Equity Research Reports

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Selected Nature: Company Name: All | Our View: All | Sector: All
  • Equitas Small Finance Bank Ltd

    Our View

    Buy

    Target Price

    59.00

    Reco Price

    47.00

    Equitas Small Finance Bank (EQUITASB) is one of the most diversified SFBs with a presence across micro-credit, small business loans, housing, MSME, vehicle finance, and the corporate segment. As of FY22, EQUITASB had an AUM of Rs206bn, with a branch network of ~870 branches. EQUITASB...More

  • H.G. Infra Engineering Ltd

    Our View

    Buy

    Target Price

    682.00

    Reco Price

    580.00

    HG Infra is a leading Indian highway contractor based out of Jaipur, Rajasthan. The company was promoted in 2003 as HG Infra Engineering Pvt Ltd by Shree Hodal Singh (40 years of experience in construction sector) with initial focus on highways, roads and bridges. It...More

  • PNC Infratech Ltd

    Our View

    Buy

    Target Price

    307.00

    Reco Price

    261.00

    PNC Infratech is a mid-sized EPC contractor with demonstrated capabilities across sectors including roads & highways, airports, railways and other civil engineering works. Based out of Agra in Uttar Pradesh, it traditionally focuses on contracts in Northern India. Healthy availability of contracts in a few...More

  • Cyient Ltd

    Our View

    Buy

    Target Price

    922.00

    Reco Price

    791.00

    Founded in 1991, Cyient provides engineering, manufacturing, geospatial, network and operations management services to a diversified base of 300 clients across 11 industries, which include aerospace & defence, communications, rail transportation, heavy equipment & industrial, navigation and semiconductors. With recent acquisitions that include DLM, Cyient...More

  • Tata Motors Ltd

    Our View

    Buy

    Target Price

    595.00

    Reco Price

    504.00

    Tata Motors’ consolidated Ebitda came in at 6% better than our subdued estimates. Although JLR’s volume ramp-up was slower than expected due to chip shortage, ASP and margins reflected a rich mix, as the company prioritised profitable models....More

  • SBI Life Insurance Company Ltd

    Our View

    Buy

    Target Price

    1,400.00

    Reco Price

    1,217.00

    SBI Life with its robust distribution channel and the stabilised product mix registered 29% YoY growth in savings APE, with strength in ULIPs (28% YoY) and Non-Participating plan (86% YoY) partially offset by weakness in Participating plan (-33%). ...More

  • Larsen & Toubro Ltd

    Our View

    Buy

    Target Price

    2,338.00

    Reco Price

    1,990.00

    Recent large-order wins from the international market add some excitement to L&T’s inflow narrative. Strong order book and acceleration in execution will help earnings post 18% Cagr in FY22-24ii....More

  • ICICI Bank Ltd

    Our View

    Buy

    Target Price

    950.00

    Reco Price

    810.00

    ICICI Bank reported sharp pick up in loan and fees growth, superior asset quality and stable Core income-to-cost ratio. Over the past three years NIM (+80bp to ~4%) was the key profitability driver. ...More

  • Deepak Fertilizers & Petrochemicals Corp Ltd

    Our View

    Buy

    Target Price

    700.00

    Reco Price

    571.00

    Deepak Fertilizers’ better than expected result was primarily driven by the strength in the Technical Amonium Nitrate and Nitric Acid business which seems sustainable for the near future, as both markets are tight. ...More

  • Tube Investments of India Ltd

    Our View

    Buy

    Target Price

    1,850.00

    Reco Price

    1,685.00

    The Tube Investment of India’s performance was led by 52% revenue growth was driven by higher market share in domestic auto and cycles, aftermarket demand for auto chains, strong traction in exports and pass-through of RM cost increase. 2H will see impact from chip shortage,...More

  • Tata Motors Ltd

    Our View

    Buy

    Target Price

    580.00

    Reco Price

    510.00

    JLR is a play on revival in auto industry volumes in India as well as good execution in the form of successful model launches, market-share gains and turnaround in profitability. ...More

  • Larsen & Toubro Ltd

    Our View

    Buy

    Target Price

    2,436.00

    Reco Price

    1,903.00

    Recent large-order wins from the international market add some excitement to L&T’s inflow narrative. Strong order book and acceleration in execution will help earnings post 18% Cagr in FY22-24ii While decision-making on large infra orders in the domestic rail, road and T&D sector has slipped...More

  • CG Power & Industrial Solutions Ltd

    Our View

    Buy

    Target Price

    250.00

    Reco Price

    173.00

    Buoyant end-market outlook and swift recovery in business operations have fast-tracked CG Power’s performance ramp-up to Rs50bn sales and Rs5bn PBT within a year vs 3 years targeted initially....More

  • Axis Bank Ltd

    Our View

    Buy

    Target Price

    970.00

    Reco Price

    768.00

    Axis bank’s earnings beat our estimates by 18.4%, led by better than expected asset quality performance (GNPA/NNPA ratios lowest since 2QFY17). Strong loan growth across segments and improvement in margins resulted in a 6.7% beat on NII. ...More

  • State Bank of India

    Our View

    Buy

    Target Price

    640.00

    Reco Price

    535.00

    SBIN’s asset quality performance in the quarter was the key positive, with GNPA moderating to 4.9%, negative net slippages of Rs31bn (vs. +Rs113bn in 1QFY22) and restructuring contained at 1.2% of loans. RoA to expand gradually; Asset quality performance has been strong and, despite utilisation...More

  • ICICI Bank Ltd

    Our View

    Buy

    Target Price

    950.00

    Reco Price

    786.00

    ICICI Bank reported sharp pick up in loan and fees growth, superior asset quality and stable Core income-to-cost ratio. Over the past three years NIM (+80bp to ~4%) was the key profitability driver. ...More

  • H.G. Infra Engineering Ltd

    Our View

    Buy

    Target Price

    838.00

    Reco Price

    540.00

    HG Infra reported strong execution, with revenue of Rs7.5bn (up 60% YoY on a low base & monsoon impact QoQ) and Ebitda margin at 16.3%....More

  • Maruti Suzuki India Ltd

    Our View

    Buy

    Target Price

    9,950.00

    Reco Price

    8,550.00

    Maruti’s earnings were under severe pressure in recent quarters, due to rise in input costs and lack of volume growth amid chip shortage. 2QFY22 marked the bottom and directionally, both volumes and margins should continue to improve....More

  • SBI Life Insurance Company Ltd

    Our View

    Buy

    Target Price

    1,650.00

    Reco Price

    1,226.00

    SBI Life with its robust distribution channel and the stabilised product mix registered 29% YoY growth in savings APE, with strength in ULIPs (28% YoY) and Non-Participating plan (86% YoY) partially offset by weakness in Participating plan (-33%). ...More

  • Dalmia Bharat Ltd

    Our View

    Buy

    Target Price

    2,250.00

    Reco Price

    1,918.00

    Dalmia Bharat (DBL), is the 5th largest cement player in the country, with clinker-backed cement capacity of 33mtpa (37% in the southern region and 63% in the eastern region, including the Northeast). DBL expanded cement capacity at 5% CAGR over the past 5 years, through...More

  • HCL Technologies Ltd

    Our View

    Buy

    Target Price

    1,525.00

    Reco Price

    1,315.00

    HCL Tech’s focus on hardware and system integration business during late 1990s and early 2000s turned out to be a poor choice. However, since then, it has been the most proactive to experiment with pricing strategies, having entered into revenue-sharing agreements with clients. ...More

  • Metropolis Healthcare Ltd

    Our View

    Buy

    Target Price

    3,956.00

    Reco Price

    3,440.00

    Metropolis is India's third-largest diagnostics player, with a strong B2C pathology franchise in five focus cities of Mumbai, Pune, Chennai, Bangalore, Surat and a combination of B2C & B2B business in >200 other cities in India. ...More

  • Larsen & Toubro Ltd

    Our View

    Buy

    Target Price

    2,230.00

    Reco Price

    1,885.00

    L&T is India’s largest engineering and construction company with no real peers when compared on the breadth and depth of offerings....More

  • Jubilant Foodworks Ltd

    Our View

    Buy

    Target Price

    4,400.00

    Reco Price

    3,525.00

    Jubilant FoodWorks is the largest player in the organised pizza market, with 60%+ market share...More

  • Housing Development Finance Corporation Ltd

    Our View

    Buy

    Target Price

    3,210.00

    Reco Price

    2,565.00

    HDFC is India’s premier financier in mortgage lending. As at FY21 end, HDFC’s outstanding AUM stood at ~Rs5.7tn. ...More

  • ICICI Bank Ltd

    Our View

    Buy

    Target Price

    949.00

    Reco Price

    730.00

    ICICI Bank is India’s second-largest private bank with a loan book size of Rs7.34tn in FY21. It enjoyed a ~6.7% market share in system loans as of FY21. ...More

  • Axis Bank Ltd

    Our View

    Buy

    Target Price

    970.00

    Reco Price

    670.00

    Axis Bank is the third-largest private bank in India with a ~5.7% market share in loans as of FY21. ...More

  • Mindtree Ltd

    Our View

    Buy

    Target Price

    5,140.00

    Reco Price

    4,430.00

    MindTree (MTCL) was started in 1999 by industry professionals from Cambridge Technology Partners, Lucent Technologies and Wipro. In IT Services, it started with ADM as the mainstay. ...More

  • Persistent Systems Ltd

    Our View

    Buy

    Target Price

    5,058.00

    Reco Price

    4,360.00

    Persistent Systems (PSYS) is a technology services company which was incorporated in May 1990. The company’s focus is on helping clients build and manage software driven businesses. Its business strategy is aligned around four key areas – (a) Digital: Bringing together their technology partner ecosystem,...More

  • Tech Mahindra Ltd

    Our View

    Buy

    Target Price

    1,850.00

    Reco Price

    1,595.00

    Tech Mahindra (TechM) was initially incorporated as a joint venture between Mahindra & Mahindra and British Telecom plc in 1986 under the name of ‘Mahindra British Telecom’. The company has, over the years, developed a niche in the telecom vertical by providing end-to-end services to...More

  • Chemplast Sanmar

    Our View

    Buy

    Target Price

    768.00

    Reco Price

    640.00

    Chemplast Sanmar Ltd (CSL) is the largest manufacturer of paste PVC resin in India, with an installed production capacity of 66ktpa. Further, the company’s wholly-owned subsidiary, Chemplast Cuddalore Vinyls (CCVL), is the second-largest manufacturer of suspension PVC resin in India (capacity: 300ktpa) and the largest...More

  • Tata Steel Ltd

    Our View

    Buy

    Target Price

    1,897.00

    Reco Price

    1,285.00

    Tata Steel is India’s second-largest private sector steel company. Established in 1907, it now boasts of 19.6mtpa of finished steel capacity in India....More

  • Tata Motors Ltd

    Our View

    Buy

    Target Price

    610.00

    Reco Price

    482.00

    TTMT has taken the lead in this nascent market, with ~70% market-share. Some of the factors that are aiding higher EV penetration are government incentives, launch of relatively affordable models, rise in ICE vehicle prices, sharp rise in fuel costs, etc....More

  • Tata Chemicals Ltd

    Our View

    Buy

    Target Price

    1,150.00

    Reco Price

    895.00

    Tata Chemicals Ltd. (TCL) operates principally in industrial, agricultural and consumer chemicals. The company is among the world's top manufacturers of soda ash with annual production capacity in excess of 4m tons spread across four continents....More

  • Sterling & Wilson Solar

    Our View

    Buy

    Target Price

    750.00

    Reco Price

    411.00

    Sterling and Wilson Solar Ltd is one of the leading end-to-end solar engineering, procurement and construction (EPC) solutions providers globally and is also engaged in the operation and maintenance (O&M) of solar power projects. The company is backed by strong parentage of the Shapoorji Pallonji...More

  • Shriram Transport Finance Company Ltd

    Our View

    Buy

    Target Price

    1,825.00

    Reco Price

    1,483.00

    Shriram Transport Finance is the largest financer of CVs in India. The company enjoys a large market share of ~25% in the used-CV financing market and ~6% in the new-CV financing segment. With focus on a particular set of customers − small-truck owners − who...More

  • RSWM Ltd

    Our View

    Buy

    Target Price

    700.00

    Reco Price

    383.00

    RSWM Limited is engaged in the manufacturing, spinning, weaving and processing of man made textile fabrics. The company is also engaged in cotton spinning and weaving. Its segment includes Yarn, and Fabric & Denim. RSWM is the Largest yarn maker with popular brand "Mayur" doing...More

  • Larsen & Toubro Ltd

    Our View

    Buy

    Target Price

    2,192.00

    Reco Price

    1,813.00

    L&T is India’s largest engineering and construction company with no real peers when compared on breadth and depth of offerings. ...More

  • Infosys Ltd

    Our View

    Buy

    Target Price

    2,080.00

    Reco Price

    1,700.00

    Infosys is a leading provider of consulting, technology, outsourcing and next-generation digital services, enabling clients to execute strategies for their digital transformation....More

  • ICICI Bank Ltd

    Our View

    Buy

    Target Price

    940.00

    Reco Price

    809.00

    ICICIBC reported a profit of Rs55.1bn in 2QFY22 with strong performance across metrics. Core PPOP grew 21% YoY. NII grew 7/25% QoQ/YoY to Rs117bn, driven by all-time high NIMs of 4% and strong loan growth of 17% YoY....More

  • HDFC Bank Ltd

    Our View

    Buy

    Target Price

    2,000.00

    Reco Price

    1,600.00

    HDFC Bank is the largest private sector bank in India with a market share of ~10.3% in system loans as of FY21. It has a strong national network of 5,608 branches spread across urban and rural markets, a high-quality deposit franchise, well-diversified revenue mix, strong...More

  • Deepak Nitrite Ltd

    Our View

    Buy

    Target Price

    2,890.00

    Reco Price

    2,230.00

    DNL's Basic Chemicals (BC) segment surprised, with further sharp improvement in margins (up +530bps QoQ) to 34%. The company took advantage of the positive price trend across certain products...More

  • Housing Development Finance Corporation Ltd

    Our View

    Buy

    Target Price

    3,140.00

    Reco Price

    2,785.00

    HDFC is India’s premier financier in mortgage lending. As at FY21 end, HDFC’s outstanding AUM stood at ~Rs 5.7tn. HDFC offers loans to retail and corporate customers. About 77% of its loan book comprises retail loans and the rest comprises commercial real estate loans, lease...More

  • Cipla Ltd

    Our View

    Buy

    Target Price

    1,127.00

    Reco Price

    943.00

    Founded in 1935 by Khwaja Abdul Hamied, Cipla has established itself as a reliable and reputable pharmaceutical company in the home markets of India, South Africa and North America. Cipla's product portfolio spans complex generics as well as drugs in the respiratory, anti-retroviral, urology, cardiology,...More

  • J B Chemicals & Pharamaceuticals Ltd

    Our View

    Buy

    Target Price

    2,074.00

    Reco Price

    1,735.00

    J. B. Chemicals & Pharmaceuticals Ltd (JBCP) is a 40-year-old pharma company, with several well-established brands in the domestic market and a wide geographical presence in export markets with focus on both regulated and semi-regulated territories. ...More

  • Gujarat State Petronet Ltd

    Our View

    Buy

    Target Price

    394.00

    Reco Price

    331.00

    Gujarat State Petronet Ltd. was set up in 1998 by Gujarat State Petroleum Corporation (GSPC), a state-owned entity, to establish and operate a state-wide gas network in Gujarat. ...More

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