Nishant BAGRECHA

Nishant BAGRECHA

Assistant Vice President - Research
(91) 22 4161 1564
nishant.bagrecha@incredresearch.com
Executive Summary

Nishant Bagrecha has joined us from April 2021. He has over 3.5 years of experience at Equirus Capital tracking Cement, Building materials, Infrastructure-roads & Building construction sector. He is an MBA from N.R. Institute of Business Management, Ahmedabad. As a cricket enthusiast, he has represented Rajasthan Cricket Association (RCA) and played cricket at state, national and international level.

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
ACC Ltd Cement Construction and Materials ADD 3.9 1,850 2,100 13.5% 124.2 127.8 89.6 2.9% (29.9%) 14.48 20.65 1.87 1.73 13.07 0.56% 6.5%
Aditya Birla Fashion and Retail Ltd Retail Consumer Discretionary ADD 1.2 88 198 124.0% 0.0 0.0 0.0 0.0% 0.0% 0.00 0.00 0.00 0.00 0.00 0.00% 0.0%
Ambuja Cements Ltd Cement Construction and Materials ADD 15.6 561 660 17.7% 17.1 17.9 14.7 4.7% (17.6%) 31.35 38.02 2.16 2.06 24.20 0.36% 5.8%
Asian Paints Limited Building Materials Construction and Materials REDUCE 27.7 2,546 2,220 (12.8)% 56.9 38.2 44.7 (32.8%) 16.8% 66.60 57.01 12.59 11.51 40.49 0.94% 21.1%
Berger Paints India Limited Building Materials Construction and Materials HOLD 7.1 539 620 15.0% 10.0 0.0 0.0 0.0% 0.0% 0.00 0.00 0.00 9.17 (0.08) 0.00% 20.5%
Birla Corporation Ltd Cement Construction and Materials ADD 1.1 1,270 1,530 20.5% 53.7 43.3 61.9 (19.4%) 42.9% 29.32 20.51 1.39 1.32 10.12 0.95% 4.9%
Britannia Industries Ltd Food & Beverages Consumer Staples ADD 17.0 6,247 6,000 (4.0)% 88.9 91.5 102.1 2.8% 11.6% 68.29 61.19 34.55 32.48 47.16 1.17% 53.1%
Colgate Palmolive India Personal Products Consumer Discretionary HOLD 7.3 2,354 2,570 9.2% 49.4 52.8 56.8 0.1% 0.1% 44.56 41.43 38.46 36.76 32.17 2.54% 81.2%
Dabur India Ltd Personal Products Consumer Discretionary HOLD 10.8 539 545 1.1% 10.4 10.0 10.6 (4.1%) 6.4% 54.02 50.77 8.84 7.84 40.66 1.02% 17.1%
Dalmia Bharat Ltd Cement Construction and Materials ADD 5.1 2,411 2,530 4.9% 43.9 35.9 58.9 (18.0%) 63.8% 67.08 40.95 2.64 2.49 19.36 0.21% 4.7%
Emami Ltd Personal Products Consumer Discretionary ADD 3.0 602 690 14.6% 16.5 18.5 23.4 12.1% 26.7% 32.58 25.72 9.75 7.70 25.04 1.33% 31.4%
Ethos Limited Retail Consumer Discretionary ADD 0.7 2,371 3,400 43.4% 34.0 37.4 49.4 10.0% 31.9% 63.32 48.01 5.95 5.29 28.41 0.00% 13.4%
Finolex Cables Industrial Goods and Services Industrial Goods and Services 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%
Godrej Consumer Products Ltd Personal Products Consumer Discretionary ADD 14.5 1,250 1,375 10.0% (5.5) 18.1 24.3 (430.4%) 34.0% 69.01 51.52 10.65 9.32 42.50 2.00% 15.6%
Havells India Industrial - Overall Industrial Goods and Services 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%
Heidelberg Cement India Ltd Cement Construction and Materials HOLD 0.5 212 181 (14.9)% 8.9 11.8 13.2 32.5% 11.7% 17.98 16.10 3.03 2.89 9.12 4.09% 17.3%
Hindustan Unilever Ltd Personal Products Consumer Discretionary ADD 68.7 2,581 2,800 8.5% 42.7 47.1 46.5 10.4% (1.3%) 54.80 55.54 12.34 12.06 41.71 1.51% 21.3%
J K Cement Ltd Cement Construction and Materials HOLD 5.7 6,555 6,550 (0.1)% 102.3 111.4 145.9 8.9% 30.9% 58.82 44.93 8.32 7.25 26.98 0.23% 13.2%
JK Lakshmi Cement Cement Construction and Materials ADD 1.2 902 935 3.7% 40.1 25.4 39.3 (36.6%) 54.6% 35.49 22.96 3.06 2.73 14.50 0.72% 9.0%
Jyothy Labs Limited Personal Products Consumer Discretionary ADD 1.4 325 380 16.9% 10.1 10.1 10.3 0.3% 2.1% 32.24 31.58 5.83 5.18 23.62 1.08% 19.4%
Kansai Nerolac Paints Limited Building Materials Construction and Materials REDUCE 2.3 248 235 (5.1)% 14.5 5.9 8.2 (59.2%) 38.4% 41.70 30.14 3.11 3.07 19.26 3.98% 8.0%
KEI Industries Industrial Goods and Services Industrial Goods and Services 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%
Marico Ltd Personal Products Consumer Discretionary ADD 10.8 735 840 14.4% 10.4 12.6 13.1 21.7% 3.6% 58.17 56.15 23.84 19.89 43.61 1.26% 41.7%
Nestle India Ltd Food & Beverages Consumer Staples HOLD 26.6 1,218 2,485 104.1% 40.7 31.4 37.0 (23.0%) 17.9% 38.83 32.92 28.52 25.18 24.82 2.09% 81.1%
Orient Cement Cement Construction and Materials REDUCE 0.5 221 320 45.0% 8.5 10.6 12.9 24.8% 21.4% 20.71 17.06 2.40 2.20 8.68 1.74% 12.0%
Orient Electric Industrial Goods and Services Industrial Goods and Services 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%
Pidilite Industries Limited Building Materials Construction and Materials ADD 17.7 3,079 3,515 14.2% 34.0 40.8 46.7 20.0% 14.4% 75.42 65.90 16.05 14.14 51.04 0.52% 23.1%
Polycab India Industrial Goods and Services Industrial Goods and Services 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%
Prism Johnson Ltd Cement Construction and Materials ADD 0.9 149 142 (5.0)% 5.7 0.0 0.0 0.0% 0.0% 0.00 0.00 0.00 0.00 0.00 0.00% 0.0%
Ramco Cements Ltd Cement Construction and Materials REDUCE 2.8 1,031 993 (3.7)% 16.7 17.7 16.4 5.7% (6.9%) 58.36 62.72 3.25 3.11 23.38 0.19% 1.1%
Raymond Ltd Textile Consumer Discretionary ADD 0.5 615 3,650 493.9% 246.0 114.3 160.9 (53.5%) 40.8% 5.38 3.82 0.77 0.64 2.05 0.81% 15.3%
Shree Cement Ltd Cement Construction and Materials HOLD 12.1 29,580 31,100 5.1% 664.0 311.2 417.7 (53.1%) 34.2% 95.05 70.82 4.96 4.76 25.63 0.37% 5.3%
TCPL Packaging Ltd Industrial Goods and Services Industrial Goods and Services 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%
Titan Co Ltd Retail Consumer Discretionary ADD 35.9 3,572 3,900 9.2% 39.3 37.5 53.1 (4.5%) 41.6% 95.26 67.27 27.35 24.76 57.15 0.31% 31.8%
UltraTech Cement Ltd Cement Construction and Materials ADD 41.3 12,370 14,100 14.0% 242.6 207.0 298.0 (14.7%) 43.9% 59.75 41.52 5.16 4.74 30.46 0.75% 9.4%
V-Guard Industries Industrial Goods and Services Industrial Goods and Services 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 Industrial Goods and Services 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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