Company Research Reports

Company Reports

Initiating Coverage | Jul 18th 2018

Yes Bank Ltd

CMP : 380Target Price : 435

Yes Bank (YES), incorporated in 2004, is a private Indian bank. It is promoted by Mr. Rana Kapoor with financial support of Rabobank and Global investor - AIF Capital and Chrys Capital. Despite competition from well established private banks, it has been able to grow its balance sheet at steady pace. The bank’s advances have grown at heal..

View As PDF

Company Updates | Jul 03rd 2018

Aurobindo Pharma Ltd

CMP : 619Target Price : 770

Aurobindo Pharmaceuticals is an India-based leading global generic company. It’s predominately formulations export company, with USA & Europe contributing ~70% of sales (FY2018). Amongst the Indian Pharmaceutical companies, we believe that Aurobindo Pharmaceuticals is well placed to face the challenging generic markets, given its focu..

View As PDF

Sort By

Initiating Coverage | Jun 18th 2018

Bata India Ltd

CMP : 779
Target Price : 896

Bata India Ltd (BIL) is the largest footwear retailer in India, offering footwear, accessories and bags across brands like Bata, Hush Puppies, Naturalizer, Power, etc. BIL’s ~70% revenue is derived from Men & Kids segment and balance from women’s segment. BIL has over 1,400 Bata retail stores across India. Outlook and Valuation: We ex..

Result Updates | Jun 05th 2018

L T Foods Ltd

CMP : 76
Target Price : 128

For 4QFY2018, LT Foods Ltd (LTFL) posted results in-line with our expectations on the top-line front. However it disappointed on the bottom-line front. Revenue grew by ~15% yoy to `1,071cr, driven by healthy growth in domestic as well as international businesses. On the operating front, margins contracted by 102bps yoy on account of inves..

Company Updates | Jun 04th 2018

Safari Industries India Ltd

CMP : 612
Target Price : 720

Robust Q4FY2018 results- For Q4FY2018, Safari Industries (Safari ) posted a growth of 26%/150% yoy growth in revenue/ PAT amid ~543 bps yoy expansion in operating margin expansion. The company is gaining market share especially from the unorganized players and seeing good demand in its backpacks and new categories which is driving such st..

Result Updates | May 31st 2018

Greenply Industries Ltd

CMP : 256
Target Price : 364

For 4QFY2018, Greenply Industries disappointed both on the top-line as well as on the bottom-line front. Revenue de-grew by ~8.6% yoy to `437cr on an account of poor performance in Plywood segment as well as in MDF segment. On the operating front, margins contracted by 228bps due to due to lower realisations in Plywood and losses in Wallp..

Result Updates | May 30th 2018

Siyaram Silk Mills Ltd

CMP : 650
Target Price : 851

For 4QFY2018, 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 ~12% yoy. On the operating front, the company reported operating margin improvement. On the bottom-line front, SSM reported growth of ~19% yoy to `52cr on the back of strong top-li..

Result Updates | May 30th 2018

Mahindra & Mahindra Ltd

CMP : 868
Target Price : 1,050

For 4QFY2018, M&M posted good set of results, exceeding our expectations on both, top-line as well as bottom-line fronts. Revenues grew by ~10% yoy. On the bottom-line front, M&M reported growth of ~70% yoy to `1,059cr on the back of strong top-line growth and operating margin improvement. Outlook and Valuation: We expect M&M ..

Result Updates | May 28th 2018

L T Foods Ltd

CMP : 76
Target Price : 128

For 4QFY2018, LT Foods Ltd (LTFL) posted results in-line with our expectations on the top-line front. However it disappointed on the bottom-line front. Revenue grew by ~15% yoy to `1,071cr, driven by healthy growth in domestic as well as international businesses. On the operating front, margins contracted by 102bps yoy on account of inves..

Initiating Coverage | May 28th 2018

Capacite Infraprojects Ltd

CMP : 273
Target Price : 340

Capacit`e Infraprojects Limited (CIL) is a leading building construction company, with majority focus on residential construction, which constitutes more than 85% of the company`s `5,682cr order book. It caters to established realtors such as Kalpataru, the Wadhwa group, Oberoi Construction Ltd, Lodha, Rustomjee, TATA trust & Godrej p..

Result Updates | May 21st 2018

KEI Industries Ltd

CMP : 433
Target Price : 508

For 4QFY2018, KEI Industries (KEI) posted good set of results, exceeding our expectations on both, top-line as well as bottom-line fronts. Revenues grew by ~39% yoy (above our estimate), however, the company reported flat operating margins. On the bottom-line front, KEI reported growth of ~40% yoy to `50cr on the back of strong top-line g..

Result Updates | May 21st 2018

Blue Star Ltd

CMP : 754
Target Price : 867

For 4QFY2018, Blue Star posted results in-line with our expectations both on top line and bottom-line fronts. The revenue was higher by 7.8% y-o-y and PAT was up 27.4% y-o-y. During the quarter, cooling and the unitary products has been the key performer for the company. Operating margin improved by 87bps on account of lower material cost..