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Company Reports

Initiating Coverage | Mar 07th 2018

Ashok Leyland Ltd

CMP : 139Target Price : 163

Ashok Leyland Ltd (ALL) is the flagship company of the Hinduja Group, and one of the largest commercial vehicle manufacturers in India. ALL is engaged in the manufacturing of commercial vehicles and related components. ALL’s products include buses, trucks, engines, defense and special vehicles. Ashok Leyland offers a range of products fro..

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Initiating Coverage | Mar 03rd 2018

Greenply Industries Ltd

CMP : 340Target Price : 395

Greenply Industries Ltd (GIL) manufactures plywood & allied products and medium density fibreboards (MDF). GIL offers a portfolio of residential and commercial products comprising plywood & block boards, MDF, wood floors, flush doors and decorative veneers. GIL offers wood floors under the brand name Green Floormax. Currently, GIL..

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Initiating Coverage | Feb 21st 2018

Safari Industries India Ltd

CMP : 532
Target Price : 650

Safari Industries Ltd (Safari ) is the third largest branded player in the Indian luggage industry. Post the management change in 2012, it has witnessed complete restructuring in business and product portfolio. This restructuring has helped it in posting a CAGR of 42% in revenue and 46% in PAT over 2012-17. It has also now captured ~14%..

Result Updates | Feb 16th 2018

Ruchira Papers Ltd

CMP : 188
Target Price : 244

We forecast RPL to report healthy top-line CAGR of ~13% over FY17-20E on the back of healthy demand in printing & writing paper and kraft paper segments. On the bottom-line front, we estimate ~16% CAGR over FY17-20E owing to strong improvement in operating performance. Further, enhanced manufacturing efficiencies and benefits from inc..

Initiating Coverage | Feb 16th 2018


CMP : 433
Target Price : 510

HSIL Limited (HSIL) is an Indian company, which offers sanitaryware products, faucets and glass bottles. The companys segments include building products division, packaging products division and others division (retail, consumer, pipes, caps and closures, e tc.) The company’s ~46% re venue comes from building products division, ~43% from ..

Result Updates | Feb 15th 2018

ICICI Bank Ltd

CMP : 328
Target Price : 416

At the current market price, the bank’s core banking business (after adjusting value of subsidiaries) is trading at 1.1x FY20E ABV. We believe strength of liability franchise (CASA-50%), shift in loan mix towards retail assets and better rated companies, Strong capitalization (tier I of 14.6%), and steady improvement in stress loan and go..

Result Updates | Feb 14th 2018

Asian Granito India Ltd

CMP : 519
Target Price :

For 3QFY2018, Asian Granito (AGL) posted results in line with our expectations on top-line basis, however bottom-line disappointed. Revenue grew by ~6% yoy (after adjusting exercise duty top-line growth grew ~13.8% ) to `264cr, driven by strong volume growth of ~25%. On the operating front, margins contracted by 10bps yoy due to higher po..

Result Updates | Feb 14th 2018

Century Plyboards India Ltd

CMP : 298
Target Price : 400

For 3QFY2018, Century Plyboards India Ltd (CPIL) posted results in-line with our expectations on both top-line as well as bottom-line fronts. Revenues grew by ~11% yoy and operating margins were also higher yoy. On the bottom-line front, CPIL reported growth of ~25% yoy to `47cr on the back of strong top-line growth and lower interest cos..

Result Updates | Feb 12th 2018

T.V. Today Network Ltd

CMP : 477
Target Price : 560

For 3QFY2018, TV Today Network Ltd (TTNL) posted results in-line with our expectations on both top-line as well as bottom-line fronts. Revenue grew by ~23% yoy to `174cr driven by higher growth in ad revenue segment. On the operating front, margins improved by 320bp yoy, which resulted in strong PAT growth of ~36% yoy to `36cr. ..

Initiating Coverage | Feb 07th 2018

Elantas Beck India Ltd

CMP : 2,155
Target Price : 2,500

Elantas Beck India (Elantas) is the Indian market leader in liquid insulation segment used in electrical equipments like motors, transformers, generators etc. Part of global specialty chemicals leader ALTANA Group, the company practically has no visible peer in ` 600 cr+ market in India. Elantas enjoys market leadership in both primary an..

Result Updates | Feb 05th 2018

CCL Products India Ltd

CMP : 278
Target Price : 360

For Q3FY18, CCL products (CCL) posted subdued set of results on a strong base of Q3FY17. The management expects a strong fourth quarter to achieve the yearly revenue growth guidance of 10%. Revenues degrew by ~5% yoy and while the operating margins were also lower on yearly basis. Outlook and Valuation: We maintain our estimates in view o..

Result Updates | Feb 02nd 2018

Siyaram Silk Mills Ltd

CMP : 627
Target Price : 813

For 3QFY2018, Siyaram Silk Mills (SSM) posted good set of results, exceeding our expectations on both, top-line as well as bottom-line fronts. Revenues grew by ~16% yoy (above our estimate). On the operating front, the company reported operating margin improvement. On the bottom-line front, SSM reported growth of ~64% yoy to `22cr on the ..