AMP

STRICTLY CONFIDENTIAL

7 December 2021
ANTIQUE’S MORNING PRESENTATION
Market Snapshot
FROM THE RESEARCH DESK
Global Indices Closing % Chg % YTD
COMPANY UPDATE Dow Jones 35,227 1.9 15.1
RITES NASDAQ 15,225 0.9 18.1
New railway order impacts turnkey contracts FTSE 7,232 1.5 11.9
CAC 6,866 1.5 23.7
DAX 15,381 1.4 12.1
Global News Russia 1,622 (2.8) 16.9

 U.S. stock indexes jumped to start the week, fueled by investors' bets that the Bovespa 106,859 1.7 (10.2)
Nikkei 27,927 (0.4) 1.8
Omicron Covid-19 variant may cause milder illness than previously feared,
Hang Seng 23,349 (1.8) (14.3)
renewing confidence in consumer and travel demand. The S&P 500 advanced
Shanghai Composite 3,589 (0.5) 3.3
53.24 points, or 1.2%, to 4591.67, after closing down 1.2% last week. The
Dow Jones Industrial Average added 646.95 points, or 1.9%, to 35227.03, Indian Indices Closing % Chg % YTD
while the Nasdaq Composite rose 139.68 points, or 0.9%, to 15225.15. Sensex 56,747 (1.6) 18.8
 Japan share market finished session down on Monday, 06 December 2021, Nifty 16,912 (1.7) 21.0
as investors turned risk averse amid growing concerns over the impact of the MSCI India 807 (2.1) 19.6

spread of the Omicron coronavirus variant on the global economy. At closing CNX Midcap 29,863 (1.4) 43.3

bell, the 225-issue Nikkei Stock Average declined 102.20 points, or 0.36%, BSE Smallcap 28,039 (1.3) 54.9

to 27,927.37. Flows (USDm) Prev. Day MTD

Sector & Corporate News FII (394) (802)

 All India Consumer Products Distributors Federation or AICPDF - an industry Provisional flows (USDm)
body that represents dealers and distributors of fast-moving consumer FIIs (446)
goods companies - has written an open letter to FMCG companies Local 226

highlighting issues faced by offline distributors on account of business-to-

Volumes USDbn % Chg
business companies such as Jiomart, Walmart, Metro Cash and Carry, Booker,
Cash (NSE + BSE) 7.3 (16.0)
Elasticrun and Udaan that "indulge unethical predatory pricing" and
F&O (net) 692.7 14.3
"potentially destroying the traditional distribution network in the country". In
an open letter to companies such as HUL, Marico, Dabur India, etc the industry FII F&O Stock Fut Index Fut
body has called for a non-cooperation movement from 1 January against Net ($ mn) (105) (153)
FMCG companies if their needs are not addressed. Open Int (%) 0.0 0.7

 Interglobe Aviation has again called for an extraordinary general meeting ADR/GDR Losers Last % Chg
(EGM) in December end to amend articles in the shareholders agreement Infosys 22.3 (2.8)
that, among other things, says one promoter needs the approval of another Tata Motors 30.8 (2.1)
before selling shares to a third party. Interglobe Aviation runs the country's Dr Reddy 59.5 (1.7)
biggest airline IndiGo. The company's shareholders had rejected a similar Wipro 8.5 (1.6)
proposal in an EGM last year, called at the behest of one of the founders Reliance 63.1 (1.2)
Rakesh Gangwal.

 Automobile major Tata Motors on Monday informed the exchanges that it

will be hiking the prices of its commercial vehicles from January 1, 2022. An
increase in price in the range of 2.5%, will be implemented & will be put into
effect across segments - M&HCV, I&LCV, SCV and Bus, basis individual model
and variant of the vehicle, the company said in its statement.

Please refer to disclosures at the end of the Research Report

ANTIQUE STOCK BROKING LIMITED FROM THE RESEARCH DESK 7 December 2021 | 2

Sectoral indices Delivery Spike

Closing % Chg % MTD % YTD Company Volume Spike (%) Chg (%)
BSE Auto 23,982 (1.7) (0.0) 15.2 JSW Steel Ltd 5,457,161 252% -0.26%
BSE Bank 40,673 (1.3) (0.3) 13.3 Reliance Infrastructure Ltd 437,817 237% 4.97%
BSE Cap Goods 27,295 (1.0) 1.5 45.6 Housing Development & Infrastructure Ltd 213,164 103% -1.10%
BSE Cons dur 42,535 (1.3) (1.3) 39.9 Reliance Capital Ltd 247,347 93% -4.82%
BSE FMCG 13,495 (1.7) (1.4) 7.0 Bharat Heavy Electricals Ltd 7,846,885 87% 0.74%
BSE IT 34,177 (2.5) (0.6) 40.9 Reliance Power Ltd 2,727,633 81% -1.98%
BSE Health 24,704 (1.8) (3.1) 13.9 United Breweries Ltd 95,804 80% -0.85%
BSE Metal 18,664 (1.4) 2.4 60.9 Canara Bank 3,023,774 64% -1.91%
BSE Oil 17,484 (1.6) (0.1) 24.1 Tata Motors Ltd 1,640,805 61% -4.26%
BSE Power 3,492 (1.3) 1.0 69.3 Divi's Laboratories Ltd 224,333 54% -2.32%
BSE PSU 8,210 (1.6) 0.7 42.0
BSE Realty 3,806 (1.7) 0.2 53.6
BSE TECK 15,276 (2.4) (0.6) 37.6

Derivatives Update
Long Build Up
Company Last % Chg % Chg OI OI (in 000)
METROPOLIS 3260.55 1.25 8.69 617
BHEL 61 0.41 2.20 109284
Nifty Outperformers
ZEEL 357.4 1.62 1.39 83883
Price % Chg % MTD % YTD Short Build Up
Upl Ltd 717 0.5 5.1 53.7 Company Last % Chg % Chg OI OI (in 000)
Housing Development Finance 2,769 (0.1) 3.6 8.2 BOSCHLTD 16079.9 -2.03 7.29 157
Jsw Steel Ltd 643 (0.3) 5.7 66.0 GAIL 129.3 -2.34 5.62 47598
Eicher Motors Ltd 2,444 (0.5) 3.1 (3.4) GODREJPROP 1969.6 -2.62 4.81 3297
Bharat Petroleum Corp Ltd 383 (0.6) 3.6 8.8 ICICIGI 1420.1 -2.24 4.61 2760
Hdfc Bank Limited 1,504 (0.6) 0.7 4.7 Short Covering
Hindalco Industries Ltd 421 (0.8) 2.1 75.2
Company Last % Chg % Chg OI OI (in 000)
POWERGRID 201.2 -1.83 -9.58 17465
Nifty Underperformers ALKEM 3410.55 -0.95 -8.27 443
Price % Chg % MTD % YTD UBL 1499.5 -1.11 -5.32 1215
Coal India Ltd 149 (7.0) (2.3) 9.7 PAGEIND 38342.95 -0.43 -5.26 92
Indusind Bank Ltd 916 (3.7) 3.7 2.3 Long Unwinding
Tata Consumer Products Ltd 748 (3.4) (4.0) 26.7 Company Last % Chg % Chg OI OI (in 000)
Bajaj Finserv Ltd 16,893 (3.4) (2.0) 89.7 IDEA 14.95 3.46 -13.49 744520
Hcl Technologies Ltd 1,137 (3.0) (0.2) 21.4 CUMMINSIND 928 0.41 -2.38 1351
Bharti Airtel Ltd 698 (2.9) (4.2) 39.4 UPL 717.45 0.57 -2.05 24403
Tata Consultancy Svcs Ltd 3,536 (2.9) 0.2 23.5 BEL 208.05 0.24 -1.98 19946
ANTIQUE STOCK BROKING LIMITED FROM THE RESEARCH DESK 7 December 2021 | 3

Nifty Nifty P/E Nifty P/B

20000 41 4.0

17000 36 3.5
31
14000 3.0
26
11000 21 2.5

8000 16 2.0
Dec-17 Dec-18 Dec-19 Dec-20 Dec-21 Dec-17 Dec-18 Dec-19 Dec-20 Dec-21 Dec-17 Dec-18 Dec-19 Dec-20 Dec-21
Source: Bloomberg

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

63000 100 60
58000 80
40
53000 60
40 20
48000
20 0
43000
0 (20)
38000 (20)
33000 (40) (40)
28000 (60) (60)
Dec-17 Dec-18 Dec-19 Dec-20 Dec-21 Dec-17 Dec-18 Dec-19 Dec-20 Dec-21 Dec-17 Dec-18 Dec-19 Dec-20 Dec-21
Source: Bloomberg

Economy, Money & Banking Commodities Update

Forex Rate Last % Chg % MTD % YTD Commodities Last % Chg % MTD % YTD
INR~USD 75.4 (0.3) (0.3) (3.1) Gold ($/Ounce) 1,781 0.1 0.4 (6.2)
INR~EUR 85.2 (0.4) 0.2 5.3 Crude Oil ($/Bl) 70 0.3 5.3 46.8
INR~GBP 100.0 (0.1) 0.4 (0.2) Aluminium ($/t) 2,602 (1.4) (1.3) 31.8
Copper ($/t) 9,558 0.8 0.4 23.3
Bond Market Last Chg (bps) MTD (bps) YTD (bps) Zinc ($/t) 3,231 (0.3) (1.8) 18.4
10 Year Bond 6.4 (1) 3 49 Lead ($/t) 2,209 (0.8) (4.7) 11.8
Interbank call 3.3 25 25 (20) Nickel ($/t) 19,962 (1.0) (0.2) 20.6

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

2200 30 86
76
27
1900
75 24 72
1600 21
74 18 58
1300
15
73 44
1000 12
72 Dec-17 Dec-18 Dec-19 Dec-20 Dec-21
30
Dec/20 Mar/21 Jun/21 Sep/21 Dec/21 Gold (LHS) Silver (RHS) Dec-17 Dec-18 Dec-19 Dec-20 Dec-21
Source: Bloomberg

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

16 22
60 50.4 55.0
12 44.9 20
50 42.3
8 18
4 40 31.0 16
0 30 14
-4 20 12
Feb-20

May-20

Nov-20

Feb-21

May-21

Nov-21
Aug-20

Aug-21

10 10
4-Oct
11-Oct
18-Oct
25-Oct
1-Nov
8-Nov
15-Nov
22-Nov
29-Nov
6-Dec
6-Sep
13-Sep
20-Sep
27-Sep
9-Aug
16-Aug
23-Aug
30-Aug

0
WP I Inflatio n (%) 10 Yr Yield (%) 30-Nov 01-Dec 02-Dec 03-Dec 06-Dec
Source: Bloomberg
ANTIQUE STOCK BROKING LIMITED FROM THE RESEARCH DESK 7 December 2021 | 4

Current Reco : HOLD COMPANY UPDATE

Previous Reco
CMP
: HOLD
: INR264
RITES
Target Price : INR264 New railway order impacts turnkey contracts
Potential Return : 0% Ministry terminates INR40bn low-margin turnkey contracts
In 1QFY22, Ministry of Railways awarded three railway lines, worth INR40bn, included the
Belgaum - Kittur - Dharwad, Shimoga - Shikaripura - Ranebennur and Tumkur - Chitradurga
- Devangree lines. RITE, however, did not incorporate these orders in its INR64bn order
backlog (3.6x FY21 revenue). These turnkey projects exceed five-year in execution cycle.
Rohit Natarajan Moreover, the EBIT margins are lower than 4%. In-line with new order, the Ministry of Railways
+91 22 4031 3443 has cancelled the LoA. To understand impact, RITE annually executes INR6.2bn in turnkey
[email protected]
revenue with 4% EBIT margin.
New order poses a major challenge for rail turnkey PSUs
On 26th October, 2021, the Railway Board has issued an order, which states that public
sector companies, including those under the national transporter, will compete with the private
sector. Under the earlier policy introduced in 2019, the railways identified eligible PSUs and
Market data awarded the contract after a competition within them. With the era of nomination and limited
Sensex : 56,747 competition coming to an end, the turnkey landscape is all set for a major overhaul. The
Sector : Infra order, however, is yet to spell the details on consultancy works. (Share price of RVNL down
Market Cap (INRbn) : 63.5 20%, RITE down 14%, and IRCON down 13% since 22nd October).
Market Cap (USDbn) : 0.843
Policy designed keeping INR38trn capex over next three decades
O/S Shares (m) : 240.3
52-wk HI/LO (INR) : 318/232 National Rail plan identifies capex pipeline for INR38trn till 2051 (High speed rail is estimate
Avg Daily Vol ('000) : 177 to pocket 39%, followed by rolling stock:35%, network improvements: 16%, among the major
Bloomberg : RITE IN heads). Between 2021-2026, Indian railways is estimated to spend INR5.8trn. Moreover, a
Source: Bloomberg capex of INR2trn is estimated in FY22E alone.
Valuation The current annual trend of spending: (1) Rail turnkey CPSE's like IRCON and RVNL has
FY22e FY23e FY24e combined order backlog over INR1trn. However, the budgetary support to execute these
EPS (INR) 21.4 23.3 24.7 CPSE order backlog annually is not over INR300bn. Additionally, (2) annual support to rail
P/E (x) 12.3 11.3 10.7 JVs/SPVs (like DFC or NHSRC) is over INR370bn. Further, (3) capex for new lines, doubling,
P/BV (x) 2.5 2.4 2.2 traffic facilities and ROBs is ~INR800bn. Adding (1-3), ~INR1.5trn is estimated to be spent
EV/EBITDA (x) 2.5 3.2 1.7
on these heads, other than residual portions that adds up to INR2trn.
Dividend Yield (%) 4.4 4.9 5.2
Source: Company, Antique
Consultancy and export contribute over 90% in EBIT
Returns (%) At the beginning of 3QFY22, RITE had an order backlog of INR64bn (~3.6x FY21 revenue).
1m 3m 6m 12m On consultancy, there are sticky QA railway works of <INR4bn, which company will continue
Absolute (7) (3) 6 (3) to win every year. Even in a revised policy framework, growth in high margin consultancy
Relative (1) (0) (3) (23) segment will be flat. To put in perspective, RITE can achieve INR30bn annual revenue run-
Source: Bloomberg rate. However, with INR12bn executed in consultancy, another INR12bn from construction
and residual INR6bn from export and others, the company will struggle to beat pre-Covid
Shareholding pattern
EBIT levels.
Promoters : 72%
Exports with high margin holds the key for earnings surprise
Public : 28%
Others : 0% In FY22, RITE targets INR9bn of INR13bn export order backlog, which in turn will achieve
INR26bn annual guided revenue. RITE is looking at converting $100mn of prospect orders in
Source: Bloomberg
Africa. The talk, however, is slow. With no decisive pipeline, FY23 stares at order replenishment
Price performance vs Nifty risk. While current crop of export can fetch 25% margins, RITE stares a future with 15-20%
145 EBIT margin. Consultancy orders follow a secular pattern, leaving no scope for big surprise.
125 Valuation and outlook
105
We remain cautious on incremental consultancy/export orders. While detrending the Covid-
85 19 impact, we foresee 1%/ 5% CAGR in revenue/ EBITDA between FY20-FY24E. We ascribe
Dec-20 Apr-21 Aug-21 Dec-21 a (1) PE multiple of 10x for FY24E standalone PAT (25% lower than historical averages); (2)
RITES NIFTY 10x for energy management vertical; and (3) invested value in IRSDC. With a target price of
Source: Bloomberg Indexed to 100
INR264, we maintain HOLD.
ANTIQUE STOCK BROKING LIMITED FROM THE RESEARCH DESK 7 December 2021 | 5

Planned capex for Indian railways

In INRtrn 2021-2026 2026-2031 2031-2041 2041-2051 Total
Dedicated Freight Corridors - 1.5 0.5 0.3 2.3
High Speed Rail Corridors - 5.1 2.9 7 15
Network improvements 1.3 0.7 2.2 1.8 6
Flyovers and Bypasses 0.8 - - - 0.8
Terminals 0.6 0.2 0.1 0.0 0.9
Rolling Stock 3.1 1.7 3.6 4.8 13.2
Total railway capex 5.8 9.2 9.3 13.9 38.2
Source: Industry, Antique

Over the next three-decade, High speed and rolling stocks would enjoy, the lion's share of
INR38.2trn capex pie
6%

35% Dedicated Freight Corridors

High Speed Rail Corridors

Netw ork improvements

Flyovers and Bypasses

39%

Terminals

Rolling Stock
2% 16%

2%
Source: Industry, Antique

While high speed is out for competitive bidding, rolling stocks infrastructure and onboard
works is restricted within public-sector enterprises

Source: Industry, Antique

ANTIQUE STOCK BROKING LIMITED FROM THE RESEARCH DESK 7 December 2021 | 6

Financials
Profit and loss account (INRm) Cash flow statement (INRm)
Year-ended 31 Mar FY20 FY21 FY22e FY23e FY24e Year-ended 31 Mar FY20 FY21 FY22e FY23e FY24e
Net Revenue 24,006 10,657 26,949 21,921 25,200 PBT 8,226 5,624 6,882 7,487 7,930
Op. Expenses (17,985) (7,901) (21,029) (15,970) (17,748) Depreciation & amortisation 390 401 493 542 596
EBITDA 6,021 2,756 5,919 5,952 7,452 (Inc)/Dec in working capital (1,113) 1,621 16,508 (6,584) 4,294
Depreciation (409) (230) (493) (542) (596) Tax paid (1,893) (1,405) (1,734) (1,886) (1,997)
EBIT 5,612 2,526 5,426 5,409 6,856 CF from operating activities 5,611 6,240 22,149 (441) 10,823
Other income 2,645 602 1,500 2,114 1,115 Capital expenditure (1,126) (521) (318) (318) (318)
Interest Exp. (30) (14) (43) (36) (41) chng in investments (4,588) (955) - - -
Reported PBT 8,226 3,114 6,882 7,487 7,930 CF from investing activities (5,715) (1,476) (318) (318) (318)
Tax (2,262) (778) (1,734) (1,886) (1,997) Inc/(Dec) in share capital 500 (97) - - -
Reported PAT 5,964 2,336 5,149 5,601 5,932 Inc/(Dec) in debt 921 (460) - - -
Net Profit 5,964 2,336 5,149 5,601 5,932 Dividend Paid (4,008) (2,750) (3,336) (3,764) (3,986)
Adjusted PAT 5,964 2,336 5,149 5,601 5,932 Others 8,276 - - - -
Adjusted EPS (INR) 23.9 9.7 21.4 23.3 24.7 CF from financing activities 5,690 (3,307) (3,336) (3,764) (3,986)
Net cash flow 5,586 1,457 18,495 (4,523) 6,519
Balance sheet (INRm) Opening balance 34,634 36,006 33,251 51,029 46,851
Year-ended 31 Mar FY20 FY21 FY22e FY23e FY24e Closing balance 36,006 33,251 51,029 46,851 53,145
Share Capital 2,500 2,403 2,403 2,403 2,403
Reserves & Surplus 23,265 20,815 22,628 24,465 26,410 Growth indicators (%)
Networth 25,765 23,218 25,031 26,868 28,813 Year-ended 31 Mar FY20 FY21 FY22e FY23e FY24e
Debt 2,796 2,336 2,336 2,336 2,336 Revenue(%) 21.9 -55.6 152.9 -18.7 15.0
Net deferred Tax liabilities (371) (396) (396) (396) (396) EBITDA(%) 16.4 -54.2 114.8 0.5 25.2
Capital Employed 28,190 25,158 26,970 28,807 30,753 Adj PAT(%) 34.1 -60.8 120.4 8.8 5.9
Gross Fixed Assets 5,767 6,177 6,495 6,813 7,131 Adj EPS(%) 34.1 -59.3 120.4 8.8 5.9
Accumulated Depreciation (1,647) (2,048) (2,541) (3,083) (3,680)
Capital work in progress 45 155 155 155 155 Valuation (x)
Net Fixed Assets 4,164 4,284 4,109 3,885 3,606 Year-ended 31 Mar FY20 FY21 FY22e FY23e FY24e
Investments 4,323 5,279 5,279 5,279 5,279 P/E (x) 11.1 27.2 12.3 11.3 10.7
Non Current Investments 4,323 5,279 5,279 5,279 5,279 P/BV (x) 2.6 2.7 2.5 2.4 2.2
Current Assets, Loans & Adv. 48,615 46,354 64,098 57,481 65,365 EV/EBITDA (x) 5.0 11.8 2.5 3.2 1.7
Inventory 107 2,862 148 120 138 EV/Sales (x) 1.3 3.1 0.5 0.9 0.5
Debtors 8,217 5,680 8,491 6,907 7,940 Dividend Yield (%) 5.1 3.6 4.4 4.9 5.2
Cash & Bank balance 36,006 33,251 51,029 46,851 53,145
Loans & advances and others 4,285 4,561 4,430 3,603 4,143
Financial ratios
Current Liabilities & Prov. 28,911 30,758 46,514 37,836 43,496
Year-ended 31 Mar FY20 FY21 FY22e FY23e FY24e
RoE (%) 24.0 17.3 21.3 21.6 21.3
Liabilities 28,059 30,389 45,554 37,056 42,599
RoCE (%) 17.3 12.8 17.1 16.1 19.3
Provisions 852 369 960 781 898
Asset/T.O (x) 0.4 0.3 0.4 0.3 0.3
Net Current Assets 19,704 15,596 17,584 19,645 21,869
Net Debt/Equity (x) -1.3 -1.3 -1.9 -1.7 -1.8
Application of Funds 28,190 25,158 26,970 28,807 30,753
EBIT/Interest (x) 272 232 160 207 195
Per share data
Year-ended 31 Mar FY20 FY21 FY22e FY23e FY24e
Margins (%)
No. of shares (m) 250 240 240 240 240
Year-ended 31 Mar FY20 FY21 FY22e FY23e FY24e
EBITDA Margin(%) 25.1 25.9 22.0 27.1 29.6
Diluted no. of shares (m) 250 240 240 240 240
EBIT Margin(%) 23.4 23.7 20.1 24.7 27.2
BVPS (INR) 103.1 96.6 104.2 111.8 119.9
PAT Margin(%) 22.4 20.7 18.1 23.3 22.5
CEPS (INR) 26.9 19.2 23.5 25.6 27.2
DPS (INR) 13.4 9.5 11.6 13.1 13.8 Source: Company, Antique

Source: Company, Antique

ANTIQUE STOCK BROKING LIMITED FROM THE RESEARCH DESK 7 December 2021 | 7

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 ) FY22 FY23 FY24 FY22 FY23 FY24 FY22 FY23 FY24 FY22 FY23 FY24 FY23 FY23 FY23 1m 12m
AGROCHEM & FERTILIZERS
Bayer Cropscience Buy 4,729 6,690 41 212.5 2.8 5.8 7.1 8.6 129.2 158.3 191.0 36.6 29.9 24.8 26.0 21.2 17.7 7.5 27.5 36.5 2 -8
Coromandel Intl. Buy 746 960 29 218.9 2.9 14.8 16.3 17.5 50.3 55.4 59.7 14.8 13.5 12.5 9.3 8.3 7.5 3.0 23.9 32.8 -4 -5
Dhanuka Agri Buy 740 920 24 34.4 0.5 2.1 2.4 2.7 45.1 51.6 57.3 16.4 14.3 12.9 12.1 10.4 9.1 3.0 22.8 30.4 -2 -2
PI Industries Buy 2,853 3,440 21 432.8 5.7 8.4 10.5 13.0 55.7 69.6 86.0 51.2 41.0 33.2 34.5 27.6 22.0 6.1 16.0 20.2 3 21
Rallis India Hold 252 300 19 49.1 0.7 1.9 2.4 2.9 9.5 12.1 14.8 26.5 20.9 17.0 15.9 12.5 10.1 2.6 13.2 17.3 -6 -14
Sharda Cropchem Buy 312 500 60 28.1 0.4 2.6 2.8 3.2 28.6 31.5 35.8 10.9 9.9 8.7 4.6 3.8 3.0 1.4 14.5 20.6 0 12
Sumitomo Chemicals Buy 368 480 30 183.8 2.4 3.9 4.8 5.9 7.8 9.5 11.9 47.2 38.7 30.9 32.8 26.6 21.2 8.1 22.9 30.9 -6 16
UPL Buy 717 960 34 547.4 7.3 37.4 45.1 52.5 48.9 58.9 68.6 14.6 12.2 10.4 7.8 6.7 5.7 2.3 20.3 16.5 -3 51
AUTO & AUTO ANC.
Ashok Leyland Buy 119 165 38 350.1 4.6 1.5 17.3 28.4 0.5 5.9 9.7 234.9 20.2 12.3 34.9 11.8 7.7 4.5 22.1 17.3 -18 25
Apollo Tyres Buy 205 280 37 130.1 1.7 7.3 11.3 14.0 10.4 16.2 20.0 19.7 12.6 10.2 6.9 5.3 4.5 1.1 9.2 9.8 -8 9
Asahi India Glass Buy 461 495 7 112.0 1.5 3.4 4.1 4.8 13.8 17.0 19.8 33.3 27.1 23.3 16.9 14.7 13.0 5.3 19.7 22.6 4 65
Atul Auto Buy 209 261 25 4.6 0.1 0.3 0.5 0.6 11.9 21.8 27.3 17.6 9.6 7.7 12.2 7.2 5.9 1.4 14.9 19.3 -16 18
Bajaj Auto Buy 3,250 4,200 29 940.4 12.5 48.1 61.0 69.7 166.3 210.8 241.0 19.5 15.4 13.5 16.6 12.4 10.8 3.7 24.0 31.3 -14 -2
Bharat Forge Buy 688 1,050 53 320.3 4.2 9.8 13.9 16.3 21.0 29.8 35.0 32.8 23.1 19.7 16.3 12.4 10.6 4.3 18.8 16.8 -12 25
Ceat Buy 1,124 1,725 54 45.4 0.6 2.7 3.8 4.7 66.9 94.3 115.0 16.8 11.9 9.8 7.5 5.9 5.1 1.2 10.5 10.9 -11 -2
Eicher Motors Hold 2,444 3,025 24 668.2 8.9 19.9 28.4 33.7 73.2 104.6 123.9 33.4 23.4 19.7 22.6 16.0 12.7 4.4 20.2 23.5 -8 -5
Endurance Technologies Hold 1,752 1,665 (5) 246.4 3.3 6.9 8.4 9.4 48.8 60.0 66.6 35.9 29.2 26.3 18.5 15.3 13.5 5.1 17.6 22.2 -8 51
Escorts Hold 1,846 1,550 (16) 248.9 3.3 9.1 9.0 11.2 83.2 82.8 103.3 22.2 22.3 17.9 19.9 19.4 14.9 2.8 12.7 14.0 21 32
Hero MotoCorp Hold 2,420 3,300 36 483.5 6.4 34.2 38.8 41.9 171.4 194.4 209.7 14.1 12.5 11.5 10.3 8.6 7.7 2.6 20.9 27.2 -10 -23
Mahindra & Mahindra Buy 822 1,100 34 1,022.1 13.6 35.6 52.5 61.7 28.7 42.3 49.6 28.7 19.5 16.6 14.7 10.6 8.9 2.5 12.8 11.4 -6 9
Mahindra CIE Buy 239 320 34 90.6 1.2 5.0 6.3 7.4 13.3 16.6 19.7 17.9 14.4 12.2 9.3 7.5 6.1 1.5 11.0 13.0 -14 49
Maruti Suzuki Sell 7,043 6,000 (15) 2,127.5 28.2 45.2 76.6 90.6 149.7 253.7 300.0 47.0 27.8 23.5 34.5 19.8 16.2 3.6 13.5 17.6 -9 -9
Motherson Sumi Systems Hold 213 260 22 672.1 8.9 15.2 17.2 18.6 4.8 5.5 5.9 44.2 39.1 36.2 9.8 8.4 7.4 4.5 12.1 14.7 -8 34
Minda Corp. Buy 162 240 48 38.7 0.5 1.7 2.5 2.9 7.0 10.3 12.0 23.1 15.7 13.5 12.4 9.2 7.2 2.6 17.7 19.3 -8 90
Minda Industries Hold 858 775 (10) 245.0 3.3 3.7 5.8 7.3 13.0 20.4 25.8 65.9 42.0 33.2 25.8 19.1 15.9 6.3 15.0 19.4 7 116
Phillips Carbon Black Buy 219 330 51 41.3 0.5 4.6 5.4 6.2 24.4 28.5 33.0 9.0 7.7 6.6 6.1 5.5 4.6 1.3 17.5 17.3 -3 26
SKF India Ltd Buy 3,848 3,700 (4) 190.3 2.5 4.3 5.1 6.1 87.2 103.5 123.3 44.2 37.2 31.2 30.1 25.0 20.7 8.1 24.1 32.0 -1 129
Schaeffler India Buy 7,849 8,800 12 245.4 3.3 6.1 6.9 7.9 193.7 219.6 251.4 40.5 35.7 31.2 24.7 21.6 18.8 5.9 17.7 22.1 0 85
Tata Motors Buy 467 550 18 1,677.0 22.3 -21.9 134.0 188.1 -5.7 35.0 49.1 -81.7 13.4 9.5 8.0 4.3 3.2 2.7 22.4 10.5 -5 155
Timken Buy 1,962 2,250 15 147.6 2.0 2.8 3.7 4.6 37.7 49.5 61.4 52.0 39.7 32.0 32.6 25.3 20.5 7.8 21.4 27.2 9 69
TVS Motors Hold 661 575 (13) 314.1 4.2 9.0 12.3 14.5 19.0 25.9 30.5 34.8 25.5 21.7 17.1 13.1 11.0 5.5 21.6 24.2 -7 29
BUILDING MATERIALS
Apollo Pipes Buy 575 790 37 22.6 0.3 0.6 0.7 1.0 15.4 18.6 26.5 37.3 30.9 21.7 21.9 18.4 13.3 4.7 16.5 20.4 -2 153
Astral Poly Technik Sell 2,202 1,950 (11) 442.4 5.9 5.4 6.4 7.8 26.9 31.8 39.0 81.9 69.2 56.5 52.4 44.7 37.0 14.7 23.7 30.4 -2 102
Cera Sanitaryware Buy 4,865 6,220 28 63.3 0.8 1.6 2.1 2.5 121.0 158.5 195.5 40.2 30.7 24.9 25.8 19.9 15.9 5.3 18.8 23.8 -12 49
Finolex Industries Hold 197 200 1 122.5 1.6 7.2 5.8 6.3 11.7 9.3 10.1 16.9 21.3 19.5 11.8 13.9 12.7 3.1 15.1 18.0 -15 51
Greenlam Industries Buy 1,468 1,720 17 35.4 0.5 1.0 1.4 1.7 40.2 56.9 68.7 36.5 25.8 21.4 18.6 14.3 11.7 4.6 19.2 21.4 5 79
Kajaria Ceramics Buy 1,114 1,460 31 177.4 2.4 4.1 5.4 6.6 25.6 33.7 41.8 43.5 33.1 26.7 27.3 21.4 17.3 7.2 23.3 29.0 -9 63
Prince Pipes and Fittings Buy 725 875 21 79.8 1.1 2.2 2.5 3.2 20.3 22.8 29.2 35.7 31.8 24.8 21.2 18.9 15.0 5.5 18.8 24.6 -5 169
Somany Ceramics Buy 817 1,200 47 34.6 0.5 1.0 1.6 2.1 24.5 37.5 49.8 33.3 21.8 16.4 15.2 10.6 8.0 3.9 19.4 21.0 -1 167
Supreme Industries Hold 2,304 2,700 17 292.6 3.9 9.5 9.4 9.8 74.7 73.6 77.2 30.8 31.3 29.8 22.4 21.0 19.5 6.9 23.5 26.8 -3 36
CEMENT
ACC Buy 2,217 2,680 21 416.4 5.5 21.3 22.7 23.7 113.4 120.8 126.0 19.6 18.4 17.6 10.5 9.8 8.7 2.5 14.7 19.9 -9 34
Ambuja Cement Buy 370 450 21 735.0 9.8 24.0 26.6 29.2 12.1 13.4 14.7 30.6 27.7 25.2 19.6 17.0 15.0 3.1 11.5 15.6 -10 46
Birla Corp Buy 1,312 1,835 40 101.0 1.3 5.7 7.6 9.6 73.9 99.3 124.5 17.7 13.2 10.5 9.8 7.7 6.5 1.5 12.1 12.3 -15 70
Dalmia Bharat Buy 1,794 2,495 39 335.7 4.5 11.4 13.9 15.9 61.8 75.0 86.1 29.0 23.9 20.8 11.4 9.9 8.7 2.1 9.1 12.6 -12 60
Grasim Industries Buy 1,661 2,010 21 1,093.1 14.5 26.7 29.7 32.6 40.6 45.1 49.5 40.9 36.8 33.5 30.3 26.1 23.1 2.3 6.4 8.0 -7 78
Heidelberg Hold 224 255 14 50.8 0.7 2.9 3.5 3.8 12.9 15.3 16.8 17.4 14.7 13.4 8.6 7.2 6.9 2.9 20.9 27.1 -9 5
JK Cement Hold 3,282 3,755 14 253.6 3.4 8.3 9.7 11.4 107.4 125.1 147.4 30.5 26.2 22.3 16.2 14.4 11.9 4.7 19.7 26.0 -6 54
JK Lakshmi Cement Buy 620 800 29 73.0 1.0 5.3 6.0 6.6 44.9 50.6 56.3 13.8 12.3 11.0 7.9 7.2 6.3 2.3 20.5 21.4 -2 72
Orient Cement Buy 156 220 41 31.9 0.4 3.0 3.4 3.3 14.6 16.4 16.1 10.6 9.5 9.7 5.5 4.9 6.1 1.7 19.8 25.4 -15 93
Shree Cements Hold 25,612 27,110 6 924.1 12.3 28.0 31.2 777.3 863.4 966.6 32.9 29.7 26.5 19.2 16.6 14.5 4.5 16.2 22.5 -12 3
Ramco Cement Hold 942 1,055 12 222.5 3.0 9.4 10.3 11.5 39.9 43.8 48.6 23.6 21.5 19.4 14.3 12.8 11.3 3.0 14.9 14.3 -13 6
UltraTech Cement Buy 7,215 8,800 22 2,082.6 27.6 70.6 80.7 88.6 244.7 279.9 307.2 29.5 25.8 23.5 15.9 13.8 12.2 3.6 15.0 16.9 -8 43
FMCG & RETAIL
Aditya Birla Fashion & Retail Buy 257 335 31 240.5 3.2 -1.5 1.4 2.5 -1.6 1.5 2.7 -156.2 174.5 96.2 23.6 15.8 13.0 8.4 4.9 9.1 -11 59
Asian Paints Buy 3,038 3,589 18 2,914.3 38.7 31.8 45.2 57.4 33.2 47.2 59.8 91.6 64.4 50.8 61.9 44.2 35.0 17.4 29.2 35.3 -4 23
Bajaj Consumer Care Buy 182 318 75 26.8 0.4 2.1 2.3 2.6 14.1 15.5 17.7 12.9 11.7 10.3 8.4 6.9 5.2 2.3 21.2 25.7 -20 -10
Colgate Palmolive Buy 1,429 1,950 36 388.7 5.2 10.8 12.2 13.3 39.8 44.7 48.7 35.9 31.9 29.3 23.4 20.9 19.1 30.8 99.4 155.7 -6 -7
Burger King Hold 148 175 18 56.9 0.8 -0.9 0.1 0.4 -2.4 0.3 1.0 -60.6 505.7 144.3 62.0 24.9 19.0 9.6 1.9 14.5 -9
Avenue Supermarts Sell 4,593 4,984 9 2,975.5 39.5 18.1 27.1 36.7 28.0 41.8 56.6 164.1 109.9 81.2 109.7 74.6 55.2 17.7 16.1 21.4 -4 82
Dabur India Buy 567 735 30 1,002.9 13.3 18.3 21.5 26.0 10.4 12.2 14.7 54.7 46.6 38.6 42.7 36.1 29.6 10.3 23.5 29.1 -7 13
Emami Buy 537 641 19 238.8 3.2 7.5 8.5 9.5 16.9 19.1 21.4 31.7 28.2 25.1 23.3 20.2 17.4 8.8 35.1 42.9 -5 28
Godrej Consumer Buy 887 1,163 31 906.7 12.0 19.3 22.7 26.4 18.8 22.2 25.8 47.1 39.9 34.3 33.7 28.8 24.7 8.4 21.7 27.9 -9 24
Hindustan Unilever Buy 2,307 3,248 41 5,419.3 71.9 89.7 108.2 127.2 38.2 46.0 54.1 60.5 50.1 42.6 42.5 35.5 30.3 10.9 22.1 26.0 -5 2
ITC Buy 218 282 29 2,685.1 35.6 151.5 168.1 185.7 12.3 13.7 15.1 17.7 16.0 14.4 13.4 12.0 10.9 4.1 26.4 34.1 -4 7
Jubilant Foodworks Hold 3,707 4,200 13 489.1 6.5 5.1 6.9 8.7 38.7 52.6 65.8 95.9 70.4 56.3 40.9 32.3 26.6 20.7 33.1 55.5 -2 45
Jyothy Labs Buy 149 207 39 54.8 0.7 2.0 2.7 3.0 5.3 7.2 8.3 27.9 20.6 18.0 18.3 13.9 12.0 3.4 17.0 20.7 -6 2
Kansai Nerolac Buy 596 742 24 321.4 4.3 5.2 7.4 8.9 9.7 13.8 16.5 61.4 43.2 36.2 38.5 27.9 23.5 6.7 16.2 21.3 4 8
Marico Buy 519 634 22 670.8 8.9 12.9 16.1 18.2 10.0 12.5 14.1 52.1 41.6 36.9 37.0 29.7 26.4 19.9 48.3 56.8 -7 30
Nestle Hold 19,017 20,095 6 1,833.5 24.3 23.6 28.1 32.3 244.6 291.9 334.9 77.8 65.1 56.8 51.3 43.1 37.5 55.3 94.8 132.2 1 8
Shoppers Stop Buy 333 444 33 36.5 0.5 -0.5 0.2 0.7 -4.6 2.2 6.2 -73.0 152.3 53.5 10.4 6.2 5.1 23.4 15.4 13.4 -8 74
Titan Co Ltd Hold 2,325 2,478 7 2,064.4 27.4 19.7 27.3 33.8 22.2 30.8 38.1 104.6 75.5 61.0 66.1 49.6 40.8 18.2 26.8 30.9 -4 63
Trent Buy 998 1,453 46 354.8 4.7 2.5 4.3 5.0 7.1 12.0 14.0 139.9 82.9 71.2 51.2 33.9 28.8 11.2 13.6 27.0 -9 44
V-Mart Retail Buy 3,735 4,638 24 73.7 1.0 0.3 0.9 1.1 16.8 44.4 58.1 222.6 84.2 64.3 34.8 24.0 19.9 7.8 9.7 11.7 -7 71
V2 Retail Buy 159 281 77 5.5 0.1 0.0 0.3 0.5 -0.8 9.6 15.8 -196.8 16.6 10.0 6.5 3.6 2.6 1.8 10.8 12.4 -13 80
Westlife Development Hold 566 550 (3) 88.1 1.2 -0.3 0.6 1.2 -1.7 4.1 7.8 -336.2 136.7 72.3 47.3 29.2 23.8 16.9 13.2 24.7 -4 29

contd...
ANTIQUE STOCK BROKING LIMITED FROM THE RESEARCH DESK 7 December 2021 | 8

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 ) FY22 FY23 FY24 FY22 FY23 FY24 FY22 FY23 FY24 FY22 FY23 FY24 FY23 FY23 FY23 1m 12m

INDUSTRIALS & ENGINEERING

ABB Hold 2,055 1,810 (12) 435.4 5.8 4.1 6.0 7.7 19.6 28.4 36.2 105.1 72.4 56.8 71.5 49.4 38.4 10.3 14.8 20.8 -2 78
Bajaj Elec. Buy 1,021 1,370 34 117.2 1.6 2.3 3.1 4.1 20.1 26.7 35.4 50.7 38.2 28.8 33.9 26.2 21.1 6.0 16.6 16.5 -8 65
BEML Buy 2,014 1,785 (11) 83.9 1.1 0.7 1.8 2.6 17.6 41.9 61.8 114.6 48.0 32.6 49.9 26.7 20.5 3.5 7.5 8.8 26 171
Bharat Electronics Buy 208 250 20 506.4 6.7 25.2 29.6 33.2 10.3 12.1 13.6 20.1 17.1 15.2 13.0 10.9 9.4 3.6 22.4 23.3 3 81
BHEL Hold 61 53 (13) 212.1 2.8 -7.0 4.2 12.4 -2.0 1.2 3.5 -30.4 50.9 17.2 -45.0 38.5 15.4 0.8 1.6 7.9 -15 74
Blue Star Buy 986 1,155 17 94.9 1.3 1.5 2.8 3.6 15.9 29.5 36.9 62.1 33.4 26.7 30.6 19.4 15.9 8.7 28.3 27.7 -4 20
Cochin Shipyard Hold 346 403 17 45.5 0.6 6.0 8.4 7.6 46.0 64.0 57.6 7.5 5.4 6.0 2.6 1.5 1.1 0.9 17.8 22.7 -5 -6
Crompton Consumer Buy 430 551 28 270.3 3.6 5.9 7.3 8.6 9.5 11.6 13.8 45.5 36.9 31.2 34.4 28.2 23.6 10.8 31.3 39.8 -9 30
Cummins India Buy 924 1,098 19 256.2 3.4 7.2 8.5 10.1 25.8 30.6 36.6 35.8 30.2 25.3 32.7 26.4 21.2 5.1 17.5 23.3 3 63
Engineers India Buy 71 102 44 39.7 0.5 3.8 4.2 4.7 6.0 6.7 7.5 11.7 10.5 9.5 7.5 5.9 4.7 1.9 21.0 25.3 -3 -9
Garden Reach Shipbuilders Buy 241 358 49 27.6 0.4 2.1 2.6 4.1 18.6 22.6 35.8 12.9 10.6 6.7 -1.6 -1.7 -2.0 1.2 11.2 14.6 -8 21
GE T&D Hold 121 140 16 31.0 0.4 0.4 0.9 1.6 1.5 3.4 6.4 80.4 36.0 18.8 23.9 16.6 10.6 2.6 7.3 14.8 -6 9
Havells India Hold 1,370 1,405 3 858.3 11.4 12.0 14.7 18.3 19.2 23.6 29.3 71.5 58.1 46.7 47.8 39.7 31.6 11.8 22.2 28.8 6 66
Hitachi Home & Life Buy 1,873 2,769 48 50.9 0.7 0.3 1.0 1.7 11.6 38.3 61.5 160.9 48.9 30.4 41.3 23.4 16.1 6.1 13.2 13.2 -11 -16
Honeywell Automation Buy 39,197 49,302 26 346.6 4.6 4.6 6.5 8.7 524.1 733.4 986.0 74.8 53.4 39.8 55.9 39.7 28.7 10.0 20.2 27.7 -9 27
KEC International Hold 430 470 9 110.6 1.5 5.3 7.2 10.1 20.5 28.2 39.2 21.0 15.3 11.0 11.2 9.0 6.8 2.6 18.0 20.2 -8 17
Kirloskar Pneumatic Buy 454 470 4 29.2 0.4 0.9 1.3 1.7 14.0 20.3 26.1 32.5 22.3 17.3 17.8 12.8 9.8 4.1 19.2 24.7 13 195
Lakshmi Machine Works Buy 8,843 11,940 35 94.5 1.3 2.1 3.5 4.3 200.8 330.3 398.0 44.0 26.8 22.2 33.7 19.1 15.3 4.0 16.3 22.4 -3 91
Linde India Buy 2,439 3,045 25 208.0 2.8 2.8 3.9 5.2 33.1 45.9 60.9 73.8 53.1 40.0 37.2 28.5 22.5 7.1 14.0 18.3 -4 169
Larsen & Toubro Buy 1,783 2,330 31 2,504.3 33.2 97.6 126.7 157.6 69.7 90.5 112.6 25.6 19.7 15.8 19.3 15.7 13.1 2.8 14.8 10.8 -7 52
Mazagon Dock Shipbuilders Buy 258 419 62 52.1 0.7 5.0 6.1 8.4 24.6 30.0 41.9 10.5 8.6 6.2 5.2 2.6 1.0 0.9 11.1 13.3 -14 35
Siemens Buy 2,181 2,595 19 776.5 10.3 14.1 18.5 21.3 39.5 51.9 59.7 55.2 42.0 36.5 36.8 28.0 27.6 6.3 15.9 21.8 -5 42
Thermax Hold 1,673 1,675 0 199.4 2.6 3.0 4.4 5.4 27.0 38.8 47.9 62.1 43.2 35.0 39.8 28.2 22.7 5.0 12.1 16.1 21 82
Voltas Buy 1,226 1,420 16 405.8 5.4 7.0 8.9 10.6 21.2 26.8 31.9 57.9 45.7 38.4 51.5 38.7 32.0 6.5 15.1 26.4 1 52
INFRASTRUCTURE
Ashoka Buildcon Buy 97 151 56 27.2 0.4 4.2 5.6 5.6 15.0 19.7 20.0 6.5 4.9 4.8 5.1 3.9 3.8 0.7 15.3 15.1 -10 1
Dilip Buildcon Buy 521 727 39 76.2 1.0 2.1 4.5 6.8 15.6 32.9 50.0 33.4 15.8 10.4 7.2 5.7 4.6 1.5 9.6 15.2 -15 27
IRB Infra Buy 222 350 58 78.1 1.0 3.5 2.6 3.1 5.8 4.4 5.1 38.0 50.8 43.3 7.4 5.1 5.5 1.1 2.1 6.7 -5 87
KNR Constructions Ltd. Buy 273 345 26 76.8 1.0 3.3 5.0 5.1 11.6 17.6 18.0 23.6 15.5 15.1 13.3 9.5 9.2 2.9 20.4 27.2 -7 73
NBCC Sell 43 24 (44) 77.1 1.0 3.1 2.6 2.7 1.7 1.5 1.5 25.1 29.3 28.7 28.0 28.9 29.2 4.0 14.1 10.5 -8 49
NCC Ltd. Buy 73 112 53 44.5 0.6 3.2 5.9 7.1 5.2 9.7 11.7 14.0 7.5 6.3 6.1 4.4 4.0 0.7 9.9 16.8 -3 28
RITES Hold 264 264 (0) 63.5 0.8 5.1 5.6 5.9 21.4 23.3 24.7 12.3 11.3 10.7 2.5 3.2 1.7 2.4 21.6 16.1 -7 -2
Sadbhav Engg. Buy 40 88 122 6.8 0.1 0.7 1.9 2.1 3.9 11.0 12.2 10.1 3.6 3.3 6.6 3.3 1.6 0.3 8.2 12.6 -18 -43
Welspun Ent. Buy 100 135 34 14.9 0.2 0.9 2.6 3.1 6.1 17.5 20.7 16.4 5.7 4.8 13.3 4.8 3.8 0.7 13.5 15.1 2 10
IT
Cyient Buy 986 1,200 22 108.6 1.4 4.6 5.3 6.0 42.2 48.0 54.6 23.4 20.5 18.1 12.2 10.8 9.4 3.2 16.2 19.2 -11 105
FirstSource Sol. Buy 169 230 36 117.7 1.6 5.4 6.5 8.1 7.8 9.3 11.6 21.7 18.2 14.6 13.4 11.0 8.7 3.4 19.8 17.5 -16 127
HCL Tech Buy 1,137 1,550 36 3,084.2 40.9 136.5 158.6 175.9 49.9 58.2 64.3 22.8 19.5 17.7 13.8 11.6 10.4 4.6 24.2 30.2 -4 34
Infosys Buy 1,695 2,250 33 7,129.6 94.6 222.9 257.2 290.0 52.7 61.0 68.7 32.2 27.8 24.7 20.7 17.9 15.7 7.3 27.9 38.3 -1 48
Larsen Toubro Infotech Buy 6,556 8,100 24 1,148.6 15.2 23.0 30.8 37.1 132.1 176.9 213.0 49.6 37.1 30.8 36.6 27.3 22.1 11.3 33.2 44.3 -3 101
L&T Technology Services Buy 5,248 4,750 (9) 553.3 7.3 9.7 11.7 14.0 92.3 110.9 132.4 56.8 47.3 39.6 37.8 31.6 25.4 11.3 26.1 33.0 5 186
Mindtree Buy 4,391 4,600 5 723.7 9.6 15.9 18.7 21.5 96.7 113.6 130.6 45.4 38.7 33.6 31.7 25.8 21.6 10.6 30.5 37.0 -6 204
Mphasis Buy 3,023 3,600 19 566.4 7.5 14.7 18.3 21.1 78.7 98.3 113.3 38.4 30.8 26.7 25.6 20.6 17.6 7.2 24.5 31.5 -9 131
Coforge Ltd Hold 5,125 5,200 1 310.6 4.1 6.5 7.9 9.0 107.4 130.1 148.6 47.7 39.4 34.5 26.9 21.9 18.9 8.9 24.6 31.1 1 109
Persistent Sys Hold 4,241 3,950 (7) 324.1 4.3 6.3 7.5 8.6 83.0 98.7 113.0 51.1 43.0 37.5 35.3 28.3 24.2 8.3 20.9 28.7 5 248
TCS Buy 3,536 4,325 22 13,081.3 173.6 379.8 433.9 484.4 102.7 117.3 131.0 34.4 30.2 27.0 23.8 20.7 18.4 13.8 45.3 56.1 1 29
TeamLease Buy 4,168 4,000 (4) 71.3 0.9 1.3 1.8 2.4 74.2 104.4 142.3 56.2 39.9 29.3 47.8 33.3 23.6 7.5 20.6 23.4 -13 53
Tech Mahindra Buy 1,552 1,800 16 1,505.6 20.0 56.5 63.7 71.3 64.2 72.4 81.0 24.2 21.4 19.1 17.3 15.2 13.5 4.9 23.5 30.8 3 68
Wipro Buy 625 775 24 3,422.8 45.4 126.6 136.3 149.4 23.1 24.9 27.3 27.1 25.1 22.9 18.7 16.0 14.1 4.8 20.3 23.9 -4 74
LOGISTICS
Adani Ports Buy 723 980 35 1,477.1 19.6 69.7 84.8 100.3 32.3 39.3 46.5 22.4 18.4 15.6 15.1 12.3 10.5 3.0 17.8 14.8 1 53
Allcargo Logistics Buy 341 380 11 83.8 1.1 5.4 5.7 5.5 21.9 23.0 22.4 15.6 14.8 15.3 8.5 7.6 7.2 2.6 18.9 18.6 -2 162
Blue Dart Express Buy 6,475 8,180 26 153.6 2.0 3.4 4.1 4.9 145.4 173.8 204.5 44.5 37.3 31.7 22.8 19.1 16.2 11.4 35.4 45.4 -5 64
ConCor Buy 629 800 27 383.5 5.1 10.8 13.7 16.2 17.7 22.5 26.7 35.6 27.9 23.6 20.3 16.3 13.6 3.3 12.4 17.9 -8 53
Gateway Distiparks Buy 265 360 35 33.1 0.4 1.7 1.9 2.3 13.7 15.2 18.7 19.4 17.4 14.2 10.1 8.8 7.4 1.9 11.6 13.2 -11 137
Navkar Corp. Hold 40 45 14 6.0 0.1 0.5 0.6 0.6 3.3 3.9 4.3 12.2 10.3 9.3 6.2 5.5 5.1 0.3 3.1 6.6 -9 13
Transport Corp. Buy 673 755 12 52.0 0.7 2.4 2.8 3.2 31.6 36.0 42.0 21.3 18.7 16.0 14.8 12.9 10.8 3.2 18.2 17.3 -12 154
VRL Logistics Buy 453 530 17 40.0 0.5 1.5 1.8 2.1 16.9 20.5 24.0 26.9 22.1 18.9 10.6 8.7 7.3 4.9 23.9 30.8 3 136

contd...
ANTIQUE STOCK BROKING LIMITED FROM THE RESEARCH DESK 7 December 2021 | 9

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 ) FY22 FY23 FY24 FY22 FY23 FY24 FY22 FY23 FY24 FY22 FY23 FY24 FY23 FY23 FY23 1m 12m

METALS & MINING

Hindalco Industries Buy 421 561 33 946.8 12.6 117.8 114.2 113.4 52.9 51.4 51.0 8.0 8.2 8.3 5.5 5.3 5.1 1.1 14.0 13.7 -11 68
Hindustan Zinc Hold 349 314 (10) 1,474.6 19.6 106.5 112.4 117.2 25.2 26.6 27.7 13.9 13.1 12.6 8.6 7.9 7.4 3.9 30.8 35.0 10 45
Jindal Steel & Power Buy 357 551 55 364.0 4.8 69.0 64.3 63.6 67.6 63.1 62.4 5.3 5.7 5.7 3.7 3.6 3.4 0.8 15.2 15.7 -16 34
JSW Steel Hold 643 661 3 1,553.9 20.6 196.3 172.8 160.8 81.2 71.5 66.5 7.9 9.0 9.7 6.3 6.7 6.9 2.0 24.8 19.6 -5 76
MOIL Buy 170 232 37 40.3 0.5 3.4 4.1 4.4 14.4 17.1 18.6 11.8 9.9 9.1 4.2 3.2 2.6 1.3 13.1 17.6 0 19
NALCO Buy 90 126 40 165.7 2.2 23.0 20.2 18.6 12.3 10.8 10.0 7.3 8.3 9.0 3.7 3.8 3.8 1.2 15.5 19.3 -10 109
NMDC Buy 143 227 59 418.9 5.6 79.7 80.4 77.5 27.2 27.4 26.4 5.3 5.2 5.4 3.6 3.3 3.1 1.0 21.0 26.7 0 31
SAIL Buy 103 192 87 425.0 5.6 158.2 139.9 122.8 38.3 33.9 29.7 2.7 3.0 3.5 2.8 2.8 2.7 0.6 21.3 21.2 -17 87
Tata Steel Buy 1,109 1,689 52 1,354.0 18.0 326.3 266.7 230.3 272.2 222.5 192.1 4.1 5.0 5.8 3.5 3.8 4.0 1.1 23.4 19.0 -16 80
OIL & GAS
BPCL Buy 383 659 72 831.8 11.0 109.1 97.1 104.0 51.2 45.6 48.9 7.5 8.4 7.8 6.8 7.4 7.0 1.4 17.7 14.5 -9 5
HPCL Buy 298 462 55 422.8 5.6 51.4 72.8 81.6 36.2 51.3 57.5 8.2 5.8 5.2 8.1 6.3 5.7 1.0 19.2 12.0 -7 38
Indian Oil Corp Buy 121 176 45 1,138.6 15.1 175.9 133.9 146.3 19.2 14.6 15.9 6.3 8.3 7.6 5.6 6.4 6.0 0.9 10.7 9.5 -10 32
PHARMA
CIPLA Hold 895 1,002 12 721.9 9.6 27.6 32.5 39.1 34.2 40.3 48.5 26.2 22.2 18.5 14.6 12.6 10.4 3.1 15.0 19.4 -2 16
Cadila Healthcare Hold 453 545 21 463.2 6.1 20.6 23.3 25.7 20.1 22.8 25.1 22.5 19.9 18.0 13.7 11.9 10.5 2.4 12.9 13.6 -8 -4
Dr Reddys Buy 4,499 5,513 23 748.5 9.9 31.6 39.2 46.8 189.7 235.8 281.0 23.7 19.1 16.0 14.7 11.5 9.4 3.2 17.9 22.3 -6 -11
IOL Chemicals Buy 441 699 59 25.9 0.3 2.0 3.7 4.1 33.8 62.8 69.9 13.1 7.0 6.3 7.8 4.3 3.5 1.5 23.0 29.3 -20 -44
JB Chemicals Buy 1,583 2,037 29 122.3 1.6 4.2 5.4 6.3 54.2 69.9 81.5 29.2 22.7 19.4 20.1 15.1 12.5 4.7 22.9 30.5 -4 58
Laurus Labs Buy 502 714 42 269.3 3.6 8.9 14.8 17.4 16.7 27.6 32.5 30.1 18.2 15.5 18.7 12.0 10.0 5.7 36.5 35.1 1 51
Lupin Buy 858 1,030 20 389.8 5.2 11.3 18.5 22.3 24.9 40.8 49.1 34.5 21.0 17.5 15.4 12.0 10.0 2.8 14.2 15.6 -8 -11
Solara Active Pharma Sell 1,123 1,034 (8) 40.4 0.5 1.9 3.1 3.1 40.3 64.6 64.6 27.9 17.4 17.4 12.1 8.6 7.8 1.5 8.7 10.3 -10 -14
REALTY
Brigade Enterprise Buy 491 558 14 112.9 1.5 0.7 1.2 3.1 3.1 5.1 13.7 159.4 97.1 35.8 18.2 16.7 13.4 22.1 4.6 7.9 -1 115
DLF Buy 377 495 31 932.0 12.4 21.7 25.3 32.5 8.8 8.6 13.1 42.9 43.7 28.7 42.6 51.6 41.1 2.4 6.7 4.9 -13 81
Godrej Properties Hold 1,961 2,109 8 545.3 7.2 1.8 8.1 13.8 6.6 29.0 49.5 298.5 67.7 39.6 -1,625.0 531.6 238.0 5.9 9.0 7.5 -19 62
Kolte Patil Buy 295 398 35 22.4 0.3 1.1 1.4 1.2 14.2 18.9 15.9 20.7 15.6 18.6 10.3 8.1 7.5 2.0 13.6 19.3 -13 39
Macrotech Developers Buy 1,433 1,618 13 640.9 8.5 6.9 13.1 41.2 14.2 27.2 85.5 100.6 52.7 16.8 26.1 25.0 10.2 5.3 10.5 12.3 22
Oberoi Realty Hold 842 970 15 306.2 4.1 8.0 9.9 10.9 22.1 27.2 29.9 38.1 31.0 28.2 26.2 21.4 19.2 2.7 9.3 10.9 -18 61
Phoenix Buy 994 1,231 24 171.0 2.3 1.2 4.7 5.5 7.2 27.2 31.8 138.6 36.5 31.3 31.3 17.5 16.0 3.2 9.1 9.2 -3 36
Prestige Estates Buy 439 610 39 176.0 2.3 6.7 7.4 6.5 16.8 18.4 16.3 26.2 23.9 26.9 12.3 10.9 10.3 2.2 9.1 10.7 -7 52
Sobha Hold 840 959 14 79.7 1.1 2.0 2.5 5.0 20.8 26.8 53.0 40.5 31.3 15.9 11.5 10.7 7.9 2.9 9.7 16.4 -12 159
Sunteck Realty Buy 430 619 44 62.9 0.8 2.1 2.1 2.1 14.6 15.0 14.9 29.4 28.7 28.9 20.7 20.0 18.5 1.9 7.0 9.3 -12 28
TEXTILE
KPR Mills Buy 511 549 7 175.6 2.3 5.8 7.9 8.6 16.9 23.1 24.9 30.2 22.1 20.5 19.6 14.8 13.1 5.2 25.6 30.4 0 204
Welspun India Buy 138 167 21 136.8 1.8 7.7 9.9 12.0 7.7 9.9 12.0 18.0 14.0 11.6 9.8 8.1 6.8 2.7 21.0 20.0 -5 103
UTILITIES
CESC Buy 89 118 32 118.0 1.6 14.1 15.2 19.4 10.6 11.4 14.6 8.4 7.8 6.1 8.2 8.4 7.0 1.2 7.3 8.3 -3 42
COAL India Buy 149 232 56 915.5 12.1 137.7 140.5 154.7 22.2 22.6 24.9 6.7 6.6 6.0 8.1 7.7 7.1 1.9 30.5 11.2 -13 9
Indian Energy Exchange Hold 251 724 188 225.9 3.0 3.0 5.7 6.4 9.9 18.8 21.1 25.3 13.4 11.9 62.7 30.9 27.6 7.9 69.0 84.1 2 252
JSW Energy Sell 311 198 (36) 510.8 6.8 8.2 8.6 8.0 5.1 5.3 4.9 61.5 58.7 63.5 20.2 19.3 19.3 3.2 5.6 7.4 -7 358
NHPC Buy 33 39 16 335.5 4.5 42.3 42.7 52.1 4.1 4.2 5.1 8.1 8.0 6.6 9.3 9.7 8.0 0.9 11.5 6.7 8 49
NTPC Buy 124 174 40 1,205.8 16.0 153.7 159.6 188.5 15.6 16.2 19.1 8.0 7.7 6.5 8.7 8.4 7.9 1.0 13.1 8.8 -9 25
Power Grid Buy 202 226 12 1,409.0 18.7 130.1 136.5 161.8 18.7 19.6 23.2 10.8 10.3 8.7 7.2 7.1 6.5 1.8 17.7 12.2 9 39
PTC India Buy 111 167 51 32.7 0.4 5.5 6.0 6.3 18.7 20.4 21.2 5.9 5.4 5.2 4.0 3.5 3.1 0.8 15.3 20.7 -14 80
SJVN Ltd Buy 28 37 30 111.0 1.5 13.0 14.2 23.1 3.1 3.4 5.6 9.0 8.3 5.0 8.1 7.0 3.7 0.8 10.5 9.6 -4 15
Torrent Power Hold 555 505 (9) 266.6 3.5 13.4 14.8 14.6 27.9 30.9 30.3 19.9 18.0 18.3 9.0 8.4 8.2 2.3 13.3 13.1 8 71
Tata Power Buy 221 248 12 705.7 9.4 23.2 31.5 34.5 7.3 9.9 10.8 30.4 22.4 20.5 10.2 9.4 8.8 3.2 11.5 12.5 -5 208
MIDCAPS - OTHER
APL Apollo Tubes Buy 904 1,183 31 225.8 3.0 5.5 7.4 9.2 22.2 29.5 37.0 40.7 30.7 24.5 24.8 19.9 16.2 8.3 30.4 37.3 5 134
CCL Products Buy 385 600 56 51.2 0.7 2.2 3.0 4.0 16.3 22.8 30.0 23.7 16.9 12.8 15.5 11.8 9.7 3.4 21.7 20.7 -1 45
EPL Ltd. Buy 196 270 38 62.0 0.8 2.4 2.9 3.9 7.7 9.2 12.1 25.6 21.4 16.1 10.2 8.6 7.2 3.3 15.7 21.9 -9 -25
Ganesha Ecosphere Buy 481 1,000 108 10.5 0.1 0.6 1.0 1.6 28.1 47.1 71.1 17.1 10.2 6.8 11.2 6.6 4.7 1.6 16.7 16.1 -5 39
Indian Hotels Buy 187 250 34 222.4 3.0 -1.6 4.9 6.8 -1.4 4.2 5.7 -137.9 45.0 32.6 50.3 20.1 16.4 5.9 13.9 11.9 -10 45
Chalet Hotels Buy 226 400 77 46.3 0.6 -0.5 0.5 2.0 -2.3 2.5 9.8 -100.1 92.0 23.0 33.6 19.3 10.9 3.0 3.3 6.0 -9 11
Indian Hume Pipe Buy 189 277 46 9.2 0.1 0.5 1.0 1.2 9.9 20.3 25.0 19.2 9.4 7.6 9.6 6.7 5.7 1.3 14.3 15.8 -2 3
Mold-Tek Packaging Buy 704 750 7 20.2 0.3 0.7 0.8 1.1 21.7 25.8 34.1 32.5 27.3 20.6 16.2 14.7 11.3 5.1 20.1 18.2 -3 142
Raymond Buy 599 714 19 39.9 0.5 1.4 2.4 2.8 20.4 35.8 41.5 29.4 16.7 14.5 9.1 6.4 5.6 1.6 10.0 15.9 18 76
Solar Industries Buy 2,732 2,780 2 247.2 3.3 4.1 5.7 7.2 45.3 62.9 79.6 60.3 43.4 34.3 35.5 27.0 21.7 10.3 26.5 30.9 18 156
Varun Beverages Buy 886 1,100 24 383.5 5.1 7.3 12.4 14.6 17.0 28.5 33.7 52.2 31.0 26.3 24.2 17.2 14.6 7.3 26.3 26.1 -5 54

contd...
ANTIQUE STOCK BROKING LIMITED FROM THE RESEARCH DESK 7 December 2021 | 10

Valuation Guide
Company Reco CMP TP Return M.Cap M.Cap Net profit (INRbn) BVPS(INR) P/BV (x)* NNPA Ratio (%) P/E (x) RoE (%) RoA (%) Absolute (%)
(INR) (INR) (%) (INRbn) ( U S D b n ) FY22 FY23 FY24 FY22 FY23 FY24 FY22 FY23 FY24 FY22 FY23 FY24 FY23 FY23 FY23 1m 12m

FINANCIALS
Axis Bank Buy 663 940 42 2,033.9 27.0 125.7 167.1 201.0 355.0 394.8 442.7 1.7 1.5 1.3 1.0 0.9 0.7 12.2 14.5 1.4 -12 7
Bank of Baroda Buy 87 125 43 450.2 6.0 74.3 90.8 107.0 147.2 160.7 176.5 0.6 0.5 0.5 2.4 2.2 2.1 5.0 11.4 0.7 -15 45
Canara Bank Buy 203 240 18 367.5 4.9 51.9 62.2 79.1 320.6 354.9 385.7 0.6 0.6 0.5 3.0 2.8 2.8 5.9 10.2 0.5 -11 73
City Union Bank Hold 143 180 26 105.5 1.4 6.4 7.4 9.2 86.8 96.0 107.6 1.6 1.5 1.3 3.1 2.7 2.3 14.2 11.0 1.2 -18 -19
DCB Bank Buy 84 135 60 26.2 0.3 2.7 3.7 5.1 120.0 129.6 143.8 0.7 0.6 0.6 1.7 1.7 1.3 7.0 9.6 0.8 -15 -27
Federal Bank Buy 88 125 43 184.4 2.4 19.4 23.9 29.0 88.1 96.7 107.2 1.0 0.9 0.8 0.9 1.1 1.2 7.7 12.3 1.0 -13 32
HDFC Bank Buy 1,504 1,925 28 8,331.7 110.6 365.6 430.9 518.2 411.3 471.0 542.8 3.5 3.0 2.6 0.3 0.4 0.5 19.3 17.6 2.0 -6 10
ICICI Bank Buy 710 925 30 4,924.5 65.3 221.4 263.5 308.1 230.5 258.7 291.6 2.5 2.1 1.8 0.7 0.8 0.7 18.7 15.4 1.8 -9 39
IndusInd Bank Buy 916 1,300 42 708.9 9.4 48.8 68.6 79.6 608.2 681.3 766.2 1.5 1.3 1.2 0.7 0.8 0.7 10.3 13.7 1.6 -23 -2
Karur Vysya Bank Hold 48 65 36 38.5 0.5 5.9 6.7 8.0 93.3 100.4 108.9 0.5 0.5 0.4 2.3 2.0 1.9 5.7 8.7 0.8 -6 26
Kotak Mahindra Bank Hold 1,885 2,125 13 3,738.8 49.6 79.5 90.5 105.3 355.7 399.7 450.8 4.1 3.6 3.0 1.0 0.9 0.8 41.3 11.7 2.0 -8 4
Punjab National Bank Hold 38 45 18 418.4 5.6 42.5 59.5 80.3 80.3 84.5 90.0 0.5 0.4 0.4 4.6 4.5 4.0 7.0 6.6 0.4 -9 6
RBL Bank Buy 190 245 29 113.8 1.5 -0.8 13.9 16.4 210.0 229.1 251.7 0.9 0.8 0.8 1.8 1.5 1.5 8.2 10.6 1.2 -7 -22
State Bank of India Buy 465 630 35 4,152.6 55.1 321.8 393.9 461.3 255.1 288.9 328.5 1.2 1.0 0.8 1.4 1.4 1.5 10.5 15.1 0.8 -12 73
South Indian Bank Hold 9 11 20 18.6 0.2 -0.8 4.0 5.4 25.8 27.5 29.8 0.3 0.3 0.3 3.6 3.7 3.3 4.6 7.2 0.4 -6 -1
Union Bank of India Hold 45 52 17 305.9 4.1 55.5 63.8 70.3 97.3 104.4 112.3 0.5 0.4 0.4 3.7 3.4 2.7 4.8 9.3 0.5 -9 43
*Adjusted for subsidiaries
NBFCs
Bajaj Finance Hold 6,952 8,085 16 4,195.8 55.7 62.5 90.4 111.5 705.0 840.21,010.6 9.9 8.3 6.9 0.7 0.7 0.7 46.3 19.4 4.9 -8 44
CanFin Homes Buy 571 770 35 76.0 1.0 5.1 6.1 7.1 229.4 270.9 320.5 2.5 2.1 1.8 0.6 0.5 0.5 12.5 18.1 2.2 -12 16
Cholamandalam Invst & Fin Hold 556 620 12 456.0 6.1 18.5 23.4 28.1 137.0 163.0 194.8 4.1 3.4 2.9 2.1 1.6 1.6 19.5 19.0 2.8 -10 52
Equitas SFB Hold 61 63 5 69.4 0.9 2.9 4.7 6.5 32.3 36.5 42.2 1.9 1.7 1.4 0.0 0.0 0.0 14.6 12.1 1.2 -7 72
HDFC Hold 2,769 2,851 3 5,011.6 66.5 133.5 153.4 172.3 652.0 712.1 782.6 4.2 3.9 3.5 0.0 0.0 0.0 32.6 11.3 2.3 -5 20
LIC Housing Finance Hold 379 440 16 208.3 2.8 20.7 29.6 37.4 440.5 489.1 550.6 0.9 0.8 0.7 1.9 1.3 1.2 6.5 12.6 1.1 -11 9
Manappuram Buy 170 240 41 143.5 1.9 17.5 20.9 24.7 104.5 126.5 152.9 1.6 1.3 1.1 0.6 0.6 0.6 6.9 21.2 6.5 -19 -3
M&M Finance Hold 160 180 12 197.9 2.6 6.8 18.8 22.9 118.9 127.1 138.5 1.3 1.3 1.2 4.2 3.8 3.5 10.5 12.4 2.3 -18 -9
Muthoot Capital Buy 358 535 49 5.9 0.1 0.2 0.5 0.9 349.9 380.9 432.7 1.0 0.9 0.8 6.0 4.0 3.0 11.6 8.5 2.1 -8 -19
Muthoot Finance Buy 1,467 2,145 46 588.7 7.8 43.0 51.0 59.9 461.9 559.1 678.5 3.2 2.6 2.2 0.9 0.9 0.9 11.5 24.9 7.5 -4 25
Repco Home Finance Buy 298 400 34 18.6 0.2 2.7 3.2 3.5 370.3 419.2 472.8 0.8 0.7 0.6 2.3 2.1 2.1 5.8 13.1 2.4 4 13
Shriram City Union Buy 2,013 2,530 26 133.2 1.8 11.5 14.1 16.5 1,386.4 1,579.31,806.6 1.5 1.3 1.1 2.8 3.0 3.0 9.5 14.4 3.6 -8 82
Shriram Transport Hold 1,450 1,660 14 392.3 5.2 27.5 35.9 40.9 980.71,101.1 1,239.9 1.5 1.3 1.2 4.0 3.9 3.6 10.9 12.8 2.6 -10 36
Sundaram Finance Hold 2,366 2,570 9 262.8 3.5 8.6 10.1 11.1 613.8 682.6 760.3 3.9 3.5 3.1 0.8 0.6 0.6 26.0 14.0 2.9 -6 31
Ujjivan Small Bank Hold 19 22 17 32.9 0.4 -4.1 2.8 6.0 14.6 16.1 19.3 1.3 1.2 1.0 0.0 0.0 0.0 12.1 10.2 1.1 -13 -53
ICICI Securities Buy 740 990 34 238.9 3.2 11.8 13.2 15.2 69.1 84.1 101.4 10.7 8.8 7.3 18.0 53.7 -2 63
ANTIQUE STOCK BROKING LIMITED FROM THE RESEARCH DESK 7 December 2021 | 11

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