Pidilite Industries. Source: Company Data; PL Research
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1 Strong growth visibility, margins to peak out in 1HFY17 June 10, 2016 Amnish Aggarwal Gaurav Jogani Rating Accumulate Price Rs701 Target Price Rs685 Implied Upside 2.3% Sensex 26,763 Nifty 8,204 (Prices as on June 10, 2016) Trading data Market Cap. (Rs bn) Shares o/s (m) M Avg. Daily value (Rs m) Major shareholders Promoters 69.73% Foreign 14.48% Domestic Inst. 5.20% Public & Other 10.59% Stock Performance (%) 1M 6M 12M Absolute Relative How we differ from Consensus EPS (Rs) PL Cons. % Diff Price Performance (RIC: PIDI.BO, BB: PIDI IN) (Rs) Jun 15 Aug 15 Source: Bloomberg Oct 15 Dec 15 Feb 16 Apr 16 Jun 16 We met PIDI and came back convinced on its ability to sustain growth over the coming few years. PIDI is in a phase of transformation as it has just completed 1 st year under a non promoter MD. PIDI has undertaken several new initiatives like 1) focus on fewer but bigger innovations 2) faster decision making 3) entry into project side of waterproofing segment with Nina acquisition 4) JV with ICA to enter the premium wood finish segment 5) taking direct control of distribution in middle east which will provide flip to growth with long term growth opportunity looks enticing due to 1) rising urbanisation and housing 2) nascent use of construction chemicals and waterproofing systems 3) market leading positions in most product segments with brands like Fevicol, Feviquik, Dr Fixit and Roff and 4) higher market growth due to entry of new players like APNT, Berger and Astral Poly. However near term recovery will be slow as demand conditions are yet to show any improvement. PIDI has set up construction chemicals manufacturing unit in Middle East and has acquired its local distributor, which should enable turnaround in this region. Bangladesh remains a highly profitable market and acquisition of market leader in Sri Lanka holds potential for higher growth in this region. However Brazil business can be restructured/ sold off in future. US business is gaining on account of Sergant Art; however this growth is unsustainable in the longer term. PIDI s margins are at an all time high given direct co relation to crude prices. We expect gross margins to peak out in 1HFY17 given that crude prices have come up by 75% from Jan lows of USD28/ barrel. We are factoring in flattish gross margins and 70bps expansion in EBIDTA margins in FY17 and 300bps decline in gross margins and 240bps decline in EBIDTA margins in FY18. We estimate 21.4% PAT growth in FY17 and 7.7% PAT growth in FY18. We note that our margin estimates are higher than long term margin guidance of 18 20% as given by the company. We expect premium valuations to sustain, given strong brands and long term growth potential in key segment of adhesives, waterproofing and construction aids. Retain Accumulate. Key financials (Y/e March) E 2018E Revenues (Rs m) 43,981 47,345 54,418 63,918 Growth (%) EBITDA (Rs m) 7,606 11,201 13,290 14,078 PAT (Rs m) 5,195 7,293 8,855 9,540 EPS (Rs) Growth (%) Net DPS (Rs) Profitability & Valuation E 2018E EBITDA margin (%) RoE (%) RoCE (%) EV / sales (x) EV / EBITDA (x) PE (x) P / BV (x) Net dividend yield (%) Source: Company Data; PL Research Visit Update 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 We met the management of PIDI and came back convinced on the steps undertaken to sustain growth in core business and create new growth drivers in both India and emerging markets in Middle East and Asia. Following are the key takeaways: Pidilite: focus on bigger innovations, faster decision making Pidilite is getting transformed into a professionally run organisation over the year. PIDI inducted Mr Bharat Puri last year as Managing Director from Mondelez, first professional MD of the company in its history. Mr Puri has been on the board of Pidilite since PIDI has hired Bain & Co for evolving a framework wherein the professional management can work even as the company retains its founder mentality. PIDI is aiming at sticking to its core categories as consumers have a lot of confidence in core categories and its brands. Core categories have to account for 2/3 rd of sales. PIDI is looking at structured innovations and renovations. As against large number of innovation projects handled in the past, it is looking at fewer, bigger and better innovations to drive growth. PIDI is defining new ways of working whereby decision making will be handed at the leadership team level with focus on people, objectives, and communication. This will ensure more empowerment and faster decision making. We believe that focus on bigger innovations, core categories and faster decision making with an eye on consumers will go a long way in accelerating growth and market development given that PIDI operates in a lot of nascent categories. Consumer and Bazaar products: Adhesives and waterproofing key pillars of growth Demand scenario remains tepid and slow recovery is likely. PIDI has not cut prices of any of its products. PIDI had done some market interventions in a few products which were more on the line of dealer incentives etc to push sales. Adhesives, sealants and construction chemicals are tipped as key growth drivers over the long term. These segments contribute ~71% to the standalone sales and PIDI has market leadership in these with brands like Fevicol, Dr Fixit and Roff. Although the trend of use of readymade furniture is rising, overall increase in furniture and interior demand and sustained trend of homemade furniture in the Tier 2 3 cities will continue to provide growth to Pidilite. June 10,
3 Waterproofing seems to be the next big driver of growth in the coming decade. Waterproofing has been literally been absent or is of very poor quality across all residential and commercial buildings. Increasing awareness is pushing the demand of waterproofing systems. Entry of players like Asian paints, Berger etc in this segment is also adding to the growth rates. Pidilite is unperturbed by the rising competitive intensity in the construction chemicals space and increasing investments by players like Asian Paints, Berger. Henkel and BASF given its wide product range, strong brands and nascent market for waterproofing products in India. Nina waterproofing and ICA to broad base offering Pidilite has been operating in the retail side of the waterproofing business as supplier of products; however it has entered the project side of waterproofing business by acquisition of Nina Waterproofing Systems. Nina has sales of approx Rs1.5b although it has receivables due to project nature of business, it will provide significant growth in both products and projects side of business. Nina waterproofing is expected to grow at 20% CAGR. Pidilite has formed a JV with ICA for marketing of high end wood finishes which is a niche but high growth segment. The JV will complement some of the mass market wood finish products marketed by Pidilite as of now. The JV can also explore manufacturing this premium finishes in India at a later stage. Middle East/ Asia to drive IBD, America not a key driver International business accounts for sales of Rs5.8b, America accounts for 58% of sales while Asia, Middle East and Africa account for the rest. IBD reported increase in sales by 21.4% while EBIDTA increased from Rs127.8m to Rs340m. North America and South & South east Asia are profitable while Middle east, Africa and South America are making loss at EBIDTA level. Pidilite is positioning Asia, Middle East and Africa as main growth drivers while South America might be restructured in future. Middle East and Africa to ramp up (18% of IBD sales): Middle East business has been selling adhesives and sealants exported from India while it has set up a construction chemicals unit in Middle East. Middle East remains a highly competitive market as most of the large global brands are present in this market. Pidilite has also acquired the local distribution of its products. The business reported 67% increase in sales to Rs1.02b while losses increased from Rs50m to Rs134m as the new unit for construction chemicals is in a ramp up stage. Medium term outlook for the business continues to be positive. June 10,
4 South and South East Asia remains highly profitable (24% of sales): South and SE Asia remains most profitable in the international business with sales of Rs1.37b and EBIDTA of 270m. The margins in Soth East Asia are similar to the margins in India. Pidilite is market leader in Bangladesh while it has acquired the market leader in Sri lanka. Thailand remains highly profitable although it has volatile economy. Overall cluster of Thailand, Indonesia and Malaysia are potential markets. Pidilite is pinning hopes of neighbouring countries to drive growth in this region. North America riding on demand for Arts and Stationary (42% of sales): US business of Sergant Art stationary business is riding on rising demand of colours and stationary products in the adults segment. The business has seen gradual increase in distribution in modern retail and online formats. Cyclo car care products are a niche business but small by US standards. The business reported 12.7% sales growth in FY16 to Rs2.44b while EBIDTA increased from 104m to 222m. However current levels of growth are not sustainable in the long term. South America might be restructured (17% of sales): Brazil business has been suffering mainly due to volatile demand and high costs. Pidilite has been able to reduce losses meaningfully from Rs140m to Rs15m in 2 years. Pidilite is open to restructuring and divestment of this business in future. Exhibit 1: Crude oil prices have an inverse relationship with PIDI s Gross margins Gross Margins % Crude Oil Prices Q1FY08 Q3FY08 Q1FY09 Q3FY09 Q1FY10 Q3FY10 Q1FY11 Q3FY11 Q1FY12 Q3FY12 Q1FY13 Q3FY13 Q1FY14 Q3FY14 Q1FY15 Q3FY15 Q1FY16 Q3FY June 10,
5 Exhibit 2: Construction chemical is now 20% of PIDI s standalone sale Art Materials 12% Ind Chemical 17% Adhesive and Sealants 51% Exhibit 3: Subcontinent, MENA & S.E Asia to be growth drivers ahead Middle East and Africa 13% South & South East Asia 19% North America 42% Const. Chemical 20% South America 26% Exhibit 4: Constant currency sales growth at 34.6% for Q4, EBITDA at Rs57m, Brazil improves performance; Middle east drags profitability International Subsidiaries FY14 Q4FY15 FY15 Q1FY16 Q2FY16 Q3FY16 Q4FY16 FY16 Sales (Rs m) 1,127 1,149 4,895 1,435 1,343 1,489 1,517 5,819 North America , ,442 South America , Middle East & Africa ,029 South & South East Asia ,370 Sales growth (YoY) North America (6.8) South America (6.8) (1.8) (16.7) (0.8) (6.8) Middle East & Africa South & South East Asia EBITDA (Rs m) 5.0 (36.4) North America 25.0 (11.2) South America (21.0) (23.0) (86.1) (10.7) (8.4) (2.5) 12 (15.0) Middle East & Africa (28.0) (27.6) (48.5) (18.9) (29.6) (37.1) 48 (134.0) South & South East Asia EBITDA (margin %) 0.4 (3.2) North America 6.0 (2.8) South America (8.1) (7.4) (6.8) (4.4) (3.5) (1.1) 4.7 (1.5) Middle East & Africa (12.4) (12.4) (7.7) (8.7) (12.0) (14.2) (15.4) (13.0) South & South East Asia June 10,
6 Elastomer project remains in limbo Pidilite has announced using the Dahej site of synthetic elastomer project for making adhesives for the export market. The company would be making fresh capex and will utilise existing building for adhesive unit. Pidilite continues to explore ways to find strategic partner for the project, however nothing has been finalised so far. Mgt stated that the product (synthetic elastomer) remain relevant and in today s context. The company is open to even completely exit from the project, however nothing concrete has materialised so far. There is no decision so far in the company on taking any impairment for the investment made for the project. The investment in the project stands in excess of Rs3.7b. Exhibit 5: Adhesives and waterproofing to be the growth pillars going ahead Standalone Segmental FY11 FY12 FY13 FY14 FY15 FY16E FY17E FY18E Sales Consumer and Bazaar Products 18,102 22,235 26,716 31,089 35,723 38,901 45,272 53,634 Adhesives and Sealants 11,553 14,306 16,853 19,300 22,021 23,802 27,611 32,581 Construction Chemicals 4,370 5,449 6,528 7,358 8,617 9,306 10,888 13,066 Art Material 2,179 2,479 3,336 4,431 5,058 5,766 6,746 7,961 Industrial and Specialty Chemicals 5,328 5,608 6,203 7,132 7,573 7,758 8,372 9,377 Sales Growth Consumer and Bazaar Products Adhesives and Sealants Construction Chemicals Art Material Industrial and Specialty Chemicals EBIT Consumer and Bazaar Products 4,626 5,021 6,445 7,132 7,675 9,725 10,639 12,872 Industrial and Specialty Chemicals 1, ,164 1,088 1,266 EBIT Margins Consumer and Bazaar Products Industrial and Specialty Chemicals EBIT Growth % Consumer and Bazaar Products Industrial and Specialty Chemicals 9.4 (19.4) 0.1 (0.6) (6.5) 16.3 June 10,
7 Exhibit 6: Gross margins at life time highs Exhibit 7: Adj. PAT up 68.3%, sales up 12.3% Gross Margins % EBIDTA Margins % Sales Growth (%) PAT Growth (%) Q4FY14 Q1FY15 Q2FY15 Q3FY15 Q4FY15 Q1FY16 Q2FY16 Q3FY16 Q4FY16 Q4FY14 Q1FY15 Q2FY15 Q3FY15 Q4FY15 Q1FY16 Q2FY16 Q3FY16 Q4FY16 Exhibit 8: Consumer & Bazaar Volumes up ~13% YoY Exhibit 9: Q3FY16; VAM prices down 18.9% YoY and 6% QoQ Volume Gr Realisation Gr QFY14 1QFY15 2QFY15 3QFY15 4QFY15 1QFY16 2QFY16 3QFY16 4QFY16 Jun 13 Aug 13 Nov 13 Jan 14 Mar 14 May 14 Aug 14 Oct 14 Dec 14 Feb 15 May 15 Jul 15 Sep 15 Nov 15 Jan 16 Apr 16 USD/MT Source: Bloomberg, PL Research Exhibit 10: Buoyancy in Building material business aids 12.4% sales growth in Consumer bazaar business, Industrial s also sees smart recovery Consumer and Bazaar Q4FY14 Q1FY15 Q2FY15 Q3FY13 Q4FY15 Q1FY16 Q2FY16 Q3FY16 Q4FY16 Sales (Rs m) 6,988 10,169 9,135 8,803 7,668 10,921 9,612 9,751 8,618 Growth (%) EBIT (Rs m) 1,228 2,413 1,997 1,893 1,373 3,270 2,756 2,825 2,222 % Contribution EBIT Growth % (10.0) (0.1) EBIT margin % Industrial Products Sales (Rs m) 2,193 2,169 2,327 2,039 2,157 2,185 2,116 2,102 2,319 Growth (%) (1.6) 0.7 (9.1) EBIT (Rs m) % Contribution EBIT Growth % (21.0) (16.0) EBIT margin % June 10,
8 Income Statement (Rs m) Net Revenue 43,981 47,345 54,418 63,918 Raw Material Expenses 24,281 22,822 26,191 32,679 Gross Profit 19,699 24,523 28,227 31,239 Employee Cost 4,094 4,576 5,144 5,853 Other Expenses 7,999 8,745 9,792 11,309 EBITDA 7,606 11,201 13,290 14,078 Depr. & Amortization 1,077 1,150 1,263 1,416 Net Interest Other Income ,025 Profit before Tax 6,861 10,395 12,650 13,629 Total Tax 1,667 3,103 3,795 4,089 Profit after Tax 5,195 7,293 8,855 9,540 Ex Od items / Min. Int. (352) (540) Adj. PAT 5,195 7,293 8,855 9,540 Avg. Shares O/S (m) EPS (Rs.) Cash Flow Abstract (Rs m) C/F from Operations 5,827 7,345 11,451 10,247 C/F from Investing (4,268) (4,678) (8,350) (7,056) C/F from Financing (1,997) (2,455) (2,869) (3,151) Inc. / Dec. in Cash (438) Opening Cash Closing Cash FCFF 2,532 6,457 9,393 7,939 FCFE 2,513 6,511 9,431 7,989 Key Financial Metrics Growth Revenue (%) EBITDA (%) PAT (%) EPS (%) Profitability EBITDA Margin (%) PAT Margin (%) RoCE (%) RoE (%) Balance Sheet Net Debt : Equity (0.2) (0.2) (0.4) (0.4) Net Wrkng Cap. (days) Valuation PER (x) P / B (x) EV / EBITDA (x) EV / Sales (x) Earnings Quality Eff. Tax Rate Other Inc / PBT Eff. Depr. Rate (%) FCFE / PAT Balance Sheet Abstract (Rs m) Shareholder's Funds 23,495 27,951 33,872 40,169 Total Debt Other Liabilities Total Liabilities 24,097 28,723 34,767 41,214 Net Fixed Assets 12,881 13,067 14,004 15,039 Goodwill Investments 3,504 5,173 5,353 5,533 Net Current Assets 7,644 10,416 15,342 20,575 Cash & Equivalents 3,982 5,868 12,070 16,536 Other Current Assets 12,236 12,129 14,192 17,077 Current Liabilities 8,573 7,581 10,919 13,037 Other Assets Total Assets 24,097 28,723 34,767 41,214 Quarterly Financials (Rs m) Y/e March Q1FY16 Q2FY16 Q3FY16 Q4FY16 Net Revenue 13,057 11,652 11,767 10,869 EBITDA 3,278 2,806 2,868 2,251 % of revenue Depr. & Amortization Net Interest Other Income Profit before Tax 3,078 2,623 2,651 2,080 Total Tax Profit after Tax 2,195 1,828 1,857 1,150 Adj. PAT 2,192 1,831 1,864 1,443 Key Operating Metrics Consumer Bazaar Sales Gr.(%) Adhesives and Sealants Construction chemicals Arts and others Industrial & Specialty Chemicals Sales Gr.(%) Industrial resins Industrial Adhesives Organic Pigments June 10,
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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% 45.1% 38.9% 15.9% 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. Amnish Aggarwal (MBA, CFA), Mr. Gaurav Jogani (MBA, Bcom), 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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Growth traction continues June 28, 216 Avishek Datta avishekdatta@plindia.com +91 22 66322254 Rating BUY Price Rs65 Target Price Rs632 Implied Upside 4.5% Sensex 26,43 Nifty 8,95 (Prices as on June 27,
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 informationCoal India. Source: Company Data; PL Research
Misses estimates; Higher costs dims hope for earnings recovery February 13, 2017 Kamlesh Bagmar kamleshbagmar@plindia.com +91 22 66322237 Rating Reduce Price Rs325 Target Price Rs320 Implied Upside 1.5%
More informationCoal India. Source: Company Data; PL Research
Realisations drive the beat; E auction to surprise positively in H2 November 13, 2015 Kamlesh Bagmar kamleshbagmar@plindia.com +91 22 66322237 Ankit Shah ankitshah@plindia.com +91 22 66322244 Rating BUY
More informationJK Lakshmi Cement. Source: Company Data; PL Research
Expansions on schedule; lower costs to aid margins June 28, 2016 Kamlesh Bagmar kamleshbagmar@plindia.com +91 22 66322237 Ankit Shah ankitshah@plindia.com +91 22 66322244 Rating BUY Price Rs385 Target
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 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 informationCoal India. Source: Company Data; PL Research
Lower costs and higher scale off sets weaker realisations February 12, 2016 Kamlesh Bagmar kamleshbagmar@plindia.com +91 22 66322237 Ankit Shah ankitshah@plindia.com +91 22 66322244 Rating BUY Price Rs305
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 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 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 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 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 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 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 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 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 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 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 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 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 informationReliance Industries. Impressive performance. Source: Company Data; PL Research
Impressive performance April 25, 2017 Avishek Datta avishekdatta@plindia.com +91 22 66322254 Rating Accumulate Price Rs1,416 Target Price Rs1,343 Implied Upside 5.2% Sensex 29,656 Nifty 9,218 (Prices as
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 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 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 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 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 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 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 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 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 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 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 informationBritannia Industries
Volumes impacted by slowdown; Margin expands May 27, 2014 Amnish Aggarwal amnishaggarwal@plindia.com +91 22 66322233 Gaurav Jogani gauravjogani@plindia.com +91 22 66322238 Rating BUY Price Rs870 Target
More informationMarico. Source: Company Data; PL Research
Innovations, Input costs positive, potential acquisitions a drag November 4, 21 Amnish Aggarwal amnishaggarwal@plindia.com +91 22 66322233 Gaurav Jogani gauravjogani@plindia.com +91 22 6632223 Rating Accumulate
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 informationDabur India. Worst is over; Accumulate. Source: Company Data; PL Research
Worst is over; Accumulate October 31, 2017 Amnish Aggarwal amnishaggarwal@plindia.com +91 22 66322233 Gaurav Jogani gauravjogani@plindia.com +91 22 66322238 Rating Accumulate Price Rs333 Target Price Rs342
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 informationIndraprastha Gas. Source: Company Data; PL Research
MNGL on an accelerated growth trajectory August 29, 2016 Avishek Datta avishekdatta@plindia.com +91 22 66322254 Rating Accumulate Price Rs784 Target Price Rs725 Implied Upside 7.5% Sensex 27,782 Nifty
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 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 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 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 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 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 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 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 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 informationNIIT Technologies. Source: Company Data; PL Research
Humble valuations leads to favourable risk return January 17, 2017 Madhu Babu madhubabu@plindia.com +91 22 66322300 Rating BUY Price Rs416 Target Price Rs520 Implied Upside 25.0% Sensex 27,236 Nifty 8,398
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 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 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 informationDabur India. Share gains power growth, Accumulate. Source: Company Data; PL Research
Share gains power growth, Accumulate May 02, 2018 Amnish Aggarwal amnishaggarwal@plindia.com +91 22 66322233 Nishita Doshi nishitadoshi@plindia.com +91 22 66322381 Rating Accumulate Price Rs371 Target
More informationColgate Palmolive. Source: Company Data; PL Research
Building blocks in place to ride demand recovery July 15, 2015 Amnish Aggarwal amnishaggarwal@plindia.com +91 22 66322233 Gaurav Jogani gauravjogani@plindia.com +91 22 66322238 Rating Accumulate Price
More informationTata Steel. Source: Company Data; PL Research
Earnings marred by forex losses and initial start up costs November 12, 2012 Kamlesh Bagmar kamleshbagmar@plindia.com +91-22-66322237 Mandar Dhavle mandardhavle@plindia.com +91-22-66322258 Rating Accumulate
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 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 informationNeed to pull up the socks. Source: Company Data; PL Research
Need to pull up the socks May 11, 2012 Rupa Shah rupashah@plindia.com +91-22-66322244 Rating Accumulate Price Rs148 Target Price Rs162 Implied Upside 9.5% Sensex 16,293 Nifty 4,929 (Prices as on May 11,
More informationCadila Healthcare. Source: Company Data; PL Research
remain tepid; Valuation reflects near term potential May 29, 2017 Surajit Pal surajitpal@plindia.com +912266322259 Rating Accumulate Price Rs444 Target Price Rs460 Implied Upside 3.6% Sensex 31,028 Nifty
More informationVRL Logistics. Steady show in tough environment. Source: Company Data; PL Research
Steady show in tough environment November 05, 2017 Keyur Pandya keyurpandya@plindia.com +91 22 66322247 R Sreesankar rsreesankar@plindia.com +91 22 66322214 Rating Accumulate Price Rs376 Target Price Rs370
More informationBharat Forge. Strong traction in exports. (our estimate Rs730m). Source: Company Data; PL Research
Strong traction in exports January 24, 2011 Surjit Arora surjitarora@plindia.com +91 22 66322235 Rating Accumulate Price Rs348 Target Price Rs415 Implied Upside 19.3% Sensex 19,008 (Prices as on January
More informationCig volumes surprise. Source: Company Data; PL Research
Cig volumes surprise July 26, 2012 Gautam Duggad gautamduggad@plindia.com +91-22-66322233 Rating BUY Price Rs249 Target Price Rs275 Implied Upside 10.4% Sensex 16,640 Nifty 5,043 (Prices as on July 26,
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 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 informationNIIT Technologies. Source: Company Data; PL Research
Third Consecutive quarter of strong execution January 20, 2018 Madhu Babu madhubabu@plindia.com +91 22 66322300 Rating BUY Price Rs728 Target Price Rs875 Implied Upside 20.2% Sensex 35,512 Nifty 10,895
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 informationPantaloon Retail India
Sequential moderation in SSS growth May 16, 211 Gautam Duggad gautamduggad@plindia.com +91 22 66322233 Rating BUY Price Rs241 Target Price Rs332 Implied Upside 37.8% Sensex 18,531 (Prices as on May 13,
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 informationGlenmark Pharmaceuticals
Mupirocin: Glenmark to monopoly post FDA s WL to GSK July 22, 2016 Surajit Pal surajitpal@plindia.com +91 22 66322259 Rating BUY Price Rs865 Target Price Rs1,186 Implied Upside 37.1% Sensex 27,803 Nifty
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 informationCadila Healthcare. Source: Company Data; PL Research
US, India traction lead Q2 beat; Sustainability to drive valuation November 14, 2017 Surajit Pal surajitpal@plindia.com +912266322259 Rating Accumulate Price Rs449 Target Price Rs519 Implied Upside 15.6%
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 informationGujarat State Fertilisers & Chemicals
Capro benzene spreads remain weak; near term muted October 25, 2013 Balwindar Singh balwindarsingh@plindia.com +91-22-66322239 Rating Accumulate Price Rs54 Target Price Rs60 Implied Upside 11.1% Sensex
More informationGMR Infrastructure. Airport revenues on a thaw, Power awaiting its turn. Q3FY13 Result Update
Airport revenues on a thaw, Power awaiting its turn February 11, 2013 Rupa Shah rupashah@plindia.com +91-22-66322244 Rating Accumulate Price Rs19 Target Price Rs21 Implied Upside 10.5% Sensex 19,461 Nifty
More informationDr. Reddy's Laboratories
PSAI, India saves the day; US generics to face more October 25, 2016 Surajit Pal surajitpal@plindia.com +912266322259 Rating Reduce Price Rs3,200 Target Price Rs2,945 Implied Upside 8.0% Sensex 28,091
More informationGlenmark Pharmaceuticals
Sales beat, Oneoff play spoilsport with headline margins May 15, 2016 Surajit Pal surajitpal@plindia.com +912266322259 Rating BUY Price Rs869 Target Price Rs1,186 Implied Upside 36.5% Sensex 25,490 Nifty
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 informationMindtree. Source: Company Data; PL Research.
Strong Quarter, Guidance remains conservative April 18, 2018 Madhu Babu madhubabu@plindia.com +91 22 66322300 Rating Accumulate Price Rs866 Target Price Rs930 Implied Upside 7.4% Sensex 34,332 Nifty 10,526
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 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 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 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 informationSource: Company Data; PL Research
US generics, low RM costs lead to margin surprise May 08, 2014 Surajit Pal surajitpal@plindia.com +91 22 66322259 Rating Accumulate Price Rs990 Target Price Rs1,156 Implied Upside 16.8% Sensex 22,324 Nifty
More information