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 1.3 411 421 2.4% 22.2 18.3 20.0 (17.5%) 9.0% 22.43 20.57 3.43 3.15 14.00 1.58% 16.1%
Coforge Limited IT Services Technology HOLD 6.9 1,776 8,006 350.9% 129.5 122.0 206.0 (5.8%) 68.8% 14.55 8.62 2.97 2.74 6.16 4.22% 26.0%
Cyient Limited IT Services Technology HOLD 1.7 1,327 1,773 33.6% 70.0 52.9 74.5 (24.4%) 40.7% 25.07 17.82 3.28 3.03 12.38 2.67% 18.2%
HCL Technologies IT Services Technology HOLD 51.9 1,638 1,585 (3.2)% 58.0 64.2 67.6 10.7% 5.3% 25.50 24.22 6.37 6.28 16.45 3.67% 25.2%
Infosys IT Services Technology ADD 75.9 1,564 1,575 0.7% 63.0 63.6 69.4 1.0% 9.0% 24.58 22.55 7.01 6.70 15.93 3.38% 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 HOLD 5.3 4,299 5,863 36.4% 122.5 129.1 153.5 5.4% 18.9% 33.30 28.00 7.45 6.47 21.63 1.25% 23.9%
LTIMindtree Ltd IT Services Technology ADD 18.0 5,204 5,049 (3.0)% 154.6 155.0 177.2 0.3% 14.4% 33.58 29.36 6.81 6.09 22.37 1.25% 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 5.7 2,545 3,258 28.0% 81.9 88.8 102.4 8.4% 15.3% 28.65 24.85 5.25 4.94 17.68 2.56% 18.8%
Persistent Systems Ltd IT Services Technology HOLD 10.4 5,677 6,863 20.9% 71.3 89.7 112.5 25.9% 25.4% 63.26 50.44 15.03 12.72 41.97 0.56% 34.0%
Sonata Software IT Services Technology ADD 1.3 410 399 (2.8)% 11.1 15.8 19.1 41.9% 21.1% 25.99 21.47 6.70 5.91 15.11 1.22% 28.2%
Swiggy Ltd E-Commerce Technology ADD 10.9 374 540 44.3% (10.5) (8.7) (0.9) (16.7%) (90.0%) (42.81) (428.50) 8.11 8.27 (39.82) 0.00% (21.4%)
Tata Consultancy Services IT Services Technology ADD 143.0 3,384 3,589 6.1% 128.5 134.2 142.0 4.4% 5.8% 25.22 23.84 13.06 12.38 17.55 3.90% 52.7%
Tata Elxsi Ltd Technology - Overall Technology REDUCE 4.7 6,473 4,641 (28.3)% 127.2 126.0 133.0 (0.9%) 5.5% 51.36 48.67 14.10 13.02 39.76 1.16% 29.3%
Tata Technologies Ltd Technology - Overall Technology REDUCE 3.6 758 740 (2.4)% 16.7 17.1 20.9 2.4% 21.9% 44.24 36.30 8.82 7.91 29.45 1.38% 20.7%
Tech Mahindra Services - Overall Services ADD 18.0 1,571 1,877 19.5% 26.7 52.0 65.0 95.0% 25.1% 30.22 24.16 5.03 4.83 17.94 2.65% 16.9%
Wipro IT Services Technology REDUCE 30.4 249 233 (6.1)% 13.8 12.5 12.5 (9.5%) 0.1% 19.85 19.84 3.38 3.27 12.79 4.03% 17.3%
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