IIFL Universe 24-Mar-23

CMP Mkt-Cap 3M Avg Vol EPS CAGR (%) P/E (x) EPS Chg (%)-6mths Ebitda Cagr (%) EV/Eb (x) P/B (x) D/Y (%) RoE (%) RoCE (%) ND/Eq (x) ND/Eb Price Perf. (%) Reco TP EPS (Rs) Analyst
BBG TK Company Name Sector (Rs) (US$ m) (US$ m) FY23-FY25ii FY24ii FY25ii FY24/CY23 FY23-25 FY24ii FY24ii FY24ii FY24ii FY24ii FY24ii FY24ii 1W 1M 3M 6M 1Y YTD (Rs) FY22A FY23ii FY24ii FY25ii Email id
ANURAS IN Anupam Rasayan Agriculture 855 1,114 2.1 36.8 33.3 25.8 (10.1) 25.4 16.6 3.4 0.2 10.9 15.1 0.1 0.5 14.1 31.7 29.7 10.9 (0.8) 26.0 BUY 830 15.2 17.7 25.7 33.1 ranjit.cirumalla@iiflcap.com
ASTEL IN Astec Lifesciences Agriculture 1,205 286 0.4 53.6 34.1 21.9 (46.0) 39.1 19.6 4.7 0.1 14.6 12.3 0.9 3.1 (2.0) (14.1) (27.9) (36.1) (29.1) (31.2) REDUCE 1375 45.9 23.3 35.3 55.1 ranjit.cirumalla@iiflcap.com
BYRCS IN Bayer Cropscience Agriculture 4,001 2,180 0.7 9.0 24.5 22.6 (7.2) 10.5 17.5 7.4 4.0 29.9 39.4 (0.1) (0.3) 0.3 (9.8) (15.7) (15.5) (11.2) (19.0) ADD 4950 134.2 148.9 163.1 176.8 ranjit.cirumalla@iiflcap.com
CHMB IN Chambal Fertilisers Agriculture 262 1,321 4.9 10.1 7.8 7.2 (7.4) 13.8 6.2 1.3 3.2 18.0 16.3 0.6 1.9 (4.6) (4.5) (4.1) (19.4) (35.4) (14.3) ADD 330 37.6 30.1 33.6 36.5 ranjit.cirumalla@iiflcap.com
CRIN IN Coromandel Intl Agriculture 881 3,141 3.9 4.9 13.9 12.7 5.0 4.1 9.1 2.9 2.0 22.3 28.5 (0.1) (0.2) 2.6 (0.8) 2.5 (12.0) 10.3 NA BUY 1115 52.0 63.3 63.5 69.6 ranjit.cirumalla@iiflcap.com
GOAGRO IN Godrej Agrovet Agriculture 406 946 0.3 46.6 17.4 13.4 (18.5) 39.8 11.8 2.9 2.3 17.6 13.8 0.7 2.2 (2.5) (7.7) (11.0) (21.9) (10.2) (13.6) BUY 565 20.4 14.0 23.3 30.2 ranjit.cirumalla@iiflcap.com
GSFC IN GSFC Agriculture 122 592 4.3 (13.7) 8.0 7.1 3.4 (15.2) 5.0 0.4 2.0 4.7 6.0 NA (0.7) (1.3) (5.2) 0.5 (5.9) (16.1) (12.4) ADD 140 22.5 23.3 15.4 17.4 ranjit.cirumalla@iiflcap.com
KSCL IN Kaveri Seed Agriculture 513 348 0.5 18.1 9.3 7.9 2.2 14.2 7.8 2.0 0.8 22.4 23.1 (0.5) (2.3) (2.7) (1.9) (6.5) 13.4 (7.7) (0.8) BUY 780 36.4 46.4 55.2 64.8 ranjit.cirumalla@iiflcap.com
PI IN PI Industries Agriculture 2,934 5,397 13.0 14.5 31.8 26.5 4.9 15.4 23.0 5.2 0.3 17.6 21.2 (0.3) (1.5) (1.5) (5.8) (15.1) (3.9) 6.9 (14.1) ADD 3540 55.6 84.4 92.2 110.7 ranjit.cirumalla@iiflcap.com
RALI IN Rallis India Agriculture 196 462 1.0 22.3 18.3 16.0 (4.5) 16.1 NA 2.0 2.0 11.3 14.4 0.1 0.3 1.3 (2.9) (10.6) (10.2) (18.0) (19.2) ADD 245 8.4 8.2 10.7 12.3 ranjit.cirumalla@iiflcap.com
UPLL IN UPL Agriculture 697 6,342 16.8 17.5 9.5 8.2 (0.8) 8.3 5.6 1.7 2.2 19.0 16.9 0.3 0.8 (2.6) (5.6) (2.0) (0.8) (11.6) (2.7) BUY 1020 50.0 61.6 73.6 85.1 ranjit.cirumalla@iiflcap.com
AMRJ IN Amara Raja Batteries Auto Ancillaries 563 1,166 4.6 13.7 11.0 9.9 9.6 13.5 5.9 1.6 1.8 15.7 20.9 NA (0.1) (1.0) (1.7) (6.7) 12.4 (0.3) (1.5) ADD 610 29.9 44.0 51.3 56.9 joseph.george@iiflcap.com
CRAFTSMA Craftsman Automation Auto Ancillaries 3,013 772 2.8 29.0 18.3 14.9 (5.9) 15.9 8.8 3.7 0.3 22.4 21.5 0.3 0.7 3.7 (11.1) (4.7) 11.5 40.4 (13.8) BUY 3750 77.2 121.7 164.5 202.6 joseph.george@iiflcap.com
EXID IN Exide Industries Auto Ancillaries 175 1,808 4.7 13.8 13.5 12.1 NA 13.2 7.3 1.2 1.7 9.3 12.5 (0.1) (0.6) (1.8) (0.1) (1.1) 10.8 13.8 (2.7) ADD 195 9.0 11.2 13.0 14.5 joseph.george@iiflcap.com
MOTHERSO Samvardhana Mothers Auto Ancillaries 65 5,320 20.6 70.7 14.3 10.7 (35.7) 24.1 6.3 1.8 3.1 13.5 13.5 0.2 0.6 (4.5) (21.5) (3.2) (17.8) (26.2) (12.7) BUY 96 1.4 2.1 4.5 6.0 joseph.george@iiflcap.com
AL IN Ashok Leyland Automobiles 138 4,900 17.2 64.2 16.7 13.1 NA 34.3 9.6 4.2 2.2 27.9 31.6 NA (0.1) (1.3) (2.6) (0.1) (13.6) 23.7 (4.0) BUY 180 0.1 3.9 8.3 10.5 joseph.george@iiflcap.com
BJAUT IN Bajaj Auto Automobiles 3,828 13,430 15.9 14.1 16.3 14.8 6.0 15.8 11.0 4.0 5.5 25.0 32.4 (0.8) (2.8) 0.4 (0.6) 8.1 3.5 10.8 5.9 ADD 4225 162.6 199.1 234.3 259.0 joseph.george@iiflcap.com
EIM IN Eicher Motors Automobiles 2,910 9,647 21.8 21.3 22.4 19.1 (1.1) 17.0 20.6 4.5 1.4 22.0 24.9 (0.7) (3.1) (2.2) (9.2) (6.6) (21.1) 23.6 (9.9) ADD 3570 61.3 103.7 130.2 152.7 joseph.george@iiflcap.com
ESCORTS INEscorts Kubota Automobiles 1,832 2,930 7.4 28.8 21.2 18.2 (12.1) 32.2 12.6 2.2 0.5 10.8 14.5 (0.7) (5.5) (4.1) (9.1) (9.0) (11.8) (0.9) (14.4) REDUCE 1750 74.0 60.8 86.4 100.8 joseph.george@iiflcap.com
HMCL IN Hero Motocorp Automobiles 2,313 5,605 10.6 22.7 12.6 11.3 (17.7) 19.4 7.4 2.5 4.8 21.0 26.8 (0.5) (2.0) (1.8) (6.9) (10.0) (14.1) (0.3) (13.3) BUY 3000 123.8 136.3 183.9 205.0 joseph.george@iiflcap.com
MM IN Mahindra & Mahindra Automobiles 1,151 17,350 36.6 10.3 16.1 14.4 11.0 16.0 10.0 2.6 1.6 17.5 20.1 (0.2) (0.7) (1.8) (10.1) (6.0) (9.5) 51.8 (7.9) BUY 1565 44.4 65.6 71.5 79.9 joseph.george@iiflcap.com
MSIL IN Maruti Suzuki Automobiles 8,243 30,189 46.7 27.2 22.7 19.1 0.7 25.9 13.5 3.6 1.5 17.0 22.1 (0.8) (3.5) (0.9) (4.8) 1.2 (11.8) 9.8 (1.8) BUY 10300 124.7 266.5 362.9 431.0 joseph.george@iiflcap.com
TTMT IN Tata Motors Automobiles 417 16,772 70.9 LP 11.4 8.3 (7.3) 36.3 4.3 2.9 NA 29.5 14.1 1.0 1.1 (0.6) (2.6) 10.1 (1.6) (3.9) 7.4 BUY 545 (28.0) (4.7) 36.6 50.2 joseph.george@iiflcap.com
TVSL IN TVS Motor Automobiles 1,042 6,002 18.8 24.4 25.8 22.3 3.9 18.5 14.6 6.7 1.0 29.0 32.2 NA NA (0.5) (5.7) 3.6 0.9 73.0 (3.5) ADD 1150 19.4 30.2 40.4 46.7 joseph.george@iiflcap.com
CPBI IN Century Plyboards(I) Building Materials 455 1,227 0.7 20.8 24.5 19.8 (15.1) 20.7 15.4 4.5 0.2 19.9 24.7 (0.1) (0.5) (5.2) (11.7) (9.4) (31.0) (34.7) (11.5) BUY 650 14.6 15.7 18.6 22.9 mohit.agrawal@iiflcap.com
CRS IN Cera Sanitaryware Building Materials 6,243 984 1.9 17.9 34.2 28.6 8.8 15.8 22.9 5.7 0.2 18.1 23.0 (0.5) (2.3) 1.0 2.2 23.4 10.7 32.3 19.9 BUY 6380 120.6 157.1 182.3 218.3 mohit.agrawal@iiflcap.com
GRLM IN Greenlam Inds Building Materials 307 473 0.4 35.7 26.4 19.1 (9.4) 37.3 14.8 3.6 0.5 14.6 13.8 0.7 2.3 0.3 (1.3) (3.2) (3.2) (13.2) (4.7) BUY 400 7.3 8.7 11.6 16.0 mohit.agrawal@iiflcap.com
MTLM IN Greenply Industries Building Materials 139 207 0.3 39.9 14.4 9.6 (21.8) 45.7 8.8 2.3 0.3 17.5 16.1 0.9 2.4 0.5 0.3 1.1 (27.2) (25.2) (3.8) BUY 210 7.7 7.4 9.7 14.5 mohit.agrawal@iiflcap.com
KJC IN Kajaria Ceramics Building Materials 1,038 2,004 2.0 32.9 36.6 28.4 (19.5) 26.2 21.2 6.6 1.4 18.8 23.6 (0.3) (1.1) (1.8) (1.9) (3.4) (13.5) 3.9 (10.0) BUY 1280 23.7 20.7 28.4 36.5 mohit.agrawal@iiflcap.com
PIDI IN Pidilite Industries Building Materials 2,365 14,572 9.3 31.2 64.6 55.0 (4.4) 27.3 42.9 14.1 0.4 23.7 29.2 (0.3) (0.8) 0.6 3.9 (5.0) (15.6) (2.0) (7.3) REDUCE 2250 23.8 25.0 36.6 43.0 percy.panthaki@iiflcap.com
SOMC IN Somany Ceramics Building Materials 513 264 0.4 45.7 17.6 13.5 (32.3) 45.8 9.5 2.4 0.5 14.6 13.7 0.2 0.6 (0.5) (6.9) 13.2 (12.0) (21.2) 8.0 BUY 600 20.9 17.9 29.1 38.1 mohit.agrawal@iiflcap.com
SI IN Supreme Inds Building Materials 2,506 3,859 3.8 20.2 31.0 27.0 (5.4) 21.0 21.0 6.3 0.9 21.8 23.7 (0.2) (0.6) (2.6) (8.1) 8.0 21.9 25.5 2.3 ADD 2490 76.2 64.3 80.8 92.7 mohit.agrawal@iiflcap.com
CMSINFO INCMS Info Systems Business Services 278 521 0.8 21.0 11.9 10.1 NA 18.3 5.6 2.3 0.7 21.1 26.4 (0.4) (1.1) (2.8) (0.6) 1.3 5.2 9.0 (10.9) BUY 417 14.6 18.9 23.4 27.7 balaji.subramanian@iiflcap.com
QUESS IN Quess Corp Business Services 346 621 1.2 60.0 14.3 9.3 (25.8) 31.4 6.5 1.8 2.9 13.4 16.4 NA NA (0.6) (6.2) (13.9) (44.0) (38.9) (16.1) BUY 720 16.8 14.4 24.2 37.0 vidit.shah@iiflcap.com
SECIS IN SIS (I) Ltd Business Services 350 619 0.4 24.0 12.8 9.9 3.8 22.9 8.9 2.0 NA 16.7 14.7 0.2 0.9 0.8 (2.6) (7.3) (16.4) (28.6) (10.9) BUY 550 20.2 22.9 27.4 35.2 vidit.shah@iiflcap.com
TEAM IN TeamLease Services Business Services 2,293 475 0.6 23.1 27.9 21.1 (26.6) 25.2 22.6 4.1 NA 15.9 16.1 (0.4) (2.7) (3.3) (9.0) (8.0) (28.4) (40.3) (9.1) REDUCE 2260 64.5 71.7 82.3 108.7 vidit.shah@iiflcap.com
ACC IN ACC Cement 1,701 3,872 23.6 44.2 17.7 14.7 (2.1) 32.6 9.0 1.8 1.4 12.1 17.0 (0.3) (1.4) (1.7) (1.7) (28.4) (31.7) (16.0) (30.3) BUY 2250 101.8 55.7 96.4 115.8 devesh.agarwal@iiflcap.com
ACEM IN Ambuja Cements Cement 372 8,951 86.3 26.4 22.2 18.7 1.8 22.2 12.4 1.9 0.5 9.6 13.4 (0.3) (1.8) (1.8) 7.7 (24.3) (31.1) 27.8 (29.1) ADD 425 14.6 12.5 16.7 19.9 devesh.agarwal@iiflcap.com
DALBHARA Dalmia Bharat Cement 1,831 4,162 6.0 40.0 28.6 23.6 42.5 22.5 10.9 2.0 1.0 7.2 8.2 NA 0.1 1.3 (2.7) 3.4 16.2 32.7 (1.7) BUY 2300 61.4 39.5 64.0 77.5 devesh.agarwal@iiflcap.com
HEIM IN HeidelbergCement Cement 160 441 0.4 67.5 16.4 13.2 (35.5) 35.3 8.3 2.5 6.9 15.0 18.2 (0.2) (0.6) (2.1) (6.2) (10.3) (23.0) (11.9) (14.5) ADD 190 11.1 4.3 9.8 12.2 devesh.agarwal@iiflcap.com
ICEM IN India Cements Cement 175 659 7.5 LP NA 39.1 (80.9) NA 18.8 1.6 NA 0.8 2.7 1.1 7.6 (6.8) (7.1) (11.5) (30.8) (16.2) (19.7) SELL 115 2.1 (13.2) 0.9 4.5 devesh.agarwal@iiflcap.com
JKCE IN JK Cement Cement 2,812 2,634 4.2 40.3 34.7 27.1 (12.7) 28.2 14.4 4.2 0.2 12.7 12.3 0.7 2.2 (0.7) 0.9 (4.0) 5.5 22.4 (3.7) BUY 3150 87.1 52.7 81.1 103.8 devesh.agarwal@iiflcap.com
JKLC IN JK Lakshmi Cement Cement 722 1,029 3.0 15.8 15.9 15.1 (2.8) 15.6 8.6 2.5 0.6 17.1 15.9 0.3 0.8 4.2 (0.7) (9.1) 26.2 75.8 (11.6) BUY 875 41.7 35.6 45.4 47.8 devesh.agarwal@iiflcap.com
SRCM IN Shree Cement Cement 25,475 11,144 16.5 42.2 47.1 38.4 (1.7) 25.2 21.0 4.6 0.3 10.1 14.0 (0.3) (1.6) 1.2 0.2 9.7 20.4 9.9 9.6 REDUCE 22800 617.4 328.3 540.5 663.5 devesh.agarwal@iiflcap.com
TRCL IN The Ramco Cements Cement 745 2,133 3.3 65.3 26.5 21.4 (3.4) 29.0 13.6 2.4 0.5 9.3 8.9 0.6 2.7 3.6 3.3 8.7 1.8 2.5 6.3 ADD 775 24.6 12.8 28.1 34.9 devesh.agarwal@iiflcap.com
UTCEM IN UltraTech Cement Cement 7,406 25,920 34.1 28.4 28.7 26.0 (0.1) 21.5 15.3 3.5 0.7 12.9 15.2 NA 0.1 1.6 2.6 7.2 20.6 17.3 6.4 BUY 8050 196.3 172.9 258.1 285.2 devesh.agarwal@iiflcap.com
ARTO IN Aarti Industries Chemicals 496 2,180 4.5 28.1 28.2 20.9 (41.3) 22.8 15.6 3.3 0.8 12.3 11.5 0.6 2.4 (6.0) (7.6) (15.9) (33.4) (38.0) (18.6) REDUCE 545 19.2 14.5 17.6 23.8 ranjit.cirumalla@iiflcap.com
ACI IN Archean Chemical Chemicals 654 975 2.7 32.0 12.0 10.5 NA 26.5 7.1 3.8 NA 37.2 48.5 (0.4) (0.9) 5.0 3.0 34.3 0.0 NA 24.2 BUY 750 18.2 35.8 54.5 62.4 ranjit.cirumalla@iiflcap.com
ATLP IN Atul Ltd Chemicals 6,922 2,477 3.5 24.9 28.3 22.9 (20.0) 24.1 19.5 3.8 0.5 14.1 17.4 NA 0.1 (0.9) (3.2) (11.8) (25.1) (29.7) (16.2) REDUCE 7250 204.2 193.6 244.9 302.1 ranjit.cirumalla@iiflcap.com
CHEMPLAS Chemplast Sanmar Chemicals 366 702 1.4 62.1 12.4 9.9 (35.2) 45.6 6.6 2.6 1.6 22.8 20.9 0.1 0.2 0.8 (4.4) (12.6) (13.9) (41.2) (20.4) BUY 660 43.7 14.1 29.6 37.1 ranjit.cirumalla@iiflcap.com
DFPC IN Deepak Fertilizers Chemicals 536 820 3.5 (6.8) 7.6 6.6 (1.5) 4.1 5.0 1.2 1.7 16.4 16.1 0.6 1.6 (8.7) (14.7) (15.9) (38.8) (2.1) (25.1) BUY 1100 58.3 92.8 70.7 80.6 ranjit.cirumalla@iiflcap.com
DN IN Deepak Nitrite Chemicals 1,780 2,944 7.2 27.1 22.2 17.4 (19.8) 24.7 14.9 4.8 0.6 23.9 29.2 NA (0.1) (1.3) (1.8) (5.7) (17.7) (20.2) (10.3) ADD 2050 78.2 63.4 80.0 102.5 ranjit.cirumalla@iiflcap.com
NFIL IN Navin Fluorine Intl Chemicals 4,242 2,550 7.5 36.9 45.7 32.1 (15.4) 35.2 30.9 8.7 0.6 20.3 19.5 0.4 1.3 0.9 0.5 3.8 (8.2) 7.2 4.2 REDUCE 3960 53.1 70.5 92.8 132.1 ranjit.cirumalla@iiflcap.com
SRF IN SRF Chemicals 2,381 8,559 14.8 14.1 28.6 25.2 (8.4) 14.9 18.0 5.6 0.3 21.4 21.6 0.3 0.9 3.2 7.1 7.5 (7.3) (8.4) 4.1 ADD 2530 62.0 72.6 83.2 94.6 ranjit.cirumalla@iiflcap.com
SCHI IN Sudarshan Chemical Chemicals 399 335 0.8 NA 30.7 17.5 (45.1) 48.4 11.8 3.3 1.8 10.6 9.3 0.9 2.5 7.0 9.5 7.7 (5.7) (25.7) 2.5 REDUCE 340 18.7 3.5 13.0 22.8 ranjit.cirumalla@iiflcap.com
TTCH IN Tata Chemicals Chemicals 954 2,946 10.1 2.1 11.6 11.1 (2.5) 1.7 7.5 1.1 1.5 10.1 10.7 NA 0.9 (1.0) (1.9) 7.0 (15.9) (0.6) 1.8 ADD 1015 48.2 82.4 82.4 85.9 ranjit.cirumalla@iiflcap.com
RIL IN Reliance Industries Conglomerate 2,203 180,727 NA 14.0 18.5 16.8 (4.9) 13.4 9.8 1.6 0.4 9.2 9.9 0.2 1.4 (0.9) (7.6) (11.9) (9.7) (14.3) (13.5) BUY 2861 85.5 101.1 119.3 131.4 harsh.dole@iiflcap.com
ASBL IN Ashoka Buildcon Construction 74 252 1.2 23.5 5.3 4.4 (19.1) 21.6 3.2 0.6 NA 12.2 17.3 NA (0.2) (2.4) (1.7) (6.7) (7.8) (17.5) (17.5) BUY 160 16.4 11.0 14.0 16.8 anupam.gupta@iiflcap.com
CAPACITE INCapacite Infra Construction 119 98 0.6 38.6 5.1 4.0 4.4 16.6 2.2 0.7 1.0 14.1 21.0 0.1 0.3 (2.9) 1.6 (6.6) (25.4) 2.0 (22.2) BUY 236 7.1 15.3 23.5 29.5 anupam.gupta@iiflcap.com
GRINFRA IN G R Infraprojects Construction 999 1,171 0.9 10.8 9.9 8.9 (4.7) 10.7 6.6 1.6 NA 17.0 21.2 0.1 0.3 (2.0) (7.3) (13.0) (19.9) (30.7) (12.3) BUY 1354 79.0 91.2 100.9 112.0 anupam.gupta@iiflcap.com
HGINFRA IN HG Infra Engg Construction 779 616 2.3 18.0 10.6 8.9 NA 16.7 6.7 2.3 NA 23.8 29.1 0.2 0.4 0.6 7.3 43.7 29.5 37.5 25.7 BUY 914 52.0 63.0 73.6 87.6 anupam.gupta@iiflcap.com
KECI IN KEC International Construction 468 1,458 2.0 NA 18.6 11.8 (18.0) 63.5 9.8 2.8 1.1 16.2 19.4 0.7 2.0 1.5 (1.2) 2.7 7.3 19.7 (5.4) BUY 539 14.2 5.4 25.1 39.5 renu.baid@iiflcap.com
KNRC IN KNR Constructions Construction 253 864 1.2 16.9 14.3 12.9 (2.2) 12.5 8.6 2.3 0.1 17.3 24.3 (0.1) (0.2) (1.9) 1.7 3.7 7.3 (9.5) (0.6) BUY 308 12.8 14.4 17.7 19.7 anupam.gupta@iiflcap.com
LT IN Larsen & Toubro Construction 2,166 36,911 58.5 25.7 22.9 18.8 (6.1) 20.5 14.9 3.1 1.5 14.2 10.6 0.9 3.4 (1.3) 1.5 5.0 16.7 23.8 3.9 BUY 2390 61.0 72.8 94.6 115.0 renu.baid@iiflcap.com
NJCC IN NCC Construction 102 776 8.6 24.4 9.1 7.4 7.7 17.9 5.1 0.9 1.9 10.7 17.3 0.3 1.1 (1.5) 14.1 30.9 43.6 72.7 21.5 BUY 114 5.6 8.9 11.2 13.8 anupam.gupta@iiflcap.com
PNCL IN PNC Infratech Construction 278 865 2.8 13.8 10.7 9.3 (1.5) 12.6 6.5 1.6 0.2 15.7 22.0 (0.1) (0.3) (3.2) (5.4) 4.3 5.7 12.8 (3.6) BUY 392 17.5 23.1 26.0 29.9 anupam.gupta@iiflcap.com
BARBEQUE Barbeque Nation Consumer Discretio 641 303 0.7 24.7 75.4 52.1 (66.7) 23.7 11.1 5.4 NA 7.5 10.0 NA NA (5.7) (13.2) (33.5) (40.9) (49.9) (33.6) ADD 825 (6.8) 7.9 8.5 12.3 percy.panthaki@iiflcap.com
DEVYANI IN Devyani International Consumer Discretio 138 2,017 4.0 12.7 70.3 53.7 11.1 22.6 19.9 14.5 NA 23.0 17.9 NA NA (4.4) (7.3) (19.4) (27.7) (17.5) (23.6) REDUCE 160 1.4 2.0 2.0 2.6 percy.panthaki@iiflcap.com
GEXP IN Gokaldas Exports Consumer Discretio 368 270 1.9 20.1 13.9 10.3 NA 22.1 6.2 2.4 NA 19.0 23.5 (0.3) (1.0) (1.9) (8.5) 7.6 5.9 (7.8) 0.5 BUY 533 19.8 24.6 26.4 35.5 balaji.subramanian@iiflcap.com
JUBI IN Jubilant Foodworks Consumer Discretio 441 3,528 12.2 13.9 55.9 49.3 (21.0) 13.6 21.0 10.2 0.5 19.6 19.0 (0.3) (0.7) 3.3 (0.3) (13.8) (29.0) (15.6) (13.7) REDUCE 450 6.7 6.9 7.9 8.9 percy.panthaki@iiflcap.com
PAG IN Page Industries Consumer Discretio 37,115 5,019 10.4 18.6 54.5 45.7 (9.2) 17.9 36.8 24.2 1.1 48.9 63.9 (0.1) (0.2) (0.3) (2.5) (13.6) (29.9) (9.8) (13.2) REDUCE 39000 481.0 577.5 681.5 812.2 sameer.gupta@iiflcap.com
SAPPHIRE INSapphire Foods Consumer Discretio 1,178 908 2.0 20.3 61.9 46.4 (19.1) 24.4 13.0 6.0 1.6 10.3 12.0 (0.3) (0.7) (0.8) (1.4) (11.2) (18.8) (9.9) (11.9) ADD 1350 7.7 17.5 19.0 25.4 percy.panthaki@iiflcap.com
TTAN IN Titan Consumer Discretio 2,493 26,838 33.6 15.9 58.1 48.7 0.9 15.1 39.4 14.7 0.4 28.0 35.7 (0.4) (1.1) 1.5 3.9 0.4 (6.7) (4.4) (4.0) BUY 2800 25.0 38.1 42.9 51.2 percy.panthaki@iiflcap.com
TTKPT IN TTK Prestige Consumer Discretio 684 1,149 1.5 17.5 28.2 24.7 (9.0) 17.7 18.1 4.9 1.2 16.2 20.9 (0.4) (1.9) (3.8) (11.8) (12.2) (29.9) (19.1) (14.8) ADD 800 22.0 20.1 24.3 27.7 sameer.gupta@iiflcap.com
MANYAVAR Vedant Fashions Consumer Discretio 1,110 3,268 1.5 17.8 53.7 45.4 (6.3) 15.4 34.5 17.5 0.9 35.4 37.6 (0.4) (0.9) (5.0) (4.5) (13.6) (20.8) 21.1 (17.0) BUY 1350 12.9 17.6 20.7 24.4 percy.panthaki@iiflcap.com
WLDL IN Westlife Development Consumer Discretio 678 1,282 1.7 30.3 66.5 49.6 (8.1) 17.4 23.5 14.2 NA 23.8 17.5 NA NA (1.4) 1.5 (9.5) 0.3 50.7 (14.1) REDUCE 690 (0.1) 8.0 10.2 13.7 percy.panthaki@iiflcap.com
BJE IN Bajaj Electricals Consumer Electrica 1,105 1,542 1.0 35.1 28.8 24.1 NA 36.0 20.5 5.0 0.3 19.2 26.5 (0.4) (1.7) 2.7 (1.3) (3.7) 2.6 4.5 (9.0) BUY 1342 15.0 25.2 38.3 45.9 renu.baid@iiflcap.com
CROMPTONCrompton Consumer Consumer Electrica 294 2,265 6.5 36.3 27.8 21.6 (18.5) 29.4 18.3 4.4 1.5 16.8 20.3 (0.1) (0.2) 2.3 (1.7) (13.8) (26.9) (21.8) (12.7) BUY 411 9.2 7.3 10.6 13.6 renu.baid@iiflcap.com
DIXON IN Dixon Technologies Consumer Electrica 2,881 2,081 14.8 40.6 45.5 34.8 (6.1) 32.9 24.1 10.7 0.1 26.5 28.5 0.1 0.3 (0.2) 3.0 (22.5) (33.2) (33.3) (26.2) REDUCE 3035 32.0 41.9 63.3 82.8 renu.baid@iiflcap.com
HAVL IN Havells India Consumer Electrica 1,181 8,974 10.6 34.0 48.6 39.3 (5.1) 31.3 32.6 10.2 0.9 22.2 26.6 (0.2) (0.8) (1.0) 0.0 7.6 (9.3) 3.8 7.7 ADD 1375 19.1 16.8 24.3 30.1 renu.baid@iiflcap.com
VGRD IN V-Guard Industries Consumer Electrica 248 1,299 0.5 29.7 35.9 29.3 (18.8) 29.4 22.3 6.0 0.7 17.8 21.5 NA 0.1 0.9 1.8 (4.9) (0.1) 14.4 (5.1) ADD 270 5.3 5.0 6.9 8.5 renu.baid@iiflcap.com
BLSTR IN Blue Star Consumer Goods 1,429 1,668 1.6 27.4 35.5 29.6 6.6 21.8 22.3 9.2 0.7 28.6 31.1 0.1 0.2 (0.8) (2.0) 19.4 30.8 44.3 19.1 BUY 1415 17.8 29.7 40.2 48.3 anupam.gupta@iiflcap.com
VOLT IN Voltas Consumer Goods 822 3,296 14.5 47.6 36.6 29.1 (7.4) 37.5 23.7 4.5 0.8 12.8 18.6 (0.5) (3.0) (6.7) (8.2) 5.7 (8.8) (35.3) 2.7 ADD 942 15.2 13.0 22.4 28.2 anupam.gupta@iiflcap.com
ABSLAMC INAditya Birla SL AMC Financial Services 340 1,186 0.4 10.1 14.7 13.2 (6.5) 11.2 9.1 3.5 3.7 25.4 33.8 (1.0) (3.7) (4.2) (11.2) (21.1) (26.4) (31.7) (24.3) BUY 465 22.1 21.3 23.2 25.8 devesh.agarwal@iiflcap.com
BSE IN BSE Financial Services 425 699 3.3 NA NA NA NA NA NA NA NA NA NA NA NM (3.1) (3.2) (19.2) (32.7) (53.3) (21.9) REDUCE 505 18.8 0.0 0.0 NA devesh.agarwal@iiflcap.com
CARE IN CARE Financial Services 632 228 1.1 14.7 16.9 14.6 6.9 NA 9.9 2.6 4.6 15.7 21.2 (0.9) (5.3) (4.3) (2.0) 15.7 20.9 30.5 5.8 ADD 711 25.3 32.9 37.4 43.3 balaji.subramanian@iiflcap.com
CAMS IN Computer Age Mgmt. Financial Services 2,133 1,267 2.0 15.1 31.7 27.6 (5.5) NA 20.5 12.2 2.1 41.1 56.4 (0.9) (1.6) (1.2) (7.0) (1.2) (15.6) (8.9) (3.6) BUY 2700 58.7 58.2 67.2 77.2 devesh.agarwal@iiflcap.com
CRISIL IN CRISIL Financial Services 3,052 2,704 1.1 9.4 39.8 33.0 (12.2) NA 28.1 10.4 2.3 29.8 38.8 (0.5) (1.4) 1.8 (5.2) 9.8 (6.8) 1.2 (0.5) ADD 3391 59.0 77.2 76.7 92.4 balaji.subramanian@iiflcap.com
HDFCAMC INHDFC Asset Mgmt. CoFinancial Services 1,673 4,329 10.2 9.6 23.3 21.0 (2.4) NA 16.4 5.4 2.8 24.1 32.1 (1.0) (3.8) (0.3) (7.8) (19.4) (11.3) (21.5) (23.3) BUY 2150 65.3 66.3 71.9 79.7 devesh.agarwal@iiflcap.com
ISEC IN ICICI Securities Financial Services 433 1,695 1.7 7.5 11.5 10.5 5.0 NA NA 4.1 5.0 39.4 NA NA NA (2.4) (8.5) (12.0) (16.8) (29.6) (12.9) BUY 570 42.9 35.9 37.8 41.4 viral.shah@iiflcap.com
ICRA IN ICRA Financial Services 4,450 521 0.3 16.4 27.6 23.3 (3.1) NA 20.2 4.0 1.1 15.4 20.5 (0.9) (5.8) (1.3) 0.3 1.7 11.5 9.1 (3.0) BUY 5151 117.6 140.9 161.1 190.8 balaji.subramanian@iiflcap.com
IEX IN IEX Ltd Financial Services 143 1,545 8.1 16.3 37.0 32.1 (9.3) 15.7 NA 12.9 1.5 38.0 49.6 (1.3) (2.6) (5.6) (0.6) 9.8 (2.8) (38.5) 2.1 ADD 140 3.4 3.3 3.9 4.5 devesh.agarwal@iiflcap.com
MCX IN MCX Financial Services 1,475 912 5.6 10.3 27.3 24.1 1.3 15.9 NA 4.7 1.4 17.9 23.0 (1.6) (6.2) (0.9) 7.6 (4.5) 16.9 5.2 (5.1) BUY 1850 32.1 50.4 54.0 61.3 devesh.agarwal@iiflcap.com
ATFL IN Agro Tech Foods FMCG 850 251 0.1 80.6 52.6 39.0 0.6 46.8 26.3 4.1 0.6 7.9 10.7 NA 0.1 (1.4) (4.5) 4.9 10.2 2.9 1.4 BUY 1000 9.3 6.7 16.2 21.8 percy.panthaki@iiflcap.com

3/27/2023 Valuation Matrix - 20230324 1

 IIFL Universe 24-Mar-23

CMP Mkt-Cap 3M Avg Vol EPS CAGR (%) P/E (x) EPS Chg (%)-6mths Ebitda Cagr (%) EV/Eb (x) P/B (x) D/Y (%) RoE (%) RoCE (%) ND/Eq (x) ND/Eb Price Perf. (%) Reco TP EPS (Rs) Analyst
BBG TK Company Name Sector (Rs) (US$ m) (US$ m) FY23-FY25ii FY24ii FY25ii FY24/CY23 FY23-25 FY24ii FY24ii FY24ii FY24ii FY24ii FY24ii FY24ii 1W 1M 3M 6M 1Y YTD (Rs) FY22A FY23ii FY24ii FY25ii Email id
BAJAJCON I Bajaj Consumer Care FMCG 156 273 0.5 20.9 14.6 11.9 (13.7) 22.9 14.3 2.7 6.4 18.5 22.1 NA NA (0.9) (7.3) (3.3) (2.3) 1.0 (6.4) BUY 200 11.8 8.9 10.7 13.0 percy.panthaki@iiflcap.com
BIKAJI IN Bikaji Foods FMCG 355 1,072 1.9 35.9 55.4 41.7 NA NA 33.5 8.5 0.4 16.4 19.4 (0.1) (0.4) 0.4 (2.4) 1.2 0.0 NA (18.7) ADD 385 3.0 4.6 6.4 8.5 percy.panthaki@iiflcap.com
BRIT IN Britannia Industries FMCG 4,200 12,265 15.3 13.5 46.7 41.7 6.9 11.8 33.1 26.5 1.7 59.6 53.3 0.2 0.3 (3.7) (5.5) (3.0) 10.6 37.6 (2.5) ADD 5000 63.3 78.2 90.0 100.7 percy.panthaki@iiflcap.com
CCLP IN CCL Products FMCG 558 900 1.4 26.0 24.0 18.9 1.7 20.3 18.1 4.4 0.9 20.0 14.4 0.6 2.2 (1.2) 1.3 12.9 10.5 39.0 6.0 ADD 590 15.4 18.6 23.3 29.6 vidit.shah@iiflcap.com
CLGT IN Colgate India FMCG 1,501 4,950 5.5 10.9 35.8 32.8 (5.6) 10.6 23.6 18.9 2.2 55.6 72.3 (0.6) (0.7) 0.9 2.5 (4.3) (3.8) 1.9 (2.3) ADD 1570 39.6 37.3 41.9 45.8 percy.panthaki@iiflcap.com
DABUR IN Dabur India FMCG 536 11,522 11.1 16.7 43.9 38.1 (6.9) 16.4 35.0 9.0 1.1 21.8 25.8 NA 0.1 0.0 0.3 (5.2) (5.2) 3.4 (4.5) BUY 650 10.2 10.3 12.2 14.1 percy.panthaki@iiflcap.com
HMN IN Emami FMCG 363 1,939 1.5 6.3 17.4 18.0 4.0 10.6 14.8 4.8 2.2 30.4 33.1 (0.4) (1.2) 3.1 (5.1) (11.6) (25.4) (18.0) (13.9) BUY 515 25.6 17.8 20.8 20.1 percy.panthaki@iiflcap.com
GCPL IN Godrej Consumer FMCG 951 11,794 11.3 16.7 46.6 40.3 (6.0) 16.9 33.2 7.3 1.2 16.3 22.9 (0.1) (0.4) 0.4 2.5 8.9 6.8 36.9 8.8 BUY 1025 17.1 17.3 20.4 23.6 percy.panthaki@iiflcap.com
HTFL IN Heritage Foods FMCG 148 167 0.5 30.8 11.3 9.3 (54.5) 38.4 4.2 1.8 3.4 16.3 21.6 NA NA 7.8 0.1 (13.7) (4.3) (11.1) (18.6) BUY 200 22.3 9.4 13.1 16.0 sameer.gupta@iiflcap.com
HUVR IN Hindustan Unilever FMCG 2,481 70,670 45.5 11.1 50.9 46.0 1.7 11.5 35.6 10.9 1.6 21.9 28.9 (0.2) (0.6) 1.4 (0.1) (5.4) (6.9) 28.2 (3.1) ADD 3000 37.9 43.7 48.7 53.9 percy.panthaki@iiflcap.com
ITC IN ITC FMCG 379 57,027 59.9 9.7 22.4 20.2 7.0 10.1 16.0 6.1 4.2 27.7 37.3 (0.1) (0.3) 0.8 (1.7) 17.7 11.0 54.5 16.0 BUY 425 12.4 15.6 16.9 18.8 percy.panthaki@iiflcap.com
JYL IN Jyothy Laboratories FMCG 186 827 0.8 17.7 24.6 20.7 10.3 20.1 16.7 4.1 2.7 16.9 21.2 (0.2) (0.7) 0.1 (2.9) (7.0) 2.6 29.4 (9.4) BUY 240 4.4 6.5 7.5 9.0 percy.panthaki@iiflcap.com
MRCO IN Marico FMCG 477 7,481 6.9 12.5 42.7 37.9 (7.4) 12.2 29.7 15.7 1.8 39.2 44.9 (0.2) (0.3) (1.8) (3.5) (6.6) (11.3) (0.2) (5.6) ADD 550 9.5 9.9 11.2 12.6 percy.panthaki@iiflcap.com
BECTORS INMRS BECTORS FOO FMCG 533 380 1.7 23.8 30.2 24.3 36.2 20.5 15.5 5.1 0.8 18.2 20.4 0.2 0.5 (3.4) 1.6 35.5 49.7 79.8 27.4 BUY 585 9.7 14.4 17.7 22.0 percy.panthaki@iiflcap.com
NEST IN Nestle India FMCG 18,953 22,155 12.6 19.2 62.9 53.8 3.8 16.9 41.5 57.3 1.7 109.6 136.2 (0.2) (0.1) 0.5 1.5 (5.9) 3.1 10.1 (3.3) ADD 22000 237.9 247.9 301.5 352.3 percy.panthaki@iiflcap.com
SULA IN Sula Vineyards FMCG 359 367 5.9 12.7 33.6 28.1 NA NA 18.7 5.9 1.2 18.6 19.0 0.4 1.3 2.7 1.6 15.6 0.0 NA 8.3 BUY 390 6.2 10.1 10.7 12.8 percy.panthaki@iiflcap.com
TATACONS Tata Consumer FMCG 702 7,911 9.7 20.5 48.0 41.3 (3.9) 17.9 28.2 4.0 1.0 8.5 10.5 (0.2) (1.3) (0.5) (1.9) (9.8) (10.1) (4.4) (8.4) ADD 760 10.7 11.7 14.6 17.0 percy.panthaki@iiflcap.com
UNSP IN United Spirits FMCG 764 6,735 10.2 25.7 44.5 38.0 (5.5) 20.6 28.1 8.4 1.3 19.9 24.2 (0.1) (0.4) (0.9) 2.7 (12.6) (12.3) (15.7) (13.0) ADD 860 13.1 12.7 17.2 20.1 percy.panthaki@iiflcap.com
VBL IN Varun Beverages FMCG 1,352 10,647 22.7 21.2 46.8 39.9 20.9 15.9 27.3 10.5 0.5 32.1 26.4 0.4 0.9 2.7 4.7 5.0 16.7 109.8 2.2 BUY 1520 10.7 23.1 28.9 33.9 percy.panthaki@iiflcap.com
GAIL IN GAIL Gas Utilities 104 8,251 20.6 18.4 8.8 8.3 13.6 11.1 6.8 1.1 5.7 13.0 14.4 0.1 0.8 (2.5) 3.8 17.3 24.9 10.3 11.8 BUY 120 15.8 8.9 11.7 12.4 harsh.dole@iiflcap.com
GUJS IN GSPL Gas Utilities 271 1,852 2.7 11.5 7.4 6.9 (12.1) 8.7 3.2 1.4 0.9 20.9 23.9 (0.2) (0.5) 0.3 (2.8) 6.6 15.7 0.8 2.7 BUY 325 29.2 31.7 36.4 39.4 harsh.dole@iiflcap.com
GUJGA IN Gujarat Gas Gas Utilities 482 4,026 6.4 10.5 20.0 17.4 (5.9) 8.7 12.4 4.1 1.0 22.1 25.6 (0.1) (0.2) (3.9) (4.9) 3.1 (3.6) (3.1) (0.8) BUY 600 18.8 22.7 24.1 27.7 harsh.dole@iiflcap.com
IGL IN Indraprastha Gas Gas Utilities 432 3,668 7.6 8.3 18.8 17.1 NA 10.0 11.7 3.3 1.6 18.6 21.8 (0.3) (1.2) 0.0 (1.4) 8.4 6.2 16.8 5.2 BUY 475 18.8 21.5 22.9 25.3 harsh.dole@iiflcap.com
MAHGL IN Mahanagar Gas Gas Utilities 960 1,150 5.1 6.5 12.9 12.1 (1.7) 10.0 7.6 2.1 3.1 17.3 19.0 (0.1) (0.5) (2.4) 9.1 17.2 15.9 28.6 15.9 ADD 1050 60.4 70.0 74.3 79.3 harsh.dole@iiflcap.com
APHS IN Apollo Hospitals Health Care 4,283 7,467 22.6 53.2 52.5 38.4 (12.0) 28.8 22.9 7.8 0.1 16.1 17.5 (0.1) (0.2) (1.5) (4.2) (8.7) (2.9) (7.1) (4.2) BUY 5150 53.0 47.6 81.6 111.6 rahul.jeewani@iiflcap.com
DLPL IN Dr Lal PathLabs Health Care 1,815 1,835 5.7 19.5 53.8 45.2 (20.1) 12.4 26.6 8.7 0.9 16.7 22.5 (0.4) (1.4) (0.7) (6.4) (22.6) (27.8) (31.4) (19.7) ADD 2000 43.5 28.2 33.8 40.2 rahul.jeewani@iiflcap.com
KIMS IN KIMS Health Care 1,330 1,290 1.0 18.6 27.6 23.8 1.7 17.3 15.0 4.9 NA 19.5 27.2 NA (0.1) (1.5) (0.9) (9.8) (2.2) (1.2) (14.0) BUY 1700 41.6 39.8 48.1 55.9 rahul.jeewani@iiflcap.com
METROHL INMetropolis Healthcare Health Care 1,203 747 2.9 19.5 34.6 28.7 (7.9) 12.3 18.6 5.9 1.2 17.8 20.0 (0.1) (0.2) (5.4) (10.0) (8.3) (17.1) (39.7) (8.8) BUY 1850 39.7 29.4 34.8 42.0 rahul.jeewani@iiflcap.com
RAINBOW INRainbow Hospitals Health Care 710 874 1.2 20.3 31.9 26.6 NA 15.3 15.3 5.7 NA 19.5 27.7 (0.5) (1.6) (4.0) (2.7) 0.1 12.2 NA (3.9) BUY 890 14.4 18.4 22.3 26.6 rahul.jeewani@iiflcap.com
THYROCAR Thyrocare Tech Health Care 433 278 1.0 27.5 25.8 21.0 (22.2) 20.6 14.1 5.2 5.2 19.2 25.0 (0.4) (1.3) (5.8) (6.7) (31.8) (36.9) (42.7) (30.0) BUY 600 33.3 12.7 16.8 20.6 rahul.jeewani@iiflcap.com
VIJAYA IN Vijaya Diagnostic Health Care 385 476 0.7 23.6 41.6 34.3 (12.3) 14.1 18.4 6.7 0.8 17.2 20.9 (0.3) (0.9) (0.5) 3.5 (14.6) (9.5) (10.7) (12.0) BUY 450 10.8 7.3 9.3 11.2 rahul.jeewani@iiflcap.com
ABB IN ABB India Industrial Goods & 3,347 8,598 11.6 32.4 76.5 59.8 5.8 25.8 56.6 10.9 0.4 17.5 23.7 (0.8) (3.6) 1.0 6.5 24.8 7.1 64.6 24.7 BUY 3550 18.8 31.9 43.8 56.0 renu.baid@iiflcap.com
AIAE IN AIA Engineering Industrial Goods & 2,843 3,251 2.6 (3.0) 29.9 27.8 20.4 (0.3) 21.4 4.1 0.3 14.7 18.8 (0.4) (2.4) 1.4 4.5 10.6 8.7 67.0 10.8 BUY 3011 65.7 108.5 95.0 102.2 anupam.gupta@iiflcap.com
AWHCL IN AntonyWaste HandlingIndustrial Goods & 250 86 0.2 NA NA NA NA NA NA NA NA NA NA NA NA (2.7) (3.5) (14.5) (20.7) (11.3) (18.3) BUY 452 24.0 52.7 0.0 NA anupam.gupta@iiflcap.com
BHE IN Bharat Electronics Industrial Goods & 92 8,114 16.9 19.5 18.6 15.3 0.7 20.1 11.6 3.9 1.6 22.8 30.1 (0.5) (1.8) (1.3) (3.4) (4.0) (13.0) 34.8 (7.2) BUY 133 3.3 4.2 4.9 6.0 renu.baid@iiflcap.com
BHFC IN Bharat Forge Industrial Goods & 765 4,317 11.9 54.4 25.0 22.1 (4.4) 25.9 13.9 4.5 1.2 19.2 16.3 0.3 0.8 (4.5) (7.7) (9.2) 2.6 11.3 (13.1) ADD 910 21.2 14.5 30.6 34.6 joseph.george@iiflcap.com
KKC IN Cummins India Industrial Goods & 1,622 5,452 12.4 18.3 34.6 29.2 8.6 18.4 33.1 8.1 2.0 24.2 30.1 (0.3) (1.3) (3.4) 3.2 17.7 34.1 50.7 18.4 BUY 1890 28.2 39.7 46.8 55.6 renu.baid@iiflcap.com
DATAPATT I Data Patterns India Industrial Goods & 1,371 931 3.9 27.8 48.9 36.0 NA 29.8 32.6 9.0 0.4 20.0 27.1 (0.2) (0.6) 1.6 11.9 35.1 16.0 101.9 25.2 ADD 1446 18.1 23.3 28.1 38.0 renu.baid@iiflcap.com
EPLL IN EPL Ltd Industrial Goods & 155 600 0.9 37.5 16.9 13.5 (17.1) 19.2 7.4 2.5 3.5 15.1 16.3 0.2 0.7 (0.4) (3.2) (4.9) (3.6) 0.3 (8.9) BUY 180 6.5 6.1 9.2 11.5 sameer.gupta@iiflcap.com
KPP IN Kalpataru Power Industrial Goods & 548 1,079 2.6 25.3 16.1 13.1 NA 22.7 9.6 1.6 1.2 10.4 14.2 NA 0.2 (4.0) 5.0 5.1 30.4 49.2 (2.0) ADD 529 24.4 26.7 34.0 41.9 renu.baid@iiflcap.com
MTARTECH MTAR Technologies Industrial Goods & 1,609 600 3.0 55.6 24.6 18.1 1.7 46.9 17.4 6.3 0.6 28.7 36.8 0.2 0.5 (1.6) (4.5) 6.3 0.2 (15.7) (0.5) BUY 2402 19.8 36.7 65.4 88.9 renu.baid@iiflcap.com
POLYCAB INPolycab India Industrial Goods & 2,819 5,118 11.2 17.5 31.2 25.8 7.5 16.5 20.3 5.7 1.0 19.6 26.0 (0.2) (0.9) (2.3) (8.3) 12.1 9.2 18.0 9.7 BUY 3347 56.1 79.2 90.4 109.3 renu.baid@iiflcap.com
POWM IN Power Mech Projects Industrial Goods & 2,329 421 1.9 55.0 8.9 7.1 0.5 39.3 5.8 2.1 0.1 26.5 32.8 0.2 0.6 3.5 13.8 26.5 34.4 168.0 17.6 BUY 2476 94.5 137.3 263.1 329.7 anupam.gupta@iiflcap.com
SIEM IN Siemens Industrial Goods & 3,333 14,393 14.6 18.3 59.1 52.0 (1.1) 18.5 42.8 8.3 0.4 14.8 20.3 (0.5) (2.8) 1.3 2.7 20.0 17.2 45.8 18.3 ADD 3002 35.1 45.8 56.4 64.1 renu.baid@iiflcap.com
TMX IN Thermax Industrial Goods & 2,241 3,237 1.5 26.3 46.3 36.8 (6.0) 26.7 32.0 6.1 0.8 13.8 18.6 (0.4) (2.0) (3.0) 4.3 19.9 (6.5) 11.3 13.8 ADD 2435 27.7 38.1 48.4 60.9 renu.baid@iiflcap.com
TIINDIA IN Tube Investments Industrial Goods & 2,551 5,974 5.8 18.7 49.2 41.2 (4.4) 16.4 21.9 10.2 0.1 23.0 32.8 (0.4) (0.8) 0.0 0.0 (8.1) (7.9) 58.6 (8.0) ADD 2875 38.8 43.9 51.9 61.9 anupam.gupta@iiflcap.com
HDFCLIFE INHDFC Life Insurance 492 12,828 30.7 26.6 16.4 12.5 NA NA NA 2.3 0.5 19.2 NA NA NA 4.5 1.9 (12.9) (8.7) (5.5) (13.1) ADD 650 5.8 6.8 9.2 11.0 rishi.jhunjhunwala@iiflcap.com
ICICIGI IN ICICI Lombard GeneraInsurance 1,076 6,409 8.6 36.3 21.6 16.8 0.2 NA NA 4.3 1.2 NA NA NA NA 0.5 (1.2) (12.0) (8.4) (12.8) (13.0) BUY 1600 25.9 34.5 49.8 64.1 rishi.jhunjhunwala@iiflcap.com
IPRU IN ICICI Prudential Life Insurance 420 7,330 11.0 15.4 8.2 5.5 NA NA NA 1.5 0.6 15.6 NA NA NA 3.5 5.1 (4.4) (23.0) (12.9) (6.9) BUY 630 5.3 5.5 6.4 7.4 rishi.jhunjhunwala@iiflcap.com
SBILIFE IN SBI Life Insurance Insurance 1,112 13,496 20.0 22.3 10.4 7.5 NA NA NA 1.9 0.4 20.8 NA NA NA 3.8 (0.6) (9.0) (12.4) 2.6 (9.5) BUY 1800 15.1 16.6 20.1 24.8 rishi.jhunjhunwala@iiflcap.com
INMART IN IndiaMART Internet 4,977 1,847 4.6 18.2 49.3 36.4 (11.9) 29.8 36.1 6.8 0.6 14.5 19.4 (1.3) (8.3) 1.7 4.4 21.1 13.1 10.5 15.2 ADD 4900 96.9 97.7 100.9 136.6 rishi.jhunjhunwala@iiflcap.com
INFOE IN Info Edge (India) Internet 3,476 5,444 14.9 31.6 53.0 42.8 (4.0) 23.6 43.3 3.0 0.7 5.8 7.2 NA NA (0.4) (2.3) (9.6) (10.6) (23.0) (11.6) BUY 5200 40.2 46.9 65.6 81.3 rishi.jhunjhunwala@iiflcap.com
IRCTC IN IRCTC Internet 600 5,820 10.7 10.4 44.5 40.2 5.5 9.7 32.3 15.7 1.0 39.0 49.7 (0.8) (1.8) (1.9) (1.3) (0.6) (12.0) (21.7) (5.7) SELL 529 8.3 12.3 13.5 14.9 balaji.subramanian@iiflcap.com
NAZARA IN Nazara Technologies Internet 511 410 2.1 22.2 44.0 32.8 (13.4) 39.0 16.0 2.9 NA 6.5 9.3 (0.6) (4.3) 3.8 (2.6) (4.0) (30.2) (40.6) (11.9) ADD 700 5.9 10.4 11.6 15.6 rishi.jhunjhunwala@iiflcap.com
POLICYBZ INPB Fintech Internet 579 3,158 15.3 LP NA 50.2 NM NA NA 4.5 NA 0.1 0.4 (0.9) NM (1.7) 0.3 31.7 17.5 (19.6) 29.1 BUY 700 (20.3) (11.3) 0.1 11.5 rishi.jhunjhunwala@iiflcap.com
ZOMATO IN Zomato Internet 51 5,253 46.0 LP NA NA NA NA NA 2.3 NA NA NM (0.6) 10.6 (7.7) (7.0) (5.6) (16.7) (37.0) (14.6) BUY 80 (2.1) (1.3) (1.1) (0.3) rishi.jhunjhunwala@iiflcap.com
CCRI IN Container Corp Logistics 583 4,309 12.0 13.9 25.7 22.8 (19.2) 10.6 14.8 2.8 1.9 11.4 15.5 (0.3) (1.9) (1.9) (1.8) (17.6) (18.9) (4.5) (20.5) BUY 650 17.4 19.7 22.7 25.5 harsh.dole@iiflcap.com
DELHIVER INDelhivery Logistics 324 2,859 9.9 LP NA NA NM NA NA 2.8 NA NA NM (0.3) NM 0.5 (7.6) 1.2 (44.6) NA (2.4) SELL 275 (16.0) (12.4) (7.9) (3.8) harsh.dole@iiflcap.com
SUNTV IN Sun TV Network Media 419 2,000 2.8 11.9 8.1 7.6 (4.6) 9.4 4.0 1.5 4.7 20.1 26.8 (0.5) (2.2) (2.5) (2.8) (12.2) (15.7) (7.3) (12.8) BUY 535 41.7 43.9 51.8 55.0 balaji.subramanian@iiflcap.com
Z IN Zee Entertainment Media 212 2,466 20.3 27.0 23.0 20.2 (38.7) 20.8 12.8 1.7 0.8 7.7 10.8 (0.1) (0.6) 2.2 8.3 (9.9) (18.9) (28.4) (11.8) BUY 235 11.4 6.5 9.2 10.5 balaji.subramanian@iiflcap.com
APAT IN APL Apollo Tubes Metals & Mining 1,209 4,065 7.8 39.0 34.5 25.7 (10.3) 34.6 23.5 8.6 0.8 27.5 34.2 (0.1) (0.3) (2.9) (1.1) 16.4 11.5 34.5 10.7 BUY 1321 24.7 24.3 35.0 47.0 anupam.gupta@iiflcap.com
COAL IN Coal India Metals & Mining 208 15,575 18.6 (15.3) 5.8 6.3 0.6 (11.4) 3.1 2.3 14.4 40.2 20.6 (0.4) (0.7) (6.0) (4.0) (0.7) 2.0 23.0 (5.1) BUY 259 28.2 46.4 35.9 33.3 anupam.gupta@iiflcap.com
HNDL IN Hindalco Metals & Mining 388 10,582 39.2 (3.6) 8.2 8.4 3.7 2.9 4.9 0.9 1.0 11.2 11.3 0.4 1.5 (2.1) (6.5) (9.6) (2.0) (37.0) (17.9) BUY 505 61.3 49.9 47.2 46.4 anupam.gupta@iiflcap.com
HZ IN Hindustan Zinc Metals & Mining 323 16,552 5.1 NA 12.9 NA (3.8) NA 7.6 5.3 9.3 39.2 47.5 (0.5) (0.7) 3.5 1.0 7.2 26.7 22.0 4.4 NR NA 23.1 25.2 25.0 NA anupam.gupta@iiflcap.com
JSP IN Jindal Steel & Power Metals & Mining 534 6,606 21.3 26.6 8.8 6.5 20.7 19.0 5.1 1.1 NA 13.9 14.8 0.1 0.4 (6.6) (4.7) 1.9 25.4 2.9 (8.0) ADD 669 85.7 51.5 60.6 82.6 anupam.gupta@iiflcap.com
JSTL IN JSW Steel Metals & Mining 658 19,278 18.1 NA 12.1 10.3 (24.7) 41.6 7.1 1.9 0.8 17.4 16.3 0.9 2.2 (2.7) (4.0) (9.6) (1.7) (5.2) (14.4) REDUCE 708 88.9 15.5 54.5 63.7 anupam.gupta@iiflcap.com
NMDC IN NMDC Metals & Mining 108 3,850 12.8 2.4 6.7 6.6 31.7 4.1 4.6 0.9 12.0 13.2 17.2 (0.1) (0.3) (5.8) (3.3) 0.3 22.1 (0.6) (9.0) BUY 126 32.1 15.7 16.2 16.5 anupam.gupta@iiflcap.com
SAIL IN SAIL Metals & Mining 82 4,124 22.5 61.6 7.1 6.3 (20.4) 22.9 4.4 0.6 2.4 8.7 10.2 0.3 1.6 (6.0) 0.5 11.5 6.6 (15.4) 0.8 ADD 94 29.9 5.0 11.7 13.0 anupam.gupta@iiflcap.com
SHYAMMET Shyam Metalics Metals & Mining 271 837 0.7 NA 4.7 NA (14.8) NA 2.3 0.8 NA 18.9 22.7 (0.1) (0.5) (2.9) (4.9) (4.9) (7.7) (27.3) (13.6) BUY 427 67.6 54.2 58.0 NA anupam.gupta@iiflcap.com
TATA IN Tata Steel Metals & Mining 102 15,128 74.9 55.5 9.5 7.8 (14.4) 12.1 5.6 0.9 1.6 10.3 10.9 0.5 1.9 (4.6) (7.0) (0.1) (2.1) (20.3) (9.4) ADD 128 33.0 5.4 10.7 13.2 anupam.gupta@iiflcap.com
VEDL IN Vedanta Metals & Mining 270 12,157 37.8 8.8 7.7 7.7 (22.2) 9.0 4.9 2.0 9.9 26.1 21.8 0.9 1.1 (5.2) (8.4) (1.7) 6.3 (15.2) (9.1) ADD 372 52.6 29.7 35.0 35.1 anupam.gupta@iiflcap.com
ABCAP IN Aditya Birla Capital NBFC 144 4,222 5.1 NA 17.5 NA NA NA NA 2.0 0.3 11.4 NA NA NA (6.2) 1.3 0.5 28.8 31.0 (4.1) BUY 160 6.1 9.0 8.2 NA viral.shah@iiflcap.com
APTUS IN Aptus Value Hsg Fin NBFC 245 1,478 1.4 22.3 19.6 16.2 2.5 NA NA 3.0 NA 16.7 NA NA NA 0.3 (1.1) (11.2) (21.4) (24.6) (19.5) BUY 400 7.4 10.1 12.5 15.1 viral.shah@iiflcap.com
BAF IN Bajaj Finance NBFC 5,649 41,467 86.5 21.2 24.7 20.7 (0.8) NA NA 5.2 0.4 23.4 NA NA NA (1.4) (9.4) (11.4) (24.7) (19.0) (14.1) ADD 6550 116.5 186.0 228.8 273.1 viral.shah@iiflcap.com
BJFIN IN Bajaj Finserv NBFC 1,241 23,959 38.1 25.2 20.6 16.7 (1.0) NA NA 3.5 NA 18.3 NA NA NA (4.7) (8.7) (17.1) (27.9) (24.2) (19.8) ADD 1500 28.6 47.3 60.2 74.1 rishi.jhunjhunwala@iiflcap.com
CIFC IN CIFC NBFC 728 7,252 13.3 24.0 19.2 15.9 (6.4) NA NA 3.5 0.4 20.2 NA NA NA (4.7) (4.6) 4.2 (1.3) (0.2) 0.8 BUY 915 26.2 29.8 37.8 45.8 viral.shah@iiflcap.com
CREDAG IN CreditAccess GrameenNBFC 908 1,720 1.4 30.8 12.7 10.3 2.9 NA NA 2.4 NA 20.8 NA NA NA 0.5 (9.3) 5.8 (8.6) 12.3 (0.8) BUY 1270 22.9 51.6 71.2 88.2 viral.shah@iiflcap.com
HDFC IN HDFC NBFC 2,560 56,884 91.6 14.2 32.8 28.5 (1.3) NA NA 4.0 NA 13.2 NA NA NA (0.2) (0.7) (2.4) 8.8 12.2 (2.9) BUY 3085 62.4 68.9 78.1 89.8 viral.shah@iiflcap.com
LICHF IN LIC Housing Finance NBFC 321 2,138 8.5 19.3 4.6 4.0 (19.3) NA NA 0.6 3.4 13.4 NA NA NA (7.8) (8.5) (18.8) (20.2) (10.7) (22.6) ADD 405 41.6 56.7 69.3 80.7 viral.shah@iiflcap.com
MMFS IN M&M Fin Services NBFC 221 3,303 10.6 18.9 14.2 11.2 (12.4) NA NA 1.5 1.4 11.0 NA NA NA (6.5) (14.2) (0.1) 13.4 42.7 (6.0) BUY 290 8.0 14.0 15.5 19.8 viral.shah@iiflcap.com
MGFL IN Manappuram Finance NBFC 118 1,206 9.3 17.1 5.4 4.7 7.4 NA NA 0.9 3.7 17.8 NA NA NA 4.4 13.6 9.4 25.3 3.3 1.8 BUY 155 15.7 18.4 21.8 25.3 viral.shah@iiflcap.com
PNBHOUSI I PNB Housing Finance NBFC 497 1,017 9.4 10.4 7.0 6.4 8.8 NA NA 0.7 NA 10.3 NA NA NA (2.3) (14.6) 5.9 22.8 27.4 (6.9) ADD 395 49.6 63.5 70.8 77.4 viral.shah@iiflcap.com
SHFL IN Shriram Transp Fin NBFC 1,233 5,598 15.4 17.6 6.5 5.5 (1.5) NA NA 1.0 3.1 16.4 NA NA NA (1.0) 1.2 (4.2) 3.6 14.1 (9.5) BUY 1600 100.1 161.5 189.9 223.4 viral.shah@iiflcap.com
SPANDANA Spandana Sphoorty NBFC 519 446 0.4 NA 11.3 NA NA NA NA 1.0 NA 9.5 NA NA NA (4.2) (13.7) (0.4) (9.1) 43.0 (11.8) ADD 460 (14.9) 46.0 45.9 NA viral.shah@iiflcap.com
BPCL IN BPCL OMCs 345 9,084 14.0 NA 8.1 6.2 (5.5) 85.4 8.0 1.3 4.4 16.8 11.5 0.9 3.1 (1.7) 8.8 6.2 10.7 (3.1) 4.5 BUY 424 48.6 4.1 42.9 55.7 harsh.dole@iiflcap.com
HPCL IN HPCL OMCs 239 4,108 12.1 LP 6.6 5.0 (31.4) NA 9.7 0.9 3.5 14.9 6.9 1.6 6.2 (1.5) 10.1 5.0 5.3 (8.3) 1.6 ADD 275 51.5 (62.3) 36.2 48.2 harsh.dole@iiflcap.com
IOCL IN IOCL OMCs 78 13,423 11.3 NA 9.1 5.9 (63.9) 41.3 7.3 0.8 5.6 8.8 7.3 1.0 4.1 (1.1) 1.4 7.4 16.2 0.8 2.5 ADD 90 17.8 2.8 8.6 13.4 harsh.dole@iiflcap.com
APNT IN Asian Paints Paints 2,799 32,545 38.6 18.7 54.4 48.2 (11.4) 19.2 35.5 14.4 0.9 28.6 34.5 (0.3) (0.7) (2.2) 2.2 (8.5) (17.5) (6.8) (9.4) REDUCE 2700 32.8 41.2 51.5 58.1 percy.panthaki@iiflcap.com
BRGR IN Berger Paints India Paints 574 6,757 4.7 24.9 47.4 41.1 (11.7) 21.4 29.6 10.6 0.9 24.1 27.7 (0.1) (0.2) (3.3) 2.8 (0.3) (9.5) (15.8) (1.3) REDUCE 615 8.6 9.0 12.1 14.0 percy.panthaki@iiflcap.com
KNPL IN Kansai Nerolac Paints 384 2,512 1.0 32.3 30.2 24.7 (18.1) 27.7 18.3 4.1 0.9 14.4 18.2 (0.1) (0.2) (3.7) (8.3) (9.1) (19.8) (15.7) (12.5) REDUCE 450 6.7 8.9 12.7 15.6 percy.panthaki@iiflcap.com
BOOT IN Abbott India Pharma 21,120 5,441 3.6 13.4 40.9 36.2 10.0 12.6 28.2 10.0 0.4 27.3 35.5 (1.0) (3.0) 0.9 4.8 (3.1) 18.3 30.0 (1.2) SELL 17000 375.9 453.5 516.5 582.9 rahul.jeewani@iiflcap.com
ALPM IN Alembic Pharma Pharma 485 1,155 0.7 28.3 16.9 13.8 (7.4) 24.9 9.3 1.6 1.2 10.0 12.0 0.1 0.3 1.1 (8.8) (16.4) (20.4) (35.7) (15.4) ADD 620 35.1 21.4 28.6 35.2 rahul.jeewani@iiflcap.com
ALKEM IN Alkem Laboratories Pharma 3,170 4,595 3.3 28.0 22.6 18.6 (7.8) 22.8 16.5 3.5 0.9 16.3 17.2 (0.1) (0.6) 1.8 (3.9) 5.6 (1.5) (11.0) 6.8 ADD 3600 137.4 103.8 140.2 170.2 rahul.jeewani@iiflcap.com
ARBP IN Aurobindo Pharma Pharma 500 3,555 9.6 25.7 11.4 9.4 (12.2) 20.1 5.6 1.0 0.6 9.4 11.3 (0.1) (0.8) 4.7 6.6 15.1 (2.6) (29.6) 14.9 ADD 570 47.4 33.5 43.9 53.0 rahul.jeewani@iiflcap.com

3/27/2023 Valuation Matrix - 20230324 2

 IIFL Universe 24-Mar-23

CMP Mkt-Cap 3M Avg Vol EPS CAGR (%) P/E (x) EPS Chg (%)-6mths Ebitda Cagr (%) EV/Eb (x) P/B (x) D/Y (%) RoE (%) RoCE (%) ND/Eq (x) ND/Eb Price Perf. (%) Reco TP EPS (Rs) Analyst
BBG TK Company Name Sector (Rs) (US$ m) (US$ m) FY23-FY25ii FY24ii FY25ii FY24/CY23 FY23-25 FY24ii FY24ii FY24ii FY24ii FY24ii FY24ii FY24ii 1W 1M 3M 6M 1Y YTD (Rs) FY22A FY23ii FY24ii FY25ii Email id
BIOS IN Biocon Pharma 199 2,892 13.2 53.5 18.8 14.7 (13.1) 41.9 10.2 1.0 2.5 6.6 6.4 0.6 3.4 (1.8) (12.2) (25.6) (30.0) (41.9) (24.1) REDUCE 270 6.5 5.7 10.6 13.5 rahul.jeewani@iiflcap.com
CIPLA IN Cipla Pharma 877 8,585 20.7 16.8 20.9 17.1 (16.3) 13.4 11.2 2.6 0.2 13.4 18.1 (0.3) (1.7) 0.4 (8.8) (21.6) (17.9) (14.3) (18.5) ADD 950 35.9 37.6 42.0 51.3 rahul.jeewani@iiflcap.com
DIVI IN Divis Laboratories Pharma 2,807 9,035 18.7 8.9 41.4 33.8 (29.6) 13.9 27.5 5.5 0.9 13.7 17.6 (0.3) (1.8) 0.6 (3.7) (19.8) (22.9) (37.1) (17.8) REDUCE 2500 111.5 70.0 67.8 83.0 rahul.jeewani@iiflcap.com
DRRD IN Dr. Reddy's Labs Pharma 4,464 9,013 16.9 11.0 17.5 15.5 9.7 8.3 10.0 2.7 0.5 16.8 19.4 (0.3) (1.3) 0.6 (0.6) 3.6 7.9 3.8 5.3 ADD 4400 158.5 233.9 255.7 288.3 rahul.jeewani@iiflcap.com
ERIS IN Eris Lifesciences Pharma 571 941 0.6 10.9 15.6 15.2 (4.2) 18.7 11.1 3.0 1.4 20.8 20.6 (0.2) (0.9) 0.3 (11.7) (12.2) (17.7) (18.1) (11.8) BUY 800 29.9 30.5 36.6 37.5 rahul.jeewani@iiflcap.com
GLAND IN Gland Pharma Pharma 1,282 2,560 10.6 15.2 19.2 16.8 (22.3) 14.7 12.1 2.4 0.5 12.9 17.2 (0.5) (3.6) 8.1 (0.5) (18.9) (40.2) (60.3) (18.7) REDUCE 1300 73.7 57.6 66.6 76.4 rahul.jeewani@iiflcap.com
GNP IN Glenmark Pharma Pharma 426 1,456 4.9 20.5 10.9 8.4 (29.1) 14.5 5.3 1.0 0.6 10.0 14.3 0.1 0.4 (3.4) (2.9) (0.8) 10.7 (7.7) 0.4 ADD 510 42.6 34.7 38.9 50.4 rahul.jeewani@iiflcap.com
IPCA IN Ipca Laboratories Pharma 780 2,399 2.8 35.0 25.3 20.6 (18.3) 25.7 13.7 2.9 0.4 12.3 16.1 (0.2) (1.0) (0.4) (3.2) (9.8) (10.3) (22.3) (7.5) ADD 840 34.8 20.8 30.8 37.9 rahul.jeewani@iiflcap.com
JBCP IN JB Chemicals & PharmPharma 1,967 1,845 0.9 29.5 26.9 21.1 (2.1) 23.9 16.9 5.3 0.9 21.3 25.9 NA NA 0.5 0.0 1.0 6.7 26.2 1.6 BUY 2300 52.6 55.5 73.0 93.1 rahul.jeewani@iiflcap.com
LPC IN Lupin Pharma 640 3,530 8.0 76.0 21.3 17.6 (17.1) 33.2 10.6 2.2 1.2 10.8 12.9 0.1 0.5 (2.6) (2.9) (15.4) (1.3) (16.9) (12.8) REDUCE 660 20.6 11.7 30.0 36.4 rahul.jeewani@iiflcap.com
SANL IN Sanofi India Pharma 5,660 1,581 1.1 6.4 24.0 22.1 (12.5) 8.6 17.2 20.5 3.5 60.9 78.7 (0.5) (0.3) (1.4) 1.7 (2.4) (4.1) (15.0) (3.3) ADD 5900 244.4 226.8 235.4 256.7 rahul.jeewani@iiflcap.com
SUNP IN Sun Pharma Pharma 973 28,299 26.9 14.3 25.4 21.3 (2.8) 13.9 17.2 3.6 1.0 16.0 17.4 (0.3) (1.7) 1.6 0.2 (2.1) 6.4 8.2 (2.1) BUY 1150 32.0 35.0 38.4 45.6 rahul.jeewani@iiflcap.com
TRP IN Torrent Pharma Pharma 1,518 6,228 4.3 22.6 34.2 28.1 (10.0) 13.8 17.0 5.8 0.4 18.7 19.4 0.3 0.8 (1.0) 2.5 (2.0) 1.0 9.2 (1.2) BUY 1740 34.4 35.9 44.3 54.0 rahul.jeewani@iiflcap.com
ZYDUSLIF INZydus Lifesciences Pharma 481 5,899 6.5 13.9 18.8 16.3 3.2 13.1 12.5 2.1 0.4 11.6 13.1 (0.2) (1.0) 0.7 3.1 14.4 34.7 31.9 14.5 ADD 480 22.5 22.8 25.5 29.5 rahul.jeewani@iiflcap.com
AUBANK IN AU Bank Private Banks 560 4,526 9.3 21.0 22.2 17.8 (0.4) NA NA 3.0 0.3 14.5 NA NA NA (5.1) (6.4) (13.1) (12.2) (9.7) (14.4) BUY 740 17.9 21.5 25.3 31.5 rikin.shah@iiflcap.com
AXSB IN Axis Bank Private Banks 840 31,329 95.3 10.1 10.9 9.9 11.0 NA NA 1.8 0.2 16.7 NA NA NA 0.3 (1.4) (7.4) 9.3 16.5 (10.1) BUY 1090 42.4 69.7 76.7 84.4 rikin.shah@iiflcap.com
CUBK IN City Union Bank Private Banks 125 1,121 7.0 13.5 8.4 7.3 (10.8) NA NA 1.1 1.2 13.8 NA NA NA (4.1) (7.2) (24.6) (29.1) 1.3 (30.8) REDUCE 170 10.3 13.3 14.8 17.1 rikin.shah@iiflcap.com
EQUITASB I Equitas SFB Private Banks 64 859 5.0 38.7 10.1 7.5 (3.1) NA NA 1.4 NA 15.3 NA NA NA (6.4) (5.0) 24.2 29.4 19.8 9.3 BUY 68 2.2 4.4 6.3 8.5 rikin.shah@iiflcap.com
FB IN Federal Bank Private Banks 127 3,255 20.4 14.2 8.7 7.4 2.8 NA NA 1.1 2.0 13.8 NA NA NA (1.2) (0.2) 3.6 8.7 31.7 (8.8) BUY 140 9.0 13.1 14.6 17.1 rikin.shah@iiflcap.com
HDFCB IN HDFC Bank Private Banks 1,561 105,577 NA 17.3 17.1 14.4 (1.8) NA NA 2.7 1.2 17.1 NA NA NA (0.8) (1.8) (2.3) 7.9 9.4 (4.1) BUY 1960 66.7 79.0 91.0 108.6 rikin.shah@iiflcap.com
ICICIBC IN ICICI Bank Private Banks 852 72,155 NA 13.0 16.8 14.7 13.1 NA NA 2.8 1.8 17.1 NA NA NA 1.9 1.5 (3.0) (3.4) 21.8 (4.3) BUY 1140 33.6 45.3 50.8 57.8 rikin.shah@iiflcap.com
IIB IN Indusind Bank Private Banks 1,010 9,496 52.2 18.8 8.8 7.4 (3.4) NA NA 1.3 1.4 15.3 NA NA NA (1.1) (6.4) (12.0) (14.7) 10.0 (17.3) BUY 1500 62.0 97.2 115.1 137.1 rikin.shah@iiflcap.com
KMB IN Kotak Mahindra Bank Private Banks 1,692 40,755 80.2 15.0 20.7 18.0 2.8 NA NA 2.7 0.1 13.3 NA NA NA (0.1) (0.3) (7.1) (9.2) (1.2) (7.4) ADD 2030 60.9 71.0 81.7 93.9 rikin.shah@iiflcap.com
RBK IN RBL Bank Private Banks 135 982 22.3 26.4 6.9 5.9 1.0 NA NA 0.6 2.2 8.5 NA NA NA (4.3) (11.8) (10.7) 9.8 0.1 (24.7) BUY 210 (1.2) 14.3 19.5 22.8 rikin.shah@iiflcap.com
UJJIVANS INUjjivan SFB Private Banks 24 575 3.2 18.9 4.6 3.6 8.2 NA NA 0.9 NA 22.8 NA NA NA 2.3 (6.4) (4.6) 6.4 52.6 (14.0) BUY 35 (2.4) 4.7 5.3 6.7 viral.shah@iiflcap.com
BOB IN Bank of Baroda PSU Banks 160 10,019 59.9 12.1 5.4 4.7 24.8 NA NA 0.8 1.9 16.2 NA NA NA (0.2) 3.4 (5.5) 20.6 55.1 (13.9) BUY 210 14.0 27.0 29.7 33.9 rikin.shah@iiflcap.com
SBIN IN State Bank of India PSU Banks 505 54,681 NA 19.9 7.7 6.6 6.5 NA NA 1.4 2.8 19.1 NA NA NA (4.6) (3.0) (12.0) (8.2) 5.4 (17.7) BUY 700 35.5 53.3 65.5 76.6 rikin.shah@iiflcap.com
BRGD IN Brigade Enterprises Real Estate 455 1,273 1.0 39.6 25.1 20.4 8.4 16.3 12.2 3.0 0.4 12.5 10.6 1.0 3.0 (2.5) (2.6) (3.4) (12.2) (11.7) (2.2) BUY 590 6.1 11.4 18.1 22.3 mohit.agrawal@iiflcap.com
BIRET IN Brookfield India REIT Real Estate 275 1,117 0.4 23.8 37.4 30.9 (45.2) 10.6 14.9 1.2 8.0 3.0 5.3 0.7 5.8 4.9 1.6 (1.5) (12.6) (3.7) (2.8) ADD 320 7.3 5.8 7.4 8.9 mohit.agrawal@iiflcap.com
DLFU IN DLF Real Estate 354 10,631 15.0 40.8 31.6 21.7 (7.4) 40.3 36.5 2.2 1.1 7.2 5.7 NA (0.2) (5.6) 2.4 (0.8) (4.2) 0.1 (5.5) BUY 450 7.0 8.2 11.2 16.3 mohit.agrawal@iiflcap.com
EMBASSY INEmbassy REIT Real Estate 323 3,707 2.6 22.2 20.1 17.6 (4.2) 13.6 13.0 1.3 7.4 6.2 5.9 0.5 3.9 6.9 5.8 (3.5) (5.9) (8.5) (2.3) BUY 410 9.4 12.3 16.0 18.3 mohit.agrawal@iiflcap.com
GPL IN Godrej Properties Real Estate 1,045 3,522 6.3 39.4 44.0 28.1 (18.5) NA NA 2.9 NA 6.9 5.6 0.4 27.9 (7.0) (3.3) (10.9) (14.9) (33.4) (14.7) ADD 1500 12.7 19.1 23.8 37.2 mohit.agrawal@iiflcap.com
LODHA IN Macrotech Developers Real Estate 826 4,825 7.8 16.4 25.5 20.4 (3.6) 7.6 17.6 2.6 NA 10.2 10.9 0.4 2.5 (7.4) 14.8 (19.7) (20.2) (24.1) (24.3) BUY 1230 25.0 29.9 32.4 40.5 mohit.agrawal@iiflcap.com
MINDSPCE I Mindspace REIT Real Estate 313 2,251 0.6 16.6 20.6 17.3 (17.4) 14.5 13.0 1.2 6.7 6.0 7.5 0.4 2.9 5.5 0.3 (6.4) (12.9) (5.3) (4.9) ADD 350 8.4 13.3 15.2 18.1 mohit.agrawal@iiflcap.com
OBER IN Oberoi Realty Real Estate 844 3,721 5.1 32.2 16.1 12.9 0.2 32.0 12.3 2.3 0.6 15.3 17.3 0.1 0.7 (2.5) (0.1) 3.3 (13.0) (8.9) (2.7) ADD 975 28.8 37.6 52.6 65.7 mohit.agrawal@iiflcap.com
PHNX IN Phoenix Mills Real Estate 1,282 2,776 4.2 46.6 31.6 20.2 (7.3) 33.1 13.8 2.8 0.2 9.1 11.0 0.4 1.8 2.2 (2.5) (2.1) (8.0) 24.8 (9.9) ADD 1540 13.3 29.6 40.6 63.5 mohit.agrawal@iiflcap.com
SOBHA IN Sobha Real Estate 432 497 2.0 43.1 7.9 5.9 6.6 19.3 4.5 1.2 0.7 17.0 23.4 0.6 1.4 (20.8) (25.3) (19.0) (35.7) (40.2) (25.0) ADD 755 12.3 35.8 54.8 73.3 mohit.agrawal@iiflcap.com
DMART IN Avenue Supermarts Retail 3,358 26,376 15.8 23.2 72.0 58.3 (8.8) 24.6 45.3 11.4 NA 17.1 21.6 (0.1) (0.6) 1.4 (4.0) (13.3) (23.1) (16.9) (17.5) ADD 3900 23.0 38.0 46.6 57.6 percy.panthaki@iiflcap.com
NYKAA IN Nykaa Retail 138 4,760 22.9 NA NA NA (41.9) 70.0 NA 27.7 0.1 5.5 8.4 NA 0.1 (2.2) (3.2) (5.0) (36.8) (47.8) (11.1) ADD 175 0.1 0.1 0.3 0.9 percy.panthaki@iiflcap.com
SHOP IN Shoppers Stop Retail 640 851 0.4 39.1 43.2 32.2 8.8 14.7 7.9 18.8 NA 55.6 19.0 (1.6) (0.7) 0.4 (1.5) (4.3) (11.7) 40.9 (9.8) ADD 750 (6.6) 10.3 14.8 19.9 percy.panthaki@iiflcap.com
VMART IN V-Mart Retail Retail 2,265 543 1.2 LP 90.2 50.8 (46.1) 34.9 10.7 5.0 0.1 5.7 8.6 (0.1) (0.3) (1.1) (7.2) (21.5) (22.1) (39.7) (20.3) ADD 2900 5.9 (1.4) 25.1 44.6 percy.panthaki@iiflcap.com
COFORGE I Coforge Ltd Technology 3,701 2,740 26.5 21.4 22.4 18.7 3.7 18.3 13.0 5.9 2.0 29.2 33.0 (0.2) (0.3) (5.1) (15.5) (0.5) 11.8 (16.2) (4.3) BUY 4550 106.6 134.2 164.9 197.7 rishi.jhunjhunwala@iiflcap.com
CYL IN Cyient Technology 1,001 1,342 3.5 19.2 16.5 13.7 (3.2) 16.2 9.0 3.0 3.1 18.8 20.9 NA NA 4.0 3.6 26.9 26.2 12.1 23.4 BUY 1050 47.5 51.6 60.8 73.2 saurabh.thadani@iiflcap.com
HCLT IN HCL Technologies Technology 1,052 34,604 41.3 14.4 16.5 15.0 3.1 9.0 10.6 4.4 5.2 27.2 31.1 (0.4) (1.0) (5.1) (3.9) 3.0 19.7 (7.6) 2.1 ADD 1100 49.9 53.7 63.7 70.2 rishi.jhunjhunwala@iiflcap.com
INFO IN Infosys Technology 1,381 69,444 NA 15.1 19.7 17.6 0.4 13.6 13.0 7.4 4.5 38.2 52.1 (0.6) (1.1) (2.8) (11.0) (7.8) 2.2 (25.2) (8.5) BUY 1800 52.9 59.3 70.0 78.5 rishi.jhunjhunwala@iiflcap.com
LTTS IN L&T Tech Services Technology 3,386 4,335 12.1 16.3 27.0 22.9 (9.0) 18.4 16.9 6.2 1.3 24.9 31.5 (0.2) (0.5) (5.2) (8.7) (8.6) (1.4) (32.2) (8.1) ADD 3550 90.7 109.1 125.4 147.7 saurabh.thadani@iiflcap.com
LTIM IN LTIMindtree Technology 4,601 16,503 24.7 22.5 25.2 20.4 NA 17.9 18.1 6.8 1.6 29.2 36.4 (0.4) (1.2) (1.6) (5.2) 8.3 4.6 (24.6) 5.9 BUY 5150 135.8 150.5 182.5 225.8 rishi.jhunjhunwala@iiflcap.com
MPHL IN Mphasis Technology 1,737 3,969 12.2 14.6 17.7 15.1 (8.5) 12.6 10.9 3.9 3.4 23.4 26.4 (0.4) (1.3) (7.9) (21.0) (9.5) (14.0) (46.8) (11.9) ADD 2000 74.5 87.6 98.4 115.1 rishi.jhunjhunwala@iiflcap.com
PSYS IN Persistent Systems Technology 4,325 4,007 22.0 27.0 26.7 21.9 10.8 16.6 17.1 7.0 1.7 29.1 36.6 (0.4) (1.1) (7.0) (11.6) 13.5 38.2 (5.9) 12.4 BUY 5100 90.3 122.6 162.2 197.5 rishi.jhunjhunwala@iiflcap.com
RATEGAIN I Rategain Travel Tech Technology 326 428 1.8 79.4 32.5 21.2 7.5 61.7 19.6 4.5 NA 15.0 18.1 (0.7) (3.4) (3.8) (5.7) 23.5 20.3 (6.8) 14.3 BUY 490 0.9 4.8 10.0 15.4 rishi.jhunjhunwala@iiflcap.com
REDI IN Redington India Technology 171 1,619 10.7 10.9 8.1 7.5 19.9 12.0 5.4 1.6 4.3 20.9 24.6 NA 0.1 5.7 (3.3) 0.0 18.8 19.0 (5.5) ADD 210 16.4 18.5 21.1 22.7 rishi.jhunjhunwala@iiflcap.com
TCS IN TCS Technology 3,121 138,434 72.9 13.2 23.4 21.0 1.4 12.1 16.5 11.9 3.8 52.0 54.9 (0.5) (0.7) (1.8) (8.2) (1.1) 7.3 (13.9) (2.0) ADD 3500 103.6 116.1 133.2 148.8 rishi.jhunjhunwala@iiflcap.com
TECHM IN Tech Mahindra Technology 1,102 13,013 36.9 13.5 17.3 14.9 (10.0) 11.6 9.9 3.3 4.1 19.6 22.1 (0.3) (1.0) (2.2) (1.5) 10.7 8.3 (26.4) 8.4 ADD 1070 62.9 57.5 63.6 74.1 rishi.jhunjhunwala@iiflcap.com
WPRO IN Wipro Technology 362 24,069 20.2 12.5 15.1 13.7 NA 8.2 9.6 2.7 4.6 18.5 19.7 (0.3) (1.1) (3.9) (8.0) (4.0) (8.0) (40.1) (7.7) REDUCE 385 22.3 20.9 24.0 26.4 rishi.jhunjhunwala@iiflcap.com
BHARTI IN Bharti Airtel Telecommunication 762 51,537 50.7 74.7 26.2 17.4 (18.5) 16.7 8.5 3.6 0.6 14.7 12.9 1.9 2.7 0.7 0.7 (5.7) (1.2) 8.4 (5.4) BUY 922 7.5 14.4 29.1 43.8 balaji.subramanian@iiflcap.com
INDUSTOW Indus Towers Telecommunication 148 4,837 10.5 66.9 9.2 8.6 (27.1) 19.9 3.4 2.1 1.2 22.6 19.0 1.1 1.6 (1.8) (13.5) (21.9) (23.3) (26.8) (22.3) REDUCE 142 23.6 6.2 16.1 17.2 balaji.subramanian@iiflcap.com
TANLA IN Tanla Platforms Telecommunication 539 878 2.7 18.0 13.4 11.7 (9.0) 22.3 8.8 3.8 1.8 31.5 39.4 (0.4) (1.1) (8.9) (17.8) (17.9) (27.2) (61.5) (24.6) BUY 781 39.7 33.0 40.3 46.0 balaji.subramanian@iiflcap.com
TCOM IN Tata Communications Telecommunication 1,223 4,227 7.1 8.7 20.4 16.7 0.5 10.8 8.7 13.0 2.1 78.0 18.4 2.9 1.6 3.2 1.7 1.1 4.6 7.3 (4.0) ADD 1397 51.8 61.9 60.0 73.1 balaji.subramanian@iiflcap.com
IDEA IN Vodafone Idea Telecommunication 6 3,689 16.6 LP NA NA NM (1.3) 14.3 NA NA 37.0 NM (2.2) 12.4 (2.3) (7.4) (18.3) (30.2) (38.4) (20.9) REDUCE 8 (8.9) (6.4) (6.1) (5.8) balaji.subramanian@iiflcap.com
INDIGO IN InterGlobe Aviation Travel & Leisure 1,865 8,719 23.9 LP 13.9 9.3 (1.0) 58.2 6.5 NA NA NA 21.7 NM 1.3 0.5 0.6 (2.6) 1.1 0.1 (7.1) BUY 2680 (160.0) (4.3) 134.3 200.2 joseph.george@iiflcap.com
PVRL IN PVR Travel & Leisure 1,506 1,789 12.6 LP 33.3 24.4 (10.0) 68.5 6.7 5.3 NA 21.3 16.9 3.0 3.4 (4.4) (5.7) (7.6) (13.3) (15.2) (12.4) BUY 1851 (80.1) (6.2) 45.2 61.8 balaji.subramanian@iiflcap.com
APTY IN Apollo Tyres Tyres 306 2,357 10.5 35.4 13.6 11.5 13.1 16.4 6.0 1.4 1.6 11.0 12.2 0.3 1.0 (0.9) (4.0) (0.7) 7.3 66.9 (5.6) BUY 385 10.1 14.5 22.5 26.7 joseph.george@iiflcap.com
BIL IN Balkrishna Inds Tyres 1,968 4,612 7.6 35.1 22.9 19.3 0.1 27.6 14.1 4.4 1.3 20.5 21.2 (0.1) (0.2) 0.3 (3.9) (4.9) 4.5 (4.0) (7.5) BUY 2450 74.3 56.0 85.9 102.2 joseph.george@iiflcap.com
CEAT IN CEAT Tyres 1,385 679 2.1 87.6 14.0 10.6 14.2 30.8 6.1 1.5 1.1 11.2 12.1 0.7 1.8 (0.9) (5.3) (10.8) (10.3) 43.1 (15.7) ADD 1775 20.8 37.0 98.9 130.2 joseph.george@iiflcap.com
MRF IN MRF Tyres 83,700 4,304 9.1 67.7 24.8 19.0 (7.8) 35.7 10.1 2.3 0.4 9.5 12.2 (0.1) (0.6) 1.0 (3.6) (2.8) 1.3 25.7 (5.5) REDUCE 81750 1,526.3 1,567.5 3,373.0 4,409.4 joseph.george@iiflcap.com
OINL IN Oil India Upstream O&G 251 3,297 5.7 8.2 2.7 2.5 23.0 (0.8) 2.7 0.6 9.7 24.7 20.1 0.2 0.7 (1.8) 3.1 31.3 44.4 16.4 25.4 REDUCE 230 51.8 85.8 94.0 100.5 harsh.dole@iiflcap.com
ONGC IN ONGC Upstream O&G 149 22,787 23.2 16.8 3.1 3.0 21.4 18.0 2.7 0.6 11.5 20.3 17.2 0.4 1.0 (2.4) (3.6) 9.7 25.2 (7.1) 4.5 REDUCE 130 37.9 36.4 48.3 49.6 harsh.dole@iiflcap.com
PLNG IN Petronet LNG Upstream O&G 224 4,072 6.4 10.7 11.6 9.6 (7.2) 6.5 6.0 2.2 4.4 19.2 26.0 (0.4) (1.4) (3.7) 1.0 7.7 12.7 19.8 3.9 ADD 240 22.3 19.0 19.3 23.2 harsh.dole@iiflcap.com
CESC IN CESC Utilities 67 1,074 1.9 5.4 6.0 5.7 (14.5) 2.2 5.1 0.7 7.4 12.0 10.4 0.8 2.7 (2.9) (7.5) (5.7) (10.6) (6.3) (7.2) BUY 95 10.2 10.6 11.2 11.7 harsh.dole@iiflcap.com
NHPC IN NHPC Utilities 40 4,823 5.6 7.4 10.7 9.1 (14.0) 15.8 11.5 1.0 5.2 9.9 7.6 0.9 5.3 (5.3) 2.6 5.9 6.5 51.8 3.2 ADD 45 3.4 3.8 3.7 4.3 harsh.dole@iiflcap.com
NTPC IN NTPC Utilities 173 20,303 26.1 9.1 9.0 8.4 1.1 3.8 8.5 1.1 5.6 13.2 9.3 1.4 4.7 (2.4) 1.0 8.7 8.1 33.4 6.5 BUY 200 16.6 17.2 19.2 20.5 harsh.dole@iiflcap.com
PWGR IN Power Grid Corp Utilities 222 18,809 28.3 4.9 10.2 9.7 1.4 (0.1) 7.8 1.8 5.9 15.8 10.9 1.4 3.5 (3.2) 3.4 7.8 15.1 11.7 6.5 BUY 250 19.1 20.8 21.9 22.9 harsh.dole@iiflcap.com
TPWR IN Tata Power Utilities 193 7,467 23.8 7.3 18.8 16.7 8.5 7.5 10.9 2.3 2.2 12.8 8.4 1.4 4.2 (6.0) (4.7) (2.1) (14.1) (18.9) (7.2) REDUCE 200 7.4 10.1 10.2 11.6 harsh.dole@iiflcap.com
TPW IN Torrent Power Utilities 503 2,930 4.4 (7.5) 13.6 13.0 8.2 (0.7) 6.9 2.0 3.8 15.2 16.5 0.7 1.7 (6.1) 1.2 10.0 0.6 6.2 6.6 ADD 575 27.4 45.3 36.9 38.8 harsh.dole@iiflcap.com

3/27/2023 Valuation Matrix - 20230324 3