Mahanagar Gas. Play on the growing CGD market. Key Highlights. Source: Company Data; PL Research
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1 Play on the growing CGD market June 15, 2016 Avishek Datta Rating Price Band Subscribe Rs380 Rs421 Mahanagar Gas (MGL) is one of the largest City Gas Distributors (CGD) players in the country which caters to high growth market of Mumbai and neighbouring areas. Company supplies CNG and PNG to 1.3m customers. Volume growth of 2% in FY16 has been impacted by lower prices of competing fuels. However, recent cut in domestic gas prices along with increase in liquid fuel prices, in line with rising crude prices, will support volume growth, going forward. Also, supported by lower gas prices, management expects spreads to improve from FY16 levels of Rs5.8/scm. Issue price of Rs421 implies FY16 P/E multiple of 12x. MGL offers a secular growth story at reasonable valuation. We recommend Subscribe with a long term view. Key Highlights IPO Note IPO Fact Sheet Opening Date June 21, 2016 Closing Date June 23, 2016 BRLMs Kotak,Citi Issue Size Rs37.5bn Rs41.6bn OFS 100% Issue Details Pre issue equity (m shares) 988 Post issue equity (m shares)* 988 Post issue Market Cap (Rs bn)* 41.6 Steady growth story: The Indian CGD market is catered to by 20 entities operating in 36 Geographical Areas (GA). Delhi, Mumbai and Gujarat collectively account for ~70% of country s total sales volumes. Gujarat accounts for approximately half of the industrial demand, whereas Delhi and Mumbai constitute approximately 60% of CNG demand. CGD has been identified as a key sector to reduce carbon footprint and GoI has ensured 100% allocation of domestic gas towards consumption of CNG and domestic PNG. MGL is a play on growing and under penetrated Mumbai market: MGL offers CNG and PNG to one of the largest markets of Mumbai and its adjoining areas. Against current market potential of 6.7m vehicles and 5m households, MGL has customer base of only 0.4m vehicles and 0.8m household, thereby, offering immense growth potential. To accelerate its growth momentum, MGL plans to set up 83 CNG stations (188 currently) and lay 675km steel pipeline network (4,200kms currently) over the next five years. Favourable economics: CNG is 30% and 58% cheaper to Diesel and Petrol, respectively, and remains the mainstay of MGL s growth driver. Meanwhile, any potential judicial intervention to promote CNG, given rising green house gases, will offer upside potential to growth, going forward. Key financials (Y/e March) FY13 FY14 FY15 FY16 Revenues (Rs m) 14,977 18,686 20,778 20,653 Growth 15.5% 24.8% 11.2% 0.6% EBITDA (Rs m) 4,827 4,882 4,897 5,129 PAT (Rs m) 2,985 2,972 3,010 3,087 EPS (Rs)* Share Holding (%) Pre IssuePost Issue* Promoters Public & Others *Equity issuance calculated on higher band price Profitability & Valuation FY13 FY14 FY15 FY16 EBITDA/scm RoE 26.5% 24.0% 22.3% 21.0% ROCE 36.7% 33.1% 30.7% 29.6% Working days Capital (81) (71) (73) (84) Source: Company Data; PL Research Prabhudas Lilladher Pvt. Ltd. and/or its associates (the 'Firm') does and/or seeks to do business with companies covered in its research reports. As a result investors should be aware that the Firm may have a conflict of interest that could affect the objectivity of the report. Investors should consider this report as only a single factor in making their investment decision. Please refer to important disclosures and disclaimers at the end of the report
2 Exhibit 1: Issue details Issue Period Opening date: 21 st June 2016; Closing date: 23rd June 2016 Exchange Issuer Offer Type Listing on both NSE and BSE Mahanagar Gas Limited Initial Public Offering Offer Size including OFS Total 24.9m Equity Shares Face Value Price Band Bid Lot Issue Split (No. of shares) Rs10/ Rs / share 35 equity shares and in multiples thereof QIB Portion: 50% of the issue Non Institutional portion: Not less than 15% of the issue Retail Portion: Not less than 35% of the issue Current Shareholding Pre Offer Post Offer* Book Running Lead manager Source: RHP, PL Research Promoters 100.0% 75.0% Others 0.0% 25.0% Kotak,Citi *Equity issuance calculated on higher price band June 15,
3 Investment Rationale Monopoly player in a growing market MGL is a monopoly player in Mumbai and its adjoining areas. Against current market potential of 6.7m vehicles and 5m households, MGL has customer base of only 0.4m vehicles and 0.8m household, thereby, offering immense growth potential. To accelerate its growth momentum, MGL plans to set up 83 CNG stations (188 currently) and lay 675km steel pipeline network (4,200kms currently) over the next five years, which will drive earnings, going forward. Fuel economics never in doubt: CNG remains the most affordable fuel for transportation in the Mumbai region. At current prices, CNG remains 30% cheaper to Diesel and 55% cheaper to Petrol in Mumbai. Superior fuel economics is likely to drive growth ahead. Exhibit 2: MGL fuel economics Liquid fuel (Rs/km) CNG (Rs/km) % Cheaper (RHS) Bus Car Three wheeler Source: Company Data, PL Research Volume momentum likely to recover: MGL supplies CNG and PNG to 1.3m customers. For FY16, MGL had gas sales volumes of 2.4mmscmd. MGL s FY16 volume growth of 2% was impacted by lower prices of competing fuels. However, recent cut in domestic gas prices along with increase in liquid fuel prices, in line with rising crude prices will support volume growth going forward. June 15,
4 Exhibit 3: MGL s CNG, PNG volume breakdown Domestic 12% Commercial 6% Industrial 8% CNG 74% Source: Company Data, PL Research CGD industry on a growth path The Indian CGD market is catered by 20 entities operating in 36 Geographical Areas (GA). Total CGD gas sales were at ~20mmscmd and it accounts for ~15% of India s gas consumption. Delhi, Mumbai and Gujarat collectively account for ~70% of country s total sales volumes. Gujarat accounts for approximately half of the industrial demand, whereas Delhi and Mumbai constitute approximately 60% of CNG demand. CGD has been identified as a key sector to reduce carbon footprint and GoI has ensured 100% allocation of domestic gas towards consumption of CNG and domestic PNG. With increased government focus on environmental initiative, CGD sector is expected to record faster growth, going forward. Gas consumption by CGD sector is expected to rise to 46mmscmd by FY25E against current levels of 20mmscmd. Exhibit 4: CNG, PNG volume breakdown Domestic PNG 6% CNG 37% Commercial/ind ustrial PNG 57% Source: Company Data, PL Research June 15,
5 Exhibit 5: CGD customer base and steel infrastructure CNG Stations PNG Connections State Geographical Areas Domestic Industrial Commercial Steel Pipeline (In Inch Kilometres) Haryana Sonipat, Faridabad, Gurgaon, Chandigarh 15 18, ,641 Punjab Jalandhar Andhra Pradesh Kakinada, Hyderabad, Vijayawada 29 2, ,103 Assam Tinsukia, Dibrugarh, Sibsagar, Johrat, Golaghat 27, ,261 Gujarat Ghandhinagar, Mehsana, Sabarkantha , ,738 Rajkot , ,525 Ahmedabad , ,349 1,466 Surat, Bharuch & Ankleshwar , ,529 5,122 Valsad 19 62, Navsari 15 74, Nadiad 20 47, Vadodara 15 76, , Others (Halol, Hazira, Khambat, Palej, Surendranagar, Anand, Jamnagar and Bhavnagar) , ,170 Madhya Pradesh Dewas, Gwalior, Indore, Ujjain 16 2, Maharashtra Mumbai & Greater Mumbai * , ,107 1,850 Thane city & adjoining contiguous areas including Mira Bhayender, Navi Mumbai, Thane City, Ambernath, Bhiwandi, Kalyan, Dombivili, Badlapur, Ulhasnagar, , ,704 Panvel, Kharghar & Taloja** Others ( Pune, Pimpri Chinchwad, Hinjewadi, Chakan & Talegaon) 29 13, ,163 Delhi National Capital Territory , ,043 Rajasthan Kota Tripura Agartala 4 13, Uttar Pradesh Kanpur 12 3, Source: Company Greater Noida 21 36, June 15,
6 Risk factors Foreign exchange fluctuations of US Dollars and Indian Rupees: MGL is purchasing Natural gas in US dollars and selling the same in Indian Rupees. Due to high volatility in exchange rates, there may be increase in the cost of business operations which may impact margins. Cost effective alternate fuels availability: MGL is selling Natural gas which is cost effective than other present alternate fuels. Due to advance technology or prices of crude oil going down there can be shift in demand due to alternate fuels becoming cheaper. Increase in cost price or reduction in allocation amount of domestic natural gas: MGL is supplied through GAIL so if there is any change in allocation or pricing criteria, thereby, reducing the volume allocated to company, the cost price of Natural gas will increase affecting the business. June 15,
7 Financial Highlights MGL revenues have 11% CAGR over the past three years MGL s financial performance has been impressive with revenue CAGR of 11% over FY13 16 period. EBITDA during the period has been steady at Rs5.1bn (up 2% CAGR over FY13 16). EBITDA has been impacted by sharp volatility in prices of competing fuels. However, recent cut in domestic gas prices along with increase in liquid fuel prices, in line with rising crude prices will support volume and earnings growth, going forward. Exhibit 6: Sales grew at 11% CAGR over FY13 16 Net sales Exhibit 7: While EBIDTA was up 2% over FY13 16 Operating Profit (Rs bn) (Rs bn) FY13 FY14 FY15 FY FY13 FY14 FY15 FY16 Source: Company Data, PL Research Source: Company Data, PL Research Exhibit 8: PAT growth was at 1% PAT Exhibit 9: Spreads have improved off FY15 lows EBIDTA/scm (Rs bn) (Rs/scm) FY13 FY14 FY15 FY FY13 FY14 FY15 FY16 Source: Company Data, PL Research Source: Company Data, PL Research June 15,
8 Business Description MGL is one of the largest CGD companies in India with over 20 years of experience in supplying Natural gas in Mumbai and its adjoining areas. The company is presently the sole authorised distributor of CNG and PNG in Mumbai, its adjoining areas and the Raigad district in Maharashtra. As of FY16, MGL supplied CNG to over 0.47m vehicles through network of 188 CNG filling stations. Also, the company provided PNG connection to approximately 0.86m domestic households, over 2,866 commercial and 60 industrial consumers in Mumbai and its adjoining areas. For FY16, CNG and PNG businesses accounted for 74.21% and 25.79%, respectively, of the total volume of Natural gas sold and 71.05% and 28.95%, respectively, of total gas sales revenue. Mumbai and its adjoining areas offers immense growth opportunities for MGL as the city has 2.71m households and approximately 6.7m motor vehicles in Mumbai, Thane region and Panvel region. Additionally, the number of CNG operated motor vehicles has grown steadily at a CAGR of 13.75% from March 31, 2009 to March 31, 2016 in Mumbai and its adjoining areas. Growth is likely to be led by (i) anticipated growth in the number of CNG operated vehicles considering the current cost effectiveness of CNG as a fuel, (ii) potential growth in the number of households in areas of operation and (iii) on commencement of gas supply to consumers in the Raigad district. June 15,
9 Exhibit 10: MGL footprint Source: Company June 15,
10 Company Background MGL is one of the largest CGD companies in India with more than 20 years of experience in supplying Natural gas in Mumbai. MGL is the sole authorised distributor of CNG and PNG in Mumbai, its adjoining areas and the Raigad district in Maharashtra. It is promoted by GAIL and BGAPH, each holding 49.75% of shares outstanding (89.3m). GAIL is a Maharatna public sector undertaking and the largest natural gas transmission company in India. BGAPH is headquartered in Singapore and is a part of the BG Group, an international exploration and production and LNG company. As on March 31, 2016, MGL had a supply network of over 4,646 kms of pipelines, including approximately 4,231 kms of polyethylene pipeline ("PE pipeline") and 415 kms of steel pipeline, and 1880 CNG filling stations. MGL's network of 188 CNG filling stations includes stations owned and operated by MGL, OMCs, private parties or situated at bus depots of state transport undertakings. Promoter and Management Bandwidth Promoter Group GAIL: GAIL is the largest natural gas transmission company in India. It owns and operates a transmission network of approximately 11,000 kms of high pressure natural gas trunk pipelines across India with a total capacity of approximately 206 MMSCMD. For fiscal 2016, the average gas transmitted by GAIL was MMSCMD. GAIL is engaged in the transmission, exploration and production of LPG and other gas projects. Further, it operates seven plants in India which process natural gas to produce LPG. It also owns and operates a petrochemical plant that produces high density polyethylene and linear low density polyethylene used in making pipelines. BGAPH: BGAPH is headquartered in Singapore and is involved in the day to day management of its investments in India, Egypt, Mauritius and South East Asia. Through its subsidiaries and associated companies, it is engaged in the business, amongst others, of exploration and production of oil and gas, LNG importation and marketing, and the transmission and distribution of natural gas. On February 15, 2016, Royal Dutch Shell plc ( Shell ) completed the acquisition of BG Group plc (now BG Group Limited) and its subsidiaries. Accordingly, Shell has become the ultimate holding company of all the BG Group companies, including that of BGAPH. June 15,
11 Financials Exhibit 11: Income Statement (Rs m) Y/e March Net Sales 10,507 12,967 14,977 18,686 20,778 20,653 Material Costs 5,183 6,209 8,122 11,443 12,957 12,297 Purchase RMC 5,185 6,213 8,132 11,464 12,988 12,296 Employee Costs Power & Fuel ,045 Repairs to P&M Rent Stores & Spares Other Misc. Costs ,001 Operating Profit 3,775 4,987 4,827 4,882 4,897 5,129 Other Income P B D I T 3,886 5,181 5,145 5,227 5,304 5,556 Depreciation Interest Pre tax Profit 3,323 4,540 4,423 4,418 4,493 4,686 Provision for Tax 1,068 1,462 1,438 1,445 1,483 1,600 Profit After Tax 2,255 3,077 2,985 2,972 3,010 3,087 Source: RHP, Company Data June 15,
12 Exhibit 12: Balance Sheet (Rs m) Y/e March Total Assets 9,847 11,431 12,722 13,985 15,337 16,563 Gross Block 9,640 11,523 13,737 15,176 16,715 18,497 Less: Depreciation 3,250 3,886 4,480 5,261 6,074 6,854 Net Fixed Assets 6,391 7,637 9,257 9,915 10,640 11,643 C W I P 2,892 3,218 3,148 3,454 3,796 4,289 Other non current assets Investments 1,130 2,355 3,021 3,421 3,715 3,846 Inventories Debtors 1, , Loans/ Adv. etc ( ) Current Liabilities 2,052 2,284 3,223 3,815 4,347 5,017 ( ) Provisions 926 1,747 1,884 1,943 1,973 1,983 Cash / Bank ,449 1,721 Capital Employed 9,847 11,431 12,722 13,985 15,337 16,563 Equity Capital Reserves 8,257 9,777 10,933 12,076 13,181 14,386 Debt Other non current liabilities Deferred tax liability incl deposit ,027 1,181 Source: RHP, Company Data June 15,
13 Exhibit 13: Cash Flow (Rs m) Y/e March Cash Flow from Operations PBT 3,323 4,540 4,424 4,418 4,493 4,686 Adjustment for Depreciation (Profit) / Loss on Sale of Assets (Profit) / Loss on Sale of Investments 0 (16) (40) Fixed Assets Written Off Provision for Doubtful Debt 1 2 (3) 4 (2) 3 Other Provisions (6) Bad Debts written off Exchange Fluctuation (Net) (3) 2 Dividend Income (66) (131) (200) (224) (241) (150) Interest Income (20) (32) (48) (60) (76) (104) Finance Cost Operating Profit befor WC changes 3,815 5,078 4,923 4,961 4,997 5,284 Changes in WC Direct Taxes Paid (1,058) (1,150) (1,465) (1,286) (1,390) (1,501) Net Cash from Operating Activities 2,942 4,280 4,389 3,976 4,267 4,254 Cash Flow from Investing Activities Purchase of Fixed Assets (2,321) (2,135) (2,266) (1,768) (1,976) (2,211) Sale of Fixed Assets (Purchase) / Sale of Investments (175) (1,225) (666) (400) (278) (127) Other Bank balance (2) (56) (185) (102) (662) (218) Interest Received Dividend Received Net Cash from Investing Activities (2,413) (3,257) (2,854) (1,999) (2,607) (2,286) Cash Flow from Financing Activities Proceeds from / (Repayment) of Borrowings (2) (3) (6) (19) 76 (18) Dividend Paid (491) (777) (1,340) (1,563) (1,563) (1,563) DDT (82) (126) (217) (266) (266) (318) Interest Paid (7) (3) (6) (4) (8) (15) Net Cash from Financing Activities (582) (910) (1,570) (1,852) (1,761) (1,914) Cash & Cash equivalents at the beginning Inc. /(Dec.) in Cash and Cash Equivalents (54) 113 (35) 126 (101) 54 Cash & Cash equivalents at the end Source: RHP, Company Data June 15,
14 Prabhudas Lilladher Pvt. Ltd. 3rd Floor, Sadhana House, 570, P. B. Marg, Worli, Mumbai , India Tel: (91 22) Fax: (91 22) Rating Distribution of Research Coverage PL s Recommendation Nomenclature % of Total Coverage 50% 40% 30% 20% 10% 0% 45.2% 39.1% 15.7% 0.0% BUY Accumulate Reduce Sell BUY : Over 15% Outperformance to Sensex over 12 months Accumulate : Outperformance to Sensex over 12 months Reduce : Underperformance to Sensex over 12 months Sell : Over 15% underperformance to Sensex over 12 months Trading Buy : Over 10% absolute upside in 1 month Trading Sell : Over 10% absolute decline in 1 month Not Rated (NR) : No specific call on the stock Under Review (UR) : Rating likely to change shortly DISCLAIMER/DISCLOSURES ANALYST CERTIFICATION We/I, Mr. Avishek Datta (MBA), Research Analysts, authors and the names subscribed to this report, hereby certify that all of the views expressed in this research report accurately reflect our views about the subject issuer(s) or securities. 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More informationAllcargo Logistics. Source: Company Data; PL Research
Slow capex continue to impact PES, weak show continues May 24, 2018 Keyur Pandya keyurpandya@plindia.com +912266322247 R Sreesankar rsreesankar@plindia.com +912266322214 Rating Accumulate Price Rs120 Target
More informationCoal India. Source: Company Data; PL Research
Earnings marred by weak realisations; Downgrade to Accumulate September 14, 2016 Kamlesh Bagmar kamleshbagmar@plindia.com +91 22 66322237 Ankit Shah ankitshah@plindia.com +91 22 66322244 Rating Accumulate
More informationMphasis. Increased confidence on margins. Source: Company Data; PL Research
Increased confidence on margins July 25, 2016 Govind Agarwal govindagarwal@plindia.com +91 22 66322300 Rating BUY Price Rs540 Target Price Rs570 Implied Upside 5.6% Sensex 28,095 Nifty 8,636 (Prices as
More informationInsurance. Bajaj Allianz. Birla Sunlife
Dec 2015 APE sales: Private players further gain market share January 21, 2016 Nitin Kumar nitinkumar@plindia.com +91 22 66322236 Pritesh Bumb priteshbumb@plindia.com +91 22 66322232 India life insurance:
More informationMaruti Suzuki. In a league of its own ; Buy. Source: Company Data; PL Research
In a league of its own ; Buy October 28, 2017 Saksham Kaushal sakshamkaushal@plindia.com +91 22 66322235 Poorvi Banka poorvibanka@plindia.com +91 22 66322426 Rating BUY Price Rs8,115 Target Price Rs9,250
More informationMahanagar Gas (MAHGL IN)
(MAHGL IN) Rating: BUY CMP: Rs947 TP: Rs1,179 August 1, 2018 Q1FY19 Result Update Change in Estimates Target Reco Change in Estimates Current Previous FY19E FY20E FY19E FY20E Rating BUY BUY Target Price
More informationAsian Paints. Source: Company Data; PL Research
Premium Valuations to sustain, Accumulate May, 17 Amnish Aggarwal amnishaggarwal@plindia.com +91 Gaurav Jogani gauravjogani@plindia.com +91 8 Rating Accumulate Price Rs1,18 Target Price Rs1,171 Implied
More informationBritannia Industries
Sustains momentum; Input cost gains peaked out November 09, 2015 Amnish Aggarwal amnishaggarwal@plindia.com +91 22 66322233 Gaurav Jogani gauravjogani@plindia.com +91 22 66322238 Rating Accumulate Price
More informationEicher Motors. Continues to ride high! Accumulate. Source: Company Data; PL Research
Continues to ride high! Accumulate November 14, 2017 Saksham Kaushal sakshamkaushal@plindia.com +91 22 66322235 Poorvi Banka poorvibanka@plindia.com +91 22 66322426 Rating Accumulate Price Rs30,083 Target
More informationHDFC Standard Life Insurance
Decent performance on all fronts January 21, 2018 Vidhi Shah vidhishah@plindia.com / +91 22 66322258 R Sreesankar rsreesankar@plindia.com / +91 22 66322214 Pritesh Bumb priteshbumb@plindia.com / +91 22
More informationCement. Realisations for the quarter hit by a weak demand. Sector Update
Realisations for the quarter hit by a weak demand March 26, 2015 Kamlesh Bagmar kamleshbagmar@plindia.com +91 22 66322237 Ankit Shah ankitshah@plindia.com +91 22 66322244 Sensex v/s PL Cement Index 180
More informationSBI Life Insurance Company (SBILIFE IN ) Rating: BUY CMP: Rs673 TP: Rs840
(SBILIFE IN ) Rating: BUY CMP: Rs673 TP: Rs840 July 20, 2018 Q1FY19 Result Update Continued improvement in biz yielding results Quick Pointers Company focuses to grow in protection (both segments) and
More informationBharat Electronics. Best defence play. Source: Company Data; PL Research
Best defence play October 31, 2017 Kunal Sheth kunalsheth@plindia.com +91 22 66322257 Shreyans Jain shreyansjain@plindia.com +91 22 66322256 Rating BUY Price Rs185 Target Price Rs219 Implied Upside 18.4%
More informationPersistent Systems. Growth led by Enterprise Retain BUY. Source: Company Data; PL Research
Growth led by Enterprise Retain BUY October 26, 20 Govind Agarwal govindagarwal@plindia.com +91 22 66322300 Hussain Kagzi hussainkagzi@plindia.com +91 22 66322242 Rating BUY Price Rs669 Target Price Rs780
More informationBayer Cropscience (BYRCS IN)
(BYRCS IN) Rating: ACCUMULATE CMP: Rs4,258 TP: Rs4,517 February 4, 2019 Q3FY19 Result Update Change in Estimates Target Reco Change in Estimates Current Previous FY20E FY21E FY20E FY21E Rating ACCUMULATE
More informationLIC Housing Finance. Source: Company Data; PL Research
High prepayment remains a drag; earnings momentum to sustain April 20, 2016 Nitin Kumar nitinkumar@plindia.com / +91 22 66322236 Pritesh Bumb priteshbumb@plindia.com / +91 22 66322232 Vidhi Shah vidhishah@plindia.com
More informationNavneet Education. ILL loss hurts consolidated earnings growth. Source: Company Data; PL Research
ILL loss hurts consolidated earnings growth May 14, 2018 Keyur Pandya keyurpandya@plindia.com +91 22 66322247 R Sreesankar rsreesankar@plindia.com +91 22 66322214 Rating Accumulate Price Rs140 Target Price
More informationCrompton Greaves Consumer Electricals (CROMPTON IN) Rating: BUY CMP: Rs195 TP: Rs276
Crompton Greaves Consumer Electricals (CROMPTON IN) Rating: BUY CMP: Rs195 TP: Rs276 October 26, 2018 Q2FY19 Result Update Change in Estimates Target Reco Change in Estimates Current Previous FY19E FY20E
More informationFY20E FY21E FY20E FY21E
(SJET IN) Rating: BUY CMP: Rs80 TP: Rs107 February 12, 2019 Q3FY19 Result Update Change in Estimates Target Reco Change in Estimates Current Previous FY20E FY21E FY20E FY21E Rating BUY BUY Target Price
More informationICICI Prudential Life Insurance
Margins were positive surprise; APE growth was slow January 21, 2018 Vidhi Shah vidhishah@plindia.com / +91 22 66322258 R Sreesankar rsreesankar@plindia.com / +91 22 66322214 Pritesh Bumb priteshbumb@plindia.com
More informationCrompton Greaves Consumer Electricals
Building strong base for growth May 16, 2018 Kunal Sheth kunalsheth@plindia.com +91 22 66322257 Shreyans Jain shreyansjain@plindia.com +91 22 66322256 Rating BUY Price Rs228 Target Price Rs299 Implied
More informationHindustan Zinc. Source: Company Data; PL Research
Beat on all counts; tight supplies to keep the Zinc prices firm October 20, 2015 Kamlesh Bagmar kamleshbagmar@plindia.com +91 22 66322237 Ankit Shah ankitshah@plindia.com +91 22 66322244 Rating BUY Price
More informationIndian Oil Corporation (IOCL IN)
(IOCL IN) Rating: ACCUMULATE CMP: Rs148 TP: Rs142 November 2, 2018 Q2FY19 Result Update Change in Estimates Target Reco Change in Estimates Current Previous FY19E FY20E FY19E FY20E Rating ACCUMULATE ACCUMULATE
More informationMphasis. Source: Company Data; PL Research
Setting path for growth in Direct Channel, Retain Accumulate June 18, 2015 Shashi Bhusan shashibhusan@plindia.com +91 22 66322300 Hussain Kagzi hussainkagzi@plindia.com +91 22 66322242 Rating Accumulate
More informationLemon Tree Hotels. Stretched Valuations. valuations at this level looks expensive. AVOID. Source: Company Data; PL Research
Stretched Valuations March 26, 2018 Paarth Gala paarthgala@plindia.com +91 22 6632 2242 R Sreesankar rsreesankar@plindia.com +91 22 6632 2214 Rating Price Band Avoid Rs54 56 With 4,697 rooms in 49 hotels
More informationJindal Steel & Power
Good show in tough environment; well placed for long term BUY May 05, 2016 Kamlesh Bagmar kamleshbagmar@plindia.com +91 22 66322237 Ankit Shah ankitshah@plindia.com +91 22 66322244 Rating Accumulate Price
More informationNIIT Technologies. Strong growth in core services. Source: Company Data; PL Research
Strong growth in core services October 19, 2015 Govind Agarwal govindagarwal@plindia.com +91 22 66322300 Hussain Kagzi hussainkagzi@plindia.com +91 22 66322242 Rating BUY Price Rs494 Target Price Rs625
More informationCummins India. Focusing on growth in core segments. Source: Company Data; PL Research
Focusing on growth in core segments June 07, 2018 Kunal Sheth kunalsheth@plindia.com +91 22 66322257 Shreyans Jain shreyansjain@plindia.com +91 22 66322256 Rating BUY Price Rs681 Target Price Rs857 Implied
More informationHindalco Industries. Source: Company Data; PL Research
Beats its own best; building up for next leg of growth May 08, 2018 Kamlesh Bagmar kamleshbagmar@plindia.com +91 22 66322237 Amit Khimesra amitkhimesra@plindia.com +91 22 66322244 Rating BUY Price Rs239
More informationSonata Software. Strong growth, reasonable valuations. Source: Company Data; PL Research
Strong growth, reasonable valuations August 16, 2017 Madhu Babu madhubabu@plindia.com +91 22 66322300 Rating BUY Price Rs160 Target Price Rs200 Implied Upside 25.0% Sensex 31,771 Nifty 9,897 (Prices as
More informationCrompton Greaves Consumer Electricals
Enough headroom for growth in core categories February 20, 2018 Kunal Sheth kunalsheth@plindia.com +91 22 66322257 Shreyans Jain shreyansjain@plindia.com +91 22 66322256 Rating BUY Price Rs232 Target Price
More informationLarsen & Toubro. Decent performance! Source: Company Data; PL Research
Decent performance! July 30, 2016 Kunal Sheth kunalsheth@plindia.com +91 22 66322257 Samir Bendre samirbendre@plindia.com +91 22 66322256 Rating BUY Price Rs1,558 Target Price Rs1,590 Implied Upside 2.1%
More informationLarsen & Toubro (LT IN)
(LT IN) Rating: BUY CMP: Rs1,321 TP: Rs1,566 July 25, 2018 Company Report Change in Estimates Target Reco Change in Estimates Current Previous FY19E FY20E FY19E FY20E Rating BUY BUY Target Price 1,566
More informationCadila Healthcare. Source: Company Data; PL Research
Q4 broadly in line; US remain cornerstone of growth May 26, 2018 Surajit Pal surajitpal@plindia.com +912266322259 Rating Accumulate Price Rs383 Target Price Rs438 Implied Upside 14.4% Sensex 34,925 Nifty
More informationUltratech Cement. Source: Company Data; PL Research
Higher realisations drove the show; Price led recovery still away April 25, 2018 Kamlesh Bagmar kamleshbagmar@plindia.com +91 22 66322237 Amit Khimesra amitkhimesra@plindia.com +91 22 66322244 Rating Accumulate
More informationTech Mahindra. Source: Company Data; PL Research
Margin beat driven by Headcount reduction November 01, 2017 Madhu Babu madhubabu@plindia.com +91 22 66322300 Rating BUY Price Rs489 Target Price Rs535 Implied Upside 9.4% Sensex 33,600 Nifty 10,441 (Prices
More informationTata Motors. Source: Company Data; PL Research
Good show...but tread carefully ; Accumulate November 09, 2017 Saksham Kaushal sakshamkaushal@plindia.com +91 22 66322235 Poorvi Banka poorvibanka@plindia.com +91 22 66322426 Rating Accumulate Price Rs440
More informationTata Motors. Source: Company Data; PL Research
JLR margin disappoints, Standalone turning around; Accumulate February 06, 2018 Saksham Kaushal sakshamkaushal@plindia.com +91 22 66322235 Poorvi Banka poorvibanka@plindia.com +91 22 66322426 Rating Accumulate
More informationCapital First. Continuing to grow strong. Source: Company Data; PL Research
Continuing to grow strong May 07, 2018 Pritesh Bumb priteshbumb@plindia.com / +91 22 66322232 R Sreesankar rsreesankar@plindia.com / +91 22 66322214 Shweta Daptardar shwetadaptardar@plindia.com / +91 22
More informationBHEL.BO BHEL IN. Structural story remains weak. Q1FY19 Result Update. Rating: REDUCE CMP: Rs72 TP: Rs73. July 25, 2018
(BHEL IN) Rating: REDUCE CMP: Rs72 TP: Rs73 July 25, 2018 Q1FY19 Result Update Change in Estimates Target Reco Change in Estimates Current Previous FY19E FY20E FY19E FY20E Rating REDUCE REDUCE Target Price
More informationAshok Leyland. Source: Company Data; PL Research
Short term headwinds, structural story intact; Accumulate November 09, 2017 Saksham Kaushal sakshamkaushal@plindia.com +91 22 66322235 Poorvi Banka poorvibanka@plindia.com +91 22 66322426 Rating Accumulate
More informationHindustan Zinc. Source: Company Data; PL Research
Earnings in line; best placed in the base metal pack July 21, 2016 Kamlesh Bagmar kamleshbagmar@plindia.com +91 22 66322237 Ankit Shah ankitshah@plindia.com +91 22 66322244 Rating Accumulate Price Rs193
More informationReliance Nippon Life Asset Management
Ready to enjoy the investment October 26, 2017 R Sreesankar rsreeshankar@plindia.com +91 22 66322214 Pritesh Bumb priteshbumb@plindia.com +91 22 66322232 Vidhi Shah vidhishah@plindia.com +91 22 66322258
More informationVa Tech Wabag. On track for a strong H2FY16. Source: Company Data; PL Research
On track for a strong H2FY16 November 09, 2015 Nishna Biyani nishnabiyani@plindia.com +91 22 66322239 Keyur Pandya keyurpandya@plindia.com +91 22 +91 22 66322247 Rating BUY Price Rs668 Target Price Rs1,000
More informationDr. Lal PathLabs. Source: Company Data; PL Research
Operating efficiency, Seasonal tailwind lead growth, margin November 09, 2017 Surajit Pal surajitpal@plindia.com +91 22 66322259 Rating Accumulate Price Rs832 Target Price Rs963 Implied Upside 15.7% Sensex
More informationPunjab National Bank
Slippages remain high despite high recoveries May 22, 2017 R Sreesankar rsreesankar@plindia.com / +91 22 66322214 Pritesh Bumb priteshbumb@plindia.com / +91 22 66322232 Vidhi Shah vidhishah@plindia.com
More informationEicher Motors. Source: Company Data; PL Research
Good show continues; In line quarter! Accumulate May 09, 2018 Saksham Kaushal sakshamkaushal@plindia.com +91 22 66322235 Poorvi Banka poorvibanka@plindia.com +91 22 66322426 Rating Accumulate Price Rs30,305
More informationS Chand and Company. TP of Rs679 (implying PER of 20x FY19E earnings) Source: Company Data; PL Research
2Q is a non event, annual guidance remains intact November 20, 2017 Keyur Pandya keyurpandya@plindia.com +912266322247 R Sreesankar rsreesankar@plindia.com +912266322214 Rating BUY Price Rs461 Target Price
More informationJindal Steel & Power
Angul plant s Turnaround, a reality now; Reiterate BUY January 22, 2018 Kamlesh Bagmar kamleshbagmar@plindia.com +91 22 66322237 Amit Khimesra amitkhimesra@plindia.com +91 22 66322244 Rating BUY Price
More informationSBI Life Insurance. Source: Company Data; PL Research
Recent correction gives further reason to enter March 15, 2018 Vidhi Shah vidhishah@plindia.com / +91 22 66322258 R Sreesankar rsreesankar@plindia.com / +91 22 66322214 Pritesh Bumb priteshbumb@plindia.com
More informationLIC Housing Finance. Stable performance. Source: Company Data; PL Research
Stable performance October 21, 2016 R Sreesankar rsreesankar@plindia.com / +91 22 66322214 Pritesh Bumb priteshbumb@plindia.com / +91 22 66322232 Vidhi Shah vidhishah@plindia.com / +91 22 66322258 Rating
More informationHindustan Unilever. In the Pink of Health ; Accumulate. Source: Company Data; PL Research
In the Pink of Health ; Accumulate May 14, 2018 Amnish Aggarwal amnishaggarwal@plindia.com +91 22 66322233 Nishita Doshi nishitadoshi@plindia.com +91 22 66322381 Rating Accumulate Price Rs1,505 Target
More informationAurobindo Pharma. Source: Company Data; PL Research
Sales miss on few approvals, earnings beats on better revenue May 31, 2016 Surajit Pal surajitpal@plindia.com +912266322259 Rating BUY Price Rs786 Target Price Rs943 Implied Upside 2% Sensex 26,668 Nifty
More informationSource: Company Data; PL Research
Valuations attractive, GST key to re rating : BUY January 20, 2018 Amnish Aggarwal amnishaggarwal@plindia.com +91 22 66322233 Nishita Doshi nishitadoshi@plindia.com +91 22 66322381 Rating BUY Price Rs274
More informationBharat Forge. Growth on all fronts; Accumulate. Source: Company Data; PL Research
Growth on all fronts; Accumulate November 08, 2017 Saksham Kaushal sakshamkaushal@plindia.com +91 22 66322235 Poorvi Banka poorvibanka@plindia.com +91 22 66322426 Rating Accumulate Price Rs728 Target Price
More informationTeamLease Services. Leader in a high growth industry. Key Highlights. Source: Company Data; PL Research
IPO Note TeamLease Services Leader in a high growth industry February 01, 2016 Govind Agarwal govindagarwal@plindia.com +91-22-66322300 Rating Price Band BUY Rs785-Rs850 TeamLease (TL) is a provider of
More informationKEC International (KECI IN)
(KECI IN) Rating: BUY CMP: Rs370 TP: Rs425 June 15, 2018 Analyst Meet Update Change in Estimates Target Reco Change in Estimates Current Previous FY19E FY20E FY19E FY20E Rating BUY - Target Price 425 -
More informationBharat Electronics (BHE IN)
(BHE IN) Rating: BUY CMP: Rs116 TP: Rs150 August 01, 2018 Q1FY19 Result Update Change in Estimates Target Reco Change in Estimates Current Previous FY19E FY20E FY19E FY20E Rating BUY BUY Target Price 150
More informationPunjab National Bank
Steady on all fronts February 07, 2018 R Sreesankar rsreesankar@plindia.com / +91 22 66322214 Pritesh Bumb priteshbumb@plindia.com / +91 22 66322232 Vidhi Shah vidhishah@plindia.com / +91 22 66322258 Rating
More informationLIC Housing Finance. Source: Company Data; PL Research
Strong performance, but loan growth key to sustainability in earnings July 18, 2016 R Sreesankar rsreesankar@plindia.com / +91 22 66322214 Pritesh Bumb priteshbumb@plindia.com / +91 22 66322232 Vidhi Shah
More informationPetronet LNG (PLNG IN)
(PLNG IN) Rating: BUY CMP: Rs231 TP: Rs300 July 27, 2018 Q1FY19 Result Update Change in Estimates Target Reco Change in Estimates Current Previous FY19E FY20E FY19E FY20E Rating BUY BUY Target Price 300
More informationLarsen & Toubro. Source: Company Data; PL Research
Domestic execution showing positive trends July 28, 2017 Kunal Sheth kunalsheth@plindia.com +91 22 66322257 Rating BUY Price Rs1,159 Target Price Rs1,328 Implied Upside 14.6% Sensex 32,310 Nifty 10,015
More informationGlenmark Pharmaceuticals
Costcontrol does the wonder, beat est; Consistency required November 03, 2017 Surajit Pal surajitpal@plindia.com +912266322259 Rating Accumulate Price Rs627 Target Price Rs733 Implied Upside 16.9% Sensex
More informationDabur India. Source: Company Data; PL Research
Deflation and poor demand impacts sales; Accumulate July 27, 2016 Amnish Aggarwal amnishaggarwal@plindia.com +91 22 66322233 Gaurav Jogani gauravjogani@plindia.com +91 22 66322238 Rating Accumulate Price
More informationZee Media Corporation (ZEEN IN)
(ZEEN IN) Rating: BUY CMP: Rs26 TP: Rs39 October 17, 2018 Q2FY19 Result Update Change in Estimates Target Reco Change in Estimates Current Previous FY19E FY20E FY19E FY20E Rating BUY BUY Target Price 39
More informationPunjab National Bank
Asset quality worries intensifies May 08, 2015 Nitin Kumar nitinkumar@plindia.com +91 22 66322236 Pritesh Bumb priteshbumb@plindia.com +91 22 66322232 Rating Reduce Price Rs146 Target Price Rs155 Implied
More informationHDFC Bank. In line results; loan growth holding nicely. Source: Company Data; PL Research
In line results; loan growth holding nicely February 14, 2015 Nitin Kumar nitinkumar@plindia.com +91 22 66322236 Pritesh Bumb priteshbumb@plindia.com +91 22 66322232 Rating BUY Price Rs1,066 Target Price
More informationSource: Company Data; PL Research
Portfolio realignment to yield benefits in medium term October 22, 2016 Govind Agarwal govindagarwal@plindia.com +91 22 66322300 Rating Accumulate Price Rs499 Target Price Rs600 Implied Upside 20.2% Sensex
More informationHDFC Standard Life Insurance Company (HDFCLIFE IN ) Rating: BUY CMP: Rs359 TP: Rs500
HDFC Standard Life Insurance Company (HDFCLIFE IN ) Rating: BUY CMP: Rs359 TP: Rs500 October 24, 2018 Q2FY19 Result Update Margins on rise mainly led by protection biz Quick Pointers Protection share has
More informationSBI Life Insurance Company (SBILIFE IN ) Rating: BUY CMP: Rs620 TP: Rs779
(SBILIFE IN ) Rating: BUY CMP: Rs620 TP: Rs779 January 18, 2019 Q3FY19 Result Update Strong growth with steady metrics Quick Pointers Strong growth displayed in protection business with +4x growth YoY
More informationTata Motors. Turnaround 2.0, Fit for future; BUY. Source: Company Data; PL Research
Turnaround 2.0, Fit for future; BUY June 06, 2018 Saksham Kaushal sakshamkaushal@plindia.com +91 22 66322235 Poorvi Banka poorvibanka@plindia.com +91 22 66322426 Rating BUY Price Rs296 Target Price Rs378
More informationColgate Palmolive. Source: Company Data; PL Research
6 8% EPS cut as competitive threat looms large May 24, 2016 Amnish Aggarwal amnishaggarwal@plindia.com +91 22 66322233 Gaurav Jogani gauravjogani@plindia.com +91 22 66322238 Rating Accumulate Price Rs835
More informationDIWALI TOP TECHNICAL PICKS
Samvat 2073 DIWALI TOP TECHNICAL PICKS Atul Auto Atul Auto: The stock has corrected from 700 levels & now after making a base at 400 levels with the process of higher bottom formation & now being above
More informationDabur India. Steady recovery in place; Accumulate. Source: Company Data; PL Research
Steady recovery in place; Accumulate January 31, 2018 Amnish Aggarwal amnishaggarwal@plindia.com +91 22 66322233 Nishita Doshi nishitadoshi@plindia.com +91 22 66322381 Rating Accumulate Price Rs354 Target
More informationAurobindo Pharma. Source: Company Data; PL Research
1QFY17 performance in line; H2FY17 guided to be better August 24, 2016 Surajit Pal surajitpal@plindia.com +912266322259 Rating BUY Price Rs788 Target Price Rs943 Implied Upside 19.7% Sensex 28,060 Nifty
More informationPunjab National Bank
Asset quality under acute stress February 09, 2016 Nitin Kumar nitinkumar@plindia.com +91 22 66322236 Pritesh Bumb priteshbumb@plindia.com +91 22 66322232 Rating Reduce Price Rs88 Target Price Rs65 Implied
More informationMaruti Suzuki (MSIL IN)
(MSIL IN) Rating: BUY CMP: Rs6,513 TP: Rs7,600 January 28, 2019 Q3FY19 Result Update Change in Estimates Target Reco Change in Estimates Current Previous FY20E FY21E FY20E FY21E Rating BUY BUY Target Price
More informationL&T Finance Holdings
Steady quarter; return ratios to improve July 25, 2016 R Sreesankar rsreesankar@plindia.com / +91 22 66322214 Pritesh Bumb priteshbumb@plindia.com / +91 22 66322232 Vidhi Shah vidhishah@plindia.com / +91
More informationDr. Reddy's Laboratories
New US generics, India sales to counter price erosion in FY17 May 12, 2016 Surajit Pal surajitpal@plindia.com +912266322259 Rating Accumulate Price Rs2,971 Target Price Rs2,993 Implied Upside.7% Sensex
More information