Arafat SAIYED

Arafat SAIYED

Vice President - Research
(91) 22 4161 1542
arafat.saiyed@incredresearch.com
Executive Summary

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
ABB India Ltd Industrial Machinery Industrial Goods and Services ADD 19.6 6,702 9,000 34.3% 10.9 25.1 48.4 1.3% 0.9% 266.68 138.46 35.11 28.75 250.25 0.07% 10.9%
Amber Enterprises Electronics Components Consumer Discretionary HOLD 2.9 6,169 6,880 11.5% 24.2 32.4 46.7 33.8% 44.0% 190.36 132.22 11.99 10.89 77.32 0.00% 6.5%
Avalon Technologies EMS Industrial Goods and Services REDUCE 0.8 854 565 (33.9)% 3.5 10.3 8.0 192.3% (22.1%) 83.24 106.89 63.31 10.46 60.50 0.00% 63.9%
Bharat Dynamics Ltd Aerospace & Defence Industrial Goods and Services ADD 4.9 966 2,080 115.3% 14.1 29.1 19.2 1.1% (0.3%) 33.20 50.29 5.84 5.52 21.78 0.82% 18.7%
Bharat Heavy Electricals Industrial Machinery Industrial Goods and Services REDUCE 10.8 226 38 (83.2)% (7.8) (1.5) 1.1 (0.8%) (1.7%) (155.12) 213.22 3.03 3.01 (207.83) 0.00% (1.9%)
Crompton Greaves Consumer Electricals Industrial Goods and Services Industrial Goods and Services ADD 3.5 391 480 22.8% 9.8 9.2 7.5 (6.1%) (18.4%) 42.63 52.26 10.05 9.36 33.15 0.64% 34.9%
Cummins India Ltd Industrial Machinery Industrial Goods and Services HOLD 12.6 3,301 3,745 13.4% 22.3 32.0 41.3 43.5% 29.0% 103.21 79.99 18.86 17.05 101.99 0.48% 16.3%
Cyient DLM Ltd Industrial Goods and Services Industrial Goods and Services ADD 0.7 637 1,000 57.1% 1.5 5.0 4.0 236.8% (20.3%) 126.88 159.15 65.48 25.52 62.12 0.00% 107.5%
Data Patterns (India) Ltd Aerospace & Defence Industrial Goods and Services ADD 1.8 2,291 2,800 22.2% 65.4 18.1 22.1 (0.7%) 0.2% 126.55 103.49 20.70 10.99 83.11 0.09% 24.0%
Dixon Technologies EMS Industrial Goods and Services ADD 12.3 14,876 17,200 15.6% 27.3 32.1 43.1 17.7% 34.3% 463.45 345.08 88.58 68.95 232.84 0.01% 22.0%
Elin Electronics Electronics Components Consumer Discretionary ADD 0.1 206 271 31.7% 7.0 7.9 5.4 12.3% (31.5%) 26.13 38.17 3.38 2.07 14.18 0.00% 13.8%
Finolex Cables Industrial Goods and Services Industrial Goods and Services REDUCE 2.4 1,118 1,090 (2.5)% 30.2 39.2 33.0 29.8% (15.8%) 28.54 33.91 4.36 3.91 35.34 0.49% 18.1%
Havells India Industrial - Overall Industrial Goods and Services ADD 14.1 1,633 2,100 28.6% 16.7 19.1 17.1 14.5% (10.5%) 85.42 95.42 17.03 15.44 56.75 0.46% 28.7%
IKIO Lighting EMS Industrial Goods and Services REDUCE 0.3 252 260 3.1% 0.0 20.2 7.7 0.0% (61.9%) 12.46 32.72 5.78 11.52 9.62 0.00% 58.8%
Kalpataru Projects International Limited Industrial Goods and Services Industrial Goods and Services ADD 2.7 1,195 1,543 29.1% 27.6 17.7 29.3 (35.9%) 66.1% 67.68 40.74 3.93 3.65 24.72 0.12% 6.5%
Kaynes Technology Electronics Components Consumer Discretionary ADD 5.1 5,776 6,000 3.9% 0.9 5.8 14.9 570.9% 158.3% 1,001.58 387.81 182.24 107.31 417.22 0.00% 21.6%
KEC International Ltd Industrial Machinery Industrial Goods and Services ADD 3.6 995 1,125 13.0% 21.5 12.9 6.8 (0.4%) (0.5%) 77.03 145.32 7.07 6.78 31.19 0.40% 10.8%
KEI Industries Industrial Goods and Services Industrial Goods and Services HOLD 4.8 3,842 4,685 21.9% 30.4 41.7 53.0 37.3% 26.9% 92.03 72.53 16.21 13.37 58.76 0.07% 25.9%
Larsen & Toubro Ltd Conglomerate Conglomerates ADD 66.4 3,506 3,980 13.5% 82.5 61.7 73.6 (0.3%) 0.2% 56.81 47.66 5.98 5.51 33.48 0.51% 10.8%
MTAR Technologies Limited Industrial Goods and Services Industrial Goods and Services ADD 0.7 1,743 2,644 51.7% 15.0 19.8 33.6 32.1% 69.9% 88.22 51.92 10.33 8.66 57.17 0.00% 12.2%
Orient Electric Industrial Goods and Services Industrial Goods and Services ADD 0.7 227 314 38.2% 5.6 6.0 3.6 5.8% (40.1%) 38.01 63.46 8.89 8.23 20.07 0.88% 34.0%
PG Electroplast Electronics Components Consumer Discretionary REDUCE 2.4 676 515 (23.8)% 0.5 1.4 3.0 198.7% 108.7% 473.82 227.04 56.32 44.42 239.54 0.00% 14.7%
Polycab India Industrial Goods and Services Industrial Goods and Services ADD 13.5 6,517 7,865 20.7% 56.6 58.7 82.0 3.7% 39.6% 111.02 79.51 17.66 14.77 76.55 0.21% 15.7%
Siemens Ltd Industrial Machinery Industrial Goods and Services ADD 32.6 6,646 7,565 13.8% 29.5 43.0 55.1 0.5% 0.3% 154.38 120.57 20.38 18.08 130.89 0.15% 11.5%
Skipper Limited Industrial Goods and Services Industrial Goods and Services ADD 0.8 529 615 16.2% 2.1 2.4 3.5 19.3% 41.4% 216.06 152.77 7.42 7.08 39.47 0.02% 3.5%
Syrma SGS Technology EMS Industrial Goods and Services ADD 1.4 559 500 (10.6)% 3.7 3.2 7.0 (13.1%) 117.3% 174.50 80.32 17.29 6.42 106.51 0.00% 13.9%
Thermax Ltd Industrial Machinery Industrial Goods and Services HOLD 7.6 4,633 5,175 11.7% 23.0 27.7 40.0 0.2% 0.4% 167.02 115.74 14.94 13.49 122.39 0.15% 9.3%
V-Guard Industries Industrial Goods and Services Industrial Goods and Services ADD 2.6 426 500 17.5% 4.7 5.2 4.4 12.2% (16.4%) 81.46 97.50 13.07 11.46 54.23 0.30% 22.2%
Voltas Ltd Industrial Machinery Industrial Goods and Services HOLD 7.7 1,687 1,820 7.9% 16.0 15.3 4.1 0.0% (0.7%) 110.30 409.72 10.15 10.24 81.61 0.30% 9.6%
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