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 1.6 389 281 (28.0)% 11.5 10.7 12.4 (6.6%) 15.6% 36.31 31.42 2.53 2.37 16.48 0.64% 7.1%
Aether Industries Ltd Chemicals - Overall Chemicals ADD 1.1 733 1,170 59.5% 10.6 16.8 19.2 58.3% 14.5% 43.69 38.17 4.11 3.70 27.19 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 1.4 1,115 479 (57.0)% 16.8 12.7 16.2 (24.0%) 27.3% 87.60 68.79 3.86 3.65 41.09 0.00% 4.5%
Astec Lifesciences Ltd Chemicals - Overall Chemicals REDUCE 0.2 851 778 (8.5)% (23.9) (54.8) 22.1 129.2% (140.4%) (15.52) 38.45 6.21 5.39 (40.15) (0.40%) (33.7%)
Atul Ltd Chemicals - Others Chemicals ADD 2.1 6,393 6,727 5.2% 105.9 162.7 202.6 53.6% 24.5% 39.29 31.55 3.43 3.14 19.28 0.31% 9.1%
Blue Jet Healthcare Healthcare - Overall Healthcare ADD 1.4 717 333 (53.5)% 9.9 11.4 12.7 15.1% 11.0% 62.63 56.41 11.81 9.77 46.02 0.00% 20.8%
Camlin Fine Sciences Chemicals - Overall Chemicals ADD 0.5 225 428 90.4% (5.6) (6.8) 12.6 22.3% (285.0%) (32.96) 17.82 4.39 3.52 27.57 0.00% 2.5%
Clean Science and Technology Chemicals - Others Chemicals REDUCE 1.4 1,164 683 (41.3)% 23.0 24.3 27.1 5.7% 11.6% 47.95 42.96 8.46 7.07 30.73 0.00% 19.4%
Coal India Coal Mining Commodities REDUCE 27.5 394 209 (47.0)% 34.0 27.4 24.9 (19.5%) (9.0%) 14.41 15.84 3.05 2.78 7.74 3.17% 22.5%
Coromandel International Ltd Chemicals - Others Chemicals ADD 7.4 2,229 871 (60.9)% 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 2.7 1,750 1,432 (18.1)% 59.4 50.1 54.3 (15.7%) 8.3% 34.90 32.23 4.40 3.92 22.66 0.34% 13.3%
Epigral Ltd Chemicals - Overall Chemicals REDUCE 0.9 1,786 1,206 (32.5)% 81.1 73.7 80.4 (9.1%) 9.1% 24.23 22.21 3.43 2.97 12.41 0.00% 18.2%
Galaxy Surfactants Ltd Chemicals - Overall Chemicals REDUCE 1.0 2,389 2,182 (8.7)% 78.7 88.9 72.9 12.9% (18.0%) 26.88 32.76 3.38 3.04 15.40 0.35% 13.4%
Gujarat Fluorochemicals Ltd Chemicals - Overall Chemicals REDUCE 4.6 3,716 1,946 (47.6)% 39.6 36.0 48.2 (9.0%) 33.7% 103.13 77.13 6.45 5.95 43.77 0.00% 6.5%
HEG Limited Steel Industrial Goods and Services 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%
Hindalco Industries Ltd Mining Commodities ADD 19.3 758 785 3.5% 45.7 59.9 69.3 30.8% 15.8% 12.67 10.94 1.42 1.26 6.90 0.53% 11.8%
India Pesticides Ltd Chemicals - Overall Chemicals REDUCE 0.3 214 189 (11.7)% 8.5 9.4 10.4 10.6% 10.6% 22.66 20.48 2.57 2.28 14.51 0.66% 12.0%
Jindal Steel and Power Steel Industrial Goods and Services 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 Industrial Goods and Services 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%
Jubilant Ingrevia Ltd Chemicals - Overall Chemicals REDUCE 1.3 708 458 (35.4)% 11.5 15.8 15.4 37.3% (2.4%) 44.92 46.03 3.86 3.59 22.98 0.20% 8.9%
Laxmi Organic Industries Ltd Chemicals - Overall Chemicals REDUCE 0.7 221 161 (27.2)% 4.6 4.5 5.1 (1.1%) 11.8% 48.80 43.65 3.03 2.84 19.35 0.00% 6.4%
Lloyds Metals & Energy Ltd Steel Industrial Goods and Services 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%
National Aluminium Co Ltd Mining Commodities HOLD 4.5 218 176 (19.4)% 11.0 14.6 15.5 32.6% 5.9% 14.90 14.07 2.47 2.20 8.87 2.06% 17.6%
Navin Fluorine International Ltd Chemicals - Overall Chemicals ADD 2.8 4,791 4,080 (14.8)% 52.3 69.0 81.6 32.1% 18.2% 69.39 58.72 8.76 7.63 38.93 0.19% 13.4%
NMDC Mining Commodities ADD 7.6 76 319 317.5% 22.4 27.2 30.7 21.5% 12.9% 2.81 2.49 0.69 0.58 0.51 10.70% 26.8%
PI Industries Ltd Chemicals - Overall Chemicals REDUCE 6.4 3,701 3,067 (17.1)% 110.7 118.9 121.3 7.4% 2.0% 31.12 30.52 5.35 4.56 21.39 0.06% 18.8%
Rallis India Ltd Chemicals - Overall Chemicals REDUCE 0.7 333 218 (34.4)% 7.0 7.8 8.8 10.3% 12.9% 42.90 37.99 3.34 3.14 23.73 0.65% 8.0%
SRF Limited Chemicals - Overall Chemicals REDUCE 10.0 2,972 1,540 (48.2)% 45.1 35.2 39.5 (21.9%) 12.4% 84.44 75.15 7.10 6.54 37.94 0.13% 8.7%
Steel Authority of India Steel Industrial Goods and Services 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%
Tata Steel Steel Industrial Goods and Services 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%
UPL Limited Chemicals - Overall Chemicals ADD 6.3 693 1,289 86.0% (33.4) 16.3 41.5 (148.7%) 154.5% 42.56 16.72 1.64 1.49 9.40 0.62% 6.8%
Vinati Organics Chemicals - Overall Chemicals ADD 2.0 1,697 2,772 63.3% 31.2 42.0 50.7 34.7% 20.7% 40.39 33.45 6.28 5.49 28.22 0.57% 16.5%
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