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 1.3 392 509 29.8% 22.2 18.6 21.5 (16.5%) 16.0% 21.12 18.21 3.29 2.99 13.34 1.91% 16.4%
Coforge Limited IT Services Technology REDUCE 6.1 7,762 7,748 (0.2)% 129.5 126.3 205.0 (2.5%) 62.3% 61.47 37.87 12.98 11.99 26.19 0.95% 25.8%
Cyient Limited IT Services Technology HOLD 1.6 1,250 1,773 41.8% 70.0 52.9 74.5 (24.4%) 40.7% 23.63 16.79 3.09 2.85 11.65 2.83% 18.2%
HCL Technologies IT Services Technology ADD 48.5 1,528 2,021 32.3% 58.0 64.0 69.9 10.3% 9.3% 23.87 21.84 5.92 5.84 15.22 3.80% 25.1%
Infosys IT Services Technology ADD 75.3 1,550 2,166 39.7% 63.0 63.0 72.0 0.0% 14.2% 24.60 21.54 6.97 6.65 15.91 3.41% 29.0%
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 5.7 4,636 5,863 26.5% 122.5 129.1 153.5 5.4% 18.9% 35.91 30.19 8.03 6.98 23.43 1.16% 23.9%
LTIMindtree Ltd IT Services Technology ADD 15.6 4,500 5,320 18.2% 154.6 158.1 180.3 2.3% 14.0% 28.46 24.95 5.90 5.27 18.54 1.55% 22.0%
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 5.5 2,474 3,258 31.7% 81.9 88.8 102.4 8.4% 15.3% 27.85 24.16 5.11 4.80 17.16 2.63% 18.8%
Persistent Systems Ltd IT Services Technology HOLD 9.7 5,318 6,863 29.1% 71.3 89.7 112.5 25.9% 25.4% 59.26 47.25 14.08 11.91 39.26 0.60% 34.0%
Sonata Software IT Services Technology ADD 1.2 352 399 13.4% 11.1 15.8 19.1 41.9% 21.1% 22.28 18.40 5.74 5.07 12.79 1.42% 28.2%
Swiggy Ltd E-Commerce Technology ADD 9.2 345 540 56.8% (10.5) (8.7) (0.9) (16.7%) (90.0%) (39.40) (394.34) 7.47 7.61 (36.49) 0.00% (21.4%)
Tata Consultancy Services IT Services Technology ADD 149.9 3,544 3,925 10.7% 128.5 137.0 150.0 6.6% 9.5% 25.86 23.62 13.68 12.93 18.11 3.78% 53.8%
Tata Elxsi Ltd Technology - Overall Technology REDUCE 3.8 5,230 6,064 15.9% 127.2 138.4 162.1 8.8% 17.1% 37.78 32.26 11.35 9.91 26.17 1.53% 32.1%
Tata Technologies Ltd Technology - Overall Technology REDUCE 3.3 688 740 7.6% 16.7 17.1 20.9 2.4% 21.9% 40.12 32.92 8.00 7.17 26.59 1.53% 20.7%
Tech Mahindra Services - Overall Services ADD 16.3 1,423 1,877 31.9% 26.7 52.0 65.0 95.0% 25.1% 27.37 21.89 4.56 4.38 16.17 2.92% 16.9%
Wipro IT Services Technology HOLD 32.3 264 466 76.9% 20.4 22.7 25.1 11.0% 10.9% 11.62 10.48 1.79 1.73 6.12 6.94% 15.8%
Zomato Ltd E-Commerce Technology ADD 23.9 212 270 27.4% 0.4 0.9 2.1 142.0% 141.1% 240.89 99.90 6.87 6.43 207.35 0.00% 3.4%
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