432 289 510 476 433 307 293 160 223 304 351
Growth % y/y 315 124 138 51 0 6 (42) (66) (49) (1) 20
EBIT margin % 20.6 19.8 29.1 28.7 26.7 21.9 23.7 16.5 21.0 21.3 21.9
Source: Company

Fig 9 – Region-wise revenue break-up – agrochemicals

(Rs m) Q1FY23 Q2FY23 Q3FY23 Q4FY23 Q1FY24 Q2FY24 Q3FY24 Q4FY24 Q1FY25 Q2FY25 Q3FY25
Europe 3,120 2,380 3,160 8,930 2,460 2,310 2,310 7,820 3,640 4,040 2,940
Growth % y/y 24 10 5 46 -21 -3 -27 -12 48 75 27
% share 51 41 38 68 52 52 45 64 54 64 38
NAFTA 1,920 2,300 3,960 3,090 1,660 1,330 1,840 3,400 2,490 1,260 3,590
Growth % y/y 10 28 27 -37 -14 -42 -54 10 50 -5 95
% share 31 40 47 23 35 30 36 28 37 20 47
LATAM 830 640 500 470 400 500 340 330 400 580 540
Growth % y/y -2 -10 3 -57 -52 -22 -32 -30 0 16 59
% share 13 11 6 4 8 11 7 3 6 9 7
RoW 280 440 800 670 230 270 590 600 260 460 620
Growth % y/y 19 19 33 86 -18 -39 -26 -10 13 70 5
% share 5 8 10 5 5 6 12 5 4 7 8
Total 6,150 5,760 8,420 13,160 4,750 4,410 5,080 12,150 6,790 6,340 7,690
Source: Company

Fig 10 – Product-wise revenue break-up – agrochemicals

(Rs m) Q1 FY23 Q2 FY23 Q3 FY23 Q4 FY23 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25
Herbicides 3,540 3,270 4,950 6,530 2,520 2,420 2,800 5,430 3,180 3,560 4,690
Growth % y/y 39 25 37 -11 -29 -26 -43 -17 26 47 68
% share 58 57 59 50 53 55 55 45 47 56 61
Insecticides 1,050 1,250 970 2,450 990 1,300 1,180 2,140 1,540 1,380 1,470
Growth % y/y -23 -21 -43 79 -6 4 22 -13 56 6 25
% share 17 22 12 19 21 29 23 18 23 22 19
Fungicides 1,560 1,240 2,500 4,180 1,240 690 1,100 4,580 2,070 1,400 1,530
Growth % y/y 8 50 31 13 -21 -44 -56 10 67 103 39
% share 25 22 30 32 26 16 22 38 30 22 20
Total 6,150 5,760 8,420 13,160 4,750 4,410 5,080 12,150 6,790 6,340 7,690
Source: Company

Anand Rathi Research 3

27 January 2025 Sharda Cropchem - Decent show in Q3, growth momentum to continue; upgrading to a Buy

Fig 11 – Region-wise revenue break-up – non-agrochemicals

(Rs m) Q1 FY23 Q2 FY23 Q3 FY23 Q4 FY23 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25
Europe 590 320 260 200 220 230 240 160 160 240 170
Growth % y/y 143 -23 -56 -63 -63 -28 -8 -20 -27 4 -29
% share 28 22 15 12 14 16 19 16 15 17 11
NAFTA 1,140 830 1,150 1,110 840 860 750 600 680 920 1,130
Growth % y/y 195 18 66 1 -26 4 -35 -46 -19 7 51
% share 55 57 66 66 52 61 60 62 65 65 71
LATAM 130 100 80 50 110 80 70 50 120 70 170
Growth % y/y 160 30 90 -50 -15 -20 -13 0 9 -13 143
% share 6 7 5 3 7 6 6 5 11 5 11
RoW 230 210 260 310 450 230 180 160 90 190 130
Growth % y/y 12 1 10 82 96 10 -31 -48 -80 -17 -28
% share 11 14 15 19 28 16 15 16 9 13 8
Total 2,090 1,460 1,750 1,670 1,620 1,400 1,240 970 1,050 1,420 1,600
Source: Company

Fig 12 – Financial trend

Particulars (Rs m) Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 % Y/Y % Q/Q 9M FY24 9M FY25 % Y/Y
Income 6,378 5,808 6,325 13,121 7,851 7,769 9,293 46.9 19.6 18,510 24,913 34.6
RM costs 5,820 4,352 4,669 8,583 5,562 5,622 6,251 33.9 11.2 14,841 17,436 17.5
Employee expenses 92 92 94 147 112 104 123 31.2 18.4 277 338 21.9
Other expenses 1,153 1,014 868 1,843 1,407 1,230 1,378 58.8 12.0 3,035 4,015 32.3
EBITDA (688) 349 695 2,548 770 813 1,542 121.9 89.6 356 3,125 L2P
Depreciation 703 740 686 543 648 691 689 0.4 (0.3) 2,129 2,028 (4.7)
Interest 13 46 9 2 8 5 5 (49.6) (6.0) 68 17 (75.2)
Other income 355 99 122 (20) 193 338 (389) P2L P2L 576 142 (75.4)
PBT (1,048) (338) 121 1,984 308 455 459 279.1 0.9 (1,265) 1,222 L2P
Tax (162) (63) 75 549 35 31 148 NA 377.6 (150) 214 NA
PAT (886) (276) 46 1,435 273 424 311 570.8 (26.6) (1,116) 1,008 L2P
Diluted EPS (Rs) 0 0 0 0 0 1 (0) (181.3) (104.1) 0 1 NA
Source: Company, Anand Rathi Research * MI – Minority interest

Fig 13 – Quarterly trend, as percent of sales

Particulars (%) Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 bps y/y bps q/q 9M FY24 9M FY25 bps y/y
Gross margins 8.7 25.1 26.2 34.6 29.2 27.6 32.7 655 510 19.8 30.0 1,020
Employee costs 1.4 1.6 1.5 1.1 1.4 1.3 1.3 (16) (1) 1.5 1.4 (14)
Other expenses 18.1 17.5 13.7 14.0 17.9 15.8 14.8 111 (101) 16.4 16.1 (28)
EBITDA margins (10.8) 6.0 11.0 19.4 9.8 10.5 16.6 560 612 1.9 12.5 1,062
Depreciation 11.0 12.7 10.9 4.1 8.3 8.9 7.4 (344) (148) 11.5 8.1 (336)
Interest 0.2 0.8 0.1 0.0 0.1 0.1 0.0 (9) (1) 0.4 0.1 (30)
Other income 5.6 1.7 1.9 (0.2) 2.5 4.3 (4.2) (611) (853) 3.1 0.6 NA
PBT margins (16.4) (5.8) 1.9 15.1 3.9 5.9 4.9 303 (92) (6.8) 4.9 1,174
Effective tax rates 15.4 18.5 61.7 27.7 11.5 6.8 32.2 (2,949) 2,539 11.8 17.5 570
PAT margins (13.9) (4.7) 0.7 10.9 3.5 5.5 3.4 262 (212) (6.0) 4.1 1,008
Source: Company, Anand Rathi Research

Anand Rathi Research 4

27 January 2025 Sharda Cropchem - Decent show in Q3, growth momentum to continue; upgrading to a Buy

Fig 14 – Revenue-growth trend Fig 15 – Segment-wise revenue break-up

(Rs m) (%) 100%
17,500 150.0 90%
80%
14,000 100.0 70%
60%
10,500 50.0
50%
40%
7,000 0.0
30%

3,500 -50.0 20%

10%
0 -100.0 0%

Q3FY20
Q4FY20
Q1FY21
Q2FY21
Q3FY21
Q4FY21
Q1FY22
Q2FY22
Q3FY22
Q4FY22
Q1FY23
Q2FY23
Q3FY23
Q4FY23
Q1FY24
Q2FY24
Q3FY24
Q4FY24
Q1FY25
Q2FY25
Q3FY25
Q3FY20
Q4FY20
Q1FY21
Q2FY21
Q3FY21
Q4FY21
Q1FY22
Q2FY22
Q3FY22
Q4FY22
Q1FY23
Q2FY23
Q3FY23
Q4FY23
Q1FY24
Q2FY24
Q3FY24
Q4FY24
Q1FY25
Q2FY25
Q3FY25
Revenue Growth y/y Growth q/q Agrochemicals Non- Agrochmicals
Source: Company Source: Company

Fig 16 – EBITDA and EBITDA-margin trends Fig 17 – PAT-growth trend

(Rs m) (%) (Rs m) (%)
3,500 30.0 2,500 20.0
3,000 25.0 2,000 15.0
2,500 20.0 1,500 10.0
2,000 15.0
1,000 5.0
1,500 10.0
500 0.0
1,000 5.0
0 -5.0
500 0.0
0 -5.0 -500 -10.0

-500 -10.0 -1,000 -15.0

-1,000 -15.0 -1,500 -20.0

Q3FY20
Q4FY20
Q1FY21
Q2FY21
Q3FY21
Q4FY21
Q1FY22
Q2FY22
Q1FY22
Q2FY22
Q3FY22
Q4FY22

Q3FY22
Q4FY22
Q1FY23
Q2FY23
Q3FY23
Q4FY23
Q1FY24
Q2FY24
Q3FY24
Q4FY24
Q1FY25
Q2FY25
Q3FY25
Q3FY20
Q4FY20
Q1FY21
Q2FY21
Q3FY21
Q4FY21

Q1FY23
Q2FY23
Q3FY23
Q4FY23
Q1FY24
Q2FY24
Q3FY24
Q4FY24
Q1FY25
Q2FY25
Q3FY25

EBITDA Margin PAT Margin

Source: Company Source: Company

Anand Rathi Research 5

27 January 2025 Sharda Cropchem - Decent show in Q3, growth momentum to continue; upgrading to a Buy

Valuation
Fig 18 – Change in estimates
FY25e FY26e FY27e
(Rs m) Old New Chg (%) Old New Chg (%) Old New Chg (%)
Revenue 36,757 39,841 8.4 42,785 45,650 6.7 50,056 51,832 3.5
EBITDA 6,065 6,563 8.2 7,701 7,873 2.2 9,260 9,605 3.7
EBITDA Margin (%) 16.5 16.5 +0bps 18.0 17.2 -80bps 18.5 18.5 +0bps
PAT 2,760 2,871 4.0 3,546 3,466 (2.3) 4,384 4,376 (0.2)
EPS (Rs) 30.6 31.8 4.0 39.3 38.4 (2.2) 48.6 48.5 (0.2)
Source: Anand Rathi Research

A gradual price increase, volume growth across regions and a good product
mix drove Sharda Cropchem’s better-than-expected Q3 results. Growth
would improve ahead as de-stocking is now complete; prices have bottomed
out and volumes would improve as the company is expanding its reach,
penetrating current markets and entering new ones.
Considering its sturdy, asset-light model, healthy formulations pipeline,
active-ingredient registrations, better regional revenue mix and consistent
RoEs/RoCEs, we are upbeat about the company’s long-term prospects.
We largely maintain our earnings estimates. We expect
revenue/EBITDA/PAT to clock 14%/21%/23% CAGRs over FY25-27.
Due to the recent correction in the stock price, we upgrade to a Buy rating,
with an unchanged TP of Rs730, 15x FY27e EPS.

Fig 19 – One-year-forward P/E band chart

(Rs)
900
800
20x
700
600
15x
500
400 10x
300
200 5x
100
0
Jan-18
Jan-16
May-16
Sep-16
Jan-17
May-17
Sep-17

May-18
Sep-18
Jan-19
May-19
Sep-19
Jan-20
May-20
Sep-20
Jan-21
May-21
Sep-21
Jan-22
May-22
Sep-22
Jan-23
May-23
Sep-23

May-24
Jan-24

Sep-24
Jan-25

Source: Bloomberg, Anand Rathi Research

Key risks
Monsoon-dependence is an inherent risk in agrochemicals, generally. Other
factors specific to the company are
◼ Delay in registrations. Delay in securing registrations would lead to
revenue loss because of the seasonal nature of the business.
◼ Forex volatility. As a global manufacturer, the company is vastly
exposed to foreign currency. It primarily sources active ingredients and
formulations from China in dollars and sells to the EU in euros. Since a
substantial portion of its revenue and expenditure is in foreign
currencies, to a certain extent, it enjoys a natural hedge. Its foreign-
currency exposure over and above this may curb profits.

Anand Rathi Research 6

27 January 2025 Sharda Cropchem - Decent show in Q3, growth momentum to continue; upgrading to a Buy

◼ Climate. Crop-protection products are affected by extreme climatic

conditions (floods, drought, etc.), an inherent risk.
◼ Dependence on Chinese suppliers. The company depends on
Chinese and local vendors for active ingredients and formulations.
Adverse movements in Chinese currency, rising labour and
environmental compliance costs could notably affect the
competitiveness of Chinese manufacturers, which could restrict the
company’s sourcing.
◼ Global context; high stocks with distributors; sales returns. If
distributors are unable to sell products due to a global slowdown,
chances of sales-returns increase, thereby hurting revenue.

Anand Rathi Research 7

Appendix
Analyst Certification
The views expressed in this Research Report accurately reflect the personal views of the analyst(s) about the subject securities or issuers and no part of the
compensation of the research analyst(s) was, is, or will be directly or indirectly related to the specific recommendations or views expressed by the research analyst(s)
in this report. The research analysts are bound by stringent internal regulations and also legal and statutory requirements of the Securities and Exchange Board of
India (hereinafter “SEBI”) and the analysts’ compensation are completely delinked from all the other companies and/or entities of Anand Rathi, and have no bearing
whatsoever on any recommendation that they have given in the Research Report.

Important Disclosures on subject companies

Rating and Target Price History (as of 27 January 2025)
TP Share
Date Rating (Rs) Price (Rs)
1 30-Dec-21 Buy 480 341
2 24-Jan-22 Buy 600 438
3 16-May-22 Buy 835 645
4 26-Jul-22 Buy 745 531
5 21-Oct-22 Buy 580 445
6 25-Jan-23 Buy 635 505
7 15-May-23 Buy 625 497
8 23-Oct-23 Hold 500 422
9 14-May-24 Hold 425 401
10 25-Jul-24 Hold 576 552
11 28-Oct-24 Hold 730 654

Anand Rathi Ratings Definitions

Analysts’ ratings and the corresponding expected returns take into account our definitions of Large Caps, Mid Caps & Small Caps as described in the Ratings
Table below:
Ratings Guide (12 months)
Buy Hold Sell
Large Caps (Top 100 companies) >15% 0-15% <0%
Mid Caps (101st-250th company) >20% 0-20% <0%
Small Caps (251st company onwards) >25% 0-25% <0%

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Research report is a product of Anand Rathi Share and Stock Brokers Ltd. (hereinafter refer as ARSSBL) under Marco Polo Securities 15a6 chaperone service which is the
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