InCred Equities - Saurabh SINGH

Saurabh SINGH

Associate
(91) 2241611558
saurabh.singh@incredresearch.com

Executive Summary

Valuation

Company	Industry	Sector	Rating	MktCap (US$bn)	Price	Target Price	Up/ down (%)	CORE EPS			EPS Growth (%)		PER (x)		P/Bk (x)		EV/EBITDA (x)	Yield (%)	ROAE (%)
Company	Industry	Sector	Rating	MktCap (US$bn)	Price	Target Price	Up/ down (%)	FY24	FY25F	FY26F	FY25F	FY26F	FY25F	FY26F	FY25F	FY26F	FY25F	FY25F	FY25F
ACC Ltd	Cement	Construction and Materials	ADD	4.3	1,966	2,400	22.1%	124.3	68.6	98.1	(44.8%)	42.9%	28.65	20.05	2.11	1.93	14.59	0.31%	7.6%
Ambuja Cements Ltd	Cement	Construction and Materials	ADD	15.3	528	630	19.3%	11.9	11.5	14.3	(3.1%)	24.0%	45.75	36.89	2.40	2.29	34.01	0.39%	5.6%
Asian Paints Limited	Building Materials	Construction and Materials	REDUCE	26.5	2,356	2,230	(5.4)%	56.9	44.9	47.6	(21.1%)	6.0%	52.45	49.48	11.01	10.07	36.98	1.04%	21.9%
Berger Paints India Limited	Building Materials	Construction and Materials	HOLD	7.0	512	505	(1.4)%	10.0	10.3	10.9	2.4%	6.1%	49.93	47.04	9.77	8.67	31.37	0.81%	20.8%
Birla Corporation Ltd	Cement	Construction and Materials	ADD	1.0	1,100	1,455	32.3%	53.7	22.0	47.3	(59.1%)	115.3%	50.03	23.23	1.24	1.19	10.68	0.39%	2.5%
Britannia Industries Ltd	Food & Beverages	Consumer Staples	ADD	14.2	5,023	5,610	11.7%	88.9	88.7	101.8	(0.3%)	14.7%	56.62	49.34	29.16	27.53	37.16	1.59%	52.8%
Colgate Palmolive India	Personal Products	Consumer Discretionary	HOLD	7.7	2,423	2,870	18.4%	49.4	52.8	58.4	0.1%	0.1%	45.88	41.52	33.87	32.54	32.22	2.07%	75.2%
Dabur India Ltd	Personal Products	Consumer Discretionary	ADD	9.6	462	590	27.8%	10.4	10.4	11.6	(0.5%)	11.6%	44.61	39.97	7.37	6.68	32.86	1.01%	17.5%
Dalmia Bharat Ltd	Cement	Construction and Materials	ADD	4.1	1,845	2,000	8.4%	43.9	35.4	52.0	(19.4%)	46.9%	52.19	35.52	2.06	1.96	15.05	0.19%	4.0%
Emami Ltd	Personal Products	Consumer Discretionary	ADD	3.1	593	660	11.3%	16.5	20.7	22.7	25.6%	9.5%	28.62	26.13	8.98	7.64	24.29	1.86%	30.8%
Ethos Limited	Retail	Consumer Discretionary	ADD	0.7	2,450	3,400	38.8%	34.0	37.4	49.4	10.0%	31.9%	65.45	49.63	6.15	5.47	29.43	0.00%	13.4%
Godrej Consumer Products Ltd	Personal Products	Consumer Discretionary	ADD	13.9	1,157	1,245	7.6%	(5.5)	19.4	23.2	(453.3%)	19.8%	59.73	49.85	8.62	7.81	38.20	0.69%	15.0%
Hindustan Unilever Ltd	Personal Products	Consumer Discretionary	HOLD	61.9	2,245	2,530	12.7%	42.7	43.7	47.4	2.5%	8.4%	51.31	47.34	10.14	9.92	35.87	1.75%	20.0%
J K Cement Ltd	Cement	Construction and Materials	HOLD	4.5	4,955	4,900	(1.1)%	103.1	91.7	122.6	(11.0%)	33.7%	54.05	40.42	6.48	5.77	22.30	0.45%	12.6%
JK Lakshmi Cement	Cement	Construction and Materials	ADD	1.1	792	930	17.5%	39.4	22.5	37.2	(42.9%)	65.5%	35.19	21.27	2.72	2.44	13.87	0.28%	8.0%
Jyothy Labs Limited	Personal Products	Consumer Discretionary	ADD	1.4	332	460	38.7%	10.1	10.8	12.5	7.0%	16.2%	30.82	26.53	5.98	5.13	23.71	1.36%	20.5%
Kansai Nerolac Paints Limited	Building Materials	Construction and Materials	REDUCE	2.3	240	235	(1.9)%	14.5	8.1	9.1	(44.1%)	11.5%	29.47	26.44	3.56	3.49	17.78	4.12%	11.9%
Marico Ltd	Personal Products	Consumer Discretionary	ADD	10.3	677	750	10.7%	10.4	12.0	13.5	15.3%	13.1%	56.62	50.06	17.44	15.37	40.00	1.02%	34.9%
Nestle India Ltd	Food & Beverages	Consumer Staples	HOLD	25.6	2,262	2,460	8.7%	40.7	32.3	36.5	(20.6%)	12.9%	69.94	61.95	57.13	50.06	47.48	1.21%	87.1%
Orient Cement	Cement	Construction and Materials	REDUCE	0.8	350	320	(8.6)%	8.5	10.6	12.9	24.8%	21.4%	32.87	27.07	3.81	3.49	13.92	1.10%	12.0%
Pidilite Industries Limited	Building Materials	Construction and Materials	ADD	17.3	2,892	3,470	20.0%	34.0	42.3	50.6	24.4%	19.6%	68.36	57.14	15.20	13.13	45.62	0.60%	23.8%
Prism Johnson Ltd	Cement	Construction and Materials	ADD	0.8	131	142	8.2%	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	2.6	942	900	(4.4)%	16.7	8.0	17.6	(51.9%)	119.2%	117.22	53.47	3.05	2.91	19.75	0.13%	2.6%
Raymond Ltd	Textile	Consumer Discretionary	ADD	1.2	1,485	3,650	145.9%	246.0	114.3	160.9	(53.5%)	40.8%	12.99	9.23	1.85	1.55	5.55	0.34%	15.3%
Shree Cement Ltd	Cement	Construction and Materials	HOLD	13.0	30,695	27,600	(10.1)%	664.0	255.2	420.5	(61.6%)	64.8%	120.27	72.99	5.16	4.88	28.80	0.16%	4.4%
TCPL Packaging Ltd	Industrial Goods and Services	Industrial Goods and Services	ADD	0.4	4,152	4,380	5.5%	111.4	139.3	160.2	25.1%	15.0%	29.81	25.91	6.02	5.08	14.84	0.67%	22.0%
Titan Co Ltd	Retail	Consumer Discretionary	ADD	32.0	3,076	3,850	25.2%	39.3	39.9	54.0	1.5%	35.3%	77.12	57.00	16.72	15.52	49.84	0.39%	27.6%
UltraTech Cement Ltd	Cement	Construction and Materials	ADD	39.8	11,499	12,900	12.2%	247.6	213.7	292.6	(13.7%)	36.9%	53.81	39.29	5.14	4.71	27.32	0.46%	9.9%

Company	Industry	Sector	Rating	MktCap (US$bn)	Price	Target Price	Up/ down (%)	CORE EPS			EPS Growth (%)		PER (x)		P/Bk (x)		EV/EBITDA (x)	Yield (%)	ROAE (%)
Company	Industry	Sector	Rating	MktCap (US$bn)	Price	Target Price	Up/ down (%)	FY24	FY25F	FY26F	FY25F	FY26F	FY25F	FY26F	FY25F	FY26F	FY25F	FY25F	FY25F
ACC Ltd	Cement	Construction and Materials	ADD	4.3	1,966	2,400	22.1%	124.3	68.6	98.1	(44.8%)	42.9%	28.65	20.05	2.11	1.93	14.59	0.31%	7.6%
Ambuja Cements Ltd	Cement	Construction and Materials	ADD	15.3	528	630	19.3%	11.9	11.5	14.3	(3.1%)	24.0%	45.75	36.89	2.40	2.29	34.01	0.39%	5.6%
Asian Paints Limited	Building Materials	Construction and Materials	REDUCE	26.5	2,356	2,230	(5.4)%	56.9	44.9	47.6	(21.1%)	6.0%	52.45	49.48	11.01	10.07	36.98	1.04%	21.9%
Berger Paints India Limited	Building Materials	Construction and Materials	HOLD	7.0	512	505	(1.4)%	10.0	10.3	10.9	2.4%	6.1%	49.93	47.04	9.77	8.67	31.37	0.81%	20.8%
Birla Corporation Ltd	Cement	Construction and Materials	ADD	1.0	1,100	1,455	32.3%	53.7	22.0	47.3	(59.1%)	115.3%	50.03	23.23	1.24	1.19	10.68	0.39%	2.5%
Britannia Industries Ltd	Food & Beverages	Consumer Staples	ADD	14.2	5,023	5,610	11.7%	88.9	88.7	101.8	(0.3%)	14.7%	56.62	49.34	29.16	27.53	37.16	1.59%	52.8%
Colgate Palmolive India	Personal Products	Consumer Discretionary	HOLD	7.7	2,423	2,870	18.4%	49.4	52.8	58.4	0.1%	0.1%	45.88	41.52	33.87	32.54	32.22	2.07%	75.2%
Dabur India Ltd	Personal Products	Consumer Discretionary	ADD	9.6	462	590	27.8%	10.4	10.4	11.6	(0.5%)	11.6%	44.61	39.97	7.37	6.68	32.86	1.01%	17.5%
Dalmia Bharat Ltd	Cement	Construction and Materials	ADD	4.1	1,845	2,000	8.4%	43.9	35.4	52.0	(19.4%)	46.9%	52.19	35.52	2.06	1.96	15.05	0.19%	4.0%
Emami Ltd	Personal Products	Consumer Discretionary	ADD	3.1	593	660	11.3%	16.5	20.7	22.7	25.6%	9.5%	28.62	26.13	8.98	7.64	24.29	1.86%	30.8%
Ethos Limited	Retail	Consumer Discretionary	ADD	0.7	2,450	3,400	38.8%	34.0	37.4	49.4	10.0%	31.9%	65.45	49.63	6.15	5.47	29.43	0.00%	13.4%
Godrej Consumer Products Ltd	Personal Products	Consumer Discretionary	ADD	13.9	1,157	1,245	7.6%	(5.5)	19.4	23.2	(453.3%)	19.8%	59.73	49.85	8.62	7.81	38.20	0.69%	15.0%
Hindustan Unilever Ltd	Personal Products	Consumer Discretionary	HOLD	61.9	2,245	2,530	12.7%	42.7	43.7	47.4	2.5%	8.4%	51.31	47.34	10.14	9.92	35.87	1.75%	20.0%
J K Cement Ltd	Cement	Construction and Materials	HOLD	4.5	4,955	4,900	(1.1)%	103.1	91.7	122.6	(11.0%)	33.7%	54.05	40.42	6.48	5.77	22.30	0.45%	12.6%
JK Lakshmi Cement	Cement	Construction and Materials	ADD	1.1	792	930	17.5%	39.4	22.5	37.2	(42.9%)	65.5%	35.19	21.27	2.72	2.44	13.87	0.28%	8.0%
Jyothy Labs Limited	Personal Products	Consumer Discretionary	ADD	1.4	332	460	38.7%	10.1	10.8	12.5	7.0%	16.2%	30.82	26.53	5.98	5.13	23.71	1.36%	20.5%
Kansai Nerolac Paints Limited	Building Materials	Construction and Materials	REDUCE	2.3	240	235	(1.9)%	14.5	8.1	9.1	(44.1%)	11.5%	29.47	26.44	3.56	3.49	17.78	4.12%	11.9%
Marico Ltd	Personal Products	Consumer Discretionary	ADD	10.3	677	750	10.7%	10.4	12.0	13.5	15.3%	13.1%	56.62	50.06	17.44	15.37	40.00	1.02%	34.9%
Nestle India Ltd	Food & Beverages	Consumer Staples	HOLD	25.6	2,262	2,460	8.7%	40.7	32.3	36.5	(20.6%)	12.9%	69.94	61.95	57.13	50.06	47.48	1.21%	87.1%
Orient Cement	Cement	Construction and Materials	REDUCE	0.8	350	320	(8.6)%	8.5	10.6	12.9	24.8%	21.4%	32.87	27.07	3.81	3.49	13.92	1.10%	12.0%
Pidilite Industries Limited	Building Materials	Construction and Materials	ADD	17.3	2,892	3,470	20.0%	34.0	42.3	50.6	24.4%	19.6%	68.36	57.14	15.20	13.13	45.62	0.60%	23.8%
Prism Johnson Ltd	Cement	Construction and Materials	ADD	0.8	131	142	8.2%	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	2.6	942	900	(4.4)%	16.7	8.0	17.6	(51.9%)	119.2%	117.22	53.47	3.05	2.91	19.75	0.13%	2.6%
Raymond Ltd	Textile	Consumer Discretionary	ADD	1.2	1,485	3,650	145.9%	246.0	114.3	160.9	(53.5%)	40.8%	12.99	9.23	1.85	1.55	5.55	0.34%	15.3%
Shree Cement Ltd	Cement	Construction and Materials	HOLD	13.0	30,695	27,600	(10.1)%	664.0	255.2	420.5	(61.6%)	64.8%	120.27	72.99	5.16	4.88	28.80	0.16%	4.4%
TCPL Packaging Ltd	Industrial Goods and Services	Industrial Goods and Services	ADD	0.4	4,152	4,380	5.5%	111.4	139.3	160.2	25.1%	15.0%	29.81	25.91	6.02	5.08	14.84	0.67%	22.0%
Titan Co Ltd	Retail	Consumer Discretionary	ADD	32.0	3,076	3,850	25.2%	39.3	39.9	54.0	1.5%	35.3%	77.12	57.00	16.72	15.52	49.84	0.39%	27.6%
UltraTech Cement Ltd	Cement	Construction and Materials	ADD	39.8	11,499	12,900	12.2%	247.6	213.7	292.6	(13.7%)	36.9%	53.81	39.29	5.14	4.71	27.32	0.46%	9.9%

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