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 12.6 5,249 7,627 45.3% 58.9 88.5 97.6 0.5% 0.1% 59.33 53.79 15.72 12.74 45.86 0.65% 36.6%
Avalon Technologies EMS Arafat SAIYED HOLD 0.7 969 800 (17.4)% 4.3 9.2 14.9 115.9% 62.5% 105.39 64.87 10.48 9.02 60.07 0.00% 10.5%
Bharat Dynamics Ltd Aerospace & Defence Arafat SAIYED ADD 6.5 1,567 2,080 32.8% 35.0 44.5 54.5 0.3% 0.2% 35.22 28.73 6.79 5.82 26.13 0.85% 20.7%
Bharat Electronics Ltd Aerospace & Defence Shubham Dalia ADD 33.1 399 459 15.0% 5.4 7.2 8.5 34.1% 17.9% 55.20 46.84 14.61 12.05 41.31 0.58% 29.1%
Bharat Heavy Electricals Industrial Machinery Arafat SAIYED REDUCE 9.0 229 38 (83.4)% 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 2.3 314 435 38.2% 6.9 9.0 11.0 30.8% 21.8% 34.77 28.55 6.06 5.43 22.36 1.28% 24.3%
Cummins India Ltd Industrial Machinery Arafat SAIYED ADD 12.7 4,030 3,909 (3.0)% 59.4 72.1 82.9 21.3% 15.0% 55.91 48.61 14.63 11.88 50.51 0.47% 29.0%
Cyient DLM Ltd Industrial Goods and Services Arafat SAIYED ADD 0.4 456 818 79.3% 7.7 8.2 15.7 6.7% 90.6% 55.39 29.05 3.68 3.27 25.61 0.00% 12.4%
Data Patterns (India) Ltd Aerospace & Defence Arafat SAIYED ADD 1.7 2,711 2,827 4.3% 32.4 38.0 46.9 0.2% 0.2% 71.39 57.78 10.08 8.76 56.46 0.20% 15.0%
Dixon Technologies EMS Arafat SAIYED ADD 12.4 18,103 20,200 11.6% 61.0 148.8 179.2 143.9% 20.4% 121.63 101.01 40.94 28.65 75.58 0.03% 31.4%
Finolex Cables Industrial Goods and Services Nishant BAGRECHA REDUCE 1.5 847 1,090 28.8% 42.6 45.0 51.2 5.5% 13.8% 18.83 16.55 2.35 2.10 16.61 0.89% 17.3%
Havells India Industrial - Overall Nishant BAGRECHA ADD 11.2 1,573 2,010 27.8% 20.3 22.5 28.9 10.7% 28.9% 70.03 54.33 11.75 10.16 46.34 0.48% 24.1%
HEG Limited Steel Satish KUMAR HOLD 1.1 519 1,800 247.1% 128.8 192.3 229.3 49.3% 19.3% 2.70 2.26 0.34 0.29 1.40 5.99% 13.6%
Hindustan Aeronautics Ltd Aerospace & Defence Shubham Dalia ADD 36.0 4,746 6,325 33.3% 114.0 115.1 133.9 1.0% 16.3% 41.24 35.45 9.07 7.75 29.06 0.80% 24.0%
IKIO Lighting EMS Ishan VERMA REDUCE 0.2 225 260 15.6% 7.8 7.2 9.1 (7.4%) 25.0% 30.99 24.80 2.94 2.70 19.01 0.00% 9.8%
Jindal Steel and Power Steel Satish KUMAR REDUCE 0.0 0 853 0.0% 59.5 28.1 53.6 (52.7%) 90.3% 0.00 0.00 0.00 0.00 1.70 0.00% 8.9%
JSW Steel Steel Satish KUMAR REDUCE 30.4 1,099 766 (30.3)% 29.8 14.1 20.1 (52.6%) 42.1% 77.74 54.69 4.14 3.94 18.12 0.59% 5.4%
Kalpataru Projects International Limited Industrial Goods and Services Ishan VERMA ADD 2.5 1,295 1,461 12.8% 35.0 41.6 61.2 18.8% 47.2% 31.16 21.17 3.34 2.94 14.74 0.58% 11.2%
KEC International Ltd Industrial Machinery Ishan VERMA ADD 2.6 877 1,122 27.9% 13.5 22.0 35.5 0.6% 0.6% 39.78 24.68 4.36 3.85 17.12 0.54% 12.1%
KEI Industries Industrial Goods and Services Nishant BAGRECHA ADD 4.5 4,126 4,855 17.7% 62.6 69.7 88.9 11.4% 27.5% 59.17 46.39 6.82 5.97 39.02 0.08% 20.0%
Lloyds Metals & Energy Ltd Steel Satish KUMAR ADD 7.7 1,297 1,476 13.8% 24.6 40.3 119.4 63.7% 196.5% 32.20 10.86 9.72 4.48 23.44 0.00% 42.6%
MTAR Technologies Limited Industrial Goods and Services Vipraw SRIVASTAVA ADD 0.6 1,679 2,644 57.6% 18.2 31.3 58.8 71.6% 88.0% 53.70 28.56 6.69 5.42 31.49 0.00% 13.3%
Orient Electric Industrial Goods and Services Nishant BAGRECHA ADD 0.5 203 330 62.6% 3.5 5.0 6.7 42.0% 33.7% 40.37 30.20 6.10 5.42 20.05 0.86% 17.6%
Polycab India Industrial Goods and Services Nishant BAGRECHA ADD 12.4 7,255 8,440 16.3% 118.7 133.0 162.2 12.0% 21.9% 54.53 44.74 11.20 9.36 36.63 0.41% 22.3%
Schaeffler India Ltd Industrial Goods and Services Pramod AMTHE ADD 7.0 3,953 3,773 (4.6)% 58.9 62.5 72.1 0.1% 0.2% 63.20 54.83 11.58 10.39 41.18 0.71% 19.3%
Siemens Ltd Industrial Machinery Arafat SAIYED ADD 12.9 3,202 7,910 147.0% 76.4 86.3 105.5 0.1% 0.2% 37.10 30.36 6.34 5.39 27.69 0.40% 18.4%
SKF India Ltd Industrial Machinery Pramod AMTHE ADD 2.7 4,827 5,265 9.1% 111.6 114.4 143.1 0.0% 0.3% 42.18 33.74 9.19 7.50 32.01 0.30% 21.8%
Skipper Limited Industrial Goods and Services Ishan VERMA ADD 0.7 533 612 14.7% 7.8 13.2 16.9 70.5% 27.9% 40.31 31.51 5.05 4.35 14.61 0.02% 14.3%
Steel Authority of India Steel Satish KUMAR REDUCE 6.2 132 77 (41.9)% 5.5 5.6 6.1 1.6% 8.1% 23.56 21.80 0.96 0.92 8.87 0.00% 4.2%
Syrma SGS Technology EMS Arafat SAIYED ADD 1.8 825 600 (27.3)% 7.1 11.6 15.7 62.8% 35.6% 71.29 52.59 8.03 6.97 45.73 0.00% 11.9%
Tata Steel Steel Satish KUMAR REDUCE 24.0 170 82 (51.7)% 5.5 5.4 5.4 (0.9%) (0.4%) 31.30 31.42 1.86 1.79 10.50 1.18% 6.1%
TCPL Packaging Ltd Industrial Goods and Services Nishant BAGRECHA ADD 0.3 3,389 4,530 33.7% 109.2 157.2 158.1 43.9% 0.6% 21.57 21.44 4.79 4.02 12.46 0.65% 24.5%
Thermax Ltd Industrial Machinery Arafat SAIYED ADD 4.5 3,310 3,870 16.9% 50.4 60.7 77.5 0.2% 0.3% 54.51 42.71 7.46 6.54 39.57 0.30% 14.5%
Timken Ltd Industrial Machinery Pramod AMTHE REDUCE 2.6 3,026 2,838 (6.2)% 52.1 59.5 58.3 0.1% 0.0% 50.87 51.94 8.00 6.98 37.80 1.19% 17.0%
V-Guard Industries Industrial Goods and Services Nishant BAGRECHA ADD 1.8 370 548 48.2% 5.9 7.5 9.0 26.7% 19.6% 49.04 41.00 7.73 6.72 30.17 0.42% 22.4%
Voltas Ltd Industrial Machinery Nishant BAGRECHA ADD 5.3 1,404 1,845 31.5% 7.5 26.8 33.6 2.6% 0.3% 52.44 41.75 7.12 6.28 38.67 0.40% 14.4%
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