Industrial Goods and Services

Valuation
Company Industry Analyst Rating MktCap
(US$bn)		 Price Target
Price		 Up/
down (%)		 CORE EPS EPS Growth (%) PER (x) P/Bk (x) EV/EBITDA (x) Yield (%) ROAE (%)
FY24 FY25F FY26F FY25F FY26F FY25F FY26F FY25F FY26F FY25F FY25F FY25F
ABB India Ltd Industrial Machinery Arafat SAIYED ADD 15.0 6,052 7,627 26.0% 58.9 88.5 97.6 0.5% 0.1% 68.40 62.01 18.12 14.69 53.24 0.57% 36.6%
Avalon Technologies EMS Arafat SAIYED HOLD 0.7 866 800 (7.6)% 4.3 9.2 14.9 115.9% 62.5% 94.22 57.99 9.37 8.06 53.73 0.00% 10.5%
Bharat Dynamics Ltd Aerospace & Defence Arafat SAIYED ADD 8.3 1,934 2,080 7.6% 35.0 44.5 54.5 0.3% 0.2% 43.48 35.46 8.38 7.19 33.03 0.69% 20.7%
Bharat Electronics Ltd Aerospace & Defence Arafat SAIYED ADD 33.4 391 400 2.3% 5.5 7.5 8.5 36.4% 13.3% 52.08 45.97 14.66 12.24 39.13 0.73% 30.8%
Bharat Heavy Electricals Industrial Machinery Arafat SAIYED REDUCE 10.4 256 38 (85.1)% 2.2 0.0 0.0 0.0% 0.0% 0.00 0.00 0.00 0.00 0.00 0.00% 0.0%
Crompton Greaves Consumer Electricals Industrial Goods and Services Arafat SAIYED ADD 2.6 352 435 23.6% 6.9 9.0 11.0 30.8% 21.8% 38.88 31.93 6.78 6.08 25.03 1.14% 24.3%
Cummins India Ltd Industrial Machinery Arafat SAIYED ADD 11.0 3,384 3,909 15.5% 59.4 72.1 82.9 21.3% 15.0% 46.95 40.81 12.29 9.97 42.29 0.56% 29.0%
Cyient DLM Ltd Industrial Goods and Services Arafat SAIYED ADD 0.4 485 818 68.7% 7.7 8.2 15.7 6.7% 90.6% 58.86 30.88 3.91 3.47 27.28 0.00% 12.4%
Data Patterns (India) Ltd Aerospace & Defence Arafat SAIYED ADD 2.0 3,064 2,827 (7.7)% 32.4 38.0 46.9 0.2% 0.2% 80.69 65.31 11.39 9.91 64.07 0.18% 15.0%
Dixon Technologies EMS Arafat SAIYED ADD 10.5 14,855 20,200 36.0% 61.0 148.8 179.2 143.9% 20.4% 99.81 82.89 33.59 23.51 62.01 0.04% 31.4%
Finolex Cables Industrial Goods and Services Arafat SAIYED REDUCE 1.7 969 1,090 12.5% 42.6 45.0 51.2 5.5% 13.8% 21.57 18.95 2.69 2.40 19.65 0.78% 17.3%
Havells India Industrial - Overall Arafat SAIYED ADD 11.2 1,523 2,010 32.0% 20.3 22.5 28.9 10.7% 28.9% 67.83 52.62 11.39 9.84 44.84 0.49% 24.1%
HEG Limited Steel Satish KUMAR HOLD 1.2 523 1,800 244.5% 128.8 192.3 229.3 49.3% 19.3% 2.72 2.28 0.34 0.29 1.42 5.94% 13.6%
Hindustan Aeronautics Ltd Aerospace & Defence Dipen VAKIL ADD 39.0 4,989 3,680 (26.2)% 76.0 87.4 106.5 0.1% 0.2% 57.09 46.84 10.66 9.18 36.78 0.50% 20.0%
IKIO Lighting EMS Ishan VERMA REDUCE 0.2 219 260 18.5% 7.8 7.2 9.1 (7.4%) 25.0% 30.24 24.20 2.87 2.63 18.57 0.00% 9.8%
Jindal Steel and Power Steel Satish KUMAR REDUCE 11.5 963 853 (11.4)% 59.5 28.1 53.6 (52.7%) 90.3% 34.21 17.97 2.05 1.84 11.87 0.00% 8.9%
JSW Steel Steel Satish KUMAR REDUCE 28.7 1,005 766 (23.8)% 29.8 14.1 20.1 (52.6%) 42.1% 71.08 50.01 3.79 3.60 16.85 0.65% 5.4%
Kalpataru Projects International Limited Industrial Goods and Services Ishan VERMA ADD 2.3 1,150 1,461 27.0% 35.0 41.6 61.2 18.8% 47.2% 27.66 18.80 2.96 2.61 13.26 0.65% 11.2%
KEC International Ltd Industrial Machinery Arafat SAIYED ADD 2.8 889 1,122 26.2% 13.5 21.8 35.6 0.6% 0.6% 40.70 24.97 4.39 3.87 17.31 0.53% 11.9%
KEI Industries Industrial Goods and Services Arafat SAIYED ADD 4.2 3,748 4,855 29.5% 62.6 69.7 88.9 11.4% 27.5% 53.75 42.14 6.19 5.42 35.24 0.09% 20.0%
Lloyds Metals & Energy Ltd Steel Satish KUMAR ADD 8.9 1,459 1,476 1.2% 24.6 40.3 119.4 63.7% 196.5% 36.23 12.22 10.94 5.04 26.43 0.00% 42.6%
MTAR Technologies Limited Industrial Goods and Services Vipraw SRIVASTAVA ADD 0.6 1,771 2,644 49.3% 18.2 31.3 58.8 71.6% 88.0% 56.65 30.13 7.06 5.72 33.17 0.00% 13.3%
Orient Electric Industrial Goods and Services Arafat SAIYED ADD 0.6 227 330 45.2% 3.5 5.0 6.7 42.0% 33.7% 45.22 33.83 6.84 6.07 22.52 0.77% 17.6%
Polycab India Industrial Goods and Services Arafat SAIYED ADD 10.7 6,109 8,440 38.2% 118.7 133.0 162.2 12.0% 21.9% 45.92 37.67 9.43 7.88 30.70 0.49% 22.3%
Schaeffler India Ltd Industrial Goods and Services Pramod AMTHE ADD 7.8 4,269 3,773 (11.6)% 58.9 62.5 72.1 0.1% 0.2% 68.25 59.21 12.51 11.22 44.54 0.66% 19.3%
Siemens Ltd Industrial Machinery Arafat SAIYED ADD 13.7 3,298 7,910 139.9% 76.4 86.3 105.5 0.1% 0.2% 38.20 31.27 6.53 5.55 28.62 0.39% 18.4%
SKF India Ltd Industrial Machinery Pramod AMTHE ADD 2.7 4,709 5,265 11.8% 111.6 114.4 143.1 0.0% 0.3% 41.15 32.91 8.96 7.32 31.20 0.31% 21.8%
Skipper Limited Industrial Goods and Services Ishan VERMA ADD 0.7 487 612 25.7% 7.8 13.2 16.9 70.5% 27.9% 36.78 28.75 4.60 3.97 13.45 0.02% 14.3%
Steel Authority of India Steel Satish KUMAR REDUCE 6.5 135 77 (43.1)% 5.5 5.6 6.1 1.6% 8.1% 24.06 22.26 0.98 0.94 8.99 0.00% 4.2%
Syrma SGS Technology EMS Arafat SAIYED ADD 1.1 535 600 12.1% 7.1 11.6 15.7 62.8% 35.6% 46.20 34.09 5.20 4.51 30.15 0.00% 11.9%
Tata Steel Steel Satish KUMAR REDUCE 23.0 157 82 (47.9)% 5.5 5.4 5.4 (0.9%) (0.4%) 29.03 29.14 1.72 1.66 9.95 1.27% 6.1%
TCPL Packaging Ltd Industrial Goods and Services Nishant BAGRECHA ADD 0.4 3,780 4,530 19.8% 109.2 157.2 158.1 43.9% 0.6% 24.05 23.92 5.34 4.48 13.68 0.58% 24.5%
Thermax Ltd Industrial Machinery Arafat SAIYED ADD 4.9 3,532 3,870 9.6% 50.4 60.7 77.5 0.2% 0.3% 58.17 45.58 7.97 6.98 42.21 0.28% 14.5%
Timken Ltd Industrial Machinery Pramod AMTHE REDUCE 2.9 3,310 2,838 (14.2)% 52.1 59.5 58.3 0.1% 0.0% 55.64 56.81 8.75 7.63 41.40 1.09% 17.0%
V-Guard Industries Industrial Goods and Services Arafat SAIYED ADD 1.9 375 548 46.1% 5.9 7.5 9.0 26.7% 19.6% 49.76 41.60 7.84 6.82 30.61 0.41% 22.4%
Voltas Ltd Industrial Machinery Arafat SAIYED ADD 4.9 1,271 1,845 45.2% 7.5 26.8 33.6 2.6% 0.3% 47.49 37.81 6.45 5.69 35.00 0.44% 14.4%
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