SPARK STRATEGY

Compounders vs. Cyclicals

13 September 2021

VIJAYARAGHAVAN SWAMINATHAN
 raghavan@sparkcapital.in
 +91 44 4344 0022
GAUTAM SINGH
 gautam@sparkcapital.in
+91 22 6176 6804

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SPARK STRATEGY
Compounders vs. Cyclicals

“A margin of safety is necessary because valuation is an imprecise art, future is unpredictable, investors are human and do make mistakes. It is adherence to the
concept of a margin of safety that best distinguishes value investors from all others” – Seth Klarman SPARK STRATEGY
13 September 2021
The best time to discuss a risk is when investors are ignoring it the most – valuations – the focus in this note. Even though markets have doubled over the last 18
months, we remain optimistic on India’s prospects. Demand revival, market share consolidation in multiple industries, commodity inflation, infrastructure spend BSE Sensex 58,305
by Governments globally coupled with operating leverage and balance sheet deleveraging are strong drivers for earnings non-linearity and capex upcycle.
NSE Nifty 17,369
Moreover, banks being over capitalised even while sitting on excess provisions apart from having record surplus bond holdings, bodes well for overall recovery.
However, Spark Strategy believes that investors must prepare for valuation multiples to moderate when earnings get ‘inflated’. We do not want to predict 60% Sensex BSE 200
whether a correction precedes or succeeds earnings growth but, over the ensuing three years, we should expect a double risk of lower operating cashflows vis-à- 50%
vis earnings due to effect of inflation on working capital and higher cost of capital as central banks normalise monetary conditions. This can optically appear as 40%
compression of earnings-based multiples. This note assesses the combined impact of higher earnings and lower multiples on likely stock returns. 30%

What should the portfolio strategy be with this expectation? What should be the mix of compounders and cyclicals in the portfolio? 20%
10%
The most successful wealth creating formula in the Indian listed space in the past decade has been to buy and hold a narrow list of quality consumer-facing businesses
0%
- across staples, discretionary & banks - or buy IT or some pharmaceutical companies, ignore valuations and let them compound over long periods. More important
mantra has been to minimise the proportion of cyclicals – industrials, real estate, most autos, energy, utilities & corporate financiers – irrespective of low valuations. -10%

Nov-20
Dec-20

Jun-21
Jul-21
Sep-20
Oct-20

Feb-21

Sep-21
Apr-21

Aug-21
Jan-21
Jan-21

Mar-21

May-21
However, for last 18 months, our recommended portfolio strategy has been a 60-40 bias towards quality cyclicals across banks, industrials, cement, real estate spend
proxies and discretionary consumption including autos. Why this contrarian recommendation? We believe cyclicals in our model portfolio have credible
managements, strong and relevant product profile, healthy balance sheets, seen competition weakening over the downcycle, higher earnings growth potential to
Performance (%)
offset likely lower valuations and still provide healthy stock returns. But even if the compounders continue their consistent earnings growth, risk of lower valuation
multiples can lead to anaemic stock returns over a 3-year horizon. 1m 3m 12m

Terminal value (we define it as earnings beyond the next 5 years estimates, as a proportion of market capitalisation) has currently reached unprecedented levels. For Sensex 6.9% 11.5% 50.1%
example, let us assume HUL delivers 17% earnings CAGR over FY22E-FY26E vs. 12% earnings CAGR delivered over the past 5/10/15 years, despite current peak
margins. Even in such a scenario, terminal value, i.e. earnings beyond cumulative FY22E-26E, would constitute 90% of current market capitalisation vs. average of 80%- BSE200 6.9% 9.6% 55.4%
85% in the past. This means, even if HUL has its best earnings growth phase but terminal value mean reverts to 80%-85% of market capitalisation, the stock can deliver
anaemic returns over the next 5 years. Many of the past decade’s compounders have such low margin of safety (multiple examples explained in ensuing slides).
RESEARCH ANALYSTS
On the other hand, Ashok Leyland’s EBITDA margins and asset turns have halved. Given our expectations of demand recovery and capex upcycle, apart from the
company’s better preparedness on products, new markets, costs and better balance sheet, we expect its cumulative FY22E-26E EBITDA to grow at 60% CAGR (off a VIJAYARAGHAVAN SWAMINATHAN
raghavan@sparkcapital.in
low base of FY21) and still constitute only ~50% of its enterprise value. This means even if its terminal value mean reverts to 40%-45% of EV, the stock currently offers
+91 44 4344 0022
margin of safety (multiple examples explained in ensuing slides).
GAUTAM SINGH
To conclude, in our assessment, quality cyclicals offer better risk-reward than quality compounders. Model Portfolio changes – Blue Star (In) and LIC Housing (Out). gautam@sparkcapital.in
We had recently added HDFC replacing Eicher. +91 22 6176 6804

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Compounders

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 SPARK STRATEGY

Compounders vs. Cyclicals

CMP Mcap 52 Week Performance % Assuming same FY16 - FY21 EPS Required FY22E - FY26E EPS
Hindustan Unilever Highest rolling 5-year EPS CAGR
(Rs.) (Rs. bn) High Low 1 Year 3 Year 5 Year CAGR (12%), FY22E - FY26E CAGR to get same FY16 – FY21
over last 20 years
2,811 6,604 2,825 2,000 30.2 72.8 206.0 Cumulative EPS to CMP is? Cumulative EPS to Price (16%)

FY01 - FY06 FY06 - FY11 FY11 - FY16 FY16 - FY21 8.7% 28.8% 17.3% (FY08 – FY13)

31% C Highest rolling 5-year Revenue Highest EBITDA Margins & ROE
25% 23% FY21 EBITDA Margins & ROE
16% 17% 13% 12% 17% 13% 16% 14% 12% CAGR over 20 years over 20 years
-1% 1% 4% 1%
24.8% (FY20) & 133.0%
14.3% (FY08 – FY13) 24.7% & 17.4%
(FY08)
EBITDA CAGR

EPS CAGR

EBITDA CAGR

EPS CAGR

EBITDA CAGR

EPS CAGR

EBITDA CAGR

EPS CAGR
Stock return CAGR

Stock return CAGR

Stock return CAGR

Stock return CAGR

5 year Cumulative EPS as a % of

5 year Cumulative EPS as a % of

5 year Cumulative EPS as a % of

5 year Cumulative EPS as a % of

Stock price at beginning of

Stock price at beginning of

Stock price at beginning of

Stock price at beginning of

Cumulative FY22E - FY26E EPS at 5 year Forward P/E multiple
FY26E EPS at 17% EPS CAGR
17% CAGR & as a % of CMP (FY26E)
period

period

period

period
Rs. 279.2 (A) & 10.0% (B) Rs. 74.6 37.4x

Terminal Value (EPS beyond Mean reversion of terminal

Margin of safety (A/C)
FY26E) as a % of CMP (1-B) value as a % of stock price (1-C)

90.0% 84.0% Rs. 1,757

CMP Mcap 52 Week Performance % Assuming same FY16 - FY21 EPS Required FY22E - FY26E EPS
Asian Paints (Rs.) (Rs. bn) High Low 1 Year 3 Year 5 Year CAGR (12%), FY22E - FY26E CAGR to get same FY16 – FY21
Highest rolling 5-year EPS CAGR
over last 20 years
3,346 3,210 3,395 1,908 64.4 159.2 189.8 Cumulative EPS to CMP is? Cumulative EPS to Price (14%)
FY01 - FY06 FY06 - FY11 FY11 - FY16 FY16 - FY21 7.1% 28.0% 36.9% (FY05 – FY10)

49% C Highest rolling 5-year Revenue Highest EBITDA Margins & ROE
45% FY21 EBITDA Margins & ROE
32% 28% 32% 31% 28% CAGR over 20 years over 20 years
27% 24%
15% 15% 16% 16% 14% 12% 12%
21.3% (FY07 – FY12) 22.1% (FY21) & 51.6% (FY10) 22.1% & 24.8%
EBITDA CAGR

EPS CAGR

EBITDA CAGR

EPS CAGR

EBITDA CAGR

EPS CAGR

EBITDA CAGR

EPS CAGR
Stock return CAGR

Stock return CAGR

Stock return CAGR

Stock return CAGR

5 year Cumulative EPS as a % of

5 year Cumulative EPS as a % of

5 year Cumulative EPS as a % of

5 year Cumulative EPS as a % of

Stock price at beginning of

Stock price at beginning of

Stock price at beginning of

Stock price at beginning of

Cumulative FY22E - FY26E EPS at 5 year Forward P/E multiple
FY26E EPS at 20% EPS CAGR
20% CAGR & as a % of CMP (FY26E)

Rs. 292.3 (A) & 8.8% (B) Rs. 81.4 40.9x

period

period

period

period

Terminal Value (EPS beyond Mean reversion of terminal

Margin of safety (A/C)
FY26E) as a % of CMP (1-B) value as a % of stock price (1-C)

91.2% 86.0% Rs. 2,032

Source: Spark Capital Research This file was downloaded from Spark Research website by narendran@sparkcapital.in|September 13, 2021 08:08:39 Page 4
 SPARK STRATEGY

Compounders vs. Cyclicals

CMP Mcap 52 Week Performance % Assuming same FY16 - FY21 EPS Required FY22E - FY26E EPS
Infosys Highest rolling 5-year EPS CAGR
(Rs.) (Rs. bn) High Low 1 Year 3 Year 5 Year CAGR (9%), FY22E - FY26E CAGR to get same FY16 – FY21
over last 20 years
1,692 7,208 1,757 948 78.9 127.7 221.0 Cumulative EPS to CMP is? Cumulative EPS to Price (31%)

FY01 - FY06 FY06 - FY11 FY11 - FY16 FY16 - FY21 17.4% 21.4% 35.2% (FY03 – FY08)
C

32% 32% 29% 31% Highest rolling 5-year Revenue Highest EBITDA Margins & ROE
27% 30% FY21 EBITDA Margins & ROE
24% 25% 22% CAGR over 20 years over 20 years
17% 15% 18%
14% 10%
8% 9%
51.9% (FY00 – FY05) 39.9% (FY02) & 44.0% (FY01) 27.4% & 25.3%
EPS CAGR

EPS CAGR

EPS CAGR

EPS CAGR
EBITDA CAGR

EBITDA CAGR

EBITDA CAGR

EBITDA CAGR
Stock return CAGR

Stock return CAGR

Stock return CAGR

Stock return CAGR

5 year Cumulative EPS as a % of

5 year Cumulative EPS as a % of

5 year Cumulative EPS as a % of

5 year Cumulative EPS as a % of

Cumulative FY22E - FY26E EPS at 5 year Forward P/E multiple
Stock price at beginning of

Stock price at beginning of

Stock price at beginning of

Stock price at beginning of

FY26E EPS at 12% EPS CAGR
12% CAGR & as a % of CMP (FY26E)

Rs. 324.2 (A) & 19.2% (B) Rs. 80.2 21.0x

period

period

period

period
Terminal Value (EPS beyond Mean reversion of terminal
Margin of safety (A/C)
FY26E) as a % of CMP (1-B) value as a % of stock price (1-C)

80.8% 69.0% Rs. 1,048

CMP Mcap 52 Week Performance % Assuming same FY16 - FY21 EPS Required FY22E - FY26E EPS
Tata Consultancy Services (Rs.) (Rs bn) High Low 1 Year 3 Year 5 Year CAGR (7%), FY22E - FY26E CAGR to get same FY16 – FY21
Highest rolling 5-year EPS CAGR
over last 16 years
3,791 14,025 3,878 2,303 59.7 85.5 221.4 Cumulative EPS to CMP is? Cumulative EPS to Price (31%)
FY05 - FY06 FY06 - FY11 FY11 - FY16 FY16 - FY21 14.1% 28.4% 29.5% (FY09 – FY14)
C
36% 38%
31% 34% 33% 31% Highest rolling 5-year Revenue Highest EBITDA Margins & ROE
25% 25% 23% FY21 EBITDA Margins & ROE
20% 22% 20% CAGR over 16 years over 16 years
16%
9% 7%
4% 25.8% (FY10 – FY15) 30.7% (FY14) & 64.3% (FY05) 28.4% & 39.1%
EPS CAGR

EPS CAGR

EPS CAGR

EPS CAGR
EBITDA CAGR

EBITDA CAGR

EBITDA CAGR

EBITDA CAGR
Stock return CAGR

Stock return CAGR

Stock return CAGR

Stock return CAGR

1 year Cumulative EPS as a % of

5 year Cumulative EPS as a % of

5 year Cumulative EPS as a % of

5 year Cumulative EPS as a % of Cumulative FY22E - FY26E EPS at 5 year Forward P/E multiple
Stock price at beginning of

Stock price at beginning of

Stock price at beginning of

Stock price at beginning of 12% CAGR & as a % of CMP

FY26E EPS at 12% EPS CAGR
(FY26E)

Rs. 623.6 (A) & 16.4% (B) Rs. 154.7 24.5x

period

period

period

period

Terminal Value (EPS beyond Mean reversion of terminal

Margin of safety (A/C)
FY26E) as a % of CMP (1-B) value as a % of stock price (1-C)

83.6% 69.0% Rs. 2,004

Source: Spark Capital Research This file was downloaded from Spark Research website by narendran@sparkcapital.in|September 13, 2021 08:08:39 Page 5
 SPARK STRATEGY

Compounders vs. Cyclicals

CMP Mcap 52 Week Performance % Assuming same FY16 - FY21 EPS Required FY22E - FY26E EPS
Titan Company (Rs.) (Rs. bn) High Low 1 Year 3 Year 5 Year CAGR (8%), FY22E - FY26E CAGR to get same FY16 – FY21
Highest rolling 5-year EPS CAGR
over last 20 years
2,034 1,806 2,067 1,076 74.2 146.1 394.6 Cumulative EPS to CMP is? Cumulative EPS to Price (19%)
FY01 - FY06 FY06 - FY11 FY11 - FY16 FY16 - FY21 3.4% 62.8% 67.6% (FY05 – FY10)

77% 83% Highest rolling 5-year Revenue Highest PBT Margins & ROE over
C FY21 PBT Margins & ROE
CAGR over 20 years 20 years
34% 32% 40% 39% 35% 36%
30%
21% 19% 35.3% (FY06 – FY11) 10.0% (FY20) & 42.0% (FY06) 6.2% & 13.1%
8% 9% 12% 9% 8%
PBT CAGR

Stock return CAGR

PBT CAGR

Stock return CAGR

PBT CAGR

Stock return CAGR

PBT CAGR

Stock return CAGR

EPS CAGR

EPS CAGR

EPS CAGR

EPS CAGR
Stock price at beginning of period

Stock price at beginning of period

Stock price at beginning of period

Stock price at beginning of period

Cumulative FY22E - FY26E EPS at 5 year Forward P/E multiple
5 year Cumulative EPS as a % of

5 year Cumulative EPS as a % of

5 year Cumulative EPS as a % of

5 year Cumulative EPS as a % of

FY26E EPS at 15% EPS CAGR
15% CAGR & as a % of CMP (FY26E)

181.2 (A) & 9.0% (B) Rs. 50.5 40.2x

Terminal Value (EPS beyond Mean reversion of terminal

Margin of safety (A/C)
FY26E) as a % of CMP (1-B) value as a % of stock price (1-C)

91.0% 81.0% Rs 953

CMP Mcap 52 Week Performance % Assuming same FY16 - FY21 EPS Required FY22E - FY26E EPS
Divi's Laboratories (Rs.) (Rs. bn) High Low 1 Year 3 Year 5 Year CAGR (12%), FY22E - FY26E CAGR to get same FY16 – FY21
Highest rolling 5-year EPS CAGR
since listing
5,055 1,342 5,272 2,985 60.6 297.5 287.6 Cumulative EPS to CMP is? Cumulative EPS to Price (25%)
FY03 - FY06 FY06 - FY11 FY11 - FY16 FY16 - FY21 10.2% 31.6% 44.4% (FY03 – FY08)
104%
C
74% 70% Highest rolling 5-year Revenue Highest EBITDA Margins & ROE
FY21 EBITDA Margins & ROE
CAGR since listing since listing
43% 43%
33% 29% 25% 30%
22% 23% 21% 24%
8% 14% 12% 33.2% (FY03– FY08) 46.7% (FY10) & 40.4% (FY08) 42.0% & 21.3%
EBITDA CAGR

EPS CAGR

EBITDA CAGR

EPS CAGR

EBITDA CAGR

EPS CAGR

EBITDA CAGR

EPS CAGR
Stock return CAGR

Stock return CAGR

Stock return CAGR

Stock return CAGR

3 year Cumulative EPS as a % of

5 year Cumulative EPS as a % of

5 year Cumulative EPS as a % of

5 year Cumulative EPS as a % of Cumulative FY22E - FY26E EPS at 5 year Forward P/E multiple
Stock price at beginning of

Stock price at beginning of

Stock price at beginning of

Stock price at beginning of 17% CAGR & as a % of CMP

FY26E EPS at 17% EPS CAGR
(FY26E)

Rs 613.4 (A) & 12.1% (B) Rs. 163.8 30.8x

period

period

period

period

Terminal Value (EPS beyond Mean reversion of terminal

Margin of safety (A/C)
FY26E) as a % of CMP (1-B) value as a % of stock price (1-C)

87.9% 75.0% Rs. 2,417

Source: Spark Capital Research This file was downloaded from Spark Research website by narendran@sparkcapital.in|September 13, 2021 08:08:39 Page 6
 SPARK STRATEGY

Compounders vs. Cyclicals

CMP Mcap 52 Week Performance % Assuming same FY11 – FY16 EPS Required FY22E - FY26E EPS
Havells India Highest rolling 5-year EPS CAGR
(Rs.) (Rs. bn) High Low 1 Year 3 Year 5 Year CAGR (34%), FY22E - FY26E CAGR to get same FY16 – FY21
over last 20 years
1,454 911 1,463 645 122.4 124.8 256.0 Cumulative EPS to CMP is? Cumulative EPS to Price (19%)

FY01 - FY06 FY06 - FY11 FY11 - FY16 FY16 - FY21 14.9% 29.8% 69.1% (FY03 – FY08)
C
Highest rolling 5-year Revenue Highest EBITDA Margins & ROE
74% 67% FY21 EBITDA Margins & ROE
44% 52% CAGR over 20 years over 20 years
29% 40% 31% 22% 34% 34% 27%
163% 6% 19% 16%
-4% 81.7% (FY03 – FY08) 15.2% (FY21) & 47.0% (FY11) 15.2% & 20.2%
EPS CAGR

EPS CAGR

EPS CAGR

EPS CAGR
EBITDA CAGR

EBITDA CAGR

EBITDA CAGR

EBITDA CAGR
Stock return CAGR

Stock return CAGR

Stock return CAGR

Stock return CAGR

5 year Cumulative EPS as a % of

5 year Cumulative EPS as a % of

5 year Cumulative EPS as a % of

5 year Cumulative EPS as a % of

Stock price at beginning of

Stock price at beginning of

Stock price at beginning of

Stock price at beginning of

Cumulative FY22E - FY26E EPS at 5 year Forward P/E multiple
FY26E EPS at 20% EPS CAGR
20% CAGR & as a % of CMP (FY26E)
period

period

period

period
Rs 149.0 (A) & 10.3% (B) Rs. 41.5 34.8x

Terminal Value (EPS beyond Mean reversion of terminal

Margin of safety (A/C)
FY26E) as a % of CMP (1-B) value as a % of stock price (1-C)

89.7% 33.0% Rs. 804

CMP Mcap 52 Week Performance % Assuming same FY16 - FY21 EPS Required FY22E - FY26E EPS
PI Industries (Rs.) (Rs. bn) High Low 1 Year 3 Year 5 Year CAGR (17%), FY22E - FY26E CAGR to get same FY16 – FY21
Highest rolling 5-year EPS CAGR
over last 20 years
3,407 517 3,495 1,850 82.4 340.1 316.2 Cumulative EPS to CMP is? Cumulative EPS to Price (30%)
FY01 - FY06 FY06 - FY11 FY11 - FY16 FY16 - FY21 12.1% 35.8% 82.9% (FY07 – FY12)
323%
283%
C Highest rolling 5-year Revenue Highest EBITDA Margins & ROE
FY21 EBITDA Margins & ROE
120% CAGR over 20 years over 20 years
50% 39% 74% 61% 58%
17% 30% 31% 30% 19% 17% 32%
28.6% (FY06 – FY11) 24.4% (FY01) & 30.5% (FY06) 22.2% & 13.7%
EBITDA CAGR

EPS CAGR

EBITDA CAGR

EPS CAGR

EBITDA CAGR

EPS CAGR

EBITDA CAGR

EPS CAGR
Stock return CAGR

Stock return CAGR

Stock return CAGR

Stock return CAGR

5 year Cumulative EPS as a % of

5 year Cumulative EPS as a % of

5 year Cumulative EPS as a % of

5 year Cumulative EPS as a % of

Stock price at beginning of

Stock price at beginning of

Stock price at beginning of

Stock price at beginning of

Cumulative FY22E - FY26E EPS at 5 year Forward P/E multiple
FY26E EPS at 25% EPS CAGR
25% CAGR & as a % of CMP (A) (FY26E)
period

period

period

period
Rs 513.5 (A) & 15.1% (B) Rs. 152 22.0x

Terminal Value (EPS beyond Mean reversion of terminal

Margin of safety (A/C)
FY26E) as a % of CMP (1-B) value as a % of stock price (1-C)

84.9% 70% Rs. 1,688

Source: Spark Capital Research This file was downloaded from Spark Research website by narendran@sparkcapital.in|September 13, 2021 08:08:39 Page 7
SPARK STRATEGY

Compounders vs. Cyclicals

CMP Mcap 52 Week Performance % Assuming same FY16 - FY21 EPS Required FY22E - FY26E EPS
Page Industries Highest rolling 5-year EPS CAGR
(Rs.) (Rs. bn) High Low 1 Year 3 Year 5 Year CAGR (8%), FY22E - FY26E CAGR to get same FY16 – FY21
over last 14 years
32,096 358 33,989 17,685 74.0 -5.4 122.3 Cumulative EPS to CMP is? Cumulative EPS to Price (13%)

FY07 – FY11 FY11 - FY16 FY16 – FY21 6.0% 32.1% 52.2% (FY09 – FY14)
53% 49%
46% 43% Highest rolling 5-year Revenue Highest EBITDA Margins & ROE
36% 36% 33% C FY21 EBITDA Margins & ROE
32% CAGR over 14 years over 14 years
20%
13% 8% 21.1% (FY14) & 101.6%
7% 38.7% (FY10 – FY15) 18.6% & 38.5%
(FY05)
EPS CAGR

EPS CAGR

EPS CAGR
EBITDA CAGR

EBITDA CAGR

EBITDA CAGR
Stock return CAGR

Stock return CAGR

Stock return CAGR

4 year Cumulative EPS as a % of

5 year Cumulative EPS as a % of

5 year Cumulative EPS as a % of

Cumulative FY22E - FY26E EPS at 5 year Forward P/E multiple
Stock price at beginning of

Stock price at beginning of

Stock price at beginning of

FY26E EPS at 22% EPS CAGR
22% CAGR & as a % of CMP (FY26E)

Rs 2,883.1 (A) & 9.0% (B) Rs. 825 38.8x

period

period

period
Terminal Value (EPS beyond Mean reversion of terminal
Margin of safety (A/C)
FY26E) as a % of CMP (1-B) value as a % of stock price (1-C)

91.0% 87.0% Rs. 23,043

CMP Mcap 52 Week Performance % Assuming same FY16 - FY21 EPS Required FY22E - FY26E EPS
Jubilant Food Works Highest rolling 5-year EPS CAGR
(Rs.) (Rs. bn) High Low 1 Year 3 Year 5 Year CAGR (19%), FY22E - FY26E CAGR to get same FY16 – FY21
over last 11 years
4,098 541 4,208 2,100 76.1 204.6 681.0 Cumulative EPS to CMP is? Cumulative EPS to Price (13%)

FY10 – FY11 FY11 - FY16 FY16 – FY21 3.7% 53.1% 125.7% (FY06 – FY11)
115% C
83% Highest rolling 5-year Revenue Highest PBT Margins & ROE over
72% FY21 PBT Margins & ROE
CAGR over 11 years 11 years
24% 35%
16% 17% 19% 13% 19%
4% 6%
45.7% (FY07 – FY12) 15.0% (FY12) & 57.6% (FY07) 9.2% & 16.2%
EPS CAGR

EPS CAGR

EPS CAGR
Stock return CAGR

Stock return CAGR

Stock return CAGR

PBT CAGR

PBT CAGR

PBT CAGR
1 year Cumulative EPS as a % of

5 year Cumulative EPS as a % of

5 year Cumulative EPS as a % of

Stock price at beginning of

Stock price at beginning of

Stock price at beginning of

Cumulative FY22E - FY26E EPS at 5 year Forward P/E multiple

FY26E EPS at 34% EPS CAGR
34% CAGR & as a % of CMP (FY26E)
period

period

period

Rs 229.7 (A) & 5.6% (B) Rs. 75.8 54.7x

Terminal Value (EPS beyond Mean reversion of terminal

Margin of safety (A/C)
FY26E) as a % of CMP (1-B) value as a % of stock price (1-C)

94.5% 87.0% Rs. 1,783

Source: Spark Capital Research This file was downloaded from Spark Research website by narendran@sparkcapital.in|September 13, 2021 08:08:39 Page 8
 SPARK STRATEGY

Compounders vs. Cyclicals

CMP Mcap 52 Week Performance % Assuming same FY16 - FY21 EPS Required FY22E - FY26E EPS
Berger Paints India Highest rolling 5-year EPS CAGR
(Rs.) (Rs bn) High Low 1 Year 3 Year 5 Year CAGR (14%), FY22E - FY26E CAGR to get same FY16 – FY21
over last 20 years
837 813 873 551 46.1 176.4 214.4 Cumulative EPS to CMP is? Cumulative EPS to Price (17%)

FY01 - FY06 FY06 - FY11 FY11 - FY16 FY16 - FY21 6.7% 44.0% 22.8% (FY02 – FY07)
C
49% Highest rolling 5-year Revenue Highest EBITDA Margins & ROE
41% 41% FY21 EBITDA Margins & ROE
30% 34% CAGR over 20 years over 20 years
19% 21% 19% 13% 11% 21% 20% 17% 13% 14%
112%
19.3% (FY07 – FY12) 17.4% (FY21) & 31.3% (FY06) 17.4% & 21.5%
EPS CAGR

EPS CAGR

EPS CAGR

EPS CAGR
EBITDA CAGR

EBITDA CAGR

EBITDA CAGR

EBITDA CAGR
Stock return CAGR

Stock return CAGR

Stock return CAGR

Stock return CAGR

5 year Cumulative EPS as a % of

5 year Cumulative EPS as a % of

5 year Cumulative EPS as a % of

5 year Cumulative EPS as a % of

Stock price at beginning of

Stock price at beginning of

Stock price at beginning of

Stock price at beginning of

Cumulative FY22E - FY26E EPS at 5 year Forward P/E multiple
FY26E EPS at 22% EPS CAGR (B)
22% CAGR & as a % of CMP (FY26E)
period

period

period

period
Rs. 70 (A) & 8.4% (B) Rs. 20 41.6x

Terminal Value (EPS beyond Mean reversion of terminal

Margin of safety (A/C)
FY26E) as a % of CMP (1-B) value as a % of stock price (1-C)

91.6% 83.0% Rs 423

CMP Mcap 52 Week Performance % Assuming same FY16 - FY21 EPS Required FY22E - FY26E EPS
Pidilite Industries (Rs.) (Rs bn) High Low 1 Year 3 Year 5 Year CAGR (7%), FY22E - FY26E CAGR to get same FY16 – FY21
Highest rolling 5-year EPS CAGR
over last 20 years
2,348 1,193 2,362 1,390 57.8 113.3 234.2 Cumulative EPS to CMP is? Cumulative EPS to Price (17%)
FY01 - FY06 FY06 - FY11 FY11 - FY16 FY16 - FY21 5.9% 35.2% 31.8% (FY05 – FY10)
66% C
Highest rolling 5-year Revenue Highest EBITDA Margins & ROE
39% 37% 33% FY21 EBITDA Margins & ROE
27% 29% 24% 32% 25% CAGR over 20 years over 20 years
12% 20% 21% 17%
11% 7% 7%
25.0% (FY04 – FY09) 23.0% (FY21) & 31.0% (FY10) 23.0% & 20.1%
EBITDA CAGR

EPS CAGR

EBITDA CAGR

EPS CAGR

EBITDA CAGR

EPS CAGR

EBITDA CAGR

EPS CAGR
Stock return CAGR

Stock return CAGR

Stock return CAGR

Stock return CAGR

5 year Cumulative EPS as a % of

5 year Cumulative EPS as a % of

5 year Cumulative EPS as a % of

5 year Cumulative EPS as a % of

Stock price at beginning of

Stock price at beginning of

Stock price at beginning of

Stock price at beginning of

Cumulative FY22E - FY26E EPS at 5 year Forward P/E multiple
FY26E EPS at 22% EPS CAGR (B)
22% CAGR & as a % of CMP (FY26E)
period

period

period

period
Rs. 210.2 (A) & 9.0% (B) Rs. 60.2 38.8x

Terminal Value (EPS beyond Mean reversion of terminal

Margin of safety (A/C)
FY26E) as a % of CMP (1-B) value as a % of stock price (1-C)

91.0% 83.0% Rs. 1,262

Source: Spark Capital Research This file was downloaded from Spark Research website by narendran@sparkcapital.in|September 13, 2021 08:08:39 Page 9
 SPARK STRATEGY

Compounders vs. Cyclicals

CMP Mcap 52 Week Performance % Assuming same FY16 - FY21 EPS Required FY22E - FY26E EPS
Britannia Industries (Rs.) (Rs bn) High Low 1 Year 3 Year 5 Year CAGR (17%), FY22E - FY26E CAGR to get same FY16 – FY21
Highest rolling 5-year EPS CAGR
over last 20 years
4,071 981 4,149 3,305 7.9 35.3 137.5 Cumulative EPS to CMP is? Cumulative EPS to Price (20%)
FY01 - FY06 FY06 - FY11 FY11 - FY16 FY16 - FY21 15.7% 21.1% 46.1% (FY10 – FY15)
53% 48% C
41% 39% 44%
Highest rolling 5-year Revenue Highest EBITDA Margins & ROE
21% 22% FY21 EBITDA Margins & ROE
19% 16% 20% 16% 17% CAGR over 20 years over 20 years
12%
3% -2% 1%
21.9% (FY06 – FY11) 19.1% (FY21) & 52.2% (FY21) 19.1% & 52.2%
EBITDA CAGR

EPS CAGR

EBITDA CAGR

EPS CAGR

EBITDA CAGR

EPS CAGR

EBITDA CAGR

EPS CAGR
Stock return CAGR

Stock return CAGR

Stock return CAGR

Stock return CAGR

5 year Cumulative EPS as a % of

5 year Cumulative EPS as a % of

5 year Cumulative EPS as a % of

5 year Cumulative EPS as a % of

Stock price at beginning of

Stock price at beginning of

Stock price at beginning of

Stock price at beginning of

Cumulative FY22E - FY26E EPS at 5 year Forward P/E multiple
FY26E EPS at 15% EPS CAGR
15% CAGR & as a % of CMP (FY26E)
period

period

period

period
Rs 595.4 (A) & 14.6% (B) Rs. 154.4 26.5x

Terminal Value (EPS beyond Mean reversion of terminal

Margin of safety (A/C)
FY26E) as a % of CMP (1-B) value as a % of stock price (1-C)

85.4% 80.0% Rs 3,052

CMP Mcap 52 Week Performance % Assuming same FY16 - FY21 EPS Required FY22E - FY26E EPS
Nestle India Highest rolling 5-year EPS CAGR
(Rs.) (Rs. bn) High Low 1 Year 3 Year 5 Year CAGR (30%), FY22E - FY26E CAGR to get same FY16 – FY21
over last 20 years
20,457 1,972 20,530 15,100 25.3 97.6 218.1 Cumulative EPS to CMP is? Cumulative EPS to Price (14%)

FY01 - FY06 FY06 - FY11 FY11 - FY16 FY16 - FY21 12.5% 28.5% 29.9% (FY16 – FY21)
30%
26% C Highest rolling 5-year Revenue Highest EBITDA Margins & ROE
25% 25% 24% FY21 EBITDA Margins & ROE
21% 20% 21% CAGR over 20 years over 20 years
16% 18%
14% 14% 15%
9% 23.9% (FY21) & 112.8%
21.7% (FY07 – FY12) 23.9% & 103.1%
5% (FY09)

Cumulative FY22E - FY26E EPS at 5 year Forward P/E multiple

FY26E EPS at 15% EPS CAGR
-7% 15% CAGR & as a % of CMP (FY26E)
EPS CAGR

EPS CAGR

EPS CAGR

EPS CAGR
EBITDA CAGR

EBITDA CAGR

EBITDA CAGR

EBITDA CAGR
as a % of Stock price at

Stock return CAGR

as a % of Stock price at

Stock return CAGR

as a % of Stock price at

Stock return CAGR

as a % of Stock price at

Stock return CAGR

5 year Cumulative EPS

5 year Cumulative EPS

5 year Cumulative EPS

5 year Cumulative EPS

beginning of period

beginning of period

beginning of period

beginning of period
Rs. 1,674.6 (A) & 8.3% (B) Rs. 434.4 46.6x

Terminal Value (EPS beyond Mean reversion of terminal

Margin of safety (A/C)
FY26E) as a % of CMP (1-B) value as a % of stock price (1-C)

91.7% 86.0% Rs. 11,790

Source: Spark Capital Research This file was downloaded from Spark Research website by narendran@sparkcapital.in|September 13, 2021 08:08:39 Page 10
 SPARK STRATEGY

Compounders vs. Cyclicals

CMP Mcap 52 Week Performance % Assuming same FY16 - FY21 EPS Required FY22E - FY26E EPS
Dabur India Highest rolling 5-year EPS CAGR
(Rs.) (Rs. bn) High Low 1 Year 3 Year 5 Year CAGR (6%), FY22E - FY26E CAGR to get same FY16 – FY21
over last 20 years
638 1,128 651 479 25.6 40.5 119.7 Cumulative EPS to CMP is? Cumulative EPS to Price (16%)

FY01 - FY06 FY06 - FY11 FY11 - FY16 FY16 - FY21 9.0% 21.0% 34.4% (FY02 – FY07)
37% 32% 29% 28% C Highest rolling 5-year Revenue Highest EBITDA Margins & ROE
24% 22% 21%
19% 20% 18% 17% 17% FY21 EBITDA Margins & ROE
15% 16% CAGR over 20 years over 20 years
6% 6%
21.2% (FY03 – FY08) 21.0% (FY21) & 58.8% (FY17) 21.0% & 22.1%
EPS CAGR

EPS CAGR

EPS CAGR

EPS CAGR
EBITDA CAGR

EBITDA CAGR

EBITDA CAGR

EBITDA CAGR
Stock return CAGR

Stock return CAGR

Stock return CAGR

Stock return CAGR

5 year Cumulative EPS as a % of

5 year Cumulative EPS as a % of

5 year Cumulative EPS as a % of

5 year Cumulative EPS as a % of

Stock price at beginning of

Stock price at beginning of

Stock price at beginning of

Stock price at beginning of

Cumulative FY22E - FY26E EPS at 5 year Forward P/E multiple
FY26E EPS at 15% EPS CAGR (B)
15% CAGR & as a % of CMP (FY26E)
period

period

period

period
Rs. 74.3 (A) & 11.6% (B) Rs. 19.3 33.0x

Terminal Value (EPS beyond Mean reversion of terminal

Margin of safety (A/C)
FY26E) as a % of CMP (1-B) value as a % of stock price (1-C)

88.4% 84.0% Rs. 454

CMP Mcap 52 Week Performance % Assuming same FY16 - FY21 EPS Required FY22E - FY26E EPS
Marico (Rs.) (Rs. bn) High Low 1 Year 3 Year 5 Year CAGR (10%), FY22E - FY26E CAGR to get same FY16 – FY21
Highest rolling 5-year EPS CAGR
over last 20 years
575 743 576 333 56.8 67.0 99.3 Cumulative EPS to CMP is? Cumulative EPS to Price (16%)
FY01 - FY06 FY06 - FY11 FY11 - FY16 FY16 - FY21 11.0% 12.0% 26.0% (FY04 – FY09)
96%
Highest rolling 5-year Revenue Highest EBITDA Margins & ROE
56% C FY21 EBITDA Margins & ROE
CAGR over 20 years over 20 years
30% 23% 25% 21% 28% 20% 29%
20% 14% 19% 16% 10% 11%
9%
22.3% (FY06– FY11) 20.0% (FY17) & 51.4% (FY07) 19.7% & 35.8%
EBITDA CAGR

EPS CAGR

EBITDA CAGR

EPS CAGR

EBITDA CAGR

EPS CAGR

EBITDA CAGR

EPS CAGR
Stock return CAGR

Stock return CAGR

Stock return CAGR

Stock return CAGR

5 year Cumulative EPS as a % of

5 year Cumulative EPS as a % of

5 year Cumulative EPS as a % of

5 year Cumulative EPS as a % of

Stock price at beginning of

Stock price at beginning of

Stock price at beginning of

Stock price at beginning of

Cumulative FY22E - FY26E EPS at 5 year Forward P/E multiple
FY26E EPS at 15% EPS CAGR
15% CAGR & as a % of CMP (FY26E)
period

period

period

period
Rs. 69.8 (A) & 12.6% (B) Rs. 18.1 30.8x

Terminal Value (EPS beyond Mean reversion of terminal

Margin of safety (A/C)
FY26E) as a % of CMP (1-B) value as a % of stock price (1-C)

87.4% 84.0% Rs. 447

Source: Spark Capital Research This file was downloaded from Spark Research website by narendran@sparkcapital.in|September 13, 2021 08:08:39 Page 11
 SPARK STRATEGY

Compounders vs. Cyclicals

CMP Mcap 52 Week Performance % Assuming same FY16 - FY21 EPS Required FY22E - FY26E EPS
Astral Poly Highest rolling 5-year EPS CAGR
(Rs.) (Rs bn) High Low 1 Year 3 Year 5 Year CAGR (32%), FY22E - FY26E CAGR to get same FY16 – FY21
over last 20 years
2,050 412 2,294 770 130.3 210.2 648.4 Cumulative EPS to CMP is? Cumulative EPS to Price (17%)

FY07 – FY11 FY11- FY16 FY16- FY21 12.1% 48.2% 66.1% (FY09 – FY14)
98%
C Highest rolling 5-year Revenue Highest EBITDA Margins & ROE
73% FY21 EBITDA Margins & ROE
CAGR over 20 years over 20 years
42% 38% 46%
34% 30% 25% 32%
24% 24%
43.5% (FY08 – FY13) 20.3% (FY21) & 25.1% (FY13) 20.3% & 21.3%
115%
EPS CAGR

EPS CAGR

EPS CAGR
EBITDA CAGR

EBITDA CAGR

EBITDA CAGR
Stock return CAGR

Stock return CAGR

Stock return CAGR

4 year Cumulative EPS as a % of

5 year Cumulative EPS as a % of

5 year Cumulative EPS as a % of

Cumulative FY22E - FY26E EPS at 5 year Forward P/E multiple
Stock price at beginning of

Stock price at beginning of

Stock price at beginning of

FY26E EPS at 30% EPS CAGR
30% CAGR & as a % of CMP (FY26E)

Rs 236.6 (A) & 11.4% (B) Rs 74.7 27.8x

period

period

period
Terminal Value (EPS beyond Mean reversion of terminal
Margin of safety (A/C)
FY26E) as a % of CMP (1-B) value as a % of stock price (1-C)

88.6% 76.0% Rs 1,004

CMP Mcap 52 Week Performance % Assuming same FY16 - FY21 EPS Required FY22E - FY26E EPS
Indraprastha Gas (Rs.) (Rs bn) High Low 1 Year 3 Year 5 Year CAGR (19%), FY22E - FY26E CAGR to get same FY16 – FY21
Highest rolling 5-year EPS CAGR
over last 20 years
564 395 595 364 40.0 109.2 277.1 Cumulative EPS to CMP is Cumulative EPS to Price (52%)
FY01 - FY06 FY06 - FY11 FY11 - FY16 FY16 - FY21 22.2% 47.8% 131.0% (FY01 – FY06)
C

47% 52% Highest rolling 5-year Revenue Highest EBITDA Margins & ROE
45% FY21 EBITDA Margins & ROE
32% 35% CAGR over 20 years over 20 years
17% 18% 20% 16% 19%
12% 14% 9% 10% 14% 13%
36.7% (FY08– FY13) 42.6% (FY08) & 32.6% (FY04) 29.6% & 17.1%
EBITDA CAGR

EPS CAGR

EBITDA CAGR

EPS CAGR

EBITDA CAGR

EPS CAGR

EBITDA CAGR

EPS CAGR
Stock return CAGR

Stock return CAGR

Stock return CAGR

Stock return CAGR

2 year Cumulative EPS as a % of

5 year Cumulative EPS as a % of

5 year Cumulative EPS as a % of

5 year Cumulative EPS as a % of Cumulative FY22E - FY26E EPS at 5 year Forward P/E multiple
Stock price at beginning of

Stock price at beginning of

Stock price at beginning of

Stock price at beginning of 19% CAGR & as a % of CMP

FY26E EPS at 19% EPS CAGR
(FY26E)

Rs 124.7 (A) & 22.1% (B) Rs 34.3 16.5x

period

period

period

period

Terminal Value (EPS beyond Mean reversion of terminal

Margin of safety (A/C)
FY26E) as a % of CMP (1-B) value as a % of stock price (1-C)

77.9% 48.0% Rs 238

Source: Spark Capital Research This file was downloaded from Spark Research website by narendran@sparkcapital.in|September 13, 2021 08:08:39 Page 12
 SPARK STRATEGY

Compounders vs. Cyclicals

CMP Mcap 52 Week Performance % Assuming same FY16 - FY21 EPS Required FY22E - FY26E EPS
Minda Industries Highest rolling 5-year EPS CAGR
(Rs.) (Rs bn) High Low 1 Year 3 Year 5 Year CAGR (11%), FY22E - FY26E CAGR to get same FY16 – FY21
over last 20 years
705 201 834 302 107.5 79.0 630.8 Cumulative EPS to CMP is? Cumulative EPS to Price (65%)

FY06 – FY11 FY11 - FY16 FY16 – FY21 7.6% 85.5% 105.5% (FY14 – FY19)
C
65% 65% Highest rolling 5-year Revenue Highest EBITDA Margins & Total FY21 EBITDA Margins & Total
47% 52% CAGR over 20 years Asset turns over 20 years Asset turns
34%
23% 23% 22% 25%
17% 11% 30.3% (FY09 – FY14) 14.0% (FY05) & 2.1x (FY15) 11.4% & 1.1x
4%
EBITDA CAGR

EPS CAGR

EBITDA CAGR

EPS CAGR

EBITDA CAGR

EPS CAGR
of Stock price at beginning of

Stock return CAGR

of Stock price at beginning of

Stock return CAGR

of Stock price at beginning of

Stock return CAGR

5 year Cumulative EPS as a %

5 year Cumulative EPS as a %

5 year Cumulative EPS as a %

Cumulative FY22E - FY26E EPS at 5 year Forward P/E multiple
FY26E EPS at 40% EPS CAGR
40% CAGR & as a % of CMP (FY26E)

Rs 118.6 (A) & 17.0% (B) Rs 41.6 16.7x

period

period

period
Terminal Value (EPS beyond Mean reversion of terminal
Margin of safety (A/C)
FY26E) as a % of CMP (1-B) value as a % of stock price (1-C)

83.0% 35.0% Rs 183

CMP Mcap 52 Week Performance % Assuming same FY16-FY21

Shree Cement Required FY22E - FY26E EBITDA
(Rs.) (Rs bn) High Low 1 Year 3 Year 5 Year EBITDA CAGR (23%), FY22E - Highest rolling 5-year EBITDA
CAGR to get same FY16 – FY21
30,671 1,107 32,050 18,184 57.3 81.7 81.4 FY26E Cumulative EBITDA to EV CAGR over last 20 years
Cumulative EBITDA to EV (42%)
is?
FY01 - FY06 FY06 - FY11 FY11 - FY16 FY16 - FY21
C 41.4% 21.6% 54.5% (FY05 – FY10)
201% 91%
155% 63% 43% Highest rolling 5-year Revenue Highest EBITDA Margins & Total FY21 EBITDA Margins & Total
32% 130% 40% 42% 23%
17% 18% 10% 14% 19% CAGR over 20 years Asset turns over 20 years Asset turns

-5% 43.2% (FY05 – FY10) 42.1% (FY07) & 1.0x (FY12) 31.4% & 0.6x
EPS CAGR

EPS CAGR

EPS CAGR

EPS CAGR
EBITDA CAGR

EBITDA CAGR

EBITDA CAGR

EBITDA CAGR
Stock return CAGR

Stock return CAGR

Stock return CAGR

Stock return CAGR

5 year Cumulative EBITDA as a %

5 year Cumulative EBITDA as a %

5 year Cumulative EBITDA as a %

5 year Cumulative EBITDA as a %

of Stock EV at beginning of

of Stock EV at beginning of

of Stock EV at beginning of

of Stock EV at beginning of
Cumulative FY22E - FY26E
5 year Forward EV/EBITDA
EBITDA at 14% CAGR & as a % of FY26E EBITDA at 14% CAGR
multiple (FY26E)
EV
period

period

period

period
Rs 332 bn (A) & 31.3% (B) Rs 85 11.5x

Terminal Value (EBITDA beyond Mean reversion of terminal

Margin of safety (A/C)
FY26E) as a % of EV (1-B) value as a % of stock price (1-C)

68.7% 58.3% Rs 23,597

Source: Spark Capital Research This file was downloaded from Spark Research website by narendran@sparkcapital.in|September 13, 2021 08:08:39 Page 13
Cyclicals

This file was downloaded from Spark Research website by narendran@sparkcapital.in|September 13, 2021 08:08:39 Page 14
SPARK STRATEGY

Compounders vs. Cyclicals

CMP Mcap 52 Week Performance % Assuming same FY11-FY16
Ashok Leyland Required FY22E - FY26E EBITDA
(Rs.) (Rs bn) High Low 1 Year 3 Year 5 Year EBITDA CAGR (13%), FY22E - Highest rolling 5-year EBITDA
CAGR to get same FY16 – FY21
125 368 143 67 83.9 -2.0 50.1 FY26E Cumulative EBITDA to EV CAGR over last 20 years
Cumulative EBITDA to EV (31%)
is?
FY01 - FY06 FY06 - FY11 FY11 - FY16 FY16 - FY21 10.1% 53.5% 92.5% (FY14 – FY19)
157% C
54% 82% 57%
14% 28% 18% 12% 41% 13% 31% 31% Highest rolling 5-year Revenue Highest EBITDA Margins & Total FY21 EBITDA Margins & Total
NM 1%
CAGR over 20 years Asset turns over 20 years Asset turns
-10% -25%
25.8% (FY02 – FY07) 12.7 (FY02) & 1.6x (FY19) 3.4% & 0.8x
EPS CAGR

EPS CAGR

EPS CAGR

EPS CAGR
EBITDA CAGR

EBITDA CAGR

EBITDA CAGR

EBITDA CAGR
Stock return CAGR

Stock return CAGR

Stock return CAGR

Stock return CAGR

5 year Cumulative EBITDA as a % of

5 year Cumulative EBITDA as a % of

5 year Cumulative EBITDA as a % of

5 year Cumulative EBITDA as a % of

Stock EV at beginning of period

Stock EV at beginning of period

Stock EV at beginning of period

Stock EV at beginning of period

Cumulative FY22E - FY26E
EBITDA at 60% CAGR & as a % of
EV
5 year Forward EV/EBITDA
FY26E EBITDA at 60% CAGR
multiple (FY26E)

Rs 195 bn (A) & 50.7% (B) Rs 55 bn 4.8x

Terminal Value (EBITDA beyond Mean reversion of terminal

Margin of safety (A/C)
FY26E) as a % of EV (1-B) value as a % of stock price (1-C)

49.3% 43.0% Rs 107

CMP Mcap 52 Week Performance % Assuming same FY11-FY16

ABB Required FY22E - FY26E EBITDA
(Rs.) (Rs bn) High Low 1 Year 3 Year 5 Year EBITDA CAGR (48%), FY22E - Highest rolling 5-year EBITDA
CAGR to get same FY16 – FY21
1,869 396 1,934 847 108.1 41.9 77.4 FY26E Cumulative EBITDA to EV CAGR over last 20 years
Cumulative EBITDA to EV (12%)
is?
FY01 - FY06 FY06 - FY11 FY11 - FY16 FY16 - FY21
12.9% 32.5% 48.1% (FY11-FY16)
93% C
65%
35% 48% 37% Highest rolling 5-year Revenue Highest EBITDA Margins & Total FY21 EBITDA Margins & Total
32% 22%
6% 15% 10% 12% 4% CAGR over 20 years Asset turns over 20 years Asset turns

-21% -22% -19% -6%

38.2% (FY03 – FY08) 12.5% (FY08) & 1.3x(FY07) 4.4% & 0.8x
of Stock EV at beginning of period

EPS CAGR

of Stock EV at beginning of period

EPS CAGR

of Stock EV at beginning of period

EPS CAGR

of Stock EV at beginning of period

EPS CAGR
EBITDA CAGR

EBITDA CAGR

EBITDA CAGR

EBITDA CAGR
Stock return CAGR

Stock return CAGR

Stock return CAGR

Stock return CAGR

5 year Cumulative EBITDA as a %

5 year Cumulative EBITDA as a %

5 year Cumulative EBITDA as a %

5 year Cumulative EBITDA as a %

Cumulative FY22E - FY26E
EBITDA at 33% CAGR & as a % of
EV
5 year Forward EV/EBITDA
FY26E EBITDA at 33% CAGR
multiple (FY26E)

Rs 42 bn (A) & 11.4% (B) Rs 10 bn 32.8x

Terminal Value (EBITDA beyond Mean reversion of terminal

Margin of safety (A/C)
FY26E) as a % of EV (1-B) value as a % of stock price (1-C)

88.6% 85.0% Rs 1,427

Source: Spark Capital Research This file was downloaded from Spark Research website by narendran@sparkcapital.in|September 13, 2021 08:08:39 Page 15
 SPARK STRATEGY

Compounders vs. Cyclicals

CMP Mcap 52 Week Performance % Assuming same FY16-FY21
Larsen & Toubro Required FY22E - FY26E EBITDA
(Rs.) (Rs bn) High Low 1 Year 3 Year 5 Year EBITDA CAGR (3%), FY22E - Highest rolling 5-year EBITDA
CAGR to get same FY16 – FY21
1,670 2,345 1,718 826 82.0 23.5 71.2 FY26E Cumulative EBITDA to EV CAGR over last 20 years
Cumulative EBITDA to EV (29%)
is?
FY01 - FY06 FY06 - FY11 FY11 - FY16 FY16 - FY21
16.7% 16.5% 45.5% (FY04 – FY09)
58%
48% C Highest rolling 5-year Revenue Highest EBITDA Margins & Total FY21 EBITDA Margins & Total
43% 40% 40% CAGR over 20 years Asset turns over 20 years Asset turns
31% 31% 29%
22%
7% 12% 28.6% (FY04 – FY09) 13.2% (FY10) & 1.2x (FY05) 9.5% & 0.5x
5% 1% 4% 2% 3%

Cumulative FY22E - FY26E

EPS CAGR

EPS CAGR

EPS CAGR

EPS CAGR
EBITDA CAGR

EBITDA CAGR

EBITDA CAGR

EBITDA CAGR
Stock return CAGR

Stock return CAGR

Stock return CAGR

Stock return CAGR

5 year Cumulative EBITDA as a

5 year Cumulative EBITDA as a

5 year Cumulative EBITDA as a

5 year Cumulative EBITDA as a

% of Stock EV at beginning of

% of Stock EV at beginning of

% of Stock EV at beginning of

% of Stock EV at beginning of
EBITDA at 13% CAGR & as a % of
EV
5 year Forward EV/EBITDA
FY26E EBITDA at 13% CAGR
multiple (FY26E)

Rs 570 bn (A) & 24.3% (B) Rs 130 bn 18.1x

period

period

period

period
Terminal Value (EBITDA beyond Mean reversion of terminal
Margin of safety (A/C)
FY26E) as a % of EV (1-B) value as a % of stock price (1-C)

Rs 1,413 + Rs. 428 SoTP

75.7% 71.4%
= Rs. 1,841
CMP Mcap 52 Week Performance % Assuming same FY16-FY21
Bharti Airtel Required FY22E - FY26E EBITDA
(Rs.) (Rs bn) High Low 1 Year 3 Year 5 Year EBITDA CAGR (7%), FY22E - Highest rolling 5-year EBITDA
CAGR to get same FY16 – FY21
686 3,768 688 394 39.6 98.4 135.0 FY26E Cumulative EBITDA to EV CAGR over last 20 years
Cumulative EBITDA to EV (73%)
is?
FY02 - FY06 FY06 - FY11 FY11 - FY16 C FY16 - FY21
56.4% 8.5% 91.9% (FY02-FY 07)
115%
94% 81% 87% 72% 73%
38% Highest rolling 5-year Revenue Highest EBITDA Margins & Total FY21 EBITDA Margins & Total
23% 12% 11% 7% 10% CAGR over 20 years Asset turns over 20 years Asset turns
0% 0%

0% 65.1% (FY02 – FY 07) 45.5% (FY21) & 0.9x (FY04) 45.5% & 0.4x

Cumulative FY22E - FY26E

5 year Forward EV/EBITDA
EBITDA at 14% CAGR & as a % of FY26E EBITDA at 14% CAGR
NM multiple (FY26E)
EV
EBITDA as a % of Stock

EBITDA as a % of Stock

EBITDA as a % of Stock

EBITDA as a % of Stock
EBITDA CAGR

EPS CAGR

EBITDA CAGR

EPS CAGR

EBITDA CAGR

EPS CAGR

EBITDA CAGR

EPS CAGR
Stock return CAGR

Stock return CAGR

Stock return CAGR

Stock return CAGR

EV at beginning of…

EV at beginning of…

EV at beginning of…

EV at beginning of…
4 year Cumulative

5 year Cumulative

5 year Cumulative

5 year Cumulative

Rs 3,772 bn (A) & 75.3% (B) Rs 900 bn 2.6x

Terminal Value (EBITDA beyond Mean reversion of terminal

Margin of safety (A/C)
FY26E) as a % of EV (1-B) value as a % of stock price (1-C)

24.7% 27.0% Rs. 712

Source: Spark Capital Research This file was downloaded from Spark Research website by narendran@sparkcapital.in|September 13, 2021 08:08:39 Page 16
 SPARK STRATEGY

Compounders vs. Cyclicals

CMP Mcap 52 Week Performance % Assuming same FY11 – FY16 EPS Required FY22E - FY26E EPS
Bharat Forge Highest rolling 5-year EPS CAGR
(Rs.) (Rs. bn) High Low 1 Year 3 Year 5 Year CAGR (19%), FY22E - FY26E CAGR to get same FY16 – FY21
over last 20 years
774 360 847 428 67.0 16.8 82.9 Cumulative EPS to CMP is? Cumulative EPS to Price (15%)

FY01 - FY06 FY06 - FY11 FY11 - FY16 FY16 - FY21 16.4% 56.0% 65.1% (FY02 – FY07)
94% C
Highest rolling 5-year Revenue Highest EBITDA Margins & Total FY21 EBITDA Margins & Total
47% -5% 33%
28% 19% 20% 15% CAGR over 20 years Asset turns over 20 years Asset turns
202% 9% 13% 2% 13% -11% 6%
34.5% (FY02 – FY07) 30.4% (FY16) & 0.7x (FY05) 19.9% & 0.3x
-23%
EBITDA CAGR

EPS CAGR

EBITDA CAGR

EPS CAGR

EBITDA CAGR

EPS CAGR

EBITDA CAGR

EPS CAGR
Stock return CAGR

Stock return CAGR

Stock return CAGR

Stock return CAGR

Stock price at beginning of period

Stock price at beginning of period

Stock price at beginning of period

Stock price at beginning of period

5 year Cumulative EPS as a % of

5 year Cumulative EPS as a % of

5 year Cumulative EPS as a % of

5 year Cumulative EPS as a % of

Cumulative FY22E - FY26E EPS at 5 year Forward P/E multiple
FY26E EPS at 71% EPS CAGR
71% CAGR & as a % of CMP (FY26E)

Rs. 126.7 (A) & 16.4% (B) Rs. 56.5 13.7x

Terminal Value (EPS beyond Mean reversion of terminal

Margin of safety (A/C)
FY26E) as a % of CMP (1-B) value as a % of stock price (1-C)

83.6% 67.0% Rs. 382

CMP Mcap 52 Week Performance % Assuming same FY16 - FY21 EPS Required FY22E - FY26E EPS
Kajaria Ceramics (Rs.) (Rs. bn) High Low 1 Year 3 Year 5 Year CAGR (6%), FY22E - FY26E CAGR to get same FY16 – FY21
Highest rolling 5-year EPS CAGR
over last 20 years
1,188 189 1,229 480 151.2 184.1 79.3 Cumulative EPS to CMP is? Cumulative EPS to Price (17%)
FY01 - FY06 FY06 - FY11 FY11 - FY16 FY16 - FY21 9.7% 16.2% 68.5% (FY09 – FY14)
C
Highest rolling 5-year Revenue Highest EBITDA Margins & Total FY21 EBITDA Margins & Total
66% CAGR over 20 years Asset turns over 20 years Asset turns
52%
36% 39%
25% 29%
17% 15% 11% 17% 14% 26.0% (FY07 – FY12) 27.7% (FY00)& 1.5x (FY04) 18.3% & 1.1x
196% 5% 2% 6%
EBITDA CAGR

EPS CAGR

EBITDA CAGR

EPS CAGR

EBITDA CAGR

EPS CAGR

EBITDA CAGR

EPS CAGR
Stock return CAGR

Stock return CAGR

Stock return CAGR

Stock return CAGR

5 year Cumulative EPS as a % of

5 year Cumulative EPS as a % of

5 year Cumulative EPS as a % of

5 year Cumulative EPS as a % of Cumulative FY22E - FY26E EPS at 5 year Forward P/E multiple
Stock price at beginning of

Stock price at beginning of

Stock price at beginning of

Stock price at beginning of 25% CAGR & as a % of CMP

FY26E EPS at 25% EPS CAGR
(FY26E)

Rs. 199.0 (A) & 16.7% (B) Rs. 59.2 20.2x

period

period

period

period

Terminal Value (EPS beyond Mean reversion of terminal

Margin of safety (A/C)
FY26E) as a % of CMP (1-B) value as a % of stock price (1-C)

83.3% 83.2% Rs. 1,185

Source: Spark Capital Research This file was downloaded from Spark Research website by narendran@sparkcapital.in|September 13, 2021 08:08:39 Page 17
 SPARK STRATEGY

Compounders vs. Cyclicals

CMP Mcap 52 Week Performance % Assuming same FY11-FY16
Maruti Suzuki India Required FY22E - FY26E EBITDA
(Rs.) (Rs. bn) High Low 1 Year 3 Year 5 Year EBITDA CAGR (19%), FY22E - Highest rolling 5-year EBITDA
CAGR to get same FY16 – FY21
6,802 2,055 8,400 6,270 -5.4 -19.9 27.6 FY26E Cumulative EBITDA to EV CAGR over last 20 years
Cumulative EBITDA to EV (49%)
is?
FY04 - FY06 FY06 - FY11 FY11 - FY16 FY16 - FY21
29.4% 38.9% 56.7% (FY02-FY07)
98%
47% 50% C 49% Highest rolling 5-year Revenue Highest EBITDA Margins & Total FY21 EBITDA Margins & Total
21% 32% 33% 19% 24%
18% 14% 8% 17% 13% CAGR over 20 years Asset turns over 20 years Asset turns

-10% -5% 24.9% (FY06-FY11) 15.3% (FY16)& 1.7x (FY05) 7.6% & 1.0x
EBITDA CAGR

EPS CAGR

EBITDA CAGR

EPS CAGR

EBITDA CAGR

EPS CAGR

EBITDA CAGR

EPS CAGR
Stock return CAGR

Stock return CAGR

Stock return CAGR

Stock return CAGR

2 year Cumulative EBITDA as a %

5 year Cumulative EBITDA as a %

5 year Cumulative EBITDA as a %

5 year Cumulative EBITDA as a %

of Stock EV at beginning of

of Stock EV at beginning of

of Stock EV at beginning of

of Stock EV at beginning of
Cumulative FY22E - FY26E
5 year Forward EV/EBITDA
EBITDA at 30% CAGR & as a % of FY26E EBITDA at 30% CAGR
multiple (FY26E)
EV
period

period

period

period
Rs 716 bn (A) & 44.9% (B) Rs. 200 bn 5.8x

Terminal Value (EBITDA beyond Mean reversion of terminal

Margin of safety (A/C)
FY26E) as a % of EV (1-B) value as a % of stock price (1-C)

55.1% 2.0% Rs. 3,926

CMP Mcap 52 Week Performance % Assuming same FY16 – FY21

UltraTech Cement Required FY22E - FY26E EBITDA
(Rs.) (Rs. bn) High Low 1 Year 3 Year 5 Year EBITDA CAGR (19%), FY22E - Highest rolling 5-year EBITDA
CAGR to get same FY16 – FY21
7,940 2,292 8,073 3,754 103.4 93.8 105.4 FY26E Cumulative EBITDA to EV CAGR over last 20 years
Cumulative EBITDA to EV (42%)
is?
FY06 – FY11 FY11 - FY16 FY16 – FY21
40.6% 13.9% 47.3% (FY05 - FY10)
C
69% Highest rolling 5-year Revenue Highest EBITDA Margins & Total FY21 EBITDA Margins & Total
42% CAGR over 20 years Asset turns over 20 years Asset turns
34%
23% 19% 16% 16%
14% 11% 13% 13%
159% 31.1% (FY06 – FY11) 30.9% (FY08) & 1.1x (FY07) 25.4% & 0.5x
EBITDA CAGR

EPS CAGR

EBITDA CAGR

EPS CAGR

EBITDA CAGR

EPS CAGR
Stock return CAGR

Stock return CAGR

Stock return CAGR

5 year Cumulative EBITDA as a

5 year Cumulative EBITDA as a

5 year Cumulative EBITDA as a

% of Stock EV at beginning of

% of Stock EV at beginning of

% of Stock EV at beginning of

Cumulative FY22E - FY26E

5 year Forward EV/EBITDA
EBITDA at 15% CAGR & as a % of FY26E EBITDA at 15% CAGR
multiple (FY26E)
EV

Rs 871 bn (A) & 37.3% (B) Rs. 220 bn 8.3x

period

period

period

Terminal Value (EBITDA beyond Mean reversion of terminal

Margin of safety (A/C)
FY26E) as a % of EV (1-B) value as a % of stock price (1-C)

62.7% 58.3% Rs. 7,148

Source: Spark Capital Research This file was downloaded from Spark Research website by narendran@sparkcapital.in|September 13, 2021 08:08:39 Page 18
 SPARK STRATEGY

Compounders vs. Cyclicals

CMP Mcap 52 Week Performance % Assuming same FY11 – FY16 EPS Required FY22E - FY26E EPS
United Breweries Highest rolling 5-year EPS CAGR
(Rs.) (Rs bn) High Low 1 Year 3 Year 5 Year CAGR (15%), FY22E - FY26E CAGR to get same FY16 – FY21
over last 20 years
1,600 423 1,620 897 51.0 21.6 96.4 Cumulative EPS to CMP is? Cumulative EPS to Price (8%)

FY03 - FY06 FY06 - FY11 FY11 - FY16 FY16 - FY21 2.2% 54.5% 39.7% (FY11 – FY14)
176% C
57% Highest rolling 5-year Revenue Highest EBITDA Margins & Total FY21 EBITDA Margins & Total
36% 10% 37% 26% 8% 12% 15% 12% 8% 8% CAGR over 20 years Asset turns over 20 years Asset turns

-30% -11% -17% 37.6% (FY02-FY07) 17.6% (FY19) & 1.2x (FY15) 9.0% & 0.7x
NM
EBITDA CAGR

EPS CAGR

EBITDA CAGR

EPS CAGR

EBITDA CAGR

EPS CAGR

EBITDA CAGR

EPS CAGR
Stock return CAGR

Stock return CAGR

Stock return CAGR

Stock return CAGR

Stock price at beginning of period

Stock price at beginning of period

Stock price at beginning of period

Stock price at beginning of period

3 year Cumulative EPS as a % of

5 year Cumulative EPS as a % of

5 year Cumulative EPS as a % of

5 year Cumulative EPS as a % of

Cumulative FY22E - FY26E EPS at 5 year Forward P/E multiple
FY26E EPS at 56% EPS CAGR
56% CAGR & as a % of CMP (FY26E)

Rs 102.5 (A) & 6.4% (B) Rs 41.2 38.6x

Terminal Value (EPS beyond Mean reversion of terminal

Margin of safety (A/C)
FY26E) as a % of CMP (1-B) value as a % of stock price (1-C)

93.6% 92.0% Rs1,211

CMP Mcap 52 Week Performance % Assuming same FY11-FY16

Container Corporation of India Required FY22E - FY26E EBITDA
(Rs.) (Rs bn) High Low 1 Year 3 Year 5 Year EBITDA CAGR (6%), FY22E - Highest rolling 5-year EBITDA
CAGR to get same FY16 – FY21
743 453 753 351 93.6 47.2 75.9 FY26E Cumulative EBITDA to EV CAGR over last 20 years
Cumulative EBITDA to EV (35%)
is?
FY01 - FY06 FY06 - FY11 FY11 - FY16 FY16 - FY21
16.1% 25.4% 19.5% (FY00-FY05)
C
59%
44% 35% Highest rolling 5-year Revenue Highest EBITDA Margins & Total FY21 EBITDA Margins & Total
16% 19% 8% 11% 11% 9% 8% CAGR over 20 years Asset turns over 20 years Asset turns
464% 6% 2%

-4% -10% 19.1% (FY00 – FY05) 31.5% (FY05) & 1.1x (FY01) 17.2% & 0.5x
EBITDA CAGR

EPS CAGR

EBITDA CAGR

EPS CAGR

EBITDA CAGR

EPS CAGR

EBITDA CAGR

EPS CAGR
Stock return CAGR

Stock return CAGR

Stock return CAGR

Stock return CAGR

5 year Cumulative EBITDA as a %

5 year Cumulative EBITDA as a %

5 year Cumulative EBITDA as a %

5 year Cumulative EBITDA as a %

of Stock EV at beginning of

of Stock EV at beginning of

of Stock EV at beginning of

of Stock EV at beginning of
Cumulative FY22E - FY26E
5 year Forward EV/EBITDA
EBITDA at 26% CAGR & as a % of FY26E EBITDA at 26% CAGR
multiple (FY26E)
EV
period

period

period

period
Rs 139 bn (A) & 34.3% (B) Rs 35 bn 11.1x

Terminal Value (EBITDA beyond Mean reversion of terminal

Margin of safety (A/C)
FY26E) as a % of EV (1-B) value as a % of stock price (1-C)

65.7% 56.0% Rs 588

Source: Spark Capital Research This file was downloaded from Spark Research website by narendran@sparkcapital.in|September 13, 2021 08:08:39 Page 19
 SPARK STRATEGY

Compounders vs. Cyclicals

CMP Mcap 52 Week Performance % Assuming same FY16 - FY21 EPS Required FY22E - FY26E EPS
Cipla (Rs.) (Rs bn) High Low 1 Year 3 Year 5 Year CAGR (12%), FY22E - FY26E CAGR to get same FY16 – FY21
Highest rolling 5-year EPS CAGR
over last 20 years
949 766 997 706 30.8 44.6 66.5 Cumulative EPS to CMP is? Cumulative EPS to Price (19%)

FY01 - FY06 FY06 - FY11 FY11 - FY16 FY16 - FY21 22.2% 1.6% 27.7% (FY01 –FY06)

C Highest rolling 5-year Revenue Highest EBITDA Margins & Total FY21 EBITDA Margins & Total
30% 28% 27% CAGR over 20 years Asset turns over 20 years Asset turns
22% 26%
20% 18% 19%
9% 13% 10% 11% 12% 10%
4% 7% 25.8% (FY00 – FY05) 26.5% (FY13) & 0.9x (FY01) 21.8% & 0.7x
EBITDA CAGR

EPS CAGR

EBITDA CAGR

EPS CAGR

EBITDA CAGR

EPS CAGR

EBITDA CAGR

EPS CAGR
Stock return CAGR

Stock return CAGR

Stock return CAGR

Stock return CAGR

5 year Cumulative EPS as a % of

5 year Cumulative EPS as a % of

5 year Cumulative EPS as a % of

5 year Cumulative EPS as a % of

Cumulative FY22E - FY26E EPS at 5 year Forward P/E multiple
Stock price at beginning of

Stock price at beginning of

Stock price at beginning of

Stock price at beginning of

FY26E EPS at 17% EPS CAGR
17% CAGR & as a % of CMP (FY26E)

Rs 214.0 (A) & 25.3% (B) Rs 63.9 14.8x

period

period

period

period
Terminal Value (EPS beyond Mean reversion of terminal
Margin of safety (A/C)
FY26E) as a % of CMP (1-B) value as a % of stock price (1-C)

74.7% 81.0% 1,260

CMP Mcap 52 Week Performance % Assuming same FY16 - FY21 EPS Required FY22E - FY26E EPS
Dr Reddy's Laboratories Highest rolling 5-year EPS CAGR
(Rs.) (Rs bn) High Low 1 Year 3 Year 5 Year CAGR (4%), FY22E - FY26E CAGR to get same FY16 – FY21
over last 20 years
4,912 817 5,650 4,135 11.6 94.2 56.6 Cumulative EPS to CMP is? Cumulative EPS to Price (17%)

FY01 - FY06 FY06 - FY11 FY11 - FY16 FY16 - FY21 17.6% 0.9% 57.5% (FY05 – FY10)
44% 44% C
26% 33% Highest rolling 5-year Revenue Highest EBITDA Margins & Total FY21 EBITDA Margins & Total
18% 15% 18% 18% 16% 13% 17% CAGR over 20 years Asset turns over 20 years Asset turns
2% 4% 8%
1%
101.5% (FY00 – FY05) 30.0% (FY02) & 1.0x (FY10) 20.3% & 0.7x
-4%
EBITDA CAGR

EPS CAGR

EBITDA CAGR

EPS CAGR

EBITDA CAGR

EPS CAGR

EBITDA CAGR

EPS CAGR
Stock return CAGR

Stock return CAGR

Stock return CAGR

Stock return CAGR

Stock price at beginning of period

Stock price at beginning of period

Stock price at beginning of period

Stock price at beginning of period

5 year Cumulative EPS as a % of

5 year Cumulative EPS as a % of

5 year Cumulative EPS as a % of

5 year Cumulative EPS as a % of Cumulative FY22E - FY26E EPS at

FY26E EPS at 18% EPS CAGR
5 year Forward P/E multiple
18% CAGR & as a % of CMP (FY26E)

Rs 1,273.0 (A) & 25.9% (B) Rs 342.6 14.3x

Terminal Value (EPS beyond Mean reversion of terminal

Margin of safety (A/C)
FY26E) as a % of CMP (1-B) value as a % of stock price (1-C)

74.1% 82.6% Rs 7,329

Source: Spark Capital Research This file was downloaded from Spark Research website by narendran@sparkcapital.in|September 13, 2021 08:08:39 Page 20
 SPARK STRATEGY

Compounders vs. Cyclicals

CMP Mcap 52 Week Performance % Assuming same FY16 - FY21 EPS Required FY22E - FY26E EPS
Timken India (Rs.) (Rs bn) High Low 1 Year 3 Year 5 Year CAGR (7%), FY22E - FY26E CAGR to get same FY16 – FY21
Highest rolling 5-year EPS CAGR
over last 20 years
1,686 127 1,737 1,011 55.6 160.6 205.9 Cumulative EPS to CMP is? Cumulative EPS to Price (23%)
FY01 - FY06 FY06 - FY11 FY11 - FY16 FY16 - FY21 6.9% 40.5% 35.1% (FY03 – FY08)

C Highest rolling 5-year Revenue Highest EBITDA Margins & Total FY21 EBITDA Margins & Total
53% CAGR over 20 years Asset turns over 20 years Asset turns
43%
32%
20% 20% 22% 23% 24%
14% 15% 24.1% (FY10-FY15) 22.4% (FY20) & 1.5x (FY13) 17.9% & 0.6x
8% 11% 9% 7%
3%

0% Cumulative FY22E - FY26E EPS at 5 year Forward P/E multiple

FY26E EPS at 33% EPS CAGR
33% CAGR & as a % of CMP (FY26E)
EBITDA CAGR

EPS CAGR

EBITDA CAGR

EPS CAGR

EBITDA CAGR

EPS CAGR

EBITDA CAGR

EPS CAGR
5 year Cumulative EPS as

Stock return CAGR

5 year Cumulative EPS as

Stock return CAGR

5 year Cumulative EPS as

Stock return CAGR

5 year Cumulative EPS as

Stock return CAGR

a % of Stock price at

a % of Stock price at

a % of Stock price at

a % of Stock price at
beginning of period

beginning of period

beginning of period

beginning of period
Rs 242.6 (A) & 14.3% (B) Rs 79.2 21.3x

Terminal Value (EPS beyond Mean reversion of terminal

Margin of safety (A/C)
FY26E) as a % of CMP (1-B) value as a % of stock price (1-C)

85.7% 77.3% Rs. 1,067

CMP Mcap 52 Week Performance % Assuming same FY16 - FY21 EPS Required FY22E - FY26E EPS
AIA Engineering Highest rolling 5-year EPS CAGR
(Rs.) (Rs. bn) High Low 1 Year 3 Year 5 Year CAGR (4%), FY22E - FY26E CAGR to get same FY16 – FY21
over last 20 years
2,093 197 2,234 1,620 19.7 18.4 76.4 Cumulative EPS to CMP is? Cumulative EPS to Price (29%)

FY06 – FY11 FY11 - FY16 FY16 – FY21 16.8% 23.7% 66.3% (FY02-07)

C Highest rolling 5-year Revenue Highest EBITDA Margins & Total FY21 EBITDA Margins & Total
65%
49% CAGR over 20 years Asset turns over 20 years Asset turns
25% 27% 23% 19% 20% 22% 29%
17%
1% 4% 36.7% (FY05 – FY09) 29.2% (FY 16) & 1.9x (FY 05) 22.9% & 0.8x
EPS CAGR

EPS CAGR

EPS CAGR
EBITDA CAGR

EBITDA CAGR

EBITDA CAGR
Stock return CAGR

Stock return CAGR

Stock return CAGR

5 year Cumulative EPS as a % of

5 year Cumulative EPS as a % of

5 year Cumulative EPS as a % of

Stock price at beginning of

Stock price at beginning of

Stock price at beginning of

Cumulative FY22E - FY26E EPS at 5 year Forward P/E multiple

FY26E EPS at 19% EPS CAGR
19% CAGR & as a % of CMP (FY26E)

Rs. 520.8 (A) & 25.5% (B) Rs. 143.1 14.2x

period

period

period

Terminal Value (EPS beyond Mean reversion of terminal

Margin of safety (A/C)
FY26E) as a % of CMP (1-B) value as a % of stock price (1-C)

74.5% 71.0% Rs. 1,798

Source: Spark Capital Research This file was downloaded from Spark Research website by narendran@sparkcapital.in|September 13, 2021 08:08:39 Page 21
 SPARK STRATEGY

Compounders vs. Cyclicals

CMP Mcap 52 Week Performance % Assuming same FY16 - FY21 EPS Required FY22E - FY26E EPS
Grindwell Norton (Rs.) (Rs bn) High Low 1 Year 3 Year 5 Year CAGR (18%), FY22E - FY26E CAGR to get same FY16 – FY21
Highest rolling 5-year EPS CAGR
over last 20 years
1,448 160 1,465 501 178.5 180.1 352.9 Cumulative EPS to CMP is? Cumulative EPS to Price (23%)
FY01 - FY06 FY06 - FY11 FY11 - FY16 FY16 - FY21 12.8% 24.6% 49.7% (FY03 - FY08)

C Highest rolling 5-year Revenue Highest EBITDA Margins & Total FY21 EBITDA Margins & Total
60% CAGR over 20 years Asset turns over 20 years Asset turns
49%
40%
25% 27% 22% 19% 25% 23% 23%
12% 18%
138% 9% 6% 5% 21.5% (FY05 – FY10) 19.8% (FY21) & 1.3x (FY 11) 19.8% & 0.9x
EBITDA CAGR

EPS CAGR

EBITDA CAGR

EPS CAGR

EBITDA CAGR

EPS CAGR

EBITDA CAGR

EPS CAGR
Stock return CAGR

Stock return CAGR

Stock return CAGR

Stock return CAGR

5 year Cumulative EPS as a % of

5 year Cumulative EPS as a % of

5 year Cumulative EPS as a % of

5 year Cumulative EPS as a % of

Cumulative FY22E - FY26E EPS at 5 year Forward P/E multiple
Stock price at beginning of

Stock price at beginning of

Stock price at beginning of

Stock price at beginning of

FY26E EPS at 21% EPS CAGR
21% CAGR & as a % of CMP (FY26E)

Rs. 198.4 (A) & 13.7% (B) Rs. 56.3 25.8x

period

period

period

period
Terminal Value (EPS beyond Mean reversion of terminal
Margin of safety (A/C)
FY26E) as a % of CMP (1-B) value as a % of stock price (1-C)

86.3% 77.0% Rs. 861

CMP Mcap 52 Week Performance % Assuming same FY06 – FY11 EPS Required FY22E - FY26E EPS
Blue Star (Rs.) (Rs. bn) High Low 1 Year 3 Year 5 Year CAGR (27%), FY22E - FY26E CAGR to get same FY16 – FY21
Highest rolling 5-year EPS CAGR
over last 20 years
832 80 1,025 602 37.3 26.9 63.6 Cumulative EPS to CMP is? Cumulative EPS to Price (19%)

FY01 - FY06 FY06 - FY11 FY11 - FY16 FY16 - FY21 13.6% 43.3% 41.2% (FY03 - FY08)
C
86% Highest rolling 5-year Revenue Highest EBITDA Margins & Total FY21 EBITDA Margins & Total
63% CAGR over 20 years Asset turns over 20 years Asset turns
32% 27% 21%
19% 19% 19% 19%
310% 5% 1% 31% (FY03 - FY08) 11.4% (FY10) & 2.0x (FY 04) 5.0% & 1.2x
-3% -8% -2%
0%
EBITDA CAGR

EPS CAGR

EBITDA CAGR

EPS CAGR

EBITDA CAGR

EPS CAGR

EBITDA CAGR

EPS CAGR
Stock return CAGR

Stock return CAGR

Stock return CAGR

Stock return CAGR

5 year Cumulative EPS as a % of

5 year Cumulative EPS as a % of

5 year Cumulative EPS as a % of

5 year Cumulative EPS as a % of Cumulative FY22E - FY26E EPS at 5 year Forward P/E multiple
Stock price at beginning of

Stock price at beginning of

Stock price at beginning of

Stock price at beginning of 38% CAGR & as a % of CMP

FY26E EPS at 38% EPS CAGR
(FY26E)

Rs. 152.0 (A) & 18.3% (B) Rs. 52.3 15.9x

period

period

period

period

Terminal Value (EPS beyond Mean reversion of terminal

Margin of safety (A/C)
FY26E) as a % of CMP (1-B) value as a % of stock price (1-C)

81.7% 19.0% Rs. 800

Source: Spark Capital Research This file was downloaded from Spark Research website by narendran@sparkcapital.in|September 13, 2021 08:08:39 Page 22
 Spark Model Portfolio

Compounders vs. Cyclicals

Spark Quality/ All Weather Value/ Defensives/ Growth/ Momentum in
BSE-200 21% 12% 67% Spark Model Portfolio Performance
Weights Managements Out of Favour favour/ Upcycle
As on Since
Financials 32% 34% OW* 10% 12% 12% 3M 6M 1Y
12/9/21 Oct’13
HDFC Bank 4% State Bank of India 5% ICICI Bank 5%
Spark 6.7 13.4 62.4 381.7
City Union Bank 3% IndusInd Bank 4% Axis Bank 4% BSE 200 10.2 17.0 57.6 255.9
HDFC 3% Federal Bank 3% ICICI Lombard Gen Ins 3%
Model Portfolio Changes
Consumption 13% 18% OW* 4% 15%
Asian Paints 4% Jubilant Foodworks 4% Sector Weights Prev New
United Breweries 4% Nifty 51% 51%
Whirlpool 3% Large cap 10% 10%
Blue Star 3% Midcap/Smallcap 39% 39%
Automobiles 6% 10% OW* 4% 6% Prev New
Maruti Suzuki 4% Ashok Leyland 3%
Quality 21% 21%
Minda Industries 3%
Value 15% 12%
Growth 64% 67%
Logistics & Aviation 1% 6% OW* 6%
Container Corp 3% Sector Weights Prev New
Interglobe Aviation 3% Financials 37% 34%
IT & Telecom 15% 6% UW* 6%
Consumption/Media 15% 18%
Infosys 3%
Bharti Airtel 3% Auto 10% -
Industrials, RE & Infra 14% 17% OW* 3% 14% Logistics/Aviation 6% -
Shree Cement 3% Larsen & Toubro 3% IT & Telecom 6% -
Grindwell Norton 3%
Industrials,RE & Infra 17% -
ABB India 3%
Bharat Forge 3% Pharma & Healthcare 9% -
Godrej Properties 2% Oil & Gas/Agri 0% -
Pharma & Healthcare 6% 9% OW* 9%
Dr. Reddy’s Lab 3% Stocks out Old
Cipla 3% LIC Housing Finance 3%
Metropolis Healthcare 3%
Stocks in New
Oil & Gas & Agri 13% 0% UW*
Total Weights 100% 100% Blue Star 3%
*EW: Equal Weight | OW: Overweight | UW: Underweight
This file was downloaded from Spark Research website by narendran@sparkcapital.in|September 13, 2021 08:08:39 Page 23
 Spark Disclaimer

BUY Stock expected to provide positive returns of >15% over a 1-year horizon REDUCE Stock expected to provide returns of <5% – -10% over a 1-year horizon
Absolute Rating
Interpretation
ADD Stock expected to provide positive returns of >5% – <15% over a 1-year horizon SELL Stock expected to fall >10% over a 1-year horizon

DISCLAIMERS AND DISCLOSURES

Certification by each of the authors of this Report:
The analyst certifies that the views expressed in this document are an accurate representation of the analyst's personal opinions on the stock or sector as covered and reported on by the analyst herein. The analyst furthermore certifies that no part of the analyst's compensation was, is or will be related, directly
or indirectly, to the specific recommendations or views as expressed in this document.
The information and any opinions expressed in this Report do not constitute an offer, or an invitation to make an offer, to buy or sell any securities or any options, futures or other derivatives related to such securities.
SPARK CAPITAL DISCLAIMER:
Spark Capital Advisors (India) Private Limited (“Spark Capital”) and its affiliates are engaged in investment banking, investment advisory and institutional equities. Spark Capital is registered with SEBI as a Stockbroker (corporate member on the Bombay Stock Exchange and National Stock Exchange), Research
Analyst, Category I Merchant Banker and Depository Participant (with CDSL). We hereby declare that our activities were neither suspended nor have we defaulted with any stock exchange authority with whom we are registered in the last five years. We have not been debarred from doing business by any Stock
Exchange/SEBI or any other authorities, nor has our certificate of registration been cancelled by SEBI at any point of time.
Spark Capital’s subsidiaries include, (1) Spark Family Office and Investment Advisors (India) Private Limited which is engaged in the services of providing investment advisory services and stock brokerage services and is registered with SEBI as Investment Advisor and Stock Broker and as a Distributer with AMFI (2)
Spark Alternative Asset Advisors India Private Limited investment manager to Category II Alternate Investment Fund (3) Spark Fund Managers Private Limited which is engaged in the business of Portfolio Management Services and is registered with SEBI as a Portfolio Manager and (4) Spark Fund Advisors LLP
investment manager to Category III Alternate Investment Fund.
Each recipient of this document should make such investigations as it deems necessary to arrive at an independent evaluation of an investment in the securities of companies referred to in this document (including the merits and risks involved), and should consult its own advisors to determine the merits and
risks of such an investment. This document is being supplied to you solely for your information and may not be reproduced, redistributed or passed on, directly or indirectly, to any other person or published, copied, in whole or in part, for any purpose. This report is not directed or intended for distribution to or
use by any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction, where such distribution, publication, availability or use would be contrary to law, regulation or which would subject Spark Capital and/or its affiliates to any registration or licensing requirement
within such jurisdiction. The securities described herein may or may not be eligible for sale in all jurisdictions or to a certain category of investors. Persons in whose possession this document may come are required to inform themselves of and to observe such applicable restrictions. This material should not be
construed as an offer to sell or the solicitation of an offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal.
Emerging securities markets may be subject to risks significantly higher than more established markets. In particular, the political and economic environment, company practices and market prices and volumes may be subject to significant variations. The ability to assess such risks may also be limited due to
significantly lower information quantity and quality. By accepting this document, you agree to be bound by all the provisions as may be applicable pursuant to it. Spark Capital makes no representation or warranty, express or implied, as to the accuracy, completeness or fairness of the information and opinions
contained in this document. Spark Capital , its affiliates, and the employees of Spark Capital and its affiliates may, from time to time, effect or have effected an own account transaction in, or deal as principal or agent in or for the securities mentioned in this document. They may perform or seek to perform
investment banking or other services for, or solicit investment banking or other business from, any company referred to in this report.
This report has been prepared on the basis of information, which is already available in publicly accessible media or developed through an independent analysis by Spark Capital. While we would endeavour to update the information herein on a reasonable basis, Spark Capital and its affiliates are under no
obligation to update the information. Also, there may be regulatory, compliance or other reasons that prevent Spark Capital and its affiliates from doing so. Neither Spark Capital nor its affiliates or their respective directors, employees, agents or representatives shall be responsible or liable in any manner,
directly or indirectly, for views or opinions expressed in this report or the contents or any errors or discrepancies herein or for any decisions or actions taken in reliance on the report or the inability to use or access our service in this report or for any loss or damages whether direct or indirect, incidental, special or
consequential including without limitation loss of revenue or profits that may arise from or in connection with the use of or reliance on this report.
Spark Capital and/or its affiliates and/or employees may have interests/positions, financial or otherwise in the securities mentioned in this report. To enhance transparency, Spark Capital has incorporated a disclosure of interest statement in this document. This should however not be treated as endorsement of
views expressed in this report:
Disclosure of interest statement
Details of Financial Interest of Research Entity [Spark Capital Advisors (India) Private Limited] and its Associates No
Details of Financial Interest of covering analyst/ and his relatives No
Investment banking relationship with the company covered No
Any other material conflict of interest at the time of publishing the research report by Spark and its associates No
Receipt of compensation by Spark Capital or its Associate Companies from the subject company covered for in the last twelve months:
▪ Managing/co-managing public offering of securities ; Investment banking/merchant banking/brokerage services ; Products or services other than those above in connection with research report; Compensation or other benefits from the subject company or third party in connection with the research No
report
Whether covering analyst has served as an officer, director or employee of the subject company covered No
Whether the Spark and its associates has been engaged in market making activity of the Subject Company No
Whether the research entity or its associates, has actual/beneficial ownership of one per cent. or more securities of the subject company, at the end of the month immediately preceding the date of publication of the research report No
Products and services, other than Broking products and services e.g. Research Reports are not exchange traded products. Disputes relating to the research activities of Spark Capital do not have access to exchange investor redressal or Arbitration mechanism. For any grievances, please write to
investorgrievance@sparkcapital.in

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Certification by each of the authors of this Report: The analyst certifies that the views expressed in this document are an accurate representation of the analyst's personal opinions on the stock or sector as covered and reported on by the analyst herein. The analyst furthermore certifies that no part of the analyst's compensation was, is or will be related, directly or
indirectly, to the specific recommendations or views as expressed in this document. The information and any opinions expressed in this Report do not constitute an offer, or an invitation to make an offer, to buy or sell any securities or any options, futures or other derivatives related to such securities.
SPARK CAPITAL DISCLAIMER:
Spark Capital Advisors (India) Private Limited ("Spark Capital") and its affiliates are engaged in investment banking, investment advisory and institutional equities. Spark Capital is registered with SEBI as a Stockbroker (corporate member on the Bombay Stock Exchange and National Stock Exchange), Research Analyst, Category I Merchant Banker and Depository Participant
(with CDSL). We hereby declare that our activities were neither suspended nor have we defaulted with any stock exchange authority with whom we are registered in the last five years. We have not been debarred from doing business by any Stock Exchange/SEBI or any other authorities, nor has our certificate of registration been cancelled by SEBI at any point of time.
Spark Capital’s subsidiaries include, (1) Spark Family Office and Investment Advisors (India) Private Limited which is engaged in the services of providing investment advisory services and stock brokerage services and is registered with SEBI as Investment Advisor and Stock Broker and as a Distributer with AMFI (2) Spark Alternative Asset Advisors India Private Limited
investment manager to Category II Alternate Investment Fund (3) Spark Fund Managers Private Limited which is engaged in the business of Portfolio Management Services and is registered with SEBI as a Portfolio Manager and (4) Spark Fund Advisors LLP investment manager to Category III Alternate Investment Fund.
Each recipient of this document should make such investigations as it deems necessary to arrive at an independent evaluation of an investment in the securities of companies referred to in this document (including the merits and risks involved), and should consult its own advisors to determine the merits and risks of such an investment. This document is being supplied to
you solely for your information and may not be reproduced, redistributed or passed on, directly or indirectly, to any other person or published, copied, in whole or in part, for any purpose. This report is not directed or intended for distribution to or use by any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction, where
such distribution, publication, availability or use would be contrary to law, regulation or which would subject Spark Capital and/or its affiliates to any registration or licensing requirement within such jurisdiction. The securities described herein may or may not be eligible for sale in all jurisdictions or to a certain category of investors. Persons in whose possession this
document may come are required to inform themselves of and to observe such applicable restrictions. This material should not be construed as an offer to sell or the solicitation of an offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal.
Emerging securities markets may be subject to risks significantly higher than more established markets. In particular, the political and economic environment, company practices and market prices and volumes may be subject to significant variations. The ability to assess such risks may also be limited due to significantly lower information quantity and quality. By accepting
this document, you agree to be bound by all the provisions as may be applicable pursuant to it. Spark Capital makes no representation or warranty, express or implied, as to the accuracy, completeness or fairness of the information and opinions contained in this document. Spark Capital , its affiliates, and the employees of Spark Capital and its affiliates may, from time to
time, effect or have effected an own account transaction in, or deal as principal or agent in or for the securities mentioned in this document. They may perform or seek to perform investment banking or other services for, or solicit investment banking or other business from, any company referred to in this report.
This report has been prepared on the basis of information, which is already available in publicly accessible media or developed through an independent analysis by Spark Capital. While we would endeavour to update the information herein on a reasonable basis, Spark Capital and its affiliates are under no obligation to update the information. Also, there may be regulatory,
compliance or other reasons that prevent Spark Capital and its affiliates from doing so. Neither Spark Capital nor its affiliates or their respective directors, employees, agents or representatives shall be responsible or liable in any manner, directly or indirectly, for views or opinions expressed in this report or the contents or any errors or discrepancies herein or for any
decisions or actions taken in reliance on the report or the inability to use or access our service in this report or for any loss or damages whether direct or indirect, incidental, special or consequential including without limitation loss of revenue or profits that may arise from or in connection with the use of or reliance on this report.
Products and services, other than Broking products and services e.g. Research Reports are not exchange traded products. Disputes relating to the research activities of Spark Capital do not have access to exchange investor redressal or Arbitration mechanism. For any grievances, please write to investorgrievance@sparkcapital.in.
Analyst Certification of Independence
The views expressed in this research report accurately reflect the analyst’s personal views about any and all of the subject securities or issuers; and no part of the research analyst’s compensations was, is or will be, directly or indirectly, related to the specific recommendation or views expressed in the report.
NOTICE TO US INVESTORS:
Rule 15a6 Disclosure: This Report was prepared, approved, published, and distributed by Spark Capital Advisors (India) Private Limited, a company located outside of the United States (the "Foreign Counterparty"). Avior Capital Markets US LLC ("Avior US"), a US registered broker-dealer, distributes this Report in the US on behalf of the Foreign Counterparty. Only major
U.S. institutional investors (as defined in Rule 15a-6 under the US Securities Exchange Act of 1934 (the "Exchange Act") may receive this Report under the exemption in Rule 15a-6. A US institutional investor must effect any transaction in the securities described in this Report through Avior US.
Neither the Report nor any analyst who prepared or approved the Report is subject to US legal requirements or the Financial Industry Regulatory Authority, Inc. ("FINRA") or other US regulatory requirements concerning research reports or research analysts. The Foreign Counterparty is not a registered broker-dealer under the Exchange Act nor is it a member of the
Financial Industry Regulatory Authority, Inc., or any other US self-regulatory organisation.
Analyst Certification: In connection with the companies or securities that; each analyst identified in this Report certifies that: The views expressed on the subject companies and securities in this Report reflect their personal views. No part of his or her compensation was, is or will be directly or indirectly dependent on the specific recommendations or views expressed in this
Report.
Note that:
(i) The Foreign Counterparty is the employer of the research analyst(s) responsible for the content of this Report, and
(ii) Research analysts preparing this Report are resident outside the United States and are not associated persons of any US regulated broker-dealer. Therefore, the analyst(s) are not subject to supervision by a US broker-dealer and are not required to satisfy the regulatory licensing requirements of FINRA or required to otherwise comply with US rules or regulations
regarding, among other things, communications with a subject company, public appearances and trading securities held by a research analyst account.
Important US Regulatory Disclosures on Subject Companies
Analysts of the Foreign Counterparty produced this material solely for informational purposes and the use of the intended recipient. No person may reproduce, this Report under any circumstances. No person may copy or make this Report available to any other person other than the intended recipient.
Avior US distributes this Report in the United States of America. The Foreign Counterparty distributes this Report elsewhere in the world. This document is not an offer, or invitation by or on behalf of Avior US, the Foreign Counterparty, their affiliates, or any other person, to buy or sell any security.
Avior US and the Foreign Counterparty and their affiliates obtained the information contained herein from published information and other sources, which Avior US and the Foreign Counterparty and their affiliates reasonably consider to be reliable.
Avior US and the Foreign Counterparty accept no liability or responsibility whatsoever for the accuracy or completeness of any such information. All estimates, expressions of opinion and other subjective judgments contained herein are valid as of the date of this document. Avior US assumes responsibility for the Report content with regards to research distributed in the
US.
Neither Avior US nor the Foreign Counterparty has managed or co-managed a public offering of securities for the subject company in the past 12 months, have not received compensation for investment banking services from the subject company in the past 12 months and do not expect to receive and does not intend to seek compensation for investment banking services
from the subject company in the next three months. Avior US and the Foreign Counterparty have not owned any class of equity securities of the subject company. There are no other actual, material conflicts of interest of Avior US and the Foreign Counterparty at the time of the publication of this Report. As of the publication of this Report, Avior US nor the Foreign
Counterparty makes a market in the subject securities.
Avior US and its affiliates, to the fullest extent permissible by law, accept no liability of any nature whatsoever for any claims, damages or losses arising from, or in connection with, the contents of this Report or the use, reliance, publication, distribution, dissemination, disclosure, alteration or reproduction of this Report, or any views or recommendations recorded therein.
ADDITIONAL DISCLAIMER FOR UK INVESTORS:
Spark Capital’s research, including the recommendations recorded therein, have been objectively prepared from public sources which it believed to be reliable and therefore constitutes independent investment research, and is presented as such. Note that Spark Capital has concluded an agreement with Avior Capital Markets International Limited ("ACMI"), regulated by
the Financial Conduct Authority (FRN: 191074), pursuant to which ACMI promotes and markets the products and research of Spark Capital, and to provide investment advice in respect thereof to the extent permissible, and in return for which Spark Capital pays a monthly fee and commissions earned on certain qualifying transactions to ACMI. Spark Capital’s research
reports, including any recommendations in respect thereof, may only be distributed to, and relied on by, qualifying investors, who are permitted to receive same in the UK. A list of Spark Capital’s research reports disseminated in the UK over the past 12 months is available on request.
This material produced by Spark Capital is solely for information purposes only and for the personal use of the recipient. It is not to be reproduced under any circumstances and is not to be copied or made available to any person other than the recipient. It is distributed in the UK by ACMI and elsewhere in the world by Spark Capital or an authorized affiliate of Spark Capital.
This document does not constitute an offer of, or an invitation by or on behalf of Spark Capital or its affiliates or any other company to any person, to buy or sell any security.
Securities, money market instruments, strategies, financial or investment instruments mentioned herein may not be suitable for all investors. The information and opinions provided in this note do not constitute a personal recommendation and take no account of the investor's individual circumstances. Investors should consider this research as only a single factor in
making any investment decisions and, if appropriate, should seek advice from an investment advisor.
Spark Capital or its affiliates does not accept any liability or responsibility whatsoever for the accuracy or completeness of any information contained in its research reports. All estimates, expressions of opinion and other subjective judgments contained herein are made as of the date of this document. Emerging securities markets may be subject to risks significantly higher
than more established markets. In particular, the political and economic environment, company practices and market prices and volumes may be subject to significant variations.
Save as specifically disclosed otherwise, Spark Capital’s relationship with ACMI is not reasonably expected to impair the objective presentation of the recommendations in respect of in the research report, including any interests or conflicts of interest concerning any financial instruments or the issuers to which the recommendations, directly or indirectly, relate. The
research report is deemed to be first disseminated at the date and time recorded on Spark Capital’s distribution platform or data network, and which information is available on request.
ACMI does not assume any responsibility, or liability of any nature whatsoever, arising from or in connection with the contents, use, reliance or dissemination of Spark Capital’s research or any recommendation in respect thereof and disclaims any such liability.
Avior Capital Markets US LLC is a FINRA registered broker-dealer (CRD # 172595) formed for that purpose in the State of Delaware with its principal office at 733 Third Avenue, New York, New York 10017.
S Digitally signed by S
VIJAYARAGHAVAN
Spark Capital Advisors (India) Private Limited is a financial services company incorporated in India, with its registered address at 'Reflections' New No.2 | Leith castle center street, Santhome high road, Chennai-600 028
VIJAYARAGHA Date: 2021.09.13
Spark Capital Advisors (India) Private Limited,'Reflections' New No.2, Leith castle center street, Santhome high road, Chennai-600 028 | Avior LLC | 733 Third Avenue, New York, New York 10017
This SEBI
Spark Capital Advisors (India) Pvt. Ltd. is a SEBI registered Research Analyst bearing fileRegistration
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