DSIJ.

in OCT 01 - 14, 2018 I DALAL STREET INVESTMENT JOURNAL 1

DSIJ.in OCT 01 - 14, 2018 I DALAL STREET INVESTMENT JOURNAL 3
 CONTENTS Vol. 33 No. 22 • OCT 01 - 14, 2018

24 Cover Story

Small Caps
High Risk
Big Gains!

Recommendations Regulars

10
Choice Scrip
12
Low Priced Scrip
14
Hot Chips
06 Editor’s Keyboard
07 Company Index
08 Market View
16 Technicals
20 Analysis
90 Query Board
96 Reviews
Alembic Pharmaceuticals
97 Kerbside
The Right Prescription
For Portfolio Health Subscribers can access
the complete databank

85 Special Report
consisting of more than
3500 companies on our
website www.DSIJ.in

Do Stock Markets Care Communication Feature sections

are advertorials provided by the
About News? company & carried on “as is” basis.

4 DALAL STREET INVESTMENT JOURNAL I OCT 01 - 14, 2018 DSIJ.in

DSIJ.in OCT 01 - 14, 2018 I DALAL STREET INVESTMENT JOURNAL 5
 Wait And Watch Is The Mantra Right Now!
I
ndian markets are down by more than 6 per cent in one month. It is the worst performing market
in among the emerging markets even though it remains one of the best performing markets
globally on a YTD basis. The IL&FS default in interest payment was the trigger for the recent
market downfall. The rising crude oil prices, weakening rupee, expectations of tighter monetary
policy, trade war fears and the fear of default by NBFCs are weighing heavily on the market sentiments.

In our cover story in the previous issue (No 21, Volume 33) we rightly hinted about the selling pressure
that may hit the markets and the need to ‘Book Partial Profits Now’. It is always a satisfying experience
when we are able to assist investors like you in either creating or protecting wealth.

In the current market situation, I think investors should wait and watch and not to be in a hurry to take
investment decisions. Let the markets stabilise, which I believe the markets will. Having said that,
normally the volatility is on a higher side during this time of the year. Expect continuity in volatility in
the coming months owing to state elections and higher crude oil prices with strengthening USD.

The small-cap stocks have disappointed

majority of the investors in CY18. This is our
special edition on small-cap stocks. I believe
the small-cap supplement should delight you
all, with the list of top 400 small-cap stocks
filtered based on sales, PAT, dividend and
market cap.

In our cover story focusing on the

performance of small-cap stocks, we find
that there are opportunities galore for
long-term investors who can focus on quality
growth-oriented stocks and have nerves to
remain invested in the volatile environment.
In spite of the underperformance by the
broader markets, there are more than 180
small-cap stocks that delivered more than 25 per cent returns in one year.

We have a couple of small-cap recommendations for you in the cover story. I hope you profit from it.

Our special story discusses how the news impacts the key benchmark indices in the near term and why
it does not matter in the long term. Read the special story indeed for some very interesting observations.
I am sure long-term investors like you will use the observations in the special story to make your
investment decisions optimally.

While it is of paramount importance to focus on quality stocks in any industry, I want to specifically
highlight the opportunity created in the markets right now after heavy selling in the NBFC space. If this
is not an opportunity, then I don’t know what it is. Just ensure that you stick with quality stocks and do
not leverage trade.

Remember, portfolio diversification is the key to success in equity markets and sectoral allocation is an
integral aspect of portfolio diversification. A right amount of portfolio needs to be invested in the right
sectors. And don’t book losses in panic if you are convinced about the fundamentals of the stock. If you
are holding on to poor quality scrip – book the loss immediately. Markets will punish poor quality, as it
always does.

Stay focused, stay diversified and remain invested for the long term!

V B PADODE
Editor-in-Chief

6 DALAL STREET INVESTMENT JOURNAL I OCT 01 - 14, 2018 DSIJ.in

 facebook.com/DSIJin twitter.com/DSIJ

www.dsij.in/apps.aspx
enquiry@dsij.in linkedin.com/in/DalalStreetInvestmentJournal

Vol. 33. No. 22 • OCT 01 - 14, 2018

Market Trend

Founder & Editor-In-Chief
V B Padode
Editors
Prakash Patil - Chief Copy Editor
Gayathri Udyawar - Copy Editor
Deputy Editors
Yogesh Supekar, Shashikant Singh
Research
Neerja Agarwal - VP
Karan Bhojwani - Sr. Manager
Bhagyashree V - Sr. Analyst-CRU
Apurva Joshi - Analyst
Graphics
Vipin Bendale
Subscription & Customer Service
Utkarsh Sawale, Mayank Dubey
I
Compliances and Internal Audit would want to thank DSIJ team for the ‘Book Partial Profit’ story
Arvind Manor
published in the previous issue as it proved to be very accurate with
Marketing & Sales the Sensex timeline. Also, the strategy that one should book profits
Farid Khan - AVP regularly appears to be very sound to me and definitely beneficial for any
Mumbai: investor. The article guided me in uplifting my portfolio value due to the
Anand Chinchole - Manager ‘fusion analysis’ done on the list of stocks and provided a clear view either
Delhi: to book profit or book partial profit. What I would like to know now is
Lokesh Sharma - Sr. Manager
what will be the market trend in the coming days and how would we
Kolkata :
counter it ? - Mahima Kulkarni
Soutrik Ghosh - Sr. Manager
Chennai:
Editor Responds: Thank you for writing to us. We are glad that you liked
P V Bhaskar - Sr. Manager
our cover story and were able to use the content profitably. Going ahead, we
Domain Experts believe one should wait and watch as the volatility is expected to continue. I
Hemant Rustagi am sure you will benefit from our cover story and the special story in this
Jayesh Dadia issue.

DSIJ Private Limited Recommendations

Company/Scheme Reco. Price (`) Column Page No
Managing Director Alembic Pharmaceuticals l Hold 640.50 Analysis 20
Rajesh V Padode
CMI Ltd. l Buy 151.00 Cover Story 31
For Customer Service
020-49072626 OR  service@DSIJ.in
DCM Shriram Industry l Hold 194.05 QueryBoard 91
Mumbai Office EIH l Hold 152.90 Reviews 96
419-A, 4th Floor, Arun Chambers, Tardeo, Next to AC Market
GAIL l Hold 369.90 Reviews 96
Mumbai - 400034 022-43476012/16/17
Pune Office HCL TECHNOLOGIES l Buy 1112.45 Technicals 18
C-305, 3rd Floor, Trade Center, North Main Road, Near Axis Bank, Hindalco Industries l Buy 242.95 Kerbside 97
Opposite Lane no. 6, Koregaon Park, Pune - 411001
020-49072600 Hindustan Uniliver l Hold 1634.30 QueryBoard 90
Chennai 9445546165 ITD Cementation India l Buy 124.25 Choice Scrip 10
Kolkata 7003118028 Jindal Steel and Power l Hold 225.80 QueryBoard 90
Delhi 8076878278 Man Industries (India) l Buy 82.75 Low Priced Scrip 12
Naukri l Buy 1521.65 Hot Chips 14
To advertise, mail us on ads@dsij.in Oil India l Buy 219.95 Kerbside 97
Printer and Publisher: Nitin Sawant, Editor: V B Padode for DSIJ Pvt Ltd.
on behalf of Achievements Merchandise Pvt Ltd. Printed at Kala Jyothi
Sandur Manganese and Iron Ores l Buy 1145.55 Cover Story 30
Process Pvt. Ltd. Plot No.: W-17&18, M.I.D.C. Industrial Area, Taloja, Sintex Plastics Technology l Hold 32.05 QueryBoard 91
Dist. Raigad, Navi Mumbai. - 410 206. and published from 419-A, 4th
Floor, Arun Chambers, Tardeo, Next to AC Market, Mumbai - 400034  Subex l Hold 4.88 QueryBoard 94
All rights reserved.  While all efforts are made to ensure that the
information published is correct and up-to-date, Dalal Street Investment TATA MOTORS l Sell 240.90 Technicals 18
Journal holds no responsibility for any errors that might occur. All
material contained herein is based on fundamental and technical analysis TCS l Buy 2183.10 Kerbside 97
and other in-house methods, which though reliable, are not infallible. The
information given in the magazine is of an advisory nature. Readers are TVS Motor l Hold 595.60 QueryBoard 94
advised to consult experts before taking any investment decision and Dalal
Street Journal holds no responsibility for any losses that may arise due to UBL l Buy 1379.70 Hot Chips 14
investment decisions made on the basis of information given within the
magazine. No reproduction is permitted in whole or part without written Voltas l Buy 575.10 Kerbside 97
consent from Dalal Street Journal  All disputes are subject to the
exclusive jurisdiction of competent courts and forums in Mumbai only. 
Dalal Street Investment Journal is a member of INS/ABCs. BP - Book Profit • BPP - Book Partial Profits • BL - Book Loss

DSIJ.in OCT 01 - 14, 2018 I DALAL STREET INVESTMENT JOURNAL 7

Market Watch
Bear Hug Bogs Down The Markets
R
ed was the colour that took
over the Indian equity
markets this fortnight. A
sudden loss of trust in the
market’s favourite sector, the
non-banking financial companies,
triggered a sell-off which brought the
benchmark indices Sensex and Nifty
down by around 4 per cent during the
fortnight. An interplay of
macroeconomic concerns, including the
rising crude oil prices, depreciating
rupee, rising inflation and the looming
trade-war crisis weakened the market
sentiments further.
What hit the market most was the
uncertainty looming around the debt-
laden infrastructure financing company
IL&FS. The market reacted excessively to
the contagion risk arising from IL&FS’
defaults and the rising borrowing costs of
NBFCs, thereby triggering a dumping of
DHFL and other major NBFC stocks. The
extent of the mayhem in the markets can
be gauged by the depth of the fall and the
widespread nature of the selling pressure.
All sectoral indices were down during the
fortnight, with Bankex leading the pack,
down by 7.44 per cent, followed by BSE
Realty, down by 6.54 per cent. BSE Auto
index also dipped by 5.79 per cent, with
new vehicle insurance norms and rising
cost of fuel making owing vehicles less
attractive. Other sectoral indices,
including Power, FMCG, IT and Metal
8 DALAL STREET INVESTMENT JOURNAL I OCT 01 - 14, 2018
were down by 3.78, 3.12, 1.97 and 0.64
per cent, respectively. The broader
indices Mid-Cap and Small-Cap also
tanked by 5.51 and 6.71 per cent,
respectively, with small-cap stocks taking
more of the beating.
In sharp contrast, the international
equity markets were upbeat, right from
the US to China. The Japanese Nikkei
posted the best gain of 7.01 per cent
during the fortnight, followed by the
French index CAC 40 with 4.61 per cent
gain, the German DAX was up by 3.94
per cent, while the Dow Jones Industrial
was up by 3.19 per cent and UK’s FTSE
100 was up by 2.92 per cent. Among the
Asia markets, Hang Seng and Shanghai
Composite also posted more than 3 per
cent gains during the fortnight.
The trading data for the FIIs and DIIs for
Performance Of Indices
07th Sept 21st Sept Gain/Loss
Indices
2018 2018 (%)
Sensex 38,389.82 36,841.60 -4.03
Nifty 11,589.10 11,143.10 -3.85
Mid-Cap 16,504.86 15,595.63 -5.51
Small-Cap 16,896.95 15,763.10 -6.71
Auto 24,704.04 23,274.84 -5.79
Bankex 31,009.86 28,702.03 -7.44
FMCG 12,186.08 11,805.86 -3.12
IT 15,780.72 15,469.67 -1.97
Metal 14,045.47 13,955.68 -0.64
Power 2,098.48 2,019.11 -3.78
Realty 2,076.09 1,940.23 -6.54
The market reacted
excessively to the contagion
risk arising from IL&FS’
defaults and the rising
borrowing costs of NBFCs,
thereby triggering a
dumping of DHFL and other
major NBFC stocks.
the fortnight showed that FIIs were
consistently selling, registering a net
outflow of Rs 6,671.56 crore, whereas
DIIs were net buyers to the tune of of Rs.
3,841.62 crore.
The market is battling trust erosion
caused by the ongoing IL&FS crisis,
even as the government assured that it
will provide adequate liquidity to
NBFCs, mutual funds and SMEs. Also,
the chatter around crude oil hitting
US$90 per barrel by Christmas and
trading at US$100 per barrel in early
2019 is not helping the market gain
positive momentum. Market
participants expect the RBI to hike rates
in the next monetary review policy to
ease the rupee depreciation, which
might give direction to the markets,
going ahead. DS
07th Sept 21st Sept Gain/Loss
Indices
2018 2018 (%)
Dow Jones Ind 25,916.54 26,743.50 3.19
S&P 500 2,871.68 2,929.67 2.02
NASDAQ 7,902.54 7,986.96 1.07
FTSE 100 7,277.70 7,490.23 2.92
DAX 11,959.63 12,430.88 3.94
CAC 40 5,252.22 5,494.17 4.61
Hang Seng 26,973.47 27,953.58 3.63
Nikkei 22,307.06 23,869.93 7.01
Shanghai 2,702.30 2,797.48 3.52
Net Investment In Equity Markets (`/Cr)
Date FIIs DIIs
7-Sep-18 -860.88 942.45
10-Sep-18 137.78 -289.66
11-Sep-18 -962.08 749.62
12-Sep-18 -1395.4 541.44
14-Sep-18 -1076.9 115.14
17-Sep-18 679.77 -180.36
18-Sep-18 95.66 264.66
19-Sep-18 -1103.73 1201.3
21-Sep-18 -2185.78 497.03
Total -6671.56 3841.62
DSIJ.in
DSIJ.in OCT 01 - 14, 2018 I DALAL STREET INVESTMENT JOURNAL 9
Recommendations
ITD Cementation India
CAPITALISING ON THE INFRA PUSH
HERE IS WHY
Promising order book
Diversified business model
Growth prospects in the infrastructure sector
I
TD Cementation India Ltd. is a
major player in the construction
industry with a de-risked business
model that relies on the principle
of diversification. It boasts more
than 8 decades of expertise in designing,
engineering, procurement and
construction across business verticals,
including maritime structures, urban
infrastructure, specialist engineering,
highways, bridges & flyovers, industrial
structures & buildings, hydroelectric
power, dams and irrigation, and waste
and waste water treatment. It is not only
the sole MNC-controlled construction
company that is listed on the Indian
stock exchanges, but also the first Indian
construction company to be accredited
with Quality Management System in
ports and harbour domain. It boasts of
current order pipeline of 60 projects in
14 states across India.
The company is focused on expanding its
operations in the infrastructure segment.
Thus, the company’s order book has
multiple tenders in the maritime
structures, as well as bids for airports,
selective HAM model road projects,
Note: The stocks recommended under this section are fundamentally strong stocks. However investors are advised to wait for the correct opportunity
to enter these stocks considering the market sentiment right now.
CMP
Monthly Stock Market Returns
BSE Code: 509496 (`)
CMP: `124.25 FV: `1
BSE Volume: 20972
Date: 25/09/2018
10 DALAL STREET INVESTMENT JOURNAL I OCT 01 - 14, 2018
Equity
structures from Tamil Nadu Generation
and Distribution Corporation.
Furthermore, it raised `336.83 crore via
QIP during the quarter ended March
2018.
On the quarterly front, the company’s
revenue surged 33.46 per cent to `652.87
crore in Q1FY19 versus `489.17 crore in
Q1FY18. Its EBITDA increased 45.42 per
cent to `91.92 crore in Q1FY19 from
`63.21 crore in Q1FY18. The net profit
increased 39.52 per cent to `28.91 crore
in Q1FY19 versus `20.72 in Q1FY18.
On a consolidated YoY basis, the
company reported a fall of 29.85 per cent
in revenue from operations to `2,061
crore in FY17 versus `2,938 crore in FY16.
However, the EBITDA improved 15.31
per cent to `271 crore in FY17 from `235
crore in FY16. The PAT surged 42 per cent
to `71 crore in FY17 from `50 crore in
FY16. The EPS increased to `4.7 in FY17
Best of LAST ONE Year
from `3.3 in FY16, posting an increase of
Name of Reco Exit/CMP Absolute
Company Price Price (`) Gains Annual 42.42 per cent.
(`) (%) Returns
Balkrishna Ind. 1079.8 1317.85 22.05 417.79
(%) On the valuation front, the company’s
Tata Metaliks 667.8 826.2 37.93 89.89 ROE increased to 12.1% in FY17 versus
Colgate-Palmolive (I) 1051.65 1231 17.5 77.78 9.4% in FY16. Its ROCE was reported at
PFC 122.6 147.6 20.39 64.96 15.7 per cent in FY17 versus 14.6 per cent
Symphony Ltd. 1429.8 1672 16.94 64.19 in FY16. The net worth of the company
surged 11.83 per cent, to `618.2 crore in
FY17 from `552.8 crore in FY16.
missing link tunnels for Pune
Expressway, track work, underground On September 24, 2018, the company
MRTs and hydro space projects. bagged orders worth `845 crore from
Airports Authority of India and Port
As of December 31, 2017, ITD Blair’s jetty development. Due to its
Cementation has an order book of diversified approach across verticals,
`7,513 crore, which are to be executed clients and geographies, promising
over a period of 30 months. The outlook of the infrastructure sector and
company secured orders worth `2,400 attractive financials and valuations, we
crore in January and February 2018 urge our reader-investors to BUY this
pertaining to a contract of maritime stock. DS
Shareholding Pattern Last Five Quarters (`/Cr)
June 2018 Jun-18 Mar-18 Dec-17 Sep-17 Jun-17
Total Income 457.48 511.39 482.00 417.35 482.03
Promoters 46.64
Other Income 5.16 8.16 14.57 3.63 8.59
Public 53.36 Operating Profit 60.16 47.77 54.57 51.27 51.45
Interest 14.00 19.43 21.07 21.88 21.80
Others --
Net Profit 28.62 26.84 17.80 19.13 20.72
Total 100 Equity 17.18 17.18 15.52 15.52 15.52
DSIJ.in
DSIJ.in OCT 01 - 14, 2018 I DALAL STREET INVESTMENT JOURNAL 11
Recommendations Equity
company is consistently receiving orders
Man Industries (India) from MP and the neighbouring states.
Despite being identified as one of the

POSITIVE GROWTH IN THE PIPELINE least leveraged companies in the pipe

sector, Man Industries retains its focus
on deleveraging its balance sheet.

Some of the peer companies operating in

HERE IS WHY this industry include Rites, KNR
Construction, Maharashtra Seamless
Robust order book
Ltd., Techno Electric and Engineering
Growth prospects in the pipe industry Company Limited and Patel Engineering
Ltd. A comparison with the results of its
Very positive quarterly financials

M
an Industries (India)
Limited is a chief
manufacturer and
exporter of large
diameter carbon steel
line pipes for several high pressure
transmission applications for gas, crude
oil, petrochemical products and potable
water. It also offers multiple options of
coating system such as PE, FBE internal
epoxy and coal tar enamel coating in
order to protect the line pipes from
corrosion. Furthermore, the company
also owns modern facilities for the
manufacture of aluminum extrusion
products.
Incorporated on May 19, 1988, it is a
flagship company of the Man group. It has
its registered office in Maharashtra. The
company has two manufacturing facilities
- one located in Anjar in Kutch district of
Gujarat, while the other is situated in
Pithampur, Madhya Pradesh, spanning an
area of 150 acres. Its manufacturing
facilities have a combined capacity of one
million tonnes per annum (MTPA) for
LSAW and HSAW pipes. Furthermore, it
has 6.5 million sq. ft. mtr capacity for
internal and external PE/FBE coating and
PRICED SCRIP
Best of LAST ONE Year
Name of Reco Exit/CMP Absolute Annual
Company Price Price (`) Gains Returns
(`) (%) (%)
National Fert. 61.30 78.00 27.24 350.22
Gufic BioSci. 78.70 95.10 20.84 288.55
Jamna Auto Ind. 77.15 96.75 25.41 254.10
Virinchi Ltd. 88.00 110.00 25.00 225.00
Amines & Plasti. 68.00 81.00 19.12 167.88
an 125,000 m.cu. concrete wet coating
(CWC) plant catering to the requirements
of the onshore and offshore oil and gas
pipelines. The company has also installed
a 7 MW windmill plant in Gujarat.
Moreover, the company caters to
international clients in the oil and gas,
petrochemicals, water, dredging and
fertiliser industry.
As on March 31, 2018, the company had
an order book of `1,500 crore to be
executed by March 2019. Its Pithampur
plant is a major growth driver. The
peer companies projects it as one having
a better dividend yield (1.78 per cent).
Man Industries reports a lower P/E
multiple of 6x in comparison to its peers,
except Patel Engineering which has a
P/E multiple of 3.15x.
An evaluation of the quarterly financials
depicts a surge in revenue of 29.28 per
cent to `632.56 crore in Q1FY19 from
`489.29 crore in Q4FY18. The EBITDA
posted an increase of 7.64 per cent to
`66.58 crore in Q1FY19 from `61.85
crore in Q4FY18. The net profit fell to
`25.08 crore in Q1FY19 from `26.43
crore in Q4FY18, thereby dropping 5.10
per cent.
Based on an analysis of the annual trends,
the company’s total income surged 43.66
per cent to `1,630.03 crore in FY18 versus
`1,134.63 crore in FY17. The EBITDA
rose to `176.76 crore in FY18 from
`119.76 crore in FY17, registering an
increase of 47.59 per cent. The net profit
increased to `62.86 crore in FY18 in
comparison to `32.65 crore in FY17.
Based on the sound financials, robust
order book and good growth prospects
of the pipe industry, we recommend our
reader-investors to BUY the stock.

Note: The stocks recommended under this section are fundamentally strong stocks. However investors are advised to wait for the correct DS

opportunity to enter these stocks considering the market sentiment right now.
CMP
Monthly Stock Market Returns Last Five Quarters (`/Cr)
Shareholding Pattern
(`) Jun'18 Mar'18 Dec'17 Sep'17 Jun'17
BSE Code: 513269 June 2018 Particulars
CMP: `82.75 FV: `5 Total Income 457.48 511.39 482.00 417.35 482.03
BSE Volume: 127705 Promoters 43.51
Date: 25/09/2018 Other Income 5.16 8.16 14.57 3.63 8.59
Public 56.49 Operating Profit 60.16 47.77 54.57 51.27 51.45
Interest 14.00 19.43 21.07 21.88 21.80
Others --
Net Profit 28.62 26.84 17.80 19.13 20.72
Total 100 Equity 17.18 17.18 15.52 15.52 15.52

12 DALAL STREET INVESTMENT JOURNAL I OCT 01 - 14, 2018 DSIJ.in

DSIJ.in OCT 01 - 14, 2018 I DALAL STREET INVESTMENT JOURNAL 13
Recommendations Equity
UBL CMP - `1379.70

BSE CODE Volume Face Value Target Stoploss

V
532478 54600 `1 `1537 `1250
ijay Mallya promoted United
Scrip’s Movement
Breweries is engaged in manufac-
turing and sale of beer, brand
licencing. The financial reports for FY18
overcome a slight de-growth in FY17 with
topline and bottomline surging 18.6% and
72%, respectively. This was despite ban on
sale of liquor within 500 metres of high-
ways, rise in excise duties and changes in
route-to-market by few states. The com- 2018

pany’s premium brands of Heineken,

The scrips in this
column have been
recommended
with a 15-day investment
horizon in mind and
carry high risk. Therefore,
investors are advised to
take into account their risk
appetite before investing,
Last Seven Days’ Volume Table
Kingfisher Ultra, Kingfisher Ultra Max
grew 30%, 59% and 80% YoY, respectively. (No. of Shares)
Brand launches and geographic penetration Days Volume
helped grow the topline and reduced selling 14-Sep-18 13,038
and distribution cost and 50% reduction in 17-Sep-18 41,018
net debt pulled the bottomline up. Even 18-Sep-18 75,848
Q1FY19 posted sales and PAT growth of 19-Sep-18 35,997
26.8% and 144% over the previous quarter. 21-Sep-18 46,372
Going forward, the company is expected to 24-Sep-18 37,604
penetrate non-alcoholic beer segment and 25-Sep-18 54,600
introduce craft beer offering in Q3 and Q4 industry in volume terms over FY18-24
of FY19, respectively. Finally, considering and the company’s rising market share,
the expected CAGR of 7.6% in the beer we recommend a BUY.
NAUKRI  CMP - `1521.65
BSE CODE Volume Face Value Target Stoploss
532777 579 `10 `1695 `1401
Scrip’s Movement

A n information technology services

as fundamentals may
or may not back the
recommendations.
2018
Last Seven Days’ Volume Table
(No. of Shares)
Days Volume
14-Sep-18 720
17-Sep-18 2,920
18-Sep-18 1,417
19-Sep-18 5,988
21-Sep-18 6,958
24-Sep-18 1,380
25-Sep-18 579
(Closing price as of Sept 25, 2018)
provider is engaged in online classifieds
businesses, including recruitment platform
through Naukri.com, realty under 99acres.com,
online restaurant discovery, matrimonial services
under Jeevansathi.com and higher education
services under Shiksha.com. The company earned
73% from recruitment and 14.8% from 99acres in
FY19. It saw revival in its recruitment business
with 15.4% billing growth in Q1FY19, after the
slower growth in FY17/18 gainst FY15/16. It
posted revenue growth of 7.9% and posted net
profit of `63 crore from net loss of `14 crore in
Q4FY18. Even 99acres posted 25% CAGR, despite
slowdown in realty. The IT and ITES segment
under recruitment, which forms 40-42% of
recruitment revenue, is expected to rebound in
FY19/20 amid peak utilisation, dollar appreciation
and high attrition. The RMS/CMS segment
launched couple of years back is expected to gain
traction. Investments in Zomato (30.9% stake) and
reinvestment in PolicyBazaar (13.6%) would prove
beneficial for the company with growth prospects
in their businesses. We recommend a BUY.
DS

14 DALAL STREET INVESTMENT JOURNAL I OCT 01 - 14, 2018 DSIJ.in

DSIJ.in OCT 01 - 14, 2018 I DALAL STREET INVESTMENT JOURNAL 15
Technicals Equity
NIFTY Index Chart Analysis
Market plunges on panic selling, 10,925 to act as crucial support

W
e had talked of the bearish
reversal in our previous
issue and, accordingly, our
benchmark index Nifty
plunged sharply breaching all the crucial
supports and hit below the 11,000-mark.
A considerable bounce-back in the crude
oil hitting multi-year peak and rupee
pressurised to hover near its historic low
levels reinforced the pessimistic
environment in the markets. OPEC and
allies like Russia, a major producer, have
kept their production in check though
none wanted the prices to go above USD
80/barrel as it would hurt the demand.
Now all eyes are on the US sanctions on
Roadmap for the next 15 trading sessions
Ideas Nifty Levels Action to be Initiated Probable Targets
C lose above 11090 on the on monthly closing
Resistance for the medium term 11090 11205-11310
basis would give further momentum to the bulls.
Close below 11925 on the weekly chart would
Support for the medium term 11925 10775-10605
change the trend and trigger a retreat.
and 5.09% in the previous month, time frame. The impulses are sharp,
respectively. However, the numbers were while the upside corrections are in the
bigger than that of the same month last form of breathers. Nifty breached our
year and the expected rise in the inflation major support of 11390 and fell beyond
numbers amid peaking oil prices and the our downside targets of 11300-11235.
expected rise in food prices in the wake Not just that, Nifty also breached the
of below normal rains may provoke the 60% retracement at 11017 of the prior
RBI to maintain the tight money policy. upward rally from 10557 to the peak. On
The biggest recent blow to the markets the daily time frame, Nifty breached its

Iranian oil sales to cut production further
at the start of November. Secondly, the
prevailing US-China trade war concerns
heightened, with Trump announcing his
biggest ever blow of 10% tariffs on
Chinese goods amounting to USD 200
billion annually dragged down the
sentiments further in the Asian markets
and India was not an exception to it.
China too responded by slapping tariffs
on US goods worth USD 60 billion.
On the domestic front, the much-awaited
CPI, WPI and IIP data were encouraging,
with the CPI and WPI cooling at 3.69%
and 4.53% in August as against 4.17%
was Goldman Sachs downgrading the
Indian equities to overweight.
The FIIs are selling and DIIs are not
buying to make up the sell-off. Not just
benchmark indices, but the broader
markets too are falling at a greater
speed. Few investors are exiting for
profit-booking, while others are not
getting a chance to enter as they fear
catching the falling knife while trying to
buy on dips.
Technically, Nifty has witnessed bearish
reversal and the prices are falling, making
lower tops and lower bottoms in the daily
50-day and 100-day EMAs and also hit
below 10925-10935 trend reversal zone,
though not on a closing basis. However,
the good volumes and oscillators still
tilted southward cue to some more
downside if 10925 is broken on a closing
basis. Hence, we hold 10775-11605 as
supports, followed by 10555, which will
act as provisional trend reversal. Any
bounce from the current levels can be
considered as a breather or a corrective
for now. In case of any short-covering,
we hold 11075-11090 to act as
resistances. Above these levels, we hold
11205, followed by 11310, as the major
resistances.

16 DALAL STREET INVESTMENT JOURNAL I OCT 01 - 14, 2018 DSIJ.in

DSIJ.in OCT 01 - 14, 2018 I DALAL STREET INVESTMENT JOURNAL 17
Technicals Equity
STOCK RECOMMENDATIONS

HCL TECHNOLOGIES ................... BUY ..................... CMP `1112.45

BSE Code : 532281 Target 1 .. `1175 | Target 2 ..... `1220 | Stoploss....`1050(CLS)
The stock of HCL Technologies is currently trading at
`1112.45. Its 52-week high and low stand at
`1106.60/`825.10 made on April 23, 2018 and
December 4, 2017, respectively. Considering the weekly
time frame, the stock formed a prolonged rounding
base pattern, where the stock breached its earlier record
high for the first time in April 20 week after mid-March
2015. Considering the daily time frame, after hitting
52-week or all-time high, the stock tumbled sharply up
to `880 near its previous support and bounced back
gradually making higher tops and higher bottoms.
Recently on September 24, the stock breached
consolidation of seven consecutive days at the 52-week
high levels and the stock has almost reached its record
high levels. It has witnessed volume built-up along with
14-period RSI positive crossover at 65 level, and
currently quoting at 68. This suggests momentum and
thereby holds potential for some more upside in the
near term. We recommend a BUY.

TATA MOTORS ............................... SELL ...................... CMP `240.90

BSE Code : 500570 Target 1 ..... `220 | Target 2 ..... `215 | Stoploss....`262 (CLS)
The stock of Tata Motors Ltd is currently trading at
`240.60. Its 52-week high/low stand at `466.95/
`229.05, which were made as on November 6, 2017
and September 21, 2018, respectively. The stock has
been trading with lower tops and lower bottoms since
January 2017 and since January 2018, the stock is
trading below its 50, 100 and 200-day EMA levels.
Since July, the stock was seen trading in a range of
`243 to `277 levels and had attempted a breakout on
September 7 where the 14-period RSI too rose from
the over-sold zone to above 60 level. The stock had
also attempted a 50-day EMA breakout, but
witnessed a whipsaw and turned completely to trade
below `243 and hit a new 52-week or a multi-year
low. The stock saw good volumes during its fall and
oscillators too are tilted southwards. After a big fall
on September 21, the stock bounced back forming a
hammer-like pattern, but it could not sustain and
retreated yet again on September 24. We recommend
a SELL. DS

*LEGEND: n EMA - Exponential Moving Average. n MACD - Moving Average Convergence Divergence n RMI - Relative Momentum Index
n ROC - Rate of Change n RSI - Relative Strength Index (Closing price as of Sept 25, 2018)
Disclaimer : Above recommendations are based on various technical parameters and any fundamental input has not been considered for the recommendations. Follow strict stop loss for the recommendation.

18 DALAL STREET INVESTMENT JOURNAL I OCT 01 - 14, 2018 DSIJ.in

DSIJ.in OCT 01 - 14, 2018 I DALAL STREET INVESTMENT JOURNAL 19
Analysis Equity
Focus on Innovation and Technology
With a strong focus on innovation and
technology, APL has bolstered its
product innovation capabilities by
investing heavily in R&D. The company
runs four research facilities in Gujarat
and Sikkim, while also operating three
research centres in Vadodara,
Hyderabad and the US. With over 900
research scientists and 13 per cent of
turnover allocated to research
expenditure, the company has managed
to maintain a strong foothold and attain
sustainable growth, despite the stiff
competition in the industry.
The company’s competencies comprise
Alembic Pharmaceuticals of branded formulations, international
generics and APIs. The chronic therapy

THE RIGHT PRESCRIPTION FOR

has been at the forefront as it contributed
67 per cent of the company’s branded
sales basket.

PORTFOLIO HEALTH On the international business front, APL

established a stable front-end in the US
in 2015, generating USD 100 million in
Company Introduction challenges associated with sales during the current year and posting
Alembic Pharmaceuticals Limited boasts demonetisation and the implications of a remarkable growth of 69 per cent.
a legacy of over 110 years and is a GST proved to be a drag for the industry.
significant player in the healthcare Despite this, the Indian pharmaceutical Product Pipeline:-
industry. Headquartered in Vadodara, industry has better prospects as it is APL is focusing on building a stronger
Gujarat, the company manufactures and expected to grow to USD 55 billion by product pipeline for the US market by
markets active pharmaceutical 2020 from the current USD 30+ billion. allocating 90% of research funds to this
ingredients (APIs) and generic In March 2018, sales of `10,029 crore area. The company seeks to discover
pharmaceutical products such as were recorded as the market grew 9.5 per molecules with multiple technological
anti-infectives, analgesics and cold cent year-on-year. Rapid urbanisation, barriers as it will award the company a
and cough medicines. These products coupled with increasing penetration of competitive edge over its peers. APL’s
are sold in India as well as internationally health insurance in the country and dermatology business has filed three
in over 75 countries, including the developing medical infrastructure, will ANDAs in the financial year, while
US, Europe, Australia and South serve as a catalyst for growth of the having a planned pipeline of 45
Africa. Furthermore, APL also pharma sector. India is ranked as the products. APL acquired Orit
focuses on chronic therapies such as world’s largest provider of generic Laboratories LLC to expand its
cardiology, diabetes and gynecology, to medicines. India's exports to the US capabilities in the US; mainly pertaining
name a few. amounting to USD 16.8 billion to soft gelatin-based oral solids and oral
accounted for about 40.6 per cent of liquids.
Industry Overview India’s total exports, while Europe,
While the overall economy exhibited Africa and Asian countries accounted for Apart from enjoying a relatively higher
signs of recovery in 2017, the global 19.7 per cent, 19.1 per cent and 18.8 per ROCE compared to its peers, APL is
pharmaceutical industry experienced cent, respectively. reflecting a relatively higher dividend
some headwinds. This was owing to
customer consolidation in the US, Historical Stock Price Performance (%)
mounting pricing pressure and Stock 1 month 3 months 6 months YTD 1 year 3 years
competition among industry rivals. APL 7.30 23.97 16.69 20.75 30.70 -3.51
Indian pharmaceutical companies too Sun Pharma 2.57 12.51 29.85 12.56 24.56 -26.39
have suffered considerable value erosion Cadila Healthcare 8.13 1.71 8.19 -5.87 -15.93 7.38
and demonstrated notably lower growth Cipla Ltd. 2.88 9.28 18.39 8.25 15.47 1.90
in the recent past (growth of 5.5 per cent Lupin 6.88 3.03 21.48 5.14 -7.56 -49.02
in annual turnover in CY17). The Aurobindo Pharma 17.74 26.41 35.78 13.34 3.76 13.01

20 DALAL STREET INVESTMENT JOURNAL I OCT 01 - 14, 2018 DSIJ.in

yield as well. With acceptable RoE and its international generics market with Alembic Pharmaceuticals Ltd.
P/E below the industry P/E, we believe successful ANDA and DMF filings. The BSE Code: 533573 CMP: `640.50
the stock is trading at reasonable branded formulation sales also serve as
Particulars Amount (`Crore)
valuations. The pharma industry P/E growth drivers for the company. In
stands at 33. addition to this, the company hopes to Net Sales 3345.15
venture into therapeutic areas revolving % Change 9.82%
Growth Drivers for Alembic around dermatology, oncology, and Operating Profit 699.63
With a view to attaining sustainable injectable formulations. % Change 24.64%
growth in enterprise value, the company
identified R&D projects to be a major Revenue Mix Net Profit 447.91
avenue for value addition. APL plans to Of the three major business segments of % Change 22.16%
potentially acquire new drug candidates APL, international generics, branded Equity 37.70
and futuristic technology. It has allocated formulations and APIs contributed 38 EPS (`) 23.16
`1,100 crore for establishing major per cent, 41 per cent and 21 per cent
facilities to expand its capabilities. The respectively to the total revenue. Of the FV (`) 2.00
performance of the US front-end picked 91 products launched so far, 13 products P/E (x) 28.41
up in Q4FY18 and it appears to be were launched during 2017-2018. Dividend Yield (%) 0.71
promising for the future. The ever- Besides, APL has planned over 10 new Book Value (`) 122.56
evolving domestic product mix in favour product launches in 2018-19, thereby (Trailing Four Quarter Data) nCMP as on Data as on Sept 24
of chronic/specialty segments are likely depicting a promising outlook for the
capitalisation at a CAGR of 18 per cent
from 2013-14 to 2017-18. Despite
disruptions in the last couple of years,
APL has retained its market share and
BSE Healthcare Returns maintained its EBITDA margins.
Sensex Returns Looking at the YoY performance, in
Q1FY19, the company’s revenue surged
37.50 per cent to `811.42 crore from
`590.11 crore in Q1FY18. Similarly, the
net profit in Q1FY19 spiked 124.94 per
cent to `113.98 crore from `50.67 crore
in Q1FY18. The EPS was reported at
`6.05 in Q1FY19, while it was `2.69 in
Q1FY18.

In FY18, the company reported total

to propel growth. The greenfield oral company’s prospects in the immediate revenue of `3,131 crore, posting a
oncology plant and derma plant are future. The products launched in the last meagre decrease of 0.09 percent as
ready to be commissioned in FY19. The five years cover 2 per cent of the market against total revenue of `3,134 crore
oncology injectable and general share and contributed 19 per cent to the in FY17. Out of the total sales, 44 per
injectable plants will be completed in sales. Of the new product launches, 90 cent were generated domestically,
FY19. per cent are in specialty segment. while 56 per cent were contributed by
exports. The net profit showed a
The growth strategy of the company Financials reasonable growth of 1.99 per cent, as it
involves actively investing in the APL reported a surge in market increased to `409 crore in 2018 from
`401 crore in 2017. In 2017-18, APL
Peer analysis reported an EBITDA of `642 crore,
Company Free –Float Market CMP P/E ROCE ROE Dividend Yield posting a growth of 4.39 per cent in
Cap (in crore) (`) (x) (%) (%) comparison to an EBITDA of `615
Sun Pharma 71,417.97 647.20 38.14 10.24 7.70 0.31 crore. APL reported market
Cipla 33,881.67 667.75 33.33 8.91 10.06 0.45 capitalisation of `10,300 crore and an
EPS of `21.89 in 2018. The company
Aurobindo Pharma 21,852.01 777.40 26.30 25.84 23.13 0.32
spent 2.34 per cent more on R&D,
Lupin 22,001.13 918.00 29.59 11.24 2.08 0.54
amounting to `481 crore in 2018 versus
Cadila Healthcare 10,499.76 410.25 31.85 21.04 22.64 0.86 `470 crore in 2017. By virtue of these
APL 3,227.78 634.15 27.26 31.36 19.84 0.63 financials and statistics, we urge our
Data as on September 19, 2018. reader-investors to HOLD this scrip. DS

DSIJ.in OCT 01 - 14, 2018 I DALAL STREET INVESTMENT JOURNAL 21

22 DALAL STREET INVESTMENT JOURNAL I OCT 01 - 14, 2018 DSIJ.in
DSIJ.in OCT 01 - 14, 2018 I DALAL STREET INVESTMENT JOURNAL 23
 Cover Story
Small Caps
High Risk
Big Gains!

Small-caps have been the reason for portfolio underperformance for most of the
investors in 2018. Yogesh Supekar and Dnyanada Kulkarni explore the merits
of staying invested in small-caps, while the DSIJ research team recommends top
two small-cap stocks to invest in

S
mall-cap investing and higher dilemmas faced by investors are: -
returns go hand-in-hand, that is if ✓ Whether and how to restructure the
you look at the long-term small-cap portfolio
historical data. Indeed, over the ✓ Have small-caps bottomed out and
long-term, small-caps and mid-caps have will they outperform the large-caps
shown a tendency to outperform the in the coming quarters.
large-caps by a couple of percentage
points on an annualised basis. The story,
however, looks different when we focus Annualised Return (2003-2018)
on the data on a YTD basis. For the Small Cap Mid Cap Sensex
equity investors, the underperformance 13.9% 13.8% 13.4%
of the small-caps universe has been the
highlight of CY18 so far. After the recent Data: As on 30-08-2018
correction in the small-caps, most of the
investors are faced with a difficult Annualised Return (2003-2017)
situation of dealing with a portfolio
comprising of underperforming Small Cap Mid Cap Sensex
small-cap stocks. Some of the difficult 15.9% 15.4% 13.4%

24 DALAL STREET INVESTMENT JOURNAL I OCT 01 - 14, 2018 DSIJ.in

 Small-caps have a tendency to outperform the key benchmark
indices. Looking at the fundamental side of small-cap companies, Out of the total 761 stocks that are
these usually tend to be less capital intensive businesses, having constituents of BSE Small-Cap index, we
find that almost 38 stocks more than
lower debt levels, presence in different business models and doubled in one year alone. There are
almost 66 stocks that generated returns in
operating in niche areas which helps to deliver faster earnings the range of 50 to 100 per cent, while
growth and justification for the higher valuations. there are 82 stocks that delivered returns
in the range of 25 per cent to 50 per cent.
If any investor is targeting returns greater
Ritesh Ashar than 25 per cent, the investor had 186
such investment ideas within the
Chief Strategy Officer, KIFS TradeCapital small-cap space in the last one year.

Maximum investment opportunities

Why invest in small-caps? Small-Cap Stocks Performance If we look at the market capitalisation of
Small-caps and mid-caps ruled the Return One year No of Stocks stocks as per the new SEBI guidelines,
markets in CY16 and CY17 and the 100%< 38 wherein the top 100 companies are
investors expected a repeat performance 50% to 100% 66 categorised as large-caps, next 150 as mid-
in CY18, but investors found themselves 25% to 50% 82 caps and the rest as small-caps, we find
disappointed. If it was greed in FY17 that 0 to 25% 140 that the large-caps constitute nearly 70
prompted investors to invest in small- 0 to -25% 206 per cent of the total equity market
caps, currently it is fear in the minds of -25% to -50% 153 capitalisation, mid-caps constitute
the investors that is keeping them away -50%> 76 16 per cent of the market capitalisation
from investing in small-caps.

Here are a few of the reasons why Top 10 Small-cap performers Worst 10 Small-cap performers
we believe investors should look (One Year) (One Year)
at small-caps :- Company Return in % Company Return in %
Electrosteel Steels 1128 Gitanjali Gems -96
Performance HEG 587 Sri Adhikari Brothers Tele. Network -96
Historically, the small-cap stocks have SORIL Infra Resources 440 Sai Baba Invest. And Comm. Enterprises -95
delivered superior returns when Nelco 294 Yamini Investments -92
compared to large-caps in the long run. Excel Industries 292 Talwalkars Better Value Fitness -89
Agreed that the small-caps are more Graphite India 288 SRS Real Infrastructure -87
volatile than the large-caps; however, the Indiabulls Ventures 268 Shilpi Cable Technologies -87
superior returns justify exposure to Radico Khaitan 193 Kwality -85
small-caps. If we consider the historical VIP Industries 186 SRS -84
data, we find that over a five-year period, Bombay Dyeing & Manu. Co. 183 Omkar Speciality Chemicals -84
the BSE Small-Cap index has generated
26.84 per cent returns , whereas the BSE Top 10 Small-cap performers (YTD) Worst 10 Small-cap performers (YTD)
Sensex has delivered 14.88 per cent Company Name Return in % Company Name Return in %
returns. Electrosteel Steels 748 Gitanjali Gems -97
Nelco 190 Sai Baba Investment And Commercial Enterprises -91
BSE BSE BSE Indiabulls Ventures 188 Vakrangee -90
Small-cap Sensex Mid-cap Excel Industries 172 Yamini Investments 90
YTD return -9.00 14.20 6.80 Merck 150 Talwalkars Better Value Fitness -90
One year return 8.69 22.48 9.07 V-Mart Retail 111 KSK Energy Ventures -87
Three-year return 15.82 14.0% 15.81 Excel Crop Care 109 Jaypee Infratech -86
Five-year return 26.84 14.88 25.76 Gallantt Ispat 107 Castex Technologies -85
Data as on August 28, 2018 NIIT Technologies 104 SRS Real Infrastructure -84
Zensar Technologies 78 Amtek Auto -84

DSIJ.in OCT 01 - 14, 2018 I DALAL STREET INVESTMENT JOURNAL 25

Data as on August 28, 2018
 Cover Story
Dr Dhruv Desai
Director & COO, Tradebulls on Small Cap
How were the results in Q1FY19 for small-caps com-
pared to large-caps?
Since the beginning of the year 2018, it is the large-caps that
have really outperformed the mid-caps and the small-caps. This
is contrary to the trend since 2015 when mid-caps were
consistently outperforming the large-caps. If you look at the
returns from the beginning of January 2018, the returns on the
Nifty index is +1.93%, while the returns on the Nifty Mid-Cap
50 Index is -3.38% and the returns on the Nifty Small-Cap 50
Index is a deeply negative at -18.66%. In terms of the extent of
downgrades, the small-cap stocks have seen more number of
downgrades compared to the large-caps. However, the
consensus EPS estimate of the large-caps and the small-caps is
almost constant for the next year, while mid-caps have been
revised sharply lower.
Is it correct that there is higher probability of multi-
baggers from small-cap space when compared to the
large-caps?
Technically, that was the argument till the end of 2017, when
small-caps and mid-caps were outperforming the large-caps.
However, in the year 2018, institutions have sold small-cap
stocks to the tune of nearly $1.2 billion and these funds are
unlikely to come back in a hurry with the kind of returns that
large-cap index stocks are giving. That is evident from the fact
that while the large-caps and the mid-caps bounced from the
lower levels in the last couple of months, the small-caps have
hardly showed any remarkable bounce. The pressure of
additional surveillance margins (ASM) has been the most
profound on the small-cap stocks and that is likely to keep the
appetite for small-cap stocks quite low. For now, it looks like any
action in small-caps would be very stock-specific, whereas the
real alpha in the market may actually come from the large-caps
and to an extent from the mid-cap stocks.
What is your outlook on small-caps?
Small-caps have been under pressure for a variety of reasons.
Firstly, there was the pressure of booking profits ahead of the
introduction of the tax on long-term capital gains effective April
while a meagre 14 per cent of total
market capitalisation is constituted by
small-caps. The fear factor over the
However, if we consider investing last few months have
opportunities, maximum number of
opportunities are available in the made investors to move
small-cap space. Going by the number of
stocks, small-caps make up approximately
to safety and large-caps.
90 per cent of the investment
opportunities.
26 DALAL STREET INVESTMENT JOURNAL I OCT 01 - 14, 2018
1, 2018. This is unlikely to revive in a hurry. Secondly, the ASM
has hit the small-cap stocks the most as the regulator has been
the most wary of these smaller stocks which are more
susceptible to sharp price movements. The ASM continues as of
now. Thirdly, we have seen some serious issues of corporate
governance in a host of smaller corporate names like Vakrangee,
PC Jewellers, Manpasand Beverages, etc. These have not been
too conducive to the performance of the small-cap stocks. Last,
but not the least, the small-cap stocks have been big
beneficiaries of weak oil prices and that has changed and looks
unlikely to get back to the lows of yore. That is going to put
further pressure on the profitability of these small-cap
companies. Remember, while the index impact has been around
18% on small-caps, individual losses in most cases are as high as
50-70%. As of now, the triggers for a small-cap bounce appears
to be elusive, and at these valuations, most investors may prefer
the relative safety of large stocks with defensive business models.
What are the extra filters an individual investors
should use while identifying small-cap investing
opportunities?
Small-cap investing is less about identifying and more about the
checks and balances which need to be done. Here are a few basic
checks that you must do before buying into a small-cap stock.
To begin with, focus on companies that possess disruptive
models. That is how companies like Lupin and Infosys went
from small-cap to large-cap. Secondly, focus on the
management quality extensively. Check the management track
record, track their insider activity and also be cautious if there
are too many group transactions. Thirdly, look at corporate
governance issues. Go through the MDA and the AGM
discussions in detail. See if there is any liability hidden under
contingent liability. Be wary if there are any audit qualifications.
Finally, do your channel checks. Most businesses and dealers
show a healthy respect for good competition and that is
something that will tell you how good the company is. Above
all, check if there is any serious disruption in the business
model. Such companies are the most vulnerable to sudden shifts
in the business model.
Share of Small-Caps (Market Capitalisation)
First 100 1,11,02,415.09 Large-Cap 70%
101 to 250 26,04,579.60 Mid-Cap 16%
251 and rest 22,02,339.66
1,59,09,334.34
Small-cap
Total
14%
100%
Market
No of Shares
Capitalisation
Large-Cap 100 4%
Mid-Cap 150 6%
Small-Cap 2200 90%
Total 2450 100%
DSIJ.in
Soumen Chatterjee, Director- Research, Guiness Securities
What is your outlook on small-cap stocks?
After notching records highs in January 2018, the S&P BSE Small-Cap Index has
dropped almost 20% from its peak. Post this sharp correction in the past eight months,
valuations in selective small-cap space look attractive as the earnings growth visibility
in them is still high and stable. We expect the broader market to catch up with the main
In theory, lesser known
indices and relatively outperform in the rest of the FY19. One should find out stocks and smaller
opportunity to buy quality beaten down names from the mid-cap and small-cap
indices and build a portfolio with long-term perspectives. companies should not do
What are the challenges while investing in small-caps?
well, however, in practice
Lately, the correction in broader market (mid-cap and small-cap space) was triggered these stocks do a
by over-exuberant valuations, introduction of capital gains tax in the budget and
inclusion of stocks in Additional Surveillance Measure (ASM) framework. However, spectacular job
the major challenges faced by investors while investing in small-caps is low liquidity,
which makes the small-cap space much more volatile and relatively tough to exit.

Naveen Kulkarni, Head Research, Reliance Securities Globally too, small-caps comprise about
12 per cent of the world’s investible
Will small-caps outperform large-caps in coming years? equities by market capitalisation.
Small-caps stocks have started underperforming in 2018 as many of them had started However, these stocks constitute
building up irrational exuberance. With increase in market volatility and rising interest approximately 60 per cent of the world’s
rates globally, the risk appetite for small-cap stocks has reduced. This phenomenon has investment opportunities by number of
been witnessed even in the previous election years where large-cap stocks outperformed stocks.
the small-cap and mid-cap stocks. Therefore, this election year or the next 12 months
should not be different. We are likely to see the large-caps outperforming the small-cap Small-caps are usually domestic
stocks as rising volatility generally means reduction in portfolio beta by large investors, plays
which impacts the small-cap stocks. Small-cap companies usually are not
affected by global issues such as currency
Are valuations attractive for small-caps, post correction? wars or trade wars or protectionism
Yes, valuations are attractive in some cases, but small-caps are growth stocks and which have recently affected stocks in the
dictated by broader market conditions. Quality small-caps with strong return ratios, IT and automobile sectors (Tata Motors).
cash flow profile and growth will continue to be preferred, even though they might be Thus, it can be said that small-caps
perceived as expensive over the value small-cap stocks. function best in growing economies as
most of the small-caps cater to the
In an individual portfolio, how much weightage should be given to small caps? domestic demand. This allows small-caps
In the current scenario, small-cap weightage should be around 15% of an individual's to offer an alternative pattern of
equity investment, followed by mid-caps (`8000 crore to `28,000 crore in market performance and characteristics
capitalisation) with weightage between 20% to 25% and the rest 60% to 65% should be when mixed with a portfolio of stocks
invested in large-cap stocks. whose fortunes are linked to the global
economy.

Diversification
The characteristics of small-cap stocks
differ from that of large-caps, hence these
While sustainability of 8 per cent plus growth is yet to be stocks provide the much-needed
established, economic revival post demonetisation and diversification in the portfolio while
offering the potential for enhanced
GST implementation is reaffirmed. returns. Besides, there is no linear
correlation between large-caps and
small-caps as is evident from the
Acuite Ratings and Research YTD performance of both these set of
stocks.

DSIJ.in OCT 01 - 14, 2018 I DALAL STREET INVESTMENT JOURNAL 27

 Cover Story
Vivek Ranjan Misra
Head of Fundamental Research, Karvy Stock Broking
Is it right time to buy small-cap stocks?
Currently, with interest rate
While it may be tempting to buy small-caps, we would prefer to wait as the valuations of hikes, high crude prices and
small-caps remain high and volatility in asset markets is rising. Large-caps present
better opportunities. However, there are specific stocks in the small-cap space that are currency volatility, this space
attractive from a one-year view.
may not create value for large
How much weightage should be given to small-cap stocks in the portfolio?
A neutral weight would be about 15%, but we would have a small underweight position.
investors. The key risks are
A weight of 10-14% would be our recommendation. that the margins can shrink
In your view, do small-caps generate more returns over the large-caps in for small-caps and re-rating
the long run?
Over the last ten years, small-caps have slightly outperformed the Sensex, generating a
may not happen immediately.
CAGR of 10.3% as against 9.8% CAGR for the Sensex. However, the small-caps have
outperformed significantly (CAGR of 26.2% vs 16% for Sensex) over the last 5 years. Pritam Deuskar
Since large-caps are mature firms, small-caps should outperform over the long term. As Fund Manager- Bonanza Portfolio
a result of their strong outperformance in the recent past, small-caps are likely to lag
large-caps over the next 12-month period.

Small-caps, mid-caps and mutual Top performing small-cap mutual funds in India
funds Return % Net Assets
Small Cap Equity YTD
One of the reasons behind the above 1 Year 3 Year 5 Year (Cr)
average returns in small-caps is heavy HDFC Small Cap fund 23.41 20.98 26.45 -1.51 4,578
participation of retail investors in India SBI Small Cap Fund 22.16 21.33 37.55 -10.18 917
via the small-cap and mid-cap mutual Reliance Small Cap 16.36 21.59 38.69 -7.07 7,019
funds. We have seen that retail investors L&T Emerging Businesses Fund 11.90 22.54 NA -6.11 5,280
historically have always chosen to chase Kotak Small Cap Fund 7.10 13.4 28.54 -8.89 808
returns. Very few investors participated Franklin India Smaller Companies Fund 7.01 14.95 31.46 -8.56 7,295
in the markets when the markets Union Small Cap Fund 6.08 8.63 NA -9.71 323
corrected in 2008. The real participation Aditya Birla Sun Life Small Cap Fund 5.05 16.71 29.4 -13.05 2,247
by investors was seen in FY15, FY16 and HSBC Small Cap Equity Fund 4.31 11.94 31.62 -7.17 584
FY17. There was no mutual fund scheme IDBI Small Cap Fund 2.88 NA NA -7.17 198
that failed to deliver returns in the two
years (FY16 and FY17). Investors in the past three years. the returns are not commensurate with
participated when markets started investors' expectations. This is the single
delivering positive returns. Almost 60 Going ahead, investors participation in biggest risk facing the broader markets
per cent of the SIP accounts were opened mutual funds via SIPs may fade away if currently. Out of 124 schemes in the

How have Indian small-caps performed vs small-caps globally?

Returns (%)
One Year Three Year Five Year Ten Year
MSCI World Small Cap 14.1 11.2 10.9 9.8
MSCI ACWI Small Cap 13.0 10.7 10.3 9.3
BSE Small Cap index 10.7 14.1 26.0 9.1
Data: as on Jul 31, 2018

 The MSCI ACWI Small Cap Index captures small-cap representation across 23 Developed Markets (DM) and 24 Emerging
Markets (EM). With 6,117 constituents, the index covers about 14% of the free float-adjusted market capitalisation in each
country. The MSCI World Small Cap Index captures small-cap representation across 23 DM countries. With 4,377
constituents, the index covers approximately 14% of the free float-adjusted market capitalisation in each country. 

28 DALAL STREET INVESTMENT JOURNAL I OCT 01 - 14, 2018 DSIJ.in

Past Small-Cap Recommendation Performance
In issue no. 21 volume 32 dated Sept 18-Oct 1 , 2017 we had
recommended five small-cap stocks in our cover story titled , "
Small-Cap Stocks ".

We had recommended 20 Microns Limited, Atlanta Limited ,

Indian Hume Pipe Company , Prima Plastics Limited and Yash
papers. Out of these five recommended stocks, 20 Microns , Yash
Papers and Atlanta Limited have delivered positive returns,
whereas Indian Hume Pipes and Prima Plastics Limited have
delivered negative returns. 20 Microns Limited delivered
annualised return of 114.28 per cent, Atlanta and Yash Papers
were up 99.44 per cent and 157.96 per cent respectively. On the
other hand Indian Hume Pipe was down by 49.69 per cent while
Prima Plastic Limited was down by 48.54 per cent.

DSIJ Reco Close

Company  Reco Price Reco Date  DSIJ Close Price % Gain Annual Return (%)
Date
20 Microns Limited 38.5 Sep 14, 2017 49.5 28.57% Oct 26, 2017 114.28%
Atlanta Limited 90.5 Sep 14, 2017 113 24.86% Dec 15, 2017 99.44%
Indian Hume Pipe Company 556.0 Sep 14, 2017 279.7 -49.69% -49.69%
OPEN
Prima Plastic Limited 239.0 Sep 14, 2017 123 -48.54% -48.54%
Yash Papers 39.25 Sep 14, 2017 54.75 39.49% Dec 11, 2017 157.96%
Average returns 54.69%
Sensex rose 16 per cent  and BSE Small Cap was down by 1 per cent
* Data as on September 18 

equity diversified SIP scheme, 23 schemes
have generated negative returns. This
performance is disappointing as the
mid-cap index is positive on a yearly
basis. The performance of the schemes
can take a further beating if the mid-cap
index turns negative. The deciding factor
for the markets will be how the investors
react when the broader markets turn
negative – Will they stop their SIPs or,
worse still, will they book profits and
withdraw their monies from equity MF
schemes?
As of now, there is enough confidence
among investors when it comes to
Indian economy and stock market
performance (looking at the
performance over the past three years).
The flows into the mid-caps and
small-caps will be directly impacted if the
SIP flows slow down or stop, thus
impacting the valuations for the small-
caps and mid-caps. There is an inherent
risk in investing in small-caps and
mid-caps in case the SIP flows slow down
in the coming months.
Conclusion
Looking at the historical data, it seems
like small-cap investing is a panacea for
beating the Sensex. We have seen that the
performance of small-caps tend to lead
when the markets have directional
strength (either up or down). This makes
investing in small-caps a double-edged
sword, where these stocks offer investors
the opportunity to participate more in
uptrending markets, but carries the risk
of downside exposure when the broader
market trend turns negative. The
opportunity to provide growth in the
portfolio is a good enough reason to
explore small-cap investing.
While exploring the small-caps, investors
have to simply check whether or not the
valuations are in line with the
fundamentals. For beginners, investing in
small-cap stocks can be a painful
experience, hence one should avoid it.
However, exposure via mutual funds can
be a good idea for the first-time investors
in the equity markets.
Following are two small-cap
stocks that may do well in
coming quarters :-

DSIJ.in OCT 01 - 14, 2018 I DALAL STREET INVESTMENT JOURNAL 29

 Cover Story
Sandur Manganese and Iron Ores Ltd.
BSE Face Market Cap
CODE 504918 Value `10 CMP `1,145.55 F F (Cr.) 279.30

company reported a 9.62 per cent surge

in sales to `205 crore in Q1FY19 versus
Here is why `187 crore in Q4FY18. The EBITDA shot
up 32.30 per cent to `86 crore in Q1FY19
Outstanding quarterly from `65 crore in Q4FY18. The net profit
was reported at `52 crore in Q1FY19 as
financial trend against `39 crore in Q4FY18, thereby
posting an increase of 33.33 per cent.
Very attractive valuation
On a consolidated annual basis, the sales
Growth prospects in the registered an increase of 41.01 per cent to
`612 crore in FY18 from `434 crore in
steel sector FY17. The EBITDA improved
significantly to `186 crore in FY18 from
`109 crore in FY17, thereby posting an Share Holding Pattern
impressive growth of 70.64 per cent. The as on June 2018

S
net profit shot up by 83.33 per cent to
Promoter No of shares (In Crores) 0.63
andur Manganese and Iron Ores `110 crore in FY18 from `60 crore in
Ltd. is an integrated commodity FY17. Promoter % 72.45
producer, engaged in the business FII No of Shares (In Crores) 0.01
of scientific mining, ferro alloy The EPS in Q1FY19 surged 32.81 per FII % 1.25
and power facilities, solar power and cent to `59.74 from `44.98 in Q4FY18.
Total No of Shares (In Crores) 0.88
hospitality. The company plans to expand The company’s net profit margin (NPM)
and upgrade its operations for in Q1FY19 was reported at 25.56 per cent Free Float % 27.55
manganese and iron ore, which will add in comparison to 20.99 per cent in
value to the ores produced at its mines. In Q4FY18. demand for the company’s products.
addition to this, the company also aims While the industry witnessed a
to produce steel and stainless steel in The company’s success is linked to the downward trend in the price of iron ore
phases. Recently, the company has performance of the steel market, which due to a mismatch between demand and
undertaken the production of solar appears to have promising prospects supply, the increase in supply in
photo-voltaic modules for various owing to the initiatives undertaken by Karnataka and Odisha will help moderate
applications. the government to encourage the usage the prices. The company’s cash position
of domestic steel in all infrastructure improved by 10.38 per cent to `2,268.54
On a standalone quarterly basis, the projects. This will provide a push to the lakh as on March 31, 2018 from
`2,055.03 lakh as on March 31, 2017. The
company is completely debt-free since
Quarter On Quarter (Standalone) (` in Crore) 2016 and the capital structure is entirely
Particulars 201806 201803 Q on Q Var% 201706 Y on Y Var% composed of equity. The company has
Net Sales 204.51 187.45 9.10 128.92 58.63 demonstrated consistent profit growth of
Total Expenditure 120.80 124.56 -3.02 101.96 18.48 26.80 per cent over the last five years. In
PBIDT (Excl OI) 83.71 62.89 33.11 26.96 210.50 the last year, earnings (102.78%) have
PAT 52.27 39.35 32.83 18.53 182.08 appreciated more than price (36.33%).
PBIDTM% (Excl OI) 40.93 33.55 22.00 20.91 95.74
By virtue of these factors and the
PBIDTM% 41.96 34.60 21.27 23.39 79.39
outstanding financial performance of the
PATM% 25.56 20.99 21.77 14.37 77.87 June quarter, we recommend our
Adj. EPS(`) 59.74 44.97 32.84 21.18 182.06 reader-investors to BUY the stock.

30 DALAL STREET INVESTMENT JOURNAL I OCT 01 - 14, 2018 DSIJ.in

CMI Ltd.
BSE Face Market Cap
CODE 517330 Value `10 CMP `151.00 F F (Cr.) 129.55
revenue is sales of signalling cables and
safety cables to railways and government Share Holding Pattern
agencies. CMI Ltd. is the sole supplier of as on June 2018
Here is why specific cables for Indian Space Research
Promoter No of shares (In Crores) 0.65
Organisation. It exports cables to Sri
Lanka, Bangladesh and Iran Railways. Promoter % 43.55
Very attractive valuation Over the past years, the company has FII No of Shares (In Crores) 0.18
also focused on developing specialty
Growth prospects in products. FII % 12.23
infrastructure segment On a consolidated quarterly basis, the
Total No of Shares (In Crores) 1.50
Free Float % 56.45
sales dropped 19.72 per cent to `128.22
Rise in demand in crore in Q1FY19 as against `159.73 crore
telecom sector in Q4FY18. The EBITDA dropped 8.24 of 8.47 per cent. The net profit margin
per cent to `20.58 crore in Q1FY19 from (NPM) surged 23.28 per cent to 6.99 per
`22.43 crore in Q4FY18. The net profit cent in Q1FY19 from 5.67 per cent in
was reported at `5.89 crore in Q1FY19 Q4FY18.

C
versus `6.79 crore in Q4FY18, registering
MI Ltd.is engaged in the a fall of 13.25 per cent. Although the quarterly financials look
designing, manufacturing and bleak now, the company is expected to
development of cables and On a consolidated YoY basis, the sales give a good quarter. The stock is trading
caters to a wide range of dropped 2.50 per cent to `128.22 crore in at 1.10 times its book value and the
industries including railways, oil and the year ended June 30, 2018 from promoters' stake in the company has
gas, telecommunications, energy, `131.52 crore in June-17. The EBITDA, increased. Also, the company has
industrial, power and petrochemicals. however, increased 14.46 per cent to demonstrated consistent profit growth of
The company provides electric cables for `20.58 crore in June-18 from `17.98 crore 94.51 per cent over the last five years.
railways, metro projects, utilities, in June-17. The net profit of `5.89 crore
buildings, data transmission, and much in June-18 dropped from ` 6.03 crore in CMI Ltd. has entered the high voltage
more. It has also diversified its activities June-17, marking a decline of 2.32 per cable business and has bagged an order
by setting up facilities for the cent. from Engineers India Limited (EIL),
manufacture of Dry Core thereby bolstering its business
Telecommunication Cables. In Q1FY19, the EPS of the company was opportunities.
at `4.61 as against an EPS of `4.25 in
The company's primary source of Q4FY18, thereby registering an increase The global wire and cable market is likely
to grow from USD 205 billion in 2014 to
USD 297 billion in 2019, registering a
Quarter On Quarter (Consolidated) (Rs in Crore) CAGR of 7.7 per cent during the period.
Particulars 201806 201803 Q on Q Var% 201706 Y on Y Var%
Net Sales 128.22 159.73 -19.73 143.92 -10.91 The rapid urbanisation and
Total Expenditure 109.44 138.68 -21.08 126.30 -13.34 infrastructure development along the
lines of increasing transmission grid
PBIDT (Excl OI) 18.77 21.04 -10.80 17.62 6.51 capacity, grid replacement and
PAT 5.89 6.79 -13.28 6.03 -2.32 modernisation initiatives present market
PBIDTM% (Excl OI) 14.64 13.17 11.16 12.24 19.61 growth opportunities. The surge in
PBIDTM% 16.05 14.04 14.32 12.49 28.50 demand in the telecom sector bodes well
for the company. Thus, we recommend
PATM% 4.60 4.25 8.24 4.19 9.79
our reader-investors to BUY this stock. DS

Adj. EPS(Rs) 3.92 4.52 -13.27 4.01 -2.24 (Closing price as of Sept 25, 2018)

DSIJ.in OCT 01 - 14, 2018 I DALAL STREET INVESTMENT JOURNAL 31

 Expert Speak
Here’s How To Plan At Different Stages Of Your Life
I
nvesting your money is a process
that requires planning and
realigning your goals and
investments in a manner that you
have sufficient resources at
different stages of your life. Here is what
can help you achieve this efficiently.
Young age
At this stage, there are two important
challenges that are faced by investors.
First, income levels are low, and second,
there is a tendency to think that there is
enough time to start investing. The truth,
however, is that more time you give your
money to grow, the more you benefit
from the power of compounding.
Besides, not having a large sum to invest
is not a reason for not investing as there
are options like mutual funds where one
can begin by investing as low as `1,000
p.m. through SIP.
Remember, delaying investment at this
stage can prove very costly. For example,
if one starts investing `5,000 pm in
equity funds through SIP at the age of 30
years and continues investing till the age
of 60, the expected corpus would be
around `1.80 crore at an assumed
annualised return of 12%. However, if
the investment is delayed by 10 years, the
corpus would be around `50 lakh at the
age of 60.
32 DALAL STREET INVESTMENT JOURNAL I OCT 01 - 14, 2018
Investing in the right asset class and the
right option can make a huge difference
to the end result. Young investors must
ensure that they donot invest heavily in
traditional options like FDs, small
savings schemes and investment-cum-
insurance products. Mutual funds can be
an ideal option as they allow them to
invest in asset classes like equity, debt
and/or both. A goal-based investment
Chief Executive Officer, Wiseinvest Advisors
process at this stage ensures that
investments are directed in the right
manner and it becomes easier to track
the portfolio. The habit of budgeting at
this stage can ensure full control over
their finances.
Middle-age
By the time one reaches this stage, some
of the goals are already achieved and
some crucial ones like children’s higher
education, marriage and retirement
planning require investments to be made
in a manner that ensures there is no
shortfall. If investments are being made
conservatively, there is still time to take
stock and move to efficient investment
vehicle like mutual funds. This is the
right time to review life and health
insurance.
For those who may require money for
their children’s higher education,
realigning the portfolio becomes a key
factor. The focus should remain on
investing as much as possible for
retirement planning. Since there is a
reasonable time left for retirement,
equity as well as hybrid equity funds can
still play a significant role in the
portfolio.
Post retirement
Generating regular income for the
retirees can be quite challenging as
traditional options like fixed deposits
and small savings schemes offer very low
and tax-inefficient returns, while
market-linked products of mutual funds,
though potentially better, have the
attendant risks. Hence, the key is to build
a portfolio wherein both these categories
of investments have a role to play.
After retirement, there is a tendency to
Hemant Rustagi
avoid taking any risk on retirement
corpus and hence the money is invested
in traditional investment options.
Then, there are those who invest in
real estate thinking that rental income
will help them meet their regular
income requirement. However, low
and tax-inefficient returns from these
options makes it difficult for them to
keep pace with rising cost of living and
hence they have to compromise at very
crucial stage of their life. While
traditional options will always have a
role to play, there is a need to look
beyond them.
Mutual funds, despite being market-
linked option, can provide an answer
to both the quantum of income as well as
tax efficiency of returns. A combination
of equity savings, balanced advantage
and hybrid equity funds can help
generate regular income as well as
growth to tackle inflation. Considering
that dividend distribution tax of 10
percent can make a dent in regular
income generated through dividend
option, opting for growth option for a
year and then setting up a Systematic
Withdrawal Plan (SWP) to generate
regular income can not only reduce the
impact of tax as long-term capital gains
up to `1 lakh are not taxable,but also
ensure steady inflows despite the market
vagaries. DS
DSIJ.in
DSIJ.in OCT 01 - 14, 2018 I DALAL STREET INVESTMENT JOURNAL 33
 Communication Feature
What is your outlook on VSAT
industry? How is the advancement
in antenna technology
revolutionising VSAT industry?
The VSAT industry is likely to keep
growing in India as there are still many
parts of the country where there are no
cost-effective, reliable and predictable
data communication services available
on the terrestrial medium like MPLS.
The cost for offering very high-quality
services in the remote locations goes up
significantly on other media, except
VSATs. There are many industries which
have expanded and will keep expanding
their presence to the remote locations
where there is a need to have highly
reliable service, e.g. the banking sector,
renewable energy, mining, petrol pumps,
etc. due to critical applications requiring
reliable data communication services.
The endeavour of the government to
connect villages under Digital India
campaign to offer broadband services
will also give a boost to the VSAT
industry, as there will be a need to use
satellite technology to connect many of
the remote villages.
The VSAT industry in India is likely to get
a further boost in the coming years based
on new services around mobility -
maritime communication, aero in-flight
connectivity (IFC) and surface transport
communication services. These services
have not been offered in the country so far
due to regulatory restrictions, though
these services are well-accepted in most
other countries. The Government of India
is now seriously considering changing the
regulations to enable some of these
34 DALAL STREET INVESTMENT JOURNAL I OCT 01 - 14, 2018
Nelco Limited
 The VSAT business is the focus for profitable growth of the
company  -P J Nath, MD & CEO, Nelco Limited
services in the country, which the
industry is eagerly looking forward to.
The High Throughput Satellites (HTS)
have given a major boost to the satellite
industry, which has been further
augmented by the availability of flat panel
antenna. The antenna is a very important
and integral part of the infrastructure
required for delivering the VSAT services.
The VSAT antenna technology is getting
revolutionised due to the major
developments taking place, which has
resulted in reducing the footprint of the
antenna, making it lightweight and easy
to deploy. It is expected that these
developments would also benefit the
Indian market in the coming years.
What are the growth drivers for
your company?
The VSAT business is the focus for
profitable growth of the company. This
business currently contributes more than
98% of the total revenue and this ratio
will keep going up in future.
The company has strengthened its
presence in the all the key enterprise
market segments like banking, renewable
energy, oil retail, telemedicine, mining,
exploration, etc. All these sectors use the
VSATs extensively considering their
presence in remote locations and the need
for reliable data communication facilities.
The need for digital communication
service by the enterprises in remote areas
is likely to further go up with newer
applications like IoT and analytics being
deployed, which the company is planning
to tap by creating specific solutions.
The government’s mandate to automate
and connect oil retail outlets by March
2019 has created large opportunities for
the VSAT industry. The company has
bagged major orders for the same and
will continue to strengthen its presence
in this sector. The company is also keenly
looking at the government sector, where
there is potential for more than 100,000
VSATs in the next couple of years due to
the thrust on Panchayat connectivity,
education, healthcare, public distribution
system and water management.
The company is pursuing for the licences
for offering IFC and maritime
communication services from
Government of India and is well-poised
to roll out these services once the licences
are issued.
Please explain your expansion and
growth strategy for VSAT business
and ISSS business.
The entire focus of the company is in
growing the VSAT business and building
value-added services around that. It is
expanding its VSAT business in the
existing segments by leveraging its
current market positioning as a reliable
and credible VSAT operator. It is also
preparing to enter the new market
segments using the technological
advancements of the satellite industry
and changing regulations. The company
will continue to meet its warranty and
AMC obligations towards its existing
ISSS customers.
What are the key risks facing your
company to grow profitably?
The expansion and spread of terrestrial
telecom infrastructure to remote areas to
offer MPLS services poses a threat for
VSAT services. The 4G/5G services could
pose a threat if the services are rolled out
across the country to cover the remote
locations with high availability services.
Foreign rate fluctuations adversely
impact the profitability of operations. As
the VSAT industry is regulated, any
major change in the government
regulations which is not progressive for
the satellite communication may pose a
threat for profitable growth of the
company.
Please share segment-wise
performance along with revenue
mix.
For the period April 1, 2017 to March 31,
2018, the revenue for the VSAT business
on consolidated basis was `147.18 crore
as compared to the total revenue of
`149.61 crore for the company. During
this period, the company made a profit
before tax of `15.22 crore.
DSIJ.in
DSIJ.in OCT 01 - 14, 2018 I DALAL STREET INVESTMENT JOURNAL 35
 Communication Feature
Saurabh Kashyap
Senior Vice President
BL Kashyap & Sons Ltd
It’s been more than a year now since
the implementation of structural
reforms such as RERA and GST. How
have these reforms impacted the
construction sector?
In the long term, structural reforms like
RERA and GST, if implemented in their
complete spirit, will have a positive
impact on the construction and real
estate sector. All new residential project
launches across states will have project
funding tied in by developers; delivery
dates will be sacrosanct; specifications
and their quality will be defined and
guaranteed.
With the recent ruling against real estate
companies and the rightful empowerment
of home buyers as financial creditors, a lot
of ongoing projects have been stalled due
to want of funding, while new project
launches have suffered too. In fact, there
is considerable overcapacity and a fair
amount of reluctance among buyers to
invest in real estate, especially in the
North.
The Insolvency Resolution Code by
NCLT is another sword which has had
substantial impact on Real Estate and
Construction; especially on construction
since contractors, being operational
creditors, are offered no recourse in the
event of a default.
GST on its own has levelled the playing
field for all construction and real estate
36 DALAL STREET INVESTMENT JOURNAL I OCT 01 - 14, 2018
B L Kashyap & Sons
 RERA and GST will have positive impact on the construction
and real estate industry if implemented in true spirit
companies. The construction companies
can finally claim excise and other such
benefits. In the long term, this reduces
construction cost by a small percentage.
The companies that are not as tax-
compliant in the new regime will find
their rates increasing and this would level
the playing field with larger firms.
All these policies are still in their
nascent stage. Although the near future
might not look too bright, in the long
term, we will see light at the end of the
tunnel.
What is your view on the
construction sector for the
foreseeable future?
Due to RERA and the resolutions passed
by other courts of law, projects of several
developers have come to a complete
standstill. This has had a considerable
impact on the construction firms
associated with these projects. Not only
has it affected their toplines, but it has
also increased fixed costs, thereby
hurting the bottomline itself. But, on the
bright side, we see significant growth
opportunities through government
infrastructure projects and policies
coming up in the near future.
How is the government’s impetus to
affordable housing providing you an
opportunity to grow?
Currently, there are few launches in the
affordable housing segment. One of the
reasons being all the existing players that
have knowledge about developing
projects in the affordable housing
space are still dealing with legacy issues
in their older projects. They do not have
the bandwidth to launch these fresh
projects.
Another reason is financing. Because of
the huge influx of insolvency and
bankruptcy cases and NPAs, banks are
extremely sceptical about offering credit.
Although we have heard about a scheme
being launched in Gurgaon, one needs to
understand that the land in and around
metropolitan cities is where a lot of
low-cost housing is needed.
In some cases, developers have bought
these lands years ago at peak prices, and
in others, they don’t own the titles.
Hence, developing these lands in a
low-cost model might not cover their
procurement cost of land.
While we do believe that the government
will come up with schemes to provide
land at subsidised prices to build low cost
developments in the near future,
opportunity for growth is still awaited in
this segment.
Can you tell us about BL Kashyap’s
strategy to reap benefit from
opportunities arising in the
construction sector?
At present, B.L Kashyap is focusing on
government projects, industrial and
commercial projects, with a smaller
section of residential projects for its
growth. Our strategy is to analyse each of
our clients and decide our complete risk
appetite and exposure with them. We
want to be picky about our clients, while
focusing on being profitable and cash
positive.
Additionally, we have been actively
bidding for NBCC redevelopments and
have picked up the Gomti Nagar railway
station, Lucknow redevelopment and will
actively bid for more NBCC projects in
the months to come.
Another area of our expertise is the
composite steel structures. We have been
pushing this form of construction and
have successfully completed a 3-million
sq ft development project in Bangalore in
less than 15 months. This was the largest
of its kind in India and has helped us bag
orders of similar nature.
Design build, composite steel structures
and complete turnkey projects, among
others, are areas we can add value with
our experience. And this is the space
where we would be chasing growth
aggressively.
DSIJ.in
DSIJ.in OCT 01 - 14, 2018 I DALAL STREET INVESTMENT JOURNAL 37
 Communication Feature
 The company plans to take advantage of government's new initiatives
Sandeep R Arora, CMD,
High Ground Enterprises Ltd
What are your expansion plans for
the EPC division?
A focused team is dedicated to expand
on the following lines:-
1) Exploring opportunities under the
government’s initiative for power
and renewable energy to produce
and sell only electric vehicles by
2030. Leveraging on HGEL’s
relationship with IOCL and HPCL
their established clients, HGEL is in
advance talk with these oil
companies to set-up the
infrastructure and logistics for
charging stations across their outlets
in the country. This project may be a
part of the sustainable business
venture on Public Private
Partnership (PPP) model. HGEL is
also talking to several local
government bodies / municipality
and development authorities in few
states, whereby discussing the
viability of establishing the
infrastructure for charging stations
& facilities in malls, public offices,
parking lots, etc.
2) Exploring opportunities to
collaborate with leading players on
their ongoing projects in airport
development, road construction,
maintenance and large-scale supply
and installation activities.
3) Exploring work encompassing
operation and maintenance of
38 DALAL STREET INVESTMENT JOURNAL I OCT 01 - 14, 2018
High Ground Enterprises Ltd
transmission sub-stations;
illumination of power substation
switchyards and roads/bridges;
erection, testing and commissioning
of transmission lines and
switchyards up to 400KV; erection,
testing and commissioning of
power transformers up to 500 MVA;
and fabrication of airducts,
tanks, etc.
4) Under the expansion plan, the
company has stepped forward to
take advantage of the new
government initiatives wherein the
government has decided to
introduce Hybrid Annuity
Model (HAM) to revive PPP
(Public Private Partnership) in
highway construction. Our
company, in consortium/JV
with KMC Constructions and
some other established entities
in the sector, has been bidding under
the above scheme to target 1000
crore of work orders in the next
two years.
The company has received approval from
the government authority for setting up a
unit in the Arshiya Ltd SEZ at Mumbai.
The continuous effort of the management
of the company has resulted in entering
into an agreement for the development of
SEZ work. This agreement shall boost
the company’s overall revenue and also
help the company to diversify the
business scope to procurement and
supply in the EPCM sector.
Further Company has successfully
bagged work orders of nearly 100 crores
with Shapoorji Pallonji group only and
have successfully completed work orders
of more than 200 crores with the
prestigious companies like L&T,
GVK (Mumbai International Airport
Limited), Adani Ports, HPCL, Incor and
others.
What is your view on the media and
allied industries and what initiatives
are being taken by your company to
expand in this segment?
The Indian media and entertainment
industry is on an impressive growth path.
The industry is expected to grow at a
much faster rate than the global average
rate. Growth is expected in retail
advertisement on the back of factors such
as several players entering the food and
beverages segment, e-commerce gaining
more popularity in the country and
domestic companies testing out the
waters. The rural region is also a
potentially profitable target.
The initiatives taken by the company to
expand in the sector of media and
allied activities are as follows:
1. The company has added the
equipment’s and expanded the
facilities and services of its digital
post-production studio in India,
catering to its domestic and export
market.
2. The company has streamlined a
dedicated development team to
process and develop in-house
creative content for the new media
digital platforms like Netflix,
Amazon Prime, Zee5, Hotstar,
Applause, etc.
3. To set-up a marketing and line
production streams to not only
market its own content but also to
integrate external libraries and IPR
of varied content for advertising,
internet/IPTV, broadcast and other
digital platforms.
Please share with us your financials.
During the year ended March 31, 2018,
the company’s total revenue was
`53,730.13 lakh as against `30,752.88
lakh in the previous period.
During the year under review, income
from engineering procurement and
construction management was
`41,924.86 lakh as compared to
`25,865.02 lakh during the previous year.
The income from media consulting and
allied services was `11,805.27 lakh as
compared to `4,887.86 lakh during the
previous year.
The company's EBIDTA for the year
increased to `3396.20 lakh as against
`2516.21 lakh in the previous period.
DSIJ.in
 Thriving
Small Caps
2018

Methodology
of Picking up
400 Small-cap
Stocks

To emerge with “400 Small-Caps” we have considered four factors. First factor is related to market data i.e. market
capitalization; second and third factor is from profit and loss account that are sales and net profit; fourth is return to
investors in terms of dividend. We ranked every data and then gave equal weight-age of 25 bps points to each parameter
so that ranking does not get tilted due towards any one factor. One could wonder why we have taken dividend as one of
the parameters. This is to safeguard that investor friendly companies should represent in our “400 Small-Caps” list. It also
gives effect of different face value. We took dividend as a percentage to ensure that face value (FV) of 1 or 2 put them at
disadvantage over companies having face value (FV) of 10. Since we have run the query in the last week of August 2018,
all the data available of the companies during that period has been comprised in our study.
(All the financial data are sourced from Dion Global Solutions Ltd. and ACE Equity)
Financial Snapshot
Thriving
Small Caps
2018

Sr. No.
Indian Metals & Ferro Alloys Sr. No.
Munjal Showa
BSE Code : 533047 Price : `335.50 BSE Code : 520043 Price : `225.70
1 2
Face Value : `10 Book Value : `461.92 Face Value : `2 Book Value : `146.76
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Standalone Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 1,769.26 1,697.04 1,211.30 1,344.79 1,317.85 Net Sales 1,602.11 1,459.66 1,501.84 1,642.97 1,597.97
EBITDA 325.94 429.49 8.96 118.81 148.43 EBITDA 84.87 65.56 82.78 97.93 76.81
Interest 75.41 83.47 80.77 105.68 115.58 Interest 0.15 0.05 0.12 0.45 2.70
Net Profit/Loss 186.79 248.70 -44.03 3.68 34.92 Net Profit/Loss 77.51 56.55 61.15 75.63 69.70
Basic EPS (`) 69.24 92.19 -16.95 1.42 13.44 Basic EPS (`) 19.38 14.14 15.29 18.91 17.43
Equity 26.98 26.98 25.98 25.98 25.98 Equity 8.00 8.00 8.00 8.00 8.00

Sr. No.
Srikalahasthi Pipes Sr. No.
KSE
BSE Code : 513605 Price : `225.40 BSE Code : 519421 Price : `2625.00
3 4
Face Value : `10 Book Value : `207.26 Face Value : `10 Book Value : `490.41
Last Five Year Standalone Financial Results (`/Cr) Last Five Year Standalone Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 1,534.10 1,177.87 1,145.61 1,083.55 989.40 Net Sales 1,309.36 1,047.25 924.93 899.70 806.30
EBITDA 208.26 200.05 232.07 154.45 89.07 EBITDA 104.66 24.45 11.27 53.75 24.91
Interest 42.88 39.29 42.50 43.69 54.90 Interest 1.20 2.02 1.31 1.94 2.37
Net Profit/Loss 147.40 140.23 155.32 82.17 38.70 Net Profit/Loss 69.63 15.62 7.58 43.63 15.37
Basic EPS (`) 35.53 35.27 39.06 20.66 9.73 Basic EPS (`) 217.58 48.80 23.69 136.36 48.04
Equity 46.70 39.76 39.76 39.76 39.76 Equity 3.20 3.20 3.20 3.20 3.20

Sr. No.
The Andhra Sugars Sr. No.
FIEM Industries
BSE Code : 590062 Price : `377.00 BSE Code : 532768 Price : `752.90
5 6
Face Value : `10 Book Value : `415.82 Face Value : `10 Book Value : `361.86
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 1,335.79 1,278.63 1,258.47 1,107.46 1,099.06 Net Sales 1,244.27 1,018.83 988.16 825.47 720.47
EBITDA 155.02 168.82 101.87 37.11 98.33 EBITDA 96.41 78.50 94.18 72.02 66.60
Interest 31.31 25.74 28.73 23.34 21.45 Interest 22.72 23.27 15.78 12.05 14.45
Net Profit/Loss 116.54 121.41 48.12 -4.87 51.62 Net Profit/Loss 52.56 33.13 57.33 42.48 37.28
Basic EPS (`) 42.99 44.79 17.75 -1.80 19.04 Basic EPS (`) 39.40 25.17 47.93 35.51 31.16
Equity 27.11 27.11 27.11 27.11 27.11 Equity 13.16 13.16 11.96 11.96 11.96

Sr. No.
Jay Bharat Maruti Sr. No.
Rico Auto Industries
BSE Code : 520066 Price : `437.95 BSE Code : 520008 Price : `84.35
7 8
Face Value : `5 Book Value : `167.83 Face Value : `1 Book Value : `42.86
Last Five Year Standalone Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 1,734.02 1,526.63 1,301.92 1,294.14 1,211.58 Net Sales 1,225.47 1,079.18 1,006.96 1,346.30 1,480.10
EBITDA 106.54 91.67 78.07 67.18 60.65 EBITDA 77.22 67.47 52.64 1.64 54.20
Interest 20.12 18.30 22.14 21.33 21.58 Interest 18.74 16.94 20.28 52.76 67.38
Net Profit/Loss 58.89 53.77 39.81 39.98 16.52 Net Profit/Loss 57.80 48.16 29.44 153.43 2.70
Basic EPS (`) 27.20 24.84 18.39 18.47 7.63 Basic EPS (`) 4.27 3.56 2.18 11.34 0.19
Equity 10.83 10.83 10.83 10.83 10.83 Equity 13.53 13.53 13.53 13.53 13.53

Sr. No.
Lumax Auto Technologies Sr. No.
Electrosteel Castings
BSE Code : 532796 Price : `207.80 BSE Code : 500128 Price : `21.65
9 10
Face Value : `2 Book Value : `59.28 Face Value : `1 Book Value : `77.34
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 1,126.71 1,012.32 905.15 837.17 760.00 Net Sales 2,265.90 2,081.23 2,163.74 2,401.83 2,459.00
EBITDA 76.32 46.55 47.51 47.42 61.00 EBITDA 194.86 223.38 203.65 237.90 298.00
Interest 2.81 3.95 4.74 5.17 4.00 Interest 210.28 210.35 180.33 156.57 150.00
Net Profit/Loss 48.74 34.14 31.77 44.98 30.00 Net Profit/Loss 124.03 165.25 -27.42 -116.09 -16.00
Basic EPS (`) 35.76 25.05 23.30 33.00 21.14 Basic EPS (`) 3.47 4.63 -0.76 -3.25 -
Equity 13.63 13.63 13.63 13.63 13.63 Equity 35.70 35.70 35.70 35.70 34.00

Note: Book value is in rupees per share Share price data is of Aug 28, 2018

40 DALAL STREET INVESTMENT JOURNAL I OCT 01 - 14, 2018 DSIJ.in

 Sr. No.
Voltamp Transformers Sr. No.
Visaka Industries
BSE Code : 532757 Price : `917.85 BSE Code : 509055 Price : `590.20
11 12
Face Value : `10 Book Value : `603.95 Face Value : `10 Book Value : `280.6
Last Five Year Standalone Financial Results (`/Cr) Last Five Year Standalone Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 679.69 609.38 563.30 516.89 444.78 Net Sales 1,012.32 960.57 1,004.85 1,021.13 892.10
EBITDA 60.03 49.39 31.44 12.53 7.84 EBITDA 115.33 83.11 58.93 52.82 34.84
Interest 0.56 0.47 0.44 0.30 0.37 Interest 18.26 19.60 21.29 22.03 21.40
Net Profit/Loss 73.48 67.97 43.98 28.41 26.29 Net Profit/Loss 66.56 42.78 24.44 21.24 11.97
Basic EPS (`) 72.63 67.18 43.47 28.08 25.98 Basic EPS (`) 41.91 26.94 15.39 13.37 7.54
Equity 10.12 10.12 10.12 10.12 10.12 Equity 15.92 15.92 15.92 15.92 15.92

Sr. No.
Gati Sr. No.
Monte Carlo Fashions
BSE Code : 532345 Price : `99.40 BSE Code : 538836 Price : `430.60
13 14
Face Value : `2 Book Value : `63.25 Face Value : `10 Book Value : `252.27
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Standalone Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 1,813.60 1,690.99 1,667.03 1,648.11 1,114.89 Net Sales 663.64 584.11 621.53 582.58 503.10
EBITDA 47.10 77.07 92.52 106.07 60.36 EBITDA 79.98 53.31 93.22 90.18 77.47
Interest 46.95 39.94 42.48 41.92 32.50 Interest 7.72 11.96 16.24 17.08 9.32
Net Profit/Loss 34.23 29.52 36.83 41.21 23.42 Net Profit/Loss 59.72 42.32 58.94 59.77 54.40
Basic EPS (`) 3.33 3.35 4.20 4.71 2.68 Basic EPS (`) 27.48 19.47 27.12 27.50 25.03
Equity 21.67 17.64 17.55 17.50 17.45 Equity 21.73 21.73 21.73 21.73 21.73

Sr. No.
Dhampur Sugar Mills Sr. No.
Alicon Castalloy
BSE Code : 500119 Price : `90.15 BSE Code : 531147 Price : `610.10
15 16
Face Value : `10 Book Value : `164.59 Face Value : `5 Book Value : `159.93
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 3,379.15 2,583.67 2,233.02 1,790.24 1,822.80 Net Sales 1,022.96 772.78 748.91 713.56 532.51
EBITDA 296.76 458.70 155.13 88.04 52.30 EBITDA 75.96 59.54 51.14 44.81 32.25
Interest 121.52 167.20 158.65 149.66 142.21 Interest 29.87 26.52 22.35 18.02 11.17
Net Profit/Loss 151.70 236.70 25.88 -12.83 -78.35 Net Profit/Loss 38.68 26.17 22.21 19.84 19.16
Basic EPS (`) 22.85 35.07 4.30 -2.19 -13.74 Basic EPS (`) 29.52 21.35 18.12 18.04 17.42
Equity 66.39 66.45 60.28 58.78 57.28 Equity 6.68 6.13 6.13 5.50 5.50

Sr. No.
N R Agarwal Industries Sr. No.
Century Enka
BSE Code : 516082 Price : `468.15 BSE Code : 500280 Price : `297.90
17 18
Face Value : `10 Book Value : `149.57 Face Value : `10 Book Value : `412.3
Last Five Year Standalone Financial Results (`/Cr) Last Five Year Standalone Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 1,219.23 1,040.59 883.25 724.96 540.53 Net Sales 1,416.48 1,185.31 1,148.48 1,218.53 1,466.79
EBITDA 128.90 109.90 41.80 12.68 8.40 EBITDA 69.77 139.50 100.99 72.92 110.17
Interest 37.95 43.14 45.70 35.61 11.51 Interest 3.40 5.62 9.56 17.32 24.52
Net Profit/Loss 90.24 70.23 17.83 -33.43 0.45 Net Profit/Loss 70.09 90.97 59.10 36.57 62.93
Basic EPS (`) 53.03 41.27 10.47 -19.65 0.26 Basic EPS (`) 32.08 41.63 27.05 16.74 28.80
Equity 17.02 17.02 17.02 17.02 17.02 Equity 21.85 21.85 21.85 21.85 21.85

Sr. No.
Ambika Cotton Mills Sr. No.
Sandur Manganese & Iron Ores
BSE Code : 531978 Price : `1284.60 BSE Code : 504918 Price : `1362.70
19 20
Face Value : `10 Book Value : `760.96 Face Value : `10 Book Value : `636.93
Last Five Year Standalone Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 585.70 528.61 492.31 495.54 476.86 Net Sales 620.80 422.24 268.76 350.62 346.95
EBITDA 83.32 75.00 62.40 69.78 71.46 EBITDA 161.59 85.06 -6.40 31.68 38.39
Interest 4.93 3.84 5.22 6.31 12.03 Interest 4.95 7.25 0.30 2.36 0.02
Net Profit/Loss 61.07 55.65 44.46 51.18 48.14 Net Profit/Loss 110.49 54.44 7.39 25.48 36.81
Basic EPS (`) 106.67 97.21 75.67 87.11 81.94 Basic EPS (`) 126.27 62.22 8.44 29.12 42.07
Equity 5.73 5.73 5.88 5.88 5.88 Equity 8.75 8.75 8.75 8.75 8.75

Note: Book value is in rupees per share Share price data is of Aug 28, 2018

DSIJ.in OCT 01 - 14, 2018 I DALAL STREET INVESTMENT JOURNAL 41

Financial Snapshot
Thriving
Small Caps
2018

Sr. No.
Man Industries (India) Sr. No.
Atul Auto
BSE Code : 513269 Price : `105.30 BSE Code : 531795 Price : `391.30
21 22
Face Value : `5 Book Value : `115.9 Face Value : `5 Book Value : `103.66
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 1,664.32 1,060.49 1,391.68 1,364.02 1,005.29 Net Sales 558.55 475.33 531.04 NULL NULL
EBITDA 85.30 8.25 82.49 71.72 23.28 EBITDA 67.29 54.58 70.99 NULL NULL
Interest 43.03 36.32 56.49 45.90 41.77 Interest 0.42 0.58 0.78 NULL NULL
Net Profit/Loss 63.52 33.57 86.47 50.38 9.03 Net Profit/Loss 47.89 37.85 47.40 NULL NULL
Basic EPS (`) 11.12 5.88 15.14 8.82 1.58 Basic EPS (`) 21.83 17.25 21.60 NULL NULL
Equity 28.55 28.55 28.55 28.55 28.55 Equity 10.97 11.20 11.20 NULL NULL

Sr. No.
Triveni Engineering & Industries Sr. No.
HBL Power Systems
BSE Code : 532356 Price : `37.45 BSE Code : 517271 Price : `32.70
23 24
Face Value : `1 Book Value : `37 Face Value : `1 Book Value : `27.74
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Standalone Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 3,386.14 2,824.55 1,914.96 2,061.02 3,153.36 Net Sales 1,615.65 1,407.22 1,288.40 1,330.07 1,280.79
EBITDA 220.52 464.33 65.94 -77.30 -54.47 EBITDA 79.82 81.87 84.87 94.41 61.29
Interest 85.34 126.55 114.97 122.08 185.23 Interest 40.55 46.22 68.36 70.66 75.74
Net Profit/Loss 119.14 252.96 -7.29 -152.06 -176.33 Net Profit/Loss 29.66 35.61 7.82 14.62 45.01
Basic EPS (`) 4.62 9.81 -0.28 -5.90 -6.84 Basic EPS (`) 1.07 1.28 0.30 0.57 1.78
Equity 25.79 25.79 25.79 25.79 25.79 Equity 27.72 27.72 25.30 25.30 25.30

Sr. No.
Precision Wires India Sr. No.
Jindal Poly Films
BSE Code : 523539 Price : `239.25 BSE Code : 500227 Price : `280.15
25 26
Face Value : `5 Book Value : `105.11 Face Value : `10 Book Value : `562.21
Last Five Year Standalone Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 1,409.87 884.15 843.49 880.77 981.69 Net Sales 6,513.48 7,017.07 7,487.55 7,538.64 5,142.64
EBITDA 73.29 39.04 36.11 27.75 23.07 EBITDA 363.79 402.25 991.57 420.90 228.19
Interest 15.20 9.23 11.12 14.22 2.87 Interest 113.07 100.19 99.50 84.80 119.54
Net Profit/Loss 35.98 22.04 17.03 10.10 14.44 Net Profit/Loss 85.21 275.37 455.78 172.23 78.12
Basic EPS (`) 15.56 9.53 7.36 8.74 12.49 Basic EPS (`) 19.46 62.89 104.09 39.34 18.58
Equity 11.56 11.56 11.56 11.56 11.56 Equity 43.79 43.79 43.79 43.79 42.05

Sr. No.
Cosmo Films Sr. No.
Weizmann Forex
BSE Code : 508814 Price : `250.05 BSE Code : 533452 Price : `592.80
27 28
Face Value : `10 Book Value : `317.8 Face Value : `10 Book Value : `154.77
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 1,970.74 1,696.34 1,620.62 1,646.78 1,468.36 Net Sales 7,699.88 5,989.82 4,781.76 NULL NULL
EBITDA 81.87 221.05 155.62 69.82 63.33 EBITDA 50.83 43.44 37.52 NULL NULL
Interest 52.38 35.91 30.18 39.88 43.22 Interest 6.81 10.86 12.06 NULL NULL
Net Profit/Loss 64.43 85.74 96.24 27.66 -5.50 Net Profit/Loss 32.89 20.81 14.78 NULL NULL
Basic EPS (`) 33.62 44.10 49.51 14.23 -2.83 Basic EPS (`) 28.44 18.00 12.78 NULL NULL
Equity 19.44 19.44 19.44 19.44 19.44 Equity 11.56 11.56 11.56 NULL NULL

Sr. No.
Sintex Industries Sr. No.
Mukand
BSE Code : 502742 Price : `14.12 BSE Code : 500460 Price : `59.30
29 30
Face Value : `1 Book Value : `68.33 Face Value : `10 Book Value : `70.35
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 3,021.59 1,921.32 940.86 7,006.61 5,842.62 Net Sales 3,480.71 2,873.26 2,952.44 3,005.96 2,517.11
EBITDA 145.40 137.71 133.75 921.88 687.59 EBITDA 33.35 292.56 282.10 285.40 115.06
Interest 114.04 93.32 67.88 283.49 289.38 Interest 472.56 295.47 290.59 275.72 253.95
Net Profit/Loss 141.84 134.25 628.54 528.81 364.69 Net Profit/Loss 821.10 -29.91 -7.52 11.14 -84.50
Basic EPS (`) 2.48 2.46 14.08 12.40 11.65 Basic EPS (`) 58.07 -2.12 -0.53 0.78 -5.98
Equity 59.41 54.47 44.66 42.44 31.12 Equity 141.42 141.42 141.42 141.42 141.42

Note: Book value is in rupees per share Share price data is of Aug 28, 2018

42 DALAL STREET INVESTMENT JOURNAL I OCT 01 - 14, 2018 DSIJ.in

 Sr. No.
Clariant Chemicals (India) Sr. No.
GTPL Hathway
BSE Code : 506390 Price : `497.30 BSE Code : 540602 Price : `82.80
31 32
Face Value : `10 Book Value : `300.9 Face Value : `10 Book Value : `46.34
Last Five Year Standalone Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 1,041.30 980.98 1,139.96 1,046.00 1,247.86 Net Sales 1,113.35 909.02 736.37 617.64 526.65
EBITDA 6.26 27.65 14.27 -8.70 97.42 EBITDA 121.28 68.28 44.40 57.34 33.22
Interest 0.60 0.46 0.73 1.13 1.80 Interest 39.35 57.97 44.46 41.32 39.67
Net Profit/Loss 21.60 24.48 59.37 943.32 166.77 Net Profit/Loss 61.10 40.29 7.37 15.49 -8.46
Basic EPS (`) 9.36 10.61 25.72 353.82 62.55 Basic EPS (`) 5.18 4.10 0.74 77.42 -42.31
Equity 23.08 23.08 23.08 26.66 26.66 Equity 112.46 98.35 98.35 2.00 2.00

Sr. No.
Ucal Fuel Systems Sr. No.
Mangalore Chemicals & Fertilizers
BSE Code : 500464 Price : `220.85 BSE Code : 530011 Price : `59.45
33 34
Face Value : `10 Book Value : `71.24 Face Value : `10 Book Value : `35.76
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Standalone Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 827.10 784.77 723.65 737.73 643.00 Net Sales 2,700.78 2,487.47 3,000.32 2,578.78 3,310.26
EBITDA 93.35 63.73 42.61 55.52 67.00 EBITDA 153.62 138.64 75.55 130.49 191.45
Interest 26.10 26.79 27.23 31.45 36.00 Interest 90.42 118.24 112.08 123.67 102.45
Net Profit/Loss 101.22 33.03 15.47 24.55 7.00 Net Profit/Loss 60.58 19.41 -240.12 37.54 70.93
Basic EPS (`) 45.77 14.94 6.99 11.10 2.93 Basic EPS (`) 5.11 1.64 -20.26 3.17 5.99
Equity 22.11 22.11 22.11 22.11 22.11 Equity 118.55 118.55 118.55 118.55 118.55

Sr. No.
Orient Paper & Industries Sr. No.
GNA Axles
BSE Code : 502420 Price : `45.70 BSE Code : 540124 Price : `369.70
35 36
Face Value : `1 Book Value : `62.1 Face Value : `10 Book Value : `161.98
Last Five Year Standalone Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 661.36 511.49 1,820.36 1,668.85 1,576.63 Net Sales 673.01 513.41 508.52 NULL NULL
EBITDA 83.57 6.36 55.15 -18.51 -0.93 EBITDA 78.22 56.48 55.15 NULL NULL
Interest 14.70 20.60 51.19 43.78 37.12 Interest 7.10 12.52 16.29 NULL NULL
Net Profit/Loss 49.29 37.92 21.02 -28.65 4.24 Net Profit/Loss 50.86 29.57 25.93 NULL NULL
Basic EPS (`) 2.32 1.79 1.03 -1.40 0.20 Basic EPS (`) 23.69 13.78 17.10 NULL NULL
Equity 21.22 21.22 20.49 20.49 20.49 Equity 21.47 21.47 15.17 NULL NULL

Sr. No.
Sutlej Textiles & Industries Sr. No.
Nelcast
BSE Code : 532782 Price : `50.40 BSE Code : 532864 Price : `85.00
37 38
Face Value : `1 Book Value : `56.71 Face Value : `2 Book Value : `42.6
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 2,510.44 NULL NULL NULL NULL Net Sales 748.86 637.64 560.70 544.89 515.16
EBITDA 140.77 NULL NULL NULL NULL EBITDA 55.64 114.65 51.07 32.51 35.71
Interest 59.12 NULL NULL NULL NULL Interest 2.92 6.15 6.96 4.68 1.85
Net Profit/Loss 113.36 NULL NULL NULL NULL Net Profit/Loss 38.26 34.11 31.87 21.94 22.50
Basic EPS (`) 6.92 NULL NULL NULL NULL Basic EPS (`) 4.40 3.92 3.66 2.52 2.59
Equity 16.38 NULL NULL NULL NULL Equity 17.40 17.40 17.40 17.40 17.40

Sr. No.
Asian Granito India Sr. No.
The Hi-Tech Gears
BSE Code : 532888 Price : `234.90 BSE Code : 522073 Price : `404.40
39 40
Face Value : `10 Book Value : `161.59 Face Value : `10 Book Value : `110.6
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 1,158.54 1,065.95 993.90 846.02 771.96 Net Sales 768.37 472.51 NULL NULL NULL
EBITDA 113.59 89.10 63.28 40.50 42.49 EBITDA 55.22 32.17 NULL NULL NULL
Interest 36.53 39.48 29.11 22.71 21.13 Interest 23.51 3.04 NULL NULL NULL
Net Profit/Loss 52.60 39.11 24.26 14.80 14.26 Net Profit/Loss 34.24 19.97 NULL NULL NULL
Basic EPS (`) 17.48 13.00 10.74 6.55 6.31 Basic EPS (`) 18.25 10.64 NULL NULL NULL
Equity 30.09 30.09 22.58 22.58 22.58 Equity 18.77 18.77 NULL NULL NULL

Note: Book value is in rupees per share Share price data is of Aug 28, 2018

DSIJ.in OCT 01 - 14, 2018 I DALAL STREET INVESTMENT JOURNAL 43

Financial Snapshot
Thriving
Small Caps
2018

Sr. No.
NCL Industries Sr. No.
Ion Exchange (India)
BSE Code : 502168 Price : `164.80 BSE Code : 500214 Price : `423.10
41 42
Face Value : `10 Book Value : `65.9 Face Value : `10 Book Value : `164.51
Last Five Year Standalone Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 887.48 765.52 660.77 533.92 408.73 Net Sales 1,075.95 1,024.06 869.45 800.48 793.02
EBITDA 98.31 89.13 95.83 44.60 -2.76 EBITDA 63.92 64.26 43.03 34.50 23.55
Interest 31.02 31.11 30.60 37.12 39.99 Interest 18.68 16.31 14.94 14.98 13.61
Net Profit/Loss 49.11 54.73 53.08 8.90 -40.80 Net Profit/Loss 40.18 28.35 15.31 9.76 4.55
Basic EPS (`) 12.51 14.90 14.45 2.55 -11.68 Basic EPS (`) 34.46 19.92 10.85 6.92 3.23
Equity 45.23 36.73 36.73 34.94 34.94 Equity 14.23 14.23 14.12 14.09 14.09

Sr. No.
IFGL Refractories Sr. No.
Astra Microwave Products
BSE Code : 540774 Price : `236.10 BSE Code : 532493 Price : `95.40
43 44
Face Value : `10 Book Value : `202.99 Face Value : `2 Book Value : `57.85
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 839.72 765.57 716.97 786.77 NULL Net Sales 370.66 389.79 418.83 633.56 531.16
EBITDA 62.14 50.66 60.55 77.88 NULL EBITDA 83.48 74.93 71.79 88.50 68.78
Interest 3.97 4.53 4.75 5.86 NULL Interest 12.20 11.23 9.13 9.97 6.73
Net Profit/Loss 47.12 44.19 41.96 53.10 NULL Net Profit/Loss 61.09 57.58 56.26 62.76 50.84
Basic EPS (`) 13.07 151.55 12.12 15.15 NULL Basic EPS (`) 7.05 6.65 6.50 7.67 6.21
Equity 36.04 2.92 34.61 34.61 NULL Equity 17.32 17.32 17.32 16.37 16.37

Sr. No.
ZF Steering Gear (India) Sr. No.
WPIL
BSE Code : 505163 Price : `1057.45 BSE Code : 505872 Price : `911.90
45 46
Face Value : `10 Book Value : `323.01 Face Value : `10 Book Value : `303.15
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 435.93 451.41 423.98 351.28 NULL Net Sales 867.03 707.71 730.92 483.02 511.05
EBITDA 53.22 37.82 33.42 18.81 NULL EBITDA 68.90 23.94 21.70 57.48 74.85
Interest 3.22 2.49 1.77 0.85 NULL Interest 22.40 36.11 27.42 28.58 23.01
Net Profit/Loss 43.23 26.09 25.37 20.67 NULL Net Profit/Loss 40.08 7.35 1.01 18.49 30.22
Basic EPS (`) 47.65 28.75 15.46 12.78 NULL Basic EPS (`) 41.03 7.52 1.03 18.93 37.92
Equity 9.07 9.07 9.07 9.07 NULL Equity 9.77 9.77 9.77 9.77 7.97

Sr. No.
Rajapalayam Mills Sr. No.
Sandesh
BSE Code : 532503 Price : `920.00 BSE Code : 526725 Price : `919.05
47 48
Face Value : `10 Book Value : `2170.64 Face Value : `10 Book Value : `890.71
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 432.27 410.34 393.49 NULL NULL Net Sales 391.16 364.26 375.20 NULL NULL
EBITDA 25.38 57.46 35.51 NULL NULL EBITDA 110.71 107.31 120.68 NULL NULL
Interest 17.53 21.43 26.69 NULL NULL Interest 0.40 1.10 1.78 NULL NULL
Net Profit/Loss 115.43 145.19 102.52 NULL NULL Net Profit/Loss 82.84 72.81 79.90 NULL NULL
Basic EPS (`) 157.00 196.84 138.99 NULL NULL Basic EPS (`) 109.44 96.18 105.55 NULL NULL
Equity 7.36 7.36 7.33 NULL NULL Equity 7.57 7.57 7.57 NULL NULL

Sr. No.
Filatex India Sr. No.
Goa Carbons
BSE Code : 526227 Price : `54.55 BSE Code : 509567 Price : `826.85
49 50
Face Value : `2 Book Value : `16.06 Face Value : `10 Book Value : `137.03
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Standalone Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 1,938.68 1,550.59 1,278.23 1,572.76 NULL Net Sales 576.29 291.08 316.03 187.95 292.03
EBITDA 126.14 104.16 66.62 58.29 NULL EBITDA 90.49 15.27 5.12 -4.45 2.97
Interest 44.10 56.94 51.19 53.60 NULL Interest 9.71 8.54 15.21 3.54 6.19
Net Profit/Loss 59.74 41.17 26.22 9.60 NULL Net Profit/Loss 53.85 9.50 -3.08 -10.09 2.29
Basic EPS (`) 13.73 9.46 8.19 3.00 NULL Basic EPS (`) 58.84 10.38 -3.36 -11.03 2.50
Equity 43.50 43.50 32.00 32.00 NULL Equity 9.15 9.15 9.15 9.15 9.15

Note: Book value is in rupees per share Share price data is of Aug 28, 2018

44 DALAL STREET INVESTMENT JOURNAL I OCT 01 - 14, 2018 DSIJ.in

 Sr. No.
Vivimed Labs Sr. No.
Harita Seating Systems
BSE Code : 532660 Price : `67.95 BSE Code : 590043 Price : `653.95
51 52
Face Value : `2 Book Value : `94.08 Face Value : `10 Book Value : `292.87
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 1,195.27 1,461.91 1,345.63 1,380.10 1,350.83 Net Sales 887.02 709.26 636.94 578.76 512.00
EBITDA 155.58 353.43 170.69 150.71 138.94 EBITDA 68.84 47.88 36.89 22.56 37.00
Interest 79.48 65.52 81.57 79.04 60.29 Interest 1.22 0.52 1.75 5.66 7.00
Net Profit/Loss 77.94 221.74 83.67 72.05 66.39 Net Profit/Loss 37.64 28.84 25.93 8.88 12.00
Basic EPS (`) 9.22 27.37 51.64 44.46 40.97 Basic EPS (`) 48.44 37.12 33.37 11.43 8.92
Equity 16.50 16.20 16.20 16.20 16.20 Equity 7.77 7.77 7.77 7.77 7.77

Sr. No.
BF Investment Sr. No.
Rane Brake Lining
BSE Code : 533303 Price : `330.70 BSE Code : 532987 Price : `811.50
53 54
Face Value : `5 Book Value : `333.33 Face Value : `10 Book Value : `237.8
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Standalone Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 1,256.50 1,008.09 924.89 NULL NULL Net Sales 484.10 465.94 448.42 416.41 384.11
EBITDA 77.87 55.54 46.48 NULL NULL EBITDA 52.16 53.72 35.52 24.54 22.00
Interest 0.05 0.40 1.96 NULL NULL Interest 0.37 0.78 3.26 6.02 7.67
Net Profit/Loss 111.65 135.31 132.19 NULL NULL Net Profit/Loss 35.75 34.93 25.76 16.11 17.21
Basic EPS (`) 29.64 35.92 35.09 NULL NULL Basic EPS (`) 45.17 44.13 32.55 20.35 21.74
Equity 18.83 18.83 18.83 NULL NULL Equity 7.91 7.91 7.91 7.91 7.91

Sr. No.
Goodricke Group Sr. No.
Datamatics Global Services
BSE Code : 500166 Price : `275.00 BSE Code : 532528 Price : `121.45
55 56
Face Value : `10 Book Value : `149.82 Face Value : `5 Book Value : `107.06
Last Five Year Standalone Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 751.63 680.37 744.23 601.71 579.47 Net Sales 934.70 867.12 816.18 827.99 733.81
EBITDA 29.92 35.80 -42.56 22.06 43.11 EBITDA 61.70 53.51 46.34 64.14 74.23
Interest 2.13 1.34 2.61 3.19 4.78 Interest 4.03 4.84 6.66 6.75 3.98
Net Profit/Loss 31.72 33.13 -12.89 22.24 33.36 Net Profit/Loss 64.09 90.13 44.83 43.21 48.70
Basic EPS (`) 14.69 15.34 -5.97 10.30 15.44 Basic EPS (`) 12.13 15.29 7.61 7.33 8.26
Equity 21.60 21.60 21.60 21.60 21.60 Equity 29.48 29.48 29.48 29.47 29.47

Sr. No.
Deccan Cements Sr. No.
State Trading Corporation Of India
BSE Code : 502137 Price : `402.80 BSE Code : 512531 Price : `134.90
57 58
Face Value : `5 Book Value : `261.27 Face Value : `10 Book Value : `9.45
Last Five Year Standalone Financial Results (`/Cr) Last Five Year Standalone Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 574.20 557.83 579.07 438.61 390.82 Net Sales 11,169.14 7,814.49 10,601.05 14,494.01 15,448.63
EBITDA 62.55 77.92 94.31 45.93 32.42 EBITDA -121.73 -115.40 -117.38 -50.15 18.61
Interest 5.66 6.70 15.22 26.63 27.35 Interest 178.68 158.93 152.11 157.78 154.41
Net Profit/Loss 38.55 46.60 45.56 19.88 5.02 Net Profit/Loss 37.52 -165.54 17.86 26.19 -492.20
Basic EPS (`) 27.52 66.53 65.05 28.38 7.17 Basic EPS (`) 6.78 -27.59 2.98 4.37 -82.03
Equity 7.00 7.00 7.00 7.00 7.00 Equity 60.00 60.00 60.00 60.00 60.00

Sr. No.
Panama Petrochem Sr. No.
Ajmera Realty & Infra India
BSE Code : 524820 Price : `144.10 BSE Code : 513349 Price : `218.85
59 60
Face Value : `2 Book Value : `51.14 Face Value : `10 Book Value : `188.29
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 1,327.85 833.50 751.72 805.31 635.00 Net Sales 386.83 276.65 316.02 200.87 78.41
EBITDA 102.35 70.04 44.08 28.44 31.00 EBITDA 145.59 103.75 80.52 48.49 16.97
Interest 13.76 8.58 9.26 8.01 8.00 Interest 46.32 36.25 31.00 23.37 3.69
Net Profit/Loss 60.97 43.18 25.15 17.71 18.00 Net Profit/Loss 82.28 64.61 42.42 25.68 16.20
Basic EPS (`) 10.08 10.71 6.24 4.39 21.79 Basic EPS (`) 23.33 18.21 11.95 7.24 4.57
Equity 12.10 8.07 8.07 8.07 8.07 Equity 35.48 35.48 35.48 35.48 35.48

Note: Book value is in rupees per share Share price data is of Aug 28, 2018

DSIJ.in OCT 01 - 14, 2018 I DALAL STREET INVESTMENT JOURNAL 45

Financial Snapshot
Thriving
Small Caps
2018

Sr. No.
Patel Engineering Sr. No.
Everest Industries
BSE Code : 531120 Price : `46.75 BSE Code : 508906 Price : `560.60
61 62
Face Value : `1 Book Value : `146.46 Face Value : `10 Book Value : `254.75
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Standalone Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 2,517.14 3,883.84 4,040.87 3,415.39 3,701.13 Net Sales 1,244.85 1,155.38 1,313.36 1,230.50 1,035.25
EBITDA 476.53 342.98 361.57 417.38 376.24 EBITDA 67.99 12.28 57.54 56.51 13.13
Interest 489.42 579.21 601.61 516.95 437.86 Interest 12.59 18.90 19.10 18.69 12.57
Net Profit/Loss 104.80 -102.89 -196.19 8.47 16.37 Net Profit/Loss 50.68 2.46 35.31 34.21 9.15
Basic EPS (`) 6.67 -6.55 -25.54 1.10 2.15 Basic EPS (`) 32.43 1.60 22.94 22.37 6.02
Equity 15.70 15.70 7.68 7.68 7.62 Equity 15.63 15.42 15.39 15.29 15.19

Sr. No.
RSWM Sr. No.
Kuantum Papers
BSE Code : 500350 Price : `245.35 BSE Code : 532937 Price : `694.05
63 64
Face Value : `10 Book Value : `309.68 Face Value : `10 Book Value : `322.9
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Standalone Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 2,975.95 2,986.63 2,933.27 3,003.36 3,110.83 Net Sales 707.80 609.63 525.80 499.32 479.05
EBITDA 102.42 194.12 249.06 210.62 386.36 EBITDA 128.03 102.10 50.97 50.49 57.72
Interest 117.29 110.36 125.90 125.22 125.22 Interest 24.58 18.90 19.15 20.29 21.60
Net Profit/Loss 20.98 104.10 112.21 86.35 100.66 Net Profit/Loss 72.89 60.91 24.52 25.04 33.55
Basic EPS (`) 8.91 44.20 48.47 37.30 41.36 Basic EPS (`) 83.53 69.80 24.66 25.25 36.56
Equity 23.55 23.55 23.15 23.15 23.15 Equity 8.73 8.73 8.73 8.73 8.73

Sr. No.
Thangamayil Jewellery Sr. No.
Manali Petrochemicals
BSE Code : 533158 Price : `396.80 BSE Code : 500268 Price : `38.95
65 66
Face Value : `10 Book Value : `127.09 Face Value : `5 Book Value : `21.48
Last Five Year Standalone Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 1,380.85 1,293.65 1,271.99 1,421.26 1,191.30 Net Sales 750.77 625.84 579.04 NULL NULL
EBITDA 52.73 38.98 35.08 -5.41 9.12 EBITDA 88.07 42.85 60.78 NULL NULL
Interest 18.79 20.84 23.64 29.14 34.70 Interest 3.26 2.30 2.52 NULL NULL
Net Profit/Loss 22.87 13.95 10.53 -22.28 -12.57 Net Profit/Loss 57.90 37.84 47.95 NULL NULL
Basic EPS (`) 16.58 10.17 7.68 -16.24 -9.16 Basic EPS (`) 3.35 2.20 2.79 NULL NULL
Equity 13.72 13.72 13.72 13.72 13.72 Equity 86.03 86.03 86.03 NULL NULL

Sr. No.
Bhageria Industries Sr. No.
Bharat Seats
BSE Code : 530803 Price : `298.45 BSE Code : 523229 Price : `164.95
67 68
Face Value : `5 Book Value : `136.69 Face Value : `2 Book Value : `28.78
Last Five Year Standalone Financial Results (`/Cr) Last Five Year Standalone Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 367.01 347.21 238.46 412.38 367.40 Net Sales 971.49 825.23 699.84 693.94 560.04
EBITDA 56.91 56.36 23.11 54.25 21.45 EBITDA 45.50 19.21 13.02 16.45 15.02
Interest 6.05 1.56 1.30 2.13 1.41 Interest 3.20 4.47 5.38 6.21 6.26
Net Profit/Loss 40.34 43.46 15.33 36.61 15.40 Net Profit/Loss 28.22 12.17 7.22 8.12 6.71
Basic EPS (`) 25.40 27.37 19.25 45.97 19.35 Basic EPS (`) 8.99 3.88 2.30 2.59 2.14
Equity 7.94 7.94 7.96 7.96 7.96 Equity 6.28 6.28 6.28 6.28 6.28

Sr. No.
Ultramarine & Pigments Sr. No.
Ganesha Ecosphere
BSE Code : 506685 Price : `257.75 BSE Code : 514167 Price : `342.00
69 70
Face Value : `2 Book Value : `65.27 Face Value : `10 Book Value : `122.76
Last Five Year Standalone Financial Results (`/Cr) Last Five Year Standalone Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 286.07 255.41 220.23 172.21 150.45 Net Sales 756.75 674.18 647.29 623.25 499.48
EBITDA 55.32 45.98 34.41 26.28 19.49 EBITDA 65.65 58.84 52.77 44.11 42.19
Interest 0.62 0.25 0.36 0.49 0.96 Interest 14.57 14.87 19.86 19.67 15.86
Net Profit/Loss 43.64 32.40 27.35 18.74 14.39 Net Profit/Loss 35.23 29.94 24.86 23.07 24.54
Basic EPS (`) 14.95 11.10 9.37 6.42 4.93 Basic EPS (`) 18.37 15.61 12.30 13.10 16.15
Equity 5.84 5.84 5.84 5.84 5.84 Equity 19.18 19.18 19.18 16.20 15.19

Note: Book value is in rupees per share Share price data is of Aug 28, 2018

46 DALAL STREET INVESTMENT JOURNAL I OCT 01 - 14, 2018 DSIJ.in

 Sr. No.
PPAP Automotive Sr. No.
Jayant Agro Organics
BSE Code : 532934 Price : `521.50 BSE Code : 524330 Price : `226.10
71 72
Face Value : `10 Book Value : `192.11 Face Value : `5 Book Value : `113.96
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 400.21 366.11 318.63 NULL NULL Net Sales 2,555.47 1,667.81 1,375.45 1,580.72 1,537.81
EBITDA 58.89 42.49 28.30 NULL NULL EBITDA 133.89 119.84 61.46 46.13 63.54
Interest 4.42 5.78 7.87 NULL NULL Interest 54.24 31.80 28.07 42.18 34.56
Net Profit/Loss 39.31 26.21 14.03 NULL NULL Net Profit/Loss 53.47 57.95 24.28 10.52 40.59
Basic EPS (`) 28.08 18.72 10.02 NULL NULL Basic EPS (`) 17.82 38.63 16.19 7.01 27.06
Equity 14.00 14.00 14.00 NULL NULL Equity 15.00 7.50 7.50 7.50 7.50

Sr. No.
Kothari Products Sr. No.
Pennar Industries
BSE Code : 530299 Price : `115.70 BSE Code : 513228 Price : `44.15
73 74
Face Value : `10 Book Value : `339.5 Face Value : `5 Book Value : `57.66
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 6,379.50 6,328.10 6,865.98 6,634.40 5,748.24 Net Sales 1,783.95 1,542.16 1,306.67 1,267.46 1,074.46
EBITDA 105.60 144.79 155.69 130.12 115.30 EBITDA 176.64 141.57 129.06 99.68 70.95
Interest 44.92 45.81 47.34 30.09 32.11 Interest 67.40 60.97 38.41 36.41 26.47
Net Profit/Loss 55.35 75.72 67.07 74.35 63.14 Net Profit/Loss 70.32 46.65 43.85 35.90 25.94
Basic EPS (`) 18.55 25.37 22.47 37.37 95.21 Basic EPS (`) 7.52 3.88 3.64 2.98 2.15
Equity 29.84 29.84 29.84 19.90 6.63 Equity 60.17 60.17 60.17 60.17 60.23

Sr. No.
Kwality Sr. No.
Beekay Steel Industries
BSE Code : 531882 Price : `23.25 BSE Code : 539018 Price : `364.45
75 76
Face Value : `1 Book Value : `50.14 Face Value : `10 Book Value : `158.08
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 7,332.59 6,871.79 6,348.10 5,878.33 5,010.95 Net Sales 988.28 721.18 519.33 518.74 NULL
EBITDA 397.01 431.27 363.09 324.63 280.36 EBITDA 118.46 69.43 49.38 43.71 NULL
Interest 244.91 181.41 158.49 140.31 115.58 Interest 18.50 18.79 21.24 21.36 NULL
Net Profit/Loss 92.35 194.15 163.97 166.53 144.93 Net Profit/Loss 70.62 36.25 19.28 15.60 NULL
Basic EPS (`) 3.86 8.18 7.32 7.61 7.13 Basic EPS (`) 37.05 19.01 10.11 8.18 NULL
Equity 24.14 23.74 22.39 21.87 20.32 Equity 19.09 19.09 19.09 19.09 NULL

Sr. No.
Dhunseri Petrochem Sr. No.
Esab India
BSE Code : 523736 Price : `110.45 BSE Code : 500133 Price : `897.20
77 78
Face Value : `10 Book Value : `314.54 Face Value : `10 Book Value : `246.02
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Standalone Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 980.80 22.20 26.86 4,172.24 4,158.01 Net Sales 555.58 473.72 450.95 551.85 435.55
EBITDA 24.63 0.25 18.87 -70.71 134.14 EBITDA 42.50 32.63 36.63 36.76 40.39
Interest 1.55 0.08 - 100.36 70.08 Interest - - - - -
Net Profit/Loss 52.36 599.10 -125.13 -101.22 79.43 Net Profit/Loss 37.15 26.00 28.34 23.64 33.12
Basic EPS (`) 14.95 171.05 -35.73 -28.90 22.68 Basic EPS (`) 24.13 16.89 18.41 15.36 21.52
Equity 35.03 35.03 35.03 35.03 35.03 Equity 15.39 15.39 15.39 15.39 15.39

Sr. No.
Mold-Tek Packaging Sr. No.
Chaman Lal Setia Exports
BSE Code : 533080 Price : `305.50 BSE Code : 530307 Price : `103.50
79 80
Face Value : `5 Book Value : `50.87 Face Value : `2 Book Value : `36.12
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Standalone Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 347.80 308.91 275.67 NULL NULL Net Sales 748.31 493.32 482.76 508.35 416.19
EBITDA 48.39 39.24 37.30 NULL NULL EBITDA 65.94 60.39 55.67 33.85 29.28
Interest 4.63 1.93 0.98 NULL NULL Interest 7.63 4.87 3.54 6.32 4.35
Net Profit/Loss 27.84 24.27 24.10 NULL NULL Net Profit/Loss 41.65 38.51 37.25 19.50 18.24
Basic EPS (`) 10.05 8.76 8.70 NULL NULL Basic EPS (`) 8.05 7.44 7.92 20.53 19.20
Equity 13.85 13.85 13.85 NULL NULL Equity 10.35 10.35 9.41 9.45 9.43

Note: Book value is in rupees per share Share price data is of Aug 28, 2018

DSIJ.in OCT 01 - 14, 2018 I DALAL STREET INVESTMENT JOURNAL 47

Financial Snapshot
Thriving
Small Caps
2018

Sr. No.
Kridhan Infra Sr. No.
Sical Logistics
BSE Code : 533482 Price : `72.20 BSE Code : 520086 Price : `164.85
81 82
Face Value : `2 Book Value : `36.05 Face Value : `10 Book Value : `129.63
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 720.17 685.00 488.71 651.74 679.87 Net Sales 1,199.27 921.95 777.43 827.26 841.96
EBITDA 68.70 102.00 33.20 39.54 52.57 EBITDA 109.78 106.61 67.94 38.24 46.01
Interest 16.16 18.00 11.92 11.58 9.97 Interest 61.74 58.65 56.54 57.11 74.79
Net Profit/Loss 37.15 98.00 20.20 29.08 40.04 Net Profit/Loss 30.09 38.35 18.42 16.32 16.16
Basic EPS (`) 4.74 13.28 2.73 4.29 32.51 Basic EPS (`) 5.41 6.90 3.31 2.94 2.91
Equity 18.96 14.82 14.82 13.56 12.32 Equity 55.62 55.62 55.62 55.62 55.62

Sr. No.
Sakuma Exports Sr. No.
Southern Petrochemicals Ind. Corp.
BSE Code : 532713 Price : `165.40 BSE Code : 590030 Price : `31.90
83 84
Face Value : `10 Book Value : `102.68 Face Value : `10 Book Value : `16.05
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 4,556.73 3,914.38 3,132.83 1,799.72 1,578.64 Net Sales 1,998.53 1,509.09 1,822.43 2,073.72 1,388.36
EBITDA 56.83 48.72 39.34 15.02 21.57 EBITDA 70.74 -140.56 -126.65 -152.02 -206.54
Interest 9.19 15.54 8.75 1.69 3.38 Interest 40.88 14.56 14.55 31.58 31.09
Net Profit/Loss 49.01 37.09 32.26 19.58 16.30 Net Profit/Loss 45.41 58.14 31.02 10.37 38.97
Basic EPS (`) 26.27 22.58 19.64 11.92 9.92 Basic EPS (`) 2.22 2.85 1.52 0.50 1.91
Equity 21.33 16.43 16.43 16.43 16.43 Equity 203.64 203.64 203.64 203.64 203.64

Sr. No.
Transpek Industry Sr. No.
Oriental Aromatics
BSE Code : 506687 Price : `1544.80 BSE Code : 500078 Price : `859.55
85 86
Face Value : `10 Book Value : `238.21 Face Value : `10 Book Value : `163.6
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 370.90 316.64 283.70 289.60 269.22 Net Sales 506.39 351.26 350.92 355.06 309.33
EBITDA 42.43 43.48 38.44 28.74 18.20 EBITDA 49.92 51.79 49.67 43.00 45.16
Interest 11.74 9.06 10.64 13.02 13.77 Interest 7.32 3.90 9.46 10.62 9.50
Net Profit/Loss 26.40 29.41 21.28 21.97 7.53 Net Profit/Loss 24.98 NULL NULL NULL NULL
Basic EPS (`) 47.27 52.65 36.24 37.41 12.83 Basic EPS (`) 29.69 NULL NULL NULL NULL
Equity 5.59 5.59 5.87 5.87 5.87 Equity 8.41 NULL NULL NULL NULL

Sr. No.
TVS Electronics Sr. No.
DCM Shriram Industries
BSE Code : 532513 Price : `336.60 BSE Code : 523369 Price : `168.00
87 88
Face Value : `10 Book Value : `44.16 Face Value : `10 Book Value : `244.17
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 4,183.19 2,527.19 593.49 270.06 247.42 Net Sales 1,720.68 1,495.82 1,216.12 1,298.50 1,313.30
EBITDA 18.72 10.49 7.34 8.87 6.47 EBITDA 81.41 172.81 64.31 45.57 69.90
Interest 1.42 2.81 5.73 6.92 7.43 Interest 28.14 30.68 35.24 40.68 39.94
Net Profit/Loss 16.15 4.37 4.91 2.28 0.59 Net Profit/Loss 58.68 122.11 34.08 6.72 31.87
Basic EPS (`) 8.68 2.35 2.64 1.27 0.32 Basic EPS (`) 33.73 70.19 19.59 3.86 18.32
Equity 18.61 18.61 18.55 18.02 18.02 Equity 17.40 17.40 17.40 17.40 17.40

Sr. No.
Renaissance Jewellery Sr. No.
PTC India Financial Services
BSE Code : 532923 Price : `318.00 BSE Code : 533344 Price : `17.50
89 90
Face Value : `10 Book Value : `295.55 Face Value : `10 Book Value : `38.05
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 1,828.85 1,473.45 1,319.58 1,276.44 1,222.16 Net Sales 1,190.25 1,350.79 1,186.91 NULL NULL
EBITDA 85.41 49.26 63.55 39.68 48.63 EBITDA 786.99 1,172.28 1,061.54 NULL NULL
Interest 14.49 13.21 10.53 11.59 11.67 Interest 682.68 644.69 530.11 NULL NULL
Net Profit/Loss 63.06 42.52 47.44 40.16 29.48 Net Profit/Loss 24.70 345.33 391.10 NULL NULL
Basic EPS (`) 34.12 22.29 24.87 21.05 15.45 Basic EPS (`) 0.38 5.38 6.96 NULL NULL
Equity 18.68 18.43 19.08 19.08 19.08 Equity 642.28 642.28 562.08 NULL NULL

Note: Book value is in rupees per share Share price data is of Aug 28, 2018

48 DALAL STREET INVESTMENT JOURNAL I OCT 01 - 14, 2018 DSIJ.in

 Sr. No.
3i Infotech Sr. No.
Seya Industries
BSE Code : 532628 Price : `3.50 BSE Code : 524324 Price : `572.45
91 92
Face Value : `10 Book Value : `4.23 Face Value : `10 Book Value : `143.15
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Standalone Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 1,009.01 1,003.79 1,125.58 1,344.00 1,307.89 Net Sales 347.20 308.61 275.28 247.61 131.31
EBITDA 146.89 143.43 -101.54 -56.38 -165.24 EBITDA 90.33 60.00 37.32 22.92 5.57
Interest 51.01 92.97 175.29 211.40 321.10 Interest 17.85 14.13 12.72 9.91 1.22
Net Profit/Loss 70.40 94.07 -551.75 -976.27 -357.56 Net Profit/Loss 52.40 42.06 26.78 13.03 3.36
Basic EPS (`) 0.44 0.79 -8.61 -16.17 -6.24 Basic EPS (`) 21.31 19.93 22.97 11.85 3.05
Equity 1,615.36 1,183.65 640.80 603.75 572.64 Equity 24.60 20.35 11.00 11.00 11.00

Sr. No.
Alphageo (India) Sr. No.
Oricon Enterprises
BSE Code : 526397 Price : `688.85 BSE Code : 513121 Price : `36.05
93 94
Face Value : `10 Book Value : `354.3 Face Value : `2 Book Value : `54.66
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 431.38 305.89 89.58 72.68 94.28 Net Sales 1,067.34 1,168.46 1,168.93 1,047.64 885.97
EBITDA 88.87 77.82 15.49 15.21 27.80 EBITDA 0.83 31.91 40.08 53.73 58.94
Interest 5.56 4.15 0.72 0.83 0.71 Interest 18.15 19.22 27.56 15.88 15.24
Net Profit/Loss 54.49 50.55 11.63 14.49 26.47 Net Profit/Loss 17.87 35.29 18.67 43.25 21.73
Basic EPS (`) 86.05 82.61 20.65 25.72 46.98 Basic EPS (`) 1.14 2.25 1.19 2.70 2.01
Equity 6.36 6.13 5.65 5.65 5.65 Equity 31.41 31.41 31.41 31.41 20.51

Sr. No.
Nitin Spinners Sr. No.
Aurionpro Solutions
BSE Code : 532698 Price : `90.95 BSE Code : 532668 Price : `184.65
95 96
Face Value : `10 Book Value : `57.29 Face Value : `10 Book Value : `371.39
Last Five Year Standalone Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 1,147.51 933.38 766.87 616.47 488.34 Net Sales 497.81 638.28 710.43 737.14 648.74
EBITDA 98.73 91.48 97.48 71.24 69.07 EBITDA 60.06 37.76 76.13 87.00 39.12
Interest 29.55 22.24 33.01 22.62 17.46 Interest 19.23 26.33 23.07 22.42 15.45
Net Profit/Loss 52.39 57.15 44.16 40.96 34.78 Net Profit/Loss 93.01 43.46 54.17 -143.76 60.03
Basic EPS (`) 10.56 12.47 9.64 8.94 7.59 Basic EPS (`) 50.52 19.97 24.68 -72.41 33.17
Equity 55.55 45.83 45.83 45.83 45.83 Equity 23.61 21.87 21.77 19.67 17.84

Sr. No.
Automobile Corporation Of Goa Sr. No.
Precision Camshafts
BSE Code : 505036 Price : `844.10 BSE Code : 539636 Price : `69.20
97 98
Face Value : `10 Book Value : `337.55 Face Value : `10 Book Value : `64.99
Last Five Year Standalone Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 497.63 467.42 416.94 395.01 302.98 Net Sales 446.02 442.30 439.79 532.43 467.00
EBITDA 23.47 24.89 19.63 16.85 18.70 EBITDA 35.51 61.86 78.15 99.62 62.00
Interest 0.39 0.25 0.38 0.33 0.20 Interest 5.18 -15.03 -0.04 11.23 13.00
Net Profit/Loss 20.16 20.98 16.95 15.26 17.48 Net Profit/Loss 47.26 66.59 68.72 46.41 13.00
Basic EPS (`) 31.39 32.67 26.40 23.76 27.22 Basic EPS (`) 4.98 7.02 7.25 5.67 NULL
Equity 6.42 6.42 6.42 6.42 6.42 Equity 94.88 94.79 94.74 81.84 4.00

Sr. No.
Satia Industries Sr. No.
Dalmia Bharat Sugar and Industries
BSE Code : 539201 Price : `613.80 BSE Code : 500097 Price : `62.80
99 100
Face Value : `10 Book Value : `206.07 Face Value : `2 Book Value : `100.49
Last Five Year Standalone Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 664.37 516.87 433.61 393.13 383.43 Net Sales 2,265.55 1,686.00 1,166.41 1,150.05 1,191.50
EBITDA 76.79 49.38 20.28 11.35 23.00 EBITDA 180.39 319.73 189.02 62.30 58.50
Interest 23.73 24.33 25.10 16.35 15.58 Interest 69.48 93.80 163.17 78.01 75.64
Net Profit/Loss 68.67 25.53 13.12 7.84 13.50 Net Profit/Loss 122.30 182.18 58.40 1.49 3.05
Basic EPS (`) 68.67 25.53 13.12 7.84 13.50 Basic EPS (`) 15.11 22.51 7.22 0.18 0.37
Equity 10.00 10.00 10.00 10.00 10.00 Equity 16.19 16.19 16.19 16.19 16.19

Note: Book value is in rupees per share Share price data is of Aug 28, 2018

DSIJ.in OCT 01 - 14, 2018 I DALAL STREET INVESTMENT JOURNAL 49

Financial Snapshot
Thriving
Small Caps
2018

Sr. No.
Rane (Madras) Sr. No.
Avadh Sugar & Energy
BSE Code : 532661 Price : `651.95 BSE Code : 540649 Price : `360.75
101 102
Face Value : `10 Book Value : `197.92 Face Value : `10 Book Value : `414.8
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Standalone Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 1,423.18 1,290.24 889.92 NULL NULL Net Sales 2,339.93 1,873.00 - NULL NULL
EBITDA 90.00 126.47 37.53 NULL NULL EBITDA 224.40 380.28 -0.01 NULL NULL
Interest 33.35 30.19 19.21 NULL NULL Interest 114.28 129.97 - NULL NULL
Net Profit/Loss 24.22 4.32 12.67 NULL NULL Net Profit/Loss 88.16 209.58 -0.01 NULL NULL
Basic EPS (`) 20.87 4.11 11.52 NULL NULL Basic EPS (`) 88.08 209.38 -2.18 NULL NULL
Equity 11.61 10.51 10.51 NULL NULL Equity 10.01 10.01 0.05 NULL NULL

Sr. No.
Bharat Bijlee Sr. No.
Nectar Lifesciences
BSE Code : 503960 Price : `1376.30 BSE Code : 532649 Price : `28.20
103 104
Face Value : `10 Book Value : `1223.43 Face Value : `1 Book Value : `47.22
Last Five Year Standalone Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 773.99 677.47 639.51 610.89 486.48 Net Sales 1,882.30 1,643.70 1,675.69 1,643.64 1,638.31
EBITDA 24.01 7.27 6.99 -32.66 -18.48 EBITDA 172.30 162.17 181.35 190.34 204.59
Interest 19.28 15.95 20.56 19.95 13.10 Interest 115.20 117.41 123.31 125.59 137.99
Net Profit/Loss 60.97 14.42 7.19 -34.05 -11.29 Net Profit/Loss 52.27 55.34 54.24 66.26 62.09
Basic EPS (`) 107.88 25.51 12.73 -60.25 -19.98 Basic EPS (`) 2.33 2.47 2.42 2.95 2.77
Equity 5.65 5.65 5.65 5.65 5.65 Equity 22.43 22.43 22.43 22.43 22.43

Sr. No.
Universal Cables Sr. No.
DIL
BSE Code : 504212 Price : `216.90 BSE Code : 506414 Price : `803.75
105 106
Face Value : `10 Book Value : `240.55 Face Value : `10 Book Value : `818.28
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 1,193.78 898.05 NULL NULL NULL Net Sales 311.62 166.53 153.42 141.75 139.13
EBITDA 86.01 136.30 NULL NULL NULL EBITDA 80.65 2.36 10.46 7.32 16.40
Interest 53.43 43.97 NULL NULL NULL Interest 13.63 10.66 6.15 4.50 5.26
Net Profit/Loss 82.70 70.49 NULL NULL NULL Net Profit/Loss 35.69 10.10 -1.13 0.46 7.88
Basic EPS (`) 23.83 20.32 NULL NULL NULL Basic EPS (`) 155.63 44.03 -4.95 2.02 34.36
Equity 34.70 34.70 NULL NULL NULL Equity 2.29 2.29 2.29 2.29 2.29

Sr. No.
Leel Electricals Sr. No.
SQS India BFSI
BSE Code : 517518 Price : `85.40 BSE Code : 533121 Price : `447.20
107 108
Face Value : `10 Book Value : `349.64 Face Value : `10 Book Value : `120.04
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 2,371.02 3,321.73 2,668.34 2,172.68 1,775.97 Net Sales 276.44 259.95 264.16 214.16 194.44
EBITDA 40.88 215.30 207.64 192.68 133.48 EBITDA 40.14 36.16 50.01 31.93 34.06
Interest 68.73 119.95 106.15 94.31 85.50 Interest 0.29 0.20 0.27 1.64 2.01
Net Profit/Loss 510.02 69.99 41.70 88.41 89.12 Net Profit/Loss 31.98 23.81 36.90 21.65 30.04
Basic EPS (`) 126.65 17.35 11.52 25.03 25.23 Basic EPS (`) 29.85 22.30 34.68 20.53 29.25
Equity 40.34 40.34 36.21 35.33 35.33 Equity 10.71 10.68 10.64 10.55 10.27

Sr. No.
Standalone P Apparels Sr. No.
Munjal Auto Industries
BSE Code : 540048 Price : `312.00 BSE Code : 520059 Price : `69.35
109 110
Face Value : `10 Book Value : `160.13 Face Value : `2 Book Value : `25.04
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Standalone Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 678.80 635.65 532.83 472.57 450.00 Net Sales 1,037.47 849.93 885.06 888.25 816.47
EBITDA 83.43 86.57 65.21 48.92 64.00 EBITDA 54.34 42.92 29.34 53.96 51.37
Interest 28.74 13.49 25.27 31.16 36.00 Interest 4.33 5.48 7.94 8.63 6.19
Net Profit/Loss 46.95 61.92 18.82 8.61 7.00 Net Profit/Loss 41.59 31.77 20.08 38.03 47.66
Basic EPS (`) 19.00 23.81 8.41 4.74 3.97 Basic EPS (`) 4.16 6.35 4.02 7.61 9.53
Equity 25.17 25.17 17.15 16.80 44.00 Equity 20.00 10.00 10.00 10.00 10.00

Note: Book value is in rupees per share Share price data is of Aug 28, 2018

50 DALAL STREET INVESTMENT JOURNAL I OCT 01 - 14, 2018 DSIJ.in

 Sr. No.
HPL Electric & Power Sr. No.
Kitex Garments
BSE Code : 540136 Price : `78.55 BSE Code : 521248 Price : `118.85
111 112
Face Value : `10 Book Value : `118.04 Face Value : `1 Book Value : `74.99
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 1,040.74 986.31 1,116.38 1,047.13 NULL Net Sales 559.92 545.90 545.82 511.10 NULL
EBITDA 87.08 99.62 121.76 108.94 NULL EBITDA 110.63 148.01 165.00 147.41 NULL
Interest 51.02 65.66 78.24 69.93 NULL Interest 5.81 9.27 13.76 19.16 NULL
Net Profit/Loss 27.43 28.47 36.62 34.54 NULL Net Profit/Loss 63.55 83.46 109.69 98.52 NULL
Basic EPS (`) 4.27 4.43 7.89 18.60 NULL Basic EPS (`) 9.56 17.57 23.09 20.74 NULL
Equity 64.30 64.30 46.43 18.57 NULL Equity 6.65 4.75 4.75 4.75 NULL

Sr. No.
Housing Development & Infrastructure Sr. No.
Ganesh Housing Corporation
BSE Code : 532873 Price : `28.75 BSE Code : 526367 Price : `94.45
113 114
Face Value : `10 Book Value : `266.73 Face Value : `10 Book Value : `201.2
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 401.62 723.77 1,169.61 1,022.48 872.27 Net Sales 508.25 405.89 321.97 251.29 283.21
EBITDA 395.77 605.41 766.86 790.60 814.98 EBITDA 168.29 206.45 200.07 128.69 128.08
Interest 349.18 428.24 514.12 553.44 707.29 Interest 100.52 92.97 100.10 60.53 64.73
Net Profit/Loss 95.72 178.99 329.46 218.65 177.57 Net Profit/Loss 50.87 69.39 61.52 55.21 49.91
Basic EPS (`) 2.20 4.12 7.86 5.22 4.24 Basic EPS (`) 10.36 14.16 18.83 16.90 15.28
Equity 434.00 434.00 419.00 419.00 419.00 Equity 49.23 49.00 32.67 32.67 32.66

Sr. No.
Amrutanjan Health Care Sr. No.
Cheviot Company
BSE Code : 590006 Price : `334.65 BSE Code : 526817 Price : `949.83
115 116
Face Value : `1 Book Value : `43.27 Face Value : `10 Book Value : `957.01
Last Five Year Standalone Financial Results (`/Cr) Last Five Year Standalone Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 230.44 222.03 184.38 163.33 138.84 Net Sales 400.10 390.21 343.04 267.00 279.50
EBITDA 25.49 25.28 29.03 22.48 20.12 EBITDA 50.88 38.22 39.08 20.54 30.02
Interest 0.13 0.55 0.20 0.48 1.70 Interest 0.89 0.62 0.82 0.87 0.74
Net Profit/Loss 19.97 21.41 22.42 17.29 14.52 Net Profit/Loss 54.08 45.56 36.47 34.58 26.80
Basic EPS (`) 13.67 14.65 15.34 11.83 9.94 Basic EPS (`) 122.76 100.98 80.85 76.65 59.42
Equity 2.92 2.92 2.92 2.92 2.92 Equity 4.31 4.51 4.51 4.51 4.51

Sr. No.
Balasore Alloys Sr. No.
SVP Global Ventures
BSE Code : 513142 Price : `39.70 BSE Code : 505590 Price : `258.45
117 118
Face Value : `5 Book Value : `61.21 Face Value : `10 Book Value : `526.12
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 1,271.02 1,011.81 837.97 847.85 782.61 Net Sales 2,543.18 1,901.68 1,784.13 37.22 NULL
EBITDA 88.64 155.69 59.68 86.99 103.95 EBITDA 154.87 82.20 58.04 0.20 NULL
Interest 46.16 39.34 31.51 34.16 41.19 Interest 130.88 83.58 50.20 - NULL
Net Profit/Loss 34.04 89.49 18.63 29.17 45.90 Net Profit/Loss 67.95 17.61 8.79 0.19 NULL
Basic EPS (`) 3.83 10.07 2.36 4.11 7.14 Basic EPS (`) 53.27 13.92 6.95 0.14 NULL
Equity 46.66 45.96 40.96 36.96 33.66 Equity 12.65 12.65 12.65 12.65 NULL

Sr. No.
TCPL Packaging Sr. No.
Sukhjit Starch & Chemicals
BSE Code : 523301 Price : `441.65 BSE Code : 524542 Price : `467.60
119 120
Face Value : `10 Book Value : `218.17 Face Value : `10 Book Value : `364.07
Last Five Year Standalone Financial Results (`/Cr) Last Five Year Standalone Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 699.74 613.04 592.61 497.84 394.87 Net Sales 705.64 653.17 565.88 532.45 507.41
EBITDA 50.87 68.70 75.36 60.32 37.33 EBITDA 48.79 38.90 48.40 50.53 37.81
Interest 25.45 21.39 20.13 17.29 17.66 Interest 17.54 13.37 15.28 17.77 16.65
Net Profit/Loss 20.22 33.21 38.28 32.19 12.50 Net Profit/Loss 23.03 18.62 23.05 23.20 16.04
Basic EPS (`) 22.58 38.17 44.00 37.00 14.37 Basic EPS (`) 32.34 25.23 31.23 31.44 21.74
Equity 9.10 8.70 8.70 8.70 8.70 Equity 7.38 7.38 7.38 7.38 7.38

Note: Book value is in rupees per share Share price data is of Aug 28, 2018

DSIJ.in OCT 01 - 14, 2018 I DALAL STREET INVESTMENT JOURNAL 51

Financial Snapshot
Thriving
Small Caps
2018

Sr. No.
Tribhovandas Bhimji Zaveri Sr. No.
Garware Polyester
BSE Code : 534369 Price : `72.35 BSE Code : 500655 Price : `214.00
121 122
Face Value : `10 Book Value : `71.43 Face Value : `10 Book Value : `230.98
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 1,757.40 1,697.96 1,654.78 1,934.20 1,824.34 Net Sales 838.55 874.11 857.45 896.29 843.21
EBITDA 65.69 66.82 26.58 65.17 123.65 EBITDA 69.65 55.42 64.09 44.47 35.35
Interest 39.71 50.19 55.83 50.22 46.36 Interest 25.03 32.27 43.52 44.13 37.42
Net Profit/Loss 21.26 12.93 -27.54 24.32 55.00 Net Profit/Loss 33.12 19.92 16.50 17.81 10.29
Basic EPS (`) 3.19 1.94 -4.13 3.65 8.24 Basic EPS (`) 14.26 8.54 7.08 7.64 4.41
Equity 66.73 66.73 66.73 66.72 66.70 Equity 23.23 23.23 23.25 23.25 23.25

Sr. No.
Tanla Solutions Sr. No.
Alembic
BSE Code : 532790 Price : `40.90 BSE Code : 506235 Price : `46.20
123 124
Face Value : `1 Book Value : `60.12 Face Value : `2 Book Value : `42.2
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 796.37 579.30 431.55 242.49 104.60 Net Sales 162.32 147.16 134.08 143.95 NULL
EBITDA 7.86 36.51 12.59 0.23 -48.32 EBITDA 7.32 1.63 -0.02 3.50 NULL
Interest - - - - - Interest 0.17 0.16 0.12 0.83 NULL
Net Profit/Loss 19.11 40.91 7.24 2.59 -19.83 Net Profit/Loss 162.98 145.39 234.51 106.60 NULL
Basic EPS (`) 1.70 3.81 0.71 0.25 -1.95 Basic EPS (`) 6.10 5.44 8.78 3.84 NULL
Equity 11.24 10.75 10.15 10.15 10.15 Equity 53.41 53.41 53.41 53.41 NULL

Sr. No.
Nitco Sr. No.
Loyal Textiles Mills
BSE Code : 532722 Price : `68.60 BSE Code : 514036 Price : `525.00
125 126
Face Value : `10 Book Value : `12.84 Face Value : `10 Book Value : `441.58
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 614.36 715.75 788.70 837.43 776.86 Net Sales 1,166.55 1,115.44 1,158.49 1,400.97 NULL
EBITDA -76.96 -26.52 -44.03 -67.60 -61.09 EBITDA 47.84 66.05 86.94 78.72 NULL
Interest 13.86 7.88 12.07 50.31 150.05 Interest 39.07 42.21 54.78 69.23 NULL
Net Profit/Loss 188.89 -32.75 -60.18 -119.33 -211.06 Net Profit/Loss 25.33 28.10 26.90 15.83 NULL
Basic EPS (`) 33.77 -5.99 -11.00 -21.82 -38.59 Basic EPS (`) 52.60 58.34 55.85 32.87 NULL
Equity 71.86 54.70 54.70 54.70 54.70 Equity 4.82 4.82 4.82 4.82 NULL

Sr. No.
Balmer Lawrie Investments Sr. No.
Som Distilleries & Breweries
BSE Code : 532485 Price : `452.80 BSE Code : 507514 Price : `231.45
127 128
Face Value : `10 Book Value : `65.58 Face Value : `10 Book Value : `52.71
Last Five Year Standalone Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 56.14 - - - - Net Sales 352.52 244.72 NULL NULL NULL
EBITDA -0.69 -0.94 -0.58 -0.49 -0.48 EBITDA 54.32 31.69 NULL NULL NULL
Interest - - - - - Interest 8.78 11.32 NULL NULL NULL
Net Profit/Loss 53.64 38.80 35.62 35.69 34.39 Net Profit/Loss 25.24 13.93 NULL NULL NULL
Basic EPS (`) 24.16 17.48 16.05 16.08 15.49 Basic EPS (`) 9.16 5.06 NULL NULL NULL
Equity 22.20 22.20 22.20 22.20 22.20 Equity 27.52 27.52 NULL NULL NULL

Sr. No.
Saurashtra Cements Sr. No.
Nandan Denim
BSE Code : 502175 Price : `58.80 BSE Code : 532641 Price : `72.60
129 130
Face Value : `10 Book Value : `49.39 Face Value : `10 Book Value : `97.16
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Standalone Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 591.36 474.88 529.70 562.71 531.36 Net Sales 1,602.82 1,220.41 1,156.73 1,096.53 893.75
EBITDA 32.16 8.43 50.25 54.40 32.18 EBITDA 105.28 103.76 125.15 105.89 82.95
Interest 3.42 3.65 4.81 13.38 16.37 Interest 57.98 36.17 41.17 37.71 32.03
Net Profit/Loss 62.46 9.64 43.80 67.61 20.90 Net Profit/Loss 46.73 56.67 63.32 51.43 39.31
Basic EPS (`) 2.19 1.39 4.86 13.21 4.08 Basic EPS (`) 9.72 11.79 13.90 11.29 8.63
Equity 69.19 69.19 60.19 51.19 51.19 Equity 48.05 48.05 45.55 45.55 45.55

Note: Book value is in rupees per share Share price data is of Aug 28, 2018

52 DALAL STREET INVESTMENT JOURNAL I OCT 01 - 14, 2018 DSIJ.in

 Sr. No.
B L Kashyap & Sons Sr. No.
Ram Ratna Wires
BSE Code : 532719 Price : `31.60 BSE Code : 522281 Price : `141.95
131 132
Face Value : `1 Book Value : `18.96 Face Value : `5 Book Value : `58.73
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 1,043.32 907.61 860.30 834.33 1,349.08 Net Sales 1,141.41 813.55 728.36 747.19 NULL
EBITDA 78.08 53.46 47.07 -28.23 29.87 EBITDA 57.63 43.16 26.89 27.76 NULL
Interest 77.16 79.94 82.04 80.55 97.30 Interest 17.34 11.16 13.82 14.92 NULL
Net Profit/Loss 20.61 -13.25 -6.00 -57.85 -84.96 Net Profit/Loss 27.17 22.03 9.62 9.87 NULL
Basic EPS (`) 1.20 -0.64 -0.29 -2.82 -4.14 Basic EPS (`) 12.35 10.01 4.37 4.49 NULL
Equity 21.54 20.54 20.54 20.54 20.54 Equity 11.00 11.00 11.00 11.00 NULL

Sr. No.
Hester Biosciences Sr. No.
Dhunseri Investments
BSE Code : 524669 Price : `1267.55 BSE Code : 533336 Price : `299.90
133 134
Face Value : `10 Book Value : `170.45 Face Value : `10 Book Value : `1885.07
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 138.49 125.40 100.89 90.04 69.05 Net Sales 2,786.05 2,324.48 32.33 NULL NULL
EBITDA 37.60 36.31 27.64 19.65 19.03 EBITDA 186.39 192.31 18.67 NULL NULL
Interest 4.04 3.50 3.72 4.53 6.46 Interest 52.28 63.91 - NULL NULL
Net Profit/Loss 25.62 22.79 19.20 13.60 9.45 Net Profit/Loss 99.14 362.59 -61.68 NULL NULL
Basic EPS (`) 27.12 26.79 22.57 15.98 11.11 Basic EPS (`) 162.60 594.68 -101.16 NULL NULL
Equity 8.51 8.51 8.51 8.51 8.51 Equity 6.10 6.10 6.10 NULL NULL

Sr. No.
Kellton Tech Solutions Sr. No.
Control Print
BSE Code : 519602 Price : `43.45 BSE Code : 522295 Price : `388.40
135 136
Face Value : `5 Book Value : `18.44 Face Value : `10 Book Value : `111.17
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 786.22 614.77 358.68 237.90 133.67 Net Sales 173.93 147.83 134.52 112.92 91.06
EBITDA 113.00 81.55 46.88 29.73 10.78 EBITDA 43.10 23.95 32.76 25.08 18.80
Interest 16.28 10.29 8.77 5.87 3.34 Interest 1.30 1.06 1.64 1.05 0.75
Net Profit/Loss 68.39 53.75 30.97 22.07 6.36 Net Profit/Loss 31.31 19.46 26.15 18.87 13.78
Basic EPS (`) 6.60 11.40 6.61 5.08 1.54 Basic EPS (`) 19.17 12.41 16.68 19.16 15.19
Equity 48.19 23.57 23.41 21.74 20.69 Equity 16.33 15.67 15.67 9.85 9.07

Sr. No.
MIRC Electronics Sr. No.
Waterbase
BSE Code : 500279 Price : `29.35 BSE Code : 523660 Price : `183.75
137 138
Face Value : `1 Book Value : `7.64 Face Value : `10 Book Value : `37.96
Last Five Year Standalone Financial Results (`/Cr) Last Five Year Standalone Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 732.84 747.59 771.98 1,070.62 1,295.11 Net Sales 344.29 321.55 318.63 277.56 228.21
EBITDA 32.86 26.00 -12.36 25.99 -23.64 EBITDA 51.45 24.64 22.11 29.52 21.93
Interest 14.09 23.59 28.79 32.92 38.13 Interest 4.39 8.60 1.03 1.21 2.87
Net Profit/Loss 23.49 -5.68 -27.01 0.81 -59.97 Net Profit/Loss 29.90 11.57 0.68 19.51 13.57
Basic EPS (`) 1.08 -0.26 -1.38 0.04 -4.23 Basic EPS (`) 7.58 3.00 0.17 5.06 3.52
Equity 23.10 21.19 19.64 19.64 14.19 Equity 41.43 38.60 38.60 38.60 38.60

Sr. No.
Windsor Machines Sr. No.
Dwarikesh Sugar Industries
BSE Code : 522029 Price : `91.25 BSE Code : 532610 Price : `19.25
139 140
Face Value : `2 Book Value : `11.73 Face Value : `1 Book Value : `20.55
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Standalone Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 408.34 353.95 307.59 258.98 252.28 Net Sales 1,447.43 1,190.40 794.34 1,136.07 927.61
EBITDA 19.81 23.19 10.64 -1.20 19.46 EBITDA 109.99 241.42 77.44 45.96 25.54
Interest 13.13 11.41 3.04 2.82 1.38 Interest 25.31 41.94 51.59 75.21 70.56
Net Profit/Loss 11.96 11.54 3.27 -2.12 16.93 Net Profit/Loss 101.45 158.47 38.97 -16.75 -19.36
Basic EPS (`) 1.84 1.78 0.50 -0.32 2.61 Basic EPS (`) 5.39 76.09 23.88 -10.27 -11.87
Equity 12.99 12.99 12.99 12.99 12.99 Equity 18.83 18.83 16.31 16.31 16.31

Note: Book value is in rupees per share Share price data is of Aug 28, 2018

DSIJ.in OCT 01 - 14, 2018 I DALAL STREET INVESTMENT JOURNAL 53

Financial Snapshot
Thriving
Small Caps
2018

Sr. No.
Shakti Pumps (India) Sr. No.
AVT Natural Products
BSE Code : 531431 Price : `427.40 BSE Code : 519105 Price : `31.55
141 142
Face Value : `10 Book Value : `137.37 Face Value : `1 Book Value : `16.19
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 440.10 424.58 264.23 296.62 292.09 Net Sales 340.91 314.77 274.49 261.34 289.50
EBITDA 63.49 65.16 8.06 37.34 43.34 EBITDA 25.45 35.21 32.04 39.56 67.65
Interest 14.01 16.43 14.32 13.23 12.60 Interest 2.54 0.71 0.52 2.73 1.41
Net Profit/Loss 34.11 20.54 1.07 26.28 24.98 Net Profit/Loss 24.21 22.30 21.63 26.39 42.08
Basic EPS (`) 18.56 11.03 0.63 15.19 16.05 Basic EPS (`) 1.59 1.46 1.42 1.73 2.76
Equity 18.38 18.38 16.74 16.74 15.24 Equity 15.23 15.23 15.23 15.23 15.23

Sr. No.
Rushil Decor Sr. No.
Kamdhenu
BSE Code : 533470 Price : `689.90 BSE Code : 532741 Price : `219.55
143 144
Face Value : `10 Book Value : `91.54 Face Value : `10 Book Value : `47.75
Last Five Year Standalone Financial Results (`/Cr) Last Five Year Standalone Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 346.23 305.95 296.76 275.66 255.67 Net Sales 1,180.49 825.48 841.19 967.99 921.71
EBITDA 48.96 40.87 28.89 21.34 20.33 EBITDA 36.01 27.75 26.38 24.51 20.25
Interest 8.70 10.36 11.61 14.35 15.43 Interest 12.31 13.62 14.46 12.99 11.38
Net Profit/Loss 30.98 24.53 7.15 -0.65 3.02 Net Profit/Loss 15.67 9.83 8.15 8.03 5.95
Basic EPS (`) 21.30 17.04 4.96 -0.44 2.09 Basic EPS (`) 6.70 4.20 3.48 3.43 2.54
Equity 14.72 14.40 14.40 14.40 14.40 Equity 23.40 23.40 23.40 23.40 23.40

Sr. No.
IFB Agro Industries Sr. No.
Pearl Global Industries
BSE Code : 507438 Price : `687.05 BSE Code : 532808 Price : `156.85
145 146
Face Value : `10 Book Value : `364.38 Face Value : `10 Book Value : `187.84
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 902.71 NULL NULL NULL NULL Net Sales 1,543.59 1,524.19 1,393.42 1,023.74 4,698.96
EBITDA 33.64 NULL NULL NULL NULL EBITDA 2.13 35.84 43.72 33.80 30.96
Interest 2.58 NULL NULL NULL NULL Interest 25.53 21.16 20.55 23.49 40.67
Net Profit/Loss 28.63 NULL NULL NULL NULL Net Profit/Loss 24.08 33.51 36.66 25.07 38.64
Basic EPS (`) 30.56 NULL NULL NULL NULL Basic EPS (`) 11.12 15.47 16.92 11.57 17.84
Equity 9.37 NULL NULL NULL NULL Equity 21.66 21.66 21.66 21.66 21.66

Sr. No.
Intrasoft Technologies Sr. No.
Sangam (India)
BSE Code : 533181 Price : `217.45 BSE Code : 514234 Price : `81.80
147 148
Face Value : `10 Book Value : `98.4 Face Value : `10 Book Value : `132.05
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 1,174.98 939.01 717.73 342.91 148.40 Net Sales 1,662.48 1,591.13 NULL NULL NULL
EBITDA 17.08 15.68 7.68 3.50 -5.89 EBITDA 47.61 100.65 NULL NULL NULL
Interest 2.64 3.56 2.37 0.76 0.90 Interest 62.83 63.59 NULL NULL NULL
Net Profit/Loss 13.73 13.80 41.51 5.96 2.06 Net Profit/Loss 28.62 52.69 NULL NULL NULL
Basic EPS (`) 9.32 9.37 28.18 4.05 1.40 Basic EPS (`) 7.26 13.37 NULL NULL NULL
Equity 14.73 14.73 14.73 14.73 14.73 Equity 39.42 39.42 NULL NULL NULL

Sr. No.
PNB Gilts Sr. No.
Ruby Mills
BSE Code : 532366 Price : `33.50 BSE Code : 503169 Price : `324.25
149 150
Face Value : `10 Book Value : `51.97 Face Value : `5 Book Value : `263.62
Last Five Year Standalone Financial Results (`/Cr) Last Five Year Standalone Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 409.94 500.32 343.22 409.80 345.67 Net Sales 207.98 202.16 212.56 197.73 187.63
EBITDA 385.68 482.03 326.89 392.84 332.77 EBITDA 36.76 41.25 46.58 39.09 30.18
Interest 330.72 225.72 275.62 260.51 242.67 Interest 10.51 10.64 13.05 14.90 18.82
Net Profit/Loss 36.58 167.17 34.50 88.27 61.38 Net Profit/Loss 35.16 37.57 40.78 53.94 44.90
Basic EPS (`) 2.03 9.29 1.92 4.90 3.41 Basic EPS (`) 21.03 22.47 24.39 64.53 53.71
Equity 180.01 180.01 180.01 180.01 180.01 Equity 8.36 8.36 8.36 4.18 4.18

Note: Book value is in rupees per share Share price data is of Aug 28, 2018

54 DALAL STREET INVESTMENT JOURNAL I OCT 01 - 14, 2018 DSIJ.in

 Sr. No.
IOL Chemicals and Pharmaceuticals Sr. No.
KDDL
BSE Code : 524164 Price : `123.55 BSE Code : 532054 Price : `456.35
151 152
Face Value : `10 Book Value : `38.62 Face Value : `10 Book Value : `142.7
Last Five Year Standalone Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 985.20 710.65 580.42 384.73 563.50 Net Sales 503.18 458.44 449.78 411.71 334.72
EBITDA 93.75 71.71 21.69 -17.65 64.12 EBITDA 33.51 18.48 18.39 27.31 22.09
Interest 64.35 67.42 61.47 59.11 60.34 Interest 12.03 14.31 15.02 15.34 14.16
Net Profit/Loss 27.70 4.23 -40.03 -66.65 3.30 Net Profit/Loss 18.17 1.85 5.31 8.65 8.52
Basic EPS (`) 4.93 0.75 -7.12 -13.99 1.15 Basic EPS (`) 16.59 1.71 2.86 9.53 7.72
Equity 56.21 56.21 56.21 47.66 28.82 Equity 11.04 10.93 10.17 9.16 9.12

Sr. No.
Manaksia Sr. No.
Plastiblends India
BSE Code : 532932 Price : `47.65 BSE Code : 523648 Price : `252.10
153 154
Face Value : `2 Book Value : `141.99 Face Value : `5 Book Value : `83.61
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Standalone Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 1,082.32 1,040.76 1,099.01 1,127.61 2,031.05 Net Sales 570.21 571.98 518.16 494.35 465.84
EBITDA 47.46 128.06 121.15 137.44 258.87 EBITDA 43.22 53.22 53.06 44.56 42.92
Interest 17.66 16.45 21.21 28.48 55.24 Interest 7.61 7.98 3.55 3.60 5.79
Net Profit/Loss 94.87 101.05 93.24 103.43 186.41 Net Profit/Loss 27.32 33.03 37.67 30.05 27.24
Basic EPS (`) 14.66 15.42 14.23 15.78 28.45 Basic EPS (`) 12.08 25.42 28.99 23.13 20.96
Equity 13.11 13.11 13.11 13.11 13.11 Equity 12.99 6.50 6.50 6.50 6.50

Sr. No.
Indraprastha Medical Corporation Sr. No.
Tamilnadu Petroproducts
BSE Code : 532150 Price : `46.20 BSE Code : 500777 Price : `41.35
155 156
Face Value : `10 Book Value : `27.48 Face Value : `10 Book Value : `40.22
Last Five Year Standalone Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 749.96 765.72 755.45 713.39 677.58 Net Sales 1,058.22 1,010.54 700.63 949.87 1,051.82
EBITDA 41.31 47.13 44.05 56.68 62.69 EBITDA 65.27 169.59 -13.38 -47.07 -32.48
Interest 8.90 7.91 7.42 8.11 9.55 Interest 10.21 34.35 14.76 19.59 32.28
Net Profit/Loss 21.10 26.25 24.43 32.49 35.44 Net Profit/Loss 48.32 13.44 36.90 -42.63 -35.13
Basic EPS (`) 2.30 2.86 2.67 3.54 3.87 Basic EPS (`) 5.37 1.49 4.10 -4.74 -3.90
Equity 91.67 91.67 91.67 91.67 91.67 Equity 89.97 89.97 89.97 89.97 89.97

Sr. No.
SPML Infra Sr. No.
Gallantt Metal
BSE Code : 500402 Price : `65.20 BSE Code : 532726 Price : `55.25
157 158
Face Value : `2 Book Value : `138.34 Face Value : `10 Book Value : `58.2
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 2,110.19 2,219.61 2,035.39 1,823.76 1,502.14 Net Sales 828.84 616.73 669.97 720.33 NULL
EBITDA 198.85 116.08 170.81 125.27 72.74 EBITDA 75.90 35.49 47.33 46.76 NULL
Interest 213.57 290.31 225.18 197.60 167.55 Interest 6.56 6.28 7.04 11.70 NULL
Net Profit/Loss 50.40 7.34 -5.98 0.95 -12.48 Net Profit/Loss 64.59 38.47 45.74 33.95 NULL
Basic EPS (`) 14.43 2.00 -1.63 0.25 -3.40 Basic EPS (`) 7.94 4.73 5.63 4.17 NULL
Equity 8.19 8.19 8.19 8.19 8.19 Equity 81.32 81.32 81.32 81.32 NULL

Sr. No.
OM Metals Infraprojects Sr. No.
Ador Welding
BSE Code : 531092 Price : `36.50 BSE Code : 517041 Price : `348.25
159 160
Face Value : `1 Book Value : `63 Face Value : `10 Book Value : `186.47
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 317.08 279.09 238.66 335.29 416.84 Net Sales 467.91 481.75 408.33 386.06 371.83
EBITDA 58.12 64.29 60.94 48.19 58.85 EBITDA 23.84 58.13 29.12 16.39 15.05
Interest 19.55 37.56 34.72 24.46 16.46 Interest 5.32 1.06 0.87 1.15 2.09
Net Profit/Loss 41.06 11.05 29.20 28.15 32.68 Net Profit/Loss 18.41 17.85 22.39 31.86 -5.11
Basic EPS (`) 4.72 1.11 3.03 2.92 3.39 Basic EPS (`) 13.54 13.13 16.47 23.43 -3.76
Equity 9.63 9.63 9.63 9.63 9.63 Equity 13.60 13.60 13.60 13.60 13.60

Note: Book value is in rupees per share Share price data is of Aug 28, 2018

DSIJ.in OCT 01 - 14, 2018 I DALAL STREET INVESTMENT JOURNAL 55

Financial Snapshot
Thriving
Small Caps
2018

Sr. No.
Aptech Sr. No.
VLS Finance
BSE Code : 532475 Price : `232.80 BSE Code : 511333 Price : `78.70
161 162
Face Value : `10 Book Value : `71.67 Face Value : `10 Book Value : `79.48
Last Five Year Standalone Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 159.14 123.23 90.85 100.42 NULL Net Sales 2,168.11 2,693.57 1,914.94 4,624.66 3,817.21
EBITDA 2.98 7.44 9.88 15.47 NULL EBITDA 29.73 62.47 6.88 7.65 4.42
Interest 0.06 0.04 0.27 0.37 NULL Interest 0.01 0.28 1.96 0.23 0.02
Net Profit/Loss 19.06 9.44 10.19 16.49 NULL Net Profit/Loss 25.16 44.19 8.84 7.12 3.71
Basic EPS (`) 4.78 2.37 2.55 4.13 NULL Basic EPS (`) 6.51 11.43 2.29 1.84 0.96
Equity 39.89 39.89 39.89 39.89 NULL Equity 38.78 38.78 38.78 38.78 38.78

Sr. No.
Indo National Sr. No.
Gandhi Special Tubes
BSE Code : 504058 Price : `849.25 BSE Code : 513108 Price : `402.00
163 164
Face Value : `10 Book Value : `596.97 Face Value : `5 Book Value : `153.64
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Standalone Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 409.43 377.67 361.91 NULL NULL Net Sales 122.18 97.57 91.17 91.90 83.53
EBITDA 33.03 22.69 16.56 NULL NULL EBITDA 37.23 28.49 22.21 18.37 21.22
Interest 4.95 4.94 6.41 NULL NULL Interest - - - - -
Net Profit/Loss 22.34 20.24 14.17 NULL NULL Net Profit/Loss 33.57 29.74 18.55 15.80 17.31
Basic EPS (`) 59.71 53.96 37.79 NULL NULL Basic EPS (`) 22.85 20.23 12.62 10.75 11.78
Equity 3.75 3.75 3.75 NULL NULL Equity 6.91 7.35 7.35 7.35 7.35

Sr. No.
Elecon Engineering Company Sr. No.
Andhra Petrochemicals
BSE Code : 505700 Price : `64.55 BSE Code : 500012 Price : `78.45
165 166
Face Value : `2 Book Value : `63.93 Face Value : `10 Book Value : `18.83
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Standalone Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 1,185.70 1,201.53 1,280.36 1,328.89 1,292.92 Net Sales 520.62 370.43 335.66 140.26 259.29
EBITDA 63.00 110.79 101.68 98.18 156.65 EBITDA 56.70 3.77 -21.56 -38.96 -28.85
Interest 65.56 79.57 74.72 80.87 79.70 Interest 11.87 15.58 13.66 9.70 6.50
Net Profit/Loss 7.49 10.75 37.37 16.34 13.73 Net Profit/Loss 46.50 -7.36 -24.08 -44.52 -25.67
Basic EPS (`) 0.67 0.95 3.43 1.50 1.16 Basic EPS (`) 5.47 -0.86 -2.83 -5.24 -3.02
Equity 22.44 22.44 21.79 21.79 21.79 Equity 84.97 84.97 84.97 84.97 84.97

Sr. No.
Bhartiya International Sr. No.
AK Capital Services
BSE Code : 526666 Price : `382.10 BSE Code : 530499 Price : `422.30
167 168
Face Value : `10 Book Value : `205.13 Face Value : `10 Book Value : `882.12
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 717.77 645.90 625.45 558.13 414.41 Net Sales 331.76 335.19 241.58 251.12 241.87
EBITDA 39.34 41.22 44.43 43.35 33.12 EBITDA 226.53 191.97 136.47 132.39 105.99
Interest 19.56 13.76 16.29 17.15 15.67 Interest 137.95 106.50 81.04 76.84 56.02
Net Profit/Loss 17.47 21.28 24.71 21.00 14.52 Net Profit/Loss 61.34 57.43 41.55 41.14 35.19
Basic EPS (`) 14.42 18.12 21.10 18.73 13.12 Basic EPS (`) 92.93 87.01 62.95 62.34 53.32
Equity 12.18 11.74 11.71 11.21 11.06 Equity 6.60 6.60 6.60 6.60 6.60

Sr. No.
Chembond Chemicals Sr. No.
SMS Pharmaceuticals
BSE Code : 530871 Price : `398.25 BSE Code : 532815 Price : `73.85
169 170
Face Value : `5 Book Value : `176.54 Face Value : `1 Book Value : `43.28
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 338.11 280.52 271.05 300.23 274.46 Net Sales 465.06 653.73 603.19 NULL NULL
EBITDA 18.44 10.89 7.74 22.31 18.01 EBITDA 73.44 78.02 69.76 NULL NULL
Interest 1.18 1.02 1.81 3.61 4.03 Interest 15.48 21.48 17.10 NULL NULL
Net Profit/Loss 21.97 7.76 153.65 12.38 7.76 Net Profit/Loss 31.75 41.04 40.89 NULL NULL
Basic EPS (`) 17.57 5.77 229.44 18.59 11.65 Basic EPS (`) 3.75 4.85 4.83 NULL NULL
Equity 6.72 6.72 6.70 6.66 6.66 Equity 8.47 8.47 8.47 NULL NULL

Note: Book value is in rupees per share Share price data is of Aug 28, 2018

56 DALAL STREET INVESTMENT JOURNAL I OCT 01 - 14, 2018 DSIJ.in

 Sr. No.
Pricol Sr. No.
AksharChem (India)
BSE Code : 540293 Price : `64.60 BSE Code : 524598 Price : `495.65
171 172
Face Value : `1 Book Value : `71.07 Face Value : `10 Book Value : `201.59
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Standalone Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 1,716.25 1,473.24 1,447.86 1,143.32 NULL Net Sales 271.32 259.65 187.83 199.82 144.87
EBITDA -4.20 34.02 41.07 -58.81 NULL EBITDA 37.07 74.80 28.11 23.30 31.52
Interest 30.18 17.66 20.35 13.44 NULL Interest 1.49 3.02 3.35 3.25 1.09
Net Profit/Loss -48.95 7.39 1.27 -36.01 NULL Net Profit/Loss 30.62 51.92 16.64 16.00 20.04
Basic EPS (`) -5.16 0.77 0.13 -3.80 NULL Basic EPS (`) 37.33 71.00 22.75 21.88 40.47
Equity 9.48 9.48 9.48 9.48 NULL Equity 8.20 7.31 7.31 7.31 4.95

Sr. No.
Lincoln Pharmaceuticals Sr. No.
Vikas Ecotech
BSE Code : 531633 Price : `263.20 BSE Code : 530961 Price : `20.50
173 174
Face Value : `10 Book Value : `112.63 Face Value : `1 Book Value : `5.71
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Standalone Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 366.07 360.64 400.15 266.07 211.27 Net Sales 366.16 371.36 307.15 211.02 169.68
EBITDA 46.20 40.94 35.67 21.04 17.33 EBITDA 53.09 63.32 45.60 13.23 8.26
Interest 5.41 6.99 9.96 8.38 6.97 Interest 14.43 13.01 11.34 10.71 6.42
Net Profit/Loss 34.65 27.06 23.68 15.01 10.65 Net Profit/Loss 28.61 23.17 25.53 3.79 3.32
Basic EPS (`) 17.32 13.53 14.52 9.20 6.53 Basic EPS (`) 1.02 0.82 1.00 0.14 0.32
Equity 20.00 20.00 16.31 16.31 16.31 Equity 27.99 27.99 25.42 25.42 10.17

Sr. No.
Shree Pushkar Chemicals & Fertilisers Sr. No.
Trigyn Technologies
BSE Code : 539334 Price : `210.20 BSE Code : 517562 Price : `118.75
175 176
Face Value : `10 Book Value : `73.98 Face Value : `10 Book Value : `122.12
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 397.08 NULL NULL NULL NULL Net Sales 685.03 679.15 624.54 492.89 451.71
EBITDA 53.27 NULL NULL NULL NULL EBITDA 60.14 66.61 60.99 35.68 42.10
Interest 2.86 NULL NULL NULL NULL Interest 0.80 0.92 1.30 0.70 0.72
Net Profit/Loss 36.55 NULL NULL NULL NULL Net Profit/Loss 39.47 39.04 38.35 24.48 80.74
Basic EPS (`) 12.09 NULL NULL NULL NULL Basic EPS (`) 13.22 13.13 13.03 8.32 27.49
Equity 30.22 NULL NULL NULL NULL Equity 29.90 29.74 29.45 29.42 29.37

Sr. No.
Setco Automotive Sr. No.
Marathon Nextgen Realty
BSE Code : 505075 Price : `51.65 BSE Code : 503101 Price : `161.10
177 178
Face Value : `2 Book Value : `13.36 Face Value : `5 Book Value : `154.19
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 598.08 569.64 563.68 524.24 389.92 Net Sales 69.93 193.14 197.28 NULL NULL
EBITDA 38.16 30.63 55.44 47.97 24.15 EBITDA -13.69 56.69 60.00 NULL NULL
Interest 50.41 52.17 33.39 26.32 23.37 Interest 4.56 0.30 0.01 NULL NULL
Net Profit/Loss 3.76 -7.84 23.20 20.67 18.23 Net Profit/Loss 38.75 84.14 83.36 NULL NULL
Basic EPS (`) -0.07 -0.58 1.74 7.74 6.83 Basic EPS (`) 15.85 29.59 29.31 NULL NULL
Equity 26.72 26.72 26.72 26.72 26.68 Equity 23.00 28.44 28.44 NULL NULL

Sr. No.
Vardhman Special Steels Sr. No.
Lycos Internet
BSE Code : 534392 Price : `131.40 BSE Code : 532368 Price : `3.82
179 180
Face Value : `10 Book Value : `67.67 Face Value : `2 Book Value : `59.12
Last Five Year Standalone Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 865.06 673.81 652.74 661.60 563.96 Net Sales 2,420.28 2,451.32 2,255.90 1,957.00 1,673.37
EBITDA 40.42 41.77 24.58 -2.30 -17.03 EBITDA 605.60 633.57 610.01 530.34 298.32
Interest 21.43 28.28 23.02 20.21 11.90 Interest 14.80 15.24 15.90 22.52 26.94
Net Profit/Loss 25.03 19.14 4.22 -15.13 -9.42 Net Profit/Loss 407.01 429.25 399.51 342.22 220.96
Basic EPS (`) 7.91 10.31 2.27 -8.15 -5.07 Basic EPS (`) 8.55 9.01 8.39 7.19 4.64
Equity 35.70 18.56 18.56 18.56 18.56 Equity 95.25 95.25 95.25 95.25 95.25

Note: Book value is in rupees per share Share price data is of Aug 28, 2018

DSIJ.in OCT 01 - 14, 2018 I DALAL STREET INVESTMENT JOURNAL 57

Financial Snapshot
Thriving
Small Caps
2018

Sr. No.
Cerebra Integrated Technologies Sr. No.
Punjab Chemicals and Crop Protection
BSE Code : 532413 Price : `48.35 BSE Code : 506618 Price : `683.30
181 182
Face Value : `10 Book Value : `18.45 Face Value : `10 Book Value : `48.08
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 316.07 250.48 238.05 267.48 130.47 Net Sales 504.25 524.91 538.02 564.90 514.42
EBITDA 41.78 13.04 1.61 5.51 2.43 EBITDA 27.68 3.49 23.94 28.22 24.45
Interest 1.71 1.47 2.53 3.09 1.18 Interest 17.68 27.01 49.66 34.72 34.65
Net Profit/Loss 32.40 11.25 1.65 1.88 1.43 Net Profit/Loss 17.18 -15.70 13.28 14.20 0.96
Basic EPS (`) 2.75 1.04 0.17 0.22 0.29 Basic EPS (`) 14.00 -12.80 10.83 11.58 0.78
Equity 120.40 108.50 96.42 84.34 48.10 Equity 12.26 12.26 12.26 12.26 12.26

Sr. No.
Menon Bearings Sr. No.
Compuage Infocom
BSE Code : 523828 Price : `91.35 BSE Code : 532456 Price : `33.70
183 184
Face Value : `1 Book Value : `13.75 Face Value : `2 Book Value : `23.14
Last Five Year Standalone Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 145.67 123.63 111.38 103.21 86.80 Net Sales 4,089.40 3,551.33 3,107.30 2,378.83 2,348.52
EBITDA 33.15 28.12 24.43 18.32 10.62 EBITDA 66.20 53.45 46.86 40.45 36.96
Interest 1.93 1.17 1.63 2.39 2.24 Interest 49.50 44.91 34.29 32.60 32.63
Net Profit/Loss 21.07 19.10 14.89 11.54 6.18 Net Profit/Loss 20.29 17.63 14.91 12.10 11.72
Basic EPS (`) 3.76 3.41 3.19 12.36 6.61 Basic EPS (`) 3.45 3.00 12.69 18.19 17.61
Equity 5.60 5.60 4.67 4.67 4.67 Equity 11.75 11.75 11.75 6.66 6.66

Sr. No.
Indsil Hydro Power and Manganese Sr. No.
Vadilal Industries
BSE Code : 522165 Price : `89.95 BSE Code : 519156 Price : `558.05
185 186
Face Value : `10 Book Value : `39.97 Face Value : `10 Book Value : `141.74
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 751.40 224.41 172.10 230.63 150.08 Net Sales 553.67 478.05 449.74 406.30 367.31
EBITDA 74.64 8.53 1.87 3.92 2.94 EBITDA 34.91 42.16 44.83 26.32 27.22
Interest 30.29 10.89 9.43 10.70 7.30 Interest 15.31 15.49 21.45 25.73 25.25
Net Profit/Loss 27.45 1.50 0.66 6.59 5.08 Net Profit/Loss 15.66 18.66 14.76 2.44 2.30
Basic EPS (`) 17.28 0.94 0.41 4.15 3.20 Basic EPS (`) 21.79 25.96 20.54 3.39 3.20
Equity 15.89 15.89 15.89 15.89 15.89 Equity 7.19 7.19 7.19 7.19 7.19

Sr. No.
Sarla Performance Fibers Sr. No.
Orient Bell
BSE Code : 526885 Price : `38.70 BSE Code : 530365 Price : `214.05
187 188
Face Value : `1 Book Value : `38.05 Face Value : `10 Book Value : `125.23
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 320.49 304.78 297.65 312.06 261.82 Net Sales 650.19 NULL NULL NULL 584.67
EBITDA 34.67 33.03 44.22 35.13 35.73 EBITDA 31.96 NULL NULL NULL 27.36
Interest 7.44 7.13 6.48 6.44 4.38 Interest 7.28 NULL NULL NULL 24.23
Net Profit/Loss 24.03 41.08 45.04 27.94 32.14 Net Profit/Loss 40.04 NULL NULL NULL 2.03
Basic EPS (`) 2.88 4.92 5.39 33.46 46.25 Basic EPS (`) 28.73 NULL NULL NULL 1.50
Equity 8.35 8.35 8.35 8.35 6.95 Equity 14.23 NULL NULL NULL 13.57

Sr. No.
Summit Securities Sr. No.
Indian Terrain Fashions
BSE Code : 533306 Price : `801.95 BSE Code : 533329 Price : `131.75
189 190
Face Value : `10 Book Value : `596.34 Face Value : `2 Book Value : `57.04
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Standalone Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 141.48 5.41 53.42 25.97 NULL Net Sales 403.95 399.76 325.01 290.41 232.06
EBITDA 138.10 2.89 50.66 24.41 NULL EBITDA 43.64 43.98 38.79 30.60 21.72
Interest - - - - NULL Interest 7.04 8.89 6.94 8.63 9.50
Net Profit/Loss 121.29 6.92 50.07 24.65 NULL Net Profit/Loss 25.44 27.59 33.02 17.97 9.88
Basic EPS (`) 111.26 6.35 45.93 22.61 NULL Basic EPS (`) 6.71 7.27 8.99 25.01 17.36
Equity 10.90 10.90 10.90 10.90 NULL Equity 7.59 7.59 7.34 7.19 5.69

Note: Book value is in rupees per share Share price data is of Aug 28, 2018

58 DALAL STREET INVESTMENT JOURNAL I OCT 01 - 14, 2018 DSIJ.in

 Sr. No.
Aksh Optifibre Sr. No.
Anjani Portland Cement
BSE Code : 532351 Price : `30.70 BSE Code : 518091 Price : `151.00
191 192
Face Value : `5 Book Value : `30.09 Face Value : `10 Book Value : `90.04
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Standalone Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 620.67 489.88 448.79 356.05 238.74 Net Sales 361.31 309.69 273.19 259.67 280.63
EBITDA 50.61 25.22 45.29 31.88 19.49 EBITDA 40.69 65.11 59.17 40.64 6.18
Interest 19.44 10.05 11.56 11.22 7.09 Interest 6.25 9.44 15.84 27.80 35.38
Net Profit/Loss 20.84 11.11 25.60 25.33 21.67 Net Profit/Loss 23.44 44.88 19.79 16.71 -19.35
Basic EPS (`) 1.28 0.68 1.57 1.67 1.46 Basic EPS (`) 9.31 17.74 10.76 9.09 -10.52
Equity 81.35 81.33 103.48 97.92 96.43 Equity 25.29 25.29 18.39 18.39 18.39

Sr. No.
TGV SRAAC Sr. No.
Deep Industries
BSE Code : 507753 Price : `34.25 BSE Code : 532760 Price : `122.70
193 194
Face Value : `10 Book Value : `40.36 Face Value : `10 Book Value : `144.01
Last Five Year Standalone Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 1,053.10 906.92 816.40 776.66 769.03 Net Sales 319.66 277.38 169.15 101.26 90.78
EBITDA 118.34 83.65 71.40 65.12 57.59 EBITDA 123.29 122.09 76.22 43.20 40.06
Interest 51.76 49.78 38.10 33.40 34.21 Interest 11.58 22.21 15.03 10.77 8.54
Net Profit/Loss 29.60 19.44 24.42 22.15 4.77 Net Profit/Loss 77.49 74.02 40.95 21.23 19.99
Basic EPS (`) 3.27 2.23 2.94 2.81 0.63 Basic EPS (`) 24.22 23.13 22.83 7.27 7.62
Equity 91.86 87.27 82.91 78.76 74.83 Equity 32.00 32.00 17.94 29.20 26.25

Sr. No.
Gulshan Polyols Sr. No.
Mangalam Cement
BSE Code : 532457 Price : `58.90 BSE Code : 502157 Price : `250.50
195 196
Face Value : `1 Book Value : `58.62 Face Value : `10 Book Value : `193.82
Last Five Year Standalone Financial Results (`/Cr) Last Five Year Standalone Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 616.99 503.81 441.15 402.16 325.22 Net Sales 1,110.30 908.57 841.76 921.85 697.31
EBITDA 32.51 32.59 37.04 31.48 33.06 EBITDA 42.07 81.10 8.03 56.82 28.01
Interest 10.81 5.19 3.85 2.64 3.55 Interest 47.27 47.49 45.94 38.33 8.71
Net Profit/Loss 18.24 27.91 30.49 25.48 27.12 Net Profit/Loss 11.38 36.63 -21.46 17.92 29.61
Basic EPS (`) 3.89 5.77 32.04 27.76 30.97 Basic EPS (`) 4.26 13.72 -8.04 6.71 11.09
Equity 4.69 4.69 4.63 4.44 4.22 Equity 26.69 26.69 26.69 26.69 26.69

Sr. No.
Ruchira Papers Sr. No.
Associated Alcohols & Breweries
BSE Code : 532785 Price : `135.30 BSE Code : 507526 Price : `323.15
197 198
Face Value : `10 Book Value : `85.08 Face Value : `10 Book Value : `68.29
Last Five Year Standalone Financial Results (`/Cr) Last Five Year Standalone Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 451.35 417.38 362.58 346.56 320.13 Net Sales 328.31 296.47 287.52 298.49 213.17
EBITDA 62.21 52.68 37.98 29.60 37.11 EBITDA 40.18 30.05 27.73 20.86 11.65
Interest 7.72 7.92 7.40 10.45 13.54 Interest 3.83 4.04 5.19 6.54 7.02
Net Profit/Loss 38.02 32.05 19.47 12.83 15.28 Net Profit/Loss 25.19 17.38 14.29 12.34 5.84
Basic EPS (`) 17.05 14.29 8.68 5.72 6.82 Basic EPS (`) 13.93 9.61 7.90 13.65 6.47
Equity 22.42 22.42 22.42 22.42 22.42 Equity 18.08 18.08 18.08 9.04 9.04

Sr. No.
Star Paper Mills Sr. No.
Pondy Oxides & Chemicals
BSE Code : 516022 Price : `182.75 BSE Code : 532626 Price : `356.25
199 200
Face Value : `10 Book Value : `113.89 Face Value : `10 Book Value : `170.76
Last Five Year Standalone Financial Results (`/Cr) Last Five Year Standalone Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 351.62 324.12 272.45 271.30 275.01 Net Sales 942.39 759.07 464.67 372.96 448.24
EBITDA 68.21 66.85 22.37 10.98 -19.17 EBITDA 52.58 50.06 22.50 14.62 11.20
Interest 1.05 1.27 2.55 4.41 4.57 Interest 11.24 9.69 7.58 6.99 8.32
Net Profit/Loss 54.26 59.94 16.50 15.54 -22.08 Net Profit/Loss 29.18 27.92 10.13 6.71 2.81
Basic EPS (`) 34.76 38.40 10.57 9.96 -14.15 Basic EPS (`) 52.33 50.08 18.16 12.03 2.52
Equity 15.61 15.61 15.61 15.61 15.61 Equity 5.58 5.58 5.58 5.58 11.15

Note: Book value is in rupees per share Share price data is of Aug 28, 2018

DSIJ.in OCT 01 - 14, 2018 I DALAL STREET INVESTMENT JOURNAL 59

Financial Snapshot
Thriving
Small Caps
2018

Sr. No.
RPG Life Sciences Sr. No.
Kokuyo Camlin
BSE Code : 532983 Price : `289.75 BSE Code : 523207 Price : `144.60
201 202
Face Value : `8 Book Value : `93.57 Face Value : `1 Book Value : `23.76
Last Five Year Standalone Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 343.95 293.64 279.32 242.27 235.33 Net Sales 632.48 663.15 614.19 543.88 470.35
EBITDA 23.18 16.46 13.33 2.81 0.85 EBITDA 24.50 44.43 12.67 6.39 -6.24
Interest 3.80 2.53 2.49 2.72 2.60 Interest 9.61 11.75 10.73 9.77 8.77
Net Profit/Loss 13.45 21.01 11.62 1.00 53.40 Net Profit/Loss 9.81 1.51 5.24 5.03 -7.78
Basic EPS (`) 8.13 12.70 7.03 0.60 32.29 Basic EPS (`) 0.98 0.15 0.52 0.50 -0.77
Equity 13.23 13.23 13.23 13.23 13.23 Equity 10.03 10.03 10.03 10.03 10.03

Sr. No.
GP Petroleums Sr. No.
NACL Industries
BSE Code : 532543 Price : `87.50 BSE Code : 524709 Price : `36.75
203 204
Face Value : `5 Book Value : `33.17 Face Value : `1 Book Value : `15.29
Last Five Year Standalone Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 560.52 479.94 422.50 407.28 403.59 Net Sales 865.76 835.34 691.71 745.51 635.85
EBITDA 31.41 27.03 25.09 11.42 13.32 EBITDA 28.85 128.39 29.18 19.38 7.16
Interest 6.53 8.06 4.97 9.63 14.06 Interest 33.42 37.87 37.03 34.92 28.00
Net Profit/Loss 16.36 20.23 13.59 5.03 1.04 Net Profit/Loss 11.57 32.66 9.74 8.35 -20.52
Basic EPS (`) 3.21 3.97 2.67 0.98 0.20 Basic EPS (`) 0.74 2.09 0.62 0.53 -
Equity 25.49 25.49 25.49 25.49 25.49 Equity 15.63 15.61 15.59 15.59 15.59

Sr. No.
CMI Sr. No.
Kkalpana lndustries (India)
BSE Code : 517330 Price : `179.95 BSE Code : 526409 Price : `29.60
205 206
Face Value : `10 Book Value : `153.47 Face Value : `2 Book Value : `30.98
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 563.02 377.87 240.22 135.76 NULL Net Sales 1,729.65 1,943.97 1,857.71 NULL NULL
EBITDA 65.38 38.40 30.92 13.51 NULL EBITDA 82.50 68.46 75.89 NULL NULL
Interest 28.96 20.57 9.22 5.90 NULL Interest 57.68 44.39 51.05 NULL NULL
Net Profit/Loss 25.81 30.07 105.98 6.30 NULL Net Profit/Loss 20.44 25.71 11.39 NULL NULL
Basic EPS (`) 17.17 20.35 75.28 5.50 NULL Basic EPS (`) 2.17 2.73 1.21 NULL NULL
Equity 15.03 14.78 14.08 11.46 NULL Equity 18.81 18.81 18.81 NULL NULL

Sr. No.
Kanoria Chemicals & Industries Sr. No.
Sree Rayalaseema Hi-Strength Hypo
BSE Code : 506525 Price : `71.15 BSE Code : 532842 Price : `144.25
207 208
Face Value : `5 Book Value : `137.35 Face Value : `10 Book Value : `152.3
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Standalone Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 882.17 702.03 565.13 530.94 541.38 Net Sales 558.93 366.48 363.46 392.37 296.70
EBITDA -11.99 -18.89 -4.29 -5.29 16.52 EBITDA 25.07 23.18 32.66 28.78 13.92
Interest 23.79 20.19 13.95 8.63 16.83 Interest 7.00 6.32 9.35 11.61 9.24
Net Profit/Loss 14.05 -14.78 -7.19 12.31 33.71 Net Profit/Loss 36.61 18.36 18.72 19.37 7.44
Basic EPS (`) 3.22 -3.38 -1.65 2.82 7.71 Basic EPS (`) 22.45 11.85 12.72 13.16 5.05
Equity 21.85 21.85 21.85 21.85 21.85 Equity 16.31 15.49 14.72 14.72 14.72

Sr. No.
Riddhi Siddhi Gluco Biols Sr. No.
OnMobile Global
BSE Code : 524480 Price : `569.05 BSE Code : 532944 Price : `41.95
209 210
Face Value : `10 Book Value : `2115.8 Face Value : `10 Book Value : `54.57
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 880.42 508.08 342.00 NULL NULL Net Sales 647.89 720.24 815.74 847.05 865.31
EBITDA -44.71 -81.94 -41.76 NULL NULL EBITDA 17.03 44.58 -2.01 -21.05 -6.05
Interest 61.87 50.04 32.99 NULL NULL Interest 0.11 0.78 1.78 2.66 3.70
Net Profit/Loss 18.96 -42.79 40.16 NULL NULL Net Profit/Loss 11.35 14.09 -27.68 -32.32 -131.95
Basic EPS (`) 26.59 -59.96 56.27 NULL NULL Basic EPS (`) 1.08 1.35 -2.56 -2.96 -11.55
Equity 7.13 7.13 7.13 NULL NULL Equity 105.57 104.35 108.11 109.22 114.24

Note: Book value is in rupees per share Share price data is of Aug 28, 2018

60 DALAL STREET INVESTMENT JOURNAL I OCT 01 - 14, 2018 DSIJ.in

 Sr. No.
Competent Automobiles Co Sr. No.
Neuland Laboratories
BSE Code : 531041 Price : `254.65 BSE Code : 524558 Price : `724.00
211 212
Face Value : `10 Book Value : `320.3 Face Value : `10 Book Value : `195.04
Last Five Year Standalone Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 1,356.48 1,242.98 1,043.36 924.34 808.18 Net Sales 531.94 578.89 509.97 464.70 465.69
EBITDA 27.96 29.39 24.50 19.73 16.84 EBITDA 28.33 87.10 64.70 46.85 54.76
Interest 8.86 8.91 6.62 4.92 4.61 Interest 18.93 21.09 24.48 27.36 23.65
Net Profit/Loss 82.12 12.12 12.83 11.61 9.18 Net Profit/Loss 12.06 46.86 27.32 15.95 26.81
Basic EPS (`) 133.61 19.72 20.87 18.89 14.93 Basic EPS (`) 10.81 52.75 30.76 17.95 35.02
Equity 6.15 6.28 6.28 6.28 6.28 Equity 8.95 8.95 8.95 8.95 7.73

Sr. No.
Pokarna Sr. No.
Nath Bio-Genes (India)
BSE Code : 532486 Price : `149.40 BSE Code : 537291 Price : `479.45
213 214
Face Value : `2 Book Value : `66.57 Face Value : `10 Book Value : `89.46
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Standalone Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 333.89 376.80 394.32 326.36 230.63 Net Sales 192.59 169.73 162.11 185.33 189.42
EBITDA 77.29 111.68 114.88 60.50 25.97 EBITDA 40.36 25.82 20.62 30.30 28.69
Interest 27.87 32.93 36.79 32.23 31.77 Interest 10.31 9.66 6.23 4.59 3.76
Net Profit/Loss 42.14 69.70 51.21 31.36 11.68 Net Profit/Loss 29.42 16.28 14.17 25.40 24.30
Basic EPS (`) 14.98 112.40 82.58 50.58 18.83 Basic EPS (`) 15.48 10.17 8.85 15.87 15.19
Equity 6.20 6.20 6.20 6.20 6.20 Equity 19.00 16.00 16.00 16.00 16.00

Sr. No.
Gufic BioSciences Sr. No.
Vimta Labs
BSE Code : 509079 Price : `126.80 BSE Code : 524394 Price : `280.20
215 216
Face Value : `1 Book Value : `7.88 Face Value : `2 Book Value : `69.02
Last Five Year Standalone Financial Results (`/Cr) Last Five Year Standalone Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 303.91 249.27 202.20 151.55 123.01 Net Sales 182.29 153.36 124.71 107.27 118.32
EBITDA 33.88 23.30 15.90 10.42 9.56 EBITDA 29.57 16.84 8.61 6.31 16.57
Interest 8.87 6.25 5.37 4.46 3.92 Interest 5.20 2.09 1.30 0.72 2.34
Net Profit/Loss 16.02 11.41 7.32 4.16 4.26 Net Profit/Loss 16.43 10.04 6.43 5.06 13.24
Basic EPS (`) 2.07 1.48 0.94 0.53 0.55 Basic EPS (`) 7.43 4.54 2.91 2.29 5.99
Equity 7.74 7.74 7.74 7.74 7.74 Equity 4.42 4.42 4.42 4.42 4.42

Sr. No.
Salasar Techno Engineering Sr. No.
Ind-Swift Laboratories
BSE Code : 540642 Price : `300.50 BSE Code : 532305 Price : `85.25
217 218
Face Value : `10 Book Value : `96.94 Face Value : `10 Book Value : `56.15
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 495.98 384.29 310.01 330.11 292.37 Net Sales 783.86 697.42 653.25 660.45 965.08
EBITDA 50.15 37.28 25.84 21.96 20.79 EBITDA 47.06 17.65 24.25 4.47 -6.84
Interest 8.42 7.27 8.75 10.03 11.07 Interest 28.21 88.37 106.42 117.30 116.66
Net Profit/Loss 29.63 20.74 11.04 6.27 5.87 Net Profit/Loss 21.92 -39.16 -58.69 -119.36 -122.01
Basic EPS (`) 24.21 20.84 22.17 12.59 12.05 Basic EPS (`) 4.86 -8.07 -14.33 -29.14 -29.79
Equity 13.29 9.96 4.98 4.98 4.88 Equity 45.28 45.46 41.68 40.96 40.96

Sr. No.
RCI Industries & Technologies Sr. No.
Talbros Automotive Components
BSE Code : 537254 Price : `100.65 BSE Code : 505160 Price : `290.70
219 220
Face Value : `10 Book Value : `134.14 Face Value : `10 Book Value : `133.09
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 2,044.03 1,734.83 1,270.19 982.57 427.79 Net Sales 399.27 428.13 391.85 390.42 365.97
EBITDA 52.81 49.91 27.95 14.50 5.69 EBITDA 26.62 28.72 27.76 28.73 25.14
Interest 19.11 12.87 12.19 7.98 3.99 Interest 13.94 16.66 17.69 18.67 19.03
Net Profit/Loss 32.80 35.83 14.93 6.18 1.73 Net Profit/Loss 22.90 15.72 9.71 14.12 19.31
Basic EPS (`) 24.41 26.67 13.70 5.67 1.58 Basic EPS (`) 18.55 12.74 7.87 11.44 15.64
Equity 13.44 13.44 10.90 10.90 10.90 Equity 12.35 12.35 12.35 12.35 12.35

Note: Book value is in rupees per share Share price data is of Aug 28, 2018

DSIJ.in OCT 01 - 14, 2018 I DALAL STREET INVESTMENT JOURNAL 61

Financial Snapshot
Thriving
Small Caps
2018

Sr. No.
Titagarh Wagons Sr. No.
Yuken India
BSE Code : 532966 Price : `89.60 BSE Code : 522108 Price : `3605.05
221 222
Face Value : `2 Book Value : `76.83 Face Value : `10 Book Value : `188.42
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 1,298.07 1,739.19 974.79 761.12 624.12 Net Sales 270.60 209.91 199.03 186.29 166.36
EBITDA -147.58 82.14 0.10 14.25 -13.36 EBITDA 17.10 -0.61 2.95 2.87 3.96
Interest 44.06 31.31 17.29 8.13 13.63 Interest 8.14 6.13 5.43 4.58 4.18
Net Profit/Loss -143.62 27.43 -19.52 -3.31 -8.93 Net Profit/Loss 7.11 -5.02 -2.00 0.17 0.84
Basic EPS (`) -12.44 2.38 -1.69 -1.65 -4.45 Basic EPS (`) 23.69 -16.74 -6.68 0.56 2.81
Equity 23.10 23.08 23.08 20.06 20.06 Equity 3.00 3.00 3.00 3.00 3.00

Sr. No.
Allsec Technologies Sr. No.
Talwalkars Lifestyles
BSE Code : 532633 Price : `236.15 BSE Code : 541545 Price : `163.80
223 224
Face Value : `10 Book Value : `137.55 Face Value : `10 Book Value : `10
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 332.34 318.12 233.38 150.86 200.00 Net Sales 259.17 NULL NULL NULL NULL
EBITDA 56.54 57.18 26.34 -20.15 -37.00 EBITDA 108.97 NULL NULL NULL NULL
Interest 0.33 1.19 1.84 1.63 7.00 Interest 16.68 NULL NULL NULL NULL
Net Profit/Loss 59.53 61.72 30.94 -14.06 -25.00 Net Profit/Loss 69.27 NULL NULL NULL NULL
Basic EPS (`) 38.02 40.50 20.30 -9.23 - Basic EPS (`) 22.36 NULL NULL NULL NULL
Equity 15.24 15.24 15.24 15.24 15.24 Equity 31.01 NULL NULL NULL NULL

Sr. No.
Bannari Amman Spinning Mills Sr. No.
Asahi Songwon Colors
BSE Code : 532674 Price : `213.30 BSE Code : 532853 Price : `269.45
225 226
Face Value : `10 Book Value : `201.53 Face Value : `10 Book Value : `146.4
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Standalone Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 1,013.83 929.34 825.74 732.09 699.65 Net Sales 296.98 257.09 223.92 239.53 302.01
EBITDA 65.13 68.95 65.72 54.16 82.85 EBITDA 31.03 39.20 32.25 29.81 31.95
Interest 59.99 45.48 37.75 37.21 37.86 Interest 3.53 2.81 4.49 4.78 6.27
Net Profit/Loss 8.77 20.18 19.54 13.23 31.57 Net Profit/Loss 23.08 25.02 20.98 17.70 14.59
Basic EPS (`) 6.20 12.81 12.40 8.40 20.04 Basic EPS (`) 18.80 20.39 17.10 14.42 11.89
Equity 15.75 15.75 15.75 15.75 15.75 Equity 12.27 12.27 12.27 12.27 12.27

Sr. No.
Repro India Sr. No.
The Byke Hospitality
BSE Code : 532687 Price : `616.65 BSE Code : 531373 Price : `100.05
227 228
Face Value : `10 Book Value : `185.15 Face Value : `10 Book Value : `45.9
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Standalone Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 327.17 321.46 384.44 395.65 421.09 Net Sales 178.18 269.98 231.52 181.42 155.71
EBITDA -0.15 10.70 2.26 26.78 51.20 EBITDA 55.06 49.42 41.02 27.06 23.18
Interest 12.80 15.76 16.33 11.61 20.15 Interest 0.75 1.09 1.50 1.80 2.08
Net Profit/Loss 16.39 -0.55 -9.55 19.04 26.37 Net Profit/Loss 36.01 31.70 25.94 20.03 15.89
Basic EPS (`) 14.72 -0.50 -8.76 17.46 24.19 Basic EPS (`) 8.98 7.90 6.47 5.00 7.93
Equity 11.50 10.90 10.90 10.90 10.90 Equity 40.10 40.10 40.10 40.10 20.05

Sr. No.
D-Link (India) Sr. No.
Vidhi Specialty Food Ingredients
BSE Code : 533146 Price : `85.50 BSE Code : 531717 Price : `83.25
229 230
Face Value : `2 Book Value : `52.25 Face Value : `1 Book Value : `16.13
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Standalone Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 661.99 706.52 721.33 640.82 NULL Net Sales 212.96 192.61 184.67 188.77 142.76
EBITDA 16.82 23.87 36.39 32.04 NULL EBITDA 29.00 26.63 26.85 27.06 14.08
Interest 0.86 0.51 0.38 0.46 NULL Interest 4.94 3.92 5.63 8.11 5.34
Net Profit/Loss 12.69 16.67 24.38 21.86 NULL Net Profit/Loss 15.71 14.57 14.73 12.42 5.97
Basic EPS (`) 3.57 4.70 6.87 6.16 NULL Basic EPS (`) 3.15 2.92 2.95 2.49 1.20
Equity 7.10 7.10 7.10 7.10 NULL Equity 4.99 5.00 5.00 5.00 5.00

Note: Book value is in rupees per share Share price data is of Aug 28, 2018

62 DALAL STREET INVESTMENT JOURNAL I OCT 01 - 14, 2018 DSIJ.in

 Sr. No.
JK Agri Genetics Sr. No.
Orient Abrasives
BSE Code : 536493 Price : `1460.55 BSE Code : 504879 Price : `31.00
231 232
Face Value : `10 Book Value : `246.06 Face Value : `1 Book Value : `16.65
Last Five Year Standalone Financial Results (`/Cr) Last Five Year Standalone Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 202.89 192.98 188.77 209.83 188.45 Net Sales 327.37 219.75 286.30 182.91 173.78
EBITDA 24.09 23.22 18.72 27.37 24.13 EBITDA 21.77 12.89 57.25 18.99 11.96
Interest 8.09 7.76 11.06 10.45 10.13 Interest 6.13 4.52 22.23 2.76 2.67
Net Profit/Loss 11.99 12.09 8.02 12.22 11.86 Net Profit/Loss 16.99 6.92 23.61 12.31 7.06
Basic EPS (`) 33.26 33.54 22.25 33.90 32.90 Basic EPS (`) 1.42 0.57 1.97 1.03 0.59
Equity 3.60 3.60 3.60 3.60 3.60 Equity 11.97 11.97 11.97 11.97 11.97

Sr. No.
Arfin India Sr. No.
Anuh Pharma
BSE Code : 539151 Price : `224.20 BSE Code : 506260 Price : `172.90
233 234
Face Value : `10 Book Value : `41.51 Face Value : `5 Book Value : `61.17
Last Five Year Standalone Financial Results (`/Cr) Last Five Year Standalone Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 466.97 343.80 272.88 249.95 190.37 Net Sales 245.47 206.15 326.22 283.69 266.40
EBITDA 42.95 25.80 13.74 10.91 5.68 EBITDA 16.07 20.56 34.47 26.86 21.43
Interest 10.14 6.20 4.08 4.85 1.85 Interest 0.04 0.04 0.04 0.05 0.10
Net Profit/Loss 21.70 13.02 6.61 4.67 2.65 Net Profit/Loss 16.51 17.58 25.80 21.99 17.59
Basic EPS (`) 29.98 32.13 21.90 15.48 9.24 Basic EPS (`) 6.59 7.02 10.30 26.33 21.06
Equity 13.24 4.05 3.02 3.02 2.90 Equity 12.53 12.53 12.53 4.18 4.18

Sr. No.
Everest Kanto Cylinder Sr. No.
Max Ventures and Industries
BSE Code : 532684 Price : `31.55 BSE Code : 539940 Price : `65.95
235 236
Face Value : `2 Book Value : `39.34 Face Value : `10 Book Value : `61.47
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 554.63 567.66 505.76 472.31 491.00 Net Sales 736.29 656.38 702.70 NULL NULL
EBITDA 50.07 21.26 -59.79 -67.94 -19.00 EBITDA 22.77 10.66 53.60 NULL NULL
Interest 34.73 44.53 53.51 57.00 58.00 Interest 23.02 32.01 34.39 NULL NULL
Net Profit/Loss 23.37 78.69 -124.09 -97.72 -138.00 Net Profit/Loss 3.70 -7.37 19.19 NULL NULL
Basic EPS (`) 2.08 7.01 -11.06 -9.12 - Basic EPS (`) 0.51 -1.07 3.59 NULL NULL
Equity 22.44 22.44 22.44 21.43 21.00 Equity 72.65 68.98 53.40 NULL NULL

Sr. No.
BGR Energy Systems Sr. No.
Vardhman Holdings
BSE Code : 532930 Price : `79.40 BSE Code : 500439 Price : `2725.75
237 238
Face Value : `10 Book Value : `183.29 Face Value : `10 Book Value : `5443.58
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 3,322.00 3,440.89 3,243.50 3,366.25 3,300.76 Net Sales 43.08 67.96 12.72 NULL NULL
EBITDA 321.98 351.46 332.14 107.05 344.72 EBITDA 35.53 65.39 9.09 NULL NULL
Interest 287.00 263.33 300.60 206.81 181.83 Interest - - - NULL NULL
Net Profit/Loss 1.15 77.20 17.53 -79.91 93.24 Net Profit/Loss 188.96 303.21 158.58 NULL NULL
Basic EPS (`) 1.67 10.70 2.43 -11.07 12.92 Basic EPS (`) 591.53 950.05 496.88 NULL NULL
Equity 72.16 72.16 72.16 72.16 72.16 Equity 3.19 3.19 3.19 NULL NULL

Sr. No.
Stylam Industries Sr. No.
GPT Infraprojects
BSE Code : 526951 Price : `781.00 BSE Code : 533761 Price : `141.00
239 240
Face Value : `10 Book Value : `116.88 Face Value : `10 Book Value : `54.91
Last Five Year Standalone Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 340.31 294.71 249.41 213.81 187.45 Net Sales 536.55 378.57 376.92 389.98 452.84
EBITDA 38.43 37.61 25.50 18.19 17.22 EBITDA 46.74 -84.04 -76.88 38.96 37.18
Interest 7.70 9.93 6.46 4.93 9.21 Interest 39.15 37.76 35.30 40.25 36.63
Net Profit/Loss 20.06 18.35 12.15 9.39 6.83 Net Profit/Loss 19.97 15.57 12.29 4.10 5.04
Basic EPS (`) 24.84 25.08 16.60 12.76 9.33 Basic EPS (`) 6.86 10.71 8.57 2.86 3.46
Equity 8.17 7.32 7.32 7.32 7.32 Equity 29.09 14.54 14.34 14.34 14.54

Note: Book value is in rupees per share Share price data is of Aug 28, 2018

DSIJ.in OCT 01 - 14, 2018 I DALAL STREET INVESTMENT JOURNAL 63

Financial Snapshot
Thriving
Small Caps
2018

Sr. No.
Dhunseri Tea & Industries Sr. No.
Poddar Pigments
BSE Code : 538902 Price : `281.50 BSE Code : 524570 Price : `240.20
241 242
Face Value : `10 Book Value : `1029.81 Face Value : `10 Book Value : `137.69
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Standalone Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 298.48 301.83 273.56 267.97 NULL Net Sales 341.60 329.23 325.99 318.31 313.23
EBITDA 25.77 35.78 27.89 32.64 NULL EBITDA 21.20 23.56 21.00 19.58 19.54
Interest 9.00 8.09 8.73 8.19 NULL Interest 0.33 0.30 0.43 0.60 1.21
Net Profit/Loss 29.00 27.13 25.31 28.31 NULL Net Profit/Loss 19.11 20.39 18.34 16.31 13.47
Basic EPS (`) 41.40 38.73 36.13 40.41 NULL Basic EPS (`) 18.01 19.22 17.29 15.38 12.69
Equity 7.01 7.01 7.01 7.01 NULL Equity 10.61 10.61 10.61 10.61 10.61

Sr. No.
Kabra Extrusion Technik Sr. No.
Swelect Energy Systems
BSE Code : 524109 Price : `89.85 BSE Code : 532051 Price : `310.95
243 244
Face Value : `5 Book Value : `63.87 Face Value : `10 Book Value : `703.45
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 270.70 298.50 299.08 NULL NULL Net Sales 321.82 246.86 276.19 221.85 176.45
EBITDA 20.25 45.29 29.41 NULL NULL EBITDA 10.33 10.13 6.18 -9.51 -3.83
Interest 1.48 1.93 1.77 NULL NULL Interest 10.27 9.59 12.00 12.95 4.53
Net Profit/Loss 20.00 20.42 22.42 NULL NULL Net Profit/Loss 15.89 21.63 16.56 -0.38 16.18
Basic EPS (`) 6.27 6.40 7.03 NULL NULL Basic EPS (`) 15.72 21.40 16.38 -0.37 16.01
Equity 15.95 15.95 15.95 NULL NULL Equity 10.11 10.11 10.11 10.11 10.11

Sr. No.
Pioneer Distilleries Sr. No.
Veto Switchgears & Cables
BSE Code : 531879 Price : `191.15 BSE Code : 539331 Price : `166.80
245 246
Face Value : `10 Book Value : `18.77 Face Value : `10 Book Value : `68.37
Last Five Year Standalone Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 304.54 113.00 189.83 182.22 145.78 Net Sales 255.07 239.08 176.74 97.30 94.48
EBITDA 121.54 -24.19 55.74 4.90 -2.20 EBITDA 39.70 24.78 23.90 13.17 9.61
Interest 22.54 19.32 24.01 39.24 19.10 Interest 2.76 4.12 4.55 3.95 2.05
Net Profit/Loss 70.01 -30.08 21.92 -21.65 -21.30 Net Profit/Loss 28.97 18.23 13.09 7.14 6.09
Basic EPS (`) 52.29 -22.47 16.37 -16.17 -15.91 Basic EPS (`) 15.81 9.95 7.14 3.90 3.32
Equity 13.39 13.42 13.42 13.42 13.42 Equity 18.33 18.33 18.33 18.33 18.33

Sr. No.
Apollo Pipes Sr. No.
Enkei Wheels (India)
BSE Code : 531761 Price : `543.00 BSE Code : 533477 Price : `404.85
247 248
Face Value : `10 Book Value : `33.87 Face Value : `5 Book Value : `26.44
Last Five Year Standalone Financial Results (`/Cr) Last Five Year Standalone Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 292.60 - - 0.76 0.73 Net Sales 465.50 406.72 385.49 383.93 320.01
EBITDA 25.95 -0.13 -0.10 0.65 0.56 EBITDA 18.63 11.75 14.04 9.77 -2.34
Interest 2.82 - 0.00 0.34 0.00 Interest 4.75 3.05 5.15 8.12 8.64
Net Profit/Loss 22.06 -0.13 -0.11 0.21 0.36 Net Profit/Loss 10.78 4.21 -5.47 2.28 0.53
Basic EPS (`) 19.99 -0.26 -0.22 0.42 0.72 Basic EPS (`) 7.11 2.83 -3.87 1.70 0.41
Equity 11.03 5.00 5.00 5.00 5.00 Equity 7.71 7.44 7.07 6.71 6.38

Sr. No.
PTL Enterprises Sr. No.
Nahar Industrial Enterprises
BSE Code : 509220 Price : `49.20 BSE Code : 519136 Price : `64.75
249 250
Face Value : `2 Book Value : `25.72 Face Value : `10 Book Value : `179.4
Last Five Year Standalone Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 71.47 50.00 45.83 40.00 40.00 Net Sales 1,764.87 1,722.24 1,770.01 1,802.95 NULL
EBITDA 55.51 44.47 41.22 29.73 34.77 EBITDA 82.44 140.31 128.93 63.98 NULL
Interest 6.14 - 5.00 8.02 9.05 Interest 70.73 59.82 78.81 104.88 NULL
Net Profit/Loss 45.83 30.62 24.24 15.05 17.62 Net Profit/Loss 17.77 69.05 39.47 -27.78 NULL
Basic EPS (`) 6.92 4.63 3.66 2.27 2.66 Basic EPS (`) 4.46 17.33 9.91 -6.97 NULL
Equity 13.24 13.24 13.24 13.24 13.24 Equity 39.84 40.03 40.03 40.03 NULL

Note: Book value is in rupees per share Share price data is of Aug 28, 2018

64 DALAL STREET INVESTMENT JOURNAL I OCT 01 - 14, 2018 DSIJ.in

 Sr. No.
Shirpur Gold Refinery Sr. No.
Shiva Texyarn
BSE Code : 512289 Price : `96.85 BSE Code : 511108 Price : `299.20
251 252
Face Value : `10 Book Value : `115.37 Face Value : `10 Book Value : `127.91
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Standalone Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 5,297.13 4,946.91 3,949.11 3,221.16 1,740.46 Net Sales 360.00 387.04 449.92 465.29 504.47
EBITDA 49.11 31.88 65.74 69.68 36.72 EBITDA 31.36 34.82 37.17 37.51 52.32
Interest 32.82 34.62 57.84 49.21 34.39 Interest 19.28 20.61 23.49 25.47 23.49
Net Profit/Loss 14.33 2.81 5.04 15.28 5.62 Net Profit/Loss 11.32 10.53 10.85 8.89 20.86
Basic EPS (`) 4.92 0.96 1.73 5.25 1.93 Basic EPS (`) 8.74 4.87 5.02 4.12 9.66
Equity 29.14 29.14 29.14 29.14 29.14 Equity 12.96 21.60 21.60 21.60 21.60

Sr. No.
Salzer Electronics Sr. No.
Steel Cast
BSE Code : 517059 Price : `164.40 BSE Code : 513517 Price : `184.10
253 254
Face Value : `10 Book Value : `155.72 Face Value : `5 Book Value : `46.95
Last Five Year Standalone Financial Results (`/Cr) Last Five Year Standalone Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 445.87 384.06 361.13 283.30 244.53 Net Sales 232.97 134.34 137.04 79.14 144.49
EBITDA 42.75 33.12 34.57 28.31 22.70 EBITDA 28.22 11.88 13.59 -13.16 10.67
Interest 14.91 14.59 13.14 12.34 11.94 Interest 10.97 9.94 13.54 11.34 10.78
Net Profit/Loss 20.02 17.09 17.05 11.98 8.44 Net Profit/Loss 20.86 2.36 0.13 -18.50 0.43
Basic EPS (`) 13.68 11.91 12.50 11.65 8.21 Basic EPS (`) 10.31 1.16 0.06 -10.16 0.23
Equity 15.00 14.35 13.64 10.28 10.28 Equity 10.12 10.17 10.17 9.15 9.15

Sr. No.
RPP Infra Projects Sr. No.
Vishnu Chemicals
BSE Code : 533284 Price : `215.70 BSE Code : 516072 Price : `229.20
255 256
Face Value : `10 Book Value : `95.91 Face Value : `10 Book Value : `122.63
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 505.48 367.23 314.69 265.94 240.28 Net Sales 651.30 506.86 480.10 418.07 NULL
EBITDA 58.13 43.82 40.55 27.65 27.94 EBITDA 59.71 48.06 68.23 63.31 NULL
Interest 19.29 16.35 19.17 17.37 16.51 Interest 45.94 34.63 34.42 31.48 NULL
Net Profit/Loss 11.63 22.74 19.19 16.58 13.60 Net Profit/Loss 14.42 13.62 21.25 21.88 NULL
Basic EPS (`) 5.15 10.06 8.49 7.34 6.02 Basic EPS (`) 12.07 11.40 17.79 18.32 NULL
Equity 22.60 22.60 22.60 22.60 22.60 Equity 11.95 11.95 11.95 11.95 NULL

Sr. No.
Gujarat Sidhee Cement Sr. No.
Indag Rubber
BSE Code : 518029 Price : `28.25 BSE Code : 509162 Price : `138.40
257 258
Face Value : `10 Book Value : `23.6 Face Value : `2 Book Value : `72.86
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 553.37 437.36 469.07 484.03 409.75 Net Sales 172.01 205.25 NULL NULL NULL
EBITDA 23.45 -42.54 -10.95 -4.37 -4.77 EBITDA 20.44 46.77 NULL NULL NULL
Interest 3.40 4.14 8.81 3.85 3.00 Interest 1.98 0.77 NULL NULL NULL
Net Profit/Loss 44.93 -37.04 0.74 5.65 -2.72 Net Profit/Loss 15.80 21.93 NULL NULL NULL
Basic EPS (`) 5.22 -4.30 0.08 0.65 -0.75 Basic EPS (`) 6.02 8.36 NULL NULL NULL
Equity 86.21 86.21 86.21 71.21 36.21 Equity 5.25 5.25 NULL NULL NULL

Sr. No.
Shervani Industrial Syndicate Sr. No.
Nile
BSE Code : 526117 Price : `956.30 BSE Code : 530129 Price : `435.35
259 260
Face Value : `10 Book Value : `753.94 Face Value : `10 Book Value : `404.65
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Standalone Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 118.60 40.79 31.72 3.77 3.85 Net Sales 634.23 579.36 425.27 385.96 278.18
EBITDA 45.14 5.16 0.07 -2.39 -2.08 EBITDA 41.79 48.72 15.57 13.55 13.69
Interest 0.09 0.20 0.51 0.49 0.14 Interest 7.41 9.22 6.86 7.05 6.98
Net Profit/Loss 37.66 15.88 0.96 -1.66 -0.48 Net Profit/Loss 23.05 26.23 7.06 8.12 5.21
Basic EPS (`) 117.32 48.42 2.92 -5.08 -1.48 Basic EPS (`) 76.13 87.38 23.53 27.05 17.36
Equity 3.21 3.28 3.28 3.28 3.28 Equity 3.00 3.00 3.00 3.00 3.00

Note: Book value is in rupees per share Share price data is of Aug 28, 2018

DSIJ.in OCT 01 - 14, 2018 I DALAL STREET INVESTMENT JOURNAL 65

Financial Snapshot
Thriving
Small Caps
2018

Sr. No.
PDS Multinational Fashions Sr. No.
Arvind SmartSpaces
BSE Code : 538730 Price : `282.55 BSE Code : 539301 Price : `158.20
261 262
Face Value : `10 Book Value : `205.15 Face Value : `10 Book Value : `70.02
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 4,948.22 4,616.01 4,276.77 3,872.35 3,687.05 Net Sales 202.24 159.84 114.94 87.06 NULL
EBITDA 21.39 42.35 26.91 39.75 -2.09 EBITDA 59.87 45.15 34.17 24.48 NULL
Interest 21.73 13.09 14.16 18.83 16.82 Interest 15.39 11.58 8.54 8.00 NULL
Net Profit/Loss -7.84 14.30 27.91 21.79 18.37 Net Profit/Loss 30.18 20.97 17.21 10.61 NULL
Basic EPS (`) 3.01 5.49 10.71 8.37 NULL Basic EPS (`) 10.01 7.38 6.66 1.06 NULL
Equity 26.05 26.05 26.05 26.05 0.05 Equity 31.87 28.41 25.82 10.05 NULL

Sr. No.
Disa India Sr. No.
Uttam Sugar Mills
BSE Code : 500068 Price : `5957.05 BSE Code : 532729 Price : `89.15
263 264
Face Value : `10 Book Value : `750.68 Face Value : `10 Book Value : `18.67
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Standalone Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 209.82 181.11 142.73 NULL NULL Net Sales 1,254.64 1,082.94 810.25 759.61 871.61
EBITDA 21.11 29.41 9.82 NULL NULL EBITDA 92.66 192.74 64.12 -37.93 6.36
Interest 0.13 0.26 0.02 NULL NULL Interest 80.06 67.41 50.47 75.41 99.28
Net Profit/Loss 16.65 11.29 10.60 NULL NULL Net Profit/Loss 17.00 109.32 15.47 -88.09 -55.30
Basic EPS (`) 114.50 77.64 70.19 NULL NULL Basic EPS (`) 4.52 28.67 4.06 -23.10 -14.50
Equity 1.45 1.45 1.51 NULL NULL Equity 38.14 38.14 38.14 38.14 38.14

Sr. No.
Pudumjee Paper Products Sr. No.
Nagarjuna Fertilizers and Chemicals
BSE Code : 539785 Price : `25.60 BSE Code : 539917 Price : `13.33
265 266
Face Value : `1 Book Value : `25.56 Face Value : `1 Book Value : `17.91
Last Five Year Standalone Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 499.32 513.84 469.29 - NULL Net Sales 3,966.38 3,376.27 3,969.85 2,531.52 3,448.43
EBITDA 35.84 41.86 21.84 -0.00 NULL EBITDA 236.67 131.52 173.87 -35.78 125.23
Interest 9.04 10.11 16.88 - NULL Interest 308.21 324.90 328.90 236.49 281.75
Net Profit/Loss 19.15 20.58 10.12 0.01 NULL Net Profit/Loss -21.54 -121.79 -89.30 -392.01 -235.56
Basic EPS (`) 2.02 2.17 1.07 0.22 NULL Basic EPS (`) -0.36 -2.04 -1.49 -6.55 -3.94
Equity 9.50 9.50 9.50 0.05 NULL Equity 59.81 59.81 59.81 59.81 59.81

Sr. No.
Nila Infrastructures Sr. No.
Mideast Integrated Steels
BSE Code : 530377 Price : `12.11 BSE Code : 540744 Price : `19.75
267 268
Face Value : `1 Book Value : `5.54 Face Value : `10 Book Value : `48.13
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Standalone Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 207.74 222.46 183.13 124.40 97.19 Net Sales 595.34 283.15 488.00 558.28 862.40
EBITDA 34.04 34.58 25.46 21.32 22.58 EBITDA 98.28 29.83 12.64 -68.93 179.70
Interest 11.10 16.03 14.53 10.06 7.93 Interest 82.34 40.27 14.16 8.30 1.87
Net Profit/Loss 20.00 23.19 14.02 11.97 11.81 Net Profit/Loss 23.29 14.03 8.61 1.02 116.22
Basic EPS (`) 0.51 0.58 0.37 0.32 0.40 Basic EPS (`) 1.69 1.02 0.62 0.07 8.43
Equity 39.39 39.34 37.02 37.02 29.52 Equity 137.88 137.88 137.88 137.88 137.88

Sr. No.
Valiant Organics Sr. No.
Fineotex Chemical
BSE Code : 540145 Price : `1203.05 BSE Code : 533333 Price : `49.65
269 270
Face Value : `10 Book Value : `81.2 Face Value : `2 Book Value : `12.12
Last Five Year Standalone Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 122.13 57.99 52.10 59.04 42.51 Net Sales 146.29 128.07 109.92 101.98 86.67
EBITDA 24.22 14.66 14.86 10.35 7.39 EBITDA 29.32 29.58 27.64 15.99 8.97
Interest 0.47 0.24 0.49 0.62 0.59 Interest 0.57 0.39 0.39 0.33 0.40
Net Profit/Loss 16.34 9.83 10.31 7.27 5.54 Net Profit/Loss 22.70 20.63 17.57 12.91 6.50
Basic EPS (`) 27.86 27.01 28.31 199.79 152.22 Basic EPS (`) 2.15 1.85 1.56 5.75 5.79
Equity 5.86 3.64 3.64 0.36 0.36 Equity 22.26 22.26 22.46 22.46 11.23

Note: Book value is in rupees per share Share price data is of Aug 28, 2018

66 DALAL STREET INVESTMENT JOURNAL I OCT 01 - 14, 2018 DSIJ.in

 Sr. No.
Ashima Sr. No.
Shreyans Industries
BSE Code : 514286 Price : `20.35 BSE Code : 516016 Price : `160.30
271 272
Face Value : `10 Book Value : `8.38 Face Value : `10 Book Value : `110.58
Last Five Year Standalone Financial Results (`/Cr) Last Five Year Standalone Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 232.61 195.01 213.28 271.08 267.93 Net Sales 468.17 420.03 389.49 367.50 401.61
EBITDA -15.02 -17.38 -11.75 -11.87 -12.12 EBITDA 47.04 47.62 15.48 14.71 26.64
Interest 6.54 8.78 12.20 4.88 1.92 Interest 5.60 5.86 5.96 6.99 6.32
Net Profit/Loss 126.48 26.08 -23.56 -16.20 -12.84 Net Profit/Loss 31.18 23.11 8.67 9.80 12.64
Basic EPS (`) 9.85 2.03 -7.06 -4.86 -3.85 Basic EPS (`) 22.56 16.71 6.27 7.09 9.14
Equity 128.45 128.45 33.37 33.37 33.37 Equity 13.82 13.82 13.82 13.82 13.82

Sr. No.
IST Sr. No.
Den Networks
BSE Code : 508807 Price : `791.80 BSE Code : 533137 Price : `50.00
273 274
Face Value : `10 Book Value : `1074.95 Face Value : `10 Book Value : `50.23
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 139.18 100.49 78.67 76.95 75.51 Net Sales 1,314.98 1,157.34 947.50 1,112.70 1,098.02
EBITDA 80.79 66.68 53.27 52.41 51.97 EBITDA 29.72 -98.69 -318.24 -110.48 125.11
Interest 2.03 0.90 0.33 0.03 0.02 Interest 66.05 65.16 79.09 82.30 88.97
Net Profit/Loss 100.49 81.76 70.41 58.26 55.91 Net Profit/Loss -34.40 -189.57 -431.30 -144.02 38.40
Basic EPS (`) 172.31 140.18 120.74 99.89 95.87 Basic EPS (`) -1.77 -9.79 -24.27 -8.10 2.16
Equity 5.85 5.85 5.85 5.85 5.85 Equity 195.32 193.57 177.74 177.74 177.57

Sr. No.
Sadhana Nitro Chem Sr. No.
Mahanagar Telephone Nigam
BSE Code : 506642 Price : `747.10 BSE Code : 500108 Price : `14.90
275 276
Face Value : `10 Book Value : `32.95 Face Value : `10 Book Value : `-100.71
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 114.27 55.16 35.81 48.12 32.00 Net Sales 3,217.20 2,969.37 3,223.16 3,496.54 3,475.66
EBITDA 32.92 6.22 -0.07 -6.04 -2.00 EBITDA -2,210.86 -2,177.10 -1,969.93 -1,889.33 -2,093.15
Interest 5.21 4.88 5.09 4.88 6.00 Interest 1,505.49 1,448.47 1,351.34 1,440.10 1,390.79
Net Profit/Loss 31.09 1.83 -4.94 3.96 -1.00 Net Profit/Loss -2,970.91 -2,936.05 -1,945.86 -2,901.19 7,820.72
Basic EPS (`) 33.30 1.99 -5.37 4.30 - Basic EPS (`) -47.16 -46.60 -30.89 -46.05 124.14
Equity 9.32 9.20 9.20 9.20 11.00 Equity 630.00 630.00 630.00 630.00 630.00

Sr. No.
RattanIndia Power Sr. No.
Paushak
BSE Code : 533122 Price : `3.74 BSE Code : 532742 Price : `2202.00
277 278
Face Value : `10 Book Value : `8.52 Face Value : `10 Book Value : `327.8
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Standalone Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 2,203.63 1,390.52 2,595.95 625.17 338.78 Net Sales 107.87 66.66 77.89 68.99 56.33
EBITDA 154.89 458.44 717.30 -164.28 -23.85 EBITDA 25.85 8.88 13.96 15.35 11.06
Interest 1,953.84 1,237.69 1,203.99 545.87 131.49 Interest 0.10 0.06 0.06 0.04 0.12
Net Profit/Loss -1,663.18 -630.57 -431.67 -663.98 -101.27 Net Profit/Loss 21.47 11.03 12.42 12.99 8.82
Basic EPS (`) -5.65 -2.22 -1.52 -2.25 -0.38 Basic EPS (`) 66.95 34.40 38.72 40.52 27.50
Equity 2,945.43 2,845.43 2,845.43 2,952.93 2,642.73 Equity 3.21 3.21 3.21 3.21 3.21

Sr. No.
Saksoft Sr. No.
IL&FS Engineering & Cons. Company
BSE Code : 590051 Price : `283.70 BSE Code : 532907 Price : `16.65
279 280
Face Value : `10 Book Value : `131.54 Face Value : `10 Book Value : `-5.5
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 288.18 259.50 243.73 231.40 224.37 Net Sales 2,145.88 1,906.40 2,131.54 2,782.72 3,991.10
EBITDA 36.73 31.60 35.17 24.79 21.84 EBITDA 111.71 106.41 -261.57 133.78 40.94
Interest 5.21 4.65 4.32 4.21 3.97 Interest 409.38 345.72 308.08 273.48 334.36
Net Profit/Loss 21.83 20.09 18.47 16.71 14.94 Net Profit/Loss 11.54 -25.96 -325.75 -10.90 -145.05
Basic EPS (`) 21.98 19.22 17.77 16.12 14.60 Basic EPS (`) 1.16 -1.98 -26.89 -0.97 -16.15
Equity 9.94 10.46 10.40 10.36 10.24 Equity 131.12 131.12 121.16 112.12 89.79

Note: Book value is in rupees per share Share price data is of Aug 28, 2018

DSIJ.in OCT 01 - 14, 2018 I DALAL STREET INVESTMENT JOURNAL 67

Financial Snapshot
Thriving
Small Caps
2018

Sr. No.
Hindustan Composites Sr. No.
Jay Ushin
BSE Code : 509635 Price : `377.65 BSE Code : 513252 Price : `480.35
281 282
Face Value : `5 Book Value : `411.25 Face Value : `10 Book Value : `165.92
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Standalone Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 199.63 166.18 153.18 NULL NULL Net Sales 874.62 787.63 687.73 650.21 580.07
EBITDA 28.15 31.09 23.67 NULL NULL EBITDA 4.75 -0.28 -3.12 4.02 8.58
Interest 0.31 0.20 0.22 NULL NULL Interest 10.98 9.72 7.06 6.64 10.02
Net Profit/Loss 23.01 23.21 18.67 NULL NULL Net Profit/Loss 10.68 4.12 6.18 3.66 6.63
Basic EPS (`) 15.58 47.16 37.93 NULL NULL Basic EPS (`) 27.63 10.66 16.00 9.48 17.16
Equity 7.38 4.92 4.92 NULL NULL Equity 3.86 3.86 3.86 3.86 3.86

Sr. No.
SITI Networks Sr. No.
Samkrg Pistons & Rings
BSE Code : 532795 Price : `11.49 BSE Code : 520075 Price : `249.80
283 284
Face Value : `1 Book Value : `5.27 Face Value : `10 Book Value : `132.28
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Standalone Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 1,426.37 1,194.92 1,146.04 905.93 697.24 Net Sales 269.25 251.60 245.20 232.47 205.63
EBITDA -17.62 -38.37 80.49 4.58 29.04 EBITDA 28.87 27.56 23.78 22.29 19.40
Interest 139.55 127.45 139.93 120.88 119.11 Interest 1.29 1.73 1.55 4.62 4.68
Net Profit/Loss -193.86 -179.23 -41.29 -109.10 -94.06 Net Profit/Loss 20.15 19.46 15.70 12.32 10.75
Basic EPS (`) -1.90 -2.06 -0.51 -1.61 -1.81 Basic EPS (`) 20.52 19.81 15.99 12.54 10.94
Equity 87.21 87.27 79.48 67.83 52.13 Equity 9.82 9.82 9.82 9.82 9.82

Sr. No.
Astron Paper & Board Mill Sr. No.
Crest Ventures
BSE Code : 540824 Price : `114.00 BSE Code : 511413 Price : `154.10
285 286
Face Value : `10 Book Value : `17.25 Face Value : `10 Book Value : `154.61
Last Five Year Standalone Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 253.70 183.27 157.49 151.91 105.84 Net Sales 96.24 45.36 35.66 173.38 169.78
EBITDA 28.10 18.44 16.70 16.44 7.78 EBITDA 62.75 11.63 5.26 1.94 9.55
Interest 9.89 11.30 10.70 10.70 9.54 Interest 8.00 9.26 8.59 7.10 10.65
Net Profit/Loss 20.90 9.96 6.09 4.13 -3.02 Net Profit/Loss 94.01 38.08 37.19 22.33 10.15
Basic EPS (`) 5.79 3.06 1.87 1.27 -0.97 Basic EPS (`) 36.08 14.62 21.41 12.85 5.84
Equity 46.50 32.50 32.50 32.50 31.00 Equity 26.05 26.05 17.37 17.37 17.37

Sr. No.
Usha Martin Sr. No.
GeeCee Ventures
BSE Code : 517146 Price : `30.90 BSE Code : 532764 Price : `130.60
287 288
Face Value : `1 Book Value : `23.21 Face Value : `10 Book Value : `188.22
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 4,743.08 3,881.94 4,505.20 4,561.10 4,073.83 Net Sales 202.00 96.29 144.23 56.84 62.86
EBITDA 238.00 89.44 425.95 298.07 373.74 EBITDA 29.22 31.62 30.59 5.79 7.68
Interest 586.98 564.24 546.63 521.94 439.56 Interest 0.02 0.12 0.05 0.05 0.10
Net Profit/Loss -271.23 -358.91 -428.35 -253.12 10.70 Net Profit/Loss 34.60 32.35 35.95 13.49 7.29
Basic EPS (`) -8.90 -11.78 -14.06 -8.31 0.35 Basic EPS (`) 14.18 14.89 16.55 7.09 3.83
Equity 30.54 30.54 30.54 30.54 30.54 Equity 21.73 21.73 21.73 19.03 19.03

Sr. No.
Vikas WSP Sr. No.
The Indian Wood Products Company
BSE Code : 519307 Price : `11.89 BSE Code : 540954 Price : `885.10
289 290
Face Value : `1 Book Value : `52.14 Face Value : `10 Book Value : `75.08
Last Five Year Standalone Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 701.16 193.59 572.94 786.11 1,036.51 Net Sales 216.37 190.89 119.30 NULL NULL
EBITDA 67.31 -54.97 -221.51 -53.61 31.62 EBITDA 28.73 20.34 6.63 NULL NULL
Interest 46.45 44.78 24.91 31.82 32.05 Interest 5.06 3.10 2.11 NULL NULL
Net Profit/Loss 28.96 -84.00 -359.35 6.55 3.03 Net Profit/Loss 15.87 11.12 3.68 NULL NULL
Basic EPS (`) 1.49 -6.11 -26.15 0.47 0.22 Basic EPS (`) 24.81 17.38 23.00 NULL NULL
Equity 19.44 13.74 13.74 13.74 13.74 Equity 6.40 6.40 1.60 NULL NULL

Note: Book value is in rupees per share Share price data is of Aug 28, 2018

68 DALAL STREET INVESTMENT JOURNAL I OCT 01 - 14, 2018 DSIJ.in

 Sr. No.
Rajratan Global Wire Sr. No.
Religare Enterprises
BSE Code : 517522 Price : `921.90 BSE Code : 532915 Price : `47.30
291 292
Face Value : `10 Book Value : `254.91 Face Value : `10 Book Value : `102.79
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 348.77 304.52 282.79 273.58 282.66 Net Sales 2,693.14 3,771.76 4,431.77 4,104.58 3,361.00
EBITDA 29.78 54.90 35.15 18.00 15.88 EBITDA -423.21 2,072.56 2,336.39 2,054.45 1,690.00
Interest 8.67 10.56 14.69 14.06 15.41 Interest 1,261.02 1,836.30 1,872.14 1,652.05 1,584.00
Net Profit/Loss 17.13 18.87 16.47 1.81 -2.15 Net Profit/Loss -1,192.50 -174.27 -47.66 153.79 -69.00
Basic EPS (`) 39.36 43.36 37.85 4.17 -4.94 Basic EPS (`) -66.84 -9.77 -2.67 8.62 -
Equity 4.35 4.35 4.35 4.35 4.35 Equity 178.46 178.33 178.33 178.33 206.00

Sr. No.
Opto Circuits India Sr. No.
SIL Investments
BSE Code : 532391 Price : `12.20 BSE Code : 521194 Price : `219.75
293 294
Face Value : `10 Book Value : `33.36 Face Value : `10 Book Value : `351.47
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 229.57 215.29 312.98 1,187.12 1,408.01 Net Sales 179.51 32.29 24.93 26.75 28.46
EBITDA 39.44 7.55 -34.54 144.77 188.15 EBITDA 173.37 28.17 21.69 23.63 26.66
Interest 5.76 17.07 43.66 143.51 137.14 Interest 3.70 6.40 8.01 10.21 13.12
Net Profit/Loss 34.62 -510.07 -36.86 -156.37 90.97 Net Profit/Loss 135.30 19.04 13.36 12.28 11.89
Basic EPS (`) 1.34 -21.05 -1.52 -6.45 3.75 Basic EPS (`) 127.70 17.97 12.61 11.59 11.22
Equity 287.50 242.32 242.32 242.32 242.32 Equity 10.61 10.61 10.61 10.61 10.61

Sr. No.
CMI FPE Sr. No.
Oriental Hotels
BSE Code : 500147 Price : `735.70 BSE Code : 500314 Price : `42.70
295 296
Face Value : `10 Book Value : `326.74 Face Value : `1 Book Value : `24.72
Last Five Year Standalone Financial Results (`/Cr) Last Five Year Standalone Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 321.62 153.81 205.38 219.33 442.83 Net Sales 356.86 333.49 309.48 300.05 297.66
EBITDA -2.11 -8.66 -1.49 -14.93 -34.86 EBITDA 27.39 22.64 5.12 17.35 14.30
Interest 0.91 1.03 2.37 4.30 6.70 Interest 30.89 32.19 31.56 30.05 29.42
Net Profit/Loss 6.72 3.45 13.12 9.47 -22.31 Net Profit/Loss 6.00 1.53 -17.85 -2.99 -7.20
Basic EPS (`) 13.61 7.00 26.58 19.18 -45.19 Basic EPS (`) 0.33 0.08 -0.99 -0.16 -0.40
Equity 4.94 4.94 4.94 4.94 4.94 Equity 17.86 17.86 17.86 17.86 17.86

Sr. No.
Gokul Agro Resources Sr. No.
Eldeco Housing & Industries
BSE Code : 539725 Price : `14.15 BSE Code : 523329 Price : `1308.40
297 298
Face Value : `2 Book Value : `16.83 Face Value : `10 Book Value : `762.28
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 5,070.84 4,303.79 3,634.87 NULL NULL Net Sales 113.63 169.09 140.96 54.23 69.26
EBITDA 79.17 64.09 37.55 NULL NULL EBITDA 33.88 34.55 27.45 6.58 18.42
Interest 69.70 39.10 48.95 NULL NULL Interest 1.97 2.77 5.30 2.31 3.43
Net Profit/Loss 15.46 20.68 9.41 NULL NULL Net Profit/Loss 24.25 22.75 20.50 6.47 14.35
Basic EPS (`) 1.17 1.57 0.71 NULL NULL Basic EPS (`) 128.90 115.68 104.24 32.88 72.96
Equity 26.38 26.38 26.38 NULL NULL Equity 1.97 1.97 1.97 1.97 1.97

Sr. No.
Vinyl Chemicals (I) Sr. No.
Kalyani Investment Company
BSE Code : 524129 Price : `101.70 BSE Code : 533302 Price : `2400.00
299 300
Face Value : `1 Book Value : `32.42 Face Value : `10 Book Value : `1157.05
Last Five Year Standalone Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 379.14 292.71 335.36 441.56 292.78 Net Sales 29.42 10.00 38.00 NULL NULL
EBITDA 18.49 9.27 9.31 17.51 10.33 EBITDA -2.28 -2.10 -1.55 NULL NULL
Interest 0.08 0.03 0.07 0.07 0.04 Interest 0.00 - 0.00 NULL NULL
Net Profit/Loss 11.66 8.72 7.99 12.34 7.49 Net Profit/Loss 41.84 27.90 36.74 NULL NULL
Basic EPS (`) 6.36 4.75 4.36 6.73 4.08 Basic EPS (`) 95.85 63.91 84.17 NULL NULL
Equity 1.83 1.83 1.83 1.83 1.83 Equity 4.37 4.37 4.37 NULL NULL

Note: Book value is in rupees per share Share price data is of Aug 28, 2018

DSIJ.in OCT 01 - 14, 2018 I DALAL STREET INVESTMENT JOURNAL 69

Financial Snapshot
Thriving
Small Caps
2018

Sr. No.
Bajaj Hindusthan Sugar Sr. No.
Florence Investech
BSE Code : 500032 Price : `6.72 BSE Code : 532518 Price : `1742.00
301 302
Face Value : `1 Book Value : `26.19 Face Value : `10 Book Value : `592.94
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 5,947.70 4,399.30 4,690.50 4,535.35 NULL Net Sales 14.53 14.81 34.23 NULL NULL
EBITDA 74.66 607.96 542.73 -426.21 NULL EBITDA 14.09 14.42 33.84 NULL NULL
Interest 680.17 802.08 848.39 807.64 NULL Interest - - - NULL NULL
Net Profit/Loss -499.64 -91.98 -212.10 -1,192.45 NULL Net Profit/Loss 14.98 19.19 31.91 NULL NULL
Basic EPS (`) -4.54 -0.83 -1.96 -14.72 NULL Basic EPS (`) 44.99 57.64 95.85 NULL NULL
Equity 113.36 110.07 108.39 81.02 NULL Equity 3.33 3.33 3.33 NULL NULL

Sr. No.
Indo Amines Sr. No.
Morganite Crucible (India)
BSE Code : 524648 Price : `109.55 BSE Code : 523160 Price : `1811.55
303 304
Face Value : `10 Book Value : `23.1 Face Value : `10 Book Value : `345.49
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Standalone Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 356.68 286.06 252.59 234.01 220.60 Net Sales 110.55 89.23 88.67 88.70 80.57
EBITDA 28.63 34.66 18.01 12.23 12.40 EBITDA 18.24 18.58 13.05 10.13 11.76
Interest 5.00 4.03 4.10 5.42 4.00 Interest - - - 0.01 0.34
Net Profit/Loss 15.99 14.65 9.10 5.25 5.76 Net Profit/Loss 13.88 13.17 9.88 6.02 8.42
Basic EPS (`) 4.67 4.25 2.76 1.59 1.85 Basic EPS (`) 49.59 47.02 35.27 21.51 30.08
Equity 33.35 32.92 32.92 32.92 31.12 Equity 2.80 2.80 2.80 2.80 2.80

Sr. No.
Rubfila International Sr. No.
TIL
BSE Code : 500367 Price : `59.25 BSE Code : 505196 Price : `354.40
305 306
Face Value : `5 Book Value : `22.81 Face Value : `10 Book Value : `299.19
Last Five Year Standalone Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 218.70 176.11 164.25 161.48 125.43 Net Sales 348.67 332.89 1,736.27 1,471.45 1,312.58
EBITDA 28.49 15.84 11.94 19.07 12.65 EBITDA 23.59 38.41 64.64 104.03 74.84
Interest -0.03 0.06 0.21 0.09 -0.03 Interest 17.77 21.11 100.81 87.73 71.07
Net Profit/Loss 21.08 12.52 8.03 13.59 9.29 Net Profit/Loss 7.58 24.74 -43.59 4.72 9.93
Basic EPS (`) 4.80 2.90 1.86 3.14 2.15 Basic EPS (`) 7.56 24.67 -43.46 4.71 9.90
Equity 22.61 21.61 21.61 21.61 21.61 Equity 10.03 10.03 10.03 10.03 10.03

Sr. No.
Hindusthan National Glass & Industries Sr. No.
Reliance Industrial InfraStructure
BSE Code : 515145 Price : `88.10 BSE Code : 523445 Price : `451.85
307 308
Face Value : `2 Book Value : `12.67 Face Value : `10 Book Value : `234.46
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 1,932.44 1,860.60 2,254.59 2,329.83 2,175.95 Net Sales 88.87 93.21 89.69 90.09 NULL
EBITDA -51.40 9.35 101.63 -18.72 -43.23 EBITDA 2.46 4.63 9.67 14.85 NULL
Interest 251.85 238.00 271.37 285.69 286.41 Interest - - - - NULL
Net Profit/Loss -285.00 -114.39 -152.41 -238.08 -196.76 Net Profit/Loss 10.87 17.02 16.53 22.97 NULL
Basic EPS (`) -32.28 -13.10 -17.45 -27.26 -22.53 Basic EPS (`) 7.20 11.27 10.94 15.21 NULL
Equity 17.91 17.47 17.47 17.47 17.47 Equity 15.10 15.10 15.10 15.10 NULL

Sr. No.
Virinchi Sr. No.
Hotel Leela Venture
BSE Code : 532372 Price : `92.10 BSE Code : 500193 Price : `16.30
309 310
Face Value : `10 Book Value : `79.88 Face Value : `2 Book Value : `-3.79
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 342.50 286.68 218.34 138.77 112.97 Net Sales 743.13 699.94 660.91 754.95 718.44
EBITDA 62.47 39.10 19.05 10.76 6.39 EBITDA 68.80 -25.91 -86.75 -96.35 -35.48
Interest 18.01 11.51 3.03 2.14 1.93 Interest 83.67 90.44 87.90 197.58 501.63
Net Profit/Loss 33.02 23.60 16.21 8.29 3.88 Net Profit/Loss -23.22 -102.51 -180.16 -415.84 -441.51
Basic EPS (`) 11.77 8.84 9.02 4.62 2.16 Basic EPS (`) -0.43 -2.20 -3.86 -8.91 -9.78
Equity 28.22 26.67 17.99 17.96 17.96 Equity 126.11 93.32 93.32 93.32 90.32

Note: Book value is in rupees per share Share price data is of Aug 28, 2018

70 DALAL STREET INVESTMENT JOURNAL I OCT 01 - 14, 2018 DSIJ.in

 Sr. No.
SORIL Infra Resources Sr. No.
Jenburkt Pharmaceuticals
BSE Code : 532679 Price : `531.40 BSE Code : 524731 Price : `739.90
311 312
Face Value : `10 Book Value : `93.26 Face Value : `10 Book Value : `154.28
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Standalone Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 183.35 197.10 259.90 NULL NULL Net Sales 118.07 103.31 93.59 85.21 76.22
EBITDA 9.49 18.75 65.23 NULL NULL EBITDA 22.29 17.95 14.47 12.59 9.96
Interest 10.75 6.68 11.06 NULL NULL Interest 0.41 0.41 0.38 0.36 1.27
Net Profit/Loss 17.26 31.48 55.17 NULL NULL Net Profit/Loss 17.21 13.46 10.78 9.65 7.51
Basic EPS (`) 6.14 11.41 19.99 NULL NULL Basic EPS (`) 37.50 28.96 23.18 20.75 16.15
Equity 27.60 27.60 27.60 NULL NULL Equity 4.59 4.65 4.65 4.65 4.65

Sr. No.
AGC Networks Sr. No.
Dolat Investments
BSE Code : 500463 Price : `104.05 BSE Code : 505526 Price : `36.60
313 314
Face Value : `10 Book Value : `31.65 Face Value : `1 Book Value : `5.81
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Standalone Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 738.33 780.22 881.38 890.89 774.80 Net Sales 138.79 82.66 88.80 32.33 182.46
EBITDA 25.13 25.77 -2.82 5.73 -219.70 EBITDA 43.24 1.93 4.01 3.35 -43.46
Interest 24.96 26.19 26.68 25.92 36.40 Interest 0.19 0.00 0.02 0.03 -
Net Profit/Loss 14.93 10.33 -34.59 14.77 -282.20 Net Profit/Loss 31.20 1.53 3.02 3.37 -29.00
Basic EPS (`) 5.15 3.63 -12.15 5.19 -99.13 Basic EPS (`) 1.77 0.08 0.17 0.19 -1.65
Equity 28.47 28.47 28.47 28.47 28.50 Equity 17.60 17.60 17.60 17.60 17.60

Sr. No.
Tata Teleservices (Maharashtra) Sr. No.
Bombay Rayon Fashions
BSE Code : 532371 Price : `4.88 BSE Code : 532678 Price : `14.80
315 316
Face Value : `10 Book Value : `-80.57 Face Value : `10 Book Value : `80.78
Last Five Year Standalone Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 1,904.00 2,702.91 2,972.09 2,892.73 2,731.18 Net Sales 3,121.14 3,894.86 4,209.58 3,581.43 2,994.58
EBITDA -366.84 -192.59 284.59 -10.74 -82.52 EBITDA 38.43 433.14 562.87 344.08 67.49
Interest 1,568.97 1,282.27 669.92 650.78 565.05 Interest 423.02 672.55 597.32 558.13 450.59
Net Profit/Loss -9,841.99 -2,356.47 -358.34 -615.25 -560.08 Net Profit/Loss -285.63 -162.28 28.57 -132.31 -483.39
Basic EPS (`) -50.34 -12.05 -1.83 -3.15 -2.86 Basic EPS (`) -9.80 -8.72 2.12 -9.83 -35.91
Equity 1,954.93 1,954.93 1,954.93 1,954.93 1,954.93 Equity 317.48 185.99 134.60 134.60 134.60

Sr. No.
Ganesh Benzoplast Sr. No.
Butterfly Gandhimathi Appliances
BSE Code : 500153 Price : `70.10 BSE Code : 517421 Price : `309.50
317 318
Face Value : `1 Book Value : `10.97 Face Value : `10 Book Value : `102.84
Last Five Year Standalone Financial Results (`/Cr) Last Five Year Standalone Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 170.41 118.12 119.43 122.27 115.38 Net Sales 542.16 402.33 900.94 528.98 764.18
EBITDA 39.70 26.67 26.70 4.09 17.57 EBITDA 22.32 -38.54 48.27 29.44 44.54
Interest 11.19 15.31 15.62 14.72 13.52 Interest 18.09 21.25 34.48 29.57 16.75
Net Profit/Loss 80.69 12.75 48.16 0.08 0.13 Net Profit/Loss 4.81 -55.50 12.39 2.83 22.41
Basic EPS (`) 15.58 2.46 9.30 0.01 0.02 Basic EPS (`) 2.82 -31.04 6.93 1.58 12.54
Equity 5.18 5.71 5.71 5.71 5.71 Equity 17.88 17.88 17.88 17.88 17.88

Sr. No.
ADF Foods Sr. No.
Voith Paper Fabrics India
BSE Code : 519183 Price : `250.00 BSE Code : 522122 Price : `801.00
319 320
Face Value : `10 Book Value : `85.38 Face Value : `10 Book Value : `446.32
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Standalone Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 219.47 201.93 209.14 203.80 207.64 Net Sales 102.76 81.51 75.53 102.32 59.19
EBITDA 22.53 11.89 7.82 4.26 4.75 EBITDA 18.99 19.14 15.57 18.79 10.88
Interest 1.13 0.97 1.37 1.39 1.73 Interest - - - 0.00 0.00
Net Profit/Loss 18.07 10.84 6.61 8.84 5.65 Net Profit/Loss 18.12 17.58 15.47 21.38 12.86
Basic EPS (`) 8.52 5.11 3.00 4.02 2.57 Basic EPS (`) 41.24 40.03 35.22 48.66 29.28
Equity 21.20 21.58 22.38 22.38 22.38 Equity 4.39 4.39 4.39 4.39 4.39

Note: Book value is in rupees per share Share price data is of Aug 28, 2018

DSIJ.in OCT 01 - 14, 2018 I DALAL STREET INVESTMENT JOURNAL 71

Financial Snapshot
Thriving
Small Caps
2018

Sr. No.
Pix Transmissions Sr. No.
Amrit Corp.
BSE Code : 500333 Price : `194.45 BSE Code : 507525 Price : `1216.00
321 322
Face Value : `10 Book Value : `136.75 Face Value : `10 Book Value : `596.46
Last Five Year Standalone Financial Results (`/Cr) Last Five Year Standalone Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 256.27 236.46 217.76 203.03 193.92 Net Sales 77.42 47.48 42.07 49.56 54.94
EBITDA 39.80 33.18 19.80 22.13 18.32 EBITDA -4.34 -6.96 -2.51 -0.00 -0.71
Interest 12.67 14.08 16.29 18.73 15.32 Interest 1.54 2.10 2.68 2.04 1.32
Net Profit/Loss 21.47 14.70 3.66 3.45 7.63 Net Profit/Loss 16.53 10.97 10.70 10.91 8.86
Basic EPS (`) 15.78 10.79 2.69 2.53 5.34 Basic EPS (`) 51.43 34.15 33.30 33.96 27.58
Equity 13.63 13.62 13.62 13.62 13.62 Equity 3.21 3.21 3.21 3.21 3.21

Sr. No.
Sreeleathers Sr. No.
Singer India
BSE Code : 535601 Price : `270.00 BSE Code : 505729 Price : `41.55
323 324
Face Value : `10 Book Value : `96.18 Face Value : `2 Book Value : `10.65
Last Five Year Standalone Financial Results (`/Cr) Last Five Year Standalone Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 142.89 99.59 79.73 66.76 56.99 Net Sales 421.50 372.70 239.40 284.97 243.35
EBITDA 30.77 19.39 14.55 11.58 10.10 EBITDA 11.88 9.46 7.13 7.64 7.64
Interest 0.15 0.28 0.27 1.36 0.84 Interest 0.56 0.07 0.03 0.08 0.08
Net Profit/Loss 21.37 13.40 11.30 8.44 7.08 Net Profit/Loss 8.96 8.06 5.98 6.40 6.97
Basic EPS (`) 10.26 5.33 4.49 3.36 2.81 Basic EPS (`) 1.67 7.50 5.57 5.96 6.49
Equity 25.16 25.16 25.16 25.16 25.16 Equity 10.74 10.74 10.74 10.74 10.74

Sr. No.
Signet Industries Sr. No.
Rolta India
BSE Code : 512131 Price : `65.30 BSE Code : 500366 Price : `35.65
325 326
Face Value : `1 Book Value : `5.36 Face Value : `10 Book Value : `149.76
Last Five Year Standalone Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 911.53 931.90 793.57 656.27 612.47 Net Sales 2,888.10 3,179.88 3,799.59 3,679.46 2,501.72
EBITDA 63.13 56.56 60.03 50.47 57.46 EBITDA 544.81 696.90 585.64 654.62 442.13
Interest 40.96 36.91 40.01 42.59 40.31 Interest 616.04 562.08 478.02 401.34 247.94
Net Profit/Loss 18.47 19.30 17.41 11.70 15.65 Net Profit/Loss -105.69 166.74 183.79 245.17 283.69
Basic EPS (`) 0.63 0.65 0.58 4.01 5.28 Basic EPS (`) -6.40 10.15 11.30 15.20 17.58
Equity 29.44 29.44 29.19 29.19 29.19 Equity 165.27 164.27 162.70 161.33 161.33

Sr. No.
Centum Electronics Sr. No.
Oswal Green Tech
BSE Code : 517544 Price : `363.45 BSE Code : 539290 Price : `20.60
327 328
Face Value : `10 Book Value : `179.23 Face Value : `10 Book Value : `88.29
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 864.89 739.39 404.48 488.00 425.19 Net Sales 103.33 23.23 393.61 58.75 108.03
EBITDA -14.02 24.19 31.53 82.51 84.38 EBITDA -13.37 -7.90 -7.45 28.25 80.05
Interest 17.21 9.52 4.03 3.16 7.71 Interest 0.26 0.30 0.49 3.15 21.06
Net Profit/Loss -14.53 31.27 26.26 43.35 34.67 Net Profit/Loss 42.06 65.89 36.55 29.17 62.79
Basic EPS (`) -10.95 24.52 20.74 34.48 27.12 Basic EPS (`) 1.64 2.57 1.42 1.14 2.44
Equity 12.87 12.75 12.66 12.57 12.43 Equity 256.81 256.81 256.81 256.81 256.81

Sr. No.
Lloyds Metals & Energy Sr. No.
Mauria Udyog
BSE Code : 512455 Price : `16.55 BSE Code : 539219 Price : `229.70
329 330
Face Value : `1 Book Value : `3.03 Face Value : `10 Book Value : `86.95
Last Five Year Standalone Financial Results (`/Cr) Last Five Year Standalone Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 435.89 405.58 376.87 638.92 567.75 Net Sales 1,356.84 1,236.47 1,136.00 1,007.91 768.25
EBITDA 2.76 2.26 2.54 -37.05 -51.96 EBITDA 45.36 35.10 31.14 31.39 33.12
Interest 10.41 10.16 9.70 6.20 7.16 Interest 32.81 24.78 19.48 18.24 20.20
Net Profit/Loss 17.03 6.02 0.72 -20.82 -42.45 Net Profit/Loss 7.98 9.30 9.00 10.27 9.57
Basic EPS (`) 0.75 0.27 0.06 -1.87 -3.81 Basic EPS (`) 6.22 6.98 6.75 7.71 7.18
Equity 22.43 22.43 22.43 22.43 22.43 Equity 13.32 13.32 13.32 13.32 13.32

Note: Book value is in rupees per share Share price data is of Aug 28, 2018

72 DALAL STREET INVESTMENT JOURNAL I OCT 01 - 14, 2018 DSIJ.in

 Sr. No.
Omax Autos Sr. No.
Ester Industries
BSE Code : 520021 Price : `115.10 BSE Code : 500136 Price : `46.05
331 332
Face Value : `10 Book Value : `105.68 Face Value : `5 Book Value : `30.18
Last Five Year Standalone Financial Results (`/Cr) Last Five Year Standalone Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 1,190.30 1,042.22 1,026.87 1,004.26 975.42 Net Sales 812.41 706.90 770.82 896.27 928.47
EBITDA 19.89 8.73 24.35 13.84 8.40 EBITDA 34.60 12.70 38.03 39.03 44.09
Interest 30.66 12.43 14.41 20.24 24.09 Interest 32.78 33.03 36.01 37.10 34.87
Net Profit/Loss 7.66 -1.63 7.91 8.26 -6.26 Net Profit/Loss 5.29 -10.95 4.56 3.84 8.37
Basic EPS (`) 3.58 -0.76 3.70 3.86 -2.93 Basic EPS (`) 0.63 -1.31 0.54 0.61 1.33
Equity 21.39 21.39 21.39 21.39 21.39 Equity 41.70 41.70 41.70 31.32 31.45

Sr. No.
Multibase India Sr. No.
Genesys International Corporation
BSE Code : 526169 Price : `545.75 BSE Code : 506109 Price : `199.40
333 334
Face Value : `10 Book Value : `66.48 Face Value : `5 Book Value : `113.23
Last Five Year Standalone Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 110.67 86.48 70.62 61.65 54.56 Net Sales 117.72 76.68 46.96 60.27 NULL
EBITDA 27.75 18.24 13.55 9.77 6.77 EBITDA 21.72 20.57 0.34 4.45 NULL
Interest - - - 0.06 0.07 Interest 2.17 1.99 1.64 1.87 NULL
Net Profit/Loss 19.55 13.30 9.88 10.94 5.08 Net Profit/Loss 27.50 15.94 2.22 4.35 NULL
Basic EPS (`) 15.49 10.54 7.83 8.67 4.02 Basic EPS (`) 8.95 5.21 0.72 1.43 NULL
Equity 12.62 12.62 12.62 12.62 12.62 Equity 15.47 15.30 15.22 15.22 NULL

Sr. No.
Agarwal Industrial Corporation Sr. No.
Shree Digvijay Cement Company
BSE Code : 531921 Price : `292.90 BSE Code : 502180 Price : `24.45
335 336
Face Value : `10 Book Value : `112.48 Face Value : `10 Book Value : `13.89
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Standalone Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 414.98 300.49 280.98 224.46 181.89 Net Sales 419.29 319.14 475.58 413.69 331.80
EBITDA 21.89 19.75 15.62 11.71 9.18 EBITDA 25.70 -11.63 12.82 3.34 -23.95
Interest 8.25 6.64 6.33 3.95 3.35 Interest 9.94 11.47 13.20 7.17 2.63
Net Profit/Loss 10.28 9.00 6.87 5.88 5.10 Net Profit/Loss 13.37 -14.17 5.25 3.65 -35.52
Basic EPS (`) 10.10 8.86 8.58 10.66 9.25 Basic EPS (`) - -1.00 0.37 0.25 -2.51
Equity 10.26 10.16 8.00 5.51 5.51 Equity 141.38 141.38 141.38 141.38 141.38

Sr. No.
Vascon Engineers Sr. No.
Selan Exploration Technology
BSE Code : 533156 Price : `29.05 BSE Code : 530075 Price : `246.65
337 338
Face Value : `10 Book Value : `38.6 Face Value : `10 Book Value : `179.51
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Standalone Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 567.72 490.15 588.05 622.67 625.49 Net Sales 76.61 55.84 62.03 79.29 101.27
EBITDA -16.93 -22.57 19.47 -117.26 -5.51 EBITDA 25.90 6.73 11.81 32.63 55.15
Interest 25.28 32.74 38.11 29.64 41.97 Interest 0.04 0.01 1.69 0.14 0.08
Net Profit/Loss 6.21 2.01 9.21 -144.05 -43.92 Net Profit/Loss 22.06 8.83 12.90 28.30 44.55
Basic EPS (`) 0.34 0.11 0.57 -15.92 -4.87 Basic EPS (`) 13.45 5.39 7.87 17.26 27.17
Equity 174.14 167.66 161.31 90.48 90.18 Equity 16.40 16.40 16.40 16.40 16.40

Sr. No.
JMT Auto Sr. No.
Kiran Vyapar
BSE Code : 513691 Price : `3.51 BSE Code : 537750 Price : `138.50
339 340
Face Value : `1 Book Value : `-0.11 Face Value : `10 Book Value : `393.78
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 347.76 314.16 334.29 NULL NULL Net Sales 140.39 118.08 71.52 34.53 18.43
EBITDA 20.22 23.62 23.98 NULL NULL EBITDA 71.91 55.44 45.83 15.96 9.39
Interest 19.01 21.39 19.54 NULL NULL Interest 2.76 4.61 2.57 1.66 0.06
Net Profit/Loss 71.92 -394.33 -41.96 NULL NULL Net Profit/Loss 72.36 47.67 34.85 55.35 28.80
Basic EPS (`) 1.43 -7.83 -1.67 NULL NULL Basic EPS (`) 28.25 18.61 13.60 21.35 11.11
Equity 50.38 50.38 50.38 NULL NULL Equity 25.62 25.62 25.62 25.92 25.92

Note: Book value is in rupees per share Share price data is of Aug 28, 2018

DSIJ.in OCT 01 - 14, 2018 I DALAL STREET INVESTMENT JOURNAL 73

Financial Snapshot
Thriving
Small Caps
2018

Sr. No.
Technofab Engineering Sr. No.
Bajaj Healthcare
BSE Code : 533216 Price : `167.25 BSE Code : 539872 Price : `409.00
341 342
Face Value : `10 Book Value : `242.77 Face Value : `10 Book Value : `105.31
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Standalone Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 437.46 402.17 463.11 420.06 409.47 Net Sales 329.18 230.65 222.84 218.30 204.91
EBITDA 49.25 33.38 31.88 24.74 18.40 EBITDA 28.14 19.30 20.64 19.83 10.39
Interest 29.58 20.42 18.00 14.99 11.96 Interest 7.52 8.01 7.52 7.89 7.20
Net Profit/Loss 14.45 8.67 11.34 8.21 6.62 Net Profit/Loss 15.19 7.82 8.20 7.51 1.97
Basic EPS (`) 13.77 8.27 10.81 7.82 6.31 Basic EPS (`) 22.01 11.34 12.15 33.40 8.76
Equity 10.49 10.49 10.49 10.49 10.49 Equity 6.90 6.90 6.75 2.25 2.25

Sr. No.
Alankit Sr. No.
Karuturi Global
BSE Code : 531082 Price : `24.15 BSE Code : 531687 Price : `1.62
343 344
Face Value : `1 Book Value : `2.6 Face Value : `1 Book Value : `14.9
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 108.83 85.08 29.61 4.30 NULL Net Sales 253.50 226.13 331.50 266.23 493.06
EBITDA 22.63 18.62 4.12 0.99 NULL EBITDA 31.00 8.11 62.13 17.57 87.02
Interest 0.68 0.03 - 0.00 NULL Interest 4.88 9.37 55.47 39.95 72.62
Net Profit/Loss 21.55 13.28 3.70 0.34 NULL Net Profit/Loss 51.93 90.58 148.43 32.47 69.09
Basic EPS (`) 1.51 0.92 1.04 0.48 NULL Basic EPS (`) 0.35 0.60 1.46 0.40 0.85
Equity 14.30 14.30 7.15 7.15 NULL Equity 149.75 149.75 101.97 80.97 80.97

Sr. No.
Amines & Plasticizers Sr. No.
63 Moons Technologies
BSE Code : 506248 Price : `47.65 BSE Code : 526881 Price : `79.25
345 346
Face Value : `2 Book Value : `13.43 Face Value : `2 Book Value : `690.28
Last Five Year Standalone Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 330.30 294.95 259.88 299.84 242.78 Net Sales 528.38 217.99 204.58 209.51 567.93
EBITDA 25.87 26.07 20.73 20.28 15.53 EBITDA -104.13 -191.03 -291.22 -310.12 -154.06
Interest 7.18 6.39 7.55 9.78 9.20 Interest 9.70 23.02 42.91 26.34 81.77
Net Profit/Loss 15.48 15.48 9.79 7.69 5.04 Net Profit/Loss 12.07 23.11 327.51 426.72 869.51
Basic EPS (`) 2.81 2.81 1.78 2.79 9.16 Basic EPS (`) 2.62 5.02 71.08 92.61 188.70
Equity 11.00 11.00 11.00 5.50 5.50 Equity 9.22 9.22 9.22 9.22 9.22

Sr. No.
ASI Industries Sr. No.
Pasupati Acrylon
BSE Code : 502015 Price : `22.20 BSE Code : 500456 Price : `24.25
347 348
Face Value : `1 Book Value : `12.58 Face Value : `10 Book Value : `16.8
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Standalone Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 320.34 307.63 197.02 208.78 130.74 Net Sales 574.75 460.87 533.61 537.00 530.60
EBITDA 30.83 32.63 23.76 29.37 18.58 EBITDA 50.14 52.47 46.91 25.14 19.93
Interest 10.67 11.99 13.64 8.23 5.78 Interest 4.64 5.48 6.30 7.62 9.83
Net Profit/Loss 19.26 22.18 7.76 14.45 10.07 Net Profit/Loss 28.01 34.04 29.93 14.57 7.26
Basic EPS (`) 2.32 2.68 1.17 10.90 7.60 Basic EPS (`) 3.14 3.82 3.36 1.64 0.81
Equity 8.29 8.29 6.63 6.63 6.63 Equity 89.14 89.14 89.14 89.14 89.14

Sr. No.
Aban Offshore Sr. No.
Emkay Global Financial Services
BSE Code : 523204 Price : `117.55 BSE Code : 532737 Price : `119.50
349 350
Face Value : `2 Book Value : `4.97 Face Value : `10 Book Value : `65.69
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 1,481.36 1,757.92 3,334.55 4,040.84 3,936.00 Net Sales 156.57 105.23 103.04 112.09 82.00
EBITDA -1,250.74 205.40 990.05 1,780.86 2,204.00 EBITDA 38.17 16.01 17.89 23.87 6.00
Interest 1,282.10 1,090.49 1,038.01 1,091.00 1,141.00 Interest 2.80 3.20 3.52 3.32 5.00
Net Profit/Loss -2,606.48 -1,040.83 -241.02 544.94 393.00 Net Profit/Loss 28.61 12.19 12.03 -15.73 -4.00
Basic EPS (`) -446.62 -178.35 -41.30 89.80 82.15 Basic EPS (`) 11.68 4.99 4.92 -6.44 -
Equity 11.67 11.67 11.67 11.55 290.00 Equity 24.53 24.44 24.44 24.44 24.00

Note: Book value is in rupees per share Share price data is of Aug 28, 2018

74 DALAL STREET INVESTMENT JOURNAL I OCT 01 - 14, 2018 DSIJ.in

 Sr. No.
Subex Sr. No.
Globus Spirits
BSE Code : 532348 Price : `5.64 BSE Code : 533104 Price : `160.45
351 352
Face Value : `10 Book Value : `13.87 Face Value : `10 Book Value : `129.68
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 325.72 357.33 322.46 359.83 340.05 Net Sales 974.59 789.12 706.40 586.39 NULL
EBITDA 29.10 84.14 62.83 80.87 62.85 EBITDA 31.90 16.70 24.90 20.18 NULL
Interest 7.75 20.40 60.85 61.04 67.10 Interest 27.14 17.52 16.86 14.08 NULL
Net Profit/Loss 20.68 -43.23 -74.29 10.21 -11.61 Net Profit/Loss 5.65 7.35 10.04 6.74 NULL
Basic EPS (`) 0.37 -0.85 -1.48 0.55 - Basic EPS (`) 1.98 2.55 3.49 1.76 NULL
Equity 562.00 506.90 502.81 182.92 166.64 Equity 28.80 28.80 28.80 28.80 NULL

Sr. No.
Superhouse Sr. No.
Fiberweb (India)
BSE Code : 523283 Price : `141.30 BSE Code : 507910 Price : `66.15
353 354
Face Value : `10 Book Value : `245.47 Face Value : `10 Book Value : `27.03
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 664.79 662.83 710.11 800.10 752.98 Net Sales 286.17 130.38 NULL NULL NULL
EBITDA 29.26 25.89 55.56 67.15 73.51 EBITDA 36.27 17.20 NULL NULL NULL
Interest 20.12 20.66 22.19 20.54 25.12 Interest - 0.02 NULL NULL NULL
Net Profit/Loss 17.63 8.36 27.92 35.69 37.08 Net Profit/Loss 36.31 17.24 NULL NULL NULL
Basic EPS (`) 16.07 7.58 25.32 32.37 33.63 Basic EPS (`) 12.61 12.96 NULL NULL NULL
Equity 11.42 11.42 11.42 11.42 11.42 Equity 28.79 13.30 NULL NULL NULL

Sr. No.
Albert David Sr. No.
Modison Metals
BSE Code : 524075 Price : `529.70 BSE Code : 506261 Price : `51.10
355 356
Face Value : `10 Book Value : `278.08 Face Value : `1 Book Value : `39.04
Last Five Year Standalone Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 296.36 304.62 322.19 321.78 292.27 Net Sales 202.68 207.90 168.18 171.49 NULL
EBITDA 13.49 17.36 22.06 21.17 20.34 EBITDA 20.80 41.85 19.50 9.80 NULL
Interest 0.86 1.11 1.81 2.70 3.59 Interest 1.85 2.69 3.35 3.47 NULL
Net Profit/Loss 9.84 12.04 48.00 13.70 12.57 Net Profit/Loss 16.40 14.27 10.88 4.60 NULL
Basic EPS (`) 17.24 21.09 84.10 24.01 22.03 Basic EPS (`) 5.05 4.40 3.35 1.42 NULL
Equity 5.71 5.71 5.71 5.71 5.71 Equity 3.25 3.25 3.25 3.25 NULL

Sr. No.
Acrysil Sr. No.
TD Power Systems
BSE Code : 524091 Price : `542.45 BSE Code : 533553 Price : `128.90
357 358
Face Value : `10 Book Value : `203.63 Face Value : `10 Book Value : `136.7
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 199.95 181.31 173.83 127.10 106.46 Net Sales 450.76 379.91 506.75 597.44 480.23
EBITDA 20.74 23.83 23.96 19.28 13.73 EBITDA -18.75 -20.06 -22.12 -14.66 4.87
Interest 5.14 10.20 7.99 6.80 4.02 Interest 6.66 4.14 4.98 3.89 3.61
Net Profit/Loss 11.95 9.35 10.91 8.73 7.72 Net Profit/Loss -14.42 -4.48 -9.19 -0.83 22.40
Basic EPS (`) 23.03 18.02 21.03 18.74 17.13 Basic EPS (`) -4.34 -1.35 -2.76 -0.24 6.74
Equity 5.19 5.19 5.19 4.66 4.51 Equity 33.24 33.24 33.24 33.24 33.24

Sr. No.
Elpro International Sr. No.
Goodluck India
BSE Code : 504000 Price : `61.05 BSE Code : 530655 Price : `76.50
359 360
Face Value : `1 Book Value : `16.01 Face Value : `2 Book Value : `116.61
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 58.62 48.13 44.84 36.67 28.48 Net Sales 1,278.11 1,073.81 986.97 1,075.90 975.43
EBITDA 33.52 20.49 14.53 15.22 8.94 EBITDA 78.82 50.51 75.23 47.54 36.80
Interest 33.82 17.68 18.81 17.95 13.64 Interest 56.25 47.71 39.70 37.90 35.38
Net Profit/Loss 18.50 3.61 -3.69 -2.25 -4.26 Net Profit/Loss 15.99 21.96 32.81 27.88 17.71
Basic EPS (`) 1.33 0.52 -0.53 -4.89 -9.24 Basic EPS (`) 7.19 9.98 14.91 12.67 8.89
Equity 13.84 13.84 13.84 4.61 4.61 Equity 4.60 4.40 4.40 4.40 3.98

Note: Book value is in rupees per share Share price data is of Aug 28, 2018

DSIJ.in OCT 01 - 14, 2018 I DALAL STREET INVESTMENT JOURNAL 75

Financial Snapshot
Thriving
Small Caps
2018

Sr. No.
McNally Bharat Engineering Company Sr. No.
Donear Industries
BSE Code : 532629 Price : `32.00 BSE Code : 512519 Price : `40.00
361 362
Face Value : `10 Book Value : `-20.73 Face Value : `2 Book Value : `19.32
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Standalone Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 1,835.09 2,171.79 2,693.67 2,429.73 2,631.91 Net Sales 516.89 517.73 517.29 516.33 472.38
EBITDA -209.55 -454.58 -73.88 76.34 45.63 EBITDA 39.31 33.97 34.08 29.27 26.72
Interest 555.45 432.31 348.03 254.93 196.44 Interest 22.36 22.88 28.56 30.28 29.57
Net Profit/Loss -479.38 -56.94 -368.65 -74.28 -75.41 Net Profit/Loss 13.21 10.88 5.63 7.73 3.73
Basic EPS (`) -33.96 -10.63 -72.37 -18.57 -24.60 Basic EPS (`) 0.64 2.09 1.08 1.49 0.71
Equity 158.04 53.59 51.09 40.59 31.09 Equity 10.40 10.40 10.40 10.40 10.40

Sr. No.
BCL Industries Sr. No.
Nahar Spinning Mills
BSE Code : 524332 Price : `111.90 BSE Code : 500296 Price : `95.00
363 364
Face Value : `10 Book Value : `68.1 Face Value : `5 Book Value : `228.49
Last Five Year Standalone Financial Results (`/Cr) Last Five Year Standalone Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 857.56 671.28 527.82 676.89 637.39 Net Sales 2,142.19 2,132.12 2,029.08 2,149.61 2,204.19
EBITDA 36.24 36.61 25.57 36.68 28.72 EBITDA -5.55 86.74 119.97 82.69 262.02
Interest 21.26 21.10 14.01 24.32 24.32 Interest 49.75 41.03 57.67 79.48 64.47
Net Profit/Loss 17.51 10.02 6.45 6.92 5.93 Net Profit/Loss -32.18 45.97 50.87 20.37 145.75
Basic EPS (`) 12.16 6.87 6.92 4.69 4.11 Basic EPS (`) -8.92 12.75 14.10 5.65 40.41
Equity 15.71 14.15 14.15 14.15 14.15 Equity 18.03 18.05 18.05 18.05 18.05

Sr. No.
Chemfab Alkalis Sr. No.
Kriti Nutrients
BSE Code : 541269 Price : `165.05 BSE Code : 533210 Price : `36.80
365 366
Face Value : `10 Book Value : `170.07 Face Value : `1 Book Value : `10.8
Last Five Year Standalone Financial Results (`/Cr) Last Five Year Standalone Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 179.61 140.22 24.91 29.86 20.60 Net Sales 462.30 456.54 357.92 310.40 288.47
EBITDA 39.23 18.02 -8.80 -3.23 -6.01 EBITDA 28.72 11.69 12.55 11.86 9.52
Interest 3.08 4.36 2.93 7.34 7.90 Interest 5.17 4.73 4.56 4.68 4.86
Net Profit/Loss 25.47 15.53 0.44 -7.47 -10.45 Net Profit/Loss 15.79 6.31 6.29 5.76 3.56
Basic EPS (`) 18.42 11.23 0.60 -15.56 -21.76 Basic EPS (`) 3.15 1.26 1.26 1.15 0.71
Equity 13.83 13.83 7.28 4.80 4.80 Equity 5.01 5.01 5.01 5.01 5.01

Sr. No.
Orbit Exports Sr. No.
Veljan Denison
BSE Code : 512626 Price : `137.00 BSE Code : 505232 Price : `996.50
367 368
Face Value : `10 Book Value : `39.16 Face Value : `10 Book Value : `582.33
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Standalone Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 140.02 134.37 149.83 158.21 133.11 Net Sales 97.06 82.59 80.28 78.85 72.17
EBITDA 32.23 29.33 35.92 38.91 28.27 EBITDA 25.11 20.55 19.06 19.02 12.31
Interest 0.54 1.80 1.16 1.27 1.57 Interest 1.12 1.79 1.71 2.28 1.62
Net Profit/Loss 27.04 21.11 23.25 27.86 20.37 Net Profit/Loss 16.28 14.53 12.54 13.04 8.44
Basic EPS (`) 9.43 7.36 16.21 19.49 14.71 Basic EPS (`) 72.34 64.56 55.74 57.97 37.51
Equity 28.26 28.70 14.34 14.30 13.85 Equity 2.25 2.25 2.25 2.25 2.25

Sr. No.
Mercator Sr. No.
DCW
BSE Code : 526235 Price : `20.70 BSE Code : 500117 Price : `25.95
369 370
Face Value : `1 Book Value : `25.74 Face Value : `2 Book Value : `28.73
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Standalone Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 1,010.68 2,115.39 2,706.75 3,091.63 3,457.78 Net Sales 1,193.59 1,175.80 1,263.35 1,254.47 1,327.61
EBITDA -80.62 135.35 -827.13 -364.34 189.80 EBITDA 37.94 76.26 81.40 12.67 77.91
Interest 173.16 232.42 273.42 225.30 205.14 Interest 93.20 56.58 57.97 18.69 27.03
Net Profit/Loss -277.55 24.57 -1,091.89 -449.53 32.18 Net Profit/Loss -20.20 20.15 17.12 -5.92 37.88
Basic EPS (`) -10.42 0.91 -44.59 -18.36 1.31 Basic EPS (`) -0.99 0.91 0.77 -0.27 1.81
Equity 30.25 26.99 24.49 24.49 24.49 Equity 44.20 43.94 43.94 42.70 41.96

Note: Book value is in rupees per share Share price data is of Aug 28, 2018

76 DALAL STREET INVESTMENT JOURNAL I OCT 01 - 14, 2018 DSIJ.in

 Sr. No.
Madras Fertilizers Sr. No.
Hercules Hoists
BSE Code : 590134 Price : `28.10 BSE Code : 505720 Price : `116.30
371 372
Face Value : `10 Book Value : `-37.32 Face Value : `1 Book Value : `63.6
Last Five Year Standalone Financial Results (`/Cr) Last Five Year Standalone Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 1,664.39 1,400.22 1,201.64 1,701.87 2,593.47 Net Sales 85.28 74.16 91.14 97.48 104.22
EBITDA -16.50 43.68 -38.34 -68.27 176.09 EBITDA 0.93 -4.53 4.77 7.87 17.56
Interest 75.39 74.00 82.32 83.97 82.79 Interest 0.04 0.23 0.25 - -
Net Profit/Loss -44.81 -23.31 -189.54 -134.69 100.04 Net Profit/Loss 9.78 6.00 13.29 12.64 19.76
Basic EPS (`) -3.85 -1.45 -11.77 -8.36 6.21 Basic EPS (`) 3.06 1.87 4.15 3.95 6.18
Equity 161.10 162.14 162.14 162.14 162.14 Equity 3.20 3.20 3.20 3.20 3.20

Sr. No.
Indian Toners & Developers Sr. No.
KCP Sugar & Industries Corporation
BSE Code : 523586 Price : `192.85 BSE Code : 533192 Price : `20.65
373 374
Face Value : `10 Book Value : `124.23 Face Value : `1 Book Value : `24.1
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 117.70 115.06 109.13 94.85 84.64 Net Sales 413.27 442.17 401.95 426.47 385.48
EBITDA 22.86 23.71 20.57 18.46 18.42 EBITDA -50.08 49.50 8.00 -31.14 38.60
Interest 0.57 0.36 0.24 0.18 0.19 Interest 14.79 8.72 7.17 4.50 5.22
Net Profit/Loss 24.05 22.87 10.64 10.49 11.54 Net Profit/Loss 11.50 33.96 11.88 -13.93 33.11
Basic EPS (`) 18.27 17.38 13.21 13.01 14.32 Basic EPS (`) 1.07 3.00 1.05 -1.23 2.92
Equity 13.16 13.16 8.06 8.06 8.06 Equity 11.34 11.34 11.34 11.34 11.34

Sr. No.
Olectra Greentech Sr. No.
Punj Lloyd
BSE Code : 532439 Price : `254.25 BSE Code : 532693 Price : `13.25
375 376
Face Value : `4 Book Value : `21.27 Face Value : `2 Book Value : `-56.44
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 168.82 104.88 92.96 92.15 80.32 Net Sales 5,585.77 4,867.28 4,447.02 7,090.26 10,854.85
EBITDA 10.68 14.78 12.95 11.04 8.59 EBITDA -681.49 -1,236.45 -1,276.94 -1,003.85 -73.66
Interest 6.13 5.37 5.74 5.78 5.79 Interest 1,087.49 1,018.23 1,059.04 1,002.23 881.95
Net Profit/Loss 8.89 6.01 5.80 4.93 2.12 Net Profit/Loss -71.82 -920.05 -2,130.81 -1,141.11 -548.23
Basic EPS (`) 2.07 1.67 1.61 1.37 0.58 Basic EPS (`) -2.28 -27.53 -64.16 -34.36 -16.51
Equity 20.07 14.43 14.43 14.43 14.43 Equity 67.12 66.85 66.42 66.42 66.42

Sr. No.
Sayaji Industries Sr. No.
Medicamen Biotech
BSE Code : 540728 Price : `489.95 BSE Code : 531146 Price : `500.30
377 378
Face Value : `10 Book Value : `204.96 Face Value : `10 Book Value : `31.88
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Standalone Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 589.51 563.06 503.12 NULL NULL Net Sales 113.40 82.46 67.28 77.79 73.25
EBITDA 17.84 43.18 15.95 NULL NULL EBITDA 14.42 9.08 3.11 1.83 2.47
Interest 12.47 11.41 10.93 NULL NULL Interest 2.41 3.03 3.10 2.81 2.90
Net Profit/Loss 6.64 5.17 4.21 NULL NULL Net Profit/Loss 10.11 5.16 0.48 0.44 0.09
Basic EPS (`) 21.00 654.51 533.08 NULL NULL Basic EPS (`) 9.03 4.91 0.48 0.46 0.10
Equity 3.16 0.79 0.79 NULL NULL Equity 11.70 10.52 9.99 9.51 8.91

Sr. No.
Premier Explosives Sr. No.
Gujarat Borosil
BSE Code : 526247 Price : `210.00 BSE Code : 523768 Price : `123.00
379 380
Face Value : `10 Book Value : `141.11 Face Value : `5 Book Value : `10.1
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Standalone Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 276.81 238.20 184.99 NULL NULL Net Sales 201.56 182.96 182.82 151.92 132.83
EBITDA 15.67 25.31 14.23 NULL NULL EBITDA 18.90 26.25 21.11 8.98 10.65
Interest 5.21 4.43 3.74 NULL NULL Interest 13.77 11.08 1.36 1.92 2.92
Net Profit/Loss 8.01 14.97 5.65 NULL NULL Net Profit/Loss 6.92 14.28 12.14 1.53 8.29
Basic EPS (`) 7.72 16.90 6.38 NULL NULL Basic EPS (`) 1.01 2.09 1.78 0.22 1.21
Equity 10.64 8.86 8.86 NULL NULL Equity 34.10 34.10 34.10 34.10 34.10

Note: Book value is in rupees per share Share price data is of Aug 28, 2018

DSIJ.in OCT 01 - 14, 2018 I DALAL STREET INVESTMENT JOURNAL 77

Financial Snapshot
Thriving
Small Caps
2018

Sr. No.
Kisan Mouldings Sr. No.
Pennar Engineered Building Systems
BSE Code : 530145 Price : `135.70 BSE Code : 539333 Price : `62.00
381 382
Face Value : `10 Book Value : `22.87 Face Value : `10 Book Value : `73.62
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Standalone Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 564.64 479.66 464.42 NULL NULL Net Sales 522.26 502.58 447.23 450.29 366.95
EBITDA 27.38 25.10 13.53 NULL NULL EBITDA 27.72 45.18 58.92 40.96 33.68
Interest 35.93 38.68 37.32 NULL NULL Interest 15.66 17.16 11.09 9.67 7.70
Net Profit/Loss 0.43 -1.67 -15.32 NULL NULL Net Profit/Loss 15.80 24.40 30.16 21.98 17.22
Basic EPS (`) 0.14 -0.57 -7.54 NULL NULL Basic EPS (`) 4.61 7.12 8.80 7.94 6.89
Equity 33.87 28.87 20.33 NULL NULL Equity 34.27 34.27 34.27 27.67 25.00

Sr. No.
Banswara Syntex Sr. No.
ABC Bearings
BSE Code : 503722 Price : `80.40 BSE Code : 505665 Price : `437.65
383 384
Face Value : `10 Book Value : `160.75 Face Value : `10 Book Value : `131.63
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Standalone Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 1,308.99 1,251.55 1,270.24 1,230.60 1,215.37 Net Sales 191.69 189.77 179.64 162.73 141.45
EBITDA 52.64 73.98 102.65 78.38 124.34 EBITDA 18.79 18.73 14.79 9.83 7.06
Interest 59.13 63.03 70.04 80.96 81.48 Interest 2.22 5.13 6.98 5.62 4.02
Net Profit/Loss 8.40 16.64 27.21 8.03 26.00 Net Profit/Loss 13.22 11.85 5.48 4.18 4.63
Basic EPS (`) 4.91 9.72 16.07 4.89 16.74 Basic EPS (`) 11.45 10.26 4.74 3.62 4.01
Equity 17.12 17.12 16.93 16.43 15.51 Equity 11.55 11.55 11.55 11.55 11.55

Sr. No.
High Ground Enterprise Sr. No.
Shivam Autotech
BSE Code : 517080 Price : `12.32 BSE Code : 532776 Price : `61.90
385 386
Face Value : `1 Book Value : `8.08 Face Value : `2 Book Value : `19.04
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Standalone Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 538.19 322.48 248.27 NULL NULL Net Sales 557.76 455.69 424.12 445.82 398.59
EBITDA 31.14 22.60 16.09 NULL NULL EBITDA 37.16 15.03 42.64 55.71 49.21
Interest 6.80 4.84 3.21 NULL NULL Interest 45.70 28.87 21.47 19.97 20.46
Net Profit/Loss 15.97 11.26 14.13 NULL NULL Net Profit/Loss -1.23 -3.83 19.24 28.14 28.43
Basic EPS (`) 1.40 0.97 1.35 NULL NULL Basic EPS (`) -0.12 -0.38 1.92 5.63 28.43
Equity 11.51 11.51 10.47 NULL NULL Equity 20.00 20.00 20.00 10.00 10.00

Sr. No.
Kriti Industries (India) Sr. No.
Nelco
BSE Code : 526423 Price : `44.25 BSE Code : 504112 Price : `342.05
387 388
Face Value : `1 Book Value : `15.4 Face Value : `10 Book Value : `14.8
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 449.30 387.56 479.77 379.98 369.97 Net Sales 154.55 143.67 199.94 134.31 134.74
EBITDA 23.90 23.94 33.36 15.31 25.33 EBITDA 15.64 10.43 10.62 -2.32 -7.61
Interest 13.02 12.70 16.59 13.27 14.21 Interest 5.93 8.50 13.09 9.50 9.98
Net Profit/Loss 9.19 8.34 10.76 2.08 4.34 Net Profit/Loss 12.11 6.28 2.21 1.93 -16.63
Basic EPS (`) 1.85 1.68 2.17 0.42 0.85 Basic EPS (`) 5.31 2.75 0.96 0.84 -7.29
Equity 4.96 4.96 4.96 4.96 4.96 Equity 22.82 22.82 22.82 22.82 22.82

Sr. No.
Genus Paper & Boards Sr. No.
MBL Infrastructures
BSE Code : 538961 Price : `11.84 BSE Code : 533152 Price : `20.05
389 390
Face Value : `1 Book Value : `13.18 Face Value : `10 Book Value : `72.11
Last Five Year Standalone Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 351.05 308.69 315.81 288.61 247.46 Net Sales 576.70 2,281.32 2,342.69 1,961.79 1,766.29
EBITDA 23.15 9.23 14.24 16.05 12.19 EBITDA 32.10 -17.54 219.20 216.75 174.10
Interest 6.08 5.92 6.28 6.18 5.68 Interest 249.86 159.72 127.79 101.13 75.33
Net Profit/Loss 14.94 6.93 4.75 9.60 10.30 Net Profit/Loss 19.09 -66.05 86.86 81.59 77.00
Basic EPS (`) 0.58 0.26 0.18 0.37 0.40 Basic EPS (`) 4.75 -15.93 20.95 39.37 43.96
Equity 25.71 25.71 25.71 25.71 25.71 Equity 41.45 41.45 41.45 20.73 17.51

Note: Book value is in rupees per share Share price data is of Aug 28, 2018

78 DALAL STREET INVESTMENT JOURNAL I OCT 01 - 14, 2018 DSIJ.in

 Sr. No.
Damodar Industries Sr. No.
Media Matrix Worldwide
BSE Code : 521220 Price : `102.00 BSE Code : 512267 Price : `4.63
391 392
Face Value : `10 Book Value : `94.71 Face Value : `1 Book Value : `-0.01
Last Five Year Standalone Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 651.89 704.27 620.95 593.04 734.98 Net Sales 656.77 263.77 137.47 161.51 134.66
EBITDA 26.43 25.72 27.90 37.03 46.16 EBITDA -7.37 9.59 -21.98 -31.72 -45.52
Interest 10.96 12.53 13.00 19.25 23.54 Interest 5.16 5.66 4.40 3.09 3.79
Net Profit/Loss 11.71 8.87 10.39 11.90 14.78 Net Profit/Loss -34.95 10.11 -25.26 -33.67 -47.68
Basic EPS (`) 10.53 7.97 9.34 13.37 16.60 Basic EPS (`) -0.31 0.08 -0.22 -0.29 -0.42
Equity 11.13 11.13 11.13 8.90 8.90 Equity 113.27 113.27 113.27 113.27 113.27

Sr. No.
Saint-Gobain Sekurit India Sr. No.
MSP Steel & Power
BSE Code : 515043 Price : `63.50 BSE Code : 532650 Price : `13.55
393 394
Face Value : `10 Book Value : `11.02 Face Value : `10 Book Value : `18.51
Last Five Year Standalone Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 149.68 123.47 140.59 132.86 103.50 Net Sales 1,162.99 842.84 904.52 1,092.21 1,192.92
EBITDA 18.45 8.08 13.19 7.28 0.10 EBITDA 60.28 17.98 -74.31 -48.30 104.35
Interest 0.43 0.29 0.18 0.09 0.13 Interest 129.22 123.24 118.50 109.32 108.75
Net Profit/Loss 13.77 6.77 -0.41 6.75 0.41 Net Profit/Loss -55.69 -93.75 -182.43 -103.59 21.30
Basic EPS (`) 1.51 0.74 -0.04 0.74 0.04 Basic EPS (`) -5.79 -10.64 -20.71 -12.02 2.47
Equity 91.11 91.11 91.11 91.11 91.11 Equity 385.42 88.10 88.10 86.20 86.20

Sr. No.
Panasonic Energy India Company Sr. No.
Paramount Communications
BSE Code : 504093 Price : `280.40 BSE Code : 530555 Price : `13.75
395 396
Face Value : `10 Book Value : `145.93 Face Value : `2 Book Value : `-18.61
Last Five Year Standalone Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 209.57 214.10 241.35 238.48 224.52 Net Sales 430.00 315.68 309.37 452.58 413.51
EBITDA 9.87 3.90 20.96 22.02 11.26 EBITDA -11.91 -57.18 -52.52 -44.21 -30.64
Interest 0.02 0.16 0.07 0.07 0.45 Interest 4.48 18.95 73.79 61.02 41.82
Net Profit/Loss 9.80 5.09 16.53 17.84 7.43 Net Profit/Loss 14.69 -0.40 -123.88 -100.96 -100.76
Basic EPS (`) 13.06 6.79 22.04 23.78 9.91 Basic EPS (`) 1.10 -0.03 -9.89 -8.06 -8.05
Equity 7.50 7.50 7.50 7.50 7.50 Equity 28.58 25.05 25.05 25.05 25.05

Sr. No.
Foods & Inns Sr. No.
Apollo Micro Systems
BSE Code : 507552 Price : `156.05 BSE Code : 540879 Price : `158.30
397 398
Face Value : `1 Book Value : `39.01 Face Value : `10 Book Value : `43.15
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Standalone Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 342.42 337.61 335.49 360.77 305.10 Net Sales 221.99 211.27 159.04 108.42 72.68
EBITDA 15.60 15.06 21.34 35.10 19.25 EBITDA 42.82 36.73 22.49 14.16 9.78
Interest 18.07 22.70 19.70 22.19 19.37 Interest 12.17 11.44 8.14 5.11 2.71
Net Profit/Loss 3.47 7.38 0.56 12.49 5.31 Net Profit/Loss 19.17 18.57 10.00 7.45 5.33
Basic EPS (`) 21.58 45.96 3.83 86.09 36.59 Basic EPS (`) 12.46 13.54 7.29 5.43 3.89
Equity 1.64 1.61 1.45 1.45 1.45 Equity 20.76 13.71 13.71 13.71 13.71

Sr. No.
Hubtown Sr. No.
Zim Laboratories
BSE Code : 532799 Price : `61.85 BSE Code : 541400 Price : `356.05
399 400
Face Value : `10 Book Value : `221.84 Face Value : `10 Book Value : `169.3
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Standalone Financial Results (`/Cr)
Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Particulars Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Net Sales 853.21 540.60 406.61 443.26 473.46 Net Sales 275.32 235.01 268.28 266.33 227.10
EBITDA 65.12 341.62 347.88 320.80 289.93 EBITDA 24.17 22.23 20.49 -18.72 17.14
Interest 380.47 421.72 382.98 403.41 356.73 Interest 9.34 9.67 13.65 10.33 8.13
Net Profit/Loss -30.22 -65.71 -24.15 0.74 22.93 Net Profit/Loss 18.29 18.60 5.15 -21.57 10.14
Basic EPS (`) -4.20 -9.03 -3.32 0.10 3.15 Basic EPS (`) 22.72 23.16 6.43 -26.97 12.68
Equity 72.74 72.74 72.74 72.74 72.74 Equity 8.06 8.03 8.00 8.00 8.00

Note: Book value is in rupees per share Share price data is of Aug 28, 2018

DSIJ.in OCT 01 - 14, 2018 I DALAL STREET INVESTMENT JOURNAL 79

 Trackpad
BSE Gets SEBI Approval To Launch Commodity
Derivatives Segment
B
SE receives another feather in
its hat by getting SEBI’s
approval to launch
Commodity Derivatives Segment
from October 1, 2018.
BSE will begin trading in commodity
derivatives with non-agriculture
commodities like metals initially,
followed by agri commodities
subsequently. There are certain
benefits of using BSE-Commodity Gravita Announces
Derivative Platform like, efficient
price discovery, reduction in timelines, cost effectiveness, user-friendly, robust risk Expansion Of Capacity Of
management system as well as a Wider Market Penetration.
The Securities and Exchange Board of India (SEBI) on December 28, 2017 announced Chittor Plant

G
that from October 2018, the country would have a unified exchange regime wherein
stock exchanges would be allowed to offer trading in commodities derivatives. ravita India Limited, a leading
BSE provides investor with an end to end, integrated transaction processing, with recycling company, has said that
services ranging across the spectrum- from pre trade order management to trading, the company has expanded the
real time risk management to post trade clearing, and settlement through a central capacity of its existing plant located at
counter party mechanism along with a nationwide depository for facilitating the Chittoor, Andhra Pradesh, by installing
securities, transaction in a dematerialized form. BSE along with clearing corporation new washing line and PPCP granules
ICCL and depository CDSL, are the financial market infrastructure institutions in extrusion lines having annual capacity of
capital market. 4,800 MTPA.

TVS Motor Announces Alliance With The production from the plant will cater
to the needs of PP/HDP E moulding &

Torino Motors, Mexico fibre Industries globally. At present, the

company is utilizing full capacity of its

T
VS Motor Company, a
manufacturer of two-wheelers
and three-wheelers,
announced its association with
leading distributor in the Mexican
region, Torino Motors, a subsidiary
of Groupo Autofin.
In the first year of the association,
Torino Motors will work with TVS
Motor Company to open 40
exclusive stores in the country for
the distribution of two-wheelers.
With over 40 years of experience in
the region, Torino Motors specialises in automobile and retail finance. As a part of this
association, Torino Motors will distribute the vast range of TVS Motor Company's
two-wheeler offerings including TVS XL100 HD, TVS HLX 150, TVS STRYKER,
TVS Apache RTR 160, 180 and 200, TVS Apache RR 310, TVS WEGO, TVS NTORQ
125, TVS ROCKZ, TVS Neo.
TVS expects to use the market knowledge which Torino will bring on board. Also,
Torino's insights will allow TVS to personalise its offerings to suit the customers of
Mexico and its vast network of distribution will ensure maximum reach in the
country. TVS Motor Company is one of the leading two-wheeler and three-wheeler
exporters, exporting to over 60 countries.
existing plastic plant and after this
expansion, the capacity of Chittoor plant
in plastic segment will be 6,000 MTPA .
The company has invested `171.00 lakh,
partly by way of leasing and partly from
its internal accruals for the expansion.
The company is a leader in integrated
operations of non-ferrous metals and
plastics, having recycling, manufacturing
and turnkey business in more than 7
countries in the continents of Asia, Africa
and America. Its products cater to auto,
telecom, power, nuclear and medical
industry. It derives 62 per cent revenue
from international market and 38 per
cent from domestic market. Its product
mix comprises of refined lead (33.4 per
cent), lead alloy (25.08 per cent), others
(18.2 per cent), remelted lead (15.7 per
cent), aluminium (6.4 per cent) and lead
value-added products (0.60 per cent).

80 DALAL STREET INVESTMENT JOURNAL I OCT 01 - 14, 2018 DSIJ.in

Godrej Properties Expands Portfolio In Noida

L
eading realtor, Godrej
Properties Limited (GPL) has
added a residential project in
Sector 43 Noida. The project is near
Noida Golf Course.
The centrally-located high-end
residential project has access to good
physical and social infrastructure,
said the company's filing to the
bourses. The company plans to
develop the 2.2 million sq. ft. saleable
area into a premium housing
complex in partnership with the Shipra Group, a well-known real estate developer in
north India. With this addition, GPL has four projects in Noida and 13 project within
the NCR region.
Capacit'e Infra Bags
For Q1FY19, the company registered a 65 per cent decline in consolidated net profit at `675 Crore Order

T
`34.3 crore as against `99.17 crore in the same period a year ago. However, the
company's total income grew close to 19 per cent to `1,066.73 crore in Q1 as against he company received an order
`896.71 crore in the corresponding period a year ago. worth `560.90 crore from
Piramal Realty Group and a
repeat order of `113.85 crore from
Ramco Systems Wins Order From US-Based Company
R
Radius Group.
amco Systems' aviation suite was selected by Advanced Global Resources, LLC
(AGR) to manage the IT and supply chain contract of their client the US Army. The work order from Piramal Realty
Ramco Aviation Suite 5.8 software offers modules for advanced real time includes Core re & Shell works of
invoicing, procurement, vendor and inventory management. The suite replaces the Piramal Mahalaxmi project, located in
manual and paper-based system thus providing better stock visibility and aids timely Mumbai for Glider Buildcon Realtors.
fulfilment. AGR will deploy Ramco's Aviation Suite to manage the company's IT and The scope of the order includes
Supply Chain Support Services Contract with the Red River Army Depot of the US construction of three towers, with 2
Army. Basement and 9 podium and 63 floors.
The company believe that this order will help them secure similar orders in the North This the company's first order from
American defence sector. Ramco Aviation Software used to manage more than 4,000 Piramal Realty Group.
aircraft, globally. The software suite is accessible on cloud. It helps clients reduce
transaction time in aircraft-on-ground (AOG) situations and as well as during critical The second order is for the construction
turnaround events. of a mall located in Mazgaon Mumbai.
The project Harbour Heights is being
developed by Radius Sumer Developers
Uflex forays into e-commerce space a Radius Group company.

U
flex, the flexible packaging materials and solution company promoted by Flex
International, announced the launch of its E-commerce website under the Capacit'e Infraprojects is engaged in the
name FLEX BuzzR. With this, the company has forayed into the online space construction of institutional,
through its film manufacturing arm Flex Films. commercial and residential buildings in
Mumbai, NCR, Bengaluru and other
Flex Films has manufacturing facilities across Asia, Europe, North America and major Indian cities. The company
Africa with the cumulative production capacity of 3.37 lakh p.a. This B2B platform posted a private sector orderbook of
would provide a complete range of film offerings to the company's EU customers `6,243 crore and a government sector
from its Poland plant. orderbook of `4,357 crore at the end of
Q1FY19. For Q1FY19, Capacit'e
The website is meant to supplement Flex Films already running brick-and-mortar Infraprojects registered revenue from
business model. The website offers both portfolio and other technical details of the operations of `397.5 crore as against
films. The production site offers both Quick pick order to choose from the available `266.0 crore in Q1FY18, which is a YoY
rolls or made to order to place for customized requirements. increase of 49.4 per cent.

DSIJ.in OCT 01 - 14, 2018 I DALAL STREET INVESTMENT JOURNAL 81

 Our research-backed recommendations have been our greatest strength

Our Call Tracker

over the past so many years. In fact, helping investors book profits has
been the very essence of our existence. Here is a detailed guide on the
recommendations readers to get a quick insight on what to do next.

LOW PRICED SCRIP

RECOMMENDATIONS UPDATE FOR THE LAST ONE YEAR
Recom. Recom. Exit Exit Return
Company Name
Date Price Date Price (%)
01-Feb-17 Goodluck India 91.60 08-Jan-18 110.60 20.74
15-Feb-17 Trident 67.05 28-Aug-17 94.25 40.57
01-Mar-17 Atlanta 84.20 08-May-17 110.10 30.76
15-Mar-17 Rashtriya Chemicals & Fertilizers 60.55 24-Apr-17 87.05 43.77
29-Mar-17 Universal Cables 88.85 13-Apr-17 107.65 21.16
11-Apr-17 Indo Amines 80.40 05-Jul-17 104.00 29.35
26-Apr-17 AVT Natural Products 46.25 26-Apr-18 38.15 -17.51
10-May-17 Himadri Speciality Chemical 61.70 30-Jun-17 75.80 22.85
24-May-17 Reliance Naval and Engineering 63.50 10-Jan-18 58.00 -8.66
07-Jun-17 Suzlon Energy 19.40 07-Jun-18 8.21 -57.68
22-Jun-17 Bharat Wire Ropes 94.60 24-Jul-17 106.80 12.90
06-Jul-17 Nila Infrastructures 17.35 22-Nov-17 21.70 25.07
19-Jul-17 Puravankara 73.20 23-Oct-17 93.80 28.14
03-Aug-17 Virinchi 88.00 12-Sep-17 110.00 25.00
17-Aug-17 Goldiam International 79.70 20-Apr-18 92.30 15.81
31-Aug-17 GMR Infrastructure 17.15 29-Dec-17 21.25 23.91
14-Sep-17 Alkali Metals 76.70 09-Jan-18 94.00 22.56
28-Sep-17 Gufic BioSciences 78.70 24-Oct-17 95.10 20.84
12-Oct-17 Jammu & Kashmir Bank 73.35 Open -36.20
26-Oct-17 Dwarikesh Sugar Industries 76.55 Open -67.60
09-Nov-17 HBL Power Systems 61.90 29-May-18 42.40 -31.50
23-Nov-17 Balasore Alloys 79.00 Open -54.68
07-Dec-17 National Fertilizers 61.30 04-Jan-18 78.00 27.24
21-Dec-17 Hindustan Copper 91.40 Open -38.84
04-Jan-18 Amines & Plasticizers 68.00 14-Feb-18 81.00 19.12
18-Jan-18 MIRC Electronics 50.70 Open -49.90
01-Feb-18 Kriti Nutrients 30.70 14-Feb-18 48.30 57.33
15-Feb-18 Future Consumer 63.15 Open -32.54
01-Mar-18 Innovative Tech Pack 76.05 Open -56.28
15-Mar-18 Jamna Auto Industries 77.15 20-Apr-18 96.75 25.41
28-Mar-18 LT Foods 85.60 Open -49.59
12-Apr-18 Sanwaria Consumer 21.25 Open -44.09
26-Apr-18 Rashtriya Chemicals & Fertilizers 81.40 06-Jul-18 70.40 -13.51
10-May-18 Vascon Engineers 32.55 Open -23.50
24-May-18 Kriti Nutrients 37.00 Open -8.65
07-Jun-18 Meghmani Organics 90.85 Open -10.73
21-Jun-18 Yash Papers 75.40 Open -16.58
05-Jul-18 Nelcast 78.50 24-Aug-18 87.95 12.04
18-Jul-18 Nila Infrastructures 11.92 14-Aug-18 13.02 9.23
02-Aug-18 Capri Global Capital 84.45 24-Aug-18 95.50 13.08
16-Aug-18 SMS Pharmaceuticals 69.95 03-Sep-18 90.40 29.24
30-Aug-18 Gulshan Polyols 58.90 Open -0.17
12-Sep-18 Kanoria Chemicals & Industries 69.00 Open -3.99

82 DALAL STREET INVESTMENT JOURNAL I OCT 01 - 14, 2018 DSIJ.in

DSIJ.in OCT 01 - 14, 2018 I DALAL STREET INVESTMENT JOURNAL 83
 The real key to making
money in small-cap stocks
is not to get scared out of them.
84 DALAL STREET INVESTMENT JOURNAL I OCT 01 - 14, 2018 DSIJ.in
Special Report
Do Stock Markets
Care About News?
I
sn’t it surprising that the Indian
equity markets are near their
all-time highs, despite some
disturbing news keeps making
rounds? The president of the
world’s most powerful country is being
sued by a variety of people, the geo-
political tensions in Syria refuse to abate,
the Indian rupee continues to depreciate
along with other emerging market
currencies, crude oil prices continue to
inch up, trade war fears are real and keep
making fresh headlines every other day,
interest rate risk is imminent and many
more such unnerving news keep
investors on the tenterhooks. And yet
markets keep inching up as if they give a
damn to all the news.
If markets are moving the way they are,
ignoring the headlines that keep breaking
every day, then why should an investor
care about the headline news at all? Why
is it that the stock markets nonchalantly
ignore the news? If markets have a
tendency to ignore the news, then what is
it that matters more to the markets than
the news?
Expectations and not news matter
more for equity markets: -
We have seen investors reacting to the
news headlines umpteen number of
DSIJ.in
Does news impact stock
prices? If yes, then for how
long? Shohini Nath finds
out whether the expectation
about the movement in
stock prices and the
expected performance of
the companies matter more
than the current news in the
long run! Read on…..
times. Market reacts in different
magnitudes to different news headlines.
Markets will react less to the news that
has been already factored in, while one
can expect some violent moves in the
markets to those headlines that have not
been factored in.
For example, markets may not react
immediately in a negative fashion to
inflation data and interest rate rise if it
was already expecting it. However, a
bomb blast or a terrorist attack or a
natural calamity cannot be factored in by
OCT 01 - 14, 2018 I DALAL STREET INVESTMENT JOURNAL
the markets and hence such news can
impact the markets more forcefully.
What we observe in general is that by the
time any investor is able to process the
information in the news and understand
how it is going to impact the stock prices,
markets would have already moved on,
as if ignoring the news and attempting to
look forward. This is the most difficult
part of the markets, which investors
ought to grapple with while participating
in the markets.
The barrage of information that keeps
hitting the markets can overwhelm lot of
investors. In today’s world, we will find
that everyone has a view on everything,
including where the market is headed. At
the same time, there is constant search
for objective answers – whether a stock is
good or bad, whether markets will move
up or down, etc.
While investors want to know the good
stocks from the bad stocks and are always
in search of patterns that may repeat
themselves, the trick that can really help
investors create wealth in the markets lies
in understanding if the situation is
getting better or worse. Because it is
ultimately the improvement or
worsening of the market situation
(outlook) that matters more than
understanding if a stock is good or bad
or if the market is going up or down on a
particular day.
While it is possible to label the market as
good or bad depending on which
variables you look at, it will be a
profitable exercise if investors can
ascertain whether the markets are
expected to improve or get worse in
times to come. In case the market
situation (outlook) is expected to
improve in spite of bad news hitting the
markets, the stock prices can still go up.
Similarly, if the market expects the
situation to worsen, the stock prices can
slide down in spite of good news hitting
the markets.
This probably explains why markets do
not care for the news and are constantly
85
 Special Report
Sensex Reaction Post Negative News (2010-2018)
 Sensex Value
Date Days  Correction (%)
Before Correction Post correction
4th Nov - 30th Nov, 2010 21,004.96 19,521.25 26 -7.06
6th Jan- 9th Feb, 2011 20,184.74 17,592.77 34 -12.84
13th April- 20th June, 2011 19,696.86 17506.63 68 -11.12

26th July -24th August, 2011 18,518.00 16,284.98 29 -12.06

1st Nov- 22nd Nov, 2011 17,480.83 16,065.42 29 -8.10

22nd Feb -6th March, 2012 18,145.25 17,173.29 12 -5.36

30th April- 17th May, 2012 17,318.00 16070.48 17 -7.20

28th Jan- 1st March, 2013 20,103.35 18,918.52 32 -5.89

24th July-22nd August, 2013 20,090.68 18,312.94 29 -8.85

28th Nov to 26th December, 2014 28693.99 27241.78 28 -5.06
27th February to 10th April, 2015 29220.12 27458.64 28 -6.03
10th April to 30th April, 2015 28879.38 27011.31 20 -6.47

29th May to 12th June, 2015 27828.44 26425.3 14 -5.04

31st July -4th September, 2015 28114.56 25201.9 35 -10.36

23rd Oct to 13th November, 2015 27470.81 25610.53 21 -6.77

1st January to 26th Feb, 2016 26160.9 23154.3 56 -11.49

21st Oct to 25th Nov, 2016 28077.18 26316.34 35 -6.27

24th Jan -23rd March, 2018 36161.64 32596.54 58 -9.86

analysing the information trying to
estimate the forward direction by
judging if the situation is improving or
worsening.
Market reaction to news and much
more
We looked at the Sensex data since 2010
and observed those periods where
Sensex has cracked more than 5 per cent
at least. We find that there are at least 18
such instances when the Sensex has
crashed more than 5 per cent over 8
years. The table above highlights periods
when the Sensex declined by more than
5 per cent. The news that triggered the
Sensex fall is also highlighted in the table.
The rise in interest rates is found to have
a higher impact on the stock prices in
majority of the cases.
What is interesting to note is the Sensex’s
performance after each of these 5 per
cent or more corrections, i.e one year,
two years, three years and five years
down the line. Out of 17 times that the
Sensex corrected by more than 5 per
cent, it has gone up on 12 occasions 1
years down the line and has delivered on
an average 9 per cent returns. The Sensex
performance post the 5 per cent
correction improves as we increase the
time horizon. The average performance

86 DALAL STREET INVESTMENT JOURNAL I OCT 01 - 14, 2018 DSIJ.in

 Returns post correction (%)
News that triggered market correction
1 Year  2 Yrs 3 Yrs 5 yrs
-17 -1 7 34 RBI rate increase by 25 basis points
1 11 15 40 Mounting inflation- hike in food prices, tightening monetary policy
-4 10 43 52 RBI to deregulate savings bank deposit rates
FIIs pulling out from Indian stocks ,global debt worries,high equity
10 14 64 77
valuations, rising interest rates
15 26 77 64 Rupee falls against dollar,weakening Indian economy , FIIs selling
Annual Budget in March, government corruption scandals and coalition
13 28 71 69
dissent,  Greece's bailout effect
Rupee depreciating due to large fiscal deficit, political uncertainties and
26 50 70 90
policy paralysis
Budget's high borrowing target, liquidity concerns in banking system, govt
12 54 30 80
to raise taxes, government not attracting foreign investors
44 49 53 109 Rupee depreciated, domestic economy concerns, adverse global cues.
-5 -4 25 NA Weak US markets , Weaker than expected Japanese data
-8 8 20 NA Poor Quarterly results , State elections - AAP winning in Delhi
-5 11 29 NA Greece default, MAT issues, US fed meet
Interest rate commentary by RBI, Below normal monsoon concern,
1 18 34 NA
Sensex-Nifty below 200 DMA, GST bill uncertainty.
13 27 51 NA  Weak macroeconomic data, FIIs selling pressure
5 30 NA NA Terrorist attack Paris
USD strenghtening , FIIs selling, GDP growth concern , Commodity prices
25 49 NA NA
crash
28 NA NA NA Trump election , Demonetisation
NA NA NA NA North Korea Threats

of Sensex post 5 per cent or more
correction after 2 years, 3 years and 5
years is 24 per cent, 42 per cent and 68
per cent, respectively.
Conclusion
Investors, while participating in the
markets, ought to analyse the
information swiftly and accurately. While
doing so, the focus should not be on the
news alone and one must not react to the
news overly and in a knee-jerk fashion.
The stock markets are forward-looking,
and hence, investors should invest time
in understanding the future expectation
that the market is discounting and not
react to the news in isolation. Clearly, it
is evident that the overall markets react
to the news in the short term and
eventually move upwards. Rather than
focusing on breaking news in such
turbulent times, investors can start
accumulating quality stocks as markets
have shown a tendency to reward such
brave long-term investors. Bad news can
be a boon for the long term investors as
such news depress the stock prices, thus
allowing value investors to hunt for
deeper discounts in the stocks.
Any news pulling down the markets is an
opportunity rather than a threat to the
markets. Period. DS

DSIJ.in OCT 01 - 14, 2018 I DALAL STREET INVESTMENT JOURNAL 87

 Expert Speak
Profiting From Entry And Exit Of Index Stocks
I
ndex investing is a most simple
technique of making your money
work. In simple language, invest in
stocks that are a part of the index
and your wealth should move
exactly as the index moves. Retail investor
who does not understand equity markets
and neither have a view on sectoral funds,
thematic funds, etc. can invest in index
funds. Index funds are fairly diversified,
low cost, low risk and earn returns which
replicate the returns of the index.
A company gets included into the index
because of factors like liquidity, impact
cost, listing history, free float market
capitalisation, etc. Index is constantly
revised and companies are removed and
added to the index. Generally, it is
believed that companies which are
included in the index would do well in the
near future, and many investors seek to
include them in their portfolios due to
higher expectation of return in future.
Whenever a company gets included in an
index, all the fund houses which replicate
the index performance have to sell the
stock of the company that has been
removed and include in their portfolio the
new stock, and this should lead to share
price appreciation of stocks which get
included or newly added into the index.
CNX Nifty comprises of 50 actively traded
stocks. The index governance team for
CNX Nifty has made over 186 changes
since inception, which means at different
point of time, close to 93 companies have
been included and 93 excluded from the
index. Between the study period of
2013-2018, some of the companies like
IndusInd Bank , NMDC , Wipro , Tech
Mahindra , United Spirits , Zee
Entertainment Enterprises , Idea Cellular ,
Yes Bank , Bosch , Adani Ports and Special
Economic Zone , Aurobindo Pharma ,
Bharti Infratel , Eicher Motors , Tata
Motors Ltd DVR, Indiabulls Housing
Finance , Indian Oil Corporation , Vedanta
, Bajaj Finance , Hindustan Petroleum
Corporation , UPL , Bajaj Finserv , Grasim
Industries , Titan Company have been
included in the index. On the other hand,
some of the companies like Siemens ,
Dr Ruzbeh Bodhanwala and Dr Shernaz Bodhanwala are faculty at FLAME University, Pune
88 DALAL STREET INVESTMENT JOURNAL I OCT 01 - 14, 2018
Wipro , Reliance Infrastructure ,
Jaiprakash Associates , United Spirits , DLF
, Jindal Steel & Power , IDFC Ltd, NMDC ,
Punjab National Bank, Vedanta , Bharat
Heavy Electricals , Idea Cellular , Grasim
Industries , ACC , Bank of Baroda, Tata
Motors Ltd DVR, Tata Power Co. , Ambuja
Cements , Aurobindo Pharma , Bosch
have been excluded.
Index rebalancing is not a new thing and it
happens at regular intervals and is reported
by the exchanges to all the investors at least
a month in advance. The studies have
generally reported positive price effect on
shares included in the index and negative
price effect on shares excluded from the
index. We intend to test this hypothesis
using the data of CNX Nifty which is
sourced from NSE database and the price
of shares on the date of inclusion or
exclusion is sourced from Thomson
Reuters database. The companies that had
merged or amalgamated were removed
from the data.
Methodology
In this study, we looked at share price
performance of companies which are
included and excluded from CNX Nifty
from the period 2013 to 2018. To test this
hypothesis, we form two buckets, “Returns
of Shares Excluded from Index” and
“Returns of shares Included in the Index”.
We calculated returns for different time
periods, like return of one month post
inclusion/exclusion (indicated as +1M),
return of one month prior to the inclusion/
exclusion date (indicated as -1M). In a
similar way, we calculate one year returns
pre and post inclusion/exclusion (indicated
as +1Y and -1Y). Companies that had not
completed a period of one year from the
date of inclusion/exclusion until August
2018 have been excluded from the sample
for calculating annual returns pre and post
event.
Conclusion
The empirical analysis suggests that
average return for +1 year duration of
shares excluded from the index is 19%,
whereas the average return for shares
Returns based on Inclusion/Exclusion from the Index
Exclusion from Index -1Y -1M +1M +1Y
Average Return -13% 1% 5% 19%
Maximum return 43% 29% 27% 203%
Minimum return -53% -24% -20% -62%
Inclusion into Index -1Y -1M +1M +1Y
Average Return 45% 4% 2% 9%
Maximum return 133% 20% 14% 38%
Minimum return -32% -14% -8% -39%
included in the index for +1 year duration
is only 9%. This is contrary to the belief
that shares that are included in the index
should appreciate higher as compared to
the shares that are excluded. Now let us
look at the average returns for one year
before the event date. The shares which
have been excluded have given negative
return of 13% as compared to positive 45%
returns on shares included in the index.
This strongly suggests that shares which
are included in the index appreciate one
year before the event date and the reason
for this appreciation can be attributed to
the strong financial performance of these
companies. The average one month
returns are not very conclusive.
A stock which is included in the index is at
a premium valuation near the date of its
inclusion in the index and this premium
valuation limits it future potential for
appreciation, whereas the stock which is
excluded from the index is available at a
beaten down price and thus the returns
could be much higher if the financial
performance of the company improves. To
put it simply, investors can find a good
pick with reasonable price-value gap
among the stocks that are excluded from
the index.
The retail investor should look for
companies which have the potential of
turning around and are excluded from the
index. These stocks are available at beaten
down prices close to the event date and
there is a strong likelihood of good returns
if the company is fundamentally strong
and the management is working towards a
better financial performance. For higher
returns, investor should focus on picking
quality stocks from the list of companies
excluded from the Index. DS
DSIJ.in
DSIJ.in OCT 01 - 14, 2018 I DALAL STREET INVESTMENT JOURNAL 89
QueryBoard
Investment Horizon
Query-Specific

HINDUSTAN UNILIVER JINDAL STEEL AND POWER

I bought 100 shares of Hindustan Uniliver at
`1663. Kindly suggest whether I should hold or sell I hold 100 shares of Jindal Steel and Power bought
this stock. at `272. What is your view on the stock?
 - Venkatraju  - Deepakar Kumar

HOLD HOLD
BSE/NSE Code 500696 / HINDUNILVR BSE Code 532286 / JINDALSTEL
Face Value `1 Face Value `1
CMP `1634.30 CMP `225.80
52-Week High `1807.75 / Low `1169 52-Week High `294.15 / Low `132.10
Your Current (1.72 per cent) Your Current (16.98 per cent)
Profit/(Loss) Profit/(Loss)

H J
industan Unilever is a leading fast-moving consumer
goods business engaged in the manufacture of home and
personal care products and foods and refreshments. The
company has various segments ranging from soaps and
detergents, which includes soaps, detergent bars, detergent
powders, detergent liquids and scourers. Another segment is the
personal care products, which includes products in categories of
oral care, skin care (excluding soaps), hair care, deodorants. The
beverages segments include tea and coffee and the packaged food
segment. On the financial front, the company’s net sales stood at
`9,487 crore, up marginally by 2.87 per cent in Q1FY19 versus
`9,222 crore in the same quarter of the previous year. The PBDT
of the company has grown by 18 per cent YoY to `2,320 crore in
Q1FY19. The net profit of the company has also shown a growth
of 19 per cent to `1,529 crore in Q1FY19 versus `1,283 crore in
Q1FY18. On the annual front, the net sales recorded in FY18
were `35,218 crore, posting a growth of 2 per from `34,487 crore
in FY17. The PBDT of the company has risen by 14 per cent in
FY18 as against `6,792 crore in FY17. The net profit of the
company has gone up by 16 per cent to `5,237 in FY18 as against
`4490 crore in FY17. Looking at the financial figures, it is evident
that the company has been growing. Thus we request the
investor-readers to HOLD the stock.
indal Steel and Power is engaged in the production of steel. The
company’s segments include iron and steel, power and other.
The other segment consists of aviation services and machinery
division. The company’s scope consists of steel product mix,
construction solutions and construction materials and solutions.
Its steel product mix category includes rails and head hardened
rails, parallel flange beams and columns, angles and channels,
plates, coils and wire rods. On the financial front, the company’s
net sales have increased significantly by 75 per cent to `6,733.90
crore in Q1FY19 as against `3,831.54 crore in Q1FY18. The PBDT
of the company in Q1FY19 has grown tremendously by over 300
per cent to `1039 crore versus `217.22 crore in the same quarter of
the previous financial year. The net profit of the company recorded
in Q1FY19 was `332.28 crore, as against the net loss of `177.73
crore in the same quarter of the previous year. On the annual
front, the company’s net sales have grown by 13 per cent to
`17,523 crore, as against `15,493.61 crore in FY17. The PBDT of
the company recorded in FY18 was `1,237 crore as against `586
crore in FY17. The net loss of the company has narrowed down to
`361.61 crore in FY18 versus `986.45 crore in FY17. The
company’s financials show an improvement overall. We expect the
upcoming quarters to be better, thus we recommend a HOLD to
our reader-investors looking at the abovementioned factors.

Readers are requested to send only one query at a time so that more readers get a chance. For complaints regarding non-receipt of
dividend, bonus, rights and other matters, investors may write to www.investor.sebi.gov.in

Company Name: DEMOCRATIZING WEALTH CREATION

Vol.
Vol.No.
No.31
33 No.22
No. 17
Query:
Send in your queries:
DSIJ Pvt. Ltd.
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E-mail: Email:editorial@DSIJ.in

90 DALAL STREET INVESTMENT JOURNAL I OCT 01 - 14, 2018 DSIJ.in


SINTEX PLASTICS TECHNOLOGY
SPTL (Sintex Plastics Technology Ltd) bought 25,000
shares at `46. Whether I should hold or sell.
 - Siva Kemburi
HOLD
BSE/NSE Code 540653 / SINTEXPLAST
Face Value `1
CMP `32.05
52-Week High `100 / Low `29.50
Your Current (30.32 per cent)
Profit/(Loss)
S D
intex Plastics Technology Limited operates through
divisions, including custom moulding solutions and
building products and solutions. The moulding solutions is
engaged in moulding and post-moulding operations. The
building products and solutions manufactures water storage
tanks, prefab and construction for mass housing. The company’s
solutions comprise of structural solutions, electrical solutions,
water management solutions, environmental solution, energy
solutions, interior solutions, material handling, telecom
solutions and industrial solutions. The company’s product
offering includes water storage solutions, electrical and SMC
products, environmental and green solutions, industrial,
prefabs, interiors and BAPL. Water storage solutions include
Sintex triple-layer water tanks, Sintex black water tanks, Sintex
loft water tanks, Reno water tanks, RenoTuf water tanks, Sintex
underground water tanks (FRP) and SMC panel water tanks.
On the financial front, the company’s net sales stood at `1,325
crore in Q1FY19, dropped by 12 per cent from `1,509 crore
accrued in Q1FY18. The PBT in Q1FY19 was `34.47 crore
showing a decrease by 68.22 per cent from `107.86 crore in
Q1FY18. The net profit of the company in Q1FY19 was
`37.53 crore, down by 45 per cent from `68.65 per cent in the
same quarter of the previous year.
On the annual front, the company’s net sales stood at
`5,535.96 crore in FY18 as against `5,994 crore in the previous
financial year, showing a decrease of 7 per cent. The PBT has
gone down by over 60 per cent to `196 crore in FY18 versus
`554.62 crore in FY17. The net profit has also gone down by 67
per cent to `135.77 crore in FY18 versus `419.61 crore.
On the valuation front, the company has return on equity (RoE)
of 4.71 per cent and return on capital employed ( RoCE) of 6.23
per cent. The company delivered disappointing numbers, but
the upcoming quarters could show improvement and thus we
would advise our reader-investors to HOLD the stock.
DSIJ.in
Investment Horizon
Query-Specific
DCM SHRIRAM INDUSTRY
I bought DCM Shriram Industry Ltd at `324 per
share. Should I wait further for the stock to reach
my purchase price level ? Kindly share your
recommendation. - Kardeep Kumar
HOLD
BSE/NSE Code 523369 / DCMSRMIND
Face Value `10
CMP `194.05
52-Week High `370 / Low `125.05
Your Current (40.10 per cent)
Profit/(Loss)
CM Shriram Industries Ltd. is a conglomerate engaged
in three main business areas, namely, agri-rural,
chlor-vinyl and value-added business. The agri-rural
business provides farm solutions, hybrid seeds, urea, fertilisers
and sugar. The chlor-vinyl business provides basic chemicals
and raw materials such as caustic soda, chlorine, calcium
carbide, PVC resins, PVC compounds, power and cement.
These are crucial for the nation’s industrial economy.
The company launched Fenesta UPVC business systems in
2003 as a value-added business. The company specialises in
designing, manufacturing, installing and servicing precision-
engineered, 100 per cent customised doors and windows. DCM
Shriram’s portfolio of products includes sugar, alcohol, fine
chemicals and rayon tyrecord.
On the financial front, the company reported revenue of
`464.55 crore in Q1FY19 as against `494.01 crore in Q1FY18,
posting a decline of 5.96 per cent. The company reported an
EBITDA of `43.65 crore in Q1FY19 as against an EBITDA of
`56.34 crore in Q1FY18, a decline of 22.52 per cent. The net
profit has fallen to `23.25 crore in Q1FY19 from `32.58 crore in
Q1FY18, thereby marking a decline of 28.63 per cent.
The annual financial results look more promising. The
company’s revenues increased to `1,726.26 crore in FY18 from
`1,495.82 crore in FY17, posting a growth of 15.40 per cent. The
company reported EBITDA of `116.10 crore in FY18 versus
`199.88 crore in FY17, thereby posting a decline of 41.91 per
cent. The net profit dropped 52.24 per cent to `57.56 crore in
FY18 from `120.52 in 2017.
The recent hike in ethanol prices is beneficial for the sugar
industry. The shares of sugar companies surged as much as 20
per cent on September 14, 2018 after the government raised
ethanol prices by over 25 per cent. Considering these factors,
we recommend our reader-investors to HOLD this stock.
OCT 01 - 14, 2018 I DALAL STREET INVESTMENT JOURNAL 91
92 DALAL STREET INVESTMENT JOURNAL I OCT 01 - 14, 2018 DSIJ.in
DSIJ.in OCT 01 - 14, 2018 I DALAL STREET INVESTMENT JOURNAL 93
QueryBoard
TVS MOTOR
I hold a few shares of TVS Motor and I am a long
term investor. Should I accumulate more, hold or
sell it ?
 - Sohan Barhate
HOLD
BSE/NSE Code 532343 / TVSMOTOR
Face Value `1
CMP `595.60
52-Week High `794.90 / Low `507.35
Your Current --
Profit/(Loss)
T S
VS Motor ranks as the third largest manufacturer of
two-wheelers in India. The company makes motorcycles,
scooters and mopeds. It is the largest flagship company
of the TVS group in terms of size and turnover. The company
has four manufacturing plants, three of which are within India
in Tamil Nadu, Karnataka and Himachal Pradesh, while one is
situated in Indonesia at Karawang.
On the financial front, the company reported an increase of
22.18 per cent in total income from operations at
`4,153.70 crore in Q1FY19 versus `3,399.51 crore in Q1FY18.
The EBITDA in Q1FY19 stood at `323.78 crore, while it was
`268.50 crore in Q1FY18, posting a growth of 20.58 per cent.
The net profit was `146.61 crore in Q1FY19 as against `129.47
crore in Q1FY18, posting a rise of 13.23 per cent.
On the annual consolidated financial front, the company’s sales
increased 30.74 per cent to `16,295 crore for the year ended
March-2018 versus `12,463 crore for the year ended March-
2017. Consequently, the EBITDA for the year ended March-
2018 was recorded at `1,643 crore in comparison to `1,035
crore for the year ended March-2017, posting a growth of 58.74
per cent. The net profit of `652 crore for the year ended
March-2018 posted an increase of 27.59 per cent as against
`511 crore for the year ended March-2017.
Based on the 2017-18 financial performance, the company
continues to grow ahead of the industry for the third year in
succession, reporting a surge of 17.8 per cent, 25.8 per cent and
30.4 per cent in sales of two-wheelers, motorcyles and three-
wheelers, respectively, over the last year. The company has
reported consistent profit growth of 40.06 per cent over the last
five years. Its track record of 26.31 per cent ROE for three years
is good. Furthermore, the company has maintained a healthy
dividend payout of 24.76 per cent. By virtue of these promising
financials and valuations, we recommend our reader-investors
to HOLD the stock.
94 DALAL STREET INVESTMENT JOURNAL I OCT 01 - 14, 2018
Investment Horizon
Query-Specific
SUBEX
Please let me know the future prospects of Subex
Ltd. 
- Naval Manoj
HOLD
BSE/NSE Code 532348 / SUBEX
Face Value `10
CMP `4.88
52-Week High `13.13 /Low `4.40
Your Current --
Profit/(Loss)
ubex Ltd. is a telecom analytics solutions provider
operating in the IT Consulting and Software industry.
Founded in 1992 and incorporated in 1994, it caters to 75
per cent of the world’s top 50 telcos. It provides three key
services to communications service providers (CSPs) namely -
driving new business models, enhancing customer experience
and optimizing the enterprise. They provide analytics solutions
in the field of business, operations and infrastructure. In
addition, they also offer Business Consulting services and
scalable Managed services. Some of the next-generation
solutions that Subex is developing include Advanced Data
Analytics, Business Intelligence, Business Assurance and
Internet of Things (IoT).. They have to their credit, over 300
global installations across more than 90 countries, over 200
global customers and over 25 years of experience.
On the consolidated financial front, the sales stood at `75.91
crore in Q1FY19 as against `76.18 crore in Q1FY18, thereby
posting a drop of 0.35 per cent. EBITDA was reported at
`9.93 crore in Q1FY19 as against `5.06 crore in Q1FY18,
thereby posting a 96.24 per cent increase. The company
reported a net profit of `3.95 crore in Q1FY19, which is a
significant improvement as it had incurred a net loss of `1.01
crore in Q1FY18.
On the annual front, the sales dropped 9.23 per cent from
`324.32 crore for the year ended March-18 to `357.33 in the
year ended March-17. The EBITDA of `47.33 crore showed a
dramatic improvement in March-18 as against a negative
EBITDA of `8.27 crore in March-17. The company reported a
net profit of `20.68 crore for the year ended March-18 as against
a net loss of `43.23 crore for the year ended March-17. These
figures are on a consolidated basis.
Based on these financials and the fact that the company is
virtually debt-free and trading at 0.41 times its book value, we
recommend our reader-investors to HOLD this stock.
(Closing price as on Sept 25, 2018)
DSIJ.in
DSIJ.in OCT 01 - 14, 2018 I DALAL STREET INVESTMENT JOURNAL 95
Reviews
In this edition, we have reviewed GAIL and EIH. We suggest our reader-investors to HOLD GAIL and EIH
GAIL HOLD
BSE CODE Reco. Price
532155 `500
W
e had recommended GAIL
(India) Limited in Volume 33,
Issue No. 2, dated December
25, 2017–January 7, 2018, under the
‘Cover Story’ section when the scrip was
trading at `500. Our recommendation
was based on the robust financials and
valuations of the company, technological
advancements, strong market share,
upcoming projects and a virtually
debt-free capital structure.
GAIL is the largest natural gas process-
ing and distribution company in India. It
is a major player in the oil drilling and
exploration industry and operates in the
business segments of natural gas, liquid
hydrocarbon, LPG transmission,
petrochemical and city gas distribution.
EIH HOLD
BSE CODE Reco. Price
500840 `167
W
e had recommended EIH
Limited in Volume 33, Issue
No. 10, dated April 16–29,
2018 under the ‘Special Report’ section,
when the stock was trading at `167. Our
recommendation was based on a
reduction in the company’s tax burden
upon implementation of GST, the
debt-free capital structure and strong
dividend-payout ratio. Other factors
included upcoming projects such as The
Oberoi and other new hotels that would
grow its revenue as well as the company’s
effective use of working capital.
EIH Limited manages hotels and cruisers
in five countries and is part of the Oberoi
Group. The company also provides travel
and tour services, airport restaurants,
flight catering, car rentals, project
96 DALAL STREET INVESTMENT JOURNAL I OCT 01 - 14, 2018
Change Scrip’s Movement
26.02 Per Cent
CMP - `369.90
Face Value
`10
On a standalone quarterly basis, the sales
surged 12.10 per cent to `17,299 crore in
Q1FY19 from `15,431 crore in Q4FY18.
The EBITDA was `2,363 crore in
Q1FY19, an increase of 18.26 per cent
from `1,998 crore in Q4FY18. The net
profit demonstrated a growth of 23.31
per cent, as it increased to `1,259 crore of `4,799 crore in FY18 shot up by 42.48
in Q1FY19 from `1,021 crore in per cent, in comparison to `3,368 crore
Q4FY18. in FY17.
On an annual basis, the sales in FY18 After our recommendation, the share
surged 12.24 per cent to `54,496 crore price of GAIL Limited rose 2.48 per cent.
from `48,552 crore in FY17. Conse- The company has maintained a healthy
quently, the EBITDA in FY18 was dividend payout ratio of 44.86 per cent.
reported at `8,750 crore as against By virtue of these factors, we recommend
`7,233 crore in FY17, thereby posting a our reader-investors to HOLD on to the
growth of 20.97 per cent. The net profit stock.
Change Scrip’s Movement
8.44 Per Cent
CMP - `152.90
Face Value
`2
management and corporate air charters.
Additionally, it operates a commercial
printing press.
On a quarterly standalone basis, the sales
in Q1FY19 dropped 22.35 per cent to
`334.96 crore from `431.38 crore in
Q4FY18. The EBITDA dropped
significantly by 56.30 per cent to FY17, posting a growth of 29.93 per cent.
`56.81 crore in Q1FY19 from `130.01 The net profit surged 73.78 per cent to
crore in Q4FY18. The net profit also `179 crore in FY18 from `103 crore in
marked a significant fall of 81.84 per cent FY17.
to `10.19 crore in Q1FY19 from `56.13
crore in Q4FY18. After our recommendation, the share
price of EIH Limited dropped 5.56 per
On an annual basis, the sales increased cent. However, since the consolidated
4.57 per cent to `1,599 crore in FY18 financials are demonstrating an
from `1,529 crore in FY17. However, the improvement, we recommend our
EBITDA improved significantly to reader-investors to HOLD the stock.
DS
` 421 crore in FY18 from `324 crore in (Closing price as on Sept 25, 2018)
DSIJ.in
Kerbside
The recommendations provided in this column are taken from various market
sources such as brokers, analysts, dealers and investment strategists, etc. These
recommendations may not be backed by strong fundamentals. Therefore we advise
readers to use their own discretion before investing in these recommendation

GOOD VOLUMES
TCS
India’s largest company by
BSE Code: 532540 market-cap, Tata Consultancy
CMP: `2183.10 Services, has witnessed a good
upmove over the recent past and
volumes too have supported the upmove. Since, there is
lot of uncertainty in the stock market; this stock could be a
good defensive bet till things settle down. There is buzz
on the D-street that some HNIs have taken long positions
in the stock and are expecting it to move in the northward
direction. Other IT stocks are also showing good traction
with INR depreciating. Therefore, the stock can be looked
at for short-term trading gain.

TECHNICAL BREAKOUT Oil India, a Navratna

SUPPORT LEVELS
Oil India PSU, is a fully Hindalco Industries
BSE Code: 533106 integrated exploration BSE Code: 500440
CMP: `219.95 and production CMP: `242.95
company in the
upstream sector. As per the technical Hindalco, an Aditya
analyst, the stock had witnessed a breakout Birla group flagship
of triangle-like pattern along with robust company, has been
volumes and the candlestick formation as an interesting play, of
on week ended September 21, 2018 is quite late. The stock has
encouraging and indicates a robust upside shown good
movement in the stock price. The RSI on the resilience in the
daily chart is trading in the bullish territory, current meltdown in the stock markets as it did not fall much
hence it makes a good bet for short term and is holding its support levels. As per the technical analysts,
investment. Analyst have started the stock is a good candidate to go long in this turbulent period
speculating that Crude Oil may touch $100 as the stock is trading above its important long term moving
per barrel soon. This has generated some average, i.e. 200-day Simple Moving Average. A fairly decent
interest in Oil exploration stocks. buy at the current levels.

Voltas
AND FINALLY.. BSE Code: 500575
CMP: `575.10

Tata Group firm Voltas in a joint venture with Turkish company Arcelik
is foraying into home appliances business in India. This joint venture
marks the comeback of Voltas into the home appliances segment after
nearly two decades. The plans include launching more than 100
products across refrigerators, washing machines, microwaves and
dishwashers over the next three months under the brand names Voltas
Beko. As per the sources, the company is looking to corner about 10
per cent of the market share and generate a good amount of revenue
from this venture. Investor with a risk appetite may enter. DS

(Closing price as on Sept 25, 2018)

DSIJ.in OCT 01 - 14, 2018 I DALAL STREET INVESTMENT JOURNAL 97

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Change In TER: Simplifying Taxes

It was great reading your SIP edition (Issue No.19). One of the

Small Step, Big Impact! complex things for me was to understand how taxation works
in case of mutual funds as there are different kind of funds and

T
their durations also different. Your story made it simple to
here is a sense of deja-vu among many understand. Also, the story on how SIP works gave me utmost
stakeholders of the domestic mutual fund clarity on SIPs. I wish if you would also cover lumpsum
industry after the market regulator, Securities investment.
and Exchange Board of India (SEBI), capped - Abhishek Sharma
the expenses of mutual funds and linked them to the assets
under management (AUMs). Almost nine years ago, when Editor Responds: Thank you for writing to us. We have noted your
SEBI had banned the entry load, doomsayers had suggestion and will try to cover it in one of our future edition.
predicted the end of the mutual fund industry in India.
Nine years down the line, mutual fund industry has
emerged stronger than ever. The growth in mutual

Content
fund industry has been phenomenal. Since year 2009,
the domestic AUMs have witnessed an annual growth of
17%. It has increased from around `5 lakh crore to `25
lakh crore.

What has helped such growth is the regulator's active Cover Story MF Page
2
pro-investor approach that has brought in regulations that
have helped investor to earn more, which has ultimately
Buying Sensex
attracted more and more investors. The current reduction Like a Stock
in the maximum expense ratio that a mutual fund scheme
can charge to the investors will also give boost to the
growth of mutual fund investors in India.

Besides, it will also weed out various malpractices that has

Simple Investing MF Page
6
seeped into the mutual fund distribution. Almost a decade
back, the ban of the entry load was introduced to address
the issue of misselling and churning, where agents would Special Report MF Page
8
advise investors to keep switching schemes frequently just
to earn more commissions, even when this did not suit an
Identifying the Right Mutual
investor's risk-return profile. Fund in a Falling Market
Our cover story this time explains in detail how to map
your returns to frontline indices. Sensex and Nifty have
performed better than many funds in recent times.
Special Report MF Page
10
This is a cause for concern and frustration for many What is your Financial
investors as their portfolios are still in the red year-to-date.
Therefore, they want to know how to get returns given Freedom Number?
by Sensex and Nifty. Hope our cover story will answer
your questions.
Special Report MF Page
13
Capping The TER For
The Benefit Of Investors
SHASHIKANT

DSIJ.in DEC 26, 2016

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Cover Story
MF page - 2

Buying Sensex
Like a Stock
The Sensex and Nifty
are up by more than 15
per cent year till date,
however, individual
portfolios and small-
cap and mid-cap
dedicated funds are in
red. DSIJ explains how
you can imitate the
returns of frontline
indices.

F
or most of the investors, the movement in frontline
indices like Sensex and Nifty represent performance
of the equity market. If these equity indices are
moving up, they believe, the equity market is moving
up. Similarly, when these indices fall, they come to the
conclusion that stock market is not doing well. Besides, there are
few who consider their movement as a barometer of the Indian
economy. Nevertheless, the experience shows that this is not
always the case. The economy and the stock market can move in
different directions. There can also be divergence in movements
of the equity bellwether indices such as Nifty and Sensex and
broader equity indices such as mid-cap and small-cap.
There are times when the movements in Sensex or Nifty hide
more than what they reveal about the performance of the stock
market. One of the best examples of this was during the Fed taper
tantrum in the year 2013, where one could hardly see any
movement at the Sensex or Nifty level, but at the broader level,
companies' shares saw a huge erosion in prices. Sensex saw a
maximum fall of 10 per cent from its peak that year, while the
individual portfolios and share prices of the companies were
down by more than 30%. There were even cases where some of
the index constituents were hitting their life-time highs, while
others were trading at their 52-week lows. For example, the shares
of some of the pharma companies such as Sun Pharmaceutical
were trading at life-time high in 2013, while the other constituent
of the index Tata Steel was continuously hitting its 52-week low.
History repeated itself few months back when the equity
bellwether indices were touching life-time highs, but the
individual portfolios were down by 25% within six months. The
big lesson learnt from the above two incidents is that the
frontline indices like Nifty and Sensex may perform even if other
market segments like small-cap and mid-cap are not performing.

100 DALAL STREET INVESTMENT JOURNAL I DEC

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What makes an index perform?
So, what makes equity indices, and especially frontline indices,
perform? The history of the recorded equity market in India is
not as long as some of the developed countries. The experience
of these countries (developed markets) shows that beating
these equity benchmarks is very tough and most of the actively
managed funds could not do it on a consistent basis.
Even in India, the limited study shows that at least the large-cap
dedicated funds find it hard to beat their benchmarks on a
consistent basis. This has become even more difficult once
these funds are asked to benchmark their returns against total
returns index (TRI) that includes dividends, in addition to the
price appreciation. From January 2018, SEBI has directed that
all equity schemes must benchmark their performances against
the TRI. All equity indices have TRI values that have dividends
in underlying companies added back to the index value.
According to a report in March 2018, on a one-year basis, only
42% of the actively managed funds could beat their
benchmarks, and this drops down to 5% if we take three-year
performance. Segregating this market cap-wise, large-cap funds
have not performed well and only a third have managed to beat
the TRI version of the benchmark.
The reason why beating benchmark index becomes difficult
because of their constituents. The benchmark indices are made
up of leading companies. Moreover, these companies are from
different sectors. Therefore, an index is made up of leading
companies from different sectors.
The current composition of the Nifty 50 shows there are 50
companies representing 13 sectors. Some of the companies
such as ITC, Tata Consultancy Services, Maruti Suzuki India
are the leaders in their respective sectors.
Therefore, going by the modern portfolio theory, index offers a
perfect diversified portfolio, which is made up of the best of the
companies across sectors and industries. Hence, investing in
In the year 2007, Warren Buffett, the legendary US
investor, entered a million-dollar bet with fund manager
Protégé Partners that the S&P 500 would beat a basket of
hedge funds over the next decade. His S&P 500 index
fund compounded a 7.1% annual gain over 10 years,
beating an average increase of 2.2% by the basket of
funds selected by Protégé Partners.
DSIJ.in
MF page - 3
index companies in the proportion they form part of the index
gives you better returns.
Why Index or ETFs
Understanding that indices generate better returns in the
longer term is easier. The difficult part is how to invest in
indices. Despite knowing the fact that investing in the index
companies can give you better returns, for an individual, it
becomes very tedious to invest in these companies. First,
deciding the proportion and then investing in individual
companies will be a tedious task for any investor. Besides, it is
also costly to continue with such investment process as old
companies exit the index and make way for the new
companies, so the investor will have to keep juggling between
these companies. So, keeping track of such changes and
aligning your portfolio accordingly makes it even
more painful.
Nonetheless, there are certain easier ways in which you can
take exposure to the indices. The easiest way is to use
derivatives. You can also use derivatives to get exposure to the
index in the form of future and options of the indices.
However, these are short term in nature, need specialised
knowledge and may not suit your investment requirement.
Hence, investing in index funds or ETFs may help you to take
exposure to the indices without undergoing much of the hassle.
What are Index Funds and Exchange Traded Funds
(ETFs)?
Index funds, as the name suggests, invest in the constituents of
an index. These funds purchase all the stocks forming part of
the index in the same proportion as in the index. For example,
if an index fund is tracking BSE Sensex, it will invest in all the
stocks of the Sensex in the same proportion as in the Sensex.
Therefore, this fund is likely to perform in tandem with the
Sensex. These funds incur lower expenses than actively-
managed funds. For example, HDFC Index Fund – Sensex Plan
has an expense ratio of 0.30 per cent, whereas actively-
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Cover Story
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managed funds may charge around 1 per cent on direct plans
and around 2 per cent in regular plans.
An ETF is also like an index fund as the ETF too hold baskets
of stocks in the same proportion (but not necessary) as the
index it is following and the goal of the ETF is to mirror the
performance this index. However, ETFs are traded on the
exchanges just like shares of a publicly-listed company and
hence these are known as ETFs. The prices of ETFs fluctuate
with the value of their holdings. Investors can trade ETFs as
frequently as they like.
Index Fund for whom?
Globally, the index funds are ruling the roost and have
outperformed the actively managed funds. However, in India,
these are yet to prove their mettle. In India, the actively managed
funds and especially small-cap and mid-cap dedicated funds
have managed to outperform the passively managed funds. The
reason for this being lower efficiency of the capital markets in
India. The asymmetric information availability helps a fund
manager in India to create alpha for its investor. Nonetheless,
they come with an added risk. We have witnessed how the NAVs
of these funds have tumbled in the last few months. The fall in
their NAV was more than the fall of their benchmarks.

How to select an ETF or Index Fund Hence, if you are a risk-averse investor and volatility in the
equity market disturbs you, index fund is a right prescription
for you. The analysis of 381 equity funds, including index funds

1
Lower Tracking Error
This is one of the important attribute for measuring
performance of ETFs or index funds as against their
benchmark. Tracking error is simply the difference
in the returns between the ETF or index fund and
its benchmark. Lower the tracking error, closer
would be the returns of an ETF or index fund with
that of its benchmark.
& ETFs, shows that index funds and ETFs exhibit lower
volatility than the equity diversified funds. Moreover, they also
give better risk-adjusted return, measured by the Sharpe ratio.
The average Sharpe ratio for the index funds and ETFs come to
around 0.61, as compared to 0.49 for the equity funds.
Index funds give you predictable returns and you do not have
to do continuous tracking. For example, if you wish to
participate in equities, but do not wish to take the risks
associated with actively-managed equity funds, you can choose

2
Low impact cost
The impact cost is an indirect cost of executing a a Sensex or Nifty index fund. These funds will give you returns
transaction on an exchange. Lower the impact cost, matching the upside or downside of the index in which you
lesser the indirect cost to investors. Impact costs are have invested.
lower where the liquidity is higher. To understand
Best Performing Index Funds and ETFs in Last 3 years
this, let us take an example. Assume you want to
purchase 5,000 units of an ETF on the Bombay Index Funds
Stock Exchange (BSE), where the best-buy order of Expense 3-Year Net Assets
1,000 ETF units is `580 and best-sell order for 2,000 Fund Ratio (%) Return (%) (Cr)
ETF units is at `582. So, the ideal price is the HDFC Index Fund - Sensex Plan
average of the both, i.e. `581. But if you were able to 0.15 14.88 259.03
- Direct Plan
buy 5,000 units of that ETF at an average price of
`590, your impact cost is around one per cent. This HDFC Index Fund Nifty 50 Plan
0.1 14.42 418.18
means that you incurred an indirect cost of 1 per - Direct Plan
cent to buy 5,000 units of the ETF. ICICI Prudential Nifty Index Fund
0.57 13.78 374.97
- Direct Plan
ICICI Prudential Nifty Next 50

3
Low Expense Ratio 0.44 15.42 299.6
Index Fund - Direct Plan
The expense ratio is the annual charges of an ETF
or index fund. It is the sum of fund expenses, UTI Nifty Index Fund - Direct Plan 0.12 14.54 983.23
management fees, administrative fees, operating
costs and all other asset-based costs incurred by the ETFs
fund. However, the expense ratio must not be Expense 3-Year Net Assets
looked at in isolation.
Fund Ratio (%) Return (%) (Cr)
ICICI Prudential Sensex ETF 0.08 14.99 2.87

4
Historical Records and Liquidity Motilal Oswal Midcap 100
It is very crucial to see the historical records of 0.2 14.18 24.73
Exchange Traded Fund
ETFs and index funds and liquidity in the case of Reliance ETF Bank BeES 0.22 17.45 3823.36
ETF. Although historical records do not show
future performance, these can give a rough idea as Reliance ETF Junior BeES 0.23 15.61 542.12
to how it has performed in the past. Reliance ETF Nifty BeES 0.11 14.70 935.7

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You should invest in them with long term horizon, especially if
those index funds or ETFs are tracking some small-cap or
mid-cap index. The reason being these can be very much
volatile in the shorter run.
Why Passive Investment has not picked up
Despite all the benefits that an index fund offers, passive
investing (that is investing in index funds and ETFs) are yet to
catch the fancy of the mutual fund investors. The reason being
passively managed funds are not able to generate attractive
returns. According to a study done for all the actively managed
mutual fund schemes from the period between FY96 and
FY17, the returns generated by active funds have beaten the
performance of the index funds by a huge margin. But during
the bear phase of the market, the results are mixed as such
funds have underperformed, while others outperformed.
Hence, these funds lose more during the bear market phase.
Another reason why there are not many followers of passive
investing in India is the lack of proper investment options.
There are only 67 passively manged funds (including index
funds and ETFs) and out of these 67 funds, 62 funds map their
investment to the large-cap. There is only one fund that tracks
mid-cap and three funds that track Nifty Bank.
Looking at the current scenario in India, where mid-cap and
small-cap stocks are beating the performance of large-cap
stocks by huge margin in the long run, investors might not be
DSIJ.in
MF page - 5
interested in parking their fund into a large-cap dedicated
fund, even if it is low cost index fund or ETF. The mid-cap
and small-cap dedicated funds still generate alpha for
their investors and Indian investors do not have too many
options. The reason why small-cap and mid-cap funds still
generate alpha is that the space has more stocks to choose
from, but the analyst coverage is significantly less and the
institutional ownership is lower as compared to the
large-caps.
The small-cap companies tend to be young and nimble with
high growth potential. However, among the small-cap stocks,
there is high degree of variability in quality, valuation and
liquidity, which makes it hard to cast them in any index.
Therefore, even if a fund comes out with an index fund that
maps small-cap index, it may not fully capture the small-cap
stocks. Hence, domestically, we do not find much interest in
the index funds or ETFs.
The Way Forward
Going ahead, we believe that the way the market regulator is
moving and making regulations, creating alpha will be difficult
for the fund managers. The host of changes implemented in
the last one year such as re-categorisation of mutual funds,
introduction of Total Return Index (TRI) as benchmark,
disclosures on total expense ratio, etc. are most likely to move
the market towards the passively manged funds. DS
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Simple Investing
MF Page - 6

Mistakes to avoid
while investing

Rohit Shah
CFP CM - Founder of Getting you Rich

A
ge old wisdom suggests that real investing is boring
and it’s very simple. However, in reality, what is
simple and boring has turned out to be tedious
and difficult for most investors to follow. Owing to
the lack of financial education, retail investors end up
basing their money decisions based on what are the
options available and which of it is convenient to carry out,
without much thought. Over the years, we have come
across several portfolios which investors have put together
without a second thought. Of these, given below are most
frequent types that one should be aware of. The aim here
is to educate the readers of the most often made
mistakes in the investing journey and what one can do to
correct it.

Poorly designed & balanced

Asset allocation considerations should be the core of your portfolio construction. The basic definition
demands that a portfolio should consist of group of assets classes such that risk is spread across various
asset classes. It is a known fact that various asset classes respond to a development in the market in
varying ways. The important point to note here is that the principle of diversification is a means to
manage risks. Investors often build portfolios to maximise returns without taking into consideration
the risk-reward trade off.

When designing the portfolio, be mindful that within mutual fund investments (for equity exposure)
investments should be spread across various categories of funds which have varying mandates, risks,
and return potential. Very often investors aggressively invest in a certain type of funds with an aim to
maximise return, say mid cap or small cap funds. But what is forgotten is that such portfolios tend to
be very volatile, thereby creating uncertainty in one’s financial journey.

All over the place portfolio

For many it’s convenience that defines portfolio construction. People have multiple accounts, be it
banking or for other products, all opened with a similar aim of saving and investing. Such an
arrangement ensures that there is too much confusion and it becomes difficult to take stock of one’s
financial situation.

It like this, when one visits a restaurant, do you end up ordering all the items on menu card? The
answer is No. Likewise, buying all available financial instruments too is not a good idea. One has to
take into consideration the risk profile andinvestment objective before signing-up for a product, more
importantly mutual funds. My experience, suggests that a maximum of six different types of mutual
funds is good enough to cover all the type of short, medium and long term financial requirements.

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Comparing apples with oranges

Many investors get confused between absolute and CAGR returns. The missing factor when most of the
investors compare returns is the time value of money. It can be an apple to apple comparison between say
a liquid mutual fund v/s FD, if only you take into consideration the time value factor.

For investors who are new to mutual fund investments, learning to read and understand the returns
profile of a fund is very important. This is because the return figures may not match with one’s mental
calculations figure, thereby leading to a panicky situation. One can overcome this situation by using
portfolio trackers, which are freely available online. Such platforms will help you keep track of your
investments on a regular basis and show the returns in a meaningful manner.

Not being consistent

Being consistent with your investment is one of the easiest ways to fight volatility when it comes to long
term wealth creation. Some of the often seen detrimental investor behaviour is - rushing to make tax-
saving focused investments at the start of new year, discontinuing SIPs in turbulent market, to name a few.
As an investor, it is important to know that at times market cycles may get very long, stretching over
several years, say five years. You should see these years as an opportunity to average out one’s investments,
which is what SIPs help with over years.

Very profitable but minuscule

There are cases where investors have generated outsized returns by staying inactive for many years in
mutual funds. This is because the power of compounding kicks in over the years along with the benefits
which accrue over the years. That said an investment of Rs. 5,000 in an ELSS fund touching Rs. 45,000 in
10 years is great with a CAGR of 24.57%. But this is not enough to move the needle to the portfolio of say
Rs. 1 Cr. The trick is to identify good investments, invest regularly and take sizable positions to generate
meaningful gains.

My money life is complicated

Anything that does not add value in your financial life should be seriously questioned. Remember,
reducing the spread of financial life is the order of the day. Investors spend more time in logistics,
coordination, compilation and compliance rather than strategic thinking. Many investors manually
transfer the money every month from the salary account to investment account when a recurring NEFT
can save time. Ideally your moneylife should be available on a single screen to monitor and review it
periodically. The idea is to consolidate and monitor the portfolio. Un-complicating your financial life
should be a top priority for all investors.

Noise-based actions
When it comes to investments, there is plenty of ‘short-term’ thinking going on. If you follow goal based
investing principles and if the portfolio is designed correctly under the risk management framework, then
short term volatility should not be a matter of concern. Most often the right action to go about is to do
nothing. Reacting to every development heard/read around actually hampers your financial well being.

To sum up, investing can be very powerful if simple and well-thought steps are taken and followed to its logical end. Refrain from
emotional investing as it will only hamper your hard earned money’s growth potential. With this we hope, you dear readers, will
not repeat any of the above mentioned mistakes.

Rohit Shah, CFP CM - Founder of Getting you Rich, SEBI registered Investment Adviser http://www.gettingyourich.com

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The market has turned

volatile with a downward
bias. DSIJ elucidates how
to go for mutual fund
investment in a falling
market.

Identifying the Right Mutual

Fund in a Falling Market
T
here are many concerns in the minds of investors
when it comes to investing in mutual fund. With
the indices trading at all-time highs, investors are
wondering whether the markets would start falling
sharply from these levels or there would be a minor
correction in the market. Recently, we saw the equity markets
falling from the recent highs by 3-5 per cent. When it comes to
investing in a mutual fund, investors are worried that, if they
invest in a mutual fund scheme now at these all-time high
situation or fluctuations. Events may come and go, but having a
long-term view is the way to go, unless the economy is moving
in a negative direction. It is very difficult or rather impossible to
predict whether the stock market is at its peak. Usually,
investors sit on the fence to check whether the rally is for sure
and when they invest, the rally is about to come to an end. This
further increases the risk for an investor.
What an investor must do when the markets
are falling

levels, and after investing, if the markets witness further
downfall, then what will happen to their investments? This is a
concern for an existing MF investor as well, who would be
wondering whether to exit from the existing MF scheme or to
continue with the investment. So, let us understand what you as
an investor must do in the falling markets if you have already
invested in a MF or if you are about to enter one.
It is very important that an investor should have a financial plan
and he must stick to his plan, notwithstanding changing market
1
Align your financial goals with equity MF investments :
If you are saving for a financial goal, which is 5 years or
more from now, then you must stay invested in the equity
mutual funds. Of course, it is vital to review your mutual fund
portfolio at least annually. Many studies show that equity as an
asset class has generated higher inflation-adjusted returns over
the long term. Even the volatility can be eased by holding
equities over a longer period. According to a study, Indian
equities (between 1991-2017) have never generated negative

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return in any 15 years and the average return has been 7.29%. healthcare sectors. These themes tend to perform better during
the bear markets. The above funds have performed well in the
Year Sensex Nifty falling market of 2011 and are also performing well in the
current market scenario. One must invest in funds with this
May-09 14,625.25 4,448.95 kind of performance. But while investing, one must assess one's
May-10 16,944.63 5,086.30 risk profile and invest as per one's risk appetite. As most of the
May-11 18,503.28 5,473.10 above funds are thematic, these funds should not form the core
of your portfolio and allocation to these funds should only be
May-12 16,218.53 4,924.25 tactical. It is to be noted that the above exercise is carried out
May-13 19,760.30 5,985.95 without considering the recent mutual funds re-categorisation
May-14 24,217.34 7,229.95 as directed by SEBI.

4
May-15 27,828.44 8,433.65
Consistency matters more than point-to-point returns :
May-16 26,667.96 8,160.10 The point-to-point returns or trailing returns may give you
May-17 31,145.80 9,621.25 a false picture as these returns may be influenced by the
May-18 35,322.38 10,736.15 fund performance in the past. These returns are highly
influenced by the starting and ending points. Ideally, it is good
CAGR (09-18) 10.29% 10.28% to look at returns over discrete periods, that is, one-year returns

2
Don’t go for NFOs and closed-ended funds : The fund
houses are smart enough to focus on closed-ended funds
instead of open-ended funds, which investors can invest
during the NFO (New Fund Offer) period. This locks the
should be compared with the returns of three-five years. The
returns must be looked over the complete market cycle, that is,
in bear as well as bull market. Most importantly, the
constituents of the fund's portfolio should be carefully analysed
to gauge future performance of the funds.

investors’ money for the tenure of the fund, unlike open-ended
fund where investors can enter and exit any time. Many agents
sell NFOs and closed-ended funds due to the lucrative
commissions they earn form selling these funds. Therefore, you
should avoid NFOs of closed-ended funds.
5
Large-cap diversified funds can be a safe bet
Investment in large-cap diversified funds can be a safe bet
in the falling markets. Although in a bull market, the large-
cap funds may underperform the small and mid-cap funds,

3
when the market is falling, the large-cap can provide a cushion
Pick funds that have done well in bear markets as well : as they are less volatile and provide stability to the overall
History repeats itself and therefore you should learn your portfolio.

lessons from it. Hence, it is very important to look at the
funds that have performed well not just in the bull market but
also in the bear market. Some of the funds that have performed
better than their benchmarks and broader market even in the
bear market are given in the table below. The table would shows
you the top 10 funds that have performed well in 2011 when
markets were falling and the performance of the same funds in
the current financial year (2017-2018) when we are having a
bull market.
Fund Name 2011 2017-18
ICICI PruFMCG Gr (G)     24.27% 23.43%
6
Avoid sectoral funds : A few thematic funds are likely to
do better than others in any period. For instance,
infrastructure funds did well during the market rally in
2007, but when the markets tanked, these funds were hit the
most. It is wise to avoid investments in the sectoral funds, unless
you are convinced about the prospects of that specific sector.
Our analysis of 220 mutual fund schemes that are in existence
since 2008 shows that there are only few themes such as
consumption, healthcare and IT that play out even in bear
markets, while rest of the themes fizzle out.

SBI Cons Opp (G)  17.51% 24.26%
AdityaBSL InternEqA (G)  5.60% 29.17%
SBI FocusedEquity (G)        4.35% 19.12%
UTI MNC (G)                  0.62% 20.15%
SBI MagGlobal (G)            -3.25% 15.88%
Principal Global Opp (G)      -3.83% 17.71%
UTI Healthcare (G)            -3.98% 18.40%
UTI Value Opport (G)          -4.39% 16.61%
UTI India Lifestyle (G)       -4.63% 19.64%
As we can see from the table above, these funds are thematic in
nature. These are mostly from the FMCG, international and
7
Invest via SIP route : Investing through the SIP route can
prove to be beneficial as you do not have to worry about
the rise and fall in the market. This is because when the
markets fall, you will be able to buy more units at the lower
NAV, and when the markets rise, you will buy less units at the
higher NAV. So, this way you will enjoy the benefit of rupee cost
averaging.
The markets have again resumed their upward journey after a
brief fall. Nonetheless, you cannot predict the future trajectory
of equity markets, hence investing cautiously keeping in mind
the above points will help you to reap the fruits of your
investment in the long run. DS

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Special Report
What is your
Financial Freedom
Number?
Financial Freedom is less about financials and more about freedom. DSIJ explains how
you can work towards financial freedom and live the lifestyle you desire without having
to work for money.
M
any of you must be wondering what is
financial freedom? Some may be guessing
that financial freedom means freedom from
all the financial worries, getting rid of one's
debts or any other financial obligations one
might have. Though these guesses are somewhat on the track,
but these are not completely right. So, let us find out what is
meant by financial freedom and how it can be beneficial for you
and how to arrive at your financial freedom number.
Financial freedom simply means attaining financial
independence. It means that you have everything that you need
today, including one or two luxury goals for the future and you
do not have to work to pay for them. You need to have a passive
income to attain financial independence. It is that situation
wherein your savings and investments would allow you to quit
your job and no longer work. This does not mean you need to
give up on your job, but it gives you the freedom to do so if you
so desire.
Benefits of financial freedom:
1. No need to work : Financial freedom would mean your
income is on auto mode, either by way of interest on
savings, investments or business. This is an extremely
difficult goal to achieve, but making a headway towards
the goal could prove to be blissful for you.
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2. Income exceeds expenditure : Your financial freedom
ensures that you earn more than what you spend. People
earn six-figure salaries but are burdened under debt, be it
home loan, consumer debt or any other loan. If expenses
exceed income, then one is not financially free as the
financial situation will remain in stress.
3. Pursue your passion : There is a very rare possibility that
you are working where your passion is, unlike many
people who are just into a rat race to satisfy their and
their loved ones' increasing needs. In this, generally
people forgo their passion as survival and fulfilling the
needs are a higher priority than pursuing one's passion.
But once you attain financial freedom, you can pursue
your passion freely.
Levels of financial freedom
There are levels of attaining financial freedom. You can have
different needs that may fall into different categories, such as
basic and luxury.
1. Basic financial needs : The very first level to attain
financial freedom is to make provision for all your basic
expenses,
such as rent or mortgage, food, utilities (gas, electricity,
water, phone, etc.), fuel, insurance, etc. Once these are
DSIJ.in
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provided for, you can move on to the next level of Now let us calculate the amount needed by Ramesh to be
attaining your financial freedom. financially free. Following are the assumptions made.
 Current age: 30 years
2. Semi-luxurious financial needs : This is the next level on  Expected age to attain financial freedom: 40 years
your path to attain financial freedom. On this level, you  Life expectancy: 85 years
may make provision for some of the semi-luxury  Luxurious financial needs exclude pursuit of passion
expenses such as expenses on clothing, dining out, going Inflation assumed for basic financial needs and
for a movie or any such recreational expenses, current lifestyle: 8%
membership of a gym, spa, going for a one-day trip, etc.  Inflation assumed for semi-luxury financial
needs:10%
3. Current lifestyle needs : This is the level at which your  Inflation assumed for luxury financial needs: 15%
savings and investments must fund your current  Return on investment is assumed: 10%
lifestyle. To understand your current lifestyle, you only
need to go through your bank and credit card statement Amount Required Investment
and check the spending made by you. At this level, you Amount to attain Financial every month
need to make provisions for such spending. Financial Freedom Levels (`) Freedom (`) (`)
Basic Financial Need 4,50,000 1,39,11,396 69,054
4. Luxurious/passion financial needs : At this level, you
Semi-Luxury Financial Needs 1,50,000 67,50,000 33,506
need to save and invest for luxuries such as world tour,
buy a luxurious dream car, buy a farm house or even Current Lifestyle Needs 1,00,000 30,91,421 15,345
fund the pursuit of your passion or start a new venture, Luxury Financial Needs 50,00,000 3,69,57,449 1,83,450
etc. Total Amount Required (`) 6,07,10,266  3,01,355

What is financial freedom number?
Having understood different levels of financial freedom, now it
boils down to the final number. This encapsulates the total
provisions that you need to make across all the levels of your
financial freedom. That is, your financial freedom number will
meet all your needs, right from the basic financial needs to the
luxury or passion financial needs. It is not important whether
or not you are able to achieve the luxury needs, but you would
be in a better position as you would be able to maintain your
current lifestyle apart from meeting your basic requirements
and some small luxuries.
Financial freedom different from retirement
Many people may get confused between planning for
retirement and financial freedom. Though these concepts
sound similar, there is a very thin line that separates them.
Retirement planning is simply how much provision you need
The above table shows that to get financial freedom from basic
needs of `4,50,000 every year, which is likely to grow at a rate of
8%, Ramesh needs to have a corpus of approx. `1.40 crore at the
end of 10 years or when he attains the age of 40. To achieve this,
he needs to save `69,054 every month. Similarly, other
calculations are done.
As we can see in the table, at the assumed age to attain financial
freedom. Ramesh needs to make a provision of `1.40 crore to
meet basic financial needs, `68 lakh for semi-luxury financial
needs, `31 lakh for current lifestyle needs and `3.71 crore for
luxury financial needs. So, for Ramesh, the financial freedom
number is ` 6.09 crore.
In a different scenario where Ramesh wants to invest a lump
sum, he needs to invest `2.35 crore for 10 years to get his
financial freedom. DS

to make to survive in your golden years, but financial freedom

means not just about surviving your retirement years, but it
also comes with the additional benefit of allowing you to retire
early and pursuing your passion while maintaining your
current lifestyle even while allowing you to enjoy some
luxuries. Retirement planning only covers level one of the
There is no complete freedom
financial freedom.
without Financial Freedom;
Let us take an example of Ramesh to understand how to
arrive at the financial freedom number.
 It is assumed that Ramesh requires these amounts
Refuse to be a debt slave to a
every year:
 `4,50,000 for basic financial needs,
system that wants you be in a
 `1,50,000 for semi-luxury financial needs,
 `1,00,000 for current lifestyle needs, and
debt for lifetime
 `50,00,000 for luxury financial needs (one-time).

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ICICI Prudential Bluechip Fund - Direct Plan (Growth)

LargeCap 18.46%
Scheme Category *Expected Return In Next One Year
Upto 1 Year from allotment
`19836 Cr 44.08 1.17% - 1% of applicable NAV,
more than 1 Year - Nil
Expense Ratio (%)
AUM (`Cr) : 31 Aug., 2018 NAV (`) 21 Sept, 2018 31 Aug., 2018 Exit Load

Nifty 100 TRI Rajat Chandak, Anish Tawakley

Benchmark Fund Manager

Reason for recommendation Top 10 Holdings

Company Name % of Net Assets
This is an open-ended equity scheme, which invests State Bank Of India 6.94
predominantly in equity of large-cap companies. It is a pure ICICI Bank 5.87
large-cap fund and even before the SEBI’s categorisation, it had Infosys 4.86
maintained a large-cap concentration. The latest factsheet of the NTPC 4.52
fund shows that almost 91 per cent of the corpus is invested in ITC 4.44
large-cap stocks. This is in line with the benchmark and category, Bharti Airtel 4.43
however, what differentiates the fund is its cash and debt holding, HDFC 4.29
which forms the remaining. At the current juncture, when the Motherson Sumi Systems 3.53
market is volatile, this conservative approach may help the fund Axis Bank 3.22
outperform the market. Even in the year 2011 and 2015 when the Oil & Natural Gas Corporation 3.20
market fell, the fund managed to contain its fall.
Others 54.71
The fund’s current constituent in terms of stock, as well as sector, In terms of stocks, the major holdings of the fund are in State Bank
is well-diversified. In terms of sector, the fund’s major investment of India, ICICI Bank, Infosys and NTPC. The performance of
is in the financial sector, which forms around 27.85 per cent of the these scrips is expected to improve going ahead. Policy measures
AUM. This has been followed by the energy and automobile in terms of the NCLT and IBC are expected to revive the financial
sector, which forms ~13 per cent and ~11 per cent of the corpus, sector. The fund makes a perfect sense for investors who want to
respectively. be conservative.

Monthly Returns
Returns (%)

This might not be top ranked fund, however, looking at risk-reward opportunity we recommend this fund. * Expected one year return is based on the assumption that current holdings remain constant.

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Capping The TER For

The Benefit Of Investors
T
he market regulator, Securities and Exchange Board disadvantage. This might also compel distributors to push for
of India (SEBI) in its latest meeting has decided to schemes with AUMs upto `500 crore as permissible expense
cap the expenses ratio charged by the fund houses ratios are higher and commissions that distributors get are also
to investors. This change in slab rate of expense ratio likely to be higher.
is being done after a gap of almost 22 years and this change is
for the first time after the slab rates were introduced in the year New Slab Rates of TER
1996. For beginners, the expense ratio is the cost charged by the
asset management companies (AMCs) to an investor to manage Fund's AUM TER (%) TER for other schemes
their funds. This include fund management fees, agent (` Crore) (excl. Index, ETFs and Fund
commissions, registrar fees, selling and promoting expenses. of Funds) (%)
All these come under the total expense ratio (TER), which are 0-500 2.25 2
recurring in nature. 500-700 2 1.75
750-2000 1.75 1.5
The TER is important from an investor's perspective as it is 2000-5000 1.6 1.35
deducted from their investment and impacts the return they 5000-10000 1.5 1.25
earn on their investment. Therefore, if everything remains the 10000-50000 Reduction of 0.05% TER reduction of 0.05% for every
same, expense ratio becomes the deciding factor to select an for increase of `5000 increase of 5,000 crore AUM or
MF scheme. This can be best understood with the following cr AUM part thereof
example. If you had invested `10 lakh in lump sum in a fund for >50000 1.05 0.8
10 years that generated return of 15 per cent and has an expense
ratio of 2.5%, after 10 years you would get `3.24 lakh. All things Among the equity funds, the closed-ended schemes that
remaining the same, if we reduce only the expense ratio by 1% account for little less than 6% of total AUM under equity and
to 1.5% you would get `3.54 lakh during the same period, balanced funds are going to hurt the most. The TER for
which is around 10% higher than the final amount and 35% closed-ended and interval schemes for equity-oriented schemes
higher than the initial investment. has been capped at 1.25 per cent, and for other than equity-
oriented schemes, TER will be a maximum of 1 per cent. This
The Recent Change may impact the new launches of closed-ended schemes and
Despite the mutual fund industry growing by leaps and bound only schemes that have investment merit will be launched.
since the expense ratio slabs were introduced for the first time,
the investors did not derive any benefit and any economy of Conclusion
scale achieved by the AMC was not passed on to the investors. The recent action by SEBI will impact different stakeholders of
The industry’s AUM grew from `80,000 crore at the end the mutual fund industry in different ways. In the short run, it
of July 1999 to `25.2 lakh crore currently. Hence, SEBI, will have a negative impact on the financials of the AMCs;
acting in the interest of the investors, modified the slab-wise however, in the longer run, these AMCs are also going to be
limits for expense ratio of open-ended funds for equity- positively impacted by higher volumes as anything that is
oriented funds as well as “other” funds. The TER stands good for the investors is good for the AMCs and the industry
reduced by 25 basis points in the top slab for both equity and in general.
debt mutual funds. Further, the regulator has asked fund houses
to adopt the full trail model of commission in all schemes However, investors will be the greatest beneficiaries of the
without payment of any upfront commission or upfronting of change. Besides the recent change in expense ratio slab, the
any trail commission, the only exception being the systematic earlier reduction in additional TER that could be charged in
investment plan (SIP). lieu of exit loads (from 20 bps to 5 bps) and the change in the
additional TER chargeable for pay-outs for inflows from B-15
SEBI’s new norms impose caps on the expense ratios based on cities to B-30 cities should result in a meaningful reduction in
the AUMs of these funds. Smaller funds have the highest overall TERs. All of these is likely to increase the returns an
permissible expense ratio, which may put larger schemes at a investor gets in his hand. DS

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With Ranking

T
he following table lists top-ranked equity funds based on
DSIJ's proprietary research methodology. We have
evaluated each funds underlying portfolio of stocks and
ranked them based on their expected portfolio returns. This way
we are also able to rank newly launched funds that are not rated
by others due to their short duration of existence.
We evaluate all the equity funds based on the changed ratings
of their underlying stocks and the change in their prices.
Therefore, this list is quite dynamic and reflects the best possible
return potential of the funds for the next one year.
You can use this ranking to create your own mutual fund
portfolio. Depending on your risk profile, return expectations and
overall asset allocation, you can add the best performing fund
category to your portfolio. For clarity and to include more funds,
we have not included ‘Direct’ and ‘close-ended’ funds. You can
visit our website (www.dsij.in/mutual-fund) to know the latest
ranking of both ‘Direct’ and ‘Regular’ Funds along with equity-
oriented hybrid and close-ended funds.
This ranking can also be used for reviewing different holdings
in your fund portfolio. Hence, a consistently laggard performer of
a category can be looked at as 'Switch' or 'Exit' advice.
Key To Databank
Category Rank: Category wise ranking as on September 21st 2018
Scheme Name: This is the name of the mutual fund scheme
NAV (`): Net asset value per unit of a mutual fund or an exchange-traded fund
(ETF) on a specific date
AUM (`Crore): This is the total market value of financial assets held by the mutual
fund scheme on a specific date.
Weightage: Large-Cap: This is a percentage of total assets held by a fund in the
large-cap stocks as defined by AMFI for the current period.
Mid-Cap: This is a percentage of total assets held by a fund in mid-cap stocks as
defined by AMFI for the current period.
Small-Cap: This is a percentage of total assets held by a fund in small-cap stocks as
defined by AMFI for the current period.
Total No of Companies: This is a total number of companies held by a mutual fund
scheme at the end of a specific month.
Expenses Ratio: This is the latest expense ratio disclosed by the mutual fund scheme
Return_1Years: This is the past one-year return given by the scheme.
Expected 1-yr return: This is based on our analysis of the portfolio of mutual fund
scheme and their expected growth in the next one year, assuming the underlying
remains the same.
Current Rank: Rank as on September 21st 2018
Previous Rank of September 07th 2018 is shown under bracket ()

Category Weightage (%) Return Expected DSIJ Current

NAV AUM Total No of Expense
Scheme Name 1 Years 1 yr return Rank
Rank (`) (` Cr) Companies Ratio (%)
Large Cap Mid Cap Small Cap (%) (%) (21 Sept 18)
Equity - Large Cap
1 SBI Blue Chip Fund 38.19 20284 84 9 2 60 2.44 2.08 18.24 65 (67)
2 ICICI Prudential Bluechip Fund 41.88 19836 90 2 0 60 2.08 8.50 18.10 68 (94)
3 UTI Mastershare 120.54 5792 84 11 4 50 2.33 8.79 15.87 127 (178)
4 HSBC Large Cap Equity Fund 209.64 744 95 4 0 34 2.19 5.24 15.74 133 (174)
5 Baroda Large Cap Fund 14.08 30 93 5 0 33 2.89 1.15 15.34 154 (224)
6 LIC MF Large Cap Fund 25.42 253 87 2 0 30 2.75 2.50 15.25 159 (237)
7 Aditya Birla Sun Life Frontline Equity Fund 221.11 21880 81 12 2 73 2.18 2.29 15.09 168 (190)
8 Essel Large Cap Equity Fund 22.66 147 86 3 6 44 2.80 0.43 14.76 180 (146)
9 Tata Large Cap Fund - Regular Plan 211.89 821 90 5 5 38 2.33 2.62 14.51 192 (204)
10 DSP Top 100 Equity Fund 202.17 3007 100 0 0 33 2.18 0.85 14.17 198 ()
11 Franklin India Bluechip Fund - Growth 470.09 8401 87 7 0 40 2.06 5.45 13.82 207 (229)
12 JM Large Cap Fund 65.87 3180 81 2 0 83 2.39 3.75 13.75 209 (200)
13 Reliance Large Cap Fund 33.86 11601 80 16 4 51 2.30 9.01 13.30 223 ()
Equity - Large & Mid Cap
1 BOI AXA Large & Mid Cap Equity Fund 35.51 141 37 38 19 45 2.41 -1.31 20.88 29 (35)
2 ICICI Prudential Large & Mid Cap Fund 324.86 3237 52 35 6 62 2.07 3.50 19.58 41 (40)
3 DSP Equity Opportunities Fund 215.50 5948 53 36 7 69 2.20 0.20 18.89 52 (82)
4 Tata Dividend Yield Fund - Regular Plan 75.26 296 57 9 22 20 2.86 4.10 17.87 72 (91)
5 UTI Core Equity Fund 63.30 975 52 36 10 59 2.08 2.60 17.48 80 (95)
6 Essel Large & Midcap Fund - Regular Plan 14.56 95 39 35 20 53 3.30 -2.14 16.68 100 ()
7 Tata Large & Mid Cap Fund - Regular Plan 190.63 1375 55 36 7 44 1.95 -0.71 16.29 114 (123)
8 Reliance Vision Fund 533.80 3293 62 37 0 32 2.17 -6.73 15.88 126 (92)
9 Canara Robeco Emerging Equities 93.40 4033 39 37 17 62 1.98 2.37 15.48 145 ()
10 Principal Emerging Bluechip Fund 107.40 2022 40 37 19 84 2.30 2.20 15.48 145 (148)
11 HDFC Growth Opportunities Fund - Reg. Plan 111.30 1333 57 35 6 51 2.37 3.78 15.20 163 ()

() There are some blanks in the previous ranking column. This is because these funds were not in our last ranking as they have come into
existence recently, after the realigning of the funds with respect to SEBI's guidelines on rationalisation and categorisation of schemes.
** These funds are yet to complete one year

Domestic Mutual Funds AUM at the end of August 2018 is `25.20 lakh crore.

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Category Weightage (%) Return Expected DSIJ Current

NAV AUM Total No of Expense
Scheme Name 1 Years 1 yr return Rank
Rank (`) (` Cr) Companies Ratio (%)
Large Cap Mid Cap Small Cap (%) (%) (21 Sept 18)
Others - Index Funds/ETFs
1 Reliance ETF PSU Bank BeES 319.63 118 80 17 3 12 0.54 -11.60 24.19 12 (70)
2 Reliance ETF Bank BeES 2,675.94 3823 96 4 0 12 0.22 5.22 21.94 24 (54)
3 SBI ETF Nifty Bank 265.08 821 96 4 0 12 0.30 3.76 21.94 24 (54)
4 Reliance CPSE ETF 27.21 4344 86 13 0 10 0.07 -4.42 18.93 49 (33)
5 Motilal Oswal Midcap 100 ETF 19.45 25 7 86 6 100 0.20 -1.91 16.32 113 ()
6 UTI Nifty Next 50 Index Fund 10.40 256 88 12 0 50 ** 16.15 117 (209)
7 Reliance ETF Junior BeES 299.97 542 87 12 0 50 0.23 1.85 16.15 117 (208)
8 UTI Nifty Next 50 Exchange Traded Fund 296.09 54 87 12 0 50 1.98 16.15 117 (209)
9 ICICI Prudential Nifty Next 50 Index Fund 25.87 300 86 12 0 50 0.85 0.94 16.13 120 (212)
10 ICICI Prudential Bharat 22 ETF 36.48 5802 90 10 0 22 0.01 0.00 14.59 185 (194)
11 DSP Equal Nifty 50 Fund 10.23 130 100 0 0 50 0.89 0.00 14.52 191 (164)
12 LIC MF Exchange Traded Fund - Nifty 100 118.16 328 98 2 0 101 0.26 10.29 12.56 242 (274)
13 Aditya Birla Sun Life Nifty ETF 121.01 227 100 0 0 50 0.05 12.16 12.21 253 (277)
14 HDFC Index Sensex Plus Plan - Regular Plan 462.56 105 91 2 7 39 0.30 11.37 12.04 260 ()
15 ICICI Prudential Nifty Index Fund 108.24 375 100 0 0 50 1.00 10.79 12.02 261 (282)
16 Aditya Birla Sun Life Index Fund 110.12 136 91 0 0 51 0.81 10.51 11.98 263 ()
17 ICICI Prudential Nifty ETF 116.69 984 100 0 0 50 0.05 12.06 11.97 264 ()
18 UTI Nifty Exchange Traded Fund 1,172.97 9667 100 0 0 50 12.15 11.97 264 ()
Equity - Sectoral/Thematic
1 Reliance Banking Fund 266.10 3118 55 29 10 26 2.16 -1.12 26.88 1 (4)
2 ICICI Prudential Banking and Financial Services 58.93 2778 48 16 16 30 2.13 -3.80 26.66 2 (12)
3 UTI Banking & Financial Services Fund 94.80 716 74 12 11 26 2.38 -3.84 26.59 3 (14)
4 Invesco India PSU Equity Fund 16.83 71 59 23 17 18 2.71 -13.65 26.29 4 (5)
5 DSP Tiger Fund 87.06 1357 52 15 25 60 2.31 -7.62 25.76 5 (7)
6 LIC MF Infrastructure Fund 13.29 58 49 22 18 25 3.14 -6.47 25.71 6 (8)
7 L&T Business Cycles Fund - Regular Plan 14.90 898 46 23 25 59 2.54 -8.85 25.70 7 (6)
8 Franklin Asian Equity Fund 21.84 125 8 6 1 11 2.88 2.44 25.40 8 (3)
9 ICICI Prudential Infrastructure Fund 49.50 1398 53 10 25 38 2.29 -3.09 24.80 10 (13)
10 IDFC Infrastructure Fund 15.79 1111 37 15 44 47 2.37 -8.87 24.51 11 (2)
11 Reliance Power & Infra Fund 98.23 1628 25 16 54 36 2.27 -11.84 23.95 14 (10)
12 Canara Robeco Infrastructure 44.36 133 51 14 33 23 2.49 -11.39 23.82 15 (11)
13 UTI Infrastructure Fund 50.92 1495 55 17 24 44 2.18 -7.76 23.14 17 (23)
14 HDFC Infrastructure Fund - Regular Plan 16.87 989 48 13 37 46 2.31 -16.63 22.73 18 (21)
15 Aditya Birla Sun Life India Reforms Fund 19.68 100 56 24 12 25 2.86 9.88 22.71 19 (32)
16 Invesco India Infrastructure Fund 16.59 40 37 22 37 25 2.81 -3.55 22.25 20 (17)
17 UTI Transportation and Logistic Fund 113.68 1676 67 15 14 36 2.46 -3.86 22.14 21 (16)
18 Aditya Birla Sun Life Infrastructure Fund 32.37 705 28 34 35 61 2.81 -14.07 21.99 23 (20)
19 Sundaram Infrastructure Advantage Fund 31.74 679 23 19 55 42 2.51 -8.12 21.08 27 (24)
20 Baroda Banking and Financial Services Fund 21.01 41 73 21 4 22 2.87 0.09 20.79 30 (49)
21 Invesco India Financial Services Fund 51.90 129 76 12 10 20 2.74 -1.63 19.76 38 ()
22 Tata Infrastructure Fund - Regular Plan 53.86 600 45 23 25 36 2.22 -4.96 19.63 40 (37)
23 Tata Banking and Financial Services Fund 17.12 262 72 18 5 16 2.66 -5.18 19.53 42 (74)
24 Franklin Build India Fund 39.79 1223 70 6 15 34 2.36 1.63 19.47 43 (76)
25 SBI PSU Fund 10.19 178 62 23 3 19 2.88 -19.20 19.38 44 (47)
26 SBI Banking & Financial Services Fund 16.30 567 58 25 11 20 2.70 8.46 19.12 47 ()
27 BOI AXA Manufacturing & Infrastructure Fund 16.54 49 16 19 52 44 2.50 1.35 19.04 48 (22)
28 Franklin India Opportunities Fund 73.84 657 72 11 12 34 2.55 1.66 18.91 50 (74)
29 Sundaram Financial Services Opp. Fund 37.75 157 81 14 2 21 2.80 -3.51 18.86 53 (41)
30 Aditya Birla Sun Life Banking And Fin. Serv. Fund 27.73 1725 69 19 9 31 2.48 -3.28 18.50 57 ()
31 LIC MF Banking & Financial Services Fund 10.49 66 60 32 6 15 3.14 -10.67 17.88 71 ()
32 Reliance Consumption Fund 63.86 77 57 23 13 29 3.17 0.61 16.84 96 ()

Total Equity Mutual Funds (Incl. ELSS) AUM at the end of August 2018 is `8.04 lakh crore
that is 32% of the Total Mutual Funds AUM.

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Category Weightage (%) Return Expected DSIJ Current

NAV AUM Total No of Expense
Scheme Name 1 Years 1 yr return Rank
Rank (`) (` Cr) Companies Ratio (%)
Large Cap Mid Cap Small Cap (%) (%) (21 Sept 18)
33 SBI Infrastructure Fund 14.64 541 37 3 50 21 2.69 -2.42 16.72 97 (62)
34 HSBC Infrastructure Equity Fund 18.85 136 23 12 57 32 2.47 -20.79 16.42 107 (57)
35 Mirae Asset Great Consumer Fund 33.95 499 55 25 17 40 2.63 10.36 16.04 123 ()
Equity - Focused
1 Reliance Focused Equity Fund 46.14 4531 71 20 6 30 2.24 0.74 22.14 21 (26)
2 HDFC Focused 30 Fund - Regular Plan 77.00 504 74 6 18 25 2.54 -2.03 20.12 35 (48)
3 BNP Paribas Focused 25 Equity Fund 9.24 278 79 9 8 24 2.82 ** 19.14 46 (73)
4 Franklin India Focused Equity Fund 38.56 7902 65 10 12 26 2.07 2.80 18.39 61 (144)
5 Reliance Focused Large Cap Fund 29.90 1197 77 21 0 24 2.16 8.51 16.18 116 (120)
6 Principal Focused Multicap Fund 62.61 324 75 12 5 29 2.60 4.63 15.28 157 ()
7 Aditya Birla Sun Life Focused Equity Fund 57.92 4261 91 5 0 29 2.36 1.05 15.19 165 (159)
Equity - Mid Cap
1 Aditya Birla Sun Life Midcap Fund 294.71 2385 11 66 18 55 2.40 -6.29 21.38 26 (25)
2 DSP Mid Cap Fund 53.91 5816 6 65 25 54 2.19 -0.36 20.52 31 (31)
3 ICICI Prudential MidCap Fund 95.84 1568 2 65 28 64 2.36 -0.83 20.18 34 (29)
4 UTI Mid Cap Fund 102.59 4028 11 68 21 62 2.35 -2.99 19.73 39 (38)
5 SBI Magnum Midcap Fund 73.97 3636 1 68 29 44 2.52 -6.88 18.82 54 (45)
6 Sundaram Mid Cap Fund 478.76 6336 3 68 27 62 2.14 -5.33 18.50 57 (52)
7 Invesco India Mid Cap Fund 48.70 193 9 66 24 39 2.85 7.15 18.16 67 ()
8 Franklin India Prima Fund 946.17 6829 17 66 12 56 2.12 0.40 17.83 73 ()
9 Tata Mid Cap Growth Fund - Regular Plan 132.58 676 11 65 20 42 2.12 -3.65 17.56 76 ()
10 BNP Paribas Mid Cap Fund 32.53 801 3 67 24 46 2.59 -6.15 17.35 83 (51)
Equity - Small Cap
1 Sundaram Small Cap Fund 84.74 1192 0 1 92 49 2.38 -13.98 25.07 9 (1)
2 Aditya Birla Sun Life Small Cap Fund 37.28 2327 7 0 84 57 2.42 -6.18 24.04 13 (15)
3 ICICI Prudential Smallcap Fund 24.70 181 8 0 78 38 2.71 -7.80 23.61 16 (18)
4 Franklin India Smaller Companies Fund 55.29 7430 15 10 68 72 2.15 -4.27 20.96 28 (30)
5 HSBC Small Cap Equity Fund 52.21 589 1 22 65 51 2.26 -7.29 20.01 37 (28)
6 DSP Small Cap Fund 58.02 5506 0 9 84 82 2.22 -5.58 18.40 60 (50)
Hybrid - Aggressive
1 BOI AXA Mid & Small Cap Equity & Debt Fund 13.48 440 0 36 37 48 2.27 2.59 19.18 45 (27)
2 LIC MF Equity Hybrid Fund 97.71 352 48 21 5 35 2.53 4.29 18.27 63 (98)
3 Baroda Hybrid Equity Fund 55.63 747 57 32 5 56 2.59 -0.16 18.09 69 (60)
4 Aditya Birla Sun Life Equity Hybrid 95 Fund 749.31 15001 54 16 8 99 2.29 -0.21 17.43 81 (104)
5 ICICI Prudential Equity & Debt Fund 130.67 29032 73 5 2 101 2.04 6.30 17.19 85 (125)
6 Essel Equity Hybrid Fund 10.08 285 62 10 7 56 2.69 ** 17.19 85 ()
7 DSP Equity & Bond Fund 145.81 7290 59 17 13 93 2.04 1.11 16.45 105 ()
8 Reliance Equity Hybrid Fund 55.54 14481 67 7 5 66 2.26 2.99 16.42 107 (129)
9 IDFC Hybrid Equity Fund 11.49 1171 50 14 13 77 2.19 0.53 16.35 111 (151)
10 HDFC Balanced Fund - Regular Plan 147.07 22109 49 10 13 90 1.92 6.97 15.82 128 ()
11 HDFC Hybrid Equity Fund - Regular Plan 51.50 23137 51 11 12 92 1.95 -3.66 15.78 130 ()
12 Axis Equity Hybrid Fund 9.77 2327 35 5 0 33 2.55 0.00 15.75 131 ()
13 UTI Hybrid Equity Fund 170.98 6586 54 23 10 88 2.33 3.31 15.57 143 (131)
Equity - Multi Cap
1 Baroda Multi Cap Fund 97.56 750 65 28 5 50 2.62 -2.17 18.65 56 (63)
2 Motilal Oswal Multicap 35 Fund 25.87 14052 80 17 1 27 2.04 -2.65 17.49 79 (155)
3 Essel Multi Cap Fund 10.14 103 64 14 14 51 2.84 ** 16.71 98 (81)
4 DSP Equity Fund 37.59 2786 64 19 16 58 2.16 1.71 16.64 101 (162)
5 Aditya Birla Sun Life Equity Fund 721.08 10307 66 20 9 74 2.25 1.46 16.38 110 (142)
6 Mahindra Mutual Fund Badhat Yojana 10.62 280 61 13 19 54 2.87 -1.32 16.34 112 (102)
7 BNP Paribas Multi Cap Fund 46.01 901 64 5 26 49 2.52 -3.60 16.05 122 (140)
8 Aditya Birla Sun Life Special Situations Fund 25.71 181 57 11 29 52 2.70 15.78 15.98 124 (177)
9 Principal Multi Cap Growth Fund 144.05 726 58 13 22 65 2.70 3.38 15.61 141 ()

ICICI Prudential Mutual Fund reported the highest AUM of `3.10 lakh crore for Q1 (April to June)

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Category Weightage (%) Return Expected DSIJ Current

NAV AUM Total No of Expense
Scheme Name 1 Years 1 yr return Rank
Rank (`) (` Cr) Companies Ratio (%)
Large Cap Mid Cap Small Cap (%) (%) (21 Sept 18)
10 SBI Magnum Multi Cap Fund 47.18 5850 61 11 19 64 2.43 2.44 15.61 141 (156)
11 Invesco India Multicap Fund 49.05 551 38 23 36 41 2.57 3.99 15.47 148 (197)
12 L&T Equity Fund - Regular Plan 81.84 2836 71 19 8 66 2.26 3.57 15.25 159 (108)
13 HSBC Multi Cap Equity Fund 88.58 655 66 18 14 49 2.24 1.64 14.85 177 (185)
14 ICICI Prudential Multicap Fund 295.44 3047 82 9 5 28 2.27 12.00 14.60 184 (157)
15 UTI Multi Cap Fund 13.99 397 53 21 4 36 2.69 14.01 14.56 186 ()
16 HDFC Equity Fund - Regular Plan 635.67 22798 82 12 6 46 2.06 4.71 14.02 200 ()
Equity - Value/Contra
1 Indiabulls Value Discovery Fund 12.68 46 13 22 51 32 2.79 -4.59 20.05 36 (34)
2 Aditya Birla Sun Life Pure Value Fund 56.51 4258 42 11 45 70 2.35 -7.38 18.47 59 (39)
3 SBI Contra Fund 109.54 1630 49 10 33 36 2.34 -1.54 17.38 82 (83)
4 Tata Equity P/E Fund - Regular Plan 138.13 4969 74 13 8 46 2.15 0.78 17.06 90 (65)
5 Reliance Value Fund 72.74 3373 52 28 16 63 2.22 1.75 16.49 104 ()
6 IDFC Sterling Value Fund 52.95 3044 17 35 41 82 2.29 -1.87 16.19 115 (84)
7 UTI Value Opportunities Fund 61.56 4778 74 19 4 53 1.81 8.71 16.13 120 ()
Equity - ELSS
1 BOI AXA Tax Advantage Fund 52.87 200 27 31 37 50 2.37 1.09 20.44 32 (43)
2 HSBC Tax Saver Equity Fund 36.28 173 64 17 18 36 2.39 -2.33 18.90 51 (79)
3 Reliance Tax Saver Fund 56.89 10546 64 15 18 55 2.28 -9.45 18.82 54 (56)
4 UTI Long Term Equity Fund 85.91 1084 57 29 10 58 2.56 4.42 18.31 62 (64)
5 L&T Tax Saver Fund 38.77 30 47 22 30 43 2.63 11.22 18.04 70 (85)
6 DSP Tax Saver Fund 46.10 4750 69 14 12 68 2.10 -0.06 17.64 75 (121)
7 Tata India Tax Savings Fund - Regular Plan 17.26 1569 66 14 13 52 1.70 0.24 17.18 87 (125)
8 Baroda ELSS 96 45.42 153 52 32 16 47 2.82 -2.64 17.18 87 (89)
9 Essel Long Term Advantage Fund - Regular Plan 13.96 50 56 20 24 56 2.80 0.30 17.06 90 (90)
10 BNP Paribas Long Term Equity Fund 36.02 539 80 10 7 47 2.62 -3.90 17.05 92 (124)
11 Motilal Oswal Long Term Equity Fund 17.35 1137 72 18 8 28 2.33 -0.34 16.90 95 (141)
12 SBI Magnum Tax Gain Scheme 93 141.12 6428 75 10 12 67 2.31 0.68 16.44 106 (147)
13 Sundaram Diversified Equity Fund 101.45 2866 52 31 15 65 2.24 -1.16 15.93 125 (127)
14 Edelweiss Long Term Equity Fund (Tax Savings) 45.50 77 65 19 10 50 2.58 0.48 15.82 128 ()
15 Principal Tax Savings Fund 211.52 411 60 14 23 64 2.53 3.18 15.75 131 ()
16 Mahindra Kar Bachat Yojana 11.59 318 68 3 19 39 2.74 -3.71 15.31 156 (135)
17 LIC MF Tax Plan 65.04 193 48 23 16 42 2.94 6.75 15.21 162 ()
Hybrid - Equity Savings
1 UTI Equity Savings Fund 9.98 333 19 6 1 18 ** 20.31 33 ()
2 L&T Equity Savings Fund - Regular Plan 17.35 240 37 25 14 104 1.78 3.72 18.26 64 (59)
3 Reliance Equity Savings Fund 12.74 2621 58 9 8 77 2.09 2.96 18.19 66 (58)
4 Mahindra Dhan Sanchay Equity Savings Yojana 10.90 316 41 16 12 66 2.80 -1.13 17.69 74 (46)
5 SBI Equity Savings Fund 12.62 2327 59 11 9 134 2.56 2.89 17.56 76 (97)
6 Principal Equity Savings Fund (Growth Accum) 35.27 73 46 27 5 53 2.61 3.83 17.54 78 ()
7 DSP Equity Savings Fund 12.34 1685 47 25 8 123 2.13 1.46 17.25 84 (77)
Hybrid - Dynamic Asset Allocation/Balanced Advantage
1 L&T Dynamic Equity Fund - Regular Plan 23.51 538 33 24 14 59 2.75 6.46 15.74 133 (61)
2 Motilal Oswal Dynamic Fund 12.01 1835 66 16 4 43 2.20 1.55 15.41 151 (214)
3 IDFC Dynamic Equity Fund 13.11 1045 49 18 11 80 2.56 5.93 15.27 158 (182)
4 HDFC Prudence Fund - Regular Plan 491.98 36720 66 11 11 93 2.14 3.23 15.10 167 (187)
5 ICICI Prudential Balanced Advantage Fund 33.89 29156 69 7 3 128 2.11 4.83 14.55 187 ()

Solution Oriented
1 HDFC Ret. Savings Fund - Equity - Reg. Plan 16.64 533 44 8 29 63 2.69 2.68 16.69 99 (151)
2 Reliance Ret. Fund - Wealth Creation Scheme 13.51 1405 77 11 9 57 2.53 2.19 15.44 150 (160)
3 HDFC Ret. Savings Fund - Hybrid Equity - Reg. Plan 16.06 201 40 7 25 57 2.85 4.87 14.53 188 ()
4 Tata Ret. Savings Fund - Moderate Plan - Reg. Plan 29.50 928 51 18 13 52 2.42 1.73 14.53 188 (198)
5 Tata Ret. Savings Fund - Progressive Plan - Reg. Plan 28.73 548 63 15 16 47 2.28 1.18 14.51 192 (195)
All the NAV figures are for date September 21, 2018. Trailing returns are also calculated for the same date. AUM, weightage of a stocks ,
number of companies and expense ratio are for the period ending Aug. 2018. All the raw data is provided by Dion Global Solutions Ltd
Note : The funds in the data bank are now appropriately categorised as per SEBI guidelines, except for funds in miscellaneous category

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