AMP

STRICTLY CONFIDENTIAL

14 January 2025
ANTIQUE’S MORNING PRESENTATION
FROM THE RESEARCH DESK Market Snapshot
QUARTERLY RESULTS REVIEW Global Indices Closing % Chg % YTD
Dow Jones 42,297 0.9 (0.6)
HCL Technologies
NASDAQ 19,088 (0.4) (1.2)
A decent quarter; expect spends to improve in CY25 FTSE 8,224 (0.3) 0.6
ANTIQUE'S INDIA ECONOMIC MONITOR CAC 7,409 (0.3) 0.4
DAX 20,133 (0.4) 1.1
CPI
Bovespa 1,19,007 0.1 (1.1)
Vegetable prices have cooled-off sharply in January! Nikkei 39,190 (1.1) (1.8)
Hang Seng 18,874 (1.0) (5.9)
Shanghai Composite 3,161 (0.2) (5.7)
Global News
n The S&P 500 rose 9.18 points or 0.2 percent to 5,836.22, while the Nasdaq Indian Indices Closing % Chg % YTD
fell 73.53 points or 0.4 percent to a one-month closing low of 19,088.10. The Sensex 76,330 (1.4) (2.3)
narrower Dow, on the other hand, spent most of the day in positive territory Nifty 23,086 (1.5) (2.4)
before closing up 358.67 points or 0.9 percent at 42,297.12. MSCI India 970 (3.0) (5.3)
n Market closed CNX Midcap 52,390 (4.0) (8.4)
BSE Smallcap 50,542 (4.1) (8.4)
Sector & Corporate News
Flows (USD mn) Prev. Day MTD
n PN Gadgil Jewellers has opened a new store at Solapur, Maharashtra.
FII (819) (165)
The company has opened new store on January 10, 2025. Accordingly, the
total number of stores now stands at 49. Earlier, the company had registered MF 593.7 133.9
24% consolidated YoY revenue growth in Q3FY25 as compared to the same
period in Q3FY24. This growth was driven by a strong increase in same store Provisional flows (USD mn)
sales growth, Festive demand in Dussehra, Diwali and the wedding season. FIIs (556)

n Macrotech Developers has acquired nearly 20-acre land parcel in Locals 933
Bengaluru for development of a housing project worth INR 28bn, as part of its
expansion plan. The company which markets its properties under the Lodha Volumes USD bn % Chg
brand, has been acquiring land through outright purchases as well as forming Cash (NSE + BSE) 11.5 5.7
partnerships with landowners for the joint development. Out of the total, nearly F&O (net) 1,426.4 (67.9)
20 acre land was acquired in Bengaluru, the company has outright purchased
some portion of land, while entering into joint development agreement with FII F&O Stock Fut Index Fut
the landowner for the remaining part. With this acquisition, the company now
Net ($ mn) 260 (163.9)
has five locations in Bengaluru. These are expected to provide opportunity for
OI (%) 2.3 5.0
significant pre-sales growth in Bengaluru from next financial year onwards.
n Godrej Properties (GPL) has launched Godrej Madison Avenue its first ADR/GDR Losers Last % Chg
premium residential project in Kokapet, Hyderabad, underlining its commitment
Wipro 3.4 (2.8)
to expanding its footprint in Hyderabad's high-growth residential real estate
SBI 84.0 (2.6)
market. Situated on around 3 acres of land with an estimated booking value
of INR 13bn, Godrej Madison Avenue will feature around 1.2 million square HDFC 58.1 (1.0)
feet of saleable area, offering premium residential apartments in 3 & 4 BHK ICICI Bank 28.3 (0.7)
configurations. This project brings to life Manhattan-inspired architecture and Dr Reddy 15.3 (0.7)
design, catering to the evolving preferences of homebuyers. The development
features Manhattan-style landscaped spaces, a Central Park-inspired fountain,
and a triple-height lobby.
n JSW Energy's wholly-owned subsidiary - JSW Neo Energy has completed
the acquisition of 125 MW of renewable energy assets from Hetero Labs and
Hetero Drugs, housed under three SPVs. The 125 MW portfolio comprises of
wind projects located in the states of Andhra Pradesh and Maharashtra and
have long term power purchase agreements. The portfolio has a blended
tariff of INR 5.22/KWh and average remaining plant life of around 15 years.

Please refer to disclosures at the end of the Research Report

ANTIQUE STOCK BROKING LIMITED FROM THE RESEARCH DESK 14 January 2025 | 2

Sectoral indices Delivery Spike

Closing % Chg % MTD % YTD Company Volume Spike (%) Chg (%)
BSE Auto 50,487 (3.0) (2.3) (2.3) Hindustan Petroleum Corp Ltd 63,80,352 361% -6.19%
BSE Bank 54,619 (1.2) (5.4) (5.4) Power Grid Corp of India Ltd 1,32,68,475 241% -4.04%
BSE Cap Goods 61,931 (3.6) (8.6) (8.6) United Spirits Ltd 6,47,558 187% -3.61%
BSE Cons dur 59,877 (4.0) (7.1) (7.1) Jindal Steel & Power Ltd 10,09,969 167% -4.47%
BSE FMCG 20,452 (1.5) (1.5) (1.5) Glenmark Pharmaceuticals Ltd 2,01,537 163% -2.91%
BSE IT 43,526 (1.4) 0.8 0.8 Sun Pharmaceutical Industries Ltd 11,15,675 159% -2.12%
BSE Health 42,562 (2.6) (6.0) (6.0) Titan Co Ltd 7,36,040 152% -1.67%
BSE Metal 26,806 (3.2) (7.2) (7.2) Hero MotoCorp Ltd 4,69,087 146% -1.91%
BSE Oil 25,116 (3.2) (3.6) (3.6) Vodafone Idea Ltd 18,00,03,015 129% -0.13%
BSE Power 6,149 (4.2) (11.7) (11.7) Indian Oil Corp Ltd 1,50,02,015 128% -6.36%
BSE PSU 17,230 (3.8) (8.7) (8.7)
BSE Realty 7,089 (6.6) (13.9) (13.9)
BSE TECK 19,607 (1.3) 0.7 0.7

Derivatives Update
Long Build Up
Company Last % Chg % Chg OI OI (in 000)
AUROPHARMA 1,162.05 3.39 9.01 13,138
NCC 237.70 5.47 8.76 6,629
HINDCOPPER 218.85 6.97 8.30 37,730
NAVINFLUOR 3,626.70 0.40 7.13 1,655
Nifty Outperformers LAURUSLABS 559.80 4.74 6.11 21,982

Price % Chg % MTD % YTD

Short Build Up
Company Last % Chg % Chg OI OI (in 000)
Axis Bank Ltd 1,049 0.8 (1.4) (1.4)
BIOCON 365.75 (1.12) 2.51 32,087
Tata Consultancy Svcs Ltd 4,291 0.6 4.8 4.8
BSE 5,175.70 (0.58) 0.26 2,431
Indusind Bank Ltd 942 0.4 (1.9) (1.9)
Hindustan Unilever Ltd 2,451 0.4 5.3 5.3
Short Covering
Reliance Industries Ltd 1,240 (0.2) 2.0 2.0 Company Last % Chg % Chg OI OI (in 000)

Infosys Ltd 1,962 (0.2) 4.4 4.4 ABCAPITAL 170.46 (1.25) (7.98) 67,149

Britannia Industries Ltd 4,927 (0.2) 3.4 3.4 HINDUNILVR 2,452.10 (0.21) (6.10) 15,869
AXISBANK 1,051.95 (0.75) (3.38) 87,471
Nifty Underperformers TCS 4,232.95 (0.60) (2.78) 12,968
Price % Chg % MTD % YTD INDUSTOWER 321.90 (0.05) (1.55) 92,690

Adani Enterprises Ltd 2,225 (6.3) (12.0) (12.0) Long Unwinding

Bharat Petroleum Corp Ltd 265 (4.4) (9.3) (9.3) Company Last % Chg % Chg OI OI (in 000)
Adani Ports And Special Econ 1,067 (4.1) (13.4) (13.4) AARTIIND 409.70 3.36 (15.91) 21,654
Power Grid Corp Of India Ltd 288 (4.0) (6.8) (6.8) NYKAA 163.94 3.61 (15.85) 35,473
Tata Steel Ltd 123 (3.5) (11.0) (11.0) PAYTM 791.15 7.67 (15.68) 19,910
Ntpc Ltd 298 (3.3) (10.5) (10.5) ATGL 594.10 9.46 (14.79) 4,862
Grasim Industries Ltd 2,288 (3.2) (6.3) (6.3) ITC 441.05 1.28 (13.14) 42,446

Bulk Deals
Security Name Client Name Buy/Sell Qty Price Value (mn)
SGLTL IRAGE Broking Services LLP Buy 10,18,506 171.96 175
GNRL Rajasthan Gases Limited Buy 51,83,227 17.60 91
GNRL Ravi Omprakash Agrawal Sell 50,00,000 17.60 88
SGLTL IRAGE Broking Services LLP Sell 2,55,881 172.06 44
NAVKAR Biyani Complex LLP Sell 17,29,000 12.69 22
ANTIQUE STOCK BROKING LIMITED FROM THE RESEARCH DESK 14 January 2025 | 3

Nifty Nifty P/E Nifty P/B

29000 36 4.5
26000
4.0
23000 31
3.5
20000
26 3.0
17000
2.5
14000 21
11000 2.0
8000 16 1.5
Jan-21 Jan-22 Jan-23 Jan-24 Jan-25 Jan-21 Jan-22 Jan-23 Jan-24 Jan-25 Jan-21 Jan-22 Jan-23 Jan-24 Jan-25

Source: Bloomberg

Sensex FII Provisional Flows (INR bn) DII Provisional Flows (INR bn)

95000 290 155

230 130
85000
105
75000 170 80
65000 110 55
55000 50 30
45000 5
(10)
(20)
35000 (70) (45)
25000 (130) (70)
Jan-21 Jan-22 Jan-23 Jan-24 Jan-25 Jan-21 Jan-22 Jan-23 Jan-24 Jan-25 Jan-21 Jan-22 Jan-23 Jan-24 Jan-25

Source: Bloomberg

Economy, Money & Banking Commodities Update

Forex Rate Last % Chg % MTD % YTD Commodities Last % Chg % MTD % YTD
INR~USD 86.6 (0.7) (1.1) (1.1) Gold ($/Ounce) 2,669 0.2 1.7 1.7
INR~EUR 88.3 0.3 1.1 1.1 Crude Oil ($/Bl) 79 (0.1) 9.8 9.8
INR~GBP 104.8 0.9 2.5 2.5 Aluminium ($/t) 2,558 1.5 1.2 1.2
Copper ($/t) 8,992 0.2 3.9 3.9
Bond Market Last Chg (bps) MTD (bps) YTD (bps) Zinc ($/t) 2,832 0.6 (4.1) (4.1)
10 Year Bond 6.9 8 9 9 Lead ($/t) 1,957 2.9 1.6 1.6
Interbank call 5.9 (100) (10) (10) Nickel ($/t) 15,451 1.2 2.2 2.2

INR/USD Gold and silver prices (USD/Tr.Oz) Crude prices (USD/barrel)

86 3600 36 95
33
85 3000 30
27 75
2400
84 24
1800 21
18 55
83
1200 15
Jan-21 Jan-22 Jan-23 Jan-24 Jan-25
82 35
Mar-24 Jun-24 Sep-24 Dec-24 Gold (LHS) Silver (RHS) Jan-21 Jan-22 Jan-23 Jan-24 Jan-25

Source: Bloomberg

Inflation vs 10 year yield Nifty premium/discount NSE volatility index (%)

20 140 18
121.6
15 120
10 100 87.1 92.4 76.1
69.2
5 80
14
60
0
40
-5 20
Jun-23

Dec-23

Jun-24

Dec-24
Mar-23

Sep-23

Mar-24

Sep-24

0 10
4-Nov

14-Nov

24-Nov

4-Dec

14-Dec

24-Dec
07-Jan

08-Jan

09-Jan

10-Jan

13-Jan

3-Jan

13-Jan
15-Oct

25-Oct

WPI Inflation (%) 10 Yr Yield (%)

Source: Bloomberg
ANTIQUE STOCK BROKING LIMITED FROM THE RESEARCH DESK 14 January 2025 | 4

CMP : INR 1,985 3QFY25 RESULT REVIEW

Reco
Target Price
: BUY çè
: INR 2,125 é
HCL Technologies
Target Price Change : 4% A decent quarter; expect spends to improve in CY25
Target FY27 P/E (x) : 26
HCL Technologies (HCLT) reported revenue growth of 3.8% QoQ in constant
EPS Change FY25/ 26/ 27 : No Change currency (CC) terms, marginally below our estimate of 4.0%. This miss was
attributed to weaker performance in HCL’s software business. The Services
business remains strong, led by ER&D, which grew 5.4% sequentially in CC
terms. The company raised the lower band of its FY25 organic growth guidance
Vikas Ahuja by 50 bps, now projecting 4.0%-4.5% (from 3.5%-5%). This implies muted 4Q
+91 22 6911 3439 revenue, impacted by client-specific issues, with an ask rate of -1.3% to +0.6%.
vikas.ahuja@antiquelimited.com
Net new deal wins remained stable at USD 2.1 bn, compared to the eight-
Rhea Baid quarter average of USD 2.3 bn. While TCV has not changed materially, ACV
rhea.baid@antiquelimited.com increased by 9% QoQ. Like its large peers, HCLT anticipates increased IT
Ashish Bansal investments by clients in 2025. Over the past few quarters, the company has
ashish.bansal@antiquelimited.com observed notable improvements in demand, with discretionary spending also
showing an upward trend. Management remains optimistic about the medium-
term outlook, although 4Q is expected to be slightly soft due to the conclusion
Market data of a large transformational program in 3Q and a planned reduction in mega
Sensex : 76,330 deals. HCLT’s strategy of developing an all-weather portfolio positions it well
Sector : IT to capture opportunities across the work spectrum. We maintain our BUY
Market Cap (INR bn) : 5,398.6 recommendation on the stock and marginally increase the target price (TP) to
Market Cap (USD bn) : 62.353 INR 2,125 from INR 2,050, reflecting an increase in the forward PE multiple to
O/S Shares (mn) : 2,713.7 26x (from 25x), aligning with our target multiples for Infosys and TCS.
52-wk HI/LO (INR) : 2012/1235 3QFY25 result highlights
Avg. Daily Vol ('000) : 2,910 HCLT reported a revenue of USD 3,553 mn, up 3.8% QoQ in CC terms vs. our expectation of
Bloomberg : HCLT IN 4%. EBIT margin improved 90 bps QoQ to 19.5%, marginally better than our expectation of
Source: Bloomberg 19.3%. EBIT margin expansion was led by an improvement in software business margin
Valuation (+896 bps QoQ) due to seasonality and ERD margin (+34 bps QoQ), while IT & Business
FY25e FY26e FY27e Services margin was down 35 bps QoQ. IT Services margin was impacted by wage hikes (-
EPS (INR) 64.6 71.6 79.6 80 bps), furloughs (-40 bps), HPE CTG integration cost (-20 bps), partly offset by operating
P/E (x) 30.7 27.7 24.9 efficiencies (+100 bps) and forex (+20 bps). The company narrowed its FY25 revenue growth
P/BV (x) 8.1 8.1 8.1 from 3.5%-5% to 4.5%-5%, including 50 bps inorganic contribution from HPE CTG asset
EV/EBITDA (x) 19.7 17.1 15.1 acquisition. While the EBIT margin guidance remains intact at 18%-19%. Net new deal wins
Dividend Yield (%) 2.9 3.2 3.4 remained stable at USD 2.1 bn vs. the past eight-quarter average deal of USD 2.3 bn.
Management highlights that while the duration of deals is getting shorter, they are comfortable
Source: Company, Antique
with the deal momentum and see that pipeline at all-time high levels.
Returns (%)
Growth led by Software business and core markets
1m 3m 6m 12m
Absolute 1 8 28 29 Among segments, growth was led by Software which grew 17.1% QoQ in USD, followed by
Relative 9 16 35 23 ERD that grew 3.9% QoQ. While IT & Business Services grew 0.4% QoQ. Among verticals,
Source: Bloomberg
growth was led by Retail & CPG which grew by 13.3% QoQ in USD terms, followed by
Technology & Services which grew by 4.2%, Telecom was up 4.3%, Financial services grew
Shareholding pattern by 1.6%, and Manufacturing grew 0.5%. While, Lifesciences & Healthcare and Public Services
Promoters : 61%
were down 0.7% and 0.8% respectively. Management highlighted seeing an uptick in
discretionary spending in the BFSI sector during the quarter, however, the overall discretionary
Public : 39%
spending environment continues to remain unchanged. Also, the manufacturing sector continues
Others : 0%
to see challenges in Europe within the auto segment, Healthcare and Public Services continue
Source: Bloomberg to see weak demand, while some signs of demand pick-up is visible in the Hi-tech segment.
Price performance vs Nifty Among geographies, Americas grew 3.2% QoQ in USD terms, Europe was up 1.9%, while
RoW was down 0.7%.
135
125 Investment Summary
115
105 Given HCLT’s broad-based growth, balanced portfolio, and positive commentary on the
95 demand environment, we believe the company is well-positioned to deliver industry-leading
85 growth in FY26. We maintain our BUY recommendation on the stock and marginally increase
75
Jan-24 May-24 Sep-24 Jan-25 the TP to INR 2,125 from INR 2,050, reflecting an increase in the forward PE multiple to 26x
HCL Tech NIFTY (from 25x), in line with our target multiples for Infosys and TCS. This upward revision in
Source: Bloomberg, Indexed to 100 valuation multiples is driven by an improved medium-term demand outlook.
ANTIQUE STOCK BROKING LIMITED FROM THE RESEARCH DESK 14 January 2025 | 5

Table 1: Financial summary

INR mn 3QFY25 2QFY25 QoQ 3QFY24 YoY FY23 FY24 FY25e FY26e FY27e
Revenues (USD mn) 3,533 3,445 2.5% 3,415 3.5% 12,586 13,270 13,857 15,108 16,708
Revenues 2,99,095 2,88,673 3.6% 2,84,401 5.2% 10,14,560 10,99,130 11,69,346 12,99,297 14,36,901
EBIT 58,356 53,634 8.8% 56,206 3.8% 1,84,509 2,00,235 2,18,645 2,47,121 2,79,544
EBIT Margins 19.5% 18.6% 93 bps 19.8% -25 bps 18.2% 18.2% 18.7% 19.0% 19.5%
PBT 61,395 56,860 8.0% 58,479 5.0% 1,93,658 2,09,653 2,36,670 2,61,982 2,94,405
PAT 46,055 42,389 8.6% 43,231 6.5% 1,48,073 1,56,981 1,76,819 1,96,486 2,19,332
EPS 16.8 15.5 8.5% 15.9 6.1% 54.3 57.7 64.6 71.6 79.6
Source: Company, Antique

Exhibit 1: Revenue growth at 3.8%, marginally below our expectation

10%
8%

3.8%

3.8%
3.5%

3.5%

2.7%
2.5%
6%

1.6%
1.1%

1.0%
0.7%
4%

0.3%
4.5%

7.6%

5.0%

6.0%
2%
0%
-7.2%

-2%

-1.2%

-1.3%

-1.6%
-4%
-6%
-8%
1QFY21

2QFY21

3QFY21

4QFY21

1QFY22

2QFY22

3QFY22

4QFY22

1QFY23

2QFY23

3QFY23

4QFY23

1QFY24

2QFY24

3QFY24

4QFY24

1QFY25

2QFY25

3QFY25
Revenue Growth (CC QoQ)
Source: Company, Antique

Exhibit 2: Operating margin at 19.5%, marginally ahead of our expectation of 19.3%

24%
23%
22%
21%
20%
19% 17.6%

17.1%
17.0%

17.0%

18%
20.5%

21.6%

22.9%

20.4%

19.6%

19.0%

19.0%

17.9%

18.0%

19.6%

18.1%

18.5%

19.8%

18.6%

19.5%
17%
16%
1QFY21

2QFY21

3QFY21

4QFY21

1QFY22

2QFY22

3QFY22

4QFY22

1QFY23

2QFY23

3QFY23

4QFY23

1QFY24

2QFY24

3QFY24

4QFY24

1QFY25

2QFY25

3QFY25

EBIT margins
Source: Company, Antique
ANTIQUE STOCK BROKING LIMITED FROM THE RESEARCH DESK 14 January 2025 | 6

Exhibit 3: HCLT is trading at 28.8x one-year forward multiple, above mean +2 SD levels and…
30

25

20

15

10

5
Jan-16

Jul-16

Jan-17

Jul-17

Jan-18

Jul-18

Jan-19

Jul-19

Jan-20

Jul-20

Jan-21

Jul-21

Jan-22

Jul-22

Jan-23

Jul-23

Jan-24

Jul-24

Jan-25
PE 10Y Avg Mean + 1SD
Mean+ 2SD Mean - 1SD 5Y Avg
Source: Bloomberg, Antique

Exhibit 4: …largely in-line with its large cap peers (TCS and Infosys)

0%

-20%

-40%

-60%

-80%
Jul-14

Jul-15

Jul-16

Jul-17

Jul-18

Jul-19

Jul-20

Jul-21

Jul-22

Jul-23

Jul-24
Jan-14

Jan-15

Jan-16

Jan-17

Jan-18

Jan-19

Jan-20

Jan-21

Jan-22

Jan-23

Jan-24

Jan-25
HCLT forward PE discount to average (Infosys and TCS)
Source: Bloomberg, Antique
ANTIQUE STOCK BROKING LIMITED FROM THE RESEARCH DESK 14 January 2025 | 7

Table 2: Key metrics

3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25
Revenue (USD mn) 2,978 2,993 3,025 3,082 3,244 3,235 3,200 3,225 3,415 3,430 3,364 3,445 3,533
QoQ growth (%) 6.7 0.5 1.1 1.9 5.3 -0.3 -1.1 0.8 5.9 0.4 -1.9 2.4 2.5
CC QoQ growth (%) 7.6 1.1 2.7 3.8 5.0 -1.2 -1.3 1.0 6.0 0.3 -1.6 1.6 3.8
YoY growth (%) 13.8 11.0 11.2 10.4 9.0 8.1 5.8 4.6 5.3 6.0 5.1 6.8 3.5
Geography-wise (%)
America 63.1 62.8 64.2 64.8 63.5 63.8 64.5 64.5 64.5 65.2 66.0 65.1 65.5
Europe 28.3 28.3 27.8 27.5 29.1 28.9 28.7 28.5 29.0 28.9 27.9 28.4 28.2
RoW 8.7 8.9 8.0 7.7 7.4 7.3 6.8 7.0 6.4 5.9 6.1 6.5 6.3
Geography-wise QoQ growth (%)
Americas 7.2 0.0 3.3 2.8 3.1 0.2 0.0 0.8 5.9 1.5 (0.7) 1.0 3.2
Europe 6.7 0.5 (0.7) 0.8 11.4 (1.0) (1.8) 0.1 7.8 0.1 (5.3) 4.3 1.8
RoW 4.3 2.8 (9.2) (1.9) 1.2 (1.6) (7.9) 3.7 (3.2) (7.4) 1.4 9.1 (0.6)
Vertical break up (%)
BFSI 21.1 20.9 21.1 20.6 19.9 21.2 22.6 22.6 21.7 21.6 21.0 20.5 20.3
Manufacturing 17.5 18.0 18.3 19.2 19.7 19.0 19.9 19.3 20.1 20.4 19.4 19.5 19.1
Technology & services 18.4 17.5 15.4 15.1 14.8 14.4 13.4 13.1 12.8 12.3 13.0 13.1 13.3
Telecom 8.1 8.6 9.2 9.2 9.4 8.8 7.6 8.0 9.7 11.5 12.2 12.1 12.3
Retail 10.1 9.4 9.4 9.2 8.9 9.0 9.1 9.6 9.6 9.1 9.4 9.6 10.6
Life sciences 14.4 14.9 16.4 16.5 17.1 17.5 17.5 17.5 16.4 16.3 15.9 16.0 15.5
Public services 10.4 10.7 10.2 10.2 10.2 10.2 10.0 9.9 9.7 8.8 9.1 9.2 8.9
Vertical break up QoQ growth (%)
BFSI 5.7 (0.4) 2.0 (0.5) 1.7 6.2 5.5 0.8 1.7 (0.0) (4.7) (0.0) 1.5
Manufacturing 4.3 3.4 2.7 6.9 8.0 (3.8) 3.6 (2.3) 10.3 1.9 (6.7) 2.9 0.4
Technology & services 14.1 (4.4) (11.1) (0.1) 3.2 (3.0) (8.0) (1.5) 3.5 (3.5) 3.7 3.2 4.1
Telecom 9.4 6.7 8.1 1.9 7.5 (6.6) (14.6) 6.1 28.4 19.1 4.0 1.6 4.2
Retail 10.0 (6.4) 1.1 (0.3) 1.8 0.8 0.0 6.3 5.9 (4.8) 1.3 4.6 13.2
Life sciences 0.4 4.0 11.2 2.5 9.1 2.1 (1.1) 0.8 (0.8) (0.2) (4.3) 3.1 (0.7)
Public services 4.7 3.4 (3.7) 1.9 5.3 (0.3) (3.0) (0.2) 3.8 (8.9) 1.4 3.5 (0.8)
Client composition (%)
Top 5 12.2 11.6 11.2 10.7 10.3 10.1 9.8 9.8 9.8 10.4 11.4 12.1 12.6
Top 10 20.3 19.8 19.4 18.8 18.2 17.7 17.2 17.2 17.7 18.8 19.6 20.1 20.3
Top 20 29.4 29.1 28.9 28.6 28.2 27.8 27.2 27.3 28.0 29.0 30.1 30.8 30.9
Beyond Top 10 70.6 70.9 71.1 71.4 71.8 72.2 72.8 72.7 72.0 71.0 69.9 69.2 69.1
Client data
More than 1 mn USD 864 882 880 890 937 939 947 971 958 951 404 952 952
More than 5 mn USD 346 349 353 356 365 375 390 402 401 395 404 402 398
More than 10 mn USD 198 208 218 220 221 229 237 243 250 254 256 251 248
More than 20 mn USD 110 118 127 128 130 131 127 132 132 137 133 137 136
More than 50 mn USD 42 43 42 42 45 46 48 49 49 46 48 52 53
More than 100 mn USD 15 16 17 17 17 19 20 20 20 22 22 22 22
Deal Wins (USD bn)
TCV (New deal wins) 2.1 2.3 2.1 2.4 2.3 2.1 1.6 4.0 1.9 2.3 1.9 2.2 2.1
Employee Metrics
Total employee count (nos.) 1,97,777 2,08,877 2,10,966 2,19,325 2,22,270 2,25,944 2,23,438 2,21,139 2,24,756 2,27,481 2,19,401 2,18,621 2,20,755
Net Additions 10,143 11,100 2,089 8,359 2,945 3,674 (2,506) (2,299) 3,617 2,725 (8,080) (780) 2,134
Attrition - IT Services (LTM) % 19.8 21.9 23.8 23.8 21.7 19.5 16.3 14.2 12.8 12.4 12.8 12.9 13.2
Source: Company, Antique
ANTIQUE STOCK BROKING LIMITED FROM THE RESEARCH DESK 14 January 2025 | 8

Financials
Profit and loss account (INR mn) Cash flow statement (INR mn)
Year-ended March 31 FY23 FY24 FY25e FY26e FY27e Year-ended March 31 FY23 FY24 FY25e FY26e FY27e
Net Revenue 10,14,560 10,99,130 11,69,346 12,99,297 14,36,901 PBT 1,93,658 2,09,653 2,36,670 2,61,982 2,94,405
Op. Expenses 7,88,585 8,57,190 9,09,834 10,00,204 10,99,881 Depreciation & amortization 41,466 41,664 40,867 51,972 57,476
EBITDA 2,25,975 2,41,940 2,59,512 2,99,093 3,37,020 (Inc)/Dec in working capital (12,817) 23,193 (6,253) (7,618) (5,656)
Depreciation 41,466 41,705 40,867 51,972 57,476 Tax paid (46,488) (52,548) (59,927) (65,495) (75,073)
EBIT 1,84,509 2,00,235 2,18,645 2,47,121 2,79,544 CF from operating activities 1,79,761 2,24,554 2,11,357 2,40,840 2,71,152
Other income 9,149 9,418 18,025 14,861 14,861 Capital expenditure (21,845) (30,979) (17,540) (19,489) (21,554)
Reported PBT 1,93,658 2,09,653 2,36,670 2,61,982 2,94,405 Inc/(Dec) in investments (22,490) (44,232) - (44,232) -
Tax 46,488 52,548 59,927 65,495 75,073 Others investing activities 4,595 7,952 - 44,231.58 -
Reported PAT 1,47,170 1,57,105 1,76,743 1,96,486 2,19,332 CF from investing activities (39,741) (67,259) (17,540) (19,489) (21,554)
Net Profit 1,47,170 1,57,105 1,76,743 1,96,486 2,19,332 Dividend Paid (1,30,105) (1,40,729) (1,88,740) (2,09,100) (2,23,058)
Adjusted PAT 1,48,073 1,56,981 1,76,819 1,96,486 2,19,332 CF from financing activities (1,59,044) (1,54,728) (1,88,740) (2,09,100) (2,23,058)
Adjusted EPS (INR) 54.3 57.7 64.6 71.6 79.6 Net cash flow (19,024) 2,568 5,076 12,251 26,540
Opening balance 1,03,397 88,913 93,764 1,00,601 1,14,777
Balance sheet (INR mn) Closing balance 88,913 93,764 1,00,601 1,14,777 1,41,317
Year-ended March 31 FY23 FY24 FY25e FY26e FY27e
Networth 6,41,818 6,77,969 6,67,308 6,71,760 6,72,333 Growth indicators (%)
Debt 20,717 22,116 22,531 22,962 22,962 Year-ended March 31 FY23 FY24 FY25e FY26e FY27e
Minority Interest (81) 83 84 86 86 Revenue 18.5 8.3 6.4 11.1 10.6
Capital Employed 6,62,455 7,00,168 6,89,924 6,94,808 6,95,381 EBITDA 12.9 7.1 7.3 15.3 12.7
Net Fixed Assets 1,03,987 1,02,213 1,02,155 93,385 79,220 Adj PAT 9.7 6.0 12.6 11.1 11.6
Goodwill 2,64,079 2,70,939 2,54,676 2,37,790 2,16,032 Adj EPS 11.3 6.3 12.1 10.7 11.2
Investments 1,33,894 1,84,050 1,87,505 1,91,092 1,91,092
Current Investments 1,33,894 1,84,050 1,87,505 1,91,092 1,91,092 Valuation (x)
Current Assets, Loans & Adv. 3,91,685 4,05,125 4,47,834 4,95,179 5,55,649 Year-ended March 31 FY23 FY24 FY25e FY26e FY27e
Debtors 2,50,133 2,53,545 2,88,332 3,20,375 3,54,304 P/E (x) 36.6 34.4 30.7 27.7 24.9
Cash & Bank balance 88,913 93,764 1,00,601 1,14,777 1,41,317 P/BV (x) 8.4 8.0 8.1 8.1 8.1
Loans & advances and others 52,638 57,816 58,901 60,028 60,028 EV/EBITDA (x) 22.9 21.2 19.7 17.1 15.1
Current Liabilities & Prov. 2,30,142 2,57,355 2,85,960 3,10,340 3,38,614 EV/Sales (x) 5.1 4.7 4.4 3.9 3.5
Liabilities 2,10,231 2,25,796 2,53,809 2,77,574 3,05,848 Dividend Yield (%) 2.4 2.6 2.9 3.2 3.4
Provisions 19,911 31,558 32,151 32,766 32,766
Net Current Assets 1,61,543 1,47,770 1,61,874 1,84,839 2,17,035
Financial ratios
Application of Funds 6,62,455 7,00,168 6,89,924 6,94,808 6,95,381
Year-ended March 31 FY23 FY24 FY25e FY26e FY27e
RoE (%) 23.7 23.8 26.3 29.3 32.6
Per share data RoCE (%) 29.5 30.8 34.1 37.8 42.4
Year-ended March 31 FY23 FY24 FY25e FY26e FY27e Asset/T.O (x) 3.8 4.3 4.5 4.8 5.0
No. of shares (mn) 2,711 2,722 2,733 2,744 2,755
Diluted no. of shares (mn) 2,713 2,724 2,735 2,746 2,757
Margins (%)
BVPS (INR) 236.6 248.9 244.0 244.7 243.9
Year-ended March 31 FY23 FY24 FY25e FY26e FY27e
EBITDA Margin (%) 22.3 22.0 22.2 23.0 23.5
CEPS (INR) 69.5 73.0 79.6 90.5 100.4
EBIT Margin (%) 18.2 18.2 18.7 19.0 19.5
DPS (INR) 48.0 52.0 58.0 64.0 68.0
PAT Margin (%) 14.5 14.2 14.9 15.0 15.1
Source: Company, Antique
Source: Company Antique
ANTIQUE STOCK BROKING LIMITED FROM THE RESEARCH DESK 14 January 2025 | 9

ANTIQUE'S INDIA ECONOMIC MONITOR

CPI
Vegetable prices have cooled-off sharply in January!
Headline inflation has inched lower to 5.2% YoY in December’24 (as compared
to the previous month reading of 5.5% YoY), marginally lower than
consensus estimate. Core inflation remained benign at 3.6% YoY, despite
elevated price pressures on personal care and effects. On the other hand,
food inflation remained elevated at 8.4% YoY (lower as compared to 9.0%
YoY in the previous month), primarily led by vegetables (26.6% YoY) and oil
Pankaj Chhaochharia & fats (14.6% YoY). Key products seeing an inflationary trend are a) Mustard
+91 22 6911 3340 oil, refined oil, tomato, potato, and turmeric—within food; and b) Mobile
pankaj.chhaochharia@antiquelimited.com
charges and gold—within the non-food category. However, few key products
Dhirendra Tiwari seeing benign inflationary trends are: a) Milk, ghee, arhar/ tur, masur, sugar,
+91 22 6911 3436 jeera, and dry chilies within food; and b) Washing soap, petrol/ diesel,
dhirendra.tiwari@antiquelimited.com
railway/ taxi/ bus fare within the non-food category. We expect RBI to start
a rate cut cycle from February onwards as inflation ex. vegetables remain
below the 4% mark for 12 months in a row, there is a sharp moderation in
vegetable prices in January (~18% sequential decline in key crops like onion,
potato, and tomato), and due to recent moderation in economic growth.
However, current INR depreciation (5% INR depreciation may harden inflation
by 35 bps as per a RBI study) may postpone the rate cut cycle to April. Overall,
we expect the repo rate to cool off to 5.75% from the current 6.50% considering
FY26 CPI estimate of ~4.25% and ~1.5% neutral rate.
Vegetable prices have cooled off sharply in January
Food inflation remains elevated at 8.4% YoY (lower as compared to 9.0% YoY in the previous
month), primarily led by vegetables (26.6% YoY) and oil & fats (14.6% YoY). Key products
seeing an inflationary trend are a) Mustard oil, refined oil, tomato, potato, turmeric, while
benign inflationary trends continue in milk, ghee, arhar/ tur, masur, sugar, jeera, and dry
chilies. Our analysis suggest that key vegetable crops like potato, tomato, and onion prices
have cooled-off sharply in January (by ~18% MoM). We expect vegetable inflation to further
cool-off in the coming weeks as the reservoir levels remain elevated as compared to the long-
term average, which bodes well for Rabi season outlook.
Core inflation remains benign despite elevated personal care & effects
Core inflation remained benign at 3.6% YoY, despite elevated price pressures on personal
care and effects. Key products seeing an inflationary trend are a) Mobile charges and gold,
while benign inflationary trends continue in washing soap, petrol/ diesel, railway/ taxi/ bus
fare. Going ahead, core inflation may harden due to a lower base, INR depreciation,
businesses expectation of input cost pressures to remain elevated, and growth in selling
prices to accelerate from 4Q.
A rate cut cycle may resume from February
We expect RBI to start a rate cut cycle from February onwards as inflation ex. vegetables
remain below the 4% mark for 12 months in a row, continued moderation in vegetable prices
(~18% sequential decline in key crops like onion, potato, and tomato), and due to recent
moderation in economic growth. However, current INR depreciation (5% depreciation may
harden inflation by 35 bps as per a RBI study) may postpone the rate cut cycle to April.
Overall, we expect the repo rate to cool-off to 5.75% from the current 6.50% considering
FY26 CPI estimate of ~4.25% and ~1.5% neutral rate.
ANTIQUE STOCK BROKING LIMITED FROM THE RESEARCH DESK 14 January 2025 | 10

Exhibit 1: Monthly trend in consumer inflation

9.0
YoY %
8.0

7.0

6.0

5.0

4.0

3.0

2.0

1.0
Dec-18

Jun-19
Sep-19
Dec-19

Jun-20
Sep-20
Dec-20

Jun-21
Sep-21
Dec-21

Jun-22
Sep-22
Dec-22

Jun-23
Sep-23
Dec-23

Jun-24
Sep-24
Dec-24
Mar-19

Mar-20

Mar-21

Mar-22

Mar-23

Mar-24
India CPI Core CPI CPI ex vegetable
Source: Mospi, Bloomberg, Antique

Table 1: Summary table

(%, yoy) Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24
CPI 4.9 4.8 4.8 5.1 3.6 3.7 5.5 6.2 5.5 5.2
Food 8.5 8.7 8.7 9.4 5.4 5.7 9.2 10.9 9.0 8.4
Cereals 8.4 8.6 8.7 8.8 8.1 7.3 6.8 6.9 6.9 6.5
Fish & meat 6.4 8.2 7.3 5.4 5.9 4.3 2.6 3.2 4.7 5.3
Eggs 10.3 7.1 7.7 4.1 6.8 7.1 6.4 4.9 4.8 6.9
Milk and products 3.4 3.0 2.6 3.0 3.0 2.9 3.0 3.0 2.9 2.8
Oil & fats (11.7) (9.4) (6.7) (2.7) (1.1) (0.9) 2.5 9.6 13.3 14.6
Fruits 3.0 5.2 6.7 7.2 3.8 6.5 7.6 8.4 7.7 8.5
Vegetables 28.3 27.8 27.4 29.3 6.8 10.7 36.0 42.2 29.4 26.6
Pulses & products 17.8 16.8 17.1 16.1 14.8 13.6 9.8 7.4 5.4 3.8
Fuel & light (3.4) (4.0) (3.7) (3.6) (5.5) (5.3) (1.3) (1.7) (1.8) (1.4)
Clothing & footwear 3.0 2.9 2.7 2.7 2.7 2.7 2.7 2.7 2.7 2.7
Housing 2.7 2.7 2.6 2.7 2.7 2.7 2.7 2.8 2.9 2.7
Miscellaneous 3.5 3.5 3.4 3.4 3.8 3.9 4.0 4.3 4.3 4.2
Household goods & services 2.7 2.7 2.5 2.4 2.3 2.4 2.5 2.7 2.8 2.8
Health 4.3 4.3 4.2 4.1 4.1 4.1 4.1 4.0 4.0 4.0
Transport & comm 1.5 1.1 1.0 1.0 2.6 2.7 2.7 2.8 2.7 2.6
Recreation and amusement 2.8 2.6 2.6 2.3 2.2 2.4 2.4 2.4 2.6 2.7
Education 4.7 4.2 4.1 3.6 3.5 3.9 3.8 3.9 3.9 3.9
Personal care and effects 6.0 7.4 7.7 8.2 8.4 8.0 9.0 11.0 10.4 9.7
Core CPI 3.2 3.2 3.1 3.1 3.4 3.4 3.5 3.7 3.6 3.6
Source: Mospi, Bloomberg, Antique
ANTIQUE STOCK BROKING LIMITED FROM THE RESEARCH DESK 14 January 2025 | 11

Exhibit 2: Vegetable prices are sequentially down by ~18%

150.0 Price (YoY %)

100.0

50.0

0.0

-50.0

-100.0

Nov-23

Dec-23

Jan-24

Jun-24

Jul-24

Aug-24

Sep-24

Nov-24

Dec-24

Jan-25
Feb-24

Mar-24

Apr-24

May-24

Oct-24
Onion Tomato Potato
Source: CEIC, Antique

Exhibit 3: Above normal reservoir levels may further help cool prices
90 Reservoir storage as % of total capacity
80

70

60

50

40

30

20

10
63

57

71

53

54

42

69

68

67

68

69

81

67

66

74

56

39

73
0
All India Northern Eastern Western Central Southern
Long Period Avg 11-01-2024 09-01-2025
Source: CEIC, Antique; Long Period Avg is from 2015
ANTIQUE STOCK BROKING LIMITED FROM THE RESEARCH DESK 14 January 2025 | 12

Valuation Guide
Company Reco CMP TP Return M. Cap M. Cap Net profit (INR bn) EPS (INR) P/E (x) EV/EBITDA (x) P/BV (x) RoE (%) RoCE (%) Absolute (%)
(INR) (INR) (%) (INR bn) (USD bn) FY25 FY26 FY27 FY25 FY26 FY27 FY25 FY26 FY27 FY25 FY26 FY27 FY26 FY26 FY26 1m 12m
AGROCHEM & FERTILIZERS
Bayer Cropscience Hold 5,134 5,540 8 230.7 2.7 7.8 9.4 10.5 173.2 208.4 234.2 29.6 24.6 21.9 22.1 18.4 16.3 7.4 30.9 39.8 -18 -11
Coromandel Intl. Buy 1,808 2,170 20 532.7 6.1 17.4 19.9 25.8 57.1 66.3 86.7 31.6 27.3 20.9 19.5 17.2 13.2 4.3 17.4 24.7 2 53
Dhanuka Agritech Buy 1,321 2,090 58 59.6 0.7 2.8 3.1 3.8 62.4 69.8 83.3 21.2 18.9 15.9 14.6 12.8 10.5 3.5 19.9 26.8 -18 6
Paradeep Phosphates Buy 104 140 34 85.0 1.0 4.5 6.0 7.3 5.5 7.3 9.0 19.0 14.2 11.6 10.4 8.6 7.5 1.9 14.3 14.4 -3 33
PI Industries Buy 3,400 4,770 40 515.9 6.0 16.7 19.2 22.2 109.6 126.5 145.8 31.0 26.9 23.3 20.4 17.3 14.7 4.4 17.5 23.2 -15 -1
Rallis India Sell 278 310 12 54.0 0.6 1.8 2.4 3.0 9.1 12.4 15.7 30.6 22.4 17.7 13.7 11.1 8.9 2.5 11.7 16.3 -11 8
Sharda Cropchem Buy 718 830 16 64.8 0.7 2.6 3.3 4.2 28.5 37.0 46.3 25.2 19.4 15.5 10.4 8.1 6.5 2.3 12.7 16.3 -12 64
Sumitomo Chemical India Buy 464 630 36 231.8 2.7 5.4 6.5 7.8 10.8 13.1 15.7 43.0 35.5 29.6 33.2 27.3 22.7 6.6 20.4 27.2 -12 15
UPL Buy 534 740 39 424.3 4.9 10.3 25.3 37.0 13.7 33.8 49.3 39.0 15.8 10.8 8.0 6.6 5.4 1.5 9.9 11.9 -3 -2
BUILDING MATERIALS
Apollo Pipes Buy 422 600 42 17.5 0.2 0.4 0.5 0.9 9.1 12.2 19.7 46.4 34.6 21.4 16.2 12.2 8.4 2.2 6.5 9.5 -11 -38
Astral Buy 1,472 2,140 45 395.3 4.6 6.2 7.7 9.6 23.1 28.8 35.6 63.8 51.2 41.3 36.8 29.9 24.5 8.9 18.9 24.8 -20 -19
Cera Sanitaryware Buy 6,658 8,820 32 85.9 1.0 2.5 2.8 3.2 191.9 217.8 251.9 34.7 30.6 26.4 26.5 22.3 18.6 5.7 19.6 25.4 -13 -17
Finolex Industries Hold 207 240 16 128.6 1.5 6.2 6.6 7.2 10.0 10.7 11.7 20.8 19.4 17.7 16.6 15.1 13.7 1.9 10.1 12.1 -22 -14
Greenlam Industries Buy 532 800 50 67.9 0.8 1.3 2.1 3.2 10.3 16.6 24.8 51.7 32.0 21.5 22.9 15.5 12.3 5.0 16.7 16.1 -9 -1
Greenpanel Industries Buy 331 550 66 40.6 0.5 0.9 1.5 2.7 7.0 12.5 21.9 47.1 26.5 15.1 23.6 13.0 8.5 2.6 9.9 8.1 -16 -20
Kajaria Ceramics Buy 1,020 1,500 47 162.5 1.9 4.3 5.5 6.8 27.0 34.3 42.7 37.7 29.8 23.9 21.6 17.3 13.9 4.8 17.2 22.4 -12 -27
Prince Pipes and Fittings Buy 394 470 19 43.6 0.5 1.0 1.5 1.8 8.9 13.2 16.6 44.5 29.8 23.8 19.6 14.6 11.9 2.5 8.6 11.2 -7 -45
Somany Ceramics Buy 571 900 58 23.4 0.3 1.0 1.4 1.8 24.5 33.0 45.0 23.3 17.3 12.7 9.8 8.0 6.2 2.5 15.6 17.5 -18 -17
Supreme Industries Buy 4,289 5,520 29 544.9 6.3 11.5 13.6 15.6 90.3 107.4 122.5 47.5 39.9 35.0 32.0 27.1 23.9 8.1 21.8 25.7 -11 2
CEMENT
ACC Buy 1,859 2,600 40 349.2 4.0 16.0 21.2 25.8 85.1 112.7 137.2 21.9 16.5 13.6 10.5 8.2 6.8 1.8 11.3 15.6 -17 -20
Ambuja Cement Buy 493 680 38 1,214.8 14.0 27.2 29.9 41.2 11.1 12.1 16.7 44.6 40.7 29.5 22.4 16.6 13.1 2.2 5.6 9.8 -14 -7
Birla Corp Buy 1,177 1,500 27 90.6 1.0 2.0 4.0 4.9 26.3 52.0 64.2 44.7 22.6 18.3 10.5 8.5 7.5 1.2 5.5 7.2 -8 -18
Dalmia Bharat Hold 1,702 1,930 13 319.3 3.7 8.1 12.4 14.0 43.1 65.9 74.7 39.5 25.8 22.8 12.8 10.7 9.8 1.7 6.6 8.1 -11 -26
Grasim Industries Buy 2,288 2,875 26 1,565.1 18.1 5.5 11.5 16.6 8.3 17.3 25.0 274.4 131.9 91.4 111.9 73.9 55.2 2.7 2.0 3.0 -15 8
Heidelberg Hold 203 190 (6) 46.1 0.5 1.7 2.2 2.6 7.4 9.6 11.3 27.7 21.2 17.9 12.9 10.2 8.7 3.2 15.3 18.3 -10 -11
JK Cement Buy 4,364 5,000 15 337.2 3.9 7.1 9.0 11.2 91.6 117.1 145.1 47.7 37.3 30.1 18.6 15.6 13.3 5.0 14.3 14.0 -8 8
JK Lakshmi Cement Hold 763 850 11 89.8 1.0 2.4 3.9 5.1 20.8 31.3 40.8 36.7 24.4 18.7 13.0 10.1 8.8 2.8 12.0 12.8 -12 -12
Nuvoco Vistas Hold 342 370 8 122.3 1.4 0.3 2.3 3.7 0.8 6.5 10.5 404.1 52.3 32.6 11.3 9.5 8.5 1.3 2.6 5.6 -6 -2
Orient Cement Hold 336 315 (6) 68.8 0.8 1.2 2.8 3.8 5.8 13.8 18.5 57.5 24.4 18.1 19.6 13.1 10.6 3.3 14.3 15.5 -2 18
Shree Cements Buy 24,875 28,800 16 897.5 10.4 14.3 20.3 25.5 396.4 563.2 707.2 62.7 44.2 35.2 20.4 16.1 13.6 3.8 9.0 11.7 -10 -7
Star Cement Buy 204 225 11 82.4 1.0 1.7 3.5 4.6 4.3 8.7 11.3 47.6 23.5 18.1 15.7 11.4 9.1 2.5 11.4 14.5 -11 14
Ramco Cement Hold 882 920 4 208.4 2.4 2.1 5.2 7.2 8.9 22.0 30.4 99.3 40.1 29.0 17.5 13.6 11.6 2.7 6.8 8.8 -15 -11
UltraTech Cement Buy 10,615 12,800 21 3,064.6 35.4 68.0 89.3 116.0 230.6 303.0 393.8 46.0 35.0 27.0 24.2 18.3 14.6 4.4 13.2 16.6 -12 8
FMCG
Allied Blenders and Distillers Buy 385 405 5 107.7 1.2 1.5 2.2 2.7 5.3 7.7 9.6 72.0 50.1 40.0 30.4 25.2 21.6 7.2 14.9 17.3 3
Asian Paints Hold 2,253 2,527 12 2,160.7 24.9 43.7 48.3 53.9 45.6 50.3 56.2 49.4 44.8 40.1 34.7 30.8 27.1 9.3 22.1 25.8 -6 -31
Bajaj Consumer Care Buy 184 284 54 25.3 0.3 1.6 1.8 2.0 11.1 12.6 14.2 16.5 14.7 13.0 9.8 8.0 6.4 1.9 13.3 16.2 -14 -19
Colgate Palmolive Hold 2,752 3,054 11 748.5 8.6 14.7 16.7 18.5 54.0 61.6 67.9 50.9 44.7 40.5 34.9 30.9 27.8 28.4 69.5 105.5 -4 13
Dabur India Buy 511 710 39 905.2 10.4 19.2 22.0 25.1 10.9 12.5 14.2 47.1 41.0 36.0 35.3 30.8 26.9 7.7 19.7 23.2 0 -7
Emami Buy 565 884 56 248.2 2.9 8.8 9.8 11.0 20.2 22.4 25.3 28.0 25.2 22.4 22.6 20.1 17.5 7.7 32.9 39.7 -5 8
Godrej Consumer Buy 1,159 1,512 30 1,185.7 13.7 20.5 26.3 30.9 20.0 25.8 30.2 57.8 45.0 38.3 37.4 31.7 27.2 8.2 19.0 24.8 4 0
Hindustan Unilever Hold 2,451 2,666 9 5,758.8 66.4 104.5 114.8 125.3 44.5 48.9 53.3 55.1 50.2 46.0 37.9 34.3 31.3 11.4 22.6 27.9 3 -3
Honasa Consumer Hold 241 390 62 78.3 0.9 0.7 1.5 2.1 2.3 4.8 6.5 106.1 50.8 37.1 33.1 23.1 15.3 5.9 12.4 24.4 -3 -49
ITC Buy 439 563 28 5,493.3 63.4 209.2 241.8 273.3 16.8 19.4 21.9 26.2 22.7 20.1 20.8 18.0 15.7 6.7 30.7 39.5 -1 -1
Jyothy Labs Buy 386 561 45 141.8 1.6 4.1 4.5 5.2 11.2 12.4 14.0 34.5 31.2 27.5 26.0 23.0 19.7 6.1 20.9 27.4 -7 -24
Kansai Nerolac Buy 246 370 50 198.5 2.3 7.2 8.4 10.0 8.9 10.3 12.3 27.7 23.7 19.9 16.2 13.8 11.5 3.1 13.5 18.6 -7 -28
Marico Buy 668 823 23 865.7 10.0 15.8 18.2 21.2 12.2 14.1 16.5 54.7 47.3 40.6 38.9 33.1 28.4 17.3 39.3 45.2 4 25
Nestle Hold 2,237 2,563 15 2,157.2 24.9 32.7 36.3 41.2 33.9 37.6 42.7 66.0 59.5 52.4 44.3 39.9 35.3 37.2 69.0 94.6 -1 -12
Patanjali Foods Buy 1,776 2,100 18 643.0 7.4 14.4 21.7 25.3 39.8 59.9 70.0 44.6 29.6 25.4 32.1 20.8 17.1 4.8 17.5 21.9 -2 8
Radico Khaitan Buy 2,161 2,500 16 289.1 3.3 4.1 5.4 6.7 30.4 40.4 50.0 71.0 53.5 43.2 41.7 33.8 28.0 9.0 18.3 20.8 -11 30
United Spirits Buy 1,484 1,703 15 1,079.1 12.4 15.1 17.9 20.6 20.8 24.6 28.4 71.5 60.3 52.3 51.2 43.5 37.3 11.8 21.0 34.7 -2 33
RETAIL
Aditya Birla Fashion & Retail Hold 260 325 25 278.9 3.2 -2.2 1.6 4.5 -2.2 1.6 4.4 -119.8 162.5 58.5 16.2 12.5 10.2 6.6 4.2 8.3 -14 12
Arvind Fashions Buy 492 700 42 65.6 0.8 1.1 1.8 2.6 7.9 13.4 19.6 61.9 36.6 25.0 11.2 8.7 6.7 4.5 12.4 19.8 -6 2
Avenue Supermarts Hold 3,507 3,978 13 2,282.4 26.3 30.8 34.9 41.3 47.3 53.6 63.4 74.2 65.5 55.3 48.2 42.1 35.4 8.8 13.5 18.3 -4 -9
Devyani International Buy 178 205 16 214.3 2.5 0.8 1.5 2.0 0.7 1.3 1.7 258.2 140.2 106.1 25.0 19.6 16.6 16.6 12.6 22.0 5 -4
Jubilant Foodworks Hold 707 584 (17) 466.2 5.4 3.2 4.9 6.4 4.9 7.5 9.7 145.5 94.8 72.6 30.1 25.0 21.6 18.0 20.0 29.0 4 34
Kewal Kiran Buy 516 1,040 102 31.8 0.4 1.6 1.9 2.1 26.6 31.3 34.7 19.4 16.5 14.9 13.9 12.2 10.6 3.4 20.7 23.6 -15 -31
Restaurant Brands Asia Buy 75 133 76 37.5 0.4 -0.8 -0.8 -0.4 -1.6 -1.6 -0.7 -47.5 -47.3 -105.4 10.8 8.5 6.6 2.2 -4.6 9.3 -7 -40
Sapphire Foods India Buy 321 416 30 102.9 1.2 0.4 0.9 1.9 1.4 3.0 5.9 231.5 108.4 54.0 19.6 14.3 10.5 6.9 6.6 18.8 3 11
Senco Gold Buy 1,012 1,709 69 82.8 1.0 2.3 2.6 3.3 29.4 34.0 42.7 34.5 29.7 23.7 21.1 18.1 15.4 4.5 15.0 13.6 -12 27
Shoppers Stop Buy 605 1,016 68 66.6 0.8 0.2 1.4 2.8 1.5 12.6 25.8 408.2 48.1 23.4 9.6 7.6 5.9 13.9 28.9 14.5 1 -14
Titan Co Ltd Buy 3,383 4,598 36 3,003.2 34.6 37.9 55.2 68.0 42.7 62.2 76.6 79.3 54.4 44.1 52.1 38.2 31.6 18.2 38.6 24.3 -4 -9
Trent Buy 6,224 7,642 23 2,212.7 25.5 17.6 24.6 33.6 49.5 69.1 94.5 125.8 90.0 65.8 73.8 53.0 38.9 25.7 28.5 39.5 -11 94
Vedant Fashion Buy 1,184 1,490 26 287.5 3.3 4.3 5.1 6.2 17.7 20.9 25.6 67.0 56.5 46.2 39.8 33.6 27.5 12.5 24.2 31.3 -13 -1
V-Mart Retail Buy 3,231 5,101 58 64.0 0.7 -0.2 0.7 1.3 -11.3 35.3 67.3 -286.8 91.5 48.0 19.6 13.5 10.7 8.0 9.2 11.9 -16 55
Westlife Foodworld Hold 753 878 17 117.4 1.4 0.6 1.0 1.4 3.6 6.6 9.3 211.8 114.4 81.2 30.7 24.4 20.4 16.6 15.3 32.9 -7 -9
ANTIQUE STOCK BROKING LIMITED FROM THE RESEARCH DESK 14 January 2025 | 13

Valuation Guide
Company Reco CMP TP Return M. Cap M. Cap Net profit (INR bn) EPS (INR) P/E (x) EV/EBITDA (x) P/BV (x) RoE (%) RoCE (%) Absolute (%)
(INR) (INR) (%) (INR bn) (USD bn) FY25 FY26 FY27 FY25 FY26 FY27 FY25 FY26 FY27 FY25 FY26 FY27 FY26 FY26 FY26 1m 12m

INDUSTRIALS
ABB Buy 6,109 8,616 41 1,294.6 14.9 17.9 20.8 26.1 84.4 98.2 123.1 72.4 62.2 49.6 56.5 48.5 38.4 15.2 26.5 36.1 -21 28
BHEL Buy 193 364 89 670.6 7.7 17.8 34.3 42.3 5.1 9.8 12.1 37.7 19.6 15.9 25.3 13.9 11.4 2.4 12.8 15.3 -21 -2
Cummins India Buy 2,873 4,301 50 796.5 9.2 17.3 20.3 24.8 62.6 73.2 89.6 45.9 39.2 32.1 39.0 32.6 25.9 10.6 28.3 37.1 -20 40
Engineers India Buy 162 238 47 91.2 1.1 3.3 4.3 5.4 5.2 6.9 8.6 31.3 23.6 19.0 25.4 16.9 12.5 3.3 16.5 19.0 -20 -24
GE T&D Buy 1,914 2,180 14 489.9 5.7 5.6 7.4 10.1 21.9 29.0 39.6 87.4 65.9 48.3 61.3 46.4 33.9 19.2 34.2 48.9 -1 202
Hitachi Energy Buy 12,724 17,315 36 539.3 6.2 3.6 7.7 12.2 84.0 183.0 288.6 151.4 69.5 44.1 88.4 47.4 30.8 25.0 41.2 56.6 -2 115
Honeywell Automation Buy 40,125 56,499 41 354.8 4.1 5.3 7.0 9.6 600.9 787.41,086.5 66.8 51.0 36.9 51.1 37.2 26.0 7.5 15.8 16.1 -1 9
KEC International Buy 939 1,075 14 250.0 2.9 7.5 12.0 17.3 29.1 46.7 67.2 32.2 20.1 14.0 16.5 12.4 8.7 4.2 22.8 24.1 -19 54
Kirloskar Pneumatic Buy 1,306 1,747 34 84.7 1.0 2.2 2.6 3.1 34.6 40.9 48.5 37.7 31.9 26.9 25.7 21.2 17.4 6.1 21.1 19.5 -23 111
Kirloskar Oil Engines Buy 896 1,550 73 130.0 1.5 4.4 5.8 7.2 30.5 39.8 49.6 29.3 22.5 18.1 18.3 14.0 11.0 3.9 18.4 23.4 -20 27
Lakshmi Machine Works Hold 15,965 15,996 0 170.6 2.0 2.0 3.6 5.7 182.9 335.3 533.2 87.3 47.6 29.9 68.7 35.4 21.3 5.6 12.2 16.1 -8 16
Linde India Hold 6,022 7,201 20 513.6 5.9 4.8 6.6 9.4 55.8 77.5 110.8 107.9 77.7 54.4 66.0 48.7 34.6 12.0 16.5 20.6 -11 9
Larsen & Toubro Buy 3,464 4,204 21 4,763.9 55.0 162.2 226.2 276.7 115.8 161.5 197.6 29.9 21.4 17.5 19.9 15.4 12.5 4.0 19.8 14.8 -11 -3
Siemens Buy 5,803 8,856 53 2,066.7 23.8 30.9 39.0 51.1 86.6 109.5 143.5 67.0 53.0 40.4 51.7 40.6 30.6 11.3 22.8 31.1 -26 40
Thermax Hold 3,636 5,300 46 433.2 5.0 6.2 9.5 13.3 54.7 84.1 117.8 66.5 43.2 30.9 48.6 32.2 22.9 7.1 17.7 21.5 -24 13
Transformers & Rectifiers India Buy 1,064 1,424 34 159.7 1.8 1.9 3.6 5.0 12.4 22.7 31.6 85.7 46.8 33.6 52.4 28.2 20.3 10.8 25.8 33.5 -5 296
DEFENCE
Bharat Dynamics Buy 1,116 1,357 22 409.2 4.7 6.1 8.6 12.4 16.6 23.3 33.9 67.3 47.9 32.9 72.9 43.4 26.6 9.0 20.1 20.5 -11 29
Bharat Electronics Buy 260 361 39 1,897.6 21.9 44.3 51.5 66.0 6.1 7.0 9.0 42.8 36.8 28.7 31.2 26.5 20.1 8.7 25.5 26.3 -18 41
BEML Buy 3,599 5,185 44 149.9 1.7 3.4 4.8 7.2 82.1 116.0 172.8 43.9 31.0 20.8 28.1 20.4 14.0 4.4 15.2 15.8 -18 12
Cochin Shipyard Hold 1,360 1,627 20 357.7 4.1 7.6 8.5 10.4 28.9 32.4 39.7 47.0 41.9 34.3 29.2 26.0 21.3 5.9 14.8 19.3 -15 80
Garden Reach Shipbuilders Buy 1,371 1,783 30 157.1 1.8 4.4 5.3 5.4 38.3 46.0 47.0 35.8 29.8 29.2 29.2 22.4 20.4 6.4 23.2 31.8 -20 57
Hindustan Aeronautics Buy 3,788 5,902 56 2,533.5 29.2 67.3 86.7 98.7 100.7 129.6 147.5 37.6 29.2 25.7 26.1 19.3 16.0 6.5 24.0 25.1 -19 26
Mazagon Dock Shipbuilders Buy 2,028 1,378 (32) 818.2 9.4 28.6 30.1 38.5 141.6 149.4 190.8 14.3 13.6 10.6 24.9 21.4 14.0 3.9 31.6 43.9 -16 77
PTC Industries Buy 17,315 19,639 13 259.5 3.0 0.8 1.7 5.0 52.5 112.0 334.8 330.1 154.5 51.7 209.9 85.9 35.1 16.6 11.3 14.5 50 150
CONSUMER DURABLES
Bajaj Elec. Hold 733 901 23 84.5 1.0 1.0 2.1 3.0 8.5 18.0 25.7 86.0 40.7 28.5 30.5 19.7 15.0 5.2 13.2 16.7 -10 -29
Blue Star Hold 1,853 1,946 5 381.1 4.4 6.4 8.9 11.3 31.3 43.1 55.0 59.3 43.0 33.7 39.5 28.9 22.7 9.8 25.2 32.3 -11 81
Crompton Consumer Buy 354 496 40 227.6 2.6 5.4 7.1 9.1 8.5 11.0 14.2 41.7 32.2 25.0 25.5 20.0 15.5 6.1 20.1 23.2 -14 9
Havells India Hold 1,532 2,000 31 960.5 11.1 15.7 19.8 25.0 25.2 31.7 40.0 60.8 48.4 38.3 41.7 33.0 26.0 9.5 21.2 27.9 -13 7
Voltas Hold 1,592 1,901 19 526.7 6.1 9.5 12.0 16.3 28.6 36.2 49.2 55.6 43.9 32.4 42.3 32.9 24.0 7.2 17.4 23.4 -12 51
RAILWAYS
IRCON International Hold 182 205 13 170.9 2.0 7.8 8.4 9.5 8.3 8.9 10.1 21.8 20.3 18.1 20.7 19.3 16.9 2.5 12.9 16.5 -20 -7
Jupiter Wagons Ltd Hold 423 507 20 179.4 2.1 4.4 5.6 6.5 10.7 13.6 15.8 39.5 31.1 26.7 25.5 20.2 17.2 5.2 18.1 23.7 -24 19
RITES Hold 258 325 26 123.9 1.4 3.4 4.0 5.2 7.0 8.4 10.8 36.7 30.7 23.8 18.8 15.7 12.2 4.7 15.3 21.6 -13 -1
Rail Vikas Nigam Ltd Sell 358 251 (30) 746.3 8.6 14.8 16.3 17.8 7.1 7.8 8.6 50.3 45.8 41.8 62.4 55.5 48.7 6.9 15.8 16.2 -23 76
Titagarh Rail Systems Buy 1,001 1,580 58 134.8 1.6 3.9 5.2 6.7 30.5 40.5 52.7 32.9 24.7 19.0 23.4 17.8 13.6 4.1 18.1 26.2 -23 -5
INFRASTRUCTURE
Ahluwalia Contracts Hold 852 989 16 57.1 0.7 2.2 3.0 3.7 32.7 44.6 54.9 26.0 19.1 15.5 12.6 9.2 7.2 2.7 15.2 23.3 -23 3
Ashoka Buildcon Hold 271 253 (7) 75.9 0.9 2.5 3.6 4.8 8.8 12.7 17.3 30.8 21.2 15.7 14.8 11.9 9.6 1.7 8.4 13.2 -8 67
Dilip Buildcon Buy 406 559 38 59.4 0.7 2.9 4.5 6.3 18.0 27.8 38.5 22.5 14.6 10.5 6.7 5.6 4.7 1.0 7.7 14.1 -18 -1
HG Infra Engineering Buy 1,309 1,792 37 85.3 1.0 5.1 5.9 6.9 78.1 90.0 106.0 16.8 14.5 12.4 10.0 8.8 7.5 2.5 18.9 22.8 -11 45
IRB Infra Buy 50 76 52 300.9 3.5 8.6 11.5 13.8 1.4 1.9 2.3 35.1 26.2 21.8 14.0 11.7 10.3 1.9 7.6 7.7 -16 8
KNR Constructions Ltd. Hold 315 286 (9) 88.7 1.0 3.5 3.6 4.1 12.3 12.9 14.6 25.6 24.5 21.6 14.0 13.1 11.5 2.3 9.7 13.9 -7 20
NCC Ltd. Buy 238 395 66 149.4 1.7 9.3 11.9 15.5 14.9 19.0 24.7 16.0 12.5 9.6 7.4 6.1 4.8 1.8 14.9 25.5 -21 21
PNC Infratech Buy 281 389 39 72.1 0.8 5.2 6.4 7.8 20.4 25.1 30.3 13.8 11.2 9.3 8.0 6.8 5.6 1.2 11.5 15.4 -14 -26
PSP Projects Buy 634 909 43 25.1 0.3 1.5 1.9 2.4 38.8 49.1 60.6 16.3 12.9 10.5 8.5 7.0 5.7 1.7 14.1 17.8 -5 -16
Welspun Ent. Hold 600 553 (8) 83.1 1.0 3.2 3.8 4.5 23.1 27.7 33.2 25.9 21.7 18.0 19.1 15.6 12.5 2.7 13.2 18.7 3 81
IT
Cyient Buy 1,682 2,300 37 186.7 2.2 8.2 9.6 10.7 66.5 87.0 97.6 25.3 19.3 17.2 13.3 11.2 9.7 3.5 18.9 23.2 -19 -26
FirstSource Sol. Buy 362 410 13 252.3 2.9 6.3 8.8 10.0 8.9 12.5 14.2 40.6 29.0 25.5 21.7 17.1 14.7 5.7 20.8 18.1 -3 72
HCL Tech Buy 1,989 2,125 7 5,398.6 62.3 176.8 196.5 219.3 64.6 71.6 79.6 30.8 27.8 25.0 19.8 17.1 15.1 8.1 29.3 37.8 1 29
Infosys Hold 1,962 2,025 3 8,147.6 94.0 265.4 311.7 339.6 64.1 75.2 82.0 30.6 26.1 23.9 20.0 17.3 15.5 7.9 31.7 41.8 -2 22
LTI Mindtree Hold 6,031 6,550 9 1,786.8 20.6 49.0 56.8 65.0 165.6 191.9 219.6 36.4 31.4 27.5 25.8 21.0 18.0 6.8 23.2 31.1 -10 -3
L&T Technology Services Hold 4,853 5,900 22 513.8 5.9 13.1 14.8 17.3 124.3 140.6 164.2 39.0 34.5 29.6 25.3 22.0 18.4 8.2 25.0 32.0 -10 -11
Mphasis Buy 2,778 3,800 37 526.8 6.1 16.9 19.3 21.8 89.5 102.5 115.9 31.0 27.1 24.0 19.7 17.1 15.0 5.1 19.6 24.1 -13 4
Coforge Ltd Buy 8,706 8,900 2 582.0 6.7 9.8 14.6 16.9 146.5 218.4 253.9 59.4 39.9 34.3 29.5 23.7 20.5 12.3 33.4 42.6 -6 32
Persistent Sys Hold 6,003 4,900 (18) 935.6 10.8 13.7 17.6 21.3 90.9 116.4 141.0 66.1 51.6 42.6 45.9 36.7 29.8 15.3 30.9 41.3 -7 57
Quess Corp Buy 603 1,000 66 89.6 1.0 4.2 5.3 6.3 27.7 34.8 41.6 21.7 17.3 14.5 10.7 8.5 6.8 2.7 16.3 14.7 -11 16
TCS Hold 4,291 4,450 4 15,525.6 179.1 495.7 553.3 603.2 137.0 153.0 166.7 31.3 28.1 25.7 22.1 20.0 18.2 13.3 51.3 64.0 -4 11
TeamLease Buy 2,668 4,100 54 44.7 0.5 1.1 1.7 2.3 63.8 99.0 137.3 41.8 26.9 19.4 29.0 20.5 13.7 4.2 16.8 17.8 -5 -17
Tech Mahindra Buy 1,660 1,920 16 1,624.4 18.7 46.1 56.4 67.2 52.0 63.6 75.8 31.9 26.1 21.9 21.1 16.9 14.3 6.0 22.3 31.0 -8 27
Wipro Hold 292 305 5 3,055.4 35.2 122.2 127.7 138.6 11.9 12.5 13.6 24.5 23.3 21.5 15.1 14.2 12.9 3.6 15.7 19.1 -6 25
Zensar Technologies Buy 747 820 10 169.5 2.0 6.6 7.6 8.5 29.0 33.6 37.8 25.7 22.2 19.8 17.5 14.5 12.6 3.6 17.3 23.3 -7 31

contd...
ANTIQUE STOCK BROKING LIMITED FROM THE RESEARCH DESK 14 January 2025 | 14

Valuation Guide
Company Reco CMP TP Return M. Cap M. Cap Net profit (INR bn) EPS (INR) P/E (x) EV/EBITDA (x) P/BV (x) RoE (%) RoCE (%) Absolute (%)
(INR) (INR) (%) (INR bn) (USD bn) FY25 FY26 FY27 FY25 FY26 FY27 FY25 FY26 FY27 FY25 FY26 FY27 FY26 FY26 FY26 1m 12m
METALS & MINING
APL Apollo Tubes Buy 1,424 1,718 21 395.2 4.6 7.1 11.3 17.0 25.6 40.7 61.4 55.6 35.0 23.2 33.8 23.3 16.3 7.7 24.3 27.4 -11 -8
Hindalco Industries Buy 564 794 41 1,266.9 14.6 131.6 122.7 128.1 59.2 55.2 57.6 9.5 10.2 9.8 5.8 6.0 5.7 0.9 9.7 11.6 -15 -3
Hindustan Zinc Sell 419 419 (0) 1,772.1 20.4 106.8 116.1 123.5 25.3 27.5 29.2 16.6 15.3 14.3 9.8 9.1 8.5 9.6 68.6 57.4 -16 33
HI-Tech Pipes Buy 136 225 65 27.6 0.3 0.8 1.4 2.1 4.1 7.0 10.2 32.9 19.5 13.3 14.9 10.7 8.1 1.9 10.5 13.3 -17 -7
Indian Hume Pipe Buy 329 492 50 17.3 0.2 0.8 0.7 0.9 15.5 13.1 16.8 21.3 25.2 19.6 12.3 14.3 12.2 1.8 7.4 10.4 -24 29
Jindal Steel & Power Buy 877 1,183 35 894.3 10.3 64.3 90.0 102.4 64.2 89.8 102.2 13.7 9.8 8.6 7.6 5.8 5.1 1.4 15.9 17.5 -12 19
JSW Steel Hold 884 909 3 2,161.2 24.9 89.6 135.8 157.3 36.8 55.7 64.6 24.0 15.9 13.7 10.4 8.4 7.5 2.3 15.5 13.7 -12 7
JTL Industries Buy 97 131 36 38.1 0.4 1.4 1.8 2.6 3.6 4.7 6.6 26.7 20.6 14.8 20.4 15.2 11.0 2.6 13.4 17.8 -3 -22
Kirloskar Ferrous Buy 599 797 33 98.6 1.1 4.0 5.8 8.7 24.5 35.4 52.8 24.5 16.9 11.3 11.9 9.3 6.9 2.4 15.3 17.3 -9 10
MOIL Buy 347 451 30 70.5 0.8 4.4 6.2 8.3 21.8 30.7 40.9 15.9 11.3 8.5 8.9 6.2 4.4 2.2 20.8 28.1 -4 12
NALCO Buy 192 265 38 351.9 4.1 35.7 35.1 41.6 19.4 19.1 22.6 9.9 10.0 8.5 5.8 5.6 4.6 1.8 19.3 24.8 -15 46
NMDC Buy 60 98 63 527.5 6.1 68.4 83.7 91.7 23.4 28.6 31.3 2.6 2.1 1.9 4.9 3.8 3.2 0.5 26.0 33.7 -23 -15
SAIL Hold 100 130 30 413.4 4.8 38.3 45.8 50.3 9.3 11.1 12.2 10.8 9.0 8.2 6.5 5.9 5.4 0.7 7.5 8.2 -20 -13
Tata Steel Buy 123 175 43 1,534.7 17.7 88.1 146.8 171.6 7.1 11.8 13.8 17.4 10.4 8.9 7.7 5.9 5.2 1.3 13.7 14.0 -17 -9
Venus Pipes Hold 1,434 2,062 44 29.2 0.3 1.1 1.7 1.9 54.5 81.6 93.8 26.3 17.6 15.3 16.2 11.7 10.3 4.2 27.1 29.7 -12 3
Vedanta Hold 414 475 15 1,617.7 18.7 155.6 195.8 217.5 39.8 50.0 55.6 10.4 8.3 7.4 4.9 4.2 3.8 3.5 43.6 28.4 -20 52
OIL & GAS
BPCL Buy 265 415 57 1,151.0 13.3 140.5 143.3 147.3 32.4 33.0 33.9 8.2 8.0 7.8 5.4 5.5 5.9 1.3 16.4 16.6 -12 16
GAIL Sell 172 189 10 1,131.9 13.1 94.5 80.6 93.5 14.4 12.3 14.2 12.0 14.0 12.1 8.9 9.9 8.4 1.5 11.2 11.5 -16 6
Gujarat Gas Hold 471 521 11 324.3 3.7 11.3 15.2 16.7 16.4 22.1 24.2 28.8 21.3 19.4 16.5 12.5 11.4 3.5 17.1 20.5 -7 -12
HPCL Buy 364 571 57 775.4 8.9 84.2 95.4 97.2 39.6 44.8 45.7 9.2 8.1 8.0 7.3 6.5 6.3 1.6 20.5 13.4 -12 21
IGL Sell 406 350 (14) 284.3 3.3 15.5 14.8 16.1 22.2 21.2 23.0 18.3 19.2 17.6 11.5 11.7 10.5 2.7 14.6 18.7 4 -5
Indian Oil Corp Buy 122 208 71 1,722.6 19.9 237.4 247.3 293.7 17.2 18.0 21.3 7.1 6.8 5.7 6.0 5.5 4.6 0.8 12.6 11.3 -15 -10
Mahanagar Gas Hold 1,228 1,317 7 121.3 1.4 9.6 9.4 10.2 96.9 95.2 103.6 12.7 12.9 11.9 6.5 6.4 5.6 2.0 16.0 20.8 -5 -3
Oil India Buy 452 665 47 735.9 8.5 66.7 70.6 84.3 41.0 43.4 51.8 11.0 10.4 8.7 7.7 6.9 5.5 1.4 14.0 16.0 0 81
ONGC Buy 256 366 43 3,217.2 37.1 373.1 421.7 430.7 29.7 33.5 34.2 8.6 7.6 7.5 4.4 3.7 3.3 0.9 12.4 14.9 1 14
Petronet LNG Hold 315 363 15 472.4 5.4 37.9 42.4 43.2 25.3 28.3 28.8 12.5 11.1 10.9 8.4 8.1 8.1 2.4 22.2 23.6 -8 37
Reliance Industries Hold 1,240 1,409 14 16,778.6 193.6 693.4 804.8 852.7 51.2 59.5 63.0 24.2 20.8 19.7 11.0 9.5 8.5 1.9 9.4 9.7 -3 -10
PHARMA & HEALTHCARE
Alkem Hold 5,227 4,670 (11) 625.0 7.2 23.2 24.9 25.4 194.2 208.0 212.3 26.9 25.1 24.6 21.3 19.3 16.9 4.6 19.4 23.3 -3 4
Alembic Pharma Buy 1,002 1,411 41 197.0 2.3 6.2 7.8 11.1 31.5 39.9 56.4 31.8 25.1 17.8 18.3 14.9 11.1 3.3 13.9 17.3 -6 14
CIPLA Sell 1,439 1,204 (16) 1,162.3 13.4 32.6 36.6 40.4 40.4 45.4 50.2 35.6 31.7 28.7 22.0 19.2 16.9 3.6 11.8 16.5 -1 10
Concord Biotech Buy 2,267 2,187 (4) 237.2 2.7 3.7 4.9 6.5 35.1 46.7 62.5 64.7 48.5 36.3 46.5 34.6 25.6 11.1 25.0 32.6 7 59
Divi's Laboratories Ltd Sell 5,733 4,150 (28) 1,521.8 17.6 21.2 26.3 29.7 79.8 99.2 112.0 71.8 57.8 51.2 50.1 39.5 34.7 9.3 16.9 22.1 -2 48
Dr Reddys Sell 1,335 1,190 (11) 1,114.0 12.9 32.1 41.7 47.8 38.5 50.0 57.3 34.6 26.7 23.3 19.4 15.0 13.3 3.9 14.7 18.3 7 17
IOL Chemicals Buy 378 443 17 22.2 0.3 1.8 2.3 2.2 30.3 39.8 36.9 12.5 9.5 10.2 7.3 5.5 5.3 1.1 12.4 15.9 -9 -19
JB Chemicals Hold 1,786 1,679 (6) 277.7 3.2 7.5 8.5 9.7 48.1 54.7 62.2 37.1 32.7 28.7 22.9 20.0 17.4 3.4 22.7 28.0 -3 6
Laurus Labs Hold 559 398 (29) 301.4 3.5 4.2 6.9 8.6 7.8 12.7 15.9 71.7 44.0 35.1 27.2 20.3 17.1 5.9 14.3 15.2 -3 34
Lupin Buy 2,154 2,259 5 982.9 11.3 31.3 38.9 43.4 68.7 85.4 95.3 31.3 25.2 22.6 18.9 15.7 13.7 4.8 20.9 26.1 4 54
Mankind Pharma Buy 2,596 2,827 9 1,071.0 12.4 22.2 25.8 31.5 55.3 64.3 78.5 46.9 40.4 33.1 36.4 26.5 23.0 7.6 20.6 18.3 -2 17
Shilpa Medicare Buy 734 1,525 108 71.8 0.8 1.3 3.6 6.2 13.7 37.3 63.6 53.5 19.7 11.5 20.2 11.1 7.3 2.6 13.9 18.1 -10 123
Solara Active Pharma Sell 634 566 (11) 27.5 0.3 0.9 1.6 1.5 17.8 32.5 31.4 35.6 19.5 20.2 12.5 9.5 7.8 2.0 11.7 10.4 -15 65
Torrent Pharma Buy 3,235 3,589 11 1,094.9 12.6 20.3 27.0 32.8 59.9 79.9 97.0 54.0 40.5 33.4 29.0 24.1 20.4 12.5 32.9 37.0 -3 31
Zydus Life Science Hold 975 1,033 6 981.2 11.3 37.0 40.3 42.7 36.8 40.0 42.5 26.5 24.4 23.0 17.6 15.6 14.1 3.7 16.3 19.9 0 39
HOSPITALS & DIAGNOSTICS
Dr Lal Pathlabs Sell 2,864 2,461 (14) 239.4 2.8 4.4 5.1 5.9 52.4 61.2 70.3 54.7 46.8 40.7 33.3 28.6 24.9 49.4 22.5 29.5 -5 17
Metropolis Healthcare Sell 1,883 1,758 (7) 96.5 1.1 1.7 2.1 2.6 33.4 41.4 50.2 56.4 45.4 37.5 27.5 22.9 19.2 6.9 16.1 20.5 -15 25
Vijaya Diagnostic Centre Hold 1,204 930 (23) 123.6 1.4 1.6 2.1 2.6 15.6 20.2 25.3 77.4 59.6 47.5 42.0 33.3 26.7 6.2 23.1 26.0 10 80
REALTY
Arvind SmartSpaces Buy 752 1,159 54 34.3 0.4 0.7 1.1 1.5 17.1 26.8 36.2 44.0 28.1 20.8 26.8 17.9 14.1 4.7 18.2 24.2 -20 57
Brigade Enterprise Buy 1,063 1,666 57 259.6 3.0 7.8 9.3 11.8 34.0 40.6 51.4 31.3 26.2 20.7 18.2 16.2 13.7 22.9 19.1 16.3 -15 9
Aditya Birla Real Estate Buy 1,895 3,448 82 211.7 2.4 2.8 4.2 4.6 25.5 37.6 41.5 74.3 50.4 45.6 26.4 21.1 19.1 4.7 9.6 11.2 -31 27
DLF Buy 711 1,014 43 1,759.5 20.3 37.4 44.4 56.5 15.1 17.9 22.8 47.0 39.7 31.2 68.2 56.6 53.6 3.7 9.8 7.0 -18 -11
Godrej Properties Buy 2,249 3,826 70 677.3 7.8 13.2 30.5 39.6 47.3 109.6 142.5 47.5 20.5 15.8 110.0 59.2 47.6 4.3 23.7 19.2 -23 -1
Kolte Patil Buy 300 618 106 22.8 0.3 1.4 1.5 1.9 18.0 20.0 25.1 16.6 15.0 12.0 5.2 4.8 4.5 2.4 16.8 17.7 -20 -46
Macrotech Developers Buy 1,165 1,851 59 1,161.7 13.4 29.3 33.8 39.5 29.5 34.0 39.8 39.5 34.3 29.3 28.3 25.1 21.5 4.9 15.3 16.1 -18 -4
Nexus Select Trust Buy 137 172 25 208.2 2.4 6.6 7.5 8.8 4.3 4.9 5.8 31.7 27.9 23.7 15.4 14.0 13.3 1.5 5.3 7.2 -2 3
Oberoi Realty Buy 2,013 2,826 40 732.1 8.4 27.3 32.6 37.1 75.1 89.8 102.2 26.8 22.4 19.7 21.5 17.8 15.2 3.7 17.9 20.9 -5 31
Phoenix Hold 1,529 1,633 7 546.7 6.3 10.3 12.1 13.0 57.6 67.8 72.8 26.5 22.6 21.0 26.2 23.5 22.0 2.4 11.2 10.8 -14 22
Prestige Estates Buy 1,427 2,311 62 614.5 7.1 14.5 15.6 17.2 33.6 36.3 39.9 42.4 39.3 35.8 25.5 22.6 20.0 4.0 10.9 11.0 -19 3
Sobha Buy 1,273 2,904 128 128.4 1.5 3.1 5.6 7.8 29.3 52.1 72.6 43.5 24.4 17.5 21.4 14.2 10.5 3.6 17.9 21.2 -20 -3
Sunteck Realty Buy 448 786 76 65.6 0.8 3.1 2.8 2.4 21.4 19.4 16.7 20.9 23.1 26.9 16.6 18.5 22.0 1.8 8.2 10.4 -10 -3
TELECOM
Bharti Airtel Buy 1,597 1,822 14 9,560.8 110.3 212.0 297.2 394.9 37.0 51.9 68.9 43.2 30.8 23.2 12.8 10.7 8.8 7.4 26.7 19.3 -5 48

contd...
ANTIQUE STOCK BROKING LIMITED FROM THE RESEARCH DESK 14 January 2025 | 15

Valuation Guide
Company Reco CMP TP Return M. Cap M. Cap Net profit (INR bn) EPS (INR) P/E (x) EV/EBITDA (x) P/BV (x) RoE (%) RoCE (%) Absolute (%)
(INR) (INR) (%) (INR bn) (USD bn) FY25 FY26 FY27 FY25 FY26 FY27 FY25 FY26 FY27 FY25 FY26 FY27 FY26 FY26 FY26 1m 12m

TEXTILE
Arvind Ltd Buy 380 529 39 99.4 1.1 3.8 5.8 7.2 14.4 22.1 27.6 26.4 17.2 13.8 12.1 9.2 7.6 2.2 13.7 16.1 -9 29
KPR Mills Hold 942 926 (2) 322.1 3.7 9.4 11.0 12.7 27.6 32.1 37.0 34.1 29.3 25.5 23.5 20.4 17.9 5.4 20.0 24.4 -13 20
Welspun Living Buy 144 216 50 138.0 1.6 9.0 11.0 13.1 9.2 11.3 13.5 15.6 12.7 10.7 8.9 7.5 6.1 2.2 18.6 19.0 -18 -7
UTILITIES
CESC Buy 152 214 41 201.5 2.3 14.2 14.7 16.5 10.7 11.1 12.4 14.2 13.7 12.3 7.9 8.2 7.6 1.5 11.6 11.5 -19 8
COAL India Buy 363 539 49 2,236.5 25.8 365.8 391.7 417.8 59.4 63.6 67.8 6.1 5.7 5.4 3.9 3.4 3.0 1.8 34.0 18.7 -12 -5
Indian Energy Exchange Buy 161 282 76 143.4 1.7 4.0 4.8 5.6 4.5 5.4 6.3 35.7 30.1 25.6 30.3 25.1 20.8 11.2 40.1 42.3 -15 -2
JSW Energy Hold 518 630 22 904.9 10.4 22.1 25.3 28.3 12.7 14.5 16.2 40.8 35.7 31.9 17.8 16.1 14.8 3.0 8.7 8.1 -24 7
NHPC Hold 73 92 27 729.0 8.4 37.1 44.4 55.3 3.6 4.3 5.4 20.1 16.8 13.5 22.8 19.4 15.4 1.7 10.4 4.9 -15 5
NTPC Buy 298 477 60 2,891.5 33.4 179.4 206.1 237.4 18.5 21.3 24.5 16.1 14.0 12.2 10.4 9.4 8.5 1.7 12.5 9.8 -17 -5
Power Grid Hold 288 333 16 2,674.9 30.9 153.0 162.9 174.4 16.4 17.5 18.8 17.5 16.4 15.3 9.5 9.2 8.9 2.7 17.2 13.4 -14 20
SJVN Ltd Hold 91 118 30 356.0 4.1 8.1 9.2 11.6 2.1 2.3 3.0 43.8 38.6 30.6 27.6 23.6 19.5 2.4 6.3 4.1 -23 -4
Torrent Power Hold 1,310 1,150 (12) 660.0 7.6 24.1 26.4 30.4 50.1 54.9 63.2 26.1 23.9 20.7 14.7 13.5 12.1 4.1 18.2 14.1 -22 29
Tata Power Buy 340 513 51 1,086.3 12.5 49.1 59.5 71.0 15.4 18.6 22.2 22.1 18.3 15.3 12.4 11.2 10.3 2.7 14.7 8.2 -21 -5
TRAVEL & LEISURE
Indian Hotels Hold 756 750 (1) 1,076.3 12.4 17.8 21.5 24.7 12.5 15.2 17.4 60.5 49.9 43.4 38.1 32.2 27.4 8.4 18.1 19.4 -12 64
Chalet Hotels Buy 862 1,150 33 188.3 2.2 3.8 4.8 6.4 17.6 22.1 29.4 49.1 39.1 29.3 25.5 21.6 17.0 4.6 12.6 13.3 -14 15
Yatra Online Buy 106 166 58 16.6 0.2 0.5 0.9 1.1 2.9 5.8 6.9 36.2 18.2 15.2 21.6 11.8 9.5 1.9 10.9 12.8 -5 -40
MIDCAP DIVERSIFIED
CCL Products Buy 653 850 30 87.1 1.0 2.6 3.7 5.3 19.9 27.8 40.0 32.8 23.4 16.3 20.2 15.8 12.1 4.0 18.4 12.4 -15 2
EPL Ltd. Buy 230 360 57 73.1 0.8 3.5 4.7 5.6 11.0 14.8 17.5 20.8 15.5 13.1 8.7 7.2 6.3 2.8 19.4 23.2 -17 16
Ganesha Ecosphere Buy 1,603 2,770 73 40.6 0.5 1.2 1.7 2.1 45.1 61.9 79.1 35.6 25.9 20.3 18.8 15.3 11.8 3.0 12.4 13.7 -27 64
Gravita India BUY 2,036 3,300 62 150.3 1.7 3.2 4.4 5.4 44.0 60.0 73.0 46.3 34.0 27.9 35.9 27.0 21.9 6.0 19.1 21.2 -7 100
Mold-Tek Packaging Buy 580 1,000 73 19.3 0.2 0.7 0.8 1.1 19.8 25.4 32.7 29.2 22.9 17.7 14.3 11.8 9.6 2.7 12.3 11.2 -15 -34
Solar Industries Hold 8,922 10,670 20 807.4 9.3 13.2 16.3 19.3 145.3 179.8 213.4 61.4 49.6 41.8 39.4 31.7 26.6 13.4 30.9 37.0 -14 22
Varun Beverages Buy 575 710 24 1,943.5 22.4 27.0 39.7 48.0 8.0 11.7 14.2 72.1 48.9 40.5 39.2 30.1 25.0 9.6 21.5 28.3 -11 14

Company Reco CMP TP Return M. Cap M. Cap Net profit (INR bn) BVPS (INR) P/BV (x)* NNPA Ratio (%) P/E (x) RoE (%) RoA (%) Absolute (%)
(INR) (INR) (%) (INR bn) (USD bn) FY25 FY26 FY27 FY25 FY26 FY27 FY25 FY26 FY27 FY25 FY26 FY27 FY26 FY26 FY26 1m 12m

FINANCIALS
Axis Bank Buy 1,049 1,380 32 3,247.8 37.5 262.7 289.6 335.9 547.8 620.8 705.4 1.8 1.6 1.4 0.5 0.5 0.5 11.2 16.0 1.6 -9 -6
Bank of Baroda Buy 218 315 45 1,125.8 13.0 193.8 212.8 234.5 228.8 261.7 297.9 1.0 0.8 0.7 0.7 0.7 0.8 5.3 16.8 1.1 -16 -5
Canara Bank Buy 89 135 52 802.9 9.3 158.7 176.4 194.5 101.3 116.9 134.0 0.9 0.8 0.7 1.0 0.9 0.9 4.6 17.8 1.0 -17 -4
City Union Bank Buy 162 200 24 120.1 1.4 11.2 12.2 13.4 126.9 141.7 158.2 1.3 1.1 1.0 1.2 0.9 0.9 9.8 12.3 1.5 -12 9
DCB Bank Buy 109 165 51 34.3 0.4 5.3 7.6 9.4 167.9 190.5 218.7 0.7 0.6 0.5 1.9 2.3 2.3 4.5 13.6 1.0 -15 -30
Equitas SFB Buy 68 95 41 77.0 0.9 3.8 8.5 11.4 55.1 60.9 68.6 1.2 1.1 1.0 -0.1 0.0 0.2 9.0 12.9 1.5 5 -41
Federal Bank Buy 188 240 28 460.6 5.3 42.7 50.5 57.4 135.6 152.7 170.7 1.4 1.2 1.1 0.6 0.6 0.7 9.0 14.4 1.3 -12 24
HDFC Bank Buy 1,631 2,050 26 12,473.3 143.9 669.8 767.4 896.1 629.3 706.8 797.3 2.3 2.0 1.8 0.4 0.4 0.4 16.1 15.1 1.8 -13 -1
ICICI Bank Buy 1,230 1,460 19 8,681.4 100.2 458.6 496.6 574.8 385.2 441.8 507.3 2.7 2.3 1.9 0.5 0.8 0.9 17.4 16.9 2.2 -9 23
IndusInd Bank Buy 942 1,350 43 733.6 8.5 67.2 85.3 103.4 876.2 967.7 1,077.2 1.1 1.0 0.9 0.6 0.6 0.5 8.6 11.9 1.4 -5 -44
Karur Vysya Bank Buy 209 270 29 166.7 1.9 19.1 20.1 23.0 145.5 167.1 192.0 1.4 1.2 1.1 0.3 0.4 0.4 8.4 16.0 1.5 -12 24
Kotak Mahindra Bank Buy 1,738 2,100 21 3,456.2 39.9 164.7 151.5 182.0 563.2 636.6 724.8 2.4 2.1 1.7 0.5 0.5 0.6 22.8 12.7 2.1 -4 -5
L&T Finance Buy 131 220 68 326.5 3.8 30.8 37.9 45.0 103.5 114.9 128.5 1.3 1.1 1.0 0.6 0.6 0.6 8.6 14.0 2.9 -11 -22
Punjab National Bank Hold 95 115 21 1,096.7 12.7 156.8 173.6 190.8 102.5 114.3 127.3 0.9 0.8 0.7 0.7 0.8 0.9 6.1 14.5 0.9 -11 -2
Shriram Finance Buy 521 3,500 572 979.8 11.3 85.0 99.7 116.1 1,473.7 1,689.1 1,948.0 0.4 0.3 0.3 2.8 2.8 2.9 2.0 16.8 3.3 -18 14
State Bank of India Buy 730 980 34 6,510.5 75.1 675.8 700.3 806.5 416.3 479.1 551.4 1.3 1.1 0.9 0.5 0.6 0.7 9.3 16.6 1.0 -15 15
South Indian Bank Hold 26 30 17 66.7 0.8 11.0 11.7 13.8 36.1 40.1 44.7 0.7 0.6 0.6 1.4 1.4 1.4 5.7 11.8 0.8 -2 2
Ujjivan Small Bank Buy 33 45 38 63.5 0.7 9.0 9.5 12.3 33.5 38.5 44.8 1.0 0.9 0.7 0.4 0.4 0.4 6.7 13.7 1.9 -8 -45
Union Bank of India Buy 101 160 58 772.9 8.9 162.0 161.5 177.5 134.9 150.1 166.8 0.8 0.7 0.6 0.9 0.9 0.9 4.8 14.8 1.0 -20 -23
*Adjusted for subsidiaries

Company Reco CMP TP Return M. Cap M. Cap VNB (INR bn) EVPS (INR) P/EV (x) P/VNB (x) RoEV (%) Absolute (%)
(INR) (INR) (%) (INR bn) (USD bn) FY25 FY26 FY27 FY25 FY26 FY27 FY25 FY26 FY27 FY25 FY26 FY27 FY26 1m 12m

Insurance
HDFC Life Insurance Buy 600 870 45 1,291.1 14.9 40.5 48.2 56.9 260.8 301.2 347.6 2.3 2.0 1.7 23.8 18.2 13.6 16.4 -5 -6
ICICI Prudential Life Insurance Buy 636 865 36 919.8 10.6 26.1 30.9 35.9 343.3 390.7 444.4 1.9 1.6 1.4 20.2 14.8 10.6 14.5 -7 20
LIC of India Buy 809 1,260 56 5,116.6 59.0 111.5 121.8 130.9 1,330.1 1,460.1 1,597.7 0.6 0.6 0.5 NA NA NA 10.8 -13 -2
Max Life Insurance* Buy 1,069 1,540 44 368.9 4.3 22.3 26.9 32.1 741.2 874.7 1,031.5 2.3 1.9 1.6 18.0 13.2 9.4 18.5 -5 14
SBI Life Insurance Buy 1,467 2,060 40 1,470.5 17.0 59.4 69.9 81.9 709.1 832.4 976.3 2.1 1.8 1.5 14.5 10.6 7.3 17.8 3 2
*Valuations after factoring 20% holdco discount
ANTIQUE STOCK BROKING LIMITED FROM THE RESEARCH DESK 14 January 2025 | 16

Events Calendar January 2025

Monday Tuesday Wednesday Thursday Friday Saturday Sun

13 Jan 14 Jan 15 Jan 16 Jan 17 Jan 18 Jan 19 Jan

Shoppers Stop HDFC Life Insurance Axis Bank Rallis India KMB
LTTS Havells RBL Bank
Infosys SBI Life Insurance
LTIMindtree Tech Mahindra
Reliance Industries Wipro

20 Jan 21 Jan 22 Jan 23 Jan 24 Jan 25 Jan 26 Jan

Karur Vysya Bank Aditya Birla Real Estate Coforge Cyient Godrej Consumer ICICI Bank
L&T Finance ICICI Prudential Life HDFC Bank Dr Reddys HPCL JK Cement
Supreme Industries South Indian Bank Hindustan Unilever Mphasis JSW Steel
UltraTech Cement Nuvoco Vistas Ujjivan SFB Lakshmi Machine Works
Persistent UltraTech Cement Laurus Lab
Zensar Technologies United Spirits

27 Jan 28 Jan 29 Jan 30 Jan 31 Jan

Emami BHEL Blue Star Bharat Electronics Marico
Petronet LNG CIPLA TeamLease Services Dabur
Sumitomo Chemical IOL Chemicals Shree Cement
ANTIQUE STOCK BROKING LIMITED FROM THE RESEARCH DESK 14 January 2025 | 17

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