Pratyush KAMAL

Research Associate
(91) 2241611549
pratyush.kamal@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
Bharat Petroleum Oil & Gas Refinery Oil and Gas REDUCE 15.6 318 375 17.9% 38.1 0.0 0.0 0.0% 0.0% 0.00 0.00 0.00 0.00 0.00 0.00% 0.0%
Deepak Fertilisers & Petrochemicals Corp. Ltd. Chemicals - Others Chemicals ADD 2.0 1,401 2,051 46.4% 36.2 80.2 92.6 121.4% 15.5% 17.47 15.12 2.86 2.50 11.11 0.00% 17.5%
GAIL India Gas Transmission & Dist Utilities ADD 13.3 179 261 46.0% 15.1 16.8 19.1 11.2% 13.7% 10.65 9.37 1.40 1.27 8.44 3.75% 11.6%
Gujarat Gas Gas Transmission & Dist Utilities ADD 3.4 431 642 49.0% 16.6 21.9 34.9 31.9% 59.3% 19.67 12.35 3.37 2.75 11.48 1.39% 18.2%
Hindustan Petroleum Corp. Oil & Gas Refinery Oil and Gas ADD 9.6 399 512 28.5% 75.3 31.7 49.2 (57.9%) 55.5% 12.60 8.10 1.66 1.46 7.39 0.00% 15.0%
Indian Oil Corp. Oil & Gas Refinery Oil and Gas ADD 22.8 143 186 30.5% 29.7 9.9 17.9 (66.7%) 81.5% 14.43 7.95 1.08 1.00 9.57 0.00% 6.5%
Indraprastha Gas Gas Transmission & Dist Utilities REDUCE 3.4 215 419 95.0% 28.3 29.3 25.7 3.5% (12.4%) 7.32 8.36 1.31 1.16 4.05 1.68% 19.4%
Mahanagar Gas Gas Transmission & Dist Utilities REDUCE 1.5 1,303 1,397 7.2% 129.2 117.3 108.3 (9.3%) (7.6%) 11.11 12.03 2.11 1.92 6.93 0.38% 20.0%
National Aluminium Co Ltd Mining Commodities HOLD 4.5 218 176 (19.4)% 11.0 14.6 15.5 32.6% 5.9% 14.90 14.07 2.47 2.20 8.87 2.06% 17.6%
Oil & Natural Gas Oil & Gas Exp & Prodn Oil and Gas ADD 33.2 233 221 (5.3)% 35.9 38.6 0.0 7.4% 0.0% 6.04 0.00 0.90 0.00 2.67 4.29% 15.0%
Oil India Oil & Gas Exp & Prodn Oil and Gas ADD 7.3 398 261 (34.5)% 56.9 54.6 0.0 (4.1%) 0.0% 7.30 0.00 1.04 0.00 4.21 3.01% 15.1%
Petronet LNG Gas Transmission & Dist Utilities ADD 4.7 278 519 86.7% 21.7 28.8 40.5 32.5% 40.8% 9.65 6.86 2.26 1.82 7.27 3.96% 24.1%

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