Coal India (COAL IN)
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1 Coal India (COAL IN) Rating: HOLD CMP: Rs248 TP: Rs270 December 26, 2018 Company Report Change in Estimates Target Reco Change in Estimates Current Previous FY19E FY20E FY19E FY20E Rating HOLD BUY Target Price Sales (Rs. m) 962,283 1,005, ,815 1,037,971 % Chng. (1.5) (3.1) EBITDA (Rs. m) 265, , , ,756 % Chng. (3.8) (7.8) EPS (Rs.) % Chng. (6.7) (10.0) Key Financials FY17 FY18 FY19E FY20E Sales (Rs. bn) ,006 EBITDA (Rs.bn) Margin (%) PAT (Rs. bn) EPS (Rs.) Gr. (%) (35.1) (25.6) DPS (Rs.) Yield (%) RoE (%) RoCE (%) EV/Sales (x) EV/EBITDA (x) PE (x) P/BV (x) Key Data COAL.BO COAL IN 52-W High / Low Rs.317 / Rs.228 Sensex / Nifty 35,470 / 10,664 Market Cap Rs.1,541bn/ $ 22,010m Shares Outstanding 6,207m 3M Avg. Daily Value Rs m Shareholding Pattern (%) Promoter s Foreign 5.68 Domestic Institution Public & Others 2.98 Promoter Pledge (Rs bn) - Stock Performance (%) 1M 6M 12M Absolute (3.3) (6.2) (6.6) Relative (4.6) (5.7) (10.6) Kamlesh Bagmar kamleshbagmar@plindia.com Amit Khimesra amitkhimesra@plindia.com Downgrade to Hold on poor operational performance Coal India (COAL) FYTD Volume growth slowed to 5.5% while, the growth in August--December 18 was mere 1% despite severe shortage of coal, led by improved demand from Power sector and pick-up in economic activity. Overall volumes growth would remain weak for rest of FY19e and FY20e due to poor rail connectivity at newly commissioned mines and peaked out Road/Belt route. We factor in 4.8%/5.5% growth in FY19e/FY20e. As happened in the past, margin rich E-auction volumes faced the brunt to meet the volumes tied-up in Power and Non-power FSAs. E-auction volumes/month fell by ~65% in Oct-Dec 18 to 2mn tonnes (t) against average 6mn t. Given the limited buffer for E-auction due to strong demand in FSA and low production growth, we expect E-auction volumes to fall to 4-year low at 65mn/60mn t in FY19-FY20e. Led by weak operational performance and rising headwinds due to Govt policy on opening up the sector. We trim our multiple by 9% to 10xFY20e P/E and downgrade the stock to HOLD with TP of Rs270 (Rs330 earlier). Rich dividend yield on depressed earnings: Impacted by grade slippages, wage revision and elevated capex, COAL s FCFE grew at a tepid CAGR of 2.5% over FY14-FY18 less than half of growth in volumes. We expect FCFE growth to languish between % in FY19e-FY21e due to stable earnings growth and high capex intensity with investments in non-core businesses like Fertilizer and Power Plant. Investors would start getting nervous in FY21e for the next wage revision due in July Hence, we believe that high dividend high is just a mirage built on weak earnings base. Opening up of the coal sector to gather pace: Given the poor show by COAL, we strongly believe that Govt of India would take decisive action by allowing the merchant mining and auction of more coal blocks for power and non-power sector. Admittedly, it is a time-consuming policy enabler; but it would pose a strong challenge to monopolistic stature of COAL s operations. Non-power FSAs and E-auction business would face the headwind due to poor quality of service and high prices. Prices in Power FSAs would rise at slow pace due to highly sensitive customer base and nature of contracts. Cut in TP led by earnings downgrade and valuation derating: Driven by cut in overall volume growth and E-auction volume estimates, we cut our EPS estimates by 7%/10% for FY19e/FY20e. Given the unimpressive earnings outlook, capital misallocation and visible policy headwinds, we trim our P/E multiple by 9% to 10.0x FY20e. Hence, we downgrade the stock to HOLD with revised TP of Rs270 (earlier Rs330). December 26, 2018
2 (Rs bn) (mn tonnes) Exhibit 1: COAL s offtake growth expected below 6% Raw coal despatches % Change (RHS) Exhibit 2: E-auction sacrificed to meet the FSA commitments (m tonnes) Volume-LHS Realisation/t Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 7,000 6,500 6,000 5,500 5,000 4,500 4,000 3,500 3,000 2,500 2,000 1,500 (Rs) Source: Industry, PL Exhibit 3: FCFE grew at a CAGR of 2.5% in FY14-FY December 26,
3 Exhibit 4: Cash levels halved in 5 years at FY18 end (Rs bn) Exhibit 5: Dividend per share flattened out due to falling cash flows December 26,
4 Financials Income Statement (Rs m) Net Revenues 784, , ,283 1,005,608 YoY gr. (%) Cost of Goods Sold 57,253 85,090 76,126 82,712 Gross Profit 726, , , ,896 Margin (%) Employee Cost 335, , , ,949 Other Expenses 215, , , ,151 EBITDA 151, , , ,320 YoY gr. (%) (29.8) (14.5) Margin (%) Depreciation and Amortization 55,790 64,246 68,103 76,603 Balance Sheet Abstract (Rs m) Non-Current Assets Gross Block 294, , , ,841 Tangibles 294, , , ,841 Intangibles Acc: Dep / Amortization 56,165 84, , ,693 Tangibles 56,165 84, , ,693 Intangibles Net fixed assets 238, , , ,148 Tangibles 238, , , ,148 Intangibles EBIT 95,313 64, , ,717 Margin (%) Net Interest 4,117 4,318 3,000 3,001 Other Income 53,242 46,583 46,118 48,026 Capital Work In Progress 85, , , ,988 Goodwill Non-Current Investments 105, , , ,132 Net Deferred tax assets 27,328 53,551 53,551 53,551 Other Non-Current Assets 22,390 25,454 26,454 27,454 Profit Before Tax 144, , , ,742 Margin (%) Total Tax 51,735 38,081 88,939 90,184 Effective tax rate (%) Profit after tax 92,703 69, , ,557 Minority interest Share Profit from Associate Adjusted PAT 89,839 66, , ,557 YoY gr. (%) (36.2) (25.6) Margin (%) Extra Ord. Income / (Exp) 2,864 2, Reported PAT 92,703 69, , ,557 YoY gr. (%) (34.9) (25.4) Margin (%) Other Comprehensive Income Total Comprehensive Income 92,703 69, , ,557 Equity Shares O/s (m) 6,207 6,207 6,207 6,207 EPS (Rs) Current Assets Investments 5,135 2,056 2,056 2,056 Inventories 89,453 64,439 64,048 67,657 Trade receivables 124,763 86,892 73,773 76,939 Cash & Bank Balance 311, , , ,892 Other Current Assets 139, , , ,510 Total Assets 1,178,152 1,274,917 1,341,749 1,426,020 Equity Equity Share Capital 62,074 62,074 62,074 62,074 Other Equity 183, , , ,626 Total Networth 245, , , ,700 Non-Current Liabilities Long Term borrowings 3,015 10,612 15,377 15,377 Provisions 437, , , ,303 Other non current liabilities 38,197 43,666 46,666 49,666 Current Liabilities ST Debt / Current of LT Debt 27,130 4, Trade payables 38,843 45,169 50,348 54,704 Other current liabilities 374, , , ,208 Total Equity & Liabilities 1,178,152 1,274,917 1,341,749 1,426,020 December 26,
5 Cash Flow (Rs m) Key Financial Metrics Year PBT 144, , , ,742 Per Share(Rs) Add. Depreciation 29,068 30,468 32,110 38,635 EPS Add. Interest CEPS Less Financial Other Income 53,242 46,583 46,118 48,026 BVPS Add. Other 16,820 7,991 8,864 9,121 FCF Op. profit before WC changes 190, , , ,497 DPS Net Changes-WC 63, ,450 (3,460) 904 Return Ratio(%) Direct tax (89,415) (74,329) (88,939) (90,184) RoCE Net cash from Op. activities 164, , , ,217 ROIC Capital expenditures (86,761) (85,293) (90,338) (90,905) RoE Interest / Dividend Income 34,642 24,044 27,130 28,847 Balance Sheet Others 56,666 (15,514) - - Net Debt : Equity (x) (1.2) (1.5) (1.3) (1.3) Net Cash from Invt. activities 4,546 (76,763) (63,208) (62,058) Net Working Capital (Days) Issue of share cap. / premium (45,531) Valuation(x) Debt changes 18,169 (14,778) - - PER Dividend paid (151,031) (123,238) (108,279) (119,480) P/B Interest paid (306) (370) - - P/CEPS Others 2,720 2,513 3,000 3,000 EV/EBITDA Net cash from Fin. activities (175,980) (135,873) (105,279) (116,480) EV/Sales Net change in cash (6,825) (12) 20,463 23,679 Dividend Yield (%) Free Cash Flow 251, , , ,122 Quarterly Financials (Rs m) Y/e Mar Q3FY18 Q4FY18 Q1FY19 Q2FY19 Net Revenue 216, , , ,981 YoY gr. (%) Raw Material Expenses Gross Profit 216, , , ,981 Margin (%) EBITDA 46,179 1,955 46,801 39,142 YoY gr. (%) (95.8) 2,293.9 (16.4) Margin (%) Depreciation / Depletion 7,511 9,308 7,452 8,069 EBIT 38,668 (7,353) 39,349 31,074 Margin (%) 17.9 (2.7) Net Interest 974 1,127 1,103 8 Other Income 8,409 20,002 22,624 20,113 Profit before Tax 46,102 11,521 60,869 51,178 Margin (%) Total Tax 16,052 (1,420) 23,025 20,317 Effective tax rate (%) 34.8 (12.3) Profit after Tax 30,050 12,942 37,843 30,861 Minority interest (1) (1) (1) (2) Share Profit from Associates Adjusted PAT 30,050 12,942 37,843 30,861 YoY gr. (%) 4.2 (52.4) Margin (%) Extra Ord. Income / (Exp) Reported PAT 30,051 12,943 37,845 30,863 YoY gr. (%) 4.2 (52.4) Margin (%) Other Comprehensive Income Total Comprehensive Income 30,051 12,943 37,845 30,863 Avg. Shares O/s (m) EPS (Rs) Key Operating Metrics Raw coal prod (mn tn) Coal despatches (mn tn) Vol sold under FSA/MoU (mn tn) Vol sold under E-auction (mn tn) Beneficiated coal vol (mn tn) Vol sold to power utilities (mn tn) Real. / tonne (Rs) 1,393 1,409 1,476 1,459 Total cost per tonne (Rs) 1,110 1,215 1,315 1,205 Cash cost per tonne (Rs) 1,057 1,166 1,257 1,146 Employee cost / tonne (Rs) EBITDA / tonne (Rs) OBR adj / tonne (Rs) December 26,
6 Price Chart Recommendation History (Rs) Dec-15 Jun-16 Dec-16 Jun-17 Dec-17 Jun-18 Dec-18 No. Date Rating TP (Rs.) Share Price (Rs.) 1 09-Jan-18 BUY Jan-18 BUY Feb-18 BUY Apr-18 BUY May-18 BUY Jun-18 BUY Jul-18 BUY Aug-18 BUY Oct-18 BUY Nov-18 BUY Analyst Coverage Universe Sr. No. Company Name Rating TP (Rs) Share Price (Rs) 1 ACC BUY 1,710 1,540 2 Ambuja Cement Hold Coal India BUY Heidelberg Cement India BUY Hindalco Industries Accumulate Hindustan Zinc Accumulate Jindal Steel & Power BUY JK Lakshmi Cement Hold JSW Steel BUY NMDC Reduce Shree Cement Hold 17,500 15, Steel Authority of India Hold Tata Steel BUY The Ramco Cements Hold Ultratech Cement Hold 3,820 3,610 PL s Recommendation Nomenclature (Absolute Performance) Buy : > 15% Accumulate : 5% to 15% Hold : +5% to -5% Reduce : -5% to -15% Sell : < -15% Not Rated (NR) : No specific call on the stock Under Review (UR) : Rating likely to change shortly December 26,
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Looking to exit overseas Power segment! May 29, 2015 Kunal Sheth kunalsheth@plindia.com +91 22 66322257 Samir Bendre samirbendre@plindia.com +91 22 66322256 Rating Accumulate Price Rs166 Target Price Rs204
More informationThermax. Source: Company Data; PL Research
Near term outlook muted, working on building a strong base November 11, 2016 Kunal Sheth kunalsheth@plindia.com +91 22 66322257 Samir Bendre samirbendre@plindia.com +91 22 66322256 Rating Accumulate Price
More informationAsian Paints. Source: Company Data; PL Research
Premium valuations to sustain, Accumulate October 4, 17 Amnish Aggarwal amnishaggarwal@plindia.com +91 Gaurav Jogani gauravjogani@plindia.com +91 8 Rating Accumulate Price Rs1,1 Target Price Rs1,9 Implied
More informationSource: Company Data; PL Research
Strong inflow growth, renewable/railways key drivers October 28, 2016 Kunal Sheth kunalsheth@plindia.com +91 22 66322257 Samir Bendre samirbendre@plindia.com +91 22 66322256 Rating Accumulate Price Rs1,063
More informationBharat Forge. Exports remain subdued, outlook better. Source: Company Data; PL Research
Exports remain subdued, outlook better November 08, 2016 Rohan Korde rohankorde@plindia.com +91 22 66322235 Rating BUY Price Rs850 Target Price Rs957 Implied Upside 12.6% Sensex 27,591 Nifty 8,544 (Prices
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 informationSpiceJet. Healthy operating performance in Q2. Source: Company Data; PL Research
Healthy operating performance in Q2 November 28, 2016 Rohan Korde rohankorde@plindia.com +91 22 66322235 Rating BUY Price Rs65 Target Price Rs115 Implied Upside 76.9% Sensex 26,316 Nifty 8,114 (Prices
More informationBharat Petroleum Corporation
Higher inventory loss drag earnings August 14, 2017 Avishek Datta avishekdatta@plindia.com +91 22 66322254 Rating BUY Price Rs479 Target Price Rs553 Implied Upside 15.4% Sensex 31,449 Nifty 9,794 (Prices
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 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 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 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 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 informationIndraprastha Gas. Growth traction continues. Source: Company Data; PL Research
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 informationWipro (WPRO IN) Solid revenue beat, BFSI remains strong. Q2FY19 Result Update. Rating: ACCUMULATE CMP: Rs309 TP: Rs350.
(WPRO IN) Rating: ACCUMULATE CMP: Rs309 TP: Rs350 October 24, 2018 Q2FY19 Result Update Change in Estimates Target Reco Change in Estimates Current Previous FY19E FY20E FY19E FY20E Rating ACCUMULATE HOLD
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 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 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 informationCoal India. Rs340, EV/EBITDA of 6.5x FY20E. Source: Company Data; PL Research
Strong earnings revival; Momentum to continue in FY19e/FY20e June 01, 2018 Kamlesh Bagmar kamleshbagmar@plindia.com +91 22 66322237 Amit Khimesra amitkhimesra@plindia.com +91 22 66322244 Rating BUY Price
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 informationAvenue Supermarts (DMART IN)
(DMART IN) Rating: REDUCE CMP: Rs1,572 TP: Rs1,270 January 14, 2019 Q3FY19 Result Update Change in Estimates Target Reco Change in Estimates Current Previous FY20E FY21E FY20E FY21E Rating REDUCE REDUCE
More informationFuture Retail (FRETAIL IN)
(FRETAIL IN) Rating: BUY CMP: Rs448 TP: Rs576 February 4, 2019 Q3FY19 Result Update Change in Estimates Target Reco Change in Estimates Current Previous FY20E FY21E FY20E FY21E Rating BUY BUY Target Price
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 informationTitan Company (TTAN IN)
(TTAN IN) Rating: BUY CMP: Rs992 TP: Rs1,195 February 1, 2019 Q3FY19 Result Update Change in Estimates Target Reco Change in Estimates Current Previous FY20E FY21E FY20E FY21E Rating BUY BUY Target Price
More informationVoltas (VOLT IN) Delicately poised ahead of summer season. Q3FY19 Reuslt Update. Rating: ACCUMULATE CMP: Rs522 TP: Rs600.
(VOLT IN) Rating: ACCUMULATE CMP: Rs522 TP: Rs600 February 15, 2019 Q3FY19 Reuslt Update Change in Estimates Target Reco Change in Estimates Current Previous FY20E FY21E FY20E FY21E Rating ACCUMULATE ACCUMULATE
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 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 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 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 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 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 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 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 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 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 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 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 informationCoal India. Source: Company Data; PL Research
Working on a realistic target of 1bn tonnes output by FY2020 June 01, 2015 Kamlesh Bagmar kamleshbagmar@plindia.com +91 22 66322237 Ankit Shah ankitshah@plindia.com +91 22 66322244 Rating Accumulate Price
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 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 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 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 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 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 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 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 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 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 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 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 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 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 informationMphasis (MPHL IN) Modest Revenue and margin miss. Q2FY19 Result Update. Rating: ACCUMULATE CMP: Rs1,068 TP: Rs1,220.
(MPHL IN) Rating: ACCUMULATE CMP: Rs1,068 TP: Rs1,220 October 21, 2018 Q2FY19 Result Update Change in Estimates Target Reco Change in Estimates Current Previous FY19E FY20E FY19E FY20E Rating ACCUMULATE
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 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 informationHexaware Technologies (HEXW IN)
(HEXW IN) Rating: ACCUMULATE CMP: Rs351 TP: Rs430 October 24, 2018 Q3CY18 Result Update Change in Estimates Target Reco Change in Estimates Current Previous FY19E FY20E FY19E FY20E Rating ACCUMULATE HOLD
More informationPersistent Systems (PSYS IN)
(PSYS IN) Rating: ACCUMULATE CMP: Rs560 TP: Rs725 October 22, 2018 Q2FY19 Result Update Change in Estimates Target Reco Change in Estimates Current Previous FY19E FY20E FY19E FY20E Rating ACCUMULATE ACCUMULATE
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 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 informationHindustan Zinc. Strong show, H2 to be stronger than H1. Source: Company Data; PL Research
Strong show, H2 to be stronger than H1 October 21, 2014 Kamlesh Bagmar kamleshbagmar@plindia.com +91 22 66322237 Ankit Shah ankitshah@plindia.com +91 22 66322244 Rating BUY Price Rs164 Target Price Rs200
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 informationFY17E FY81E FY17E FY81E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E
Higher volumes & lower costs drove the earnings beat February 22, 2016 Kamlesh Bagmar kamleshbagmar@plindia.com +91 22 66322237 Ankit Shah ankitshah@plindia.com +91 22 66322244 Sensex v/s PL Cement Index
More information