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 1.7 401 281 (30.0)% 11.5 10.7 12.4 (6.6%) 15.6% 37.38 32.34 2.60 2.44 16.88 0.62% 7.1%
Aether Industries Ltd Chemicals - Overall Chemicals ADD 1.3 807 1,170 45.0% 10.6 16.8 19.2 58.3% 14.5% 48.06 41.99 4.52 4.07 30.14 0.00% 9.9%
Ami Organics Ltd Chemicals - Overall Chemicals REDUCE 1.2 2,473 1,500 (39.3)% 11.9 36.6 44.7 208.4% 22.1% 67.49 55.29 8.06 7.16 43.59 0.00% 15.6%
Anupam Rasayan India Ltd Chemicals - Others Chemicals REDUCE 1.0 750 479 (36.1)% 16.8 12.7 16.2 (24.0%) 27.3% 58.90 46.26 2.59 2.46 28.92 0.00% 4.5%
Astec Lifesciences Ltd Chemicals - Overall Chemicals REDUCE 0.2 719 778 8.2% (23.9) (54.8) 22.1 129.2% (140.4%) (13.11) 32.49 5.25 4.56 (35.96) (0.47%) (33.7%)
Atul Ltd Chemicals - Others Chemicals ADD 2.0 5,827 6,727 15.4% 105.9 162.7 202.6 53.6% 24.5% 35.81 28.76 3.13 2.86 17.46 0.34% 9.1%
Bharat Petroleum Oil & Gas Refinery Oil and Gas REDUCE 14.6 287 375 30.8% 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 1.6 799 333 (58.2)% 9.9 11.4 12.7 15.1% 11.0% 69.76 62.83 13.16 10.88 51.38 0.00% 20.8%
Camlin Fine Sciences Chemicals - Overall Chemicals ADD 0.4 172 300 74.0% 15.1 21.8 0.0 44.6% 0.0% 7.92 0.00 1.64 0.00 5.61 1.26% 23.3%
Clean Science and Technology Chemicals - Others Chemicals REDUCE 1.5 1,215 683 (43.8)% 23.0 24.3 27.1 5.7% 11.6% 50.09 44.88 8.84 7.39 32.17 0.00% 19.4%
Coal India Coal Mining Commodities REDUCE 28.6 398 209 (47.4)% 34.0 27.4 24.9 (19.5%) (9.0%) 14.53 15.97 3.08 2.81 7.83 3.14% 22.5%
Coromandel International Ltd Chemicals - Others Chemicals ADD 7.1 2,050 871 (57.5)% 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 3.2 2,033 1,432 (29.5)% 59.4 50.1 54.3 (15.7%) 8.3% 40.55 37.45 5.11 4.56 26.34 0.29% 13.3%
Epigral Ltd Chemicals - Overall Chemicals REDUCE 1.0 1,947 1,206 (38.0)% 81.1 73.7 80.4 (9.1%) 9.1% 26.40 24.21 3.73 3.24 13.45 0.00% 18.2%
Galaxy Surfactants Ltd Chemicals - Overall Chemicals REDUCE 0.9 2,246 2,182 (2.8)% 78.7 88.9 72.9 12.9% (18.0%) 25.26 30.80 3.17 2.86 14.44 0.37% 13.4%
Gujarat Fluorochemicals Ltd Chemicals - Overall Chemicals REDUCE 5.1 3,955 1,946 (50.8)% 39.6 36.0 48.2 (9.0%) 33.7% 109.78 82.11 6.86 6.33 46.51 0.00% 6.5%
HEG Limited Steel Industrial Goods and Services 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%
Hindalco Industries Ltd Mining Commodities ADD 17.4 661 785 18.7% 45.7 59.9 69.3 30.8% 15.8% 11.05 9.54 1.24 1.10 6.12 0.60% 11.8%
Hindustan Petroleum Oil & Gas Refinery Oil and Gas HOLD 9.0 362 305 (15.8)% 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 0.2 139 189 36.1% 8.5 9.4 10.4 10.6% 10.6% 14.70 13.29 1.66 1.48 8.88 1.02% 12.0%
Indian Oil Corp Oil & Gas Refinery Oil and Gas ADD 21.7 131 107 (18.5)% 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 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 Industrial Goods and Services 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%
Jubilant Ingrevia Ltd Chemicals - Overall Chemicals REDUCE 1.2 654 315 (51.9)% 11.5 9.7 11.4 (15.6%) 17.4% 67.47 57.45 3.63 3.45 29.98 0.24% 5.5%
Laxmi Organic Industries Ltd Chemicals - Overall Chemicals REDUCE 0.6 182 161 (11.5)% 4.6 4.5 5.1 (1.1%) 11.8% 40.16 35.93 2.50 2.34 15.80 0.00% 6.4%
Lloyds Metals & Energy Ltd Steel Industrial Goods and Services 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%
National Aluminium Co Ltd Mining Commodities HOLD 3.7 174 176 1.1% 11.0 14.6 15.5 32.6% 5.9% 11.89 11.23 1.97 1.75 6.90 2.58% 17.6%
Navin Fluorine International Ltd Chemicals - Overall Chemicals ADD 2.5 4,247 4,080 (3.9)% 52.3 69.0 81.6 32.1% 18.2% 61.50 52.05 7.77 6.76 34.53 0.21% 13.4%
NMDC Mining Commodities ADD 7.2 70 319 354.7% 22.4 27.2 30.7 21.5% 12.9% 2.58 2.28 0.63 0.53 0.32 11.65% 26.8%
Oil & Natural Gas Oil & Gas Exp & Prodn Oil and Gas ADD 36.9 251 221 (11.8)% 35.9 38.6 0.0 7.4% 0.0% 6.49 0.00 0.96 0.00 2.91 3.99% 15.0%
Oil India Oil & Gas Exp & Prodn Oil and Gas ADD 7.5 392 261 (33.5)% 56.9 54.6 0.0 (4.1%) 0.0% 7.19 0.00 1.03 0.00 4.16 3.06% 15.1%
PI Industries Ltd Chemicals - Overall Chemicals REDUCE 6.2 3,502 3,067 (12.4)% 110.7 118.9 121.3 7.4% 2.0% 29.45 28.88 5.06 4.31 20.11 0.06% 18.8%
Rallis India Ltd Chemicals - Overall Chemicals REDUCE 0.5 223 218 (2.3)% 7.0 7.8 8.8 10.3% 12.9% 28.79 25.49 2.24 2.11 15.74 0.97% 8.0%
SRF Limited Chemicals - Overall Chemicals REDUCE 10.3 2,982 1,540 (48.3)% 45.1 35.2 39.5 (21.9%) 12.4% 84.72 75.40 7.12 6.57 38.06 0.13% 8.7%
Steel Authority of India Steel Industrial Goods and Services 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%
Tata Steel Steel Industrial Goods and Services 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%
UPL Limited Chemicals - Overall Chemicals ADD 5.7 654 1,289 97.0% (33.4) 16.3 41.5 (148.7%) 154.5% 40.19 15.79 1.55 1.41 9.05 0.65% 6.8%
Vinati Organics Chemicals - Overall Chemicals ADD 1.9 1,568 2,772 76.8% 31.2 42.0 50.7 34.7% 20.7% 37.31 30.90 5.80 5.07 26.06 0.61% 16.5%
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