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 (%)
FY21 FY22F FY23F FY22F FY23F FY22F FY23F FY22F FY23F FY22F FY22F FY22F
Aarti Industries Chemicals - Overall Chemicals REDUCE 2.2 435 435 (0.1)% 14.4 36.1 15.0 149.8% (58.3%) 12.06 28.91 2.67 3.20 9.19 0.80% 27.8%
Aether Industries Ltd Chemicals - Overall Chemicals ADD 1.5 825 1,170 41.9% 7.6 10.2 11.0 33.7% 7.9% 80.87 74.98 24.02 8.25 53.99 0.00% 38.8%
Ami Organics Ltd Chemicals - Overall Chemicals REDUCE 1.1 2,026 714 (64.8)% 15.0 20.0 23.1 33.2% 15.8% 101.36 87.55 14.08 12.28 68.40 0.00% 21.0%
Anupam Rasayan India Ltd Chemicals - Others Chemicals REDUCE 1.1 732 553 (24.5)% 7.9 15.2 21.7 92.9% 42.5% 48.03 33.71 4.23 3.08 26.06 0.00% 9.2%
Astec Lifesciences Ltd Chemicals - Overall Chemicals REDUCE 0.3 1,055 778 (26.3)% 33.3 45.9 13.1 38.0% (71.6%) 23.00 80.83 5.22 4.93 15.22 0.27% 25.5%
Atul Ltd Chemicals - Others Chemicals REDUCE 3.0 7,284 4,971 (31.8)% 220.3 201.3 169.4 (8.6%) (15.8%) 36.18 43.00 4.88 4.63 22.32 0.33% 14.5%
Bharat Petroleum Oil & Gas Refinery Oil and Gas REDUCE 17.2 288 375 30.4% 81.9 46.3 38.3 (43.4%) (17.2%) 6.21 7.50 1.39 1.28 5.71 7.62% 20.3%
Blue Jet Healthcare Healthcare - Overall Healthcare ADD 1.3 550 333 (39.4)% 8.2 10.5 9.2 28.2% (11.9%) 52.53 59.61 18.29 14.00 37.99 0.00% 42.2%
Camlin Fine Sciences Chemicals - Overall Chemicals ADD 0.3 122 300 146.6% 5.3 4.2 6.2 (19.2%) 46.8% 28.66 19.52 2.55 2.02 14.58 0.32% 8.7%
Clean Science and Technology Chemicals - Others Chemicals REDUCE 1.9 1,291 665 (48.5)% 18.7 21.5 27.8 15.2% 29.2% 60.05 46.48 17.86 13.58 44.87 0.00% 34.9%
Coal India Coal Mining Commodities REDUCE 35.0 412 209 (49.3)% 20.6 28.2 45.6 36.8% 61.8% 14.62 9.03 5.89 4.44 8.88 3.03% 43.6%
Coromandel International Ltd Chemicals - Others Chemicals ADD 7.2 1,765 871 (50.6)% 44.0 50.8 55.3 15.4% 8.7% 34.72 31.93 8.16 6.85 0.12 0.82% 25.6%
Deepak Nitrite Ltd Chemicals - Overall Chemicals REDUCE 5.0 2,671 1,514 (43.3)% 56.9 78.2 62.5 37.5% (20.1%) 34.16 42.77 10.91 8.91 22.61 0.31% 37.5%
GAIL India Gas Transmission & Dist Utilities ADD 16.9 187 261 39.7% 13.9 27.0 8.8 94.1% (67.4%) 6.91 21.20 1.29 1.89 5.74 4.82% 17.9%
Galaxy Surfactants Ltd Chemicals - Overall Chemicals REDUCE 1.3 2,652 2,552 (3.8)% 85.2 74.1 101.3 (13.0%) 36.7% 35.78 26.17 5.97 4.84 24.20 0.41% 18.3%
Gujarat Fluorochemicals Ltd Chemicals - Overall Chemicals REDUCE 5.9 3,878 1,946 (49.8)% (20.2) 70.5 120.4 (449.8%) 70.8% 54.98 32.20 10.01 7.72 36.70 0.00% 20.0%
Gujarat Gas Gas Transmission & Dist Utilities ADD 4.3 451 642 42.3% 18.6 18.7 22.2 0.7% 18.7% 24.13 20.32 5.52 4.42 15.18 0.44% 25.6%
HEG Limited Steel Industrial Goods and Services HOLD 1.1 411 1,800 338.5% 32.0 101.2 118.0 215.8% 16.6% 4.06 3.48 0.42 0.37 3.12 0.76% 10.9%
Hindalco Industries Ltd Mining Commodities ADD 19.8 640 785 22.6% 23.3 64.0 45.5 174.3% (28.9%) 10.00 14.07 1.82 1.50 6.18 0.63% 18.8%
Hindustan Petroleum Oil & Gas Refinery Oil and Gas HOLD 10.6 362 305 (15.8)% 70.6 49.5 47.9 (29.8%) (3.4%) 7.31 7.56 1.25 1.14 7.30 3.89% 17.9%
India Pesticides Ltd Chemicals - Overall Chemicals REDUCE 0.3 184 189 2.8% 18.7 13.9 12.4 (25.7%) (10.6%) 13.18 14.76 3.31 2.73 9.31 1.12% 30.7%
Indian Oil Corp Oil & Gas Refinery Oil and Gas ADD 25.9 133 107 (19.6)% 15.3 17.7 13.5 15.3% (23.6%) 7.54 9.86 1.45 1.33 5.18 6.01% 27.4%
Indraprastha Gas Gas Transmission & Dist Utilities REDUCE 3.1 320 419 30.7% 16.8 21.5 23.4 28.1% 9.1% 14.93 13.68 2.96 2.83 11.20 1.12% 21.6%
Jindal Steel and Power Steel Industrial Goods and Services ADD 12.2 865 380 (56.1)% 51.7 81.3 24.3 57.3% (70.2%) 10.64 35.68 2.46 2.30 6.33 0.00% 25.7%
JSW Steel Steel Industrial Goods and Services REDUCE 31.9 947 470 (50.4)% 21.0 69.4 13.8 230.9% (80.1%) 13.65 68.67 4.25 4.36 8.72 0.69% 38.1%
Jubilant Ingrevia Ltd Chemicals - Overall Chemicals REDUCE 1.5 663 364 (45.1)% 19.9 29.9 19.3 50.4% (35.5%) 22.16 34.36 4.34 3.96 12.91 0.18% 21.9%
Laxmi Organic Industries Ltd Chemicals - Overall Chemicals REDUCE 1.0 252 168 (33.3)% 4.8 9.7 4.7 101.8% (51.4%) 25.89 53.29 5.11 4.70 17.91 0.00% 22.0%
Mahanagar Gas Gas Transmission & Dist Utilities REDUCE 1.5 1,126 1,397 24.1% 62.7 60.4 80.0 (3.7%) 32.3% 18.63 14.08 3.09 2.69 11.53 2.93% 17.5%
Meghmani Finechem Ltd Chemicals - Overall Chemicals HOLD 1.1 1,928 892 (53.7)% 24.4 60.8 85.0 149.6% 39.8% 31.69 22.67 11.03 7.49 17.62 0.00% 42.2%
National Aluminium Co Ltd Mining Commodities HOLD 6.1 240 176 (26.7)% 7.0 15.8 8.3 127.2% (47.7%) 15.18 29.02 3.57 3.39 9.09 2.08% 25.4%
Navin Fluorine International Ltd Chemicals - Overall Chemicals ADD 2.3 3,338 4,080 22.2% 49.9 54.2 75.7 8.7% 39.8% 61.62 44.08 8.97 7.57 45.62 0.21% 15.4%
NMDC Mining Commodities ADD 8.9 221 319 44.3% 20.8 32.2 18.8 55.0% (41.5%) 6.87 11.74 3.63 2.90 4.57 2.49% 39.6%
Oil & Natural Gas Oil & Gas Exp & Prodn Oil and Gas ADD 43.0 248 221 (10.9)% 12.9 37.8 36.8 192.5% (2.5%) 6.56 6.73 0.86 1.07 4.31 5.65% 16.3%
Oil India Oil & Gas Exp & Prodn Oil and Gas ADD 10.9 485 261 (46.3)% 32.5 51.9 61.8 59.6% 19.0% 9.35 7.86 1.90 1.63 4.21 2.47% 21.9%
Petronet LNG Gas Transmission & Dist Utilities ADD 6.5 314 519 65.3% 19.6 22.7 20.0 15.8% (11.7%) 13.84 15.68 3.45 3.09 9.43 3.34% 49.8%
PI Industries Ltd Chemicals - Overall Chemicals REDUCE 8.6 4,122 3,091 (25.0)% 52.4 58.6 80.9 12.0% 38.0% 70.29 50.93 10.23 8.70 50.96 0.05% 15.5%
Rallis India Ltd Chemicals - Overall Chemicals REDUCE 0.8 309 218 (29.4)% 11.8 8.4 4.7 (28.2%) (44.0%) 36.58 65.32 3.54 3.47 21.14 0.97% 10.0%
SRF Limited Chemicals - Overall Chemicals REDUCE 9.0 2,200 1,540 (30.0)% 40.4 63.7 73.0 57.6% 14.5% 34.51 30.15 7.61 6.31 21.40 0.25% 24.5%
Steel Authority of India Steel Industrial Goods and Services REDUCE 6.3 111 77 (31.0)% 9.3 29.1 4.6 212.1% (84.2%) 3.83 24.19 0.88 0.88 2.94 0.00% 25.9%
Tata Steel Steel Industrial Goods and Services REDUCE 24.0 139 82 (41.2)% 6.7 34.2 6.6 410.6% (80.7%) 4.08 21.09 1.49 1.65 3.53 1.79% 44.4%
UPL Limited Chemicals - Overall Chemicals ADD 5.7 547 694 26.9% 38.1 55.5 46.7 45.7% (15.9%) 9.86 11.72 1.70 1.40 6.74 2.66% 23.1%
Vinati Organics Chemicals - Overall Chemicals ADD 2.5 1,774 2,772 56.3% 26.2 33.7 44.6 28.7% 32.1% 52.59 39.80 9.97 8.22 42.03 0.44% 20.6%
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