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CMP : 275Target Price : 322

New amusement park at Hyderabad to boost footfalls: We expect Wonderla Holidays to report a healthy growth in footfalls (~18% CAGR over FY2015-17E) with it setting up a new amusement park in Hyderabad, which would be operational in FY2017. The company also has plans to venture across other parts of India to cater to a wider audience. In i..

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CMP : 525Target Price : 652

Minda Industries Ltd (MIL) is a diversified auto ancillary supplier, manufacturing products such as switches, horns, lights, fuel caps, and cylinder valves. It is the market leader in the switch segment with a market share of 67%, and also the horn segment where it has a market share of 47%. New product introductions and increased sourcin..

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Jul 14th 2015

Radico Khaitan Ltd

CMP : 82
Target Price : 112

Radico Khaitan Ltd (RKL) is a leading manufacturer of Indian made foreign liquor (IMFL). It has a strong pan-India presence with growing sales in the premium brands category. Raw material prices expected to ease: We expect the price of extra neutral alcohol (ENA), a key raw material for the company, to remain stable and potentially even d..

CMP : 593
Target Price : 582

Recent order inflows provide revenue growth visibility: KNR Constructions (KNR) is a specialist Roads & Highways EPC player. Over the last 4 months, KNR has reported Rs2,591cr of order wins (excludes Rs555cr of Chittagong order win), which is significantly higher than Rs950cr of order inflows in FY2015. Management has guided for anoth..

Jun 29th 2015

BEML Ltd

CMP : 1,218
Target Price : 1,414

Metro: The Metro investment cycle in the country is to pick up with over Rs15,000cr worth of Rolling Stock to be awarded during FY2016-20E. BEML being a low cost player (vis-a-vis Bombardier and Alstom India), is well positioned to gain the most from this opportunity. Mining Equipment: 70-80% of BEML’s mining equipment sales come from Coa..

CMP : 282
Target Price : 336

Rane Brake Lining (RBL) is engaged in the manufacture of safety critical friction material products viz brake linings, disc pads and brake shoes. It is the leader in the automobile OEM (Passenger and commercial vehicle) segment with a 38% share, while it has an 18% share in the aftermarket segment. Recovery in OEM segment coupled with aft..

Apr 29th 2015

Surya Roshni Ltd

CMP : 109
Target Price : 149

Surya Roshni Ltd is a 38 year old conglomerate with its core business comprising of lighting and steel tube products. The Lighting business has superior profitability than the latter and the company is among the largest players in the lighting industry with a market share in excess of 25%. The company has a pan India presence spanning a n..

Apr 17th 2015

MT Educare Ltd

CMP : 111
Target Price : 141

Strong brand and quality teaching with innovative technologies to drive growth: MT Educare has strong positioning in the Secondary School and Higher Secondary School coaching business in Mumbai location. The city accounts for ~66% of the company’s overall centers and contributes ~80% of the company’s overall revenue. The company has intro..

CMP : 68
Target Price : 84

Elecon Engineering Company (EECL) is one of the largest Power Transmission Equipment (PTE) and Material Handling Equipment (MHE) manufacturing company in India. It has a leadership position in the PTE business with a market share of ~30%. Its MHE business is through its 60.48% subsidiary - Elecon EPC Projects (promoters of EECL hold the b..

CMP : 42
Target Price : 54

Action Construction Equipment (ACE) is among the leading crane manufacturers in the Indian construction equipment (CE) market with a share of 35% in the Pick and Carry crane market. ACE’s product portfolio comprises of a range of Cranes, Backhoe Loaders and Forklifts, Tractors, and Harvesters. Business set to turn-around: Recent announcem..

CMP : 147
Target Price : 170

Power Grid Corporation of India (PGCIL) is among the largest transmission utilities in the world and is one of the best plays on the power sector in India owing to its assured ROE model and strong earnings visibility. Huge investments lined up for augmenting power generation and transmission capacities: Power generation capacity in the co..

CMP : 242
Target Price : 286

Setco Automotive Ltd (SAL) who is the market leader in manufacture of MHCV clutches (about 65% market share) is likely to reap rich benefits of upcycle in both the OEM (30% of sales) as well as replacement markets (70% sales). Direct beneficiary of MHCV upcycle After two consecutive years (FY2013 and FY2014) of a steep double-digit declin..