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 (%)
FY24 FY25F FY26F FY25F FY26F FY25F FY26F FY25F FY26F FY25F FY25F FY25F
ACC Ltd Cement Construction and Materials ADD 4.2 1,904 2,210 16.1% 124.2 127.8 94.1 2.9% (26.4%) 14.90 20.24 1.93 1.78 13.49 0.54% 6.5%
Ambuja Cements Ltd Cement Construction and Materials ADD 16.0 555 620 11.7% 18.0 18.7 14.4 4.1% (22.9%) 29.63 38.44 2.14 2.04 22.81 0.36% 5.8%
Asian Paints Limited Building Materials Construction and Materials REDUCE 25.1 2,245 2,160 (3.8)% 56.9 38.2 44.6 (32.8%) 16.7% 58.73 50.31 11.10 10.15 35.68 1.06% 21.1%
Berger Paints India Limited Building Materials Construction and Materials HOLD 7.9 582 600 3.2% 10.0 10.1 10.7 1.1% 5.3% 57.43 54.52 11.02 9.86 36.44 0.75% 20.5%
Birla Corporation Ltd Cement Construction and Materials ADD 1.2 1,378 1,530 11.0% 53.7 43.3 60.4 (19.4%) 39.3% 31.82 22.84 1.51 1.44 10.81 0.88% 4.9%
Britannia Industries Ltd Food & Beverages Consumer Staples ADD 15.8 5,608 6,200 10.6% 88.9 91.5 104.9 2.8% 14.7% 61.30 53.46 31.01 29.07 42.33 1.31% 53.1%
Colgate Palmolive India Personal Products Consumer Discretionary HOLD 7.7 2,433 2,570 5.7% 49.4 52.8 56.8 0.1% 0.1% 46.05 42.82 39.75 37.99 33.26 2.46% 81.2%
Dabur India Ltd Personal Products Consumer Discretionary HOLD 10.0 481 515 7.0% 10.4 10.0 10.6 (4.1%) 6.4% 48.25 45.35 7.90 7.00 36.26 1.14% 17.1%
Dalmia Bharat Ltd Cement Construction and Materials ADD 4.6 2,116 2,180 3.0% 43.9 35.9 53.9 (18.0%) 49.8% 58.87 39.30 2.31 2.20 17.03 0.24% 4.7%
Emami Ltd Personal Products Consumer Discretionary ADD 3.0 583 710 21.7% 16.6 18.5 20.0 11.5% 8.3% 31.57 29.16 9.45 8.68 24.25 2.16% 31.4%
Ethos Limited Retail Consumer Discretionary ADD 0.8 2,858 3,400 19.0% 34.0 37.4 49.4 10.0% 31.9% 76.33 57.88 7.17 6.38 34.61 0.00% 13.4%
Godrej Consumer Products Ltd Personal Products Consumer Discretionary ADD 14.5 1,210 1,380 14.0% (5.5) 18.1 24.3 (430.4%) 12.7% 66.83 49.88 10.31 9.03 41.15 2.07% 15.6%
Hindustan Unilever Ltd Personal Products Consumer Discretionary HOLD 65.6 2,390 2,525 5.7% 42.7 47.1 45.9 10.4% (2.6%) 50.75 52.08 11.43 11.17 38.58 1.63% 21.3%
J K Cement Ltd Cement Construction and Materials HOLD 5.3 5,877 5,500 (6.4)% 102.3 111.4 139.4 8.9% 25.1% 52.73 42.14 7.46 6.55 24.39 0.26% 13.2%
JK Lakshmi Cement Cement Construction and Materials ADD 1.1 815 935 14.7% 40.1 25.4 39.3 (36.6%) 54.6% 32.07 20.75 2.76 2.47 13.32 0.80% 9.0%
Jyothy Labs Limited Personal Products Consumer Discretionary ADD 1.5 339 390 15.1% 10.1 10.1 10.5 0.3% 3.9% 33.58 32.33 6.07 5.38 24.61 1.03% 19.4%
Kansai Nerolac Paints Limited Building Materials Construction and Materials REDUCE 2.4 249 235 (5.7)% 14.5 8.1 9.1 (44.1%) 11.5% 30.66 27.50 3.70 3.63 18.55 3.96% 11.9%
Marico Ltd Personal Products Consumer Discretionary ADD 10.6 699 750 7.3% 10.4 12.0 13.5 15.3% 13.1% 58.40 51.64 17.99 15.85 41.27 0.99% 34.9%
Nestle India Ltd Food & Beverages Consumer Staples HOLD 27.2 2,417 2,485 2.8% 40.7 31.4 37.0 (23.0%) 17.9% 77.08 65.36 56.61 49.98 49.05 1.05% 81.1%
Orient Cement Cement Construction and Materials REDUCE 0.8 354 320 (9.6)% 8.5 10.6 12.9 24.8% 21.4% 33.23 27.37 3.85 3.53 14.07 1.08% 12.0%
Pidilite Industries Limited Building Materials Construction and Materials ADD 18.1 3,050 3,325 9.0% 34.0 40.8 46.7 20.0% 14.4% 74.71 65.28 15.90 14.00 50.55 0.52% 23.1%
Prism Johnson Ltd Cement Construction and Materials ADD 0.8 138 142 2.8% 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 REDUCE 2.8 1,005 900 (10.4)% 16.7 17.7 16.7 5.7% (5.5%) 56.90 60.24 3.17 3.03 22.89 0.20% 1.1%
Raymond Ltd Textile Consumer Discretionary ADD 0.5 617 3,650 491.5% 246.0 114.3 160.9 (53.5%) 40.8% 5.40 3.84 0.77 0.65 2.06 0.81% 15.3%
Shree Cement Ltd Cement Construction and Materials HOLD 12.5 29,600 31,100 5.1% 664.0 311.2 417.7 (53.1%) 34.2% 95.12 70.86 4.96 4.77 25.65 0.37% 5.3%
TCPL Packaging Ltd Industrial Goods and Services Industrial Goods and Services ADD 0.4 3,780 4,530 19.8% 109.2 157.2 158.1 43.9% 0.6% 24.05 23.92 5.34 4.48 13.68 0.58% 24.5%
Titan Co Ltd Retail Consumer Discretionary ADD 36.9 3,560 3,930 10.4% 39.3 37.5 54.8 (4.5%) 46.1% 94.94 65.00 27.26 24.49 56.96 0.32% 31.8%
UltraTech Cement Ltd Cement Construction and Materials ADD 38.7 11,253 13,550 20.4% 242.6 209.2 292.0 (13.8%) 39.6% 53.79 38.54 4.59 4.24 27.60 0.83% 9.4%
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