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 4.3 1,964 2,400 22.2% 124.3 68.6 98.1 (44.8%) 42.9% 28.62 20.02 2.11 1.92 14.57 0.31% 7.6%
Aditya Birla Fashion and Retail Ltd Retail Consumer Discretionary ADD 3.7 261 198 (24.2)% 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 15.4 534 630 18.0% 11.9 11.5 14.3 (3.1%) 24.0% 46.26 37.30 2.43 2.32 34.46 0.39% 5.6%
Asian Paints Limited Building Materials Construction and Materials REDUCE 25.9 2,307 2,230 (3.3)% 56.9 44.9 47.6 (21.1%) 6.0% 51.35 48.44 10.77 9.86 36.20 1.06% 21.9%
Berger Paints India Limited Building Materials Construction and Materials HOLD 6.9 505 505 0.0% 10.0 10.3 10.9 2.4% 6.1% 49.25 46.40 9.64 8.56 30.94 0.82% 20.8%
Birla Corporation Ltd Cement Construction and Materials ADD 1.0 1,094 1,455 33.0% 53.7 22.0 47.3 (59.1%) 115.3% 49.77 23.11 1.24 1.19 10.64 0.39% 2.5%
Britannia Industries Ltd Food & Beverages Consumer Staples ADD 14.2 5,037 5,610 11.4% 88.9 88.7 101.8 (0.3%) 14.7% 56.78 49.48 29.24 27.61 37.26 1.59% 52.8%
Colgate Palmolive India Personal Products Consumer Discretionary HOLD 7.5 2,365 2,870 21.4% 49.4 52.8 58.4 0.1% 0.1% 44.77 40.51 33.05 31.75 31.42 2.12% 75.2%
Dabur India Ltd Personal Products Consumer Discretionary ADD 10.3 496 590 19.0% 10.4 10.4 11.6 (0.5%) 11.6% 47.90 42.91 7.92 7.17 35.33 0.94% 17.5%
Dalmia Bharat Ltd Cement Construction and Materials ADD 4.0 1,817 2,000 10.1% 43.9 35.4 52.0 (19.4%) 46.9% 51.39 34.98 2.03 1.93 14.83 0.19% 4.0%
Emami Ltd Personal Products Consumer Discretionary ADD 3.0 587 660 12.4% 16.5 20.7 22.7 25.6% 9.5% 28.34 25.88 8.89 7.56 24.04 1.87% 30.8%
Ethos Limited Retail Consumer Discretionary ADD 0.7 2,480 3,400 37.1% 34.0 37.4 49.4 10.0% 31.9% 66.23 50.23 6.22 5.54 29.80 0.00% 13.4%
Godrej Consumer Products Ltd Personal Products Consumer Discretionary ADD 13.9 1,163 1,245 7.1% (5.5) 19.4 23.2 (453.3%) 19.8% 60.04 50.11 8.66 7.85 38.40 0.69% 15.0%
Heidelberg Cement India Ltd Cement Construction and Materials HOLD 0.5 198 181 (8.9)% 8.9 11.8 13.2 32.5% 11.7% 16.79 15.03 2.83 2.70 8.43 4.38% 17.3%
Hindustan Unilever Ltd Personal Products Consumer Discretionary HOLD 61.5 2,238 2,530 13.1% 42.7 43.7 47.4 2.5% 8.4% 51.16 47.20 10.11 9.89 35.76 1.76% 20.0%
J K Cement Ltd Cement Construction and Materials HOLD 4.5 4,993 4,900 (1.9)% 103.1 91.7 122.6 (11.0%) 33.7% 54.46 40.73 6.53 5.82 22.46 0.44% 12.6%
JK Lakshmi Cement Cement Construction and Materials ADD 1.1 794 930 17.2% 39.4 22.5 37.2 (42.9%) 65.5% 35.28 21.32 2.73 2.45 13.90 0.28% 8.0%
Jyothy Labs Limited Personal Products Consumer Discretionary ADD 1.4 335 460 37.4% 10.1 10.8 12.5 7.0% 16.2% 31.11 26.77 6.03 5.17 23.93 1.34% 20.5%
Kansai Nerolac Paints Limited Building Materials Construction and Materials REDUCE 2.3 240 235 (2.2)% 14.5 8.1 9.1 (44.1%) 11.5% 29.57 26.52 3.57 3.50 17.84 4.10% 11.9%
Marico Ltd Personal Products Consumer Discretionary ADD 9.9 656 750 14.3% 10.4 12.0 13.5 15.3% 13.1% 54.87 48.52 16.90 14.90 38.76 1.05% 34.9%
Nestle India Ltd Food & Beverages Consumer Staples HOLD 24.9 2,211 2,460 11.3% 40.7 32.3 36.5 (20.6%) 12.9% 68.35 60.54 55.83 48.92 46.40 1.24% 87.1%
Orient Cement Cement Construction and Materials REDUCE 0.8 346 320 (7.6)% 8.5 10.6 12.9 24.8% 21.4% 32.49 26.76 3.76 3.45 13.75 1.11% 12.0%
Pidilite Industries Limited Building Materials Construction and Materials ADD 17.0 2,851 3,470 21.7% 34.0 42.3 50.6 24.4% 19.6% 67.39 56.33 14.98 12.95 44.96 0.61% 23.8%
Prism Johnson Ltd Cement Construction and Materials ADD 0.8 132 142 7.8% 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 HOLD 2.5 917 900 (1.8)% 16.7 8.0 17.6 (51.9%) 119.2% 114.12 52.06 2.97 2.84 19.32 0.13% 2.6%
Raymond Ltd Textile Consumer Discretionary ADD 1.1 1,413 3,650 158.3% 246.0 114.3 160.9 (53.5%) 40.8% 12.36 8.78 1.76 1.48 5.26 0.35% 15.3%
Shree Cement Ltd Cement Construction and Materials HOLD 12.8 30,273 27,600 (8.8)% 664.0 255.2 420.5 (61.6%) 64.8% 118.62 71.99 5.09 4.82 28.40 0.16% 4.4%
TCPL Packaging Ltd Industrial Goods and Services Industrial Goods and Services ADD 0.5 4,444 4,380 (1.4)% 111.4 139.3 160.2 25.1% 15.0% 31.90 27.73 6.45 5.44 15.75 0.63% 22.0%
Titan Co Ltd Retail Consumer Discretionary ADD 32.2 3,098 3,850 24.3% 39.3 39.9 54.0 1.5% 35.3% 77.68 57.41 16.84 15.63 50.20 0.39% 27.6%
UltraTech Cement Ltd Cement Construction and Materials ADD 38.8 11,251 12,900 14.7% 247.6 213.7 292.6 (13.7%) 36.9% 52.65 38.45 5.03 4.61 26.74 0.47% 9.9%
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