Shivam AGARWAL

Shivam AGARWAL

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(91) 22 4161 1500
shivam.agarwal@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
Adani Ports & Special Economic Zone Ltd Ports Transport Infrastructure REDUCE 38.4 1,290 1,329 3.1% 24.6 22.8 24.9 (7.2%) 8.9% 56.52 51.88 7.12 6.11 31.64 0.47% 18.5%
Astral Ltd. Building Materials Construction and Materials HOLD 6.4 1,729 1,736 0.4% 20.1 24.1 17.6 19.6% (27.0%) 71.80 98.29 14.87 17.13 45.29 0.17% 30.3%
Finolex Industries Building Materials Construction and Materials REDUCE 2.2 263 182 (30.5)% 11.9 16.9 4.0 42.5% (76.2%) 15.50 64.99 4.15 3.32 14.59 1.52% 28.5%
Gujarat Pipavav Port Ltd Ports Transport Infrastructure REDUCE 1.2 173 156 (10.1)% 4.5 4.0 6.0 (11.5%) 51.0% 43.39 28.73 4.13 4.03 17.80 2.78% 10.0%
InterGlobe Aviation Ltd Airlines Aviation REDUCE 21.5 4,046 2,400 (40.7)% (151.5) (160.3) (8.3) 5.8% (94.9%) (25.25) (490.34) (25.83) (24.75) 118.63 0.00% 183.2%
IRB InvIT Fund Construction and Materials Construction and Materials HOLD 0.5 58 73 25.6% 3.1 5.2 6.4 67.4% 22.2% 11.14 9.11 0.81 0.84 4.37 15.49% 7.1%
JSW Infrastructure Ltd Ports Transport Infrastructure REDUCE 8.7 299 145 (51.4)% 1.6 1.8 4.0 12.5% 125.6% 169.43 75.11 16.98 13.91 53.60 0.00% 13.0%
PNC Infratech Ltd Construction and Materials Construction and Materials HOLD 1.1 300 309 3.0% 19.4 22.6 25.7 16.8% 13.4% 13.25 11.68 2.12 1.79 7.48 0.21% 24.2%
Supreme Industries Building Materials Construction and Materials REDUCE 8.1 4,650 3,771 (18.9)% 76.9 76.2 68.1 (0.9%) (10.6%) 61.00 68.26 15.37 13.42 47.13 0.52% 35.1%
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