Company Name Debt Market Capitalisation Beta D/E

Agarwal Industrial Corpn. Ltd. 114.1 3026.33 0.8 0.037702

Bharat Petroleum Corpn. Ltd. 304393.4 803708.14 1.22 0.378736
Bongaigaon Refinery & Petrochemicals Ltd. [Merged] 9131.68 1.11 0
Castrol India Ltd. 158210.13 0.84 0
Chennai Petroleum Corpn. Ltd. 32682.9 44420.27 1.4 0.735765
Continental Petroleums Ltd. 151.81 0.17 0
G P Petroleums Ltd. 3711.66 1.38 0
Goa Carbon Ltd. 93.4 5913.41 1.64 0.015795
Gujarat Indo-Lube Ltd. 6.9 0.6 0
Gujarat Oiland Inds. Ltd. 3.23 1.38 0
Gulf Oil India Ltd.[Merged] 419.12 0.58 0
Gulf Oil Lubricants India Ltd. 41715.62 0.65 0
Hemi Petro Products Ltd. 4.04 -0.5 0
Hindustan Petroleum Corpn. Ltd. 253431.6 395355.78 1.36 0.641022
Iccon Oil & Specialities Ltd. 8.06 0.5 0
Indian Oil Corpn. Ltd. 689045.8 1498532.27 0.98 0.459814
Kochi Refineries Ltd. [Merged] 22625.96 1.04 0
Mangalore Refinery & Petrochemicals Ltd. 165298.4 137754.26 1.5 1.199951
Motorol (India) Ltd. 78.47 2.23 0
Motorol Speciality Oils Ltd. 13.16 0.75 0
Nayara Energy Ltd. 234800.5 380945.51 1.62 0.616362
Panama Petrochem Ltd. 56.4 9110.34 0.91 0.006191
Rain Calcining Ltd. [Merged] 8682.17 1.31 0
Reliance Industries Ltd. 2132710 6089596.21 0.99 0.350222
Reliance Petroleum Ltd. (1993) [Merged] 112356.01 0.77 0
Reliance Petroleum Ltd. (2005) [Merged] 588825 1.17 0
Savita Oil Technologies Ltd. 17606.85 1.15 0
Speciality Petrolubes Ltd. 3.67 0.85 0
Sunstar Lubricants Ltd. 60 1.16 0
Tide Water Oil Co. (India) Ltd. 461.7 19830.6 1.15 0.023282
Tax Rate Unlevered Beta Weight
34.61% 0.78 0.000216 Weighted Average beta 0.855
34.61% 0.98 0.071764 Simple Average beta 0.934
34.61% 1.11 0.000926
34.61% 0.84 0.012136
34.61% 0.95 0.003834
34.61% 0.17 2.357E-06
34.61% 1.38 0.000468
34.61% 1.62 0.000877
34.61% 0.60 3.78E-07
34.61% 1.38 4.07E-07
34.61% 0.58 2.22E-05
34.61% 0.65 0.002476
34.61% -0.50 -1.84E-07
34.61% 0.96 0.034597
34.61% 0.50 3.68E-07
34.61% 0.75 0.103102
34.61% 1.04 0.002149
34.61% 0.84 0.010573
34.61% 2.23 1.598E-05
34.61% 0.75 9.013E-07
34.61% 1.15 0.040165
34.61% 0.91 0.000754
34.61% 1.31 0.001039
34.61% 0.81 0.447933
34.61% 0.77 0.0079
34.61% 1.17 0.06291
34.61% 1.15 0.001849
34.61% 0.85 2.849E-07
34.61% 1.16 6.356E-06
34.61% 1.13 0.002051
Company Name Debt Market CapBeta D/E Tax Rate
A A R V Infratel Ltd. 12.34 1.59 0 34.61%
Bharti Airtel Ltd. 1024164 1467645 0.78 0.697828 34.61%
Bharti Infratel Ltd. 39505 552200.5 0.53 0.071541 34.61%
G T L Infrastructure Ltd. 32038.2 17576.31 1.79 1.822806 34.61%
G T L Ltd. 12240.5 1085.35 2.45 11.27793 34.61%
Gemini Communication Ltd. 2186.1 85.49 0.44 25.57141 34.61%
Idea Cellular Ltd. 588143.7 248514.8 0.86 2.366635 34.61%
Jupiter Infomedia Ltd. 661.82 0.55 0 34.61%
Mahanagar Telephone Nigam Ltd. 104584.7 9954 2.17 10.5068 34.61%
Nelco Ltd. 137.6 5961.31 1.98 0.023082 34.61%
Net 4 India Ltd. 611.8 21.06 0.43 29.05033 34.61%
Nettlinx Ltd. 53.3 577.75 0.19 0.092254 34.61%
Nivyah Infrastructure & Telecom Services Ltd. 84.2 0.65 0 34.61%
Nu Tek India Ltd. 23.5 103.53 1.26 0.226987 34.61%
Quadrant Televentures Ltd. 7045.1 397.97 0.86 17.70259 34.61%
Reliance Communications Ltd. 373940 36615.66 1.75 10.21257 34.61%
Suyog Telematics Ltd. 3036.17 0.35 0 34.61%
Tata Communications Ltd. 113326.7 168463.5 1.2 0.672708 34.61%
Tata Teleservices (Maharashtra) Ltd. 8621.23 1.37 0 34.61%
Tulip Telecom Ltd. 19276.6 221.85 1.3 86.89024 34.61%
Virgo Global Ltd. 5.25 0.16 0 34.61%
Vital Communications Ltd. 26.2 0.59 0 34.61%
Unlevered Beta Weight
1.59 9.814E-06 Weighted Average beta 0.532
0.54 0.393202 Simple Average beta 0.566
0.51 0.139853
0.82 0.00718
0.29 0.000159
0.02 1.062E-06
0.34 0.041965
0.55 0.000182
0.28 0.001373
1.95 0.005816
0.02 2.265E-07
0.18 5.179E-05
0.65 2.738E-05
1.10 5.682E-05
0.07 1.361E-05
0.23 0.004175
0.35 0.000532
0.83 0.070228
1.37 0.005908
0.02 2.495E-06
0.16 4.202E-07
0.59 7.732E-06
Company Name
Aditya Birla Fashion & Retail Ltd.
Anisha Impex Ltd.
Atlas Jewellery India Ltd.
Bata India Ltd.
Bombay Swadeshi Stores Ltd.
Brandhouse Retails Ltd.
Future Enterprises Ltd.
Future Lifestyle Fashions Ltd.
Genesis I B R C India Ltd.
Gitanjali Gems Ltd.
Hit Kit Global Solutions Ltd.
Inceptum Enterprises Ltd.
India International Mktg. Centre Ltd.
Kavit Industries Ltd.
P I L Industries Ltd.
Quick Heal Technologies Ltd.
R C L Retail Ltd.
Radha Madhav Corpn. Ltd.
Rockon Enterprises Ltd.
Sheetal Diamonds Ltd.
Shoppers Stop Ltd.
Trent Ltd.
Twinstar Industries Ltd.
Uniworth International Ltd.
V 2 Retail Ltd.
V-Mart Retail Ltd.
Vitan Agro Inds. Ltd.
Main product/service group
Retail trade
Retail trade in textiles & apparels
Retail trade in jewellery of gold
Retail trade in footwear & parts of footwear
Retail trade
Retail trade
Retail trade
Retail trade
Retail trade in plastic products
Retail trade in jewellery of pearls, precious & semi-precious stones
Retail trade
Retail trade in miscellaneous manufactured articles
Retail trade in precious stones and pearls
Retail trade in vegetable oils
Retail trade in textiles & apparels
Retail trade in readymade software products
Retail trade in bakery products
Retail trade in miscellaneous manufactured articles
Retail trade in agricultural crops
Retail trade in diamonds
Retail trade
Retail trade in apparels (readymade garments)
Retail trade
Retail trade in textiles & apparels
Retail trade
Retail trade in apparels (readymade garments)
Retail trade
Debt Market Capitalisation Beta D/E Tax Rate
105803.18 0.87 0 34.61%
443.67 0.37 0 34.61%
12073.51 0.82 0 34.61%
1039.7 107596.83 1.06 0.009663 34.61%
112.7 637.26 0.4 0.176851 34.61%
79.2 35.38 1.65 2.238553 34.61%
58136.3 16760.62 0.92 3.468625 34.61%
4306.5 82388.5 0.86 0.052271 34.61%
68.77 0.21 0 34.61%
5378.6 447.18 1.8 12.02782 34.61%
11.1 -0.1 0 34.61%
70.1 0.17 0 34.61%
9.94 0.53 0 34.61%
343.7 1960.19 0.02 0.17534 34.61%
2996.5 2152.16 1.09 1.392322 34.61%
22.7 19292.89 2.04 0.001177 34.61%
189.57 0.08 0 34.61%
2296.7 1.04 0 34.61%
26.76 -0.44 0 34.61%
34.95 -0.71 0 34.61%
3783.4 47734.54 0.47 0.079259 34.61%
1263.7 104214.53 0.7 0.012126 34.61%
29.92 0.1 0 34.61%
80.3 8.48 1.36 9.46934 34.61%
230.4 13786.35 1.21 0.016712 34.61%
45499.03 0.9 0 34.61%
32 389.28 -0.17 0.082203 34.61%
Unlevered Beta Weight
0.87 0.190534002 Weighted Average beta 0.857
0.37 0.000339794 Simple Average beta 0.453
0.82 0.020492829
1.053344353056 0.234598032
0.3585376972 0.00047294
0.669700012206 4.90448E-05
0.281506233403 0.009766357
0.831576889453 0.141815442
0.21 2.98932E-05
0.203045898351 0.000187945
-0.1 -2.2976E-06
0.17 2.46673E-05
0.53 1.09048E-05
0.017942772799 7.28018E-05
0.570549359432 0.002541688
2.038431674999 0.081404416
0.08 3.13916E-05
1.04 0.004944156
-0.44 -2.4372E-05
-0.71 -5.1364E-05
0.446841300768 0.044151002
0.694493253558 0.149813456
0.1 6.19321E-06
0.189098967882 3.31925E-06
1.19691994363 0.034156151
0.9 0.084761603
-0.161328195087 -0.00013
 03/31/2013 03/31/2014 03/31/2015 03/31/2016
Revenue 3970620 100.0% 4,344,600 100.0% 3,754,350 100.0% 2,739,990
Refining 2904270 71.1% 4,021,490 75.9% 3,353,380 72.4% 1,763,660
Petrochemicals 941370 23.1% 965,390 18.2% 896,210 19.3% 817,660
Organized Retail 144,960 2.7% 175,490 3.8% 204,740
Others - Crude Petroleum 127280 3.1% 58,330 1.1% 94,980 2.1% 71,870
Oil & Gas 111000 2.7% 107,030 2.0% 113,100 2.4% 75,050
Digital Services
Long-Term Debt/ book value of Equity 0.28 0.19 0.06
03/31/2016 03/31/2017 03/31/2018 Simple Average
100.0% 3,053,820 100.0% 3,916,770 100.0% Unlevered Beta
60.1% 1,961,460 59.4% 2,289,970 53.2% 0.93
27.9% 866,000 26.2% 1,142,290 26.5% 0.93
7.0% 334,520 10.1% 687,290 16.0% 0.45
2.5% 82,500 2.5% 91,250 2.1% 0.93
2.6% 51,910 1.6% 49,660 1.2% 0.57
5,410 0.2% 46,850 1.1% 0.67
0.06 0.04 0.02
Total Debt/Market cap 0.28
Unlevered Beta 0.850
Levered Beta with current D/E 1.01
 Weighted average
Unlevered Beta
0.85
0.85
0.85
0.86
0.85
0.53

0.28
0.851
1.01