India Midcaps

RESULT UPDATE

JAIN IRRIGATION
Muted quarter
India Equity Research| Miscellaneous

Jain Irrigation (JISL) reported below estimate Q3FY16 standalone

numbers, primarily on account of lower food processing revenues and
higher interest costs. Key positives were: 1) domestic and export sales
grew 2.3% and 11.3 YoY, respectively; 2) all businesses grew well, except
food processing; 3) MIS revenues rose 6.5% YoY; 4) pipe business grew
12.8% led by 23.8% growth in PE Pipe division; 5) total order book moved
up 37% QoQ to 18.4bn. Key negatives were: 1) food division grew by
mere 1.6% led by 15.4% dip in fruit processing segment; 2) net debt
jumped INR1.13bn QoQ (up INR0.91bn YoY); and 3) MIS project business
declined 21.7% YoY. JISL was successful in raising INR7.9bn via equity in
parent and stake sale in food processing business (refer our note, Jain
Irrigation: Fund raising to deleverage balance sheet). The company
proposes to use the funds to prune debt which will result in interest
saving of INR0.8bn in FY17. In view of the immense untapped
opportunity, sharpened government focus on MIS and JISLs market
leadership, we anticipate its MIS business to sustain robust growth.
Maintain BUY with TP of INR100.

EDELWEISS RATINGS
Absolute Rating

BUY

Investment Characteristics

Growth

MARKET DATA (R: JAIR.BO, B: JI IN)

CMP

: INR 53

Target Price

: INR 100

52-week range (INR)

: 79 / 50

Share in issue (mn)

: 443.1

M cap (INR bn/USD mn)

: 24 / 363

Avg. Daily Vol. BSE/NSE (000) : 4,164.8

SHARE HOLDING PATTERN (%)
Current

Q2FY16

Q1FY16

28.7
50.2

29
12.2

28.7
11.7

28.0

31.9

21.1

31.2

27.8

Promoters *
MF's, FI's & BKs
FII's
Others

Piping excels; food processing lacklustre

Standalone net sales grew by mere 4.6% YoY to INR8.95bn on 6.5%, 12.8%, 1.6% and
2.9% YoY growth in MIS, piping, food processing and tissue culture, respectively.
Domestic and export revenues grew 2.3% and 11.3% YoY, respectively. Revenues were
primarily impacted by 21% and 15.4% dip in MIS project and fruit processing revenues,
respectively. EBITDA margin jumped 60bps YoY to 13.4% (estimate 14.7%). Adjusted
loss stood at INR292mn (PAT of INR61mn in Q3FY15). JISL clocked forex gain of
INR366mn (considered as exceptional item). Hence, reported PAT stood at INR136mn.

7.9

BSE Midcap
Stock
Index

Stock over
Index

* Promoters pledged shares

(% of share in issue)

PRICE PERFORMANCE (%)

1 month

(8.9)

(19.5)

(10.7)

3 months

(6.3)

(10.7)

(4.4)

12 months

(2.6)

(8.5)

(5.9)

Outlook and valuations: Positive; maintain BUY

Going ahead, we anticipate better operational performance and lower interest costs to
drive PAT growth. We have trimmed FY17/18E EBITDA estimates 7/12% considering
lower revenue growth. Rolling over valuations to FY18E, we maintain BUY with target
price of INR100 (15x FY18E, earlier 15x FY17E). At current levels, the stock is trading at
31.4x FY16E and 13.7x FY17E EPS.
Financials (Standalone)

(INR mn)

Year to March Q3FY16 Q3FY15 % change

Q2FY16 % change

FY15*

FY16E*

FY17E*

Net revenues

8,952

8,558

4.6

8,300

7.9

61,527

63,989

71,804

EBITDA

1,222

1,219

0.2

1,276

(4.3)

7,797

8,152

9,430

84

NA

NA

1,312

911

2,089

Adj. EPS (INR)

2.7

1.7

3.9

Diluted P/E (x)

19.8

31.4

13.7

8.1

7.3

6.2

Adjusted PAT

EV/EBITDA (x)
ROAE (%)

(230)

(4)

6.1
4.2
9.3
* Annual numbers are on consolidated basis
Edelweiss Research is also available on www.edelresearch.com,
Bloomberg EDEL <GO>, Thomson First Call, Reuters and Factset.

Manish Mahawar
+91 22 6623 3481
manish.mahawar@edelweissfin.com

Damodaran Kutty
+91 22 6623 3302
damodaran.kutty@edelweissfin.com

February 16, 2016

Edelweiss Securities Limited

Miscellaneous
Q3FY16 conference call: Key highlights

Revenue break up: Standalone net sales grew by mere 4.6% YoY to INR8.95bn on 6.5%,
12.8%, 1.6% and 2.9% YoY growth in MIS, piping, food processing and tissue culture,
respectively. Domestic and export revenues grew 2.3% and 11.3% YoY, respectively.
Revenues were primarily impacted by 21% and 15.4% dip in MIS project and fruit
processing revenues, respectively.

MIS: Standalone MIS business grew 6.5% YoY, domestic business 6.1% and exports
9.0%. Within domestic business, retail grew by 13.9%, while project segment declined
by 21.7% - past projects are nearing completion but new projects are still under
negotiations. Maharashtra, Andhra Pradesh and Karnataka continued to exhibit good
demand for domestic retail segment.

Food processing: The business grew 1.6% YoY. Onion dehydration segment surged
76.7% led by non-availability of raw material in Q3FY15 (base quarter). Fruit processing
however, fell 15.4% on postponement of exports to the Middle East to Q4FY16.
Consolidated revenues grew 11.3% YoY. The company recently forayed into the B2C
segment with launch of its frozen product, `Aamrus`.

Pipe: Standalone pipe business jumped 12.8% YoY led primarily by 23.8% YoY growth in
PE pipe division on account of large orders from institutional players. Inventory loss
impacted margins. Order book of segment continued to show strong traction.

Export revenue: Overall exports posted positive growth of 11.3% after continuous
declines over past 8-9 quarters.

Order book: Moved up 37% QoQ to INR18.4bn.

Debt: Net debt jumped INR1.13bn QoQ (up INR0.91bn YoY) to INR32.6bn.Consolidated
net debt jumped INR0.9bn to INR43.6bn.The debt increase was primarily owing to
depreciation of the INR against the USD. Management expects to achieve Net Debt
:Equity of 1:1 going ahead.

Receivables: Total receivable days rose marginally from 136 to 139 YoY. MIS
receivables stood at INR9.1bn (versus INR9bn as on Sept 30, 2015). The governments
subsidy receivables rose marginally by INR154mn to INR3.1bn during the quarter.

Jain Irrigation, Coca Cola and the government signed an MoU at the Make in India week to
setup a large modern nursery, demo orchard to introduce high-yielding varieties of oranges,
an orange processing unit and a fruit beverage manufacturing plant at Vidharbha.

New orders

JISL has bagged the Maharashtra State Electricity Distribution Companys (MSEDCL)
most awaited tender worth INR473cr for supply and installation of 8,959 solar agripumps. This is the first pilot phase out of the worlds biggest solar agri-pump project for
500,000 pumps launched by the Government of Maharashtra through MSEDCL.
However, ordering for the same is yet to start on account of certain political hurdles.

The company has received USD33mn (INR2.2bn) contract by DAR Es Salaam Water and
sewerage authority.

Edelweiss Securities Limited

Jain Irrigation
Q2FY16 conference call: Key highlights

Revenue guidance: Management has guided for double-digit consolidated revenue

growth in FY16. It expects to achieve 15%/20% YoY growth in MIS/food businesses in
FY16.

Revenue break up: Standalone net sales grew 0.8% YoY owing to
26.1%/16.7%/36.8%/8.5% growth in piping/food processing/tissue culture/solar
businesses. Standalone MIS revenue fell 19.4% due to decline in exports and projects
while retail business grew 5.5% YoY.

Order book: Overall order book (OB) stood at INR13.4bn. Order book of food
processing, MIS (projects) and piping stands at INR4.6bn, INR6bn and INR1.5bn,
respectively.

MIS: Standalone MIS business declined 19.4% YoY in the quarter due to decline in
exports (down 17.3% YoY) and projects business (down 62.3% YoY) while retail business
grew 5.5% YoY. Consolidated MIS revenue fell 11.8% YoY. Management expects to
achieve double digit growth in the MIS segment in FY16.

Food processing: The business grew 16.7% YoY led by good performance in domestic as
well as exports business. Consolidated revenue grew 20% YoY. The fruit division
performed well with growth of 56% YoY whereas onion dehydration business declined
38% YoY. Management expects food business to grow 20% YoY in FY16.

Pipe business: Standalone pipe business jumped 26.1% YoY led primarily by 67.7% YoY
growth in the PE pipe division on account of large orders from institutional players.
Margins for the piping business improved during the quarter due to decline in crude
prices. In PE pipe, gas distribution, telecom and water segments are showing good
demand offtake.

Export revenue: Standalone exports remained flat YoY at INR1.9bn. Adverse currency
movement impacted export revenue during the quarter. MIS exports fell 17.3% YoY.
However, low MIS exports were compensated by higher exports in food and other
segments. Management expects to achieve MIS exports of INR2bn in FY16 (INR1.6bn in
FY15).

Debt: Management indicated that net debt rose by INR2.26bn (includes MTM forex loss
of INR298mn) QoQ to INR31.45bn on standalone basis and by INR2.47bn (includes
MTM forex loss of INR278mn) on consolidated basis.

Receivables: Total receivable days dipped marginally from 138 to 136 YoY. MIS
receivables stood at INR8.98bn (versus INR9.36bn on June 30, 2015). Governments
subsidy receivables fell marginally by INR62mn to INR2.92bn during the quarter.

Equity fund raising plan & stake sale in food business: JISL has announced fund raising
plans in parent and to sell stake in the food processing business. The company will raise
INR3.96bn via issuance of equity (by way of compulsory convertible debentures, CCD)
to Mandala Capital (Mandala, INR2.85bn) and warrants to promoter groups
(INR1.11bn). For detailed analysis of the fund raising plan please (refer our note: Jain
Irrigation: Fund raising to deleverage balance sheet)

New orders
o

Food division bags order of INR7.51bn: JISL has signed a 3-year supply contract for
mango pulp with Hindustan Coca-Cola Beverages. The contract is valued at
INR7.51bn at current year's supply prices. This is the third consecutive 3 years
Edelweiss Securities Limited

Miscellaneous
contract executed with the company. JISL has bagged this contract with 30% higher
over the previous contract.
o

To supply solar agri pumps worth INR4.73bn: JISL has bagged Maharashtra State
Electricity Distribution Companys (MSEDCL) most awaited tender worth INR4.73bn
for supply and installation of 8,959 solar agri-pumps. This is the first pilot phase
out of the worlds biggest solar agri-pump project for 500,000 pumps launched by
Government of Maharashtra through MSEDCL.The tender is expected to be
serviced over next 6 to 12 months with further operational and maintenance
support to the fanners for next 5 years.

Edelweiss Securities Limited

Jain Irrigation
Financial snapshot

(INR mn)

Year to March
Net revenues
Raw material
Staff costs
Other expenses
Total expenditure
EBITDA
Depreciation
EBIT
Other income
Interest
Profit before tax
Provision for taxes
Minority interest
Associate profit share
Profit- Discontinued Ops
Exceptional Items
Reported net profit
Adjusted Profit
Diluted shares (mn)
Adjusted Diluted EPS
Diluted P/E (x)
EV/EBITDA (x)
ROAE (%)
AS % of net revenues
Raw material
Employee cost
Other expenses
EBITDA
Reported net profit

Q3FY16
8,952
5,188
686
1,857
7,731
1,222
482
740
67
1,052
(245)
(15)
-

Q3FY15
8,558
5,055
618
1,666
7,339
1,219
436
783
85
1,014
(146)
(230)
-

% change
4.6
2.6
11.1
11.4
5.3
0.2
10.4
(5.5)
(20.9)
3.8
NA
NA

Q2FY16
8,300
4,667
623
1,734
7,024
1,276
452
825
74
1,032
(134)
(129)
-

% change
7.9
11.2
10.2
7.1
10.1
(4.3)
6.7
(10.3)
(8.9)
1.9
NA
NA

YTD16
28,178
16,024
1,924
5,981
23,928
4,249
1,376
2,874
238
3,120
(8)
(96)
-

FY16E
63,989
35,937
6,719
13,182
55,837
8,152
2,602
5,550
328
4,712
1,166
233
22

FY17E
71,804
40,259
7,324
14,792
62,375
9,430
2,672
6,758
394
4,274
2,878
633
155

366
136
(230)
455
(0.5)
-

(383)
(299)
84
455
0.2
-

NA
NA
NA

(267)
(272)
(4)
455
-

NA
NA
NA

(18)
69
87
455
0.2
-

911
911
535
1.7
31.4
7.3
4.2

2,089
2,089
535
3.9
13.7
6.2
9.3

57.9
7.7
20.7
13.6
(2.6)

59.1
7.2
19.5
14.2
1.0

56.9
6.8
21.2
15.1
0.3

56.2
10.5
20.6
12.7
1.4

56.1
10.2
20.6
13.1
2.9

56.2
7.5
20.9
15.4
(0.1)

*Annual nos are on consolidated basis

Change in Estimates
New
63,989

FY16E
Old
66,648

% change
(4.0)

New
71,804

FY17E
Old
75,939

8,152

8,754

(6.9)

9,430

10,762

EBITDA Margin

12.7

13.1

13.1

14.2

Adjusted

911

1,508

2,089

3,461

1.5

2.3

3.1

4.8

1,906

2,007

1,802

1,915

Net Revenue
EBITDA
Profit

(39.6)

% change Comments
(5.4)
(12.4)

Considering lower revenue growth

(39.6)

After Tax
Net Profit Margin
Capex

(5.0)

(6.0)

Edelweiss Securities Limited

Miscellaneous
Company Description
Established in 1986, Jain Irrigation Systems (JISL) is currently the worlds second largest and
Indias largest micro irrigation company. It has four major business divisionsmicro
irrigation systems (MIS), piping systems, agro processing, and plastic sheets. Apart from
these, it also derives a minor portion of revenues from tissue culture, hybrid & grafted
plants, and solar devices. In FY15, at a consolidated level, MIS revenue share was at 46%,
piping products at 21%, agro processed products at 23%, plastic sheets at 2% and others at
9%. JISL has a global presence in more than 100 countries with a robust dealer and
distribution network; it has 24 plants and employs over 6,000 people. JISL has been named
by Standard & Poors in May 2007 as one of the eight Indian companies expected to emerge
as challengers to the worlds leading companies.

Investment Theme
India is likely to have an an opportunity of ~INR 450 bn under micro irrigation over the next
six to seven years. JISL stands to gain the most, being the market leader in this space.
Standalone sales of JISLs MIS segment have posted a CAGR of 31.16% during 2005-15.
While JISL is currently sacrificing some growth to rationalise their high receivables in MIS,
we expect JISL to get multiple re-rating from the point when it shows improvement in
working capital cycle by lowering the receivables and commencing the proposed NBFC.

Key Risks
Withdrawal of subsidies for micro irrigation is a key risk that could cause JISLs growth rates
to slow down drastically.
Poor monsoon, seasonality and cyclical nature of agriculture could impact the companys
agro-processing division by hitting the availability as well as prices of agro commodities.
Though poor monsoon is unlikely to impact MIS in the short term, in case of recurring
monsoon failure, the segments growth may slow down.
Competition from the unorganized sector as well as supply from China may impact the MIS
business. However, only from the context of manufacturing MIS systems, it is a low entry
barrier business, and competencies needed to manage the inherent issues of weather,
dealing with government, small holdings by Indian farmers etc., limit the scope of most
players in the Indian MIS market.
Most of JISLs activities are working capital intensive, which may constrain the company
from achieving targeted growth.
USD/INR volatility may impact export revenues as well as margins. As the company is having
high D/E, interest rate tightening may impact profitability.

Edelweiss Securities Limited

Jain Irrigation

Financial Statements
Key Assumptions
Year to March

Income statement
FY15

FY16E

FY17E

FY18E

Macro

(INR mn)

Year to March

FY15

FY16E

FY17E

FY18E

Net revenue
Materials costs

61,527
34,457

63,989
35,937

71,804
40,259

81,031
45,133

Gross profit

27,070

28,052

31,545

35,897

GDP(Y-o-Y %)
Inflation (Avg)

7.2
6.7

7.4
5.0

7.9
5.0

8.3
5.2

Repo rate (exit rate)

7.5

6.8

6.0

6.0

Employee costs

6,658

6,719

7,324

8,265

61.2

65.0

67.5

67.0

Other Expenses

12,614

13,182

14,792

16,692

Company

Operating expenses

19,273

19,901

22,116

24,957

Cost assumptions

EBITDA

7,797

8,152

9,430

10,940

USD/INR (Avg)

Raw Material (% net rev)

56.0

56.2

56.1

55.7

Depreciation

2,441

2,602

2,672

2,787

Employee cost (% of rev)

10.8

10.5

10.2

10.2

EBIT

5,357

5,550

6,758

8,152

Other exp (% net rev)

20.5

20.6

20.6

20.6

Add: Other income

410

328

394

472

MIS revenue growth (%)

7.4

5.5

11.9

13.1

Less: Interest Expense

4,693

4,712

4,274

3,952

Piping prod rev gwth (%)

(6.6)

8.9

12.2

12.2

Profit Before Tax

1,074

1,166

2,878

4,673

Agro-proc. rev gwth (%)

18.2

8.8

14.0

14.1

Less: Provision for Tax

(239)

233

633

1,028

38,647

34,939

33,825

31,302

Less: Minority Interest

22

155

192

2,093

1,906

1,801

2,037

Associate profit share

Debtor days

111

105

90

88

Prior Period(Net of Tax)

(763)

Inventory days

196

189

177

171

Exceptional items

(767)

Payable days

143

137

127

126

Reported Profit

554

911

2,089

3,453

Cash conversion cycle

164

157

141

132

Exceptional Items

Dep. (% gross block)

6.3

6.4

6.3

6.3

Adjusted Profit

Net borrowings (INR mn)

Capex (INR mn)

1,312

911

2,089

3,453

Shares o /s (mn)

463

463

463

463

Basic EPS (INR)

2.8

2.0

4.5

7.5

Diluted shares o/s (mn)

486

535

535

535

Adj. Diluted EPS (INR)

2.7

1.7

3.9

6.5

Adjusted Cash EPS

7.4

7.6

10.3

13.5

Dividend per share (DPS)

0.5

0.5

0.6

0.7

Dividend Payout Ratio(%)

50.2

31.6

13.3

9.4

Year to March

FY15

FY16E

FY17E

FY18E

Operating expenses
Gross margin

31.3
44.0

31.1
43.8

30.8
43.9

30.8
44.3

Common size metrics

Interest Expense

7.6

7.4

6.0

4.9

EBITDA margins

12.7

12.7

13.1

13.5

EBIT margins

8.7

8.7

9.4

10.1

Net Profit margins

2.1

1.5

3.1

4.5

FY15

FY16E

FY17E

FY18E

5.6
1.3

4.0
4.5

12.2
15.7

12.8
16.0

Growth ratios (%)

Year to March
Revenues
EBITDA

PBT

(25.5)

8.6

146.8

62.4

Adjusted Profit

(31.0)

(30.6)

129.4

65.3

EPS

(31.0)

(37.0)

129.4

65.3

Edelweiss Securities Limited

Miscellaneous
Balance sheet
As on 31st March

(INR mn)

Cash flow metrics

FY15

FY16E

FY17E

FY18E

FY15

FY16E

FY17E

FY18E

Share capital
Reserves & Surplus

925
20,474

925
22,216

925
23,972

925
27,035

Operating cash flow

Investing cash flow

6,613
(2,288)

9,472
(1,883)

7,368
(1,646)

8,710
(1,845)

Shareholders' funds

21,400

23,142

24,897

27,960

Financing cash flow

(3,255)

(5,839)

(7,608)

(7,192)

22

178

369

1,070

1,750

(1,886)

(327)

Short term borrowings

26,864

22,500

19,500

19,500

Capex

(2,093)

(1,906)

(1,801)

(2,037)

Long term borrowings

15,445

17,850

17,850

15,000

Dividend paid

(278)

(278)

(334)

(390)

Total Borrowings

42,309

40,350

37,350

34,500
FY15

FY16E

FY17E

FY18E

6.1
9.1

4.2
9.2

9.3
11.4

13.7
13.8

Minority Interest

Long Term Liabilities

465

465

465

465

(157)

(157)

(157)

(157)

Sources of funds

64,016

63,822

62,732

63,137

Gross Block
Net Block

39,756
24,531

41,548
23,721

43,271
22,772

45,216
21,930

526

640

718

810

Def. Tax Liability (net)

Capital work in progress

Year to March

Net cash Flow

Profitability and efficiency ratios

Year to March
ROAE (%)
ROACE (%)
ROA

2.1

1.4

3.3

5.5

Inventory Days

196

189

177

171

Intangible Assets

3,076

3,076

3,076

3,076

Debtors Days

111

105

90

88

Total Fixed Assets

28,133

27,437

26,567

25,816

Payable Days

143

137

127

126

Cash and Equivalents

3,662

5,411

3,525

3,198

Cash Conversion Cycle

164

157

141

132

Inventories

18,566

18,701

20,401

21,850

Current Ratio

2.9

3.0

2.9

2.7

Sundry Debtors

19,541

17,296

18,251

20,615

Gross Debt/EBITDA

5.4

4.9

4.0

3.2

Loans & Advances

7,582

8,341

8,341

8,341

Gross Debt/Equity

2.0

1.7

1.5

1.2

Other Current Assets

4,956

4,956

4,956

4,956

Adjusted Debt/Equity

2.0

1.7

1.5

1.2

Current Assets (ex cash)

50,645

49,294

51,949

55,762

Net Debt/Equity

1.8

1.5

1.3

1.1

Trade payable

13,568

13,465

14,453

16,784

Interest Coverage Ratio

1.1

1.2

1.6

2.1

Other Current Liab

4,857

4,857

4,857

4,857

Total Current Liab

18,425

18,322

19,310

21,641

Operating ratios

Net Curr Assets-ex cash

32,220

30,972

32,639

34,121

Year to March

FY15

FY16E

FY17E

FY18E

Uses of funds

64,016

63,822

62,732

63,137

46.2

50.0

53.8

60.4

Total Asset Turnover

Fixed Asset Turnover

1.0
2.2

1.0
2.4

1.1
2.7

1.3
3.2

Equity Turnover

2.8

2.9

3.0

3.0

FY15

FY16E

FY17E

FY18E

2.7
(31.0)

1.7
(37.0)

3.9
129.4

6.5
65.3

BVPS (INR)
Free cash flow

(INR mn)

Year to March

FY15

FY16E

FY17E

FY18E

Valuation parameters

Reported Profit
Add: Depreciation

554
2,441

911
2,602

2,089
2,672

3,453
2,787

Year to March

Interest (Net of Tax)

3,144

3,157

2,863

2,648

Adj. Diluted EPS (INR)

Y-o-Y growth (%)

Others

1,342

1,555

1,410

1,304

Adjusted Cash EPS (INR)

Less: Changes in WC

868

(1,248)

1,667

1,482

Diluted P/E (x)

Operating cash flow

6,613

9,472

7,368

8,710

Less: Capex

2,093

1,906

1,801

Free Cash Flow

4,521

7,566

5,567

7.4

7.6

10.3

13.5

19.8

31.4

13.7

8.3

P/B (x)

1.2

1.1

1.0

0.9

2,037

EV / Sales (x)

1.0

0.9

0.8

0.7

6,673

EV / EBITDA (x)
Dividend Yield (%)

8.1
0.9

7.3
0.9

6.2
1.1

5.2
1.3

Peer comparison valuation

Market cap
Name

Diluted P/E (X)

EV / EBITDA (X)

ROAE (%)

(USD mn)

FY16E

FY17E

FY16E

FY17E

FY16E

Jain Irrigation

363

31.4

13.7

7.3

6.2

4.2

9.3

Sintex Industries Ltd

435

4.9

3.9

5.3

4.2

10.8

12.2

Supreme Industries

FY17E

1,293

43.4

21.4

23.7

12.2

16.4

29.3

Median

31.4

13.7

7.3

6.2

10.8

12.2

AVERAGE

26.6

13.0

12.1

7.6

10.5

16.9

Source: Edelweiss research

Edelweiss Securities Limited

Jain Irrigation

Additional Data
Directors Data
Bhavarlal H. Jain
Anil B. Jain
Atul B. Jain
Devendra Raj Mehta
Ramesh C. A. Jain
Vasant V. Warty

Chairman
Managing Director
Joint Managing Director
Director
Director
Director

Ashok B. Jain
Ajit B. Jain
R. Swaminathan
Ghanshyam Dass
Radhika Pereira
Harishchand Prasad Singh

Vice Chairman
Joint Managing Director
Director - Technical
Director
Director
Director

Auditors - Haribhakti & Co.

*as per last available data

Holding Top -10

Perc. Holding

Perc. Holding

MKCP Institutional Investor

7.93

Calvert group

1.97

Dimensional Fund Advisors

3.69

Norges bank

1,65

Manulife asset management

3.10

Swiss Fincop

1.62

Intl Finance Corp

2.97

Kleinvort Benson

1.27

Macquarie Bank

2.29

Kotak Mahindra

1.09

Bulk Deals
Data

Acquired / Seller

B/S

Qty Traded

Price

No Data Available

*as per last available data

Insider Trades
Reporting Data
22 Dec 2015

Acquired / Seller
Shri Atul Bhavarlal Jain

B/S
Buy

Qty Traded
67250.00

*as per last available data

Edelweiss Securities Limited

Miscellaneous
Edelweiss Securities Limited, Edelweiss House, off C.S.T. Road, Kalina, Mumbai 400 098.
Board: (91-22) 4009 4400, Email: research@edelweissfin.com
Nirav Sheth
Head Research
nirav.sheth@edelweissfin.com

Coverage group(s) of stocks by primary analyst(s): Miscellaneous

Agro Tech Foods, Bayer Cropscience, CCL Products India, Dhanuka Agritech, Jain Irrigation, PI Industries, Rallis India, Sharda Cropchem, Supreme
Industries, Solar Industries, SRF, UPL

`
Recent Research
Date

Company

10-Feb-16

Title

Price (INR)

Bayer
Muted exports dampen
Cropscience resilient domestic show;
Result Update

Recos

3,316

Buy

09-Feb-16

Dhanuka
Agritech

Innovative products launches

aid market share gains;
Result Update

530

Buy

05-Feb-16

Solar
Industries

Explosive growth continues;

defence order remains a key;

3,071

Hold

Distribution of Ratings / Market Cap

Rating Interpretation

Edelweiss Research Coverage Universe

Rating Distribution*
* stocks under review
> 50bn

Hold

145

54

Reduce

Total

15

214

Between 10bn and 50 bn

< 10bn

147

61

Rating

Expected to

Buy

appreciate more than 15% over a 12-month period

Hold

appreciate up to 15% over a 12-month period

Reduce

depreciate more than 5% over a 12-month period

One year price chart

80
74
68
62
56

Feb-16

Jan-16

Dec-15

Dec-15

Nov-15

Oct-15

Oct-15

Sep-15

Aug-15

Aug-15

Jul-15

Jun-15

May-15

May-15

Apr-15

Mar-15

Mar-15

50

Feb-15

(INR)

Market Cap (INR)

Buy

Jain Irrigation Systems

10

Edelweiss Securities Limited

Jain Irrigation
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