Company Research Reports

Company Reports

Company Updates | Sep 07th 2018

Aurobindo Pharma Ltd

CMP : 760Target Price : 870

Aurobindo Pharmaceuticals (APL) has acquired dermatology and oral solids businesses from Sandoz Inc., USA for an upfront purchase price of US$0.9bn in cash. With this acquisition, Aurobindo adds sales of US$0.9bn and would become the 2nd largest generic player in the US by number of prescriptions. Acquisition is funded by debt and values ..

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Initiating Coverage | Aug 28th 2018

Lumax Industries Ltd

CMP : 2,055Target Price : 2,550

Outlook & Valuation: Strong relationship with majority of Auto OEM, increasing sales of PV, 2W and CV and Improving revenue mix from Halogen lamp to LED lamp leads to better revenue and realization going ahead. Moreover LIL is also looking to localizes the manufacturing of LED lamp which is currently imported, management believe this ..

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Result Updates | Aug 20th 2018

Siyaram Silk Mills Ltd

CMP : 512
Target Price : 700

For 1QFY2019, Siyaram Silk Mills (SSML) posted subdued set of results, which were below our expectations on both, top-line as well as bottom-line fronts. Revenue was flat yoy, however, the company reported operating margin improvement. On the bottom-line front, SSML reported de-growth of ~4% yoy to ~`10cr due to subdued top-line growth. O..

Result Updates | Aug 18th 2018

Safari Industries India Ltd

CMP : 868
Target Price : 1,000

Robust growth in revenue: For Q1FY2019, Safari Industries (Safari) posted a yoy growth of 49% growth in revenue mainly led by volume growth and low base effect (Q1FY2018 revenue was subdued due to GST impact). The company has reported net revenue of `156 cr which was the highest ever revenue achieved. The company is garnering market share..

Initiating Coverage | Aug 17th 2018

TTK Prestige Ltd

CMP : 6,237
Target Price : 7,500

TTK Prestige (TTK) is the leading brands in kitchen appliances with 40%+ market share in organized market. It has evolved from being a single product company to a multi product company offering an entire gamut of kitchen and home appliances (600+ products). It expects to double its revenue in the next 5 years backed by revival in consumpt..

Result Updates | Aug 14th 2018

Jindal Steel & Power Ltd

CMP : 200
Target Price : 320

Outlook & Valuation: We maintain our Buy recommendation with a slight reduction in Target Price to `320 from `327 (due to increased net debt level). However, we expect JSPL to perform well in coming years owing to improving realization in steel segment, limited addition of steel capacity in near term and improving demand of steel goin..

Result Updates | Aug 13th 2018

GMM Pfaudler Ltd

CMP : 1,024
Target Price : 1,200

For Q1FY2019, GMM Pfaudler (GMM) posted a growth of 35.4%/63.9% yoy growth in revenue/ PAT amid ~494 bps margin expansion. The company is seeing good traction from its user industries like agrochemicals, which would drive 15-20% revenue growth in next two years. In view of robust demand, it is expanding its capacities by 25% in FY2019. Ou..

Result Updates | Aug 13th 2018

KEI Industries Ltd

CMP : 403
Target Price : 508

For 1QFY2019, KEI Industries (KEI) posted mixed set of results. Top-line was lower compared to our estimates, however, the company was able to maintain the bottom-line growth. Revenues grew by ~7% yoy (below our estimate) but company reported improvement on operating margin front. On the bottom-line front, KEI reported growth of ~17% yoy ..

Result Updates | Aug 10th 2018

Blue Star Ltd

CMP : 703
Target Price : 867

For 1QFY2019, Blue Star posted results below our expectations on the top-line, however, it reported healthy growth on the bottom-line front. The company has reported flat top-line growth (after adjustment of GST, revenue growth was ~7%) and PAT was up ~20% yoy. Outlook & Valuation: We forecast Blue Star to report top-line CAGR of ~13%..

Result Updates | Aug 10th 2018

Aurobindo Pharma Ltd

CMP : 601
Target Price : 780

For 1QFY2019, Aurobindo Pharma (APL) posted decent set of numbers on topline. On sales front, the company posted sales of `4,182cr v/s. `3,621cr in 1QFY2018, a yoy growth of 15.5%. On the operating front, the EBITDA margin at 17.0% v/s. 21.6% in 1QFY2018.Consequently, the Adj. PAT came in at `456cr v/s. `518cr in 1QFY2018, a yoy de-growth..

Result Updates | Aug 08th 2018

Mahindra & Mahindra Ltd

CMP : 926
Target Price : 1,050

For 1QFY2019, M&M posted good set of results, exceeding our expectations on both, top-line as well as bottom-line fronts. Revenues grew by ~9% yoy. On the bottom-line front, M&M reported growth of ~63% yoy to `1,221cr on the back of strong top-line growth and operating margin improvement. Outlook and Valuation: We expect M&M t..

Result Updates | Aug 08th 2018

Parag Milk Foods Ltd

CMP : 324
Target Price : 410

For Q1FY2019, Parag Milk Foods (PARAG) posted decent performance with 33%/168% yoy growth in revenue/ PAT led by 376 bps expansion in margin. The company has delivered strong results amid various concerns like farmers strike, rise in procurement prices of raw milk which reiterates our conviction in its premiumisation story. Outlook and Va..