Rajarshi MAITRA

Rajarshi MAITRA

Associate Director - Research
(91) 22 4161 1546
rajarshi.maitra@incredresearch.com
Executive Summary

Rajarshi Maitra joins our InCred Research team from October 2020 as Associate Director. He is a Research analyst covering the Ports, Logistics, Aviation and Infrastructure sectors. He has been in the securities industry for the last 11 years. Prior to joining InCred Research he was with CGS-CIMB for 3 years and prior to that with Axis Capital (erstwhile Enam Securities) for 7 years. He studied at IIT Kharagpur (Metallurgy) and graduated with a B. Tech in 2004. After a 9-month stint in Infosys, he went back to studying at IIM Calcutta and earned his MBA in 2007. Post MBA, he had a short 5 month stint in PWC and then was employed in Ernst & Young for 2 years in the valuations division before joining the securities industry.

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
Adani Ports & Special Economic Zone Ltd Ports Transport Infrastructure HOLD 34.1 1,393 1,476 6.0% 37.2 51.3 57.1 38.1% 11.2% 27.12 24.40 4.82 4.12 18.60 0.50% 21.8%
Ashoka Buildcon Ltd Construction and Materials Construction and Materials ADD 0.6 186 97 (47.9)% 0.0 0.0 0.0 0.0% 0.0% 0.00 0.00 0.00 0.00 0.00 0.00% 0.0%
Astral Ltd. Building Materials Construction and Materials REDUCE 4.4 1,461 1,200 (17.9)% 20.3 19.5 20.4 (4.1%) 4.7% 75.04 71.64 10.87 9.68 41.14 0.00% 15.4%
Blue Dart Express Ltd Logistics Services ADD 1.5 5,724 6,600 15.3% 126.7 106.2 119.3 (16.1%) 12.3% 53.88 47.99 8.72 7.38 15.62 0.44% 17.3%
Container Corp of India Ltd Logistics Services ADD 4.7 550 970 76.3% 20.6 21.2 25.5 3.2% 20.3% 25.89 21.53 2.71 2.49 16.14 2.09% 10.0%
Delhivery Logistics Services REDUCE 4.0 468 300 (35.9)% (3.5) 2.2 0.8 (163.2%) (64.4%) 210.54 591.42 3.70 3.68 1,096.02 0.00% 1.6%
Dilip Buildcon Ltd Construction and Materials Construction and Materials HOLD 1.0 548 496 (9.5)% 13.7 15.0 22.7 9.3% 50.9% 36.45 24.15 1.75 1.65 10.42 0.22% 8.5%
Finolex Industries Building Materials Construction and Materials HOLD 1.5 216 252 16.6% 7.7 13.5 10.1 76.2% (25.1%) 15.99 21.35 1.91 1.80 20.88 0.94% 11.0%
Gujarat Pipavav Port Ltd Ports Transport Infrastructure HOLD 0.9 161 137 (15.1)% 7.3 8.2 8.8 12.0% 7.7% 19.68 18.28 3.63 3.56 11.48 4.34% 18.7%
InterGlobe Aviation Ltd Airlines Aviation REDUCE 25.1 5,728 3,030 (47.1)% 211.7 155.0 83.0 (26.8%) (46.5%) 36.95 69.03 27.93 19.89 15.90 0.00% 100.0%
IRB Infrastructure Developers Ltd Construction and Materials Construction and Materials HOLD 2.9 43 49 14.8% 1.0 2.5 2.8 147.3% 13.4% 17.20 15.17 1.71 1.56 9.01 0.79% 9.9%
IRB InvIT Fund Construction and Materials Construction and Materials ADD 0.4 63 65 3.2% 6.8 5.6 5.5 (17.5%) (1.2%) 11.24 11.38 0.91 0.93 6.47 5.70% 8.2%
JSW Infrastructure Ltd Ports Transport Infrastructure REDUCE 7.5 315 172 (45.5)% 5.5 6.7 6.9 22.1% 3.9% 47.32 45.53 7.08 6.13 30.33 0.00% 16.3%
KNR Constructions Ltd Construction and Materials Construction and Materials HOLD 0.6 196 203 3.6% 27.6 19.4 10.1 (29.6%) (48.3%) 10.08 19.49 1.35 1.27 11.32 0.32% 18.4%
NCC Ltd Construction and Materials Construction and Materials HOLD 1.5 209 223 6.8% 11.3 13.6 15.9 20.0% 16.7% 15.37 13.16 1.76 1.56 8.08 0.38% 16.3%
PNC Infratech Ltd Construction and Materials Construction and Materials ADD 0.9 303 350 15.5% 35.4 9.1 13.0 (74.4%) 43.9% 33.43 23.23 1.44 1.36 12.42 0.23% 9.7%
SpiceJet Ltd Airlines Aviation HOLD 0.5 33 47 40.8% (6.0) 0.6 (5.1) (109.4%) (999.4%) 59.04 (6.56) (2.43) (1.77) (23.86) 0.00% (1.7%)
Supreme Industries Building Materials Construction and Materials HOLD 6.5 4,533 3,527 (22.2)% 84.2 75.6 85.9 (10.2%) 13.5% 59.93 52.78 10.17 9.24 39.54 0.75% 23.0%
VRL Logistics Ltd Transport Transport (General) ADD 0.6 279 650 132.8% 10.1 20.9 25.7 106.9% 23.1% 13.35 10.84 2.25 1.96 6.45 5.37% 16.9%
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