Satish KUMAR

Satish KUMAR

MD and Head - Research
(91) 22 4161 1562
satish.kumar@incredresearch.com
Executive Summary

Satish Kumar joins our InCred Research team from January 2021 as Managing Director and Head of Knowledge Services while also writing Research on the Metals & Mining, Cement, Chemicals sectors. Prior to joining InCred Research, he was with Equirus Securities as Head of Equities, CGS-CIMB as Head of Equity Research, BofAML, Standard Chartered, Lehman Brother and Nomura Securities. Satish holds a Bachelor of Technology and has an academic background in Finance, and a degree in Business Administration from IIM Calcutta.

Valuation
Company Industry Sector 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
Aarti Industries Chemicals - Overall Chemicals REDUCE 2.0 477 281 (41.2)% 11.5 10.7 12.4 (6.6%) 15.6% 44.47 38.47 3.09 2.91 19.54 0.52% 7.1%
Aether Industries Ltd Chemicals - Overall Chemicals ADD 1.2 790 1,170 48.1% 10.6 16.8 19.2 58.3% 14.5% 47.06 41.11 4.43 3.99 29.46 0.00% 9.9%
Ami Organics Ltd Chemicals - Overall Chemicals REDUCE 0.0 0 1,500 0.0% 11.9 36.6 44.7 208.4% 22.1% 0.00 0.00 0.00 0.00 (1.00) 0.00% 15.6%
Anupam Rasayan India Ltd Chemicals - Others Chemicals REDUCE 1.3 1,042 479 (54.0)% 16.8 12.7 16.2 (24.0%) 27.3% 81.85 64.28 3.60 3.41 38.65 0.00% 4.5%
Astec Lifesciences Ltd Chemicals - Overall Chemicals REDUCE 0.2 811 778 (4.0)% (23.9) (54.8) 22.1 129.2% (140.4%) (14.79) 36.65 5.92 5.14 (38.88) (0.42%) (33.7%)
Atul Ltd Chemicals - Others Chemicals ADD 2.5 7,378 6,727 (8.8)% 105.9 162.7 202.6 53.6% 24.5% 45.35 36.41 3.96 3.62 22.47 0.26% 9.1%
Bharat Petroleum Oil & Gas Refinery Oil and Gas REDUCE 16.0 317 375 18.4% 38.1 0.0 0.0 0.0% 0.0% 0.00 0.00 0.00 0.00 0.00 0.00% 0.0%
Blue Jet Healthcare Healthcare - Overall Healthcare ADD 1.8 901 333 (63.0)% 9.9 11.4 12.7 15.1% 11.0% 78.68 70.87 14.84 12.27 58.10 0.00% 20.8%
Camlin Fine Sciences Chemicals - Overall Chemicals ADD 0.6 265 428 61.7% (5.6) (6.8) 12.6 22.3% (285.0%) (38.81) 20.98 5.17 4.15 31.87 0.00% 2.5%
Clean Science and Technology Chemicals - Others Chemicals REDUCE 1.9 1,498 683 (54.4)% 23.0 24.3 27.1 5.7% 11.6% 61.74 55.32 10.90 9.11 40.01 0.00% 19.4%
Coal India Coal Mining Commodities REDUCE 28.7 399 209 (47.6)% 34.0 27.4 24.9 (19.5%) (9.0%) 14.58 16.03 3.09 2.82 7.86 3.13% 22.5%
Coromandel International Ltd Chemicals - Others Chemicals ADD 7.9 2,298 871 (62.1)% 0.0 0.0 0.0 0.0% 0.0% 0.00 0.00 0.00 0.00 0.00 0.00% 0.0%
Deepak Nitrite Ltd Chemicals - Overall Chemicals REDUCE 3.1 1,941 1,432 (26.2)% 59.4 50.1 54.3 (15.7%) 8.3% 38.71 35.74 4.88 4.35 25.14 0.30% 13.3%
Epigral Ltd Chemicals - Overall Chemicals REDUCE 0.9 1,781 1,206 (32.3)% 81.1 73.7 80.4 (9.1%) 9.1% 24.16 22.15 3.42 2.96 12.38 0.00% 18.2%
Galaxy Surfactants Ltd Chemicals - Overall Chemicals REDUCE 1.0 2,378 2,182 (8.2)% 78.7 88.9 72.9 12.9% (18.0%) 26.75 32.60 3.36 3.03 15.32 0.35% 13.4%
Gujarat Fluorochemicals Ltd Chemicals - Overall Chemicals REDUCE 4.7 3,652 1,946 (46.7)% 39.6 36.0 48.2 (9.0%) 33.7% 101.37 75.82 6.34 5.85 43.05 0.00% 6.5%
HEG Limited Steel Industrial Goods and Services 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%
Hindalco Industries Ltd Mining Commodities ADD 17.1 650 785 20.7% 45.7 59.9 69.3 30.8% 15.8% 10.86 9.38 1.22 1.08 6.03 0.62% 11.8%
Hindustan Petroleum Oil & Gas Refinery Oil and Gas HOLD 10.1 407 305 (25.1)% 49.1 0.0 0.0 0.0% 0.0% 0.00 0.00 0.00 0.00 0.00 0.00% 0.0%
India Pesticides Ltd Chemicals - Overall Chemicals REDUCE 0.3 205 189 (7.8)% 8.5 9.4 10.4 10.6% 10.6% 21.69 19.60 2.46 2.19 13.83 0.69% 12.0%
Indian Oil Corp Oil & Gas Refinery Oil and Gas ADD 23.2 141 107 (24.0)% 14.5 0.0 0.0 0.0% 0.0% 0.00 0.00 0.00 0.00 0.00 0.00% 0.0%
Jindal Steel and Power Steel Industrial Goods and Services 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 Industrial Goods and Services 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%
Jubilant Ingrevia Ltd Chemicals - Overall Chemicals REDUCE 1.3 707 315 (55.5)% 11.5 9.7 11.4 (15.6%) 17.4% 72.92 62.09 3.93 3.72 32.12 0.22% 5.5%
Laxmi Organic Industries Ltd Chemicals - Overall Chemicals REDUCE 0.7 203 161 (20.9)% 4.6 4.5 5.1 (1.1%) 11.8% 44.96 40.22 2.80 2.61 17.77 0.00% 6.4%
Lloyds Metals & Energy Ltd Steel Industrial Goods and Services 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%
National Aluminium Co Ltd Mining Commodities HOLD 4.0 188 176 (6.6)% 11.0 14.6 15.5 32.6% 5.9% 12.87 12.15 2.13 1.90 7.54 2.39% 17.6%
Navin Fluorine International Ltd Chemicals - Overall Chemicals ADD 2.6 4,434 4,080 (8.0)% 52.3 69.0 81.6 32.1% 18.2% 64.21 54.34 8.11 7.06 36.04 0.20% 13.4%
NMDC Mining Commodities ADD 7.4 72 319 340.4% 22.4 27.2 30.7 21.5% 12.9% 2.66 2.36 0.65 0.55 0.39 11.28% 26.8%
Oil & Natural Gas Oil & Gas Exp & Prodn Oil and Gas ADD 35.3 240 221 (7.9)% 35.9 38.6 0.0 7.4% 0.0% 6.22 0.00 0.92 0.00 2.76 4.17% 15.0%
Oil India Oil & Gas Exp & Prodn Oil and Gas ADD 8.1 424 261 (38.5)% 56.9 54.6 0.0 (4.1%) 0.0% 7.78 0.00 1.11 0.00 4.46 2.83% 15.1%
PI Industries Ltd Chemicals - Overall Chemicals REDUCE 6.9 3,898 3,067 (21.3)% 110.7 118.9 121.3 7.4% 2.0% 32.78 32.15 5.64 4.80 22.65 0.06% 18.8%
Rallis India Ltd Chemicals - Overall Chemicals REDUCE 0.7 317 218 (31.2)% 7.0 7.8 8.8 10.3% 12.9% 40.89 36.21 3.18 2.99 22.59 0.68% 8.0%
SRF Limited Chemicals - Overall Chemicals REDUCE 10.8 3,124 1,540 (50.7)% 45.1 35.2 39.5 (21.9%) 12.4% 88.75 78.99 7.46 6.88 39.80 0.13% 8.7%
Steel Authority of India Steel Industrial Goods and Services 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%
Tata Steel Steel Industrial Goods and Services 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%
UPL Limited Chemicals - Overall Chemicals ADD 6.1 643 1,289 100.5% (33.4) 16.3 41.5 (148.7%) 154.5% 39.48 15.51 1.52 1.39 8.94 0.67% 6.8%
Vinati Organics Chemicals - Overall Chemicals ADD 2.3 1,869 2,772 48.3% 31.2 42.0 50.7 34.7% 20.7% 44.48 36.84 6.92 6.04 31.09 0.51% 16.5%
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