Abhishek SHINDADKAR

Abhishek SHINDADKAR

Director - Research
(91) 22 4161 1543
abhishek.shindadkr@incredresearch.com
Executive Summary

Abhishek Shindadkar joins our InCred Research team from May 2021. He has over 16 years of Equity Research experience, tracking technology, internet, and staffing companies. He was previously associated with organizations such as Elara Capital, Equirus Securities, ICICI Direct and Evalueserve and comes with an excellent track record of identifying multi-baggers. He holds an MBA and a Bachelor of Engineering.

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
Birlasoft IT Services Technology HOLD 1.2 374 414 10.9% 22.2 18.3 16.0 (17.5%) (12.6%) 20.38 23.33 3.03 2.88 12.54 1.74% 15.8%
Coforge Limited IT Services Technology HOLD 6.7 1,764 8,006 353.8% 129.5 122.0 206.0 (5.8%) 68.8% 14.46 8.56 2.95 2.72 6.12 4.24% 26.0%
Cyient Limited IT Services Technology HOLD 1.5 1,227 1,773 44.5% 70.0 52.9 74.5 (24.4%) 40.7% 23.19 16.48 3.03 2.80 11.42 2.89% 18.2%
E2E Network Technology Components Technology ADD 0.7 3,084 3,245 5.2% 11.0 23.8 38.1 116.6% 59.6% 129.33 81.04 3.87 3.69 50.23 0.00% 5.7%
Eternal Ltd E-Commerce Technology ADD 35.1 321 300 (6.6)% 4.1 5.9 9.8 44.2% 65.3% 54.13 32.74 0.96 0.93 34.39 0.00% 2.1%
HCL Technologies IT Services Technology HOLD 45.1 1,467 1,638 11.7% 58.0 64.2 64.5 10.7% 0.4% 22.85 22.76 5.70 5.61 14.64 4.09% 25.2%
Infosys IT Services Technology ADD 71.8 1,526 1,575 3.3% 63.0 63.6 69.4 1.0% 9.0% 23.98 22.00 6.84 6.54 15.53 3.47% 29.2%
L&T Infotech IT Services Technology HOLD 0.0 0 5,251 0.0% 185.1 0.0 0.0 0.0% 0.0% 0.00 0.00 0.00 0.00 0.00 0.00% 0.0%
L&T Technology Services Ltd IT Services Technology ADD 5.1 4,217 4,810 14.1% 122.5 119.5 131.6 (2.4%) 10.2% 35.29 32.03 7.36 6.54 22.53 1.30% 22.2%
LTIMindtree Ltd IT Services Technology ADD 17.9 5,333 5,749 7.8% 154.6 155.0 172.9 0.3% 11.5% 34.41 30.85 6.97 6.37 22.96 1.22% 21.5%
Mindtree Ltd IT Services Technology ADD 0.0 0 3,699 0.0% 134.0 0.0 0.0 0.0% 0.0% 0.00 0.00 0.00 0.00 0.00 0.00% 0.0%
Mphasis IT Services Technology HOLD 6.3 2,904 3,258 12.2% 81.9 88.8 102.4 8.4% 15.3% 32.69 28.36 5.99 5.64 20.27 2.24% 18.8%
Persistent Systems Ltd IT Services Technology HOLD 9.6 5,411 6,863 26.8% 71.3 89.7 112.5 25.9% 25.4% 60.30 48.08 14.33 12.12 39.97 0.59% 34.0%
Sonata Software IT Services Technology ADD 1.2 383 399 4.2% 11.1 15.8 19.1 41.9% 21.1% 24.25 20.02 6.25 5.51 14.02 1.30% 28.2%
Swiggy Ltd E-Commerce Technology ADD 11.9 421 540 28.5% (10.5) (8.7) (0.9) (16.7%) (90.0%) (48.08) (481.25) 9.11 9.29 (44.95) 0.00% (21.4%)
Tata Consultancy Services IT Services Technology ADD 128.4 3,133 3,818 21.8% 128.5 134.2 141.4 4.4% 5.3% 23.35 22.17 11.96 10.68 16.26 4.21% 52.4%
Tata Elxsi Ltd Technology - Overall Technology REDUCE 4.0 5,722 5,360 (6.3)% 127.2 126.0 106.5 (0.9%) (15.5%) 45.40 53.71 12.46 12.16 34.94 1.31% 29.3%
Tata Technologies Ltd Technology - Overall Technology REDUCE 3.2 702 671 (4.4)% 16.7 16.7 17.6 (0.4%) 5.4% 42.10 39.95 7.96 7.41 29.04 1.66% 19.9%
Tech Mahindra Services - Overall Services ADD 16.9 1,526 1,908 25.1% 26.7 48.1 59.5 80.5% 23.6% 31.71 25.66 4.93 4.94 18.51 2.95% 15.8%
Wipro IT Services Technology HOLD 29.9 252 270 7.1% 13.8 12.5 12.5 (9.5%) 0.1% 20.12 20.10 3.21 3.11 12.69 3.97% 16.7%
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