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 13.2 5,313 7,627 43.5% 58.9 88.5 97.6 0.5% 0.1% 60.06 54.45 15.91 12.90 46.45 0.65% 36.6%
Avalon Technologies EMS Arafat SAIYED HOLD 0.6 803 800 (0.3)% 4.3 9.2 14.9 115.9% 62.5% 87.35 53.76 8.68 7.48 49.84 0.00% 10.5%
Bharat Dynamics Ltd Aerospace & Defence Arafat SAIYED ADD 5.5 1,294 2,080 60.8% 35.0 44.5 54.5 0.3% 0.2% 29.09 23.72 5.60 4.81 20.99 1.03% 20.7%
Bharat Electronics Ltd Aerospace & Defence Arafat SAIYED ADD 24.1 282 400 41.5% 5.5 7.5 8.5 36.4% 13.3% 37.65 33.23 10.60 8.85 27.79 1.01% 30.8%
Bharat Heavy Electricals Industrial Machinery Arafat SAIYED REDUCE 8.7 213 38 (82.1)% 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 2.6 339 435 28.1% 6.9 9.0 11.0 30.8% 21.8% 37.51 30.81 6.54 5.86 24.14 1.18% 24.3%
Cummins India Ltd Industrial Machinery Arafat SAIYED ADD 9.9 3,052 3,909 28.1% 59.4 72.1 82.9 21.3% 15.0% 42.33 36.80 11.08 8.99 38.06 0.62% 29.0%
Cyient DLM Ltd Industrial Goods and Services Arafat SAIYED ADD 0.4 452 818 81.0% 7.7 8.2 15.7 6.7% 90.6% 54.86 28.78 3.65 3.24 25.36 0.00% 12.4%
Data Patterns (India) Ltd Aerospace & Defence Arafat SAIYED ADD 1.1 1,722 2,827 64.2% 32.4 38.0 46.9 0.2% 0.2% 45.35 36.71 6.40 5.57 35.18 0.31% 15.0%
Dixon Technologies EMS Arafat SAIYED ADD 9.5 13,451 20,200 50.2% 61.0 148.8 179.2 143.9% 20.4% 90.37 75.05 30.42 21.28 56.14 0.04% 31.4%
Finolex Cables Industrial Goods and Services Arafat SAIYED REDUCE 1.6 906 1,090 20.3% 42.6 45.0 51.2 5.5% 13.8% 20.15 17.71 2.51 2.25 18.08 0.83% 17.3%
Havells India Industrial - Overall Arafat SAIYED ADD 11.1 1,510 2,010 33.1% 20.3 22.5 28.9 10.7% 28.9% 67.26 52.18 11.29 9.76 44.45 0.50% 24.1%
HEG Limited Steel Satish KUMAR HOLD 1.1 501 1,800 259.5% 128.8 192.3 229.3 49.3% 19.3% 2.60 2.18 0.33 0.28 1.34 6.20% 13.6%
Hindustan Aeronautics Ltd Aerospace & Defence Dipen VAKIL ADD 33.1 4,234 3,680 (13.1)% 76.0 87.4 106.5 0.1% 0.2% 48.45 39.76 9.05 7.79 30.77 0.59% 20.0%
IKIO Lighting EMS Ishan VERMA REDUCE 0.2 253 260 2.7% 7.8 7.2 9.1 (7.4%) 25.0% 34.88 27.90 3.30 3.03 21.28 0.00% 9.8%
Jindal Steel and Power Steel Satish KUMAR ADD 10.8 910 380 (58.2)% 29.3 27.5 0.0 (6.1%) 0.0% 33.10 0.00 2.10 0.00 12.12 0.00% 6.5%
JSW Steel Steel Satish KUMAR REDUCE 30.2 1,056 470 (55.5)% 22.9 30.8 36.8 34.4% 19.3% 34.26 28.73 4.08 3.65 14.88 0.62% 12.5%
Kalpataru Projects International Limited Industrial Goods and Services Ishan VERMA ADD 1.9 971 1,461 50.4% 35.0 41.6 61.2 18.8% 47.2% 23.36 15.88 2.50 2.20 11.43 0.77% 11.2%
KEC International Ltd Industrial Machinery Arafat SAIYED ADD 2.4 767 1,122 46.3% 13.5 21.8 35.6 0.6% 0.6% 35.12 21.55 3.79 3.34 15.19 0.61% 11.9%
KEI Industries Industrial Goods and Services Arafat SAIYED ADD 3.2 2,880 4,855 68.6% 62.6 69.7 88.9 11.4% 27.5% 41.30 32.38 4.76 4.17 26.56 0.11% 20.0%
Lloyds Metals & Energy Ltd Steel Satish KUMAR ADD 8.1 1,330 1,476 11.0% 24.6 40.3 119.4 63.7% 196.5% 33.03 11.14 9.97 4.59 24.06 0.00% 42.6%
MTAR Technologies Limited Industrial Goods and Services Vipraw SRIVASTAVA ADD 0.5 1,340 2,644 97.4% 18.2 31.3 58.8 71.6% 88.0% 42.86 22.80 5.34 4.33 25.33 0.00% 13.3%
Orient Electric Industrial Goods and Services Arafat SAIYED ADD 0.5 211 330 56.5% 3.5 5.0 6.7 42.0% 33.7% 41.94 31.38 6.34 5.63 20.85 0.83% 17.6%
Polycab India Industrial Goods and Services Arafat SAIYED ADD 9.3 5,286 8,440 59.7% 118.7 133.0 162.2 12.0% 21.9% 39.74 32.60 8.16 6.82 26.44 0.57% 22.3%
Schaeffler India Ltd Industrial Goods and Services Pramod AMTHE ADD 6.0 3,302 3,773 14.3% 58.9 62.5 72.1 0.1% 0.2% 52.79 45.79 9.67 8.68 34.24 0.85% 19.3%
Siemens Ltd Industrial Machinery Arafat SAIYED ADD 22.0 5,283 7,910 49.7% 76.4 86.3 105.5 0.1% 0.2% 61.20 50.10 10.47 8.89 47.85 0.25% 18.4%
SKF India Ltd Industrial Machinery Pramod AMTHE ADD 2.2 3,820 5,784 51.4% 111.6 135.2 156.7 0.2% 0.2% 28.25 24.38 6.08 5.27 20.44 1.31% 21.5%
Skipper Limited Industrial Goods and Services Ishan VERMA ADD 0.6 445 695 56.4% 7.8 15.5 19.2 99.6% 23.7% 28.69 23.20 4.43 3.74 11.34 0.10% 16.7%
Steel Authority of India Steel Satish KUMAR REDUCE 5.7 119 77 (35.3)% 5.5 5.6 6.1 1.6% 8.1% 21.15 19.56 0.86 0.83 8.29 0.00% 4.2%
Syrma SGS Technology EMS Arafat SAIYED ADD 1.0 467 600 28.5% 7.1 11.6 15.7 62.8% 35.6% 40.30 29.73 4.54 3.94 26.49 0.00% 11.9%
Tata Steel Steel Satish KUMAR REDUCE 22.6 155 82 (47.0)% 5.5 5.4 5.4 (0.9%) (0.4%) 28.52 28.62 1.69 1.63 9.83 1.29% 6.1%
TCPL Packaging Ltd Industrial Goods and Services Nishant BAGRECHA ADD 0.5 4,444 4,380 (1.4)% 111.4 139.3 160.2 25.1% 15.0% 31.90 27.73 6.45 5.44 15.75 0.63% 22.0%
Thermax Ltd Industrial Machinery Arafat SAIYED ADD 4.9 3,548 3,870 9.1% 50.4 60.7 77.5 0.2% 0.3% 58.43 45.78 8.00 7.01 42.40 0.28% 14.5%
Timken Ltd Industrial Machinery Pramod AMTHE REDUCE 2.4 2,706 2,981 10.2% 52.1 58.4 73.0 0.1% 0.3% 46.34 37.04 7.16 6.03 31.65 0.07% 16.7%
V-Guard Industries Industrial Goods and Services Arafat SAIYED ADD 1.8 355 548 54.5% 5.9 7.5 9.0 26.7% 19.6% 47.05 39.34 7.42 6.44 28.96 0.44% 22.4%
Voltas Ltd Industrial Machinery Arafat SAIYED ADD 5.2 1,345 1,845 37.2% 7.5 26.8 33.6 2.6% 0.3% 50.25 40.00 6.82 6.02 37.04 0.42% 14.4%
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