Pidilite Industries (PIDI IN)
|
|
- Lynne Mildred Little
- 5 years ago
- Views:
Transcription
1 (PIDI IN) Rating: ACCUMULATE CMP: Rs1,154 TP: Rs1,175 August 29, 2018 Analyst Meet Update Change in Estimates Target Reco Change in Estimates Current Previous FY19E FY20E FY19E FY20E Rating ACCUMULATE ACCUMULATE Target Price 1,175 1,175 Sales (Rs. m) 60,782 70,232 60,782 70,232 % Chng. - - EBITDA (Rs. m) 14,705 17,081 14,705 17,081 % Chng. - - EPS (Rs.) % Chng. - - Key Financials FY17 FY18 FY19E FY20E Sales (Rs. m) 48,654 53,544 60,782 70,232 EBITDA (Rs. m) 12,249 12,923 14,705 17,081 Margin (%) PAT (Rs. m) 8,681 9,086 10,314 12,285 EPS (Rs.) Gr. (%) DPS (Rs.) Yield (%) RoE (%) RoCE (%) EV/Sales (x) EV/EBITDA (x) PE (x) P/BV (x) Key Data PIDI.BO PIDI IN 52-W High / Low Rs.1,195 / Rs.749 Sensex / Nifty 38,897 / 11,739 Market Cap Rs.587bn/ $ 8,364m Shares Outstanding 508m 3M Avg. Daily Value Rs m Shareholding Pattern (%) Promoter s Foreign Domestic Institution 8.01 Public & Others Promoter Pledge (Rs bn) - Stock Performance (%) 1M 6M 12M Absolute Relative (1.7) Amnish Aggarwal amnishaggarwal@plindia.com Nishita Doshi nishitadoshi@plindia.com Creating long term growth drivers Quick Pointers: ICA, CIPY, Nina and Percept can provide delta to growth, Adhesives has seen innovations to cater to segments like PVC laminate, Factory furniture etc. PIDI has taken ~3% price increase given inflation in VAM, Solvents and rubber chemicals and packaging. Mr. Bharat Puri (CEO, Pidilite) gave cautiously optimistic outlook on demand post 4 consecutive quarters of double digit volume growth. PIDI is well placed to capitalize on the growth opportunity in adhesive and sealants given strong brand like Fevicol and extension of Fevicol to new applications in line with construction trends. Emerging businesses like Nina, Percept (waterproofing services), ICA (wood coatings), Dr. Fixit (waterproofing), Roff (tiling solutions) and CIPY JV s (floor coatings) will emerge as key growth drivers in coming years. Rising VAM, packaging and depreciating rupee is near term concern; however, ~3% price increase in select products will prevent any meaningful margin compression. Bangladesh and Sri Lanka are likely to be major growth drivers in IBD. We estimate 14.6% sales and 16.3% PAT CAGR over FY We value the stock at 43xSept20 EPS and arrive at SOTP based target price of Rs1175. Retain Accumulate. Cautiously optimistic on demand: Demand conditions are good on a low base of Demonetization and GST, sustained recovery will be clear by 4QFY19 GST gains still to accrue: GST has provided some market share gains, however no major shift from unorganized sector has materialized. Supply chain rationalization and full benefit of GST will accrue over next couple of years. Waterproofing has huge potential: Construction chemicals are 20% of sales, bulk of it is mainly waterproofing. Demand potential is huge as market size of waterproofing to paints is 1:20 as against 1:6 globally. Sales force automation and Inventory management has improved: PIDI has increased wholesale network by taking the total to more than 1, Pidilite is 2 nd most available brand in paints channel. The company has made rapid strides in automation of sales force, dealer inventory management which has improved sales efficiency. New Initiatives on track: New initiatives like ICA Pidilite, CIPY, Nina and Percept are on track. Segments like Wood finishes, Polyutherne floor coatings, and waterproofing service are fast growing and have huge scope to scale up. PIDI has entered new generation adhesives like hot melt, Fevicol Pro Bond, Easy Spray and product with specialized applications. South Asia and Africa major drivers in IBD: Asia and Africa focus areas in IBD: International business is expanding in countries where India model can be replicated. Fevicol has leadership in Bangladesh and has set up a unit in Sri Lanka. Africa, Asia are focused areas, Europe are America are non-high priority markets. August 29,
2 Adj. PAT up 12.8% on 18% volume growth though EBITDA Margins decline 50bps Y/e March Q1FY19 Q1FY18 YoY gr. (%) Q4FY18 FY19E FY18 YoY gr. (%) Net Revenue 16,083 13, ,736 60,782 53, Gross Profit 8,115 6, ,739 31,571 28, Margin (%) Other Expenditure 4,539 3, ,187 16,865 15, EBITDA 3,576 3, ,552 14,705 12, Margin (%) Depreciation Interest Other Income (11.1) 471 1,395 1, PBT 3,642 3, ,778 15,057 13, Tax 1,193 1, ,743 4, Tax rate (%) Adj. PAT 2,448 2, ,917 10,314 9, Extraordinary Items (0) 5 NA (25) 0 (1) NA Reported PAT 2,449 2, ,942 10,314 9, C&B volumes and mix up 20% Volume Gr. Realisation Gr QFY17 2QFY17 3QFY17 4QFY17 1QFY18 2QFY18 3QFY18 4QFY18 1QFY19 USD/MT VAM prices up 44% YoY and up 4% QoQ Sep-15 Nov-15 Jan-16 Mar-16 May-16 Jul Sep-16 Nov-16 Jan-17 Mar May-17 Jul Sep-17 Nov-17 Jan-18 Mar-18 May-18 C&B EBIT increased 20.6%, margins decline 60bps, Industrial products EBIT up 3.3%, margins decline 130bps Segmental * 1QFY17 2QFY17 3QFY17 4QFY17 1QFY18 2QFY18 3QFY18 4QFY18 1QFY19 Consumer and Bazaar Sales (Rs m) 12,528 10,916 10,237 8,780 10,997 11,486 11,337 10,050 13,531 Growth (%) (2.0) (5.1) (12.2) EBIT (Rs m) 3,908 2,998 2,927 2,610 3,221 3,934 3,630 2,680 3,885 EBIT Growth % (17.6) EBIT margin % Industrial Products Sales (Rs m) 2,480 2,388 2,181 2,110 2,003 2,266 2,200 2,440 2,233 Growth (%) (3.6) (15.9) (19.2) (5.1) EBIT (Rs m) EBIT Growth % (10.1) (12.7) (18.8) (28.1) EBIT margin % August 29,
3 Sales - (Rs mn) Sales Growth (YoY) EBITDA (Rs mn) EBITDA margin % EBITDA growth (YoY) NINA and Percept water proofing sustain growth momentum FY17 Q1FY18 Q2FY18 Q3FY18 Q4FY18 FY18 Q1FY19 NINA Percept ICA-Pidilite CIPY BESI and Hybrid Others Total NINA 4.9% 30.5% 1.5% 21.6% 28.0% 21.8% 29.8% Percept 49.3% 35.2% 16.2% 24.8% 34.3% 27.5% 35.5% ICA-Pidilite 80.4% -1.2% -26.8% 1.7% 41.6% BESI and Hybrid -21.1% Others -34.4% 39.8% Total 70.9% 29.7% 2.3% 4.8% 74.4% 12.3% 75.0% NINA Percept ICA-Pidilite CIPY BESI and Hybrid 7 7 Others Total NINA 7.4% 10.8% 7.1% 14.3% 14.9% 12.5% 12.5% Percept 11.0% 8.5% 13.9% 7.9% 18.6% 12.8% 15.2% ICA-Pidilite 10.2% 1.1% 12.9% -4.1% -10.5% 13.6% 4.6% CIPY 8.2% 8.2% 10.4% BESI and Hybrid 15.6% Others 10.8% 11.7% 11.0% 6.9% Total 7.8% 10.6% 8.7% 9.5% 12.0% 10.1% NINA -34.7% 26.3% 118.2% 120.0% 211.1% 106.3% 50.0% Percept 140.0% 27.2% 240.0% -9.1% 59.1% 47.9% 142.7% ICA-Pidilite -85.6% -25.9% % % -86.4% 466.7% Others -39.2% -11.1% Total 37.9% -13.2% 13.5% 44.7% 98.5% 51.5% 126.8% August 29,
4 Sales recover across regions except US Subsidiaries Q1FY18 Q2FY18 Q3FY18 Q4FY18 Q1FY19 Sales (Rs. m) 1,545 1,203 1,321 1, North America South America Middle East & Africa SAARC South East Asia Sales growth (YoY) (-28.7) (19.1) (15.9) North America (56.5) (59.5) (58.4) South America (16.0) 16.2 (5.7) (8.2) 12.5 Middle East & Africa SAARC (12.9) South & South East Asia 4.5 (20.8) EBITDA (Rs m) North America South America (4.0) (5.0) Middle East & Africa (25.0) (31.0) (29.0) (22.0) (25.0) SAARC South East Asia EBITDA (margin %) North America South America (2.2) Middle East & Africa (-9.7) (11.2) (9.9) (7.8) (2.4) SAARC (8.5) South & South East Asia August 29,
5 Financials Income Statement (Rs m) Y/e Mar FY17 FY18 FY19E FY20E Net Revenues 48,654 53,544 60,782 70,232 YoY gr. (%) Cost of Goods Sold 22,621 25,379 29,212 33,898 Gross Profit 26,032 28,164 31,571 36,334 Margin (%) Employee Cost 5,075 5,709 6,350 7,269 Other Expenses 3,784 4,139 4,636 5,247 EBITDA 12,249 12,923 14,705 17,081 YoY gr. (%) Margin (%) Depreciation and Amortization ,084 Balance Sheet Abstract (Rs m) Y/e Mar FY17 FY18 FY19E FY20E Non-Current Assets Gross Block 16,433 17,353 19,578 21,803 Tangibles 14,091 14,812 16,812 18,812 Intangibles 2,342 2,542 2,767 2,992 Acc: Dep / Amortization 7,898 8,814 9,785 10,869 Tangibles 7,405 8,246 9,137 10,134 Intangibles Net fixed assets 8,535 8,540 9,793 10,935 Tangibles 6,687 6,566 7,675 8,678 Intangibles 1,848 1,974 2,118 2,257 EBIT 11,346 12,007 13,734 15,998 Margin (%) Net Interest Other Income 1,101 1,365 1,395 2,153 Capital Work In Progress 1,266 1,641 1,841 2,041 Goodwill Non-Current Investments 4,569 7,287 6,365 6,396 Net Deferred tax assets (836) (1,029) (912) (983) Other Non-Current Assets 1,068 1,552 1,368 1,580 Profit Before Tax 12,391 13,311 15,057 18,067 Margin (%) Total Tax 3,709 4,226 4,743 5,781 Effective tax rate (%) Profit after tax 8,681 9,086 10,314 12,285 Minority interest Share Profit from Associate Adjusted PAT 8,681 9,086 10,314 12,285 YoY gr. (%) Margin (%) Extra Ord. Income / (Exp) (943) Reported PAT 7,738 9,550 10,314 12,285 YoY gr. (%) Margin (%) Other Comprehensive Income (20) Total Comprehensive Income 7,718 9,552 10,314 12,285 Equity Shares O/s (m) EPS (Rs) Source: Company Data, PL Research Current Assets Investments 13,532 10,720 24,243 30,671 Inventories 5,563 6,309 6,963 7,894 Trade receivables 6,077 6,896 5,329 6,157 Cash & Bank Balance Other Current Assets 747 1, Total Assets 42,956 46,278 58,457 68,448 Equity Equity Share Capital Other Equity 33,481 35,130 46,749 55,061 Total Networth 33,993 35,638 47,256 55,569 Non-Current Liabilities Long Term borrowings Provisions Other non current liabilities Current Liabilities ST Debt / Current of LT Debt Trade payables 3,285 4,282 4,802 5,572 Other current liabilities 4,575 4,604 5,167 5,956 Total Equity & Liabilities 42,956 46,278 58,457 68,448 Source: Company Data, PL Research August 29,
6 Cash Flow (Rs m) Y/e Mar FY17 FY18 FY19E FY20E Key Financial Metrics Year Y/e Mar FY17 FY18 FY19E FY20E PBT 11,447 13,776 15,057 18,067 Per Share(Rs) Add. Depreciation ,084 EPS Add. Interest CEPS Less Financial Other Income 1,101 1,365 1,395 2,153 BVPS Add. Other (20) FCF (1.7) 21.6 (4.6) 8.2 Op. profit before WC changes 12,387 14,754 16,101 19,234 DPS Net Changes-WC (8,652) 1,742 (11,274) (6,849) Return Ratio(%) Direct tax (3,709) (4,226) (4,743) (5,781) RoCE Net cash from Op. activities 25 12, ,604 ROIC Capital expenditures (881) (1,296) (2,425) (2,425) RoE Interest / Dividend Income Balance Sheet Others 937 (2,735) Net Debt : Equity (x) (0.4) (0.3) (0.5) (0.6) Net Cash from Invt. activities 55 (4,031) (1,461) (2,425) Net Working Capital (Days) Issue of share cap. / premium 78 (4,976) 4,971 - Valuation(x) Debt changes (11) PER Dividend paid (309) (2,931) (3,667) (3,973) P/B Interest paid (57) (61) (72) (84) P/CEPS Others EV/EBITDA Net cash from Fin. activities (299) (7,968) 1,232 (4,056) EV/Sales Net change in cash (218) 271 (146) 123 Dividend Yield (%) Free Cash Flow (856) 10,974 (2,341) 4,179 Source: Company Data, PL Research Source: Company Data, PL Research Quarterly Financials (Rs m) Y/e Mar Q2FY18 Q3FY18 Q4FY18 Q1FY19 Net Revenue 13,702 13,758 12,736 16,083 YoY gr. (%) Raw Material Expenses 6,366 6,442 5,997 7,968 Gross Profit 7,335 7,316 6,739 8,115 Margin (%) EBITDA 3,862 3,580 2,552 3,576 YoY gr. (%) 26.1 (7.3) (28.7) 40.1 Margin (%) Depreciation / Depletion EBIT 3,640 3,353 2,324 3,347 Margin (%) Net Interest Other Income Profit before Tax 3,854 3,529 2,778 3,642 Margin (%) Total Tax 1,136 1, ,193 Effective tax rate (%) Profit after Tax 2,718 2,390 1,917 2,448 Minority interest Share Profit from Associates Adjusted PAT 2,718 2,390 1,917 2,448 YoY gr. (%) Margin (%) Extra Ord. Income / (Exp) Reported PAT 2,718 2,390 2,382 2,669 YoY gr. (%) Margin (%) Other Comprehensive Income - (14) 25 - Total Comprehensive Income 2,718 2,376 2,407 2,670 Avg. Shares O/s (m) EPS (Rs) Source: Company Data, PL Research August 29,
7 Price Chart Recommendation History (Rs) Aug-15 Feb-16 Aug-16 Feb-17 Aug-17 Feb-18 Aug-18 No. Date Rating TP (Rs.) Share Price (Rs.) 1 09-Oct-17 Accumulate Nov-17 Accumulate Jan-18 Accumulate Jan-18 Accumulate Apr-18 Accumulate 943 1, May-18 Accumulate 1,175 1, Jul-18 Accumulate 1,175 1, Aug-18 Accumulate 1,175 1,101 Analyst Coverage Universe Sr. No. CompanyName Rating TP (Rs) Share Price (Rs) 1 Asian Paints Hold 1,431 1,468 2 Avenue Supermarts Reduce 1,285 1,595 3 Britannia Industries Accumulate 6,568 6,301 4 Colgate Palmolive Reduce 1,084 1,085 5 Dabur India Hold Emami Accumulate Future Retail BUY GlaxoSmithKline Consumer Healthcare Hold 7,382 6,662 9 Hindustan Unilever Hold 1,703 1, ITC BUY Jubilant FoodWorks Accumulate 1,570 1, Kansai Nerolac Paints Accumulate Marico Hold Nestle India Hold 10,996 11, Pidilite Industries Accumulate 1,175 1, Titan Company BUY 1, Tribhovandas Bhimji Zaveri Accumulate 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 August 29,
8 ANALYST CERTIFICATION (Indian Clients) We/I, Mr. Amnish Aggarwal- MBA, CFA, Ms. Nishita Doshi- CA, B.Com 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. We also certify that no part of our compensation was, is, or will be directly or indirectly related to the specific recommendation(s) or view(s) in this report. (US Clients) The research analysts, with respect to each issuer and its securities covered by them in this research report, certify that: All of the views expressed in this research report accurately reflect his or her or their personal views about all of the issuers and their securities; and No part of his or her or their compensation was, is or will be directly related to the specific recommendation or views expressed in this research report. DISCLAIMER Indian Clients Prabhudas Lilladher Pvt. Ltd, Mumbai, India (hereinafter referred to as PL ) is engaged in the business of Stock Broking, Portfolio Manager, Depository Participant and distribution for third party financial products. PL is a subsidiary of Prabhudas Lilladher Advisory Services Pvt Ltd. which has its various subsidiaries engaged in business of commodity broking, investment banking, financial services (margin funding) and distribution of third party financial/other products, details in respect of which are available at This document has been prepared by the Research Division of PL and is meant for use by the recipient only as information and is not for circulation. This document is not to be reported or copied or made available to others without prior permission of PL. It should not be considered or taken as an offer to sell or a solicitation to buy or sell any security. The information contained in this report has been obtained from sources that are considered to be reliable. However, PL has not independently verified the accuracy or completeness of the same. Neither PL nor any of its affiliates, its directors or its employees accepts any responsibility of whatsoever nature for the information, statements and opinion given, made available or expressed herein or for any omission therein. Recipients of this report should be aware that past performance is not necessarily a guide to future performance and value of investments can go down as well. The suitability or otherwise of any investments will depend upon the recipient's particular circumstances and, in case of doubt, advice should be sought from an independent expert/advisor. Either PL or its affiliates or its directors or its employees or its representatives or its clients or their relatives may have position(s), make market, act as principal or engage in transactions of securities of companies referred to in this report and they may have used the research material prior to publication. PL may from time to time solicit or perform investment banking or other services for any company mentioned in this document. PL is in the process of applying for certificate of registration as Research Analyst under Securities and Exchange Board of India (Research Analysts) Regulations, 2014 PL submits that no material disciplinary action has been taken on us by any Regulatory Authority impacting Equity Research Analysis activities. PL or its research analysts or its associates or his relatives do not have any financial interest in the subject company. PL or its research analysts or its associates or his relatives do not have actual/beneficial ownership of one per cent or more securities of the subject company at the end of the month immediately preceding the date of publication of the research report. PL or its research analysts or its associates or his relatives do not have any material conflict of interest at the time of publication of the research report. PL or its associates might have received compensation from the subject company in the past twelve months. PL or its associates might have managed or co-managed public offering of securities for the subject company in the past twelve months or mandated by the subject company for any other assignment in the past twelve months. PL or its associates might have received any compensation for investment banking or merchant banking or brokerage services from the subject company in the past twelve months. PL or its associates might have received any compensation for products or services other than investment banking or merchant banking or brokerage services from the subject company in the past twelve months PL or its associates might have received any compensation or other benefits from the subject company or third party in connection with the research report. PL encourages independence in research report preparation and strives to minimize conflict in preparation of research report. PL or its analysts did not receive any compensation or other benefits from the subject Company or third party in connection with the preparation of the research report. PL or its Research Analysts do not have any material conflict of interest at the time of publication of this report. It is confirmed that Mr. Amnish Aggarwal- MBA, CFA, Ms. Nishita Doshi- CA, B.Com Research Analysts of this report have not received any compensation from the companies mentioned in the report in the preceding twelve months Compensation of our Research Analysts is not based on any specific merchant banking, investment banking or brokerage service transactions. The Research analysts for this report certifies that all of the views expressed in this report accurately reflect his or her personal views about the subject company or companies and its or their securities, and no part of his or her compensation was, is or will be, directly or indirectly related to specific recommendations or views expressed in this report. The research analysts for this report has not served as an officer, director or employee of the subject company PL or its research analysts have not engaged in market making activity for the subject company Our sales people, traders, and other professionals or affiliates may provide oral or written market commentary or trading strategies to our clients that reflect opinions that are contrary to the opinions expressed herein, and our proprietary trading and investing businesses may make investment decisions that are inconsistent with the recommendations expressed herein. In reviewing these materials, you should be aware that any or all o the foregoing, among other things, may give rise to real or potential conflicts of interest. PL and its associates, their directors and employees may (a) from time to time, have a long or short position in, and buy or sell the securities of the subject company or (b) be engaged in any other transaction involving such securities and earn brokerage or other compensation or act as a market maker in the financial instruments of the subject company or act as an advisor or lender/borrower to the subject company or may have any other potential conflict of interests with respect to any recommendation and other related information and opinions. US Clients This research report is a product of Prabhudas Lilladher Pvt. Ltd., which is the employer of the research analyst(s) who has prepared the research report. The research analyst(s) preparing the research report is/are resident outside the United States (U.S.) and are not associated persons of any U.S. regulated broker-dealer and therefore the analyst(s) is/are not subject to supervision by a U.S. broker-dealer, and is/are not required to satisfy the regulatory licensing requirements of FINRA or required to otherwise comply with U.S. rules or regulations regarding, among other things, communications with a subject company, public appearances and trading securities held by a research analyst account. This report is intended for distribution by Prabhudas Lilladher Pvt. Ltd. only to "Major Institutional Investors" as defined by Rule 15a-6(b)(4) of the U.S. Securities and Exchange Act, 1934 (the Exchange Act) and interpretations thereof by U.S. Securities and Exchange Commission (SEC) in reliance on Rule 15a 6(a)(2). If the recipient of this report is not a Major Institutional Investor as specified above, then it should not act upon this report and return the same to the sender. Further, this report may not be copied, duplicated and/or transmitted onward to any U.S. person, which is not the Major Institutional Investor. In reliance on the exemption from registration provided by Rule 15a-6 of the Exchange Act and interpretations thereof by the SEC in order to conduct certain business with Major Institutional Investors, Prabhudas Lilladher Pvt. Ltd. has entered into an agreement with a U.S. registered broker-dealer, Marco Polo Securities Inc. ("Marco Polo"). Transactions in securities discussed in this research report should be effected through Marco Polo or another U.S. registered broker dealer. Prabhudas Lilladher Pvt. Ltd. 3rd Floor, Sadhana House, 570, P. B. Marg, Worli, Mumbai , India Tel: (91 22) Fax: (91 22) Bloomberg Research Page: PRLD <GO> August 29,
Bayer 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 informationTata Steel (TATA IN)
(TATA IN) Rating: BUY CMP: Rs568 TP: Rs815 July 2, 2018 Event Update Change in Estimates Target Reco Change in Estimates Current Previous FY19E FY20E FY17E FY18E Rating BUY BUY Target Price 815 830 Sales
More informationHeidelberg Cement India (HEIM IN)
(HEIM IN) Rating: BUY CMP: Rs159 TP: Rs200 July 31, 2018 Q1FY19 Result Update Change in Estimates Target Reco Change in Estimates Current Previous FY19E FY20E FY19E FY20E Rating BUY BUY Target Price 200
More informationAmbuja Cement (ACEM IN)
(ACEM IN) Rating: HOLD CMP: Rs201 TP: Rs210 October 24, 2018 Q3CY18 Result Update Change in Estimates Target Reco Change in Estimates Current Previous CY18E CY19E CY18E CY19E Rating HOLD ACCUMULATE Target
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 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 informationRallis India (RALI IN)
(RALI IN) Rating: BUY CMP: Rs164 TP: Rs242 January 18, 2019 Result Update Change in Estimates Target Reco Change in Estimates Current Previous FY20E FY21E FY20E FY21E Rating BUY BUY Target Price 242 242
More informationCummins India. Growth/margin bottoming. Source: Company Data; PL Research
Growth/margin bottoming May 25, 2018 Kunal Sheth kunalsheth@plindia.com +91 22 66322257 Shreyans Jain shreyansjain@plindia.com +91 22 66322256 Rating BUY Price Rs704 Target Price Rs928 Implied Upside 31.8%
More informationHindustan Unilever (HUVR IN)
(HUVR IN) Rating: HOLD CMP: Rs1,752 TP: Rs1,874 January 17, 2019 Q3FY19 Result Update Change in Estimates Target Reco Change in Estimates Current Previous FY20E FY21E FY20E FY21E Rating HOLD HOLD Target
More informationTVS Motors (TVSL IN)
(TVSL IN) Rating: ACCUMULATE CMP: Rs535 TP: Rs618 October 23, 2018 Q2FY19 Result Update Change in Estimates Target Reco Change in Estimates Current Previous FY19E FY20E FY19E FY20E Rating ACCUMULATE ACCUMULATE
More informationTVS Motors. Source: Company Data; PL Research
Margins trajectory looking up ; Accumulate November 01, 2017 Saksham Kaushal sakshamkaushal@plindia.com +91 22 66322235 Poorvi Banka poorvibanka@plindia.com +91 22 66322426 Rating Accumulate Price Rs709
More informationMaruti Suzuki. Source: Company Data; PL Research
Healthy operating performance; Accumulate October 28, 2016 Rohan Korde rohankorde@plindia.com +91 22 66322235 Rating Accumulate Price Rs5,860 Target Price Rs6,356 Implied Upside 8.5% Sensex 27,916 Nifty
More informationMahindra & Mahindra. Source: Company Data; PL Research
Tractors drive Q2 performance; Accumulate November 11, 2016 Rohan Korde rohankorde@plindia.com +91 22 66322235 Rating Accumulate Price Rs1,242 Target Price Rs1,503 Implied Upside 21.0% Sensex 26,819 Nifty
More informationSiemens. Railways and T&D driving inflows. Source: Company Data; PL Research
Railways and T&D driving inflows November 23, 2016 Kunal Sheth kunalsheth@plindia.com +91 22 66322257 Samir Bendre samirbendre@plindia.com +91 22 66322256 Rating Accumulate Price Rs1,055 Target Price Rs1,230
More informationCummins India. Source: Company Data; PL Research
Technology leadership, cost optimization key focus October 28, 2016 Kunal Sheth kunalsheth@plindia.com +91 22 66322257 Samir Bendre samirbendre@plindia.com +91 22 66322256 Rating Accumulate Price Rs852
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 informationCoal India (COAL IN)
Coal India (COAL IN) Rating: BUY CMP: Rs279 TP: Rs340 August 13, 2018 Q1FY19 Result Update Change in Estimates Target Reco Change in Estimates Current Previous FY19E FY20E FY19E FY20E Rating BUY BUY Target
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 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 informationMaruti Suzuki. Source: Company Data; PL Research
Run continues, Royalty reduction positive ; Buy January 29, 2018 Saksham Kaushal sakshamkaushal@plindia.com +91 22 66322235 Poorvi Banka poorvibanka@plindia.com +91 22 66322426 Rating BUY Price Rs9,277
More informationCrompton Greaves. Looking to exit overseas Power segment! Source: Company Data; PL Research
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 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 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 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 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
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 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 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 informationCoal India (COAL IN)
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
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 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 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 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 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 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 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 informationNestle India (NEST IN)
(NEST IN) Rating: ACCUMULATE CMP: Rs9,569 TP: Rs11,129 October 26, 2018 Q3CY18 Result Update Change in Estimates Target Reco Change in Estimates Current Previous CY19E CY20E CY19E CY20E Rating ACCUMULATE
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 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 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 informationTata Steel (TATA IN)
Tata Steel (TATA IN) Rating: BUY CMP: Rs560 TP: Rs780 October 3, 2018 Meeting Update Change in Estimates Target Reco Change in Estimates Current Previous FY19E FY20E FY19E FY20E Rating BUY BUY Target 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 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 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
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 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 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 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 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 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 informationNestle India (NEST IN)
(NEST IN) Rating: HOLD CMP: Rs11,363 TP: Rs10,996 August 24, 2018 Analyst Meet Update Change in Estimates Target Reco Change in Estimates Current Previous CY19E CY20E CY19E CY20E Rating HOLD UNDER REVIEW
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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 informationHDFC.BO HDFC IN. IND-AS transition dampens performance. Q1FY19 Result Update. Rating: BUY CMP: Rs2,029 TP: Rs2,287. July 30, 2018.
( IN) Rating: BUY CMP: Rs2,029 TP: Rs2,287 July 30, 2018 Q1FY19 Result Update Change in Estimates Target Reco Change in Estimates Current Previous FY19E FY20E FY19E FY20E Rating BUY BUY Target Price 2,287
More information