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Initiating Coverage | Mar 18th 2014

M M Forgings Ltd

CMP : 98Target Price : 131

MM Forgings (MMFL) is one of the largest exporters of forgings from India with a capacity of 40,000MT (exports contributed ~70.0% to the revenue in FY2013). It is engaged in the manufacturing of steel forgings, catering to the forging requirements of almost all sections of industry including Automotive, Valve and Oil-field, Engineering an..

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Initiating Coverage | Jul 18th 2013

Hindustan Sanitaryware Industries

CMP : 87Target Price : 117

Hindustan Sanitaryware Industries Ltd (HSIL) is the largest manufacturer of sanitaryware (40% market share) and the second largest manufacturer (22% market share) of glass containers in India. With increased awareness for improving sanitation coverage coupled with current low penetration and changing lifestyles of people, the sanitaryware..

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Initiating Coverage | Apr 08th 2013


CMP : 161
Target Price : 213

GMDC beats CIL in terms of efficiency, volume growth and ability to take price hikes. Despite these factors, GMDC is currently trading at an EV/EBITDA multiple of 3.3x FY2015E, compared to CIL, which is trading at a multiple of 4.4x, which is unwarranted in our view. GMDC ticks most boxes for a long-term view: A virtual monopoly with prov..

Initiating Coverage | Mar 22nd 2013

Tree House

CMP : 225
Target Price : 275

Tree House Education and Accessories Ltd (THEAL) is the largest self-operated pre-school education provider in India. THEAL has 349 pre-school centres of which 278 centers are self-owned schools (SOS) while 71 centers are franchisees (as of December 2012). THEAL has also entered into the K-12 schools segment (in regions where it has stron..

Initiating Coverage | Mar 22nd 2013

IFB Agro Industries

CMP : 151
Target Price : 198

IFB Agro Industries (IFB), primarily present in West Bengal, is engaged in the business of manufacturing alcohol, bottling of branded alcoholic beverages as well as processed and packed marine foods, both for domestic and export markets. The companys expansion plans in the liquor segment coupled with scope for higher market penetration ar..

Initiating Coverage | Jan 10th 2013

Unity Infraprojects

CMP : 46
Target Price : 59

Unity Infraprojects (UIP) is one of the fastest growing mid-cap company in the infrastructure space with focus on civil construction segment (residential, commercial and industrial structure portfolio) and infrastructure projects in irrigation & water and transportation segments. The company has a healthy order book of Rs4,495cr as of..

Initiating Coverage | Dec 17th 2012

TTK Healthcare

CMP : 551
Target Price : 643

TTK Healthcare (TTKH), a part of the TTK group is present across businesses like pharmaceuticals, consumer products, medical devices and foods. The company has leading brands like Woodward’s Gripe Water with more than 50% market share and Eva which is a leader in women’s deodorant segment. TTKH’s continuous advertisement spend has resulte..

Initiating Coverage | Sep 25th 2012

Disa India

CMP : 2,678
Target Price : 3,353

Disa India (Disa), an 86.5% subsidiary of Disa Holding AG, is a market leader in manufacturing modern foundry equipment with a 70% market share in India. As per the June 2010 amendment of Securities Contract (Regulations) Act, all listed companies should have a minimum of 25% public shareholding by June 2013. Since the promoters stake in ..

Result Updates | Aug 10th 2012

Alembic Pharma

CMP : 59
Target Price : 91

Alembics 1QFY2013 results have come below expectations. On the sales front, the company grossed sales of Rs366cr, registering a revenue growth of 6.6% yoy, lower than our expectations of Rs390cr. On the operating front, the company posted an OPM of 14.3% vs an expectation of 15.3%. This, along with lower than expected net sales, lead the ..

Initiating Coverage | Jul 11th 2012

S. Kumars Nationwide

CMP : 34
Target Price : 45

S. Kumars Nationwide Ltd. (SKNL) is one of the leading textile and apparel companies in India catering to various segments ranging from economy to premium. The company has also extended its presence globally by acquiring Leggiuno in Italy and Hart Schaffner Marx (HMX) in the U.S. In addition, it has entered an 80:20 JV with Louis Vuitton ..

Initiating Coverage | May 16th 2012

Mahindra Lifespaces Developers

CMP : 312
Target Price : 376

Mahindra Lifespaces Developers (MLIFE) is a mid and premium housing developer catering to strong demand in tier-1 cities and small metros in the country. Apart from real estate development, MLIFE also operates two integrated business cities – Mahindra World City (MWC) Chennai and Jaipur [special economic zones (SEZ) and domestic tariff ar..

Initiating Coverage | May 16th 2012


CMP : 655
Target Price : 800

Cravatex Ltd. (Cravatex) is a market leader in providing fitness equipment distribution under its brand Proline Fitness and represents the 100-year old Italian brand, FILA, in India. Cravatex has recently acquired sub-license to distribute the products of FILA in the United Kingdom (UK) and Ireland. The company has also been forming strat..