Meghna LUTHRA

Meghna LUTHRA

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meghna.luthra@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
Aavas Financiers Ltd BFSI Financial Services ADD 1.5 1,633 2,100 28.6% 62.1 72.5 80.3 16.9% 10.7% 23.82 21.51 2.96 2.58 0.00 0.00% 14.1%
Aditya Birla Sunlife AMC Financial Services - AMCs Financial Services ADD 2.8 847 1,000 18.0% 26.9 32.1 39.3 19.4% 22.5% 27.27 22.27 6.59 5.91 0.00 2.83% 27.0%
Bajaj Finance Ltd BFSI Financial Services ADD 70.7 1,003 1,100 9.6% 233.8 268.0 66.7 14.6% (75.1%) 3.55 14.27 0.64 2.72 0.00 5.58% 19.2%
Cholamandalam Investment and Finance Company Financial Services - Overall Financial Services HOLD 14.4 1,512 1,500 (0.8)% 40.7 50.6 62.6 24.3% 23.7% 28.51 23.04 5.38 4.49 0.00 0.13% 19.7%
CreditAccess Grameen Ltd BFSI Financial Services ADD 2.3 1,295 765 (40.9)% 0.0 0.0 0.0 0.0% 0.0% 0.00 0.00 0.00 0.00 0.00 0.00% 0.0%
Equitas Small Finance Bank Limited Financial Services - Overall Financial Services ADD 0.7 55 65 18.2% 0.0 0.0 0.0 0.0% 0.0% 0.00 0.00 0.00 0.00 0.00 0.00% 0.0%
Fusion Finance Limited BFSI Financial Services NOT RATED 0.3 186 270 45.0% 50.3 8.6 34.3 (82.9%) 299.7% 28.64 7.17 0.64 0.57 0.00 0.00% 3.0%
HDFC AMC BFSI Financial Services HOLD 14.1 5,799 5,600 (3.4)% 91.3 115.4 153.3 26.5% 32.8% 47.73 35.94 15.20 18.10 0.00 1.55% 32.4%
Home First Finance company BFSI Financial Services ADD 1.5 1,303 1,650 26.7% 34.5 42.4 50.7 22.8% 19.5% 29.56 24.73 4.65 3.20 0.00 0.00% 16.5%
Housing Development Fin. BFSI Financial Services ADD 0.0 0 3,000 0.0% 0.0 0.0 0.0 0.0% 0.0% 0.00 0.00 0.00 0.00 0.00 0.00% 0.0%
Mahindra & Mahindra Finance BFSI Financial Services ADD 4.2 270 340 26.0% 14.3 19.0 20.3 33.3% 6.8% 13.98 13.09 1.68 1.52 0.00 2.41% 12.4%
Muthoot Finance Ltd BFSI Financial Services ADD 0.0 0 1,420 0.0% 100.9 0.0 0.0 0.0% 0.0% 0.00 0.00 0.00 0.00 0.00 0.00% 0.0%
Nippon Life India Asset Management Ltd Financial Services - AMCs Financial Services ADD 6.0 828 920 11.1% 17.6 20.3 25.4 15.3% 25.4% 39.13 31.20 12.47 11.81 0.00 0.00% 31.4%
SBI Cards BFSI Financial Services REDUCE 9.2 856 700 (18.2)% 25.3 20.1 23.3 (20.4%) 15.7% 43.97 38.00 5.91 5.20 0.00 0.29% 14.8%
SBI Life Insurance Insurance - Life Insurance ADD 20.8 1,830 2,000 9.3% 18.9 26.1 35.0 0.0% 0.0% 70.00 52.29 0.10 0.09 0.00 0.14% 0.0%
Shriram Finance Limited BFSI Financial Services ADD 13.5 633 870 37.5% 38.3 42.9 55.0 12.0% 28.4% 14.78 11.51 2.13 1.79 0.00 1.58% 15.5%
Spandana Sphoorty Financial BFSI Financial Services HOLD 0.2 260 250 (3.8)% 70.2 (145.2) (70.6) (306.7%) (51.4%) (1.65) (3.40) 0.70 0.79 0.00 0.00% (33.0%)
Ugro Capital NBFC Financial Services ADD 0.2 177 270 52.7% 13.0 15.7 15.8 20.1% 0.8% 11.65 11.56 0.79 0.93 0.00 0.00% 8.3%
UTI AMC BFSI Financial Services ADD 2.0 1,352 1,600 18.3% 60.3 57.4 75.9 (4.8%) 32.4% 24.68 18.64 3.75 3.43 0.00 3.55% 16.3%
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