IC Oberoi

AMP
STRICTLY CONFIDENTIAL
27 February 2019
ANTIQUE’S MORNING PRESENTATION
FROM THE RESEARCH DESK Market Snapshot
INITIATING COVERAGE Global Indices Closing % Chg % YTD
Oberoi Realty Dow Jones 26,058 (0.1) 11.7
NASDAQ 7,549 (0.1) 13.8
AAA real estate developer
FTSE 7,151 (0.5) 6.3
SECTOR UPDATE CAC 5,239 0.1 10.7
Metals & Mining DAX 11,541 0.3 9.3
Russia 1,193 (0.7) 11.6
Steel prices recover from lows aided by firm input costs
Bovespa 97,603 0.4 11.1
COMPANY UPDATE Nikkei 21,449 (0.4) 7.7
Transport Corporation of India Hang Seng 28,772 (0.6) 11.3
On a steady footing Shanghai Composite 2,942 (0.7) 17.9
Indian Indices Closing % Chg % YTD

Global News Sensex 35,974 (0.7) (0.3)
U.S. stocks closed lower Tuesday after weaving in and out of positive territory Nifty 10,835 (0.4) (0.3)
all session following Federal Reserve Chairman Jerome Powell’s congressional MSCI India 547 (0.4) (1.8)
testimony, during which he reiterated the central bank’s wait-and-see CNX Midcap 16,579 (0.1) (7.3)
approach. The Dow Jones Industrial Average fell 34 points to 26,056, the BSE Smallcap 13,550 (0.5) (7.9)
S&P 500 index SPX shed 2.6 points to 2,793, and the Nasdaq Composite
Index dropped 5.2 points to 7,549. Flows (USDm) Prev. Day MTD
Japan's Nikkei share average closed slightly weaker on Tuesday, having FII 254 1,856
touched its highest levels since mid-December earlier in the day before a MF (293) 119
decline in Asian stocks and selling pressure ahead of the fiscal year-end in
March forced a retreat. The Nikkei ended the day down 0.37% at 21,449 Provisional flows (USDm)
after touching a high of 21,611, a level unseen since mid-December.
FIIs 236
Sector & Corporate News Local (101)
Lupin has launched Minocycline Hydrochloride Extended-Release Tablets USP

Volumes USDbn % Chg
55mg, having received an approval from the United States Food and Drug
Administration (FDA) earlier. The company's Minocycline Hydrochloride ER Tablets Cash (NSE + BSE) 5.1 2.7
USP 55mg is a generic version of Medicis Pharmaceutical Corporation's Solodyn F&O (net) 167.6 90.7
55 mg. It is indicated to treat only inflammatory lesions of non-nodular moderate
to severe acne vulgaris in patients 12 years of age and older. Minocycline FII F&O Stock Fut Index Fut
Hydrochloride ER Tablets USP, 55 mg (RLD: Solodyn) had annual sales of Net ($ mn) 79 (98)
approximately USD 76.8 million in the US (IQVIA MAT December 2018). Open Int (%) 0.9 0.7
Tata Motor is planning to launch a premium hatchback model named
Altroz in the middle of 2019. The production version of the Altroz will be ADR/GDR Gainers Last % Chg
unveiled at the upcoming Geneva Motors Show 2019. The upcoming model Tata Motors 12.9 3.5
will redefine the premium hatchback segment for the industry. Dr Reddy 37.5 0.2
Kotak Mahindra Bank has received approval from its board to increase
in ceiling limit on the total shareholding of Foreign Institutional Investors (FIIs)/ ADR/GDR Losers Last % Chg
Foreign Portfolio Investors (FPIs) from the current limit of 43% to 45% with Reliance 34.5 (2.8)
immediate effect. The hike in the shareholding limit comes as the private- SBI 37.7 (2.1)
sector lender grapples with a central bank directive on reducing its Chief ICICI Bank 9.8 (1.7)
Executive Uday Kotak's stake in the bank
HDFC 100.8 (1.0)
Thermax has entered into definitive agreement with Mutares Holding-24 Infosys 10.7 (0.7)
AG, Germany and Balcke-Duerr GmbH, Germany, Joint Venture (JV) partners
of Thermax SPX Energy Technologies (TSPX) to acquire their shareholding in
the TSPX a JV and subsidiary company in India. Post transfer of shares, TSPX
will become the wholly owned subsidiary of the company.
Please refer to disclosures at the end of the Research Report

ANTIQUE STOCK BROKING LIMITED FROM THE RESEARCH DESK 27 February 2019 | 2
Sectoral indices Delivery Spike

Closing % Chg % MTD % YTD Company Volume Spike (%) Chg (%)
BSE Auto 18,874 0.3 2.1 (9.4) Godrej Consumer Products Ltd 2,507,448 466% -0.86%
BSE Bank 30,125 (0.7) (2.0) (0.8) LIC Housing Finance Ltd 1,793,780 287% -0.83%
BSE Cap Goods 16,723 (0.7) (3.4) (11.1) Cummins India Ltd 730,602 276% 3.39%
BSE Cons dur 21,244 (0.4) (0.1) 2.7 Tata Power Co Ltd/The 4,913,708 274% -0.60%
BSE FMCG 11,355 (0.5) (2.2) (4.0) Colgate-Palmolive India Ltd 812,994 268% -1.50%
BSE IT 15,458 (0.2) 1.3 9.7 Mahindra & Mahindra Ltd 2,608,460 213% 0.09%
BSE Health 13,668 (0.1) (1.5) (1.8) Zee Entertainment Enterprises Ltd 3,051,420 182% 5.40%
BSE Metal 10,718 0.1 (2.2) (9.5) Marico Ltd 2,127,790 170% 0.40%
BSE Oil 13,649 0.2 0.3 (0.7) Tata Consultancy Services Ltd 3,412,760 149% 2.70%
BSE Power 1,820 0.0 (3.2) (9.0) Tata Motors Ltd 2,751,969 131% 1.34%
BSE PSU 6,654 (0.2) (3.6) (8.1)
BSE Realty 1,773 (1.6) (0.1) (1.4)
BSE TECK 7,691 0.0 2.3 8.8
Nifty Outperformers Derivatives Update

Price % Chg % MTD % YTD Long Build Up
Zee Entertainment Enterprise 469 5.4 23.4 (1.5) Company Last % Chg % Chg OI OI (in 000)
Tata Motors Ltd 183 3.9 0.8 5.8 RELINFRA 133 0.8 9.7 10,635
Coal India Ltd 220 2.7 (2.0) (8.6) TATAMTRDVR 91 1.3 9.1 33,987
BALKRISIND 883 1.1 7.1 2,354
Tata Consultancy Svcs Ltd 2,039 2.7 1.2 7.7
BOSCHLTD 18,763 1.8 6.3 144
Indian Oil Corp Ltd 142 2.6 3.9 3.8
Ultratech Cement Ltd 3,789 1.9 7.6 (5.1) Short Covering
Bajaj Finserv Ltd 6,453 1.9 5.9 (0.4) Company Last % Chg % Chg OI OI (in 000)
CUMMINSIND 723 2.9 (14.1) 1,434
Nifty Underperformers VGUARD 195 2.3 (11.9) 4,170
KSCL 410 4.0 (8.5) 1,859
Price % Chg % MTD % YTD
AJANTPHARM 1,002 2.9 (5.3) 1,242
Indiabulls Housing Finance L 659 (2.9) (0.8) (22.8)
Hcl Technologies Ltd 1,059 (2.2) 5.3 9.8
Housing Development Finance 1,854 (2.2) (3.6) (5.8)
Icici Bank Ltd 348 (2.1) (4.5) (3.3)
Infosys Ltd 743 (1.6) (0.9) 13.3
State Bank Of India 266 (1.4) (9.3) (10.0)
Jsw Steel Ltd 285 (1.1) 3.6 (7.3)
Bulk Deals
Date Security Name Client Name Buy/Sell Qty Price
26-Feb-19 Sinclair Pressman Realty Limited Buy 57,159 325.87
26-Feb-19 Sintercom India Limited Bellwether Capital Private Limited Buy 134,000 59.34
26-Feb-19 Vinayakpol Burlington Finance Limited Sell 79,000 7.40
26-Feb-19 Gujarat Raffia Virtue Ceramics Private Limited . Buy 25,000 14.45
Nifty Nifty P/E Nifty P/B

12000 3.5
26
11000
10000 24 3.0
9000 22
8000 2.5
20
7000
6000 18 2.0
Feb-15 Feb-16 Feb-17 Feb-18 Feb-19 Feb-15 Feb-16 Feb-17 Feb-18 Feb-19 Feb-15 Feb-16 Feb-17 Feb-18 Feb-19
Source: Bloomberg
Sensex FII Provisional Flows (INRbn) DII Provisional Flows (INRbn)

40000 100 60
37000 80 40
60
34000 20
40
31000 20 0
28000 0 -20
-20
25000 -40 -40
22000 -60 -60
Feb-15 Feb-16 Feb-17 Feb-18 Feb-19 Feb-17 Aug-17 Feb-18 Aug-18 Feb-19 Feb-17 Aug-17 Feb-18 Aug-18 Feb-19
Source: Bloomberg
Economy, Money & Banking Commodities Update

Forex Rate Last % Chg % MTD % YTD Commodities Last % Chg % MTD % YTD
INR~USD 71.1 (0.1) 0.0 (1.8) Gold ($/Ounce) 1,329 0.0 0.6 3.7
INR~EUR 80.8 (0.1) 1.1 (0.9) Crude Oil ($/Bl) 56 0.9 3.6 21.5
INR~GBP 93.8 (1.0) (0.5) (5.0) Aluminium ($/t) 1,885 0.3 (0.4) 1.2
Copper ($/t) 6,522 (0.0) 6.0 9.6
Bond Market Last Chg (bps) MTD (bps) YTD (bps) Zinc ($/t) 2,765 1.0 1.3 9.8
10 Year Bond 7.4 1 14 5 Lead ($/t) 2,080 0.3 (1.0) 3.6
Interbank call 6.0 (35) (35) (50) Nickel ($/t) 12,877 (0.1) 3.8 21.4
INR/USD Gold and silver prices (USD/Tr.Oz) Crude prices (USD/barrel)

75 1400 22 80
73 70
1300 20
71
1200 18 60
69
67 1100 16 50
65 1000 14 40
63 Feb-15 Feb-16 Feb-17 Feb-18 Feb-19 30
Feb-18 Jun-18 Oct-18 Feb-19 Feb-15 Feb-16 Feb-17 Feb-18 Feb-19
Gold (LHS) Silver (RHS)
Source: Bloomberg
Inflation vs 10 year yield Nifty premium/discount NSE volatility index (%)

10 20 23
16.4 14.6 17.1
8 21
15
6 6.9 19
10
4 17
2 5 15
0 0 13
Oct-18
Dec-17
Feb-18
Jun-18
Dec-18
Apr-18
Aug-18
-5 11
1-Jan
8-Jan
15-Jan
22-Jan
29-Jan
5-Feb
12-Feb
19-Feb
26-Feb
27-Nov
4-Dec
11-Dec
18-Dec
25-Dec
-10 -7.5
WPI Inflation (%) 10 Yr Yield (%) 20-Feb 21-Feb 22-Feb 25-Feb 26-Feb
Source: Bloomberg
Please refer to our detailed report to be published today

Reco : BUY INITIATING COVERAGE
CMP
Target Price
: INR490
: INR630
Oberoi Realty
Potential Return : 29% AAA real estate developer
Dominant Player in Mumbai, with healthy rental income and strong balance sheet:
Initiating with a BUY
Biplab Debbarma, CFA With expected revenue of INR24 bn in FY19E, Oberoi Realty Limited (ORL) is a dominant
+91 22 4031 3427
biplab.debbarma@antiquelimited.com real estate developer in Mumbai, the most lucrative real estate market in India. With a
robust execution track record ORL is one of the strongest brands in Mumbai Metropolitan
Region (MMR) and second largest developers in terms of sales value (INR mn) in last 5 years.
The existing inventory in the ongoing residential projects (excluding Three sixty West) is around
2.79 mn sqft (projects in western and central suburbs) and another 6.68 mn sqft of residential
projects in the pipeline, all in the western suburb. Sales Booking of INR19 bn in residential
expected in FY19 and expected to increase further with the launch of three pipeline projects.
Market data
Sensex : 35,974 The Developer has a diversified product portfolio comprising residential projects and
Sector : Real Estate income generating annuity assets such as Grade A offices, large format retail and luxury
Market Cap (INRbn) : 179.3
hotel. The company also has good mix of residential/ annuity assets in the pipeline.
Market Cap (USDbn) : 2.523
O/S Shares (m) : 363.6 Healthy income profile from Annuity assets, set to become healthier
52-wk HI/LO (INR) : 610/351
Avg Daily Vol ('000) : 1,566
The operating assets - the offices (Commerz and Commerz II Phase I), retail (Oberoi Mall)
Bloomberg : OBER IN and the hospitality asset (The Westin) are already generating more than INR3 bn as income
Source: Bloomberg per annum. Another 238-room Ritz Carlton hotel in Worli expected to be operational by end
Valuation of 2019 and to add income of another INR750 mn once the asset stabilizes. In addition,
FY19e FY20e FY21e significant ramp-up of income-producing assets two mixed used (major portion - mall) projects
EPS (INR) 20.6 26.8 29.3
are under construction in Worli (1.70 mn sqft) and Borivali (1.73 mn sqft). The additional
P/E 30.5 23.5 21.5
P/BV 2.9 3 2.3 income-producing assets are expected to be stabilized in 4-5 yrs and add further rental
EV/EBITDA 14.4 12.2 10.6 income to the portfolio. The total income from income-producing portfolio is expected to be
EV/Sales 7.4 6.2 5.5 around INR15 bn in 4-5 yrs timeline.
Source: Bloomberg
A Balance Sheet to Fall for with Attractive Valuations
Returns (%)
1m 3m 6m 12m Although ORL is executing two mixed-use developments at Borivali and Worli, both of which
Absolute 8 15 5 (12) are high capex intensive, the Company has strong balance sheet and has one of the lowest
Relative 8 13 12 (16)
D/E ratio (~ 0.20) in the industry. Although Gross Debt would be around INR14 bn but cash
Source: Bloomberg
and liquid investment is around INR9.7 bn. The debt can easily be serviced with the healthy
Shareholding pattern
income (EBITDA INR3 bn/ yr) from the operational rental assets. Moreover, the cost of debt of
Promoters : 68% the company is quite low (< 9%).
Public : 32%
Others : 0% With NAV of INR525/ share (Thane, Sky City extension and social infrastructure not
Source: Bloomberg included) and potential volume growth due to new project acquisitions, the target price of
Price performance vs Nifty INR630/ share is a significant upside.
120 Leasing risk of Worli Mall, high level of inventory in Mulund micro-market and slow
100
sales velocity of Three-Sixty West are the envisaged downside risk.
80
60
Feb-18 Jun-18 Oct-18 Feb-19
Oberoi Realty NIFTY
Source: Bloomberg Indexed to 100
Financials
Profit and loss account (INRm) Cash flow statement (INRm)
Year ended 31 Mar 2017 2018 2019e 2020e 2021e Year ended 31 Mar 2017 2018 2019e 2020e 2021e
Net Revenue 11,137 12,654 24,436 29,656 32,743 PBT 4,991 6,373 10,715 13,904 15,214
Op. Expenses 5,439 4,995 11,831 14,422 15,943 Depreciation & amortisation 495 491 537 571 573
EBITDA 5,699 7,659 12,605 15,234 16,800 Interest expense 721 1,098 1,451 1,451 1,451
Depreciation 495 491 537 571 573 (Inc)/Dec in working capital (2,181) (6,771) (7,237) (8,874) 2,098
EBIT 5,204 7,169 12,069 14,663 16,227 Tax paid (1,825) (2,108) (3,207) (4,161) (4,553)
Other income 476 266 97 692 438 Less: Interest/Div. Income Recd. (391) (212) (97) (692) (438)
Interest Exp. 721 1,098 1,451 1,451 1,451 Other operating Cash Flow (43) 14 - - -
Other Adjustment 31 36 - - - CF from operating activities 1,767 (1,115) 2,161 2,199 14,345
Reported PBT 4,991 6,373 10,715 13,904 15,214 Capital expenditure (763) (773) (995) (3,948) (5,471)
Tax 1,868 1,907 3,207 4,161 4,553 Inc/(Dec) in investments (2,932) (7,231) - - -
Reported PAT 3,122 4,466 7,508 9,743 10,661 Others (1,897) 2,122 (1,426) 54 61
Net Profit 3,122 4,466 7,508 9,743 10,661 CF from investing activities (5,591) (5,883) (2,421) (3,894) (5,410)
Adjusted PAT 3,091 4,429 7,508 9,743 10,661 Inc/(Dec) in share capital 60 17 12,000 - -
Adjusted EPS (INR) 9.1 13.0 20.6 26.8 29.3 Inc/(Dec) in debt 3,820 8,306 - - -
Dividend Paid - (817) (873) (873) (873)
Balance sheet (INRm) Others (527) (996) (1,451) (1,451) (1,451)
Year ended 31 Mar 2017 2018 2019e 2020e 2021e CF from financing activities 3,353 6,510 9,676 (2,324) (2,324)
Share Capital 3,395 3,396 3,636 3,636 3,636 Net cash flow (471) (488) 9,417 (4,019) 6,611
Reserves & Surplus 53,864 57,528 75,923 84,793 94,581 Opening balance 2,858 2,387 1,900 11,316 7,297
Networth 57,260 60,924 79,559 88,429 98,217 Closing balance 2,387 1,900 11,316 7,297 13,909
Debt 8,686 16,941 16,941 16,941 16,941
Net deferred Tax liabilities (1,100) (1,091) (1,091) (1,091) (1,091) Growth indicators (%)
Others 723 1,008 1,008 1,008 1,008 Year ended 31 Mar 2017 2018 2019e 2020e 2021e
Capital Employed 65,569 77,781 96,417 1,05,287 1,15,075 Revenue(%) - 13.6 93.1 21.4 10.4
Non-Current Assets 10,885 11,227 12,055 11,535 11,012 EBITDA(%) - 34.4 64.6 20.9 10.3
Capital work in progress 1,090 1,124 755 4,653 10,073 Adj PAT(%) - 43.3 69.5 29.8 9.4
Net Fixed Assets 11,976 12,351 12,810 16,187 21,085 Adj EPS(%) - 43.3 58.3 29.8 9.4
Investments 18,302 24,242 24,242 24,242 24,242
Non Current Investments 16,077 24,107 24,107 24,107 24,107 Valuation (x)
Current Investments 2,225 135 135 135 135 Year ended 31 Mar 2017 2018 2019e 2020e 2021e
Current Assets, Loans & Adv. 53,088 64,010 80,035 86,099 96,178 P/E 69.2 48.3 30.5 23.5 21.5
Inventory 37,664 42,467 46,455 54,919 57,803 P/BV 3.7 3.5 2.9 3 2.3
Debtors 1,058 1,813 2,911 3,891 4,098 EV/EBITDA 31.2 24.9 14.4 12.2 10.6
Cash & Bank balance 3,458 1,167 10,584 6,565 13,176 EV/Sales 16.0 15.1 7.4 6.2 5.5
Loans & advances and others 10,909 18,562 20,086 20,723 21,101
Current Liabilities & Prov. 17,796 22,822 20,670 21,241 26,430
Financial ratios
Liabilities 17,776 22,817 20,666 21,236 26,425
Year ended 31 Mar 2017 2018 2019e 2020e 2021e
RoE (%) 5.4 7.5 10.7 11.6 11.4
Provisions 20 4 4 4 4
RoCE (%) 8.7 10.4 14.0 15.2 15.1
Net Current Assets 35,292 41,189 59,366 64,858 69,749
Asset/T.O (x) 0.2 0.3 0.4 0.4 0.4
Application of Funds 65,569 77,781 96,417 1,05,287 1,15,075
Net Debt/Equity (x) 0.1 0.3 0.1 0.1 0.0
Per share data EBIT/Interest (x) 7.2 6.5 8.3 10.1 11.2
No. of shares (m) 340 340 364 364 364
Margins (%)
Diluted no. of shares (m) 340 340 364 364 364
EBITDA Margin(%) 51.2 60.5 51.6 51.4 51.3
BVPS (INR) 169 179 219 243 270
EBIT Margin(%) 46.7 56.6 49.4 49.4 49.6
CEPS (INR) 10.7 14.6 22.1 28.4 30.9
PAT Margin(%) 26.6 34.3 30.6 32.1 32.1
DPS (INR) 2.0 2.0 2.0 2.0 2.0
Source: Company Antique
Pallav Agarwal SECTOR UPDATE

+91 22 4031 3411
pallav.agarwal@antiquelimited.com
Metals & Mining
Vikrant Gupta
+91 22 4031 3429
vikrant.gupta@antiquelimited.com
Steel prices recover from lows aided by firm input costs
Chinese domestic steel prices range bound, exports bounce back
Chinese domestic spot hot rolled coil (HRC) prices have rebounded by 11% from the lows
seen towards the end of November and have remained largely flat over the last month at
USD 565/t. Firm input costs and negative steel spreads have contributed to the recovery in
prices. Chinese export prices in February have increased 6% MoM to USD 525/ton. Exports
in January' 2019 increased 33% YoY and 11% MoM at 6.2MT. Chinese rebar inventories at
8.4MT were higher 18% YoY and expected to increase further on account of restocking
before declining from peak levels.
Indian steel demand growth remains strong, now a net steel importer
As per the Joint Plant Committee (JPC), India's steel consumption is estimated to have grown
7.8% YoY in Apr-Jan 2019 vs. the corresponding period last year. Steel imports over Apr-Jan
2019 increased by 1.5% to 6.6MT while exports declined sharply by 37.3% to 5.2MT turning
India into a net steel importer. Higher domestic steel prices, strong domestic demand and
diversion of steel due to US tariffs are driving imports. Steel consumption in India is expected
to remain strong in CY19 with WSA projecting demand to grow by 7.2% YoY.
Domestic steel prices see a rebound post the sharp decline in November'18-January'19
In 3QFY19, blended steel realizations for major domestic steel producers came in largely flat
QoQ, however with most companies building up inventory during the quarter and domestic
spot prices declining by ~INR 3,000-3,500/ton, 4QFY19 is expected to witness a decline in
realizations. However over the past month domestic HRC prices have rebounded by 4%
MoM to ~INR 42,000/ton. During February long prices increased ~INR 1,000/ton and flats
were up by ~INR 750/ton as compared to January. Major steel players like SAIL and JSW
have requested the steel ministry to impose an MIP on all steel products, amid a surge in
imports from FTA countries and rising raw material costs, which are putting pressure on margins.
SAIL has sought a minimum import price of at least USD 615 per tonne on hot rolled coils.
Coking coal remains firm; Vale output cut leads to spike in iron ore prices
Coking coal contract prices have remained firm at ~USD 210/t, prices spiked in Q3FY19 to
~USD 212/t from ~USD 187/t in Q2FY19. Coking coal prices have been aided by a mine
accident and inclement weather in Queensland raising concerns about supply. The collapse
of a dam holding residue at Vale's Brazilian mine in Feijao has led to concerns of investigations
opening up against all of Vale's wet processing operations which contribute ~40% of its iron
ore output. Vale has already indicated a production cut of ~40-70mn tons constituting more
than ~10% of its annual output. In response Chinese iron ore prices have spiked to USD 85/
t from the lows of USD 65/t seen towards the end of Dec'18. NMDC has also hiked prices for
iron ore by INR 400/t recently for the first time in five months post the price cuts of ~INR 600/
t in Dec'2018 and ~INR 350/t in Jan 2019. Steel spreads would be impacted negatively by
higher iron ore/coking coal costs and lower steel prices in 4QFY19.
Valuation and outlook: Domestic Steel demand is expected to grow ~6-7% in FY20 with
the thrust on infrastructure, affordable housing, and preference for domestic steel in government
projects under the steel policy. Domestic spot steel prices have stabilized in February post the
steep correction seen during November-January. Outlook for Tata Steel depends on the progress
of Europe- ThyssenKrupp JV and ramp-up of volumes at Bhushan Steel. Outlook for JSW Steel
is impacted by the acquisition of Bhushan Power at expensive valuations stretching the
leveraged balance sheet particularly in a scenario of subdued steel prices.
We maintain our positive view on the ferrous mining companies with a BUY on NMDC - TP
INR 141 per share, MOIL - TP INR 238 per share, with firm domestic iron ore and manganese
ore prices supported by higher domestic steel production. We maintain our BUY rating on
Tata Steel - TP INR 576, BUY on JSPL - TP INR 184 and HOLD ratings on SAIL - TP INR 45 and
JSW Steel - TP INR 257 per share respectively.
Chinese steel exports rebound Indian steel imports up YoY

12 (MT) 14
11.7
12
10
10 9.3
7.9
8
8 7.0 7.4 7.2 7.5
6.7 6.9 6.5 6.6
5.8 5.4
6 6 4.9
4.3
4
4
2
2 0
FY06
FY07
FY08
FY09
FY10
FY11
FY12
FY13
FY14
FY15
FY16
FY17
FY18
(Apr-Jan'18)
(Apr-Jan'19)
0
Jan-09
Jul-09
Jan-10
Jul-10
Jan-11
Jul-11
Jan-12
Jul-12
Jan-13
Jul-13
Jan-14
Jul-14
Jan-15
Jul-15
Jan-16
Jul-16
Jan-17
Jul-17
Jan-18
Jul-18
Jan-19
Source: Bloomberg, Antique Source: JPC, Antique
Coking coal futures remain firm Coking coal contract prices increase
315 350 250%
(USD/t)
280 300 200%
250 150%
245
200 100%
210
150 50%
175
100 0%
140 50 -50%
105 0 -100%
3QFY11
2QFY12
1QFY13
4QFY13
3QFY14
2QFY15
1QFY16
4QFY16
3QFY17
2QFY18
1QFY19
FY04
FY07
FY10
70
May-15
May-16
May-17
May-18
Feb-15
Feb-16
Feb-17
Feb-18
Feb-19
Nov-15
Nov-16
Nov-17
Nov-18
Aug-15
Aug-16
Aug-17
Aug-18
Contrac t price (USD/tonne) - LHS YoY/QoQ chg (%) - RHS
Source: Bloomberg, Antique Source: Bloomberg, Antique
Chinese iron ore prices increase North Europe domestic HRC prices decline marginally
250
USD/t) 1,400.0 USD/t
200 1,200.0
1,000.0
150
800.0
100 600.0
400.0
50
200.0
0 -
Feb-11
Dec-11
May-12
Jul-11
Oct-12
Mar-13
Jan-14
Jun-14
Nov-14
Feb-16
Jul-16
Dec-16
May-17
Oct-17
Mar-18
Jan-19
Sep-15
Feb-07
Feb-08
Feb-09
Feb-10
Feb-11
Feb-12
Feb-13
Feb-14
Feb-15
Feb-16
Feb-17
Feb-18
Feb-19
Aug-13
Apr-15
Aug-18

Chinese domestic HRC prices recover from lows Chinese export HRC prices rebound
1,000 (USD/tonne) 900 (USD/tonne)
900 800
700
800
600
700
500
600
400
500 300
400 200
300 100
200 0
Feb-11
Feb-12
Feb-13
Feb-14
Feb-15
Feb-16
Feb-17
Feb-18
Feb-19
Aug-11
Aug-12
Aug-13
Aug-14
Aug-15
Aug-16
Aug-17
Aug-18
Feb-07
Feb-08
Feb-09
Feb-10
Feb-11
Feb-12
Feb-13
Feb-14
Feb-15
Feb-16
Feb-17
Feb-18
Feb-19
Aug-07
Aug-08
Aug-09
Aug-10
Aug-11
Aug-12
Aug-13
Aug-14
Aug-15
Aug-16
Aug-17
Aug-18
Chinese rebar inventory higher YoY Chinese fixed asset investment growth remains weak
1,200 (10,000 tonnes) 40 (% YoY)
35
1,000
30
800
25
600 20
15
400
10
200
5
- 0
Dec-04
Dec-05
Dec-06
Dec-07
Dec-08
Dec-09
Dec-10
Dec-11
Dec-12
Dec-13
Dec-14
Dec-15
Dec-16
Dec-17
Dec-18
Feb-11
Feb-12
Feb-13
Feb-14
Feb-15
Feb-16
Feb-17
Feb-18
Feb-19
Aug-11
Aug-12
Aug-13
Aug-14
Aug-15
Aug-16
Aug-17
Aug-18
RUB remains stable BDI marginally weaker

90.00 12000
80.00
10000
70.00
60.00 8000
50.00
6000
40.00
30.00 4000
20.00
2000
10.00
- 0
Feb-04
Feb-05
Feb-06
Feb-07
Feb-08
Feb-09
Feb-10
Feb-11
Feb-12
Feb-13
Feb-14
Feb-15
Feb-16
Feb-17
Feb-18
Feb-19
Feb-04
Feb-05
Feb-06
Feb-07
Feb-08
Feb-09
Feb-10
Feb-11
Feb-12
Feb-13
Feb-14
Feb-15
Feb-16
Feb-17
Feb-18
Feb-19

Global steel relative forward valuations

Company Country EV/EBITDA (x) P/E (x) RoE (%) P/B (x)
One-year Two-year One-year Two-year One-year Two-year One-year Two-year
SAIL India 8.2 7.0 15.6 9.8 3.2 5.0 0.5 0.5
Tata Steel Ltd India 5.3 5.2 6.0 5.9 13.5 12.7 0.8 0.7
JSW Steel Ltd India 7.7 7.4 13.1 12.6 14.9 14.0 1.9 1.7
JSPL India 6.6 5.8 68.9 21.2 0.7 2.3 0.5 0.5
Nippon Steel & Sumitomo Metals Japan 7.2 7.0 8.2 8.0 6.5 6.1 0.5 0.5
POSCO South Korea 4.2 4.0 7.7 7.3 6.6 6.6 0.5 0.5
Hyundai Steel Co South Korea 6.0 5.9 9.4 8.7 4.1 4.3 0.4 0.4
JFE Holdings Inc Japan 6.7 6.3 7.5 7.2 7.3 7.2 0.5 0.5
Baoshan Iron & Steel Co-A China 5.4 5.3 9.2 8.7 10.0 9.8 1.0 0.9
Angang Steel Co Ltd-A China 5.2 5.3 7.5 8.0 9.6 8.8 0.7 0.7
Arcelormittal Luxembourg 4.1 4.2 6.0 6.1 8.8 8.1 0.5 0.5
Thyssenkrupp Ag Germany 6.4 6.3 9.4 8.3 20.6 18.4 1.6 1.4
NMDC Ltd India 4.2 3.9 6.6 6.4 16.7 15.6 1.0 1.0
MOIL Ltd India 1.7 1.4 6.9 6.9 15.9 14.3 1.0 0.9
Mount Gibson Iron Ltd Australia 3.3 3.2 10.0 14.5 10.0 8.8 1.5 1.5
Fortescue Metals Group Ltd Australia 4.7 5.4 9.0 12.4 13.1 9.9 1.3 1.3
Vale Sa-Pref Brazil 4.4 4.9 6.9 7.8 18.9 15.5 1.3 1.2
Kumba Iron Ore Ltd South Africa 5.8 7.3 11.1 15.8 25.3 18.9 3.5 3.5
Bhp Billiton Limited Australia 6.5 6.7 14.8 15.7 17.9 16.3 2.6 2.5
Rio Tinto Plc Britain 6.0 6.4 11.0 12.6 18.7 16.1 2.1 2.0
Cliffs Natural Resources Inc United States 6.3 7.2 6.7 8.2 105.8 45.9 5.6 2.8
Anglo American Plc Britain 4.7 5.0 10.2 11.2 13.3 11.1 1.3 1.2
Source: Bloomberg, Antique
Apparent finished steel consumption - Global outlook

Apparent steel consumption (MT) Growth rates (%)
Regions 2016 2017 2018 (f) 2019 (f) 2016 2017 2018 (f) 2019 (f)
European Union (28) 158.2 163.0 166.6 169.4 3.0 3.0 2.2 1.7
Other Europe 40.5 42.6 41.9 42.5 0.2 5.2 (1.6) 1.4
CIS 49.4 54.0 54.8 55.3 (2.2) 9.3 1.5 0.9
NAFTA 132.2 140.8 143.2 144.7 (1.1) 6.5 1.7 1.0
Central & South America 39.4 41.8 43.2 45.1 (13.6) 6.1 3.3 4.4
Africa 37.6 34.9 36.0 37.3 (2.8) (7.2) 3.2 3.6
Middle East 53.1 53.3 54.5 55.1 0.4 0.4 2.3 1.1
Asia & Oceania 1,005.4 1,065.0 1,117.8 1,131.9 2.2 5.9 5.0 1.3
World 1,515.9 1,595.4 1,657.9 1,681.2 1.1 5.2 3.9 1.4
Developed Economies 398.8 407.2 411.2 416.1 0.0 2.1 1.0 1.2
China 681.0 736.8 781.0 781.0 1.3 8.2 6.0 -
World (excluding China) 834.8 858.6 876.8 900.2 1.0 2.9 2.1 2.7
India 83.5 88.7 95.4 102.3 4.2 6.2 7.6 7.2
MENA - Middle East & North Africa 72.6 71.7 73.7 75.3 0.8 (1.2) 2.8 2.2
Source: WSA, Antique
Chinese steel spreads (USD/tonne)

90 83
80 72
68 67
70
60 55
51
47
50
40
27
30 24
20
10
(1)
-
CY09 CY10 CY11 CY12 CY13 CY14 CY15 CY16 CY17 *Spot
(10)
EBITDA/Ton (USD)
Source: Angang, Antique; * Spot spreads based on 1HCY18 financials of Angang
ANTIQUE STOCK BROKING LIMITED
0
200
400
600
800
1,000
1,200
1,000
1,200
1,400
0
200
400
600
800
Feb-07
0
500,000
1,000,000
1,500,000
2,000,000
2,500,000
Feb-07
P/E band
P/B band
Jun-07 Jun-07
Feb-07 Oct-07
(INR)
(INR)
Oct-07 Jun-07
Feb-08 Feb-08
Oct-07
EV/EBITDA band
Jun-08

Jun-08 Feb-08
(INR m)
Oct-08 Oct-08
Jun-08
Feb-09 Feb-09
Oct-08
Jun-09 Feb-09 Jun-09
Oct-09 Jun-09 Oct-09
Feb-10 Oct-09 Feb-10
Tata Steel Limited

Feb-16 Oct-15
Feb-16
Jun-16 Feb-16
Jun-16
Oct-16 Jun-16
Oct-16
FROM THE RESEARCH DESK
Oct-16
Feb-17 Feb-17
Jun-17 Feb-17
Jun-17 Jun-17
Oct-17 Oct-17
Oct-17
Feb-18 Feb-18 Feb-18
Jun-18 Jun-18 Jun-18
Oct-18 Oct-18
Oct-18
2x
1x
1.5x
4x
10x
0.5x
2x
6x
4x
6x
8x
8x
27 February 2019 | 11
0
50
100
150
200
250
300
350
400
450
0
100
200
300
400
500
600
Feb-07
Feb-07
P/E band
P/B band
Jun-07
0
200,000
400,000
600,000
800,000
1,000,000
1,200,000
1,400,000
1,600,000
Oct-07 Jun-07
(INR)
Feb-07 Oct-07
(INR)
Feb-08
Jun-07 Feb-08
EV/EBITDA band
Jun-08

Oct-08 Oct-07 Jun-08
Feb-09 Feb-08 Oct-08
Jun-08 Feb-09
Jun-09
Oct-08 Jun-09
(INR m)
Oct-09 Feb-09
Feb-10 Oct-09
Jun-09 Feb-10
JSW Steel Limited
Jun-10 Oct-09
Oct-10 Jun-10
Feb-10 Oct-10
Feb-11 Jun-10
Jun-11 Oct-10 Feb-11
Oct-11 Feb-11 Jun-11
Feb-12 Jun-11 Oct-11
Feb-13 Jun-12 Oct-12
Jun-13 Oct-13
Feb-14
Oct-13 Feb-14
Jun-14
Feb-14 Jun-14
Oct-14 Jun-14
Feb-15 Oct-14
Oct-14 Feb-15
Jun-15 Feb-15
Oct-15 Jun-15
Jun-15 Oct-15
Feb-16 Oct-15
Jun-16 Feb-16
Feb-16
Oct-16 Jun-16 Jun-16
Feb-17 Oct-16 Oct-16

Jun-17 Feb-17 Feb-17
Oct-18 Oct-18
Feb-19
Feb-19 Feb-19
2x
4x
6x
8x
4x
8x
12x
16x
0.5x
1.0x
1.5x
2.0x
2.5x
27 February 2019 | 12
0
50
100
150
200
250
100
150
200
250
0
50
(150)
(100)
(50)
Feb-07 Feb-07
P/E band
P/B band
1,000,000
1,200,000
200,000
400,000
600,000
800,000
0
Jun-07 Jun-07
(400,000)
(200,000)
(INR)
Oct-07 Oct-07
(INR)
Feb-07
Feb-08 Jun-07 Feb-08
EV/EBITDA band
Jun-08 Oct-07 Jun-08

Oct-08 Feb-08 Oct-08
(INR m)
Oct-11 Feb-11
Oct-11
Feb-12 Jun-11
Oct-11 Feb-12
Jun-12 Jun-12
Oct-12 Feb-12
Jun-12 Oct-12
Feb-13 Feb-13
Oct-12
Jun-13 Jun-13
Steel Authority of India Limited
Feb-13
Feb-14
Oct-13 Feb-14
Jun-14
Feb-14 Jun-14
Jun-15 Feb-15
Oct-15 Jun-15
Jun-15 Oct-15
Feb-16 Oct-15
Jun-16 Feb-16
Feb-16
Oct-16 Jun-16
Jun-16

Feb-19 Feb-19
2x
4x
6x
8x
0.5x
1x
1.5x
2x
4x
6x
8x
10x
27 February 2019 | 13
0
100
200
300
400
500
600
700
800
0
200
400
600
800
(400)
Feb-07 (200)
Feb-07
P/E band
P/B band
Jun-07
100,000
200,000
300,000
400,000
500,000
600,000
700,000
800,000
900,000
1,000,000
0
Jun-07
Oct-07
(INR)
Oct-07
(INR)
Feb-08 Feb-07
Jun-07 Feb-08
EV/EBITDA band
Jun-08

Oct-07 Jun-08
Oct-08 Oct-08
Feb-08
(INR m)
Feb-11 Jun-10
Feb-11
Jun-11 Oct-10
Feb-11 Jun-11
Oct-11
Jun-11 Oct-11
Feb-12 Feb-12
Jun-12 Oct-11
Feb-12 Jun-12
Oct-12
Jun-12 Oct-12
Jindal Steel & Power Limited

Oct-14 Jun-14
Oct-14
Feb-15 Oct-14
Feb-15 Feb-15
Jun-15
Jun-15 Jun-15
Oct-15
Oct-15 Oct-15
Feb-16

Feb-17 Feb-17
Jun-17
Jun-17 Jun-17
Oct-17
Oct-17 Oct-17
Feb-18 Feb-18
Jun-18 Feb-18
Jun-18 Jun-18
Oct-18 Oct-18
Feb-19 Oct-18
Feb-19
Feb-19
1.5x
8x
10x
4x
6x
0.5x
1x
2x
4x
6x
8x
10x
27 February 2019 | 14
0
50
100
150
200
250
300
350
400
0
50
100
150
200
250
300
350
400
Feb-07 Feb-07
P/E band
P/B band
1,000,000
0
100,000
200,000
300,000
400,000
500,000
600,000
700,000
800,000
900,000
Jun-07 Jun-07
(INR)
(INR)
EV/EBITDA band
Oct-07

Jun-08 Jun-08
(INR m)
NMDC Limited

Feb-10
Jun-09
Feb-10
Jun-10 Oct-09
Jun-10
Feb-10
Oct-10 Oct-10
Jun-10
Oct-16 Jun-16
Oct-16
Jun-17 Feb-17
Jun-17
Oct-17 Jun-17
Oct-17 Oct-17
Feb-18 Feb-18
Jun-18 Feb-18
Jun-18 Jun-18
Oct-18 Oct-18
Feb-19 Oct-18
Feb-19 Feb-19
1x
1.5x
2x
4x
6x
8x
10x
0.5
2x
4x
6x
8x
27 February 2019 | 15
0
50
100
150
200
250
300
0
50
100
150
200
250
300
350
Feb-11 Feb-11
P/E band
10,000
20,000
30,000
40,000
50,000
60,000
P/B band
(20,000)
(10,000)
Jun-11 Jun-11
(INR)
Feb-11
(INR)
EV/EBITDA band

(INR m)
MOIL Limited

Oct-14 Jun-14
Oct-14
Feb-15 Oct-14
Feb-15
Jun-15 Feb-15
Jun-15
Jun-15
Oct-15 Oct-15
Oct-15
Feb-16 Feb-16
Feb-16
Jun-16 Jun-16
Jun-16
Oct-16 Oct-16
Oct-16
Feb-17 Feb-17
Feb-17
Jun-17 Jun-17
Jun-17
Oct-17 Oct-17
Oct-17
Feb-18 Feb-18
Feb-18
Jun-18 Jun-18 Jun-18
0.5x
Oct-18 Oct-18 Oct-18
8x
6x
4x
2x
4x
1x
1.5x
2x
8x
12x
16x
27 February 2019 | 16
Tata Steel Limited - Financials*

Profit and loss account (INRbn) Cash flow statement (INRbn)
Year-ended March 31 FY17 FY18 FY19e FY20e FY21e Year-ended March 31 FY17 FY18 FY19e FY20e FY21e
Revenues 1,123 1,322 1,399 1,412 1,441 PBT 68 113 183 157 158
Expenses 953 1,103 1,131 1,172 1,198 Depreciation 57 60 59 59 63
EBITDA 170 219 268 239 243 Interest 51 55 53 52 54
Depreciation & amortisation 57 60 59 59 63 Other adjustments 0 0 1 2 2
EBIT 113 159 209 180 180 (Inc)/ Dec in working capital 38 (185) (29) 1 (1)
Other income 5 9 27 28 32 Tax paid (28) (34) (59) (54) (54)
Interest expense 51 55 53 52 54 CF from operating activities 185 9 209 217 222
Profit before tax 68 113 183 157 158 Capex 476 (142) (93) (100) (107)
Extraordinaries (82) 96 0 0 0 (Inc)/ Dec in Investments (57) (54) 0 0 0
Tax 28 34 59 54 54 CF from investing activities 419 (196) (93) (100) (107)
Profit after tax (42) 175 124 102 104 Inc/ (Dec) in share capital and premium 0 91 48 0 0
Minorities and share of associates (1) (42) (1) (1) (1) Inc/ (Dec) in debt (33) 93 (38) 4 35
Rep PAT after minority/asso. (42) 134 123 102 103 Dividends & Interest paid (62) (69) (68) (66) (69)
Adj PAT after minority/asso. 39 38 123 102 103 Others (528) 103 (28) (33) (29)
EPS (INR) 32.8 31.4 102.6 84.5 85.7 CF from financing activities (623) 218 (87) (96) (63)
Net cash flow (18) 30 29 22 52
Balance sheet (INRbn) Add: Opening balance 67 49 79 109 130
Year-ended March 31 FY17 FY18 FY19e FY20e FY21e Closing balance 49 79 109 130 182
Share Capital 10 11 12 12 12
Reserves & Surplus 346 575 707 769 834 Growth indicators (%)
Networth 355 586 719 781 846 Year-ended March 31 FY17 FY18 FY19e FY20e FY21e
Debt 884 976 938 942 977 Revenue (4) 18 6 1 2
Minority Interest 16 9 9 9 9 EBITDA 124 29 23 (11) 1
Deferred tax/ other liabilities 119 122 122 122 122 PAT 327 (4) 227 (18) 1
Capital Employed 1,374 1,693 1,788 1,854 1,953 EPS 327 (4) 227 (18) 1
Gross Fixed Assets 1,266 1,399 1,472 1,503 1,611

Valuation
Accumulated Depreciation 380 479 536 594 655
Year-ended March 31 FY17 FY18 FY19e FY20e FY21e
Net Assets 885 920 936 910 956
P/E (x) 15.4 16.1 4.9 6.0 5.9
Capital work in progress 158 166 186 254 254
P/BV (x) 1.7 1.0 0.8 0.8 0.7
Investments 125 179 179 179 179
EV/EBITDA (x) 8.1 6.2 4.8 5.3 5.2
Liquid Investments 57 149 149 149 149
EV/Sales (x) 1.2 1.0 0.9 0.9 0.9
Current Assets Loans & Advances
Dividend Yield (%) 2.0 2.0 2.0 2.0 2.0
Inventory 248 283 293 300 308
Debtors 116 124 129 131 133
Financial ratios
Cash & Bank 49 79 109 130 182
Loans & advances and others 109 294 317 315 317
RoE 12.3 8.0 18.9 13.5 12.7
Current Liabilities & Provisions
RoCE 6.0 9.0 10.4 8.3 8.1
Creditors 269 317 322 329 335
Debt/Equity (x) 2.2 1.3 0.9 0.8 0.8
EBIT/Interest (x) 2.2 2.9 3.9 3.5 3.3
Net Current Assets 172 387 446 466 519
Goodwill on consoliation 35 41 41 45 45 Margins (%)
Application of Funds 1,374 1,693 1,788 1,854 1,953
EBITDA 15.1 16.6 19.2 17.0 16.9
Per share data
EBIT 10.1 12.1 14.9 12.8 12.5
PAT 3.5 2.9 8.8 7.2 7.2
No. of shares (Mn) 970 1,145 1,203 1,203 1,203
BVPS (INR) 295 487 597 649 703
CEPS (INR) 80 81 152 134 138
DPS (INR) 10 10 10 10 10
* excluding financials of Bhushan Steel
Source: Company, Antique

JSW Steel Limited - Financials

Year ended 31 Mar FY17 FY18 FY19e FY20e FY21e Year ended 31 Mar FY17 FY18 FY19e FY20e FY21e
Revenues 556 702 815 799 849 PBT 51 79 108 75 79
Expenses 434 554 636 647 680 Depreciation 34 34 40 43 50
EBITDA 122 148 179 152 169 Interest 38 37 38 39 45
Depreciation & amortisation 34 34 40 43 50 (Inc)/ Dec in working capital -16 5 -11 1 -9
EBIT 87 114 139 109 118 Tax paid -17 -15 -34 -23 -24
Other income 2 2 6 5 6 CF from operating activities 90 139 140 135 141
Interest expense 38 37 38 39 45 Capex 126 -42 -100 -150 -147
Profit before tax 51 79 108 75 79 (Inc)/ Dec in Investments -7 -1 3 0 0
Extraordinaries 0 -3 0 0 0 CF from investing activities 118 -43 -97 -150 -147
Tax 17 15 34 23 24 Inc/ (Dec) in debt 20 -48 8 70 67
Profit after tax 35 61 74 52 55 Dividends & Interest paid -44 -46 -47 -48 -54
Minorities and share of associates 1 1 0 0 0 Others -176 -6 -10 -8 -8
Rep. PAT after minority/asso. 35 62 74 52 55 CF from financing activities -200 -100 -48 14 5
Adj. PAT after minority/asso. 35 65 74 52 55 Net cash flow 8 -4 -6 -1 -2
EPS (INR) 14.6 26.8 30.4 21.7 22.6 Add: Opening balance 7 15 11 5 4
Closing balance 15 11 5 4 3
Balance sheet (INRbn)
Year ended 31 Mar FY17 FY18 FY19e FY20e FY21e Growth indicators (%)
Share Capital 2 2 2 2 2 Year ended 31 Mar FY17 FY18 FY19e FY20e FY21e
Reserves & Surplus 224 278 333 368 406 Revenue 32.8 26.3 16.0 (1.9) 6.2
Networth 226 280 335 371 409 EBITDA 100.5 21.5 21.1 (15.0) 10.7
Debt 455 407 416 486 553 PAT 154.7 83.9 13.5 (28.6) 4.3
Minority Interest -2 -5 -5 -5 -5 EPS 154.7 83.9 13.5 (28.6) 4.3
Deferred tax/ other liabilities 31 26 26 26 26

Valuation
Capital Employed 710 709 772 878 983
Year ended 31 Mar FY17 FY18 FY19e FY20e FY21e
Gross Fixed Assets 655 681 765 865 1,012
P/E (x) 19.6 10.6 9.4 13.1 12.6
Accumulated Depreciation 77 110 149 192 242
P/BV (x) 3.0 2.5 2.1 1.9 1.7
Net Assets 579 571 616 673 770
EV/EBITDA (x) 9.3 7.3 6.1 7.7 7.4
EV/Sales (x) 2.0 1.5 1.3 1.5 1.5
Investments 14 15 12 12 13
Dividend Yield (%) 0.8 1.1 1.1 1.1 1.1
Liquid Investments 3 3 0 0 0
Financial ratios
Inventory 114 126 158 161 169
Debtors 41 47 60 59 62
RoE 16.2 25.6 23.9 14.9 14.0
Cash & Bank 15 11 5 4 3
RoCE 9.1 13.6 13.5 9.5 9.1
Debt/Equity (x) 1.9 1.4 1.2 1.3 1.3
EBIT/Interest (x) 2.3 3.1 3.7 2.8 2.6
Creditors 168 208 239 239 251
Provisions 3 3 9 9 10 Margins (%)
Goodwill on consolidation 9 7 7 7 7
EBITDA 21.9 21.1 22.0 19.1 19.9
Application of Funds 710 709 772 878 983
EBIT 15.7 16.2 17.1 13.7 13.9
PAT 6.3 9.2 9.0 6.6 6.4
Per share data*
No. of shares (Mn) 2,417 2,417 2,417 2,417 2,417
BVPS (INR) 93.7 115.8 138.6 153.4 169.1
CEPS (INR) 28.8 40.8 46.9 39.4 43.4
DPS (INR) 2.3 3.2 3.0 3.0 3.0
Source: Company, Antique * on fully diluted number of shares

Steel Authority of India Limited - Financials

Revenues 445 576 650 684 705 PBT (47) (8) 30 18 29
EBITDA 1 46 91 82 93 Interest 25 28 33 32 31
Depreciation and amortisation 27 31 33 37 38 Other adjustments (33) (3) - - -
EBIT (26) 16 58 46 55 (Inc)/Dec in working capital 21 (12) (18) 9 (3)
Other income 4 4 5 5 5 Tax paid 20 2 (9) (6) (9)
Interest expense 25 28 33 32 31 CF from operating activities 13 38 69 90 87
Profit before tax (47) (8) 30 18 29 Capex (22) (56) (40) (38) (38)
Extraordinaries (2) 0 - - - (Inc)/Dec in Investments (23) (2) - - -
Tax (20) (2) 9 6 9 Income from investments (2) 0 - - -
Profit after tax (30) (6) 21 13 21 CF from investing activities (47) (58) (40) (38) (38)
Minorities/associates 2 3 - - - Inc/(Dec) in debt 74 52 3 (18) (18)
PAT after minority/asso. (28) (3) 21 13 21 Dividends and interest paid (25) (28) (33) (32) (31)
Adj PAT after minority/asso. (25) (3) 21 13 21 Others (18) (4)
EPS (INR) (6.1) (0.7) 5.1 3.1 5.0 CF from financing activities 31 20 (29) (50) (49)
Net cash flow (3) (0) (1) 2 0
Balance sheet (INRbn) Add: Opening balance 7 4 3 3 5
Year-ended March 31 FY17 FY18 FY19e FY20e FY21e Closing balance 4 3 3 5 5
Share capital 41 41 41 41 41
Reserves and surplus 329 328 349 362 383 Growth indicators (%)
Networth 370 369 391 403 424 Year-ended March 31 FY17 FY18 FY19e FY20e FY21e
Debt 439 491 494 476 458 Revenue 13.8 29.3 13.0 5.2 3.0
Minority interest 0 0 0 0 0 EBITDA nm nm 96.7 (9.8) 13.7
Deferred tax/other liabilities (38) (42) (42) (42) (42) PAT nm nm (785.2) (39.1) 60.1
Capital employed 771 819 843 838 841 EPS nm nm (785.2) (39.1) 60.1
Gross fixed assets 846 951 1,115 1,173 1,211

Valuation
Accumulated depreciation 343 365 398 434 473
Net assets 503 586 717 739 738
P/E (x) (8.0) (65.7) 9.6 15.8 9.8
P/BV (x) 0.5 0.5 0.5 0.5 0.5
EV/EBITDA (x) nm 14.9 7.6 8.2 7.0
Inventory 157 170 191 198 200
EV/Sales (x) 1.4 1.2 1.1 1.0 0.9
Debtors 29 39 44 46 48
Dividend yield (%) - - - - -
Cash and cash equivalents 4 3 3 5 5
Loans/advances and others 87 104 116 122 126
Financial ratios
Creditors 201 231 251 275 280
Provisions and other liabilities 65 63 63 63 63
RoE (%) (6.6) (0.8) 5.6 3.2 5.0
Net current assets 11 23 40 33 36
RoCE (%) (2.0) 1.3 4.7 3.6 4.4
Debt/Equity (x) 1.2 1.3 1.3 1.2 1.1
EBIT/Interest (x) (1.0) 0.6 1.8 1.4 1.8
Per share data
Margins (%)
No of shares (m) 4,130 4,130 4,130 4,130 4,130
BVPS (INR) 90 89 95 98 103
EBITDA 0.2 8.1 14.0 12.0 13.3
CEPS (INR) 0 7 13 12 14
EBIT (5.9) 2.7 8.9 6.7 7.9
DPS (INR) - - - - -
PAT (5.7) (0.5) 3.2 1.9 2.9
Jindal Steel & Power Limited - Financials

Net revenues 210,505 273,834 370,532 401,929 441,250 PBT (30,429) (18,641) 3,971 4,208 11,127
Total Expense 163,925 209,143 286,655 320,889 355,483 Depreciation & amortisation 39,490 38,830 43,261 44,009 44,781
EBITDA 46,580 64,691 83,877 81,039 85,767 Interest expense 33,896 38,657 38,172 34,365 31,401
Depreciation & amortisation 39,490 38,830 43,261 44,009 44,781 (Inc)/Dec in working capital (6,280) 7,654 (7,633) 3,131 231
EBIT 7,090 25,861 40,617 37,031 40,986 Tax paid 5,027 2,398 (1,349) (1,941) (3,585)
Other income 100 29 1,526 1,542 1,542 CF from operating activities 41,704 68,899 76,421 83,773 83,955
Financial expense 33,896 38,657 38,172 34,365 31,401 Capital expenditure (25,000) (16,066) (15,000) (11,000) (11,000)
Exceptional items loss(gain) 3,723 5,874 - - - Net Investments 83 (2,219) - - -
PBT (30,429) (18,641) 3,971 4,208 11,127 Income from investments 100 29 1,526 1,542 1,542
Provision for Tax (5,027) (2,398) 1,349 1,941 3,585 CF from investing activities (24,817) (18,256) (13,474) (9,458) (9,458)
PAT (25,402) (16,242) 2,622 2,268 7,542 Inc/(Dec) in equity share capital 0 53 - 48 -
Share in profit from JV 27 87 - - - Inc/(Dec) in preference share capital - 11,948 - 6,687
Minority Interest (2,562) (2,064) (222) (67) (39) Inc/(Dec) in debt 31,448 (30,147) (3,655) (28,405) (28,405)
Attributable PAT (22,813) (14,091) 2,844 2,335 7,581 Other items (15,871) 6,068 (6,312) (3,510) (3,953)
Adj. PAT after mino. & asso. (19,090) (8,218) 2,844 2,335 7,581 Dividends & Interest paid (33,896) (38,657) (38,172) (35,401) (32,438)
Basic EPS (INR) (20.9) (8.5) 2.9 2.3 7.5 CF from financing activities (18,319) (50,735) (48,138) (60,581) (64,796)
Diluted EPS (INR) (20.9) (8.1) 2.8 2.3 7.5 Net cash flow (1,432) (91) 14,808 13,734 9,701
Opening balance 6,204 4,772 4,681 19,489 33,223
Balance sheet (INRm) Closing balance 4,772 4,681 19,489 33,223 42,924
Equity share capital 915 968 968 1,016 1,016 Growth indicators (%)
Reserves & surplus 299,590 302,878 305,370 316,374 325,815 Year-ended March 31 FY17 FY18 FY19e FY20e FY21e
Shareholder's funds 300,505 303,846 306,337 317,390 326,830 Revenue 14.6 30.1 35.3 8.5 9.8
Minority interest 6,467 4,403 4,625 4,692 4,732 EBITDA 35.5 38.9 29.7 (3.4) 5.8
Debt 472,767 442,620 438,965 410,560 382,155 PAT (30.1) (57.0) (134.6) (17.9) 224.8
Deferred tax liability / (asset) 53,586 50,284 50,284 50,284 50,284 EPS (30.1) (61.2) (134.6) (17.9) 224.8
Capital employed 833,326 801,153 800,212 782,925 764,001
Gross fixed assets 783,127 846,580 858,473 869,473 880,473 Valuation (x)
Less: Accumulated depreciation 129,476 168,002 206,385 245,273 284,668 Year-ended March 31 FY17 FY18 FY19e FY20e FY21e
Net fixed assets 653,651 678,578 652,088 624,199 595,805 P/E (7.6) (19.5) 56.4 68.8 21.2
Capital work in progress 97,162 49,775 52,882 52,882 52,882 P/BV 0.5 0.5 0.5 0.5 0.5
Goodwill on Consolidation 5,670 5,922 5,922 5,922 5,922 EV/EBITDA 13.2 9.1 6.8 6.6 5.8
Investments 3,677 1,458 1,458 1,458 1,458 EV/Sales 2.9 2.2 1.5 1.3 1.1
Inventory 35,993 49,596 67,030 73,651 78,687 Dividend Yield (%) - - - 0.6 0.6
Debtors 17,166 18,261 25,306 28,035 32,228
Cash & cash equivalent 4,772 4,681 19,489 33,223 42,924
Financial ratios
RoE (%) (6.4) (2.7) 0.9 0.7 2.3
Other current assets 50,009 56,158 56,158 56,158 56,158
RoCE (%) 0.9 3.2 5.1 4.7 5.4
Current assets, loans & adv. 145,816 156,572 228,668 255,633 279,296
Net Debt/Equity (x) 1.6 1.4 1.4 1.2 1.0
Creditors 68,954 87,755 138,377 154,806 169,038
EBIT/Interest (x) 0.2 0.7 1.1 1.1 1.3
Other liabilities & provisions 3,696 3,397 2,652 2,652 2,651
Current liabilities & prov. 72,650 91,151 141,029 157,458 171,690
Margins (%)
Net current assets 73,166 65,421 87,862 98,465 107,935
Application of funds 833,326 801,153 800,212 782,925 764,001
EBITDA 22.1 23.6 22.6 20.2 19.4
Per share data EBIT 3.4 9.4 11.0 9.2 9.3

PAT (9.1) (3.0) 0.8 0.6 1.7
Outstanding shares (m) 915 968 968 1,016 1,016 Source: Company Antique
BVPS (INR) 328 314 316 312 322

CEPS (INR) 43 40 45 43 44
DPS (INR) - - - 1.0 1.0

NMDC Limited - Financials

Revenues 88 116 114 125 128 PBT 43 60 62 68 70
EBITDA 36 58 60 66 68 (Inc)/ Dec in working capital 19 (7) (15) (5) (1)
Depreciation & amortisation 2 3 3 3 4 Tax paid (17) (24) (21) (23) (24)
EBIT 34 56 57 63 64 CF from operating activities 47 32 29 44 49
Other income 9 5 5 6 7 Capex (23) (17) (25) (20) (20)
Interest expense 0 0 - - - (Inc)/ Dec in Investments (0) (1) - - -
Profit before tax 43 60 62 68 70 Income from investments (0) 1 - - -
Extraordinaries (0) 1 - - - CF from investing activities (24) (16) (25) (20) (20)
Tax 17 24 21 23 24 Inc/ (Dec) in share capital and premium (1) - (0.1) - -
Profit after tax 26 38 41 45 46 Inc/ (Dec) in debt (15) 5 - - -
Adjusted PAT 26 37 41 45 46 Dividends & Interest paid (20) (16) (18) (18) (18)
EPS (INR) 8.2 11.6 13.4 14.7 15.2 Others (83) (4) (9.9)
CF from financing activities (118) (15) (28) (18) (18)
Balance sheet (INRbn) Net cash flow (95) 1 (25) 5 11
Year-ended March 31 FY17 FY18 FY19e FY20e FY21e Add: Opening balance 148 53 54 30 35
Share Capital 3 3 3 3 3 Closing balance 53 54 30 35 46
Reserves & Surplus 222 240 253 280 308
Networth 225 244 256 283 311 Growth indicators (%)
Debt - 5 5 5 5 Year-ended March 31 FY17 FY18 FY19e FY20e FY21e
Capital Employed 225 249 261 288 316 Revenue 36.7 31.6 (2.2) 9.9 2.3
Gross Fixed Assets 24 34 39 44 51 EBITDA 31.0 61.3 3.3 9.9 2.6
Accumulated Depreciation 5 7 10 13 17 PAT (10.6) 41.4 12.0 10.0 2.8
Net Assets 20 27 29 30 33 EPS (10.6) 41.4 15.7 10.0 2.8

Valuation
P/E (x) 11.9 8.4 7.2 6.6 6.4
Inventory 5 6 8 8 8
P/BV (x) 1.4 1.3 1.2 1.0 1.0
Debtors 10 15 19 21 21
EV/EBITDA (x) 7.1 4.4 4.7 4.2 3.9
Cash & Bank 53 54 30 35 46
EV/Sales (x) 2.9 2.2 2.5 2.2 2.1
Dividend Yield (%) 5.3 4.4 5.2 5.2 5.2
Creditors 23 30 21 23 24
Financial ratios
RoE 9.8 15.6 16.4 16.7 15.6
RoCE 12.1 18.4 17.7 17.1 16.1
Debt/Equity (x) (0.2) (0.2) (0.1) (0.1) (0.1)
Per share data
Margins (%)
No. of shares (Mn) 3,164 3,164 3,062 3,062 3,062
BVPS (INR) 71.2 77.0 83.7 92.4 101.6
EBITDA 40.8 50.0 52.8 52.8 53.0
CEPS (INR) 8.8 12.4 14.4 15.9 16.4
EBIT 38.6 47.8 50.1 50.1 49.9
DPS (INR) 5.2 4.3 5.0 5.0 5.0
PAT 29.3 31.5 36.1 36.1 36.3
MOIL - Financials
Revenues 9,898 13,235 14,219 15,202 15,430 PBT 4,619 6,479 7,285 8,047 8,087
Expenses 6,944 7,908 7,995 8,349 8,692 Depreciation 547 624 654 692 730
EBITDA 2,955 5,327 6,224 6,853 6,738 (Inc)/ Dec in working capital (554) 2,251 (975) (177) 53
Depreciation & amortisation 547 624 654 692 730 Tax paid (1,561) (2,259) (2,477) (2,736) (2,750)
EBIT 2,408 4,702 5,570 6,161 6,008 CF from operating activities 3,051 7,095 4,487 5,825 6,121
Other income 2,211 1,777 1,715 1,886 2,079 Capex (902) (1,982) (2,000) (2,000) (2,000)
Profit before tax 4,619 6,479 7,285 8,047 8,087 CF from investing activities (902) (1,982) (2,000) (2,000) (2,000)
Tax 1,561 2,259 2,477 2,736 2,750 Inc/ (Dec) in share capital and premium (348) - - - -
Reported Profit after tax 3,058 4,220 4,808 5,311 5,337 Dividends & Interest paid (1,763) (1,705) (1,240) (1,550) (1,550)
Adjusted PAT 3,058 4,220 4,808 5,311 5,337 Others (7,628) (2,695)
EPS (INR) 11.9 16.4 18.7 20.6 20.7 CF from financing activities (9,739) (4,400) (1,240) (1,550) (1,550)
Net cash flow (7,590) 713 1,247 2,275 2,571
Balance sheet (INRm) Add: Opening balance 28,501 20,911 21,624 22,871 25,146
Year-ended March 31 FY17 FY18 FY19e FY20e FY21e Closing balance 20,911 21,624 22,871 25,146 27,717
Share Capital 1,332 2,576 2,576 2,576 2,576
Reserves & Surplus 26,722 25,416 28,984 32,744 36,532 Growth indicators (%)
Networth 28,054 27,992 31,560 35,321 39,108 Year-ended March 31 FY17 FY18 FY19e FY20e FY21e
Deferred tax/ other liabilities 60 23 23 23 23 Revenue 56.0 33.7 7.4 6.9 1.5
Capital Employed 28,114 28,015 31,583 35,344 39,131 EBITDA 318.7 80.3 16.9 10.1 (1.7)
Gross Fixed Assets 7,346 8,105 8,605 9,105 9,605 PAT 76.8 38.0 13.9 10.4 0.5
Accumulated Depreciation 4,084 4,627 5,281 5,973 6,703 EPS 76.8 38.0 13.9 10.4 0.5
Net Assets 3,262 3,478 3,324 3,132 2,902

Valuation
Capital work in progress 1,162 2,385 3,885 5,385 6,885
P/E (x) 12.1 8.7 7.7 7.0 6.9
P/BV (x) 1.3 1.3 1.2 1.0 0.9
Inventory 1,222 973 745 778 812
EV/EBITDA (x) 5.4 2.9 2.3 1.7 1.4
Debtors 2,413 1,900 2,143 2,291 2,325
EV/Sales (x) 1.6 1.2 1.0 0.8 0.6
Cash & Bank 20,911 21,624 22,871 25,146 27,717
Dividend Yield (%) 7.7 3.8 2.8 3.5 3.5
Financial ratios
Creditors 2,117 3,314 2,810 2,935 3,055
Provisions 502 1,077 913 954 993
RoE 9.8 15.1 16.1 15.9 14.3
RoCE 24.2 45.3 48.8 43.1 36.8
Debt/Equity (x) (0.7) (0.8) (0.7) (0.7) (0.7)
EBIT/Interest (x) - - - - -
Per share data
Margins (%)
No. of shares (Mn) 133 258 258 258 258
BVPS (INR) 108.9 108.7 122.5 137.1 151.8
EBITDA 29.9 40.2 43.8 45.1 43.7
CEPS (INR) 14.0 18.8 21.2 23.3 23.6
EBIT 24.3 35.5 39.2 40.5 38.9
DPS (INR) 11.0 5.5 4.0 5.0 5.0
PAT 30.9 31.9 33.8 34.9 34.6
Current Reco : BUY COMPANY UPDATE

Previous Reco
CMP
: BUY
: INR280
Transport Corporation of India
Target Price : INR380 On a steady footing
Potential Return : 36% We recently interacted with management of Transport Corporation (TCI) to
gain insights on recent developments and growth outlook in different
segments. Management highlights 1) Freight segment is benefitting from
higher growth in LTL cargo (positive effect of GST); 2) Supply Chain segment
Prateek Kumar is impacted by recent headwinds in Auto OEM business; other segments
+91 22 4031 3440
prateek.kumar@antiquelimited.com growing steadily; 3) Shipping business remains on a healthy growth footing.
Management maintains its 17-18% topline growth guidance; in FY18 growth
Nishant Shah was fuelled by Supply Chain and shipping businesses, in FY19, freight and
+91 22 4031 3473 shipping segments have contributed more to the growth. Company is
nishant.shah@antiquelimited.com
targeting a capex of INR1.75-1.85bn in FY19 and expects a similar capex in
next 2 years as well, as company looks to capitalize the growth opportunities
emerging in the Industry. We believe the stock is attractively priced (relative
to peers) at the current valuation of ~15x FY19E/12x FY20E EPS. We value the
Market data stock at 14x FY21 EPS. BUY.
Sensex : 35,974
Sector : Transport Freight segment benefiting from faster growth in LTL cargo; traction from the SME businesses
Market Cap (INRbn) : 21.5 Freight segment has registered growth of 20% YoY in 9MFY19; highest YoY growth in many
Market Cap (USDbn) : 0.302 years. This is primarily led by faster growth in the LTL segment. The GST rollout has had a
O/S Shares (m) : 76.7 positive rub-off effect on the goods movement; a lot of SME businesses are looking to move
52-wk HI/LO (INR) : 376/231 goods on an interstate basis now versus the intrastate movement which they were doing
Avg Daily Vol ('000) : 13
earlier. Like for the FTL cargo, company uses contracted trucks in the LTL business as well. TCI's
Bloomberg : TRPC IN
JV with Concor has grown at a relatively slower pace of 12% YoY during 9MFY19. Margins
Source: Bloomberg
during 3Q benefited from cooling off the diesel prices and increased contributing of faster
Valuation growing LTL segment. We build in overall freight segment growth of 19% YoY in FY19e and
FY19e FY20e FY21e
a 15% in FY20e/FY21e.
EPS (INR) 18.2 22.7 27.4
P/E(x) 15.4 12.3 10.2 Supply Chain segment impacted by headwinds in Auto OEM business; other segments
P/BV(x) 2.4 2.1 1.7 growing steadily
EV/EBITDA(x) 11.0 9.1 7.7 Revenue growth in the Supply Chain segment has tapered in past two quarters to 9-10%
Dividend Yield (%) 0.6 0.6 0.6 (9MFY19 growth at 13% YoY), primarily impacted by growth slowdown for Auto OEMs'
domestic business. This has been partly offset by steady growth in other Industry segments,
Returns (%) growth in Auto spare parts and Auto export segments. Due to lower growth, segment margins
1m 3m 6m 12m have also been impacted on account of attributable fixed cost. TCI's JV with Mitsui (Transystem
Absolute (3) 0 (23) (0) Logistics) is growing at a faster pace at 17% YoY for 9MFY19, as company has started to do
Relative (3) (2) (18) (4) business for other Japanese OEMs. We build in overall TCI Supply Chain segment growth at
13% YoY in FY19e and 20% each in FY20e/FY21e.
Shareholding pattern Shipping business on a healthy growth footing
Promoters : 67% Company's growth in shipping segment in 3QFY18 (at 50%+) was fueled by the addition of
Public : 33% new ship in the prior 6 months (9MFY19 revenue +38% YoY). Post the latest addition in its
Others : 0% fleet (during 2Q), company now operates 6 ships with a total capacity of ~63,000 DWT.
Source: Bloomberg Company has a strategy to add one ship in 12-18 months. Higher fuel prices, lower initial
Price performance vs Nifty utilisation and added depreciation related to the new ship impacted the segment margins
during 2Q - all of which normalised and benefitted 3Q profitability. Management highlights
140 that the Shipping business is at a very interesting juncture as of now and company continues
120 to benefit from the increasing government push for multimodal transport movement and coastal
100 shipping. Recent entry by Concor in the Shipping hasn't had any meaningful impact as of
80 now in terms of competition. TCI has benefited from its capabilities to provide multimodal
Feb-18 Jun-18 Oct-18 Feb-19 transport services combining the advantages of integration of the road, rail and sea services.
Transport Corp NIFTY
Source: Bloomberg, Indexed to 100

Assumptions
(INR mn) FY15 FY16 FY17 FY18e FY19e FY20e FY21e
Freight Division 8,908 9,710 10,590 11,992 14,238 16,374 18,830
YoY% 7.2 9.0 9.1 13.2 18.7 15.0 15.0
Supply Chain Solutions 7,813 6,310 7,374 9,126 10,294 12,352 14,823
YoY% 11.8 -19.2 16.9 23.7 12.8 20.0 20.0
Seaways Division 1,220 1,402 1,639 2,564 3,539 4,423 5,529
YoY% 7.2 15.0 16.9 56.4 38.0 25.0 25.0
Total Revenue 17,580 17,270 19,425 23,461 27,769 32,778 38,721
YoY% 8.1 -1.8 12.5 20.8 18.4 18.0 18.1
EBITDA
Freight Division 240 284 356 435 484 573 659
Supply Chain Solutions 897 672 779 942 1,050 1,272 1,527
Seaways Division 337 412 507 825 920 1,194 1,438
Total 1,414 1,294 1,620 2,127 2,391 2,980 3,567
YoY% 18.1 -8.5 25.2 31.3 12.4 24.6 19.7
EBITDA Margin %
Freight Division 2.7 2.9 3.4 3.6 3.4 3.5 3.5
Supply Chain Solutions 11.5 10.6 10.6 10.3 10.2 10.3 10.3
Seaways Division 27.6 29.4 30.9 32.2 26.0 27.0 26.0
Total 8.0 7.5 8.3 9.1 8.6 9.1 9.2
PAT 551 561 807 1,232 1,390 1,738 2,095
EPS 7.2 7.3 10.5 16.1 18.2 22.7 27.4
YoY% 19.6 1.9 43.8 52.6 12.9 25.0 20.6
CFO 677 1,087 988 1,801 1,711 2,047 2,467
Capex 1,446 1,035 1,153 1,591 1,800 2,000 2,000
Change in estimates
Key parameters FY19e FY20e FY21e
New % Chg Old New % Chg Old New % Chg
Revenue (Rs mn) 27,769 (0.2) 32,862 32,778 (0.3) - 38,721 -
EBITDA (Rs mn) 2,391 (1.6) 3,059 2,980 (2.6) - 3,567 -
EBITDA margin (%) 8.6 -12bps 9.3 9.1 -22bps - 9.2 -
Net profit (Rs mn) 1,390 (1.7) 1,763 1,738 (1.4) - 2,095 -
EPS (Rs) 18.2 (1.7) 23.0 22.7 (1.4) - 27.4 -
Source: Bloomberg
Financials (Consolidated)
Year ended 31 Mar 2017 2018e 2019e 2020e 2021e Year ended 31 Mar 2017 2018e 2019e 2020e 2021e
Net Revenue 19,425 23,461 27,769 32,778 38,721 PBT 1,004 1,525 1,712 2,140 2,580
Op. Expenses 17,805 21,334 25,378 29,798 35,155 Depreciation & amortisation 592 686 781 951 1,123
EBITDA 1,620 2,127 2,391 2,980 3,567 Interest expense 301 322 385 434 471
Depreciation 592 686 781 951 1,123 (Inc)/Dec in working capital (637) (342) (627) (853) (995)
EBIT 1,028 1,441 1,610 2,029 2,444 Tax paid (250) (368) (322) (402) (485)
Other income 122 182 218 223 227 Less: Interest/Dividend Income Recd. (10) (8) (218) (223) (227)
Interest Exp. 301 322 385 434 471 Other operating Cash Flow (13) (13) - - -
Reported PBT 849 1,301 1,443 1,817 2,199 CF from operating activities 988 1,801 1,711 2,047 2,467
Tax 191 287 322 402 485 Capital expenditure (1,153) (1,591) (1,800) (2,000) (2,000)
Reported PAT 658 1,014 1,121 1,415 1,714 Inc/(Dec) in investments (75) 40 (269) (323) (381)
Minority Int./Profit (loss) From Asso. 155 224 269 323 381 Add: Interest/Dividend Income Recd. 5 9 218 223 227
Net Profit 813 1,238 1,390 1,738 2,095 CF from investing activities (1,223) (1,543) (1,851) (2,100) (2,154)
Adjusted PAT 807 1,232 1,390 1,738 2,095 Inc/(Dec) in share capital 25 - - - -
Adjusted EPS (INR) 10.5 16.1 18.2 22.7 27.4 Inc/(Dec) in debt 670 184 600 600 300
Dividend Paid (404) (486) (533) (583) (619)
Balance sheet (INRm) Others 25 - - - -
Year ended 31 Mar 2017 2018e 2019e 2020e 2021e CF from financing activities 316 (303) 67 17 (319)
Share Capital 153 153 153 153 153 Net cash flow 81 (44) (73) (36) (6)
Reserves & Surplus 6,312 7,465 8,707 10,296 12,243 Opening balance 105 187 142 69 34
Networth 6,466 7,618 8,860 10,449 12,396 Closing balance 187 142 69 34 27
Debt 4,213 4,396 4,996 5,596 5,896
Minority Interest 43 47 47 47 47 Growth indicators (%)
Net deferred Tax liabilities 395 445 445 445 445 Year ended 31 Mar 2017 2018e 2019e 2020e 2021e
Capital Employed 11,116 12,506 14,348 16,537 18,784 Revenue(%) 12.5 20.8 18.4 18.0 18.1
Net Fixed Assets 5,985 6,821 7,840 8,889 9,766 EBITDA(%) 25.2 31.3 12.4 24.6 19.7
Investments 866 1,044 1,313 1,635 2,016 Adj PAT(%) 43.8 52.6 12.9 25.0 20.6
Non Current Investments 866 1,044 1,313 1,635 2,016 Adj EPS(%) 43.8 52.6 12.9 25.0 20.6
Current Assets, Loans & Adv. 5,443 6,113 6,890 7,917 9,159
Inventory 25 33 33 33 33 Valuation (x)
Debtors 3,584 4,249 4,945 5,837 6,896 Year ended 31 Mar 2017 2018e 2019e 2020e 2021e
Cash & Bank balance 187 142 69 34 27 P/E 26.6 17.4 15.4 12.3 10.2
Loans & advances and others 1,647 1,689 1,842 2,013 2,203 P/BV 3.3 2.8 2.4 2.1 1.7
Current Liabilities & Prov. 1,179 1,472 1,695 1,904 2,157 EV/EBITDA 15.8 12.1 11.0 9.1 7.7
Liabilities 1,126 1,417 1,639 1,849 2,102 EV/Sales 1.3 1.1 0.9 0.8 0.7
Provisions 53 55 55 55 55 Dividend Yield (%) 0.4 0.6 0.6 0.6 0.6
Financial ratios
Year ended 31 Mar 2017 2018e 2019e 2020e 2021e
Per share data RoE (%) 13.2 17.5 16.9 18.0 18.3
Year ended 31 Mar 2017 2018e 2019e 2020e 2021e RoCE (%) 12.6 15.6 15.6 16.7 17.3
No. of shares (m) 77 77 77 77 77 Asset/T.O (x) 2.0 2.2 2.3 2.3 2.4
Diluted no. of shares (m) 77 77 77 77 77 Net Debt/Equity (x) 0.62 0.56 0.56 0.53 0.47
BVPS (INR) 84.4 99.4 115.7 136.4 161.8 EBIT/Interest (x) 3.8 5.0 4.7 5.2 5.7
CEPS (INR) 16.3 22.2 24.8 30.9 37.0
DPS (INR) 1.1 1.6 1.6 1.6 1.6
Margins (%)
Year ended 31 Mar 2017 2018e 2019e 2020e 2021e
EBITDA Margin(%) 8.3 9.1 8.6 9.1 9.2
EBIT Margin(%) 5.3 6.1 5.8 6.2 6.3
PAT Margin(%) 4.2 5.3 5.0 5.3 5.4
Valuation Guide
Company Reco CMP TP Return M.Cap M.Cap Net profit (INRbn) EPS (INR) P/E (x) EV/EBITDA (x) P/BV (x) RoE (%) RoCE (%) Absolute (%)
(INR) (INR) (%) (INRbn) ( U S D b n ) FY19 FY20 FY21 FY19 FY20 FY21 FY19 FY20 FY21 FY19 FY20 FY21 FY20 FY20 FY20 1m 12m
AGROCHEM
Bayer Cropscience Buy 4,281 4,740 11 147.0 2.1 2.9 5.3 7.1 83.2 117.8 158.2 51.5 36.3 27.1 32.0 18.5 14.3 3.0 12.6 17.7 -1 10
Dhanuka Agri Buy 400 510 28 19.6 0.3 1.1 1.4 1.6 22.7 27.6 32.1 17.6 14.5 12.5 12.2 9.6 7.7 2.4 17.7 24.3 -4 -38
PI Industries Buy 911 990 9 125.7 1.8 4.2 5.1 6.2 30.4 37.2 44.9 30.0 24.5 20.3 21.5 17.2 14.1 4.7 20.7 27.3 7 2
Rallis India Buy 153 220 44 29.7 0.4 1.8 2.1 2.4 9.0 10.6 12.4 17.0 14.4 12.4 10.2 8.4 7.1 2.1 15.0 21.1 -6 -34
Sharda Cropchem Buy 355 500 41 32.0 0.5 2.3 2.8 3.2 25.9 30.8 35.4 13.7 11.5 10.0 7.4 5.8 4.8 2.1 19.4 28.0 16 -15
UPL Buy 855 910 6 435.4 6.1 21.9 25.9 29.3 43.1 60.5 75.8 19.8 14.1 11.3 11.7 10.2 8.8 3.4 21.9 22.6 14 19
AUTOMOBILES
Apollo Tyres Buy 210 252 20 119.9 1.7 9.1 11.8 13.1 15.8 20.6 22.9 13.2 10.2 9.1 6.9 6.0 5.6 1.0 10.8 11.4 -1 -22
Ashok Leyland Buy 83 148 78 244.5 3.4 19.4 26.3 19.1 6.6 9.0 6.5 12.6 9.3 12.7 6.5 4.4 5.5 2.4 26.1 24.8 1 -39
Atul Auto Buy 301 422 40 6.6 0.1 0.5 0.6 0.6 23.0 27.6 28.1 13.1 10.9 10.7 8.4 7.0 6.7 2.2 22.2 33.0 -2 -28
Bajaj Auto Buy 2,859 3,213 12 827.4 11.6 43.5 49.2 51.7 150.5 169.9 178.5 19.0 16.8 16.0 16.7 14.2 13.2 3.4 20.5 29.4 9 -5
Bharat Forge Hold 506 500 (1) 235.7 3.3 10.2 11.8 12.0 21.8 25.3 25.7 23.2 20.0 19.7 13.0 11.6 11.3 4.2 21.1 22.2 6 -34
Ceat Hold 1,077 1,081 0 43.6 0.6 2.8 3.2 3.6 68.1 80.1 90.1 15.8 13.5 12.0 9.6 8.0 6.6 1.4 10.9 12.7 -9 -33
Eicher Motors Buy 20,620 28,672 39 562.6 7.9 23.6 31.1 34.0 869.11,145.71,251.0 23.7 18.0 16.5 15.7 11.5 8.8 4.8 30.1 39.1 3 -24
Hero MotoCorp Hold 2,689 2,786 4 537.1 7.5 35.0 39.1 34.8 175.1 195.7 174.1 15.4 13.7 15.4 10.5 9.3 10.3 3.7 27.2 39.0 1 -24
Mahindra & Mahindra Buy 651 907 39 809.7 11.4 45.6 55.3 55.5 36.7 44.5 44.6 17.7 14.6 14.6 12.0 9.9 9.7 2.2 14.8 13.7 -5 -11
Mahindra CIE Buy 228 350 54 86.2 1.2 5.5 5.8 6.7 14.5 15.4 17.7 15.7 14.8 12.9 - - - 1.8 13.0 15.3 -2 -1
Maruti Suzuki Sell 6,904 5,305 (23) 2,085.7 29.3 78.5 86.1 89.0 259.8 285.1 294.7 26.6 24.2 23.4 16.9 14.8 13.5 4.1 17.8 25.3 6 -23
Minda Corp Buy 126 180 43 28.6 0.4 1.8 2.3 2.5 7.9 10.0 11.3 16.0 12.6 11.2 10.0 8.3 7.2 1.8 17.2 17.2 -14 -34
Minda Industries Hold 309 321 4 81.0 1.1 3.8 4.5 5.2 14.5 17.1 20.1 21.3 18.0 15.4 11.9 9.9 8.5 3.7 22.9 21.0 6 -17
Motherson Sumi Hold 157 168 7 497.2 7.0 19.2 25.7 29.5 6.1 8.1 9.3 25.8 19.3 16.9 9.8 7.6 6.4 3.7 20.8 22.1 4 -28
Schaeffler India Ltd Buy 5,301 6,178 17 88.1 1.2 2.9 3.4 3.7 175.8 205.4 224.4 30.1 25.8 23.6 17.8 15.3 13.7 3.9 16.1 24.3 -1 0
SKF India Buy 1,964 2,067 5 100.8 1.4 3.4 3.9 4.6 66.4 76.3 89.9 29.6 25.8 21.9 18.9 16.0 13.2 4.2 17.5 27.1 2 7
Tata Motors Buy 183 240 32 573.6 8.1 -9.0 49.5 67.6 -2.7 14.6 19.9 -68.8 12.5 9.2 4.1 2.8 2.4 0.6 5.0 3.5 5 -51
Timken India Buy 568 738 30 42.7 0.6 1.2 1.8 2.1 16.5 23.3 28.4 34.4 24.3 20.0 16.3 12.5 10.4 3.9 16.7 23.1 3 -29
TVS Motors Buy 456 745 63 216.7 3.0 7.5 11.3 12.9 15.8 23.7 27.2 28.8 19.3 16.8 14.6 10.2 8.7 5.3 27.5 33.7 -8 -33
BUILDING MATERIALS
Astral Poly Technik Hold 1,100 880 (20) 131.8 1.9 2.2 2.9 3.7 18.8 24.1 31.2 58.7 45.6 35.3 33.6 26.8 21.3 8.8 21.2 28.2 7 35
Century Plyboards India Buy 162 220 36 35.9 0.5 1.7 2.0 2.5 7.5 8.9 11.5 21.6 18.1 14.1 13.3 11.1 9.1 3.1 18.6 18.4 -3 -50
Cera Sanitaryware Hold 2,323 2,500 8 30.2 0.4 1.1 1.4 1.6 87.1 107.4 125.5 26.7 21.6 18.5 15.2 12.4 10.4 3.7 18.1 26.4 -7 -27
Finolex Industries Hold 463 560 21 57.4 0.8 3.8 3.9 4.3 31.0 32.5 35.5 14.9 14.2 13.0 6.7 6.0 5.2 1.8 13.0 18.7 -13 -29
Greenlam Industries Buy 700 930 33 16.9 0.2 0.8 0.9 1.1 32.5 39.1 46.4 21.5 17.9 15.1 11.2 9.5 8.2 3.3 20.1 23.6 -17 -40
Greenply Industries Buy 145 160 11 17.7 0.2 0.8 1.0 1.2 6.8 7.9 9.8 21.3 18.3 14.7 12.2 10.2 8.4 1.7 9.7 9.7 10 -58
Kajaria Ceramics Hold 539 550 2 85.7 1.2 2.4 3.2 4.0 15.4 19.8 25.1 35.1 27.1 21.5 18.2 14.5 11.5 4.7 18.8 26.0 0 -6
Somany Ceramics Hold 325 380 17 13.8 0.2 0.4 0.8 1.0 10.5 17.8 23.5 30.8 18.2 13.8 11.9 8.6 6.9 2.1 11.8 13.0 -6 -50
Supreme Industries Buy 1,110 1,190 7 141.1 2.0 5.0 6.0 7.0 39.2 47.5 55.4 28.3 23.4 20.0 15.8 13.2 11.2 5.7 26.3 33.8 11 -6
CEMENT
ACC Buy 1,384 1,700 23 260.0 3.7 10.7 12.4 13.9 56.9 65.8 74.0 24.3 21.0 18.7 10.8 9.7 8.9 2.3 11.3 16.8 1 -17
Ambuja Cement Hold 212 220 3 421.7 5.9 12.4 13.5 15.1 6.3 6.8 7.6 33.9 31.1 28.0 20.6 18.2 16.4 1.9 6.3 8.7 5 -19
Dalmia Bharat Buy 1,176 1,280 9 226.6 3.2 2.1 3.8 6.5 11.0 19.8 34.0 106.8 59.4 34.6 13.7 12.2 10.2 2.1 3.6 6.0 18
Grasim Industries Buy 781 1,015 30 513.6 7.2 26.1 27.4 28.3 39.7 41.7 43.1 19.7 18.7 18.1 12.3 12.3 11.4 1.0 5.7 7.7 3 -34
JK Lakshmi Cement Buy 316 340 8 37.2 0.5 0.8 1.6 2.7 7.0 13.9 22.5 45.1 22.7 14.0 12.3 9.2 7.0 2.2 10.2 11.6 8 -27
Orient Cement Hold 69 75 8 14.1 0.2 0.1 0.3 0.9 0.6 1.7 4.4 124.4 40.4 15.7 10.3 8.9 6.7 1.4 3.4 7.9 -4 -58
Shree Cements Hold 16,594 17,450 5 578.1 8.1 12.8 15.4 18.2 368.5 441.2 522.8 45.0 37.6 31.7 20.6 16.5 13.8 5.1 14.5 15.7 6 -2
UltraTech Cement Hold 3,789 3,880 2 1,040.5 14.6 21.9 30.7 40.2 79.7 106.2 139.3 47.6 35.7 27.2 19.2 14.8 12.2 3.0 9.5 10.4 8 -9
FMCG & RETAIL
Asian Paints Buy 1,402 1,560 11 1,344.8 18.9 22.5 27.7 33.3 23.4 28.8 34.7 59.8 48.6 40.4 36.9 29.7 24.9 11.9 26.4 35.8 2 27
Bajaj Consumer Care Buy 348 479 38 51.3 0.7 2.3 2.7 3.2 15.4 18.3 21.8 22.5 19.0 16.0 17.3 14.4 11.9 10.3 55.0 68.2 1 -28
Colgate Palmolive Buy 1,245 1,455 17 338.6 4.8 7.7 8.8 9.9 28.2 32.3 36.4 44.2 38.6 34.2 25.7 22.2 19.4 12.7 35.9 53.8 -3 19
Avenue Supermarts BUY 1,469 1,817 24 917.0 12.9 10.8 13.4 18.3 17.4 21.5 29.3 84.6 68.4 50.2 52.0 41.6 30.5 13.0 20.9 30.2 8 14
Emami BUY 399 495 24 181.2 2.5 5.3 6.5 7.5 11.7 14.2 16.5 34.0 28.0 24.2 22.9 19.1 16.1 7.2 27.8 32.7 -5 -28
Future Consumer BUY 46 70 52 88.2 1.2 0.2 1.0 1.4 0.1 0.5 0.7 697.6 95.3 66.5 82.5 40.7 29.3 7.9 9.3 10.6 16 -24
Future Lifestyle BUY 427 566 33 83.1 1.2 1.8 2.1 2.7 9.2 10.6 14.0 46.4 40.2 30.4 16.4 14.2 11.5 4.4 11.5 18.9 1 14
Future Retail Buy 416 680 64 208.9 2.9 7.2 7.7 9.2 14.3 15.4 18.3 29.0 27.0 22.7 21.5 15.6 12.3 4.6 18.6 23.7 -6 -19
Godrej Consumer Hold 654 750 15 668.9 9.4 15.5 18.4 21.9 15.2 18.0 21.4 43.1 36.4 30.6 29.2 24.6 20.7 7.6 22.8 24.1 -16 -8
Hindustan Unilever Hold 1,772 1,786 1 3,836.3 53.9 62.2 73.0 82.0 28.8 33.7 37.9 61.6 52.5 46.7 42.7 36.2 31.8 51.6 98.7 147.2 1 33
ITC Buy 276 356 29 3,374.7 47.4 122.2 137.8 155.1 10.0 11.3 12.7 27.5 24.4 21.7 19.0 16.7 14.7 5.7 24.5 35.8 -1 3
Jyothy Labs Buy 179 213 19 65.7 0.9 1.9 2.2 2.6 5.3 6.2 7.1 33.5 28.9 25.2 22.2 19.8 17.5 6.1 20.7 21.2 0 3
Kansai Nerolac Hold 454 470 4 244.4 3.4 5.0 6.2 7.2 9.4 11.5 13.4 48.5 39.5 33.8 29.5 24.2 20.8 6.4 17.1 26.1 1 -7
Marico Buy 341 403 18 440.7 6.2 9.6 12.5 14.4 7.5 9.7 11.2 45.8 35.3 30.5 32.3 24.8 21.3 12.4 38.3 50.0 -8 11
Nestle HOLD 10,804 9,800 (9) 1,041.7 14.6 17.5 20.0 23.6 181.4 207.1 245.0 59.6 52.2 44.1 36.5 32.1 26.7 25.9 51.9 77.4 -5 42
Shoppers Stop BUY 481 628 31 42.3 0.6 0.9 1.3 1.6 10.7 14.3 18.0 45.1 33.7 26.7 16.6 13.1 10.4 3.7 11.5 16.1 -7 -10
Trent BUY 323 398 23 107.5 1.5 1.3 1.6 2.3 3.9 4.9 6.9 82.7 65.4 46.5 47.0 38.4 27.8 5.7 9.1 11.6 -7 4
V-Mart Retail BUY 2,547 3,040 19 46.2 0.6 0.8 1.1 1.4 44.8 59.9 75.0 56.8 42.5 34.0 30.6 23.5 18.1 8.7 22.6 34.9 4 60
V2 Retail BUY 256 448 75 8.7 0.1 0.4 0.5 0.7 10.8 13.8 20.9 23.7 18.6 12.3 14.2 8.9 5.7 2.5 14.6 21.5 -6 -36
Valuation Guide
Company Reco CMP TP Return M.Cap M.Cap Net profit (INRbn) EPS (INR) PE (x) EV/EBITDA (x) P/BV (x) RoE (%) RoCE (%) Absolute (%)
INDUSTRIALS & ENGINEERING

ABB Buy 1,236 1,410 14 261.9 3.7 5.6 6.7 8.5 26.2 31.8 40.3 47.2 38.8 30.7 26.5 22.1 17.4 5.9 16.1 27.2 -2 -19
Bajaj Elec. Buy 453 675 49 46.4 0.7 1.9 2.6 2.8 19.0 25.0 27.0 23.9 18.1 16.8 13.9 11.3 10.7 3.8 22.2 22.0 0 -14
BEML Buy 823 1,150 40 34.3 0.5 1.4 2.1 3.0 32.9 50.2 71.9 25.0 16.4 11.5 13.4 10.3 7.9 1.4 8.7 12.1 -3 -34
Bharat Electronics Buy 80 127 59 194.2 2.7 16.2 16.6 19.3 6.6 6.8 7.9 12.0 11.7 10.1 7.4 7.2 6.3 1.9 17.3 24.6 -1 -49
BHEL Hold 65 70 8 225.8 3.2 13.2 20.2 25.7 3.6 5.5 7.0 18.1 11.8 9.3 8.7 4.9 3.5 0.7 6.0 11.0 -2 -31
Blue Star Hold 615 680 11 59.2 0.8 1.7 2.1 2.5 18.0 22.0 26.0 34.1 28.0 23.7 18.7 16.0 13.8 6.3 23.3 34.7 1 -17
Crompton Consumer Hold 203 245 21 127.2 1.8 3.6 4.3 5.1 5.8 6.8 8.2 35.1 29.7 24.9 22.3 18.8 15.9 11.4 41.6 47.3 -6 -13
CG Power & Ind. Sol. Buy 31 70 127 19.3 0.3 1.1 2.4 3.1 1.8 3.8 5.0 16.8 8.0 6.2 5.6 4.3 3.7 0.7 8.7 12.0 -18 -63
Cummins India Buy 725 935 29 200.9 2.8 7.8 8.7 10.0 28.1 31.5 36.0 25.8 23.0 20.2 22.1 19.7 17.0 4.5 20.2 27.4 -13 -12
Engineers India Hold 105 120 14 66.4 0.9 3.9 4.4 5.0 5.8 6.5 7.5 18.2 16.1 14.0 10.9 8.7 7.1 2.7 17.3 30.2 -6 -40
GE T&D Hold 286 265 (7) 73.2 1.0 2.3 2.6 2.7 8.9 10.0 10.6 32.0 28.6 26.9 17.7 17.2 16.0 4.7 17.4 31.7 -1 -30
Havells India Hold 694 700 1 434.3 6.1 8.6 11.1 12.5 13.8 17.8 20.0 50.2 38.9 34.7 32.0 26.3 23.6 9.6 25.9 34.9 -2 35
Hitachi Home & Life Buy 1,721 2,200 28 46.8 0.7 0.9 1.2 1.7 33.9 45.3 62.8 50.8 38.0 27.4 24.5 19.3 14.5 6.5 18.4 27.1 -3 -24
Honeywell Automation Buy 21,598 27,450 27 191.0 2.7 3.5 4.4 5.4 400.7 502.1 610.0 53.9 43.0 35.4 37.7 29.7 24.2 8.7 22.5 35.7 -2 32
KEC International Buy 256 390 52 65.9 0.9 5.1 5.8 6.7 19.7 22.4 26.0 13.0 11.4 9.9 6.7 5.9 5.1 2.0 19.4 26.5 4 -40
Kirloskar Pneumatic Buy 187 245 31 12.0 0.2 0.6 0.7 0.9 9.4 10.9 13.6 19.9 17.1 13.7 12.8 10.6 9.0 2.2 13.6 20.1 13 6
Lakshmi Machine Works Hold 5,670 5,900 4 60.6 0.9 2.6 3.0 3.3 232.0 268.2 295.0 24.4 21.1 19.2 14.9 12.3 9.8 3.1 15.5 28.7 5 -11
Larsen & Toubro Buy 1,266 1,665 32 1,775.2 24.9 93.6 107.1 127.0 66.8 76.5 90.6 18.9 16.6 14.0 16.3 14.1 12.1 1.6 15.4 9.8 -2 -6
Siemens Buy 987 1,370 39 351.6 4.9 11.3 13.9 15.8 31.8 39.2 44.5 31.1 25.2 22.2 18.9 15.4 13.2 4.0 16.4 26.0 -4 -16
Techno Electric Buy 250 383 53 28.1 0.4 2.0 2.4 2.6 18.2 21.4 22.6 13.8 11.7 11.0 9.4 7.8 6.9 1.8 16.4 20.9 0
Thermax Hold 981 1,050 7 116.9 1.6 3.6 4.1 5.0 29.9 34.8 42.0 32.8 28.2 23.4 25.3 20.2 14.8 3.7 13.9 20.5 -13 -16
Voltas Buy 537 650 21 177.8 2.5 5.6 7.0 7.7 16.8 21.1 23.2 32.0 25.5 23.1 24.6 19.8 17.5 3.6 15.0 24.0 1 -12
IT
Cyient Buy 628 730 16 70.9 1.0 4.7 5.6 6.4 41.5 50.0 56.4 15.1 12.5 11.1 9.2 7.6 6.4 2.4 20.0 24.1 5 -2
HCL Tech Buy 1,059 1,100 4 1,436.1 20.2 101.5 108.4 116.3 73.6 78.8 84.5 14.4 13.4 12.5 9.1 8.2 7.3 2.8 22.3 28.6 9 12
Hexaware Tech Hold 354 330 (7) 105.4 1.5 5.8 6.3 6.9 19.9 21.6 23.4 17.8 16.4 15.1 13.1 11.1 9.8 3.9 25.6 32.6 9 3
Infosys Buy 743 810 9 3,243.7 45.6 153.5 177.9 195.4 35.2 40.7 44.7 21.1 18.2 16.6 14.0 12.3 11.0 4.1 23.8 33.0 2 32
Larsen Toubro Infotech Buy 1,699 2,040 20 294.8 4.1 15.9 17.4 19.8 90.8 99.8 113.4 18.7 17.0 15.0 14.8 12.4 10.8 5.3 33.8 47.5 -1 18
Mphasis Buy 1,027 1,080 5 191.3 2.7 10.9 12.6 13.9 56.7 65.2 72.2 18.1 15.8 14.2 12.7 10.7 9.3 3.1 20.4 25.9 12 16
NIIT Tech Buy 1,317 1,580 20 81.3 1.1 4.2 5.4 6.4 69.4 89.2 105.8 19.0 14.8 12.4 11.1 8.8 7.1 3.3 24.1 33.4 2 59
Persistent Sys Buy 630 760 21 50.4 0.7 3.6 4.3 4.7 45.6 54.3 58.6 13.8 11.6 10.7 5.9 4.9 4.2 1.9 17.1 23.9 12 -27
TCS Buy 2,039 2,120 4 7,650.0 107.5 312.9 347.5 377.0 83.6 92.8 100.7 24.4 22.0 20.2 18.1 15.9 14.4 6.9 34.7 45.7 6 34
TeamLease Buy 3,098 3,000 (3) 53.0 0.7 1.1 1.5 1.9 61.7 90.4 109.0 50.2 34.3 28.4 50.6 34.7 28.1 7.4 24.3 25.2 18 48
Tech Mahindra Buy 833 870 4 817.8 11.5 44.1 50.7 51.6 49.0 56.5 60.8 17.0 14.8 13.7 11.6 10.4 9.3 2.8 20.7 26.1 14 36
Wipro Hold 388 340 (12) 1,754.2 24.7 97.4 103.3 111.5 20.1 22.9 24.8 19.3 16.9 15.7 12.3 10.9 9.8 2.8 17.7 20.8 10 33
LOGISTICS
Adani Ports Buy 324 420 30 670.0 9.4 41.2 48.4 58.3 19.9 23.4 28.1 16.3 13.8 11.5 11.7 10.0 8.5 2.3 18.3 16.6 -13 -22
Allcargo Logistics Buy 100 140 40 24.7 0.3 2.1 2.6 3.1 8.7 10.8 12.7 11.6 9.3 7.9 6.0 4.9 4.0 1.1 11.9 14.3 -5 -43
Arshiya Ltd Buy 28 78 179 6.8 0.1 -1.6 1.3 3.2 -13.5 10.4 26.0 -2.1 2.7 1.1 56.4 26.4 14.7 0.7 14.6 12.2 -7 -69
Blue Dart Express Hold 3,093 3,310 7 73.4 1.0 1.1 1.7 2.0 47.2 72.4 82.7 65.6 42.7 37.4 34.8 24.1 20.6 9.5 23.7 35.2 3 -28
ConCor Buy 467 610 31 284.5 4.0 9.5 11.4 13.8 15.6 18.7 22.7 30.0 25.0 20.6 17.9 15.0 12.2 2.8 11.5 15.6 -12 -12
Gateway Distiparks Hold 105 125 19 11.4 0.2 0.7 0.8 1.0 6.4 7.5 9.0 16.4 13.9 11.7 14.2 12.9 12.0 1.1 7.9 10.8 8 -49
Navkar Corp. Buy 41 70 72 6.1 0.1 0.6 0.8 1.1 3.9 5.1 7.2 10.3 7.9 5.7 6.3 5.2 4.1 0.3 4.3 6.7 -13 -76
Transport Corp. Buy 280 380 35 21.5 0.3 1.4 1.7 2.1 18.2 22.7 27.4 15.4 12.4 10.3 11.0 9.1 7.7 2.1 18.0 16.7 -3 0
VRL Logistics Hold 243 305 26 21.9 0.3 0.9 1.3 1.4 10.2 13.9 16.0 23.9 17.5 15.2 9.6 7.6 6.5 3.0 18.4 21.3 -7 -41
METALS & MINING
Hindalco Industries Buy 197 269 37 441.2 6.2 61.7 60.3 67.7 27.7 27.1 30.4 7.1 7.3 6.5 5.2 5.2 4.6 0.7 9.7 10.2 -4 -20
Hindustan Zinc Hold 263 278 6 1,112.1 15.6 83.5 88.2 96.0 19.8 20.9 22.7 13.3 12.6 11.6 8.1 6.9 6.1 2.8 24.0 33.6 5 -15
Jindal Steel & Power Buy 159 184 16 153.5 2.2 2.8 2.3 7.6 2.8 2.3 7.5 56.6 69.0 21.2 6.8 6.5 5.7 0.5 0.7 4.9 15 -41
JSW Steel Hold 285 257 (10) 687.7 9.7 73.5 52.5 54.7 30.4 21.7 22.6 9.4 13.1 12.6 6.1 7.7 7.3 1.9 14.9 13.9 4 -10
MOIL Buy 143 238 66 36.9 0.5 4.8 5.3 5.3 18.7 20.6 20.7 7.7 7.0 6.9 2.3 1.7 1.4 1.0 15.9 24.0 -10 -32
NALCO Buy 49 80 64 90.5 1.3 17.6 12.6 13.8 9.4 6.8 7.4 5.1 7.2 6.5 2.2 2.8 2.6 0.8 11.0 15.2 -20 -28
NMDC Buy 97 141 45 307.5 4.3 41.0 45.1 46.4 13.4 14.7 15.2 7.3 6.6 6.4 4.7 4.2 3.9 1.1 16.7 24.9 7 -26
SAIL Hold 49 45 (7) 200.5 2.8 21.1 12.8 20.6 5.1 3.1 5.0 9.5 15.6 9.8 7.6 8.2 7.0 0.5 3.2 6.0 3 -44
Tata Steel Buy 504 576 14 570.8 8.0 123.4 101.6 103.1 102.6 84.5 85.7 4.9 6.0 5.9 4.7 5.2 5.0 0.8 13.5 11.5 11 -26
Valuation Guide
Company Reco CMP TP Return M.Cap M.Cap Net profit (INRbn) EPS (INR) PE (x) EV/EBITDA (x) P/BV (x) RoE (%) RoCE (%) Absolute (%)
OIL & GAS

BPCL Buy 337 385 14 730.3 10.3 54.6 86.1 87.0 25.2 39.7 40.1 13.4 8.5 8.4 12.3 7.8 7.7 1.6 21.8 18.7 -6 -22
Castrol India Buy 151 240 59 149.4 2.1 7.1 7.4 7.9 7.2 7.5 8.0 21.1 20.2 18.9 13.3 12.3 11.6 11.5 59.9 93.0 -8 -24
GAIL India Buy 333 440 32 752.0 10.6 63.3 67.2 71.8 28.1 29.8 31.8 11.9 11.2 10.5 7.3 6.6 6.0 1.6 14.6 19.9 0 -4
Gujarat Gas Buy 117 180 54 80.3 1.1 3.7 4.8 6.3 5.4 7.0 9.1 21.6 16.6 12.8 9.5 7.9 6.4 3.1 20.5 17.4 -7 -32
Gujarat State Petronet Hold 160 225 41 90.3 1.3 8.0 8.5 8.6 14.1 15.2 15.3 11.3 10.6 10.4 7.2 6.7 6.3 1.4 14.0 17.4 -12 -21
Gulf Oil Lubricants Buy 876 1,100 26 43.6 0.6 1.7 2.2 2.6 35.3 44.0 52.5 24.8 19.9 16.7 16.0 12.8 10.6 6.2 34.4 36.2 2 -12
HPCL Buy 226 330 46 344.2 4.8 39.2 64.4 84.1 25.7 42.2 55.2 8.8 5.3 4.1 8.3 5.6 4.5 1.2 23.3 16.6 -7 -42
Indian Oil Corp Buy 142 175 23 1,381.5 19.4 191.7 248.9 255.1 19.7 25.6 26.3 7.2 5.6 5.4 5.2 4.3 4.1 1.0 19.7 20.3 3 -24
Indraprastha Gas Buy 288 350 21 201.8 2.8 7.3 8.2 8.9 10.4 11.7 12.8 27.7 24.7 22.6 16.1 14.4 12.9 4.5 19.2 27.7 6 -3
Mahanagar Gas Buy 891 1,100 24 88.0 1.2 5.9 6.3 6.9 59.3 64.3 70.1 15.0 13.9 12.7 9.3 8.5 7.8 3.5 27.0 31.1 -2 -13
Oil India Buy 174 280 61 197.5 2.8 39.6 41.5 42.1 34.9 36.5 37.1 5.0 4.8 4.7 3.8 3.4 3.0 0.6 13.3 15.8 1 -25
ONGC Buy 148 205 39 1,892.9 26.6 316.4 361.0 374.0 24.7 28.1 29.1 6.0 5.2 5.1 3.6 3.0 2.8 0.8 15.1 16.2 4 -23
Petronet LNG Hold 222 235 6 332.7 4.7 23.9 24.2 25.7 15.9 16.2 17.1 13.9 13.7 12.9 9.6 9.1 8.7 3.0 22.4 29.9 -2 -6
Reliance Industries Hold 1,220 1,245 2 7,734.8 108.7 392.2 465.0 585.2 66.3 78.5 98.9 18.4 15.5 12.3 12.2 10.5 8.6 1.9 13.1 12.5 -2 30
PHARMA
Alembic Pharma Hold 535 590 10 100.8 1.4 5.8 5.2 5.9 30.7 27.6 31.2 17.4 19.4 17.2 12.2 12.4 10.1 3.3 17.9 18.5 -9 -6
Cadila Healthcare Hold 312 370 18 319.9 4.5 18.4 18.7 21.3 18.0 18.3 20.8 17.4 17.1 15.0 12.4 11.3 10.0 2.9 17.6 11.9 -9 -23
Cipla Buy 550 615 12 443.5 6.2 15.2 19.2 23.1 18.9 23.9 28.7 29.1 23.0 19.2 16.0 12.8 10.8 2.6 11.8 13.7 8 -7
Dr Reddy's Lab Buy 2,648 3,000 13 439.6 6.2 17.7 20.1 24.7 107.1 121.4 149.1 24.7 21.8 17.8 15.1 12.1 9.7 2.8 13.7 14.0 -1 21
Lupin Hold 776 840 8 351.1 4.9 9.6 16.4 19.4 21.2 36.3 43.0 36.5 21.4 18.1 15.9 11.3 9.8 2.3 11.1 12.6 -10 -6
Natco Buy 575 940 63 106.3 1.5 7.3 7.0 7.1 40.3 39.2 39.7 14.3 14.7 14.5 11.5 11.9 11.5 2.6 18.6 23.0 -15 -26
Strides Shasun Hold 417 550 32 37.3 0.5 0.5 2.4 3.4 5.2 26.8 37.5 79.3 15.5 11.1 12.9 8.2 6.7 1.4 9.2 10.3 -20 -40
Torrent Pharma Hold 1,812 1,810 (0) 306.7 4.3 8.3 10.9 13.8 48.7 64.5 81.7 37.2 28.1 22.2 16.7 14.0 11.8 5.3 20.0 17.7 -3 35
INFRASTRUCTURE
Ashoka Buildcon Buy 116 167 44 32.7 0.5 3.0 3.5 3.4 10.6 12.4 12.2 10.9 9.4 9.6 8.6 6.8 6.8 1.4 15.7 14.7 -6 -22
Dilip Buildcon Buy 417 573 37 57.1 0.8 7.1 6.4 6.7 52.2 46.5 49.3 8.0 9.0 8.5 4.2 3.8 3.4 1.5 18.2 25.0 21 -56
Gayatri Projects Hold 149 178 19 28.0 0.4 2.1 2.7 2.7 11.0 14.2 14.5 13.6 10.5 10.3 8.1 6.6 6.1 1.6 16.3 18.5 -11 -30
IRB Infra Buy 130 190 47 45.6 0.6 8.2 9.1 7.1 23.3 25.8 20.3 5.6 5.0 6.4 5.0 4.7 4.9 0.7 14.1 14.6 -13 -43
KNR Constructions Ltd. Buy 200 257 28 28.2 0.4 2.4 2.1 2.5 17.1 14.6 17.7 11.7 13.7 11.3 7.7 7.6 6.3 1.8 13.8 19.8 -5 -34
NBCC Buy 53 58 9 94.8 1.3 4.8 5.5 8.0 2.6 3.0 4.4 19.9 17.3 11.9 17.7 9.9 7.2 3.6 22.3 20.7 -7 -48
NCC Ltd. Buy 82 127 54 49.5 0.7 6.1 6.1 6.6 10.1 10.2 11.1 8.1 8.1 7.4 4.6 4.2 4.1 1.0 13.2 21.4 1 -35
Sadbhav Engg. Buy 171 258 51 29.3 0.4 2.3 2.6 3.4 13.3 15.3 20.1 12.9 11.2 8.5 10.2 7.4 5.6 1.3 11.9 14.3 -14 -57
Sadbhav Infra Buy 84 166 98 29.6 0.4 -0.9 -0.9 0.8 -2.5 -2.5 2.4 -33.1 -33.3 35.0 8.5 6.7 5.6 5.0 -15.5 13.2 -9 -38
MIDCAPS - OTHER
APL Apollo Tubes Buy 1,158 1,499 29 27.5 0.4 1.1 2.0 2.5 44.6 82.4 103.4 26.0 14.1 11.2 11.5 8.0 6.8 2.6 20.0 20.1 4 -45
CCL Products Buy 277 360 30 36.9 0.5 1.6 1.9 2.4 11.9 14.5 18.0 23.3 19.2 15.4 14.6 11.9 10.0 3.7 20.8 23.4 2 -6
Deepak Nitrite Buy 223 410 84 30.4 0.4 1.7 2.8 3.3 12.6 20.2 23.9 17.8 11.0 9.4 8.8 6.3 5.4 2.3 23.2 21.1 3 -14
Himadri Chemicals Buy 110 177 61 46.1 0.6 3.0 3.9 4.6 7.3 9.3 11.1 15.2 11.9 10.0 9.2 7.4 6.3 2.2 20.4 24.6 -5 -32
Indian Hume Pipe Buy 275 405 47 13.3 0.2 0.8 1.0 1.3 16.4 21.3 27.8 16.7 12.9 9.9 8.7 7.4 6.1 2.3 19.1 23.5 -14 -28
Jain Irrigation Buy 57 80 40 29.2 0.4 3.5 5.0 6.6 6.7 9.8 12.8 8.5 5.9 4.5 6.2 5.5 4.9 0.6 10.1 12.7 -3 -52
Mold-Tek Packaging Buy 244 370 52 6.7 0.1 0.3 0.4 0.5 11.3 14.2 18.4 21.6 17.1 13.2 10.7 9.0 7.4 3.1 19.2 14.4 -5 -25
Raymond Buy 757 1,260 66 46.5 0.7 1.6 2.2 2.8 26.3 36.5 44.9 28.8 20.7 16.9 11.2 9.4 8.5 2.1 10.8 13.6 -2 -21
Valuation Guide
Company Reco CMP TP Return M.Cap M.Cap Net profit (INRbn) ABVS (INR) P/AdjBV (x) NNPA Ratio (%) P/E (x) RoE (%) RoA (%) Absolute (%)
FINANCIALS
Axis Bank Buy 710 770 8 1,825.7 25.7 47.2 108.8 136.8 241.9 267.5 303.6 2.9 2.7 2.3 2.0 2.1 1.9 17.0 14.7 1.3 6 29
Bank of Baroda Buy 102 145 43 268.5 3.8 29.1 60.2 87.5 105.9 132.7 157.8 1.0 0.8 0.6 4.1 2.9 2.5 4.5 13.9 0.7 -8 -29
Canara Bank Hold 218 275 26 164.2 2.3 9.3 39.3 53.7 194.4 313.3 390.1 1.1 0.7 0.6 5.6 3.3 2.7 4.1 12.4 0.5 -14 -30
City Union Bank Hold 178 220 24 130.7 1.8 7.0 8.0 9.3 67.1 78.8 92.4 2.7 2.3 1.9 1.7 1.4 1.2 14.9 15.3 1.7 -6 14
DCB Bank Hold 184 200 9 56.9 0.8 3.2 4.1 5.5 87.8 99.7 115.3 2.1 1.8 1.6 0.7 0.6 0.6 13.7 13.7 1.0 2 10
Federal Bank Buy 82 110 35 162.1 2.3 12.1 16.4 20.9 59.7 65.9 74.4 1.4 1.2 1.1 1.7 1.3 0.9 9.9 12.0 0.9 -6 -15
HDFC Bank Buy 2,111 2,500 18 5,745.1 80.7 209.9 254.5 308.9 529.3 599.3 684.5 4.0 3.5 3.1 0.5 0.5 0.4 22.5 16.3 1.9 1 10
ICICI Bank Buy 348 445 28 2,243.5 31.5 41.7 145.9 164.0 146.4 170.7 190.1 2.4 2.0 1.8 2.3 1.2 0.7 15.4 14.5 1.4 -3 6
IndusInd Bank Buy 1,478 1,925 30 890.8 12.5 47.0 61.3 77.1 422.5 518.6 604.7 3.5 2.9 2.4 1.1 1.0 1.0 17.0 17.9 1.9 0 -13
Karur Vysya Bank Hold 68 90 32 54.7 0.8 2.1 4.7 7.8 59.8 65.2 72.1 1.1 1.0 0.9 4.8 3.7 3.1 11.7 7.2 0.6 -26 -32
Kotak Mahindra Bank Buy 1,236 1,425 15 2,358.6 33.1 48.0 59.9 74.6 196.9 222.7 254.8 6.3 5.6 4.9 0.7 0.8 0.9 39.4 13.3 1.7 -2 12
Punjab National Bank Hold 72 90 25 273.2 3.8 -43.6 31.7 64.5 49.0 76.6 88.6 1.5 0.9 0.8 6.9 3.9 3.6 8.9 7.5 0.4 -6 -36
State Bank of India Buy 266 365 37 2,377.1 33.4 27.2 273.9 372.6 162.9 184.7 213.8 1.6 1.4 1.2 3.1 2.8 2.6 8.7 13.6 0.7 -7 -3
South Indian Bank Buy 13 18 36 24.1 0.3 2.3 5.8 7.5 22.9 25.9 29.5 0.6 0.5 0.5 2.5 1.9 1.5 4.2 10.7 0.6 -1 -51
Union Bank of India Hold 70 95 36 81.4 1.1 4.9 1.9 31.2 59.2 115.6 139.7 1.2 0.6 0.5 7.7 4.3 3.7 43.6 0.8 0.0 -12 -35
YES Bank Buy 230 250 9 530.8 7.5 39.4 56.1 68.9 114.8 138.3 159.7 2.0 1.7 1.4 1.5 0.7 0.8 9.4 18.0 1.3 5 -30
NBFCs
Bajaj Finance Hold 2,658 2,924 10 1,536.0 21.6 38.3 53.0 72.3 344.4 423.6 531.6 7.7 6.3 5.0 0.6 0.5 0.5 28.8 24.0 4.1 2 59
Cholamandalam Invst & Fin Buy 1,200 1,536 28 187.7 2.6 12.0 13.1 16.0 366.1 432.4 513.5 3.3 2.8 2.3 1.5 1.5 1.5 14.3 19.5 2.4 5 -17
Equitas Holding Hold 112 134 20 38.2 0.5 2.2 3.3 4.3 70.7 79.5 91.4 1.6 1.4 1.2 0.8 0.8 0.8 11.6 12.4 1.7 -4 -24
Gruh Finance Hold 247 290 17 181.4 2.5 4.4 5.1 6.1 22.7 27.3 32.6 10.9 9.1 7.6 0.0 0.1 0.1 35.6 27.8 2.5 9 -9
HDFC Buy 1,854 2,159 16 3,188.2 44.8 92.3 107.8 123.1 400.4 443.7 493.7 4.6 4.2 3.8 0.4 0.4 0.4 28.8 14.1 2.2 -6 1
LIC Housing Finance Buy 464 440 (5) 234.1 3.3 23.1 26.0 30.1 287.9 329.1 376.1 1.6 1.4 1.2 0.4 0.4 0.5 9.0 16.7 1.3 2 -10
Manappuram Hold 113 107 (5) 95.3 1.3 8.6 10.0 11.6 51.7 59.6 69.7 2.2 1.9 1.6 0.5 0.6 0.6 9.6 20.6 5.1 14 3
M&M Finance Hold 389 454 17 240.5 3.4 13.5 15.0 18.2 124.1 139.8 157.1 3.1 2.8 2.5 4.0 3.5 3.3 16.0 13.8 1.9 -7 -13
Muthoot Capital Buy 789 1,088 38 13.0 0.2 0.8 1.2 1.7 290.5 361.8 462.8 2.7 2.2 1.7 3.3 3.0 4.0 11.1 21.9 3.4 -13 4
Muthoot Finance Buy 526 651 24 210.7 3.0 19.8 22.1 24.8 216.1 257.8 306.4 2.4 2.0 1.7 2.0 2.0 2.0 9.5 21.8 6.3 -2 35
PNB Hsg. Fin. Hold 912 1,140 25 152.7 2.1 9.1 10.4 12.4 433.1 495.7 570.0 2.1 1.8 1.6 0.3 0.3 0.4 14.6 13.5 1.3 2 -26
Repco Home Finance Hold 326 375 15 20.4 0.3 2.5 2.8 3.2 244.7 282.2 324.9 1.3 1.2 1.0 1.0 0.9 1.0 7.2 17.3 2.3 -20 -42
Shriram City Union Buy 1,616 1,999 24 106.7 1.5 9.6 9.2 10.7 750.9 865.7 996.1 2.2 1.9 1.6 4.8 4.1 3.6 11.6 13.6 2.7 -7 -18
Shriram Transport Buy 1,130 1,307 16 256.3 3.6 23.3 26.8 26.8 539.2 637.8 637.8 2.1 1.8 1.8 2.6 2.4 2.4 9.6 16.9 2.3 1 -16
Sundaram Finance Buy 1,562 1,751 12 173.5 2.4 6.2 7.3 8.5 434.1 493.8 493.8 3.6 3.2 3.2 0.5 0.5 0.5 23.9 15.8 2.1 7 -9
Ujjivan Financial Hold 277 315 14 33.6 0.5 2.0 2.8 3.7 159.2 180.3 209.9 1.7 1.5 1.3 0.4 0.5 0.5 11.9 13.4 2.1 -1 -26
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AMP

On a steady footing Shanghai Composite 2,942 (0.7) 17.9

Indian Indices Closing % Chg % YTD

 Lupin has launched Minocycline Hydrochloride Extended-Release Tablets USP

Please refer to disclosures at the end of the Research Report

Sectoral indices Delivery Spike

Nifty Outperformers Derivatives Update

Nifty Nifty P/E Nifty P/B

Sensex FII Provisional Flows (INRbn) DII Provisional Flows (INRbn)

Economy, Money & Banking Commodities Update

INR/USD Gold and silver prices (USD/Tr.Oz) Crude prices (USD/barrel)

Inflation vs 10 year yield Nifty premium/discount NSE volatility index (%)

Please refer to our detailed report to be published today

Pallav Agarwal SECTOR UPDATE

Chinese steel exports rebound Indian steel imports up YoY

Contrac t price (USD/tonne) - LHS YoY/QoQ chg (%) - RHS

Source: Bloomberg, Antique Source: Bloomberg, Antique

Source: Bloomberg, Antique Source: Bloomberg, Antique

Source: Bloomberg, Antique Source: Bloomberg, Antique

RUB remains stable BDI marginally weaker

Source: Bloomberg, Antique Source: Bloomberg, Antique

Global steel relative forward valuations

Apparent finished steel consumption - Global outlook

Chinese steel spreads (USD/tonne)

Source: Bloomberg, Antique

Jun-10 Feb-10 Jun-10

Source: Bloomberg, Antique

Feb-17 Oct-16 Oct-16

Source: Bloomberg, Antique

Feb-17 Oct-16 Oct-16

Source: Bloomberg, Antique

Feb-13 Oct-12 Feb-13

Feb-17 Oct-16 Oct-16

Source: Bloomberg, Antique

Jun-09 Oct-08 Jun-09

Source: Bloomberg, Antique

Jun-12 Feb-12 Jun-12

Tata Steel Limited - Financials*

Minority Interest 16 9 9 9 9 EBITDA 124 29 23 (11) 1

Gross Fixed Assets 1,266 1,399 1,472 1,503 1,611

* excluding financials of Bhushan Steel

Source: Company, Antique

JSW Steel Limited - Financials

Minority Interest -2 -5 -5 -5 -5 EPS 154.7 83.9 13.5 (28.6) 4.3

Deferred tax/ other liabilities 31 26 26 26 26

Source: Company, Antique * on fully diluted number of shares

Steel Authority of India Limited - Financials

Minority interest 0 0 0 0 0 EBITDA nm nm 96.7 (9.8) 13.7

Gross fixed assets 846 951 1,115 1,173 1,211

Jindal Steel & Power Limited - Financials

Per share data EBIT 3.4 9.4 11.0 9.2 9.3

BVPS (INR) 328 314 316 312 322

Source: Company, Antique

NMDC Limited - Financials

Gross Fixed Assets 24 34 39 44 51 EBITDA 31.0 61.3 3.3 9.9 2.6

Accumulated Depreciation 5 7 10 13 17 PAT (10.6) 41.4 12.0 10.0 2.8

Net Assets 20 27 29 30 33 EPS (10.6) 41.4 15.7 10.0 2.8

Capital work in progress 118 125 145 160 173

Net Assets 3,262 3,478 3,324 3,132 2,902

Current Reco : BUY COMPANY UPDATE

Source: Bloomberg, Indexed to 100

INDUSTRIALS & ENGINEERING

OIL & GAS

Lupin has launched Minocycline Hydrochloride Extended-Release Tablets USP