Company Name FHC_Total FHC_PBIDTFHC_GrossFHC_Debt t

Esab India Ltd. 248 64 73 0.3

Esab India Ltd. 296 71 91 0.0
Esab India Ltd. 351 88 108 0.0
Esab India Ltd. 196 39 74 0.3
Esab India Ltd. 141 9 75 1.0
Esab India Ltd. 90 0 75 0.8
FHC_ROCEFHC_PBID FHC_PATMFHC_Market Capitalization FHC_Enterprise Value EV/EBITDA Fixed Asset Turn
123.0 23.5 14.6 676 631 9.86 3.4
107.9 21.6 13.0 571 551 7.78 3.3
90.7 22.4 13.7 709 693 7.90 3.3
75.4 18.3 9.5 214 200 5.09 2.7
7.4 5.6 0.5 113 129 14.92 1.9
-9.3 0.2 -4.7 69 87 438.56 1.2
Close Price Industry YEAR
1165 Other Industrial Goods 2005
1165 Other Industrial Goods 2006
1165 Other Industrial Goods 2007
1165 Other Industrial Goods 2004
1165 Other Industrial Goods 2003
1165 Other Industrial Goods 2001
Count - Company Name YEAR
Industry 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Aerospace 1 1 1 1 1
Construction & Engineering 4 4 4 5 5 9 10 8 12 11 13
Defence 1 1 2 2 3 3 3 3 3 2
Heavy Electrical Equipment 6 6 6 6 4 7 7 12 12 14 15
Industrial Machinery 19 18 18 17 17 18 19 29 29 32 36
Other Elect.Equip./ Prod. 3 3 3 6 6 5 6 9 12 10 10
Other Industrial Goods 1 2 2 2 2 4 4 5 6 5 8
Other Industrial Products 1 1 4 6 8 9 10 8 8 10 7

Average - FHC_ROCE(%) YEAR

Industry
Construction & Engineering
Heavy Electrical Equipment
Industrial Machinery
Other Elect.Equip./ Prod.
Other Industrial Goods
Other Industrial Products
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
19.0 18.5 17.7 18.6 22.5 23.2 18.6 20.8 23.5 20.5 16.6
19.3 22.8 24.6 27.1 35.9 44.6 40.0 39.1 34.7 30.0 29.2
9.5 13.7 18.5 25.2 31.6 27.5 27.0 19.1 20.8 22.5 20.2
14.2 13.8 12.5 15.6 24.2 27.8 31.0 19.4 14.9 23.7 11.4
28.9 17.3 56.0 78.8 72.5 35.2 19.4 20.0 1.7 20.9 41.0
21.0 29.4 15.5 23.3 25.4 30.0 20.5 11.8 15.6 21.2 15.3

Average - FHC_Debt to Equity YEAR

Industry
Construction & Engineering
Heavy Electrical Equipment
Industrial Machinery
Other Elect.Equip./ Prod.
Other Industrial Goods
Other Industrial Products
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
1.8 1.6 1.7 1.1 1.0 0.9 1.0 1.7 1.1 1.0 1.0
1.4 1.2 1.0 0.8 0.1 0.8 0.4 0.4 0.3 0.4 0.5
1.0 0.8 0.9 0.6 0.5 0.7 0.6 0.5 0.5 0.5 0.6
0.3 0.4 0.5 0.9 1.5 1.3 1.1 1.5 1.0 0.8 0.8
0.1 0.6 0.3 0.5 0.1 0.3 0.3 0.6 0.3 0.6 0.4
1.0 0.5 2.0 1.6 1.4 1.1 1.1 1.3 0.9 0.7 0.7

Average - Fixed Asset Turn YEAR

Industry
Construction & Engineering
Heavy Electrical Equipment
Industrial Machinery
Other Elect.Equip./ Prod.
Other Industrial Goods
Other Industrial Products
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
1.54 ### ### ### ### ### ### ### ### ### ###
3.02 ### ### ### ### ### ### ### ### ### ###
1.88 ### ### ### ### ### ### ### ### ### ###
1.46 ### ### ### ### ### ### ### ### ### ###
4.08 ### ### ### ### ### ### ### ### ### ###
1.19 ### ### ### ### ### ### ### ### ### ###

Average - FHC_PBIDTM(%) YEAR

Industry
Construction & Engineering
Heavy Electrical Equipment
Industrial Machinery
Other Elect.Equip./ Prod.
Other Industrial Goods
Other Industrial Products
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
20.6 19.8 15.3 14.4 16.6 17.3 15.5 14.3 18.6 17.2 15.3
9.3 12.3 11.3 10.1 9.7 13.1 12.5 13.8 14.0 12.8 11.0
10.3 12.1 14.2 15.9 17.6 16.5 15.6 13.6 14.6 15.2 13.9
16.4 15.7 13.3 11.3 13.3 13.5 12.7 11.4 12.7 9.6 10.5
21.9 11.9 18.4 19.9 22.3 19.9 16.1 17.1 17.4 15.6 17.2
18.8 23.6 14.0 16.5 19.5 20.6 18.3 15.3 15.4 15.8 13.4

Average - EV/EBITDA YEAR

Industry
Construction & Engineering
Heavy Electrical Equipment
Industrial Machinery
Other Elect.Equip./ Prod.
Other Industrial Goods
Other Industrial Products
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
4.50 ### ### ### ### ### ### ### ### ### ###
8.50 ### ### ### ### ### ### ### ### ### ###
5.97 ### ### ### ### ### ### ### ### ### ###
3.49 ### ### ### ### ### ### ### ### ### ###
1.50 ### ### ### ### ### ### ### ### ### ###
2.96 ### ### ### ### ### ### ### ### ### ###

Average - FHC_Total Income YEAR

Industry
Construction & Engineering
Heavy Electrical Equipment
Industrial Machinery
Other Elect.Equip./ Prod.
Other Industrial Goods
Other Industrial Products
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
2694 3166 3565 4011 4748 4042 4767 7242 6151 6944 7307
930 954 1110 1570 3233 3090 3789 5772 6762 7483 7002
286 323 328 427 531 624 704 656 561 667 682
294 252 261 342 371 608 888 852 635 802 902
143 155 209 275 357 247 615 563 549 781 547
278 350 228 492 560 723 998 1247 862 1200 1898

4 Year Revenue CAGR 2006 2007 2008 2009 2010 2011 2012
Construction & Engineering 15% 6% 8% 16% 7% 14% 11%
Heavy Electrical Equipment 37% 34% 36% 38% 20% 25% 17%
Industrial Machinery 17% 18% 21% 11% 1% 2% -1%
Other Elect.Equip./ Prod. 6% 25% 36% 26% 14% 7% 0%
Other Industrial Goods 26% 12% 31% 20% 11% 33% -3%
Other Industrial Products 19% 20% 45% 26% 11% 14% 17%

Average - FHC_PBIDT YEAR

Industry
Construction & Engineering
Heavy Electrical Equipment
Industrial Machinery
Other Elect.Equip./ Prod.
Other Industrial Goods
Other Industrial Products
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
462 455 458 501 617 673 710 1070 1213 1244 1201
87 118 134 181 342 365 433 837 1043 1168 1068
33 38 41 58 81 94 95 86 74 89 82
50 38 36 37 42 72 112 78 71 68 82
30 19 39 56 82 62 108 96 101 135 92
57 79 33 98 110 136 161 157 123 189 287
4 Year Revenue CAGR 2006 2007 2008 2009 2010 2011 2012
Construction & Engineering 7% 10% 12% 21% 18% 17% 14%
Heavy Electrical Equipment 41% 33% 34% 47% 32% 34% 25%
Industrial Machinery 25% 26% 23% 10% -2% -1% -4%
Other Elect.Equip./ Prod. -4% 17% 32% 21% 14% -1% -7%
Other Industrial Goods 29% 33% 29% 14% 5% 22% -4%
Other Industrial Products 18% 14% 49% 13% 3% 9% 16%
2013 2014 2015 2016 2017 2018
1 1 1 2 2 2
15 16 17 17 17 16
3 3 5 5 5 5
15 16 16 16 17 15
36 41 43 45 47 47
10 10 14 17 16 16
9 9 8 9 10 9
10 11 14 14 13 13

2013 2014 2015 2016 2017 2018

12.7 10.2 10.9 13.1 12.7 14.9
24.1 15.7 16.7 16.2 11.7 11.4
16.3 14.2 13.5 14.2 14.3 14.2
9.3 8.6 12.5 16.7 14.3 15.7
26.3 22.3 27.1 24.8 22.5 20.3
9.1 8.9 9.9 10.0 13.2 13.9

2013 2014 2015 2016 2017 2018

1.0 1.1 1.1 0.7 0.7 0.6
0.6 0.7 0.8 0.8 1.7 0.5
0.5 0.6 0.5 0.4 0.5 0.5
0.8 1.0 0.8 0.7 0.6 0.7
0.5 0.4 0.4 0.3 0.5 0.3
0.8 0.9 0.9 1.0 0.9 0.8

2013 2014 2015 2016 2017 2018

### ### ### ### ### ###
### ### ### ### ### ###
### ### ### ### ### ###
### ### ### ### ### ###
### ### ### ### ### ###
### ### ### ### ### ###
2013 2014 2015 2016 2017 2018
15.1 11.7 14.1 15.2 20.7 17.2
11.3 9.3 10.1 9.2 16.3 10.2
12.9 11.9 12.6 12.8 12.5 12.5
11.3 9.6 9.5 11.1 10.3 11.1
14.7 15.5 16.3 17.6 16.3 15.6
10.6 10.8 11.8 13.6 13.9 15.5

2013 2014 2015 2016 2017 2018

### ### ### ### ### ###
### ### ### ### ### ###
### ### ### ### ### ###
### ### ### ### ### ###
### ### ### ### ### ###
### ### ### ### ### ###

2013 2014 2015 2016 2017 2018

7218 7117 7416 7806 8130 9748
6775 6685 5775 5988 5589 6196
662 667 831 739 806 855
1017 816 913 995 1132 1409
575 639 467 739 657 759
1293 1392 1762 1408 1553 1966

2013 2014 2015 2016 2017 2018

0% 4% 2% 2% 3% 8%
4% 0% -6% -4% -5% -2%
0% 4% 6% 2% 5% 6%
5% 6% 3% 3% 3% 15%
1% 4% -12% 8% 3% 4%
1% 13% 10% -7% 5% 9%

2013 2014 2015 2016 2017 2018

1153 1111 1212 1205 1297 1617
977 708 571 385 501 585
75 73 104 97 107 108
86 55 69 108 132 157
89 120 109 156 139 154
157 176 238 220 250 333
2013 2014 2015 2016 2017 2018
2% -2% -1% 0% 3% 10%
4% -9% -16% -23% -15% -5%
-3% 0% 4% 4% 9% 10%
3% -6% 0% 7% 11% 30%
-2% 4% -5% 14% 12% 6%
0% 9% 6% -6% 12% 17%
FHC ROCE %
Sub Segment 2002 2003 2004 2005 2006 2007 2008
Construction & Engineering 19 19 18 19 23 23 19
Heavy Electrical Equipment 19 23 25 27 36 45 40
Industrial Machinery 10 14 19 25 32 27 27
Other Elect.Equip./ Prod. 14 14 12 16 24 28 31
Other Industrial Goods 29 17 56 79 73 35 19
Other Industrial Products 21 29 16 23 25 30 21

Average of FHC_Debt to Equity

Row Labels 2002 2003 2004 2005 2006 2007 2008
Construction & Engineering 1.8 1.6 1.7 1.1 1.0 0.9 1.0
Heavy Electrical Equipment 1.4 1.2 1.0 0.8 0.1 0.8 0.4
Industrial Machinery 1.0 0.8 0.9 0.6 0.5 0.7 0.6
Other Elect.Equip./ Prod. 0.3 0.4 0.5 0.9 1.5 1.3 1.1
Other Industrial Goods 0.1 0.6 0.3 0.5 0.1 0.3 0.3
Other Industrial Products 1.0 0.5 2.0 1.6 1.4 1.1 1.1

Average of Fixed Asset Turn

Row Labels 2002 2003 2004 2005 2006 2007 2008
Construction & Engineering 1.5 1.6 2.4 2.6 2.7 4.1 3.6
Heavy Electrical Equipment 3.0 3.0 3.6 4.4 4.5 6.6 8.1
Industrial Machinery 1.9 2.0 2.3 2.1 2.5 2.5 2.8
Other Elect.Equip./ Prod. 1.5 1.4 1.2 2.3 2.8 3.5 6.7
Other Industrial Goods 4.1 3.2 3.8 4.5 3.8 2.3 3.2
Other Industrial Products 1.2 1.3 2.1 2.0 2.2 1.9 1.7

Average of FHC_PBIDTM(%)
Row Labels 2002 2003 2004 2005 2006 2007 2008
Construction & Engineering 21 20 15 14 17 17 16
Heavy Electrical Equipment 9 12 11 10 10 13 12
Industrial Machinery 10 12 14 16 18 16 16
Other Elect.Equip./ Prod. 16 16 13 11 13 14 13
Other Industrial Goods 22 12 18 20 22 20 16
Other Industrial Products 19 24 14 16 20 21 18

Average of EV/EBITDA
Row Labels 2002 2003 2004 2005 2006 2007 2008
Construction & Engineering 4 5 6 8 13 7 8
Heavy Electrical Equipment 8 4 8 11 22 11 14
Industrial Machinery 6 4 5 7 9 8 7
Other Elect.Equip./ Prod. 3 4 5 7 10 5 5
Other Industrial Goods 2 8 3 6 10 11 9
Other Industrial Products 3 2 7 12 9 8 8

4 Year Revenue CAGR 2006 2007 2008 2009 2010 2011 2012
Construction & Engineering 15% 6% 8% 16% 7% 14% 11%
Heavy Electrical Equipment 37% 34% 36% 38% 20% 25% 17%
Industrial Machinery 17% 18% 21% 11% 1% 2% -1%
Other Elect.Equip./ Prod. 6% 25% 36% 26% 14% 7% 0%
Other Industrial Goods 26% 12% 31% 20% 11% 33% -3%
Other Industrial Products 19% 20% 45% 26% 11% 14% 17%

4 Year Revenue CAGR 2006 2007 2008 2009 2010 2011 2012
Construction & Engineering 7% 10% 12% 21% 18% 17% 14%
Heavy Electrical Equipment 41% 33% 34% 47% 32% 34% 25%
Industrial Machinery 25% 26% 23% 10% -2% -1% -4%
Other Elect.Equip./ Prod. -4% 17% 32% 21% 14% -1% -7%
Other Industrial Goods 29% 33% 29% 14% 5% 22% -4%
Other Industrial Products 18% 14% 49% 13% 3% 9% 16%
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
21 24 20 17 13 10 11 13 13 15
39 35 30 29 24 16 17 16 12 11
19 21 23 20 16 14 14 14 14 14
19 15 24 11 9 9 13 17 14 16
20 2 21 41 26 22 27 25 22 20
12 16 21 15 9 9 10 10 13 14

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
1.7 1.1 1.0 1.0 1.0 1.1 1.1 0.7 0.7 0.6
0.4 0.3 0.4 0.5 0.6 0.7 0.8 0.8 1.7 0.5
0.5 0.5 0.5 0.6 0.5 0.6 0.5 0.4 0.5 0.5
1.5 1.0 0.8 0.8 0.8 1.0 0.8 0.7 0.6 0.7
0.6 0.3 0.6 0.4 0.5 0.4 0.4 0.3 0.5 0.3
1.3 0.9 0.7 0.7 0.8 0.9 0.9 1.0 0.9 0.8

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
3.6 4.9 4.4 3.4 3.2 2.6 2.5 3.6 3.5 3.9
8.6 6.5 5.9 5.1 4.5 4.2 4.2 5.1 4.2 4.2
3.6 3.4 3.6 3.3 2.9 2.4 2.4 2.5 2.6 2.9
4.8 4.1 4.9 5.0 5.4 3.7 5.4 5.4 6.0 6.5
4.5 3.7 4.5 4.8 4.4 4.9 5.1 4.8 7.9 7.6
1.4 1.5 1.7 1.6 1.4 1.2 1.6 5.6 1.9 1.9

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
14 19 17 15 15 12 14 15 21 17
14 14 13 11 11 9 10 9 16 10
14 15 15 14 13 12 13 13 13 12
11 13 10 10 11 10 10 11 10 11
17 17 16 17 15 16 16 18 16 16
15 15 16 13 11 11 12 14 14 16

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
5 6 6 7 6 5 5 9 24 9
7 16 11 12 12 11 23 53 8 8
4 8 7 6 7 7 18 10 11 13
 0 9 11 7 14 9 5 14 12 28
5 9 7 6 6 7 9 9 11 12
6 10 7 8 1 2 12 23 12 13

2013 2014 2015 2016 2017 2018

0% 4% 2% 2% 3% 8%
4% 0% -6% -4% -5% -2%
0% 4% 6% 2% 5% 6%
5% 6% 3% 3% 3% 15%
1% 4% -12% 8% 3% 4%
1% 13% 10% -7% 5% 9%

2013 2014 2015 2016 2017 2018

2% -2% -1% 0% 3% 10%
4% -9% -16% -23% -15% -5%
-3% 0% 4% 4% 9% 10%
3% -6% 0% 7% 11% 30%
-2% 4% -5% 14% 12% 6%
0% 9% 6% -6% 12% 17%
2003-08 Avg 2009-12 Avg 20013-18 Avg
20 20 12
32 33 16
24 21 14
21 17 13
47 21 24
24 16 11

2003-08 Avg 2009-12 Avg 20013-18 Avg

1.2 1.2 0.9
0.7 0.4 0.8
0.7 0.5 0.5
0.9 1.0 0.8
0.3 0.5 0.4
1.3 0.9 0.9

2003-08 Avg 2009-12 Avg 20013-18 Avg

2.8 4.1 3.2
5.0 6.5 4.4
2.4 3.5 2.6
3.0 4.7 5.4
3.5 4.4 5.8
1.9 1.5 2.3

2003-08 Avg 2009-12 Avg 20013-18 Avg

16.5 16.3 15.7
11.5 12.9 11.0
15.3 14.3 12.5
13.3 11.0 10.5
18.1 16.8 16.0
18.8 15.0 12.7

2003-08 Avg 2009-12 Avg 20013-18 Avg

7.9 6.0 9.6
11.6 11.7 19.3
6.4 6.3 10.9
6.0 6.9 13.7
7.9 6.8 9.0
7.8 7.6 10.5
 ROCE
50

45 45
40 40 41
39
35 36 35 35
30 29 31 30
32 29
27 28 27
23 24 23 24 26
25 25 27 27 24
23 25 21 20 24 22
19 19 19 19
20
19 18 19 20
19 23 21 17
17 21 20
19 16 19 16 17
15 14 15 13
14 16 10 11 13
12 11 14
10 14 14
9 9
10
5
2
0
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Construction &a mp; Engi neeri ng Heavy El ectri ca l Equi pment Industri a l Ma chi nery
Other El ect.Equi p./ Prod. Other Industri al Goods Other Industri al Products

Debt Equity
2.01.8

1.8 1.7
1.6 1.7
1.6
1.5
1.4 1.5
1.4
1.2 1.3 1.1 1.1 1.1
1.2 1.1
1.0 1.0 1.0 1.0 1.0
1.0 0.9 1.1
1.0 1.0 1.0
1.0 0.9
0.8 0.8 0.8 0.8 0.8 0.8 0.8
0.9 0.8 0.8
0.8 0.7
0.6 0.6 0.7 0.6
0.60.5 0.6 0.6
0.5 0.6 0.50.6 0.60.4
0.5 0.5 0.4 0.5
0.4 0.4 0.4 0.50.3 0.40.5 0.5 0.5
0.3 0.3 0.4 0.3 0.4
0.3 0.3
0.2
0.1 0.1
0.1
0.0
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2
Construction & Engi neeri ng Heavy El ectri ca l Equi pment Industri al Ma chi nery
Other El ect.Equip./ Prod. Other Industri a l Goods Other Industri al Products

Gross Asset Turns

10.0

9.0

8.0 8.6
8.1
7.0
6.7
6.0 6.6 6.5
5.9 5.4 5.4
5.0 4.9 4.9 5.0
10.0

9.0

8.0 8.6
8.1
7.0
6.7
6.0 6.6 6.5
5.9 5.4 5.4
5.0 4.8 4.9 4.9 5.0
5.1 5
4.0 4.5 4.1 4.1 4.4 4.5
4.4 4.23.7 4.2
3.5 3.6 3.6 3.6 3.4 3.6 3.4 3.6
3.6 3.3 3.2
3.0 2.8 2.8 2.9
2.6 2.7 2.5 2.6
3.0 3.0 2.4 2.3 2.5 2.4 2.5 2.4
2.0 2.3 2.1
2.0 1.9
1.5 1.5 1.6 1.4
1.2
1.0

0.0
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 20
Construction & Engi neeri ng Heavy El ectri ca l Equi pment Industri al Ma chi nery
Other El ect.Equip./ Prod. Other Industri a l Goods Other Industri al Products

Gross Asset Turns

10.0

9.0

8.0 8.6
8.1
7.0
6.7
6.0 6.6 6.5
5.9 5.4 5.4
5.0 4.8 4.9 4.9 5.0
5.1 5
4.0 4.5 4.1 4.1 4.4 4.5
4.4 4.23.7 4.2
3.5 3.6 3.6 3.6 3.4 3.6 3.4 3.6
3.6 3.3 3.2
3.0 2.8 2.8 2.9
2.6 2.7 2.5 2.6
3.0 3.0 2.4 2.3 2.5 2.4 2.5 2.4
2.0 2.3 2.1
2.0 1.9
1.5 1.5 1.6
1.4 1.2
1.0

0.0
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 20
Construction & Engi neeri ng Heavy El ectri ca l Equi pment Industri al Ma chi nery
Other El ect.Equip./ Prod. Other Industri a l Goods Other Industri al Products
 Avg. ROCE 2003-08 vs 2009-12 vs 2013-18
50
45
40
1 35
30
25
20
26 27 15
24 25
22 22 10
20 5
15
13 16 17 16 13 17 13 14 16 0
g t ry .
16 10 11 13 in en e ro
d
o ds ct
s
1 14 14 14 12 14 11 14
e er pm h in / P
Go du
9 in i ac p. l ro
9 g qu i a l P
En lE M u tri a
p; a ri a l .Eq us tri
ri c st ct nd
s
m ct le rI du
&a le du rE rI
n
on yE In he he
2013 2014 2015 2016 2017 2018 av Ot Ot he
cti Ot
tru He
Industri a l Ma chi nery n s
Other Industri al Products Co

Avg. D/E 2003-08 vs 2009-12 vs 2013-18

1.4

1.2

1.7 1.0

0.8

1.1 1.1 0.6

1.0
0.4
1.0
0.8 0.8 0.8 0.7 0.2
0.8 0.7 0.7
0.7 0.60.7
0.6 0.0
0.6 g t y . s s
0.60.4 0.5 0.5 ri n en er ro
d
od ct
0.5
0.5
0.5 0.5 ee pm hi
n
/. P o du
0.4 0.5 n i ac p lG Pro
0.4 gi qu i a l
0.3 0.3 n lE lM u tri a
;E a ri a .Eq s tri
p ri c st ct du s
m ct le In du
&a le du rE r
rI
n
on yE In he he
2013 2014 2015 2016 2017 2018
av Ot Ot he
cti Ot
Industri al Ma chi nery tru He
n s
Other Industri al Products Co

Avg. Gross Asset Turns 2003-08 vs 2009-12 vs 2013-18

7.0

6.0

5.0

4.0
6.5
6.0 3.0
5.4 5.4 5.4 2.0
 7.0

6.0

5.0

4.0
6.5
6.0 3.0
5.4 5.4 5.4 2.0
5.1
1.0
4.5 3.94.2
4.23.7 4.2 3.6 3.5
4.2
3.2 0.0
2.9 2.9 t y .
2.6 2.4 2.5 2.4 2.5 2.6 in
g
en er ro
d
o ds ct
s
er pm hi
n
/. P Go du
ne i ac p l Pro
gi qu i
ri a l
n lE lM qu st a
;E a a t.E u tri
p ri c tri le
c d
du
s
m ct us In
&a le d rE r
rI
n
on yE In he he
2013 2014 2015 2016 2017 2018
av Ot Ot he
cti Ot
Industri al Ma chi nery tru He
n s
Other Industri al Products Co

Avg. Gross Asset Turns 2003-08 vs 2009-12 vs 2013-18

7.0

6.0

5.0

4.0
6.5
6.0 3.0
5.4 5.4 5.4 2.0
5.1
1.0
4.5 3.94.2
4.23.7 4.2 3.6 3.5
4.2
3.2 0.0
2.9 2.9 t ry .
2.6 2.4 2.5 2.4 2.5 2.6 in
g
en e ro
d
o ds ct
s
e er pm h in / P
Go du
in i ac p. l Pro
g qu i a l
En lE M u tri a
p; a a l .Eq us tri
ri c st
ri ct nd
s
m t le rI du
&a ec du rE n
l
In he rI
2013 2014 2015 2016 2017 2018 on yE he Ot he
cti av Ot Ot
Industri al Ma chi nery tru He
n s
Other Industri al Products Co
s 2013-18

o ds ct
s
Go du
l Pro
ri a a l
st tri
s
n du
rI
he
Ot

2013-18

s s
od ct
o du
lG Pro
ia a l
s tri
n du
e rI
th

-12 vs 2013-18
 o ds ct
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YEAR - multiple -

Data
Industry Average - FHC_ROCE(%) Average - FHC_Debt to Equity
Construction & Engineering 12.4 0.9
Heavy Electrical Equipment 15.9 0.9
Industrial Machinery 14.4 0.5
Other Elect.Equip./ Prod. 13.5 0.8
Other Industrial Goods 23.8 0.4
Other Industrial Products 10.9 0.9

YEAR 2018

Data
Industry Average - FHC_ROCE(%) Average - FHC_Debt to Equity
Construction & Engineering 14.9 0.6
Heavy Electrical Equipment 11.4 0.5
Industrial Machinery 14.2 0.5
Other Elect.Equip./ Prod. 15.7 0.7
Other Industrial Goods 20.3 0.3
Other Industrial Products 13.9 0.8
Average - FHC_PATM(%) Average - FHC_PBIDTM(%)
5.0 15.7
3.3 11.1
4.8 12.5
3.0 10.5
8.2 16.0
2.7 12.8

Average - FHC_PATM(%) Average - FHC_PBIDTM(%)

6.7 17.2
0.4 10.2
5.5 12.5
4.9 11.1
8.5 15.6
6.1 15.5
Count - Company Name Quantile
Industry Top 20 Percentile 20-40 Percentile Rest Total Result
Construction & Engineering 2 3 13 18
Heavy Electrical Equipment 4 4 9 17
Industrial Machinery 11 14 26 51
Other Elect.Equip./ Prod. 4 5 11 20
Other Industrial Goods 5 1 6 12
Other Industrial Products 2 1 14 17
Total Result 28 28 79 135

Sub-Sector Top 20 Percentile 20-40 Percentile Rest

Construction & Engineering 11% 17% 72%
Heavy Electrical Equipment 24% 24% 53%
Industrial Machinery 22% 27% 51%
Other Elect.Equip./ Prod. 20% 25% 55%
Other Industrial Goods 42% 8% 50%
Other Industrial Products 12% 6% 82%
Sub-Segment Company Name
Man InfraConstruction Ltd.
Construction & Engineering
Ratnamani Metals & Tubes Ltd.
GE Power India Ltd.
Siemens Ltd.
Heavy Electrical Equipment Triveni Turbine Ltd.
VOLTAMP TRANSFORMERS LTD
Inox Wind Ltd.
Cummins India Ltd.
DHP INDIA LTD
GMM Pfaudler Ltd.
Greaves Cotton Ltd.
HONDA SIEL POWER PRODUCTS LTD
Industrial Machinery Lakshmi Machine Works Ltd.
SCHAEFFLER INDIA LTD
STOVEC INDUSTRIES LTD
Ion Exchange (India) Ltd.
Solitaire Machine Tools Ltd.
Wendt (India) Ltd.
Finolex Cables Ltd.
Other Elect.Equip./ Prod. HONEYWELL AUTOMATION INDIA LTD
Apar Industries Ltd.
AIA Engineering Ltd.
Morganite Crucible (India) Ltd.
Other Industrial Goods ORIENT REFRACTORIES LTD
SKF INDIA LTD
SNL BEARINGS LTD
Grindwell Norton Ltd.
Other Industrial Products
Pritika Auto Industries Ltd.
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