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 (%)
FY21 FY22F FY23F FY22F FY23F FY22F FY23F FY22F FY23F FY22F FY22F FY22F
ACC Ltd Cement Construction and Materials ADD 5.7 2,186 2,760 26.3% 76.1 99.1 47.1 30.3% (52.5%) 22.05 46.42 2.87 2.91 11.20 2.79% 14.2%
Aditya Birla Fashion and Retail Ltd Retail Consumer Discretionary ADD 4.3 289 198 (31.5)% (6.0) 1.5 2.9 (124.6%) 96.3% 195.82 99.75 8.53 7.86 0.50 0.00% 6.3%
Ambuja Cements Ltd Cement Construction and Materials ADD 18.6 550 700 27.4% 9.0 10.5 12.9 16.2% 22.7% 52.45 42.73 4.91 3.83 32.74 1.15% 10.1%
Asian Paints Limited Building Materials Construction and Materials REDUCE 32.8 2,484 2,340 (5.8)% 33.5 31.6 42.8 (5.8%) 35.5% 78.61 58.02 16.78 14.90 49.37 0.74% 23.3%
Berger Paints India Limited Building Materials Construction and Materials HOLD 7.6 476 540 13.4% 6.2 7.1 7.4 15.6% 3.3% 66.71 64.60 14.07 12.30 42.18 0.63% 22.7%
Birla Corporation Ltd Cement Construction and Materials ADD 1.2 1,115 1,490 33.6% 89.3 55.8 4.4 (37.5%) (92.1%) 19.97 253.65 1.42 1.44 10.86 1.09% 7.5%
Britannia Industries Ltd Food & Beverages Consumer Staples ADD 16.2 4,893 5,610 14.7% 77.5 63.3 80.8 (18.2%) 27.6% 77.25 60.56 46.08 33.35 54.21 2.11% 50.0%
Colgate Palmolive India Personal Products Consumer Discretionary HOLD 10.2 2,734 3,320 21.5% 38.1 39.6 38.9 0.0% 0.0% 68.95 70.25 42.86 43.32 47.05 1.42% 74.4%
Dabur India Ltd Personal Products Consumer Discretionary ADD 12.4 508 610 20.0% 9.6 10.2 9.6 6.8% (5.6%) 49.76 52.68 10.72 10.03 40.03 1.08% 22.5%
Dalmia Bharat Ltd Cement Construction and Materials ADD 4.5 1,745 2,060 18.0% 63.6 43.3 70.9 (31.9%) 63.8% 40.32 24.61 2.03 2.09 12.90 0.29% 5.6%
Emami Ltd Personal Products Consumer Discretionary ADD 3.9 643 785 22.1% 16.2 24.5 14.5 51.1% (40.9%) 26.20 44.37 13.66 12.32 30.04 1.25% 44.0%
Ethos Limited Retail Consumer Discretionary ADD 1.0 2,950 3,400 15.3% 2.6 12.7 25.8 385.1% 103.3% 232.16 114.22 23.47 10.91 81.58 0.00% 16.2%
Godrej Consumer Products Ltd Personal Products Consumer Discretionary ADD 16.7 1,185 1,440 21.5% 16.8 17.4 16.6 3.6% (4.5%) 67.97 71.20 10.49 8.79 50.42 0.00% 17.1%
Heidelberg Cement India Ltd Cement Construction and Materials HOLD 0.7 212 181 (14.8)% 13.9 11.1 4.4 (19.9%) (60.7%) 19.05 48.45 3.07 3.29 10.62 4.24% 16.5%
Hindustan Unilever Ltd Personal Products Consumer Discretionary HOLD 78.0 2,410 2,820 17.0% 34.3 37.4 42.1 9.1% 12.7% 64.48 57.22 11.62 11.28 44.76 1.33% 18.3%
J K Cement Ltd Cement Construction and Materials HOLD 4.2 3,952 4,500 13.9% 91.9 88.9 54.8 (3.2%) (38.4%) 44.45 72.10 7.06 6.52 22.82 0.38% 17.0%
JK Lakshmi Cement Cement Construction and Materials ADD 1.2 750 955 27.4% 37.7 41.7 30.5 10.7% (26.9%) 17.98 24.60 3.52 3.15 9.99 0.67% 21.3%
Jyothy Labs Limited Personal Products Consumer Discretionary ADD 2.0 405 575 42.1% 5.4 4.4 6.5 (18.8%) 48.0% 91.76 61.99 10.30 9.59 59.37 0.99% 11.3%
Kansai Nerolac Paints Limited Building Materials Construction and Materials REDUCE 2.9 261 255 (2.3)% 9.8 6.4 8.7 (34.7%) 36.5% 41.00 30.04 3.41 3.10 21.70 2.30% 8.4%
Marico Ltd Personal Products Consumer Discretionary ADD 10.5 591 715 21.0% 9.0 8.7 9.0 (3.0%) 2.8% 67.64 65.83 22.98 20.07 44.86 1.18% 34.4%
Nestle India Ltd Food & Beverages Consumer Staples HOLD 29.4 2,214 2,540 14.7% 21.6 24.7 24.8 14.5% 0.3% 89.53 89.31 109.68 86.81 61.79 0.90% 120.3%
Orient Cement Cement Construction and Materials REDUCE 1.0 338 320 (5.4)% 10.5 12.8 6.0 22.9% (53.3%) 26.30 56.38 4.54 4.32 12.15 0.74% 18.6%
Pidilite Industries Limited Building Materials Construction and Materials ADD 21.0 3,002 3,470 15.6% 22.3 23.7 25.0 6.4% 5.7% 126.68 119.84 23.83 21.16 82.64 0.28% 20.1%
Prism Johnson Ltd Cement Construction and Materials ADD 1.3 182 142 (22.2)% 3.4 1.5 2.5 (56.9%) 70.0% 124.45 73.19 6.94 6.50 20.27 0.00% 6.5%
Ramco Cements Ltd Cement Construction and Materials HOLD 2.9 904 870 (3.8)% 32.3 37.8 14.5 17.1% (61.6%) 23.88 62.15 3.27 3.14 19.53 0.33% 14.7%
Raymond Ltd Textile Consumer Discretionary ADD 1.4 1,482 3,650 146.3% (45.2) 39.1 79.5 (186.4%) 103.2% 37.90 18.66 4.18 3.40 14.91 0.20% 19.0%
Shree Cement Ltd Cement Construction and Materials HOLD 12.0 24,101 26,500 10.0% 633.6 646.3 352.2 2.0% (45.5%) 37.29 68.43 4.98 4.67 22.98 0.37% 14.2%
TCPL Packaging Ltd Industrial Goods and Services Industrial Goods and Services ADD 0.4 3,100 4,250 37.1% 36.8 51.5 121.4 40.0% 135.6% 60.19 25.54 8.30 6.39 21.04 0.32% 14.6%
Titan Co Ltd Retail Consumer Discretionary ADD 39.4 3,225 3,600 11.6% 11.2 24.4 36.5 118.5% 49.6% 132.14 88.31 30.85 24.22 85.62 0.23% 26.5%
UltraTech Cement Ltd Cement Construction and Materials ADD 42.8 10,770 12,190 13.2% 184.3 248.9 175.4 35.0% (29.5%) 43.27 61.39 6.16 5.72 27.42 0.43% 15.2%
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