Emkay Valuation Guide

Price Mkt Cap Target Sales (Rs mn) EBITDA (Rs mn) EBITDA Margin (%)
Company Name (Rs) (Rs bn) Reco Price (Rs) % Upside FY22 FY23 FY24e FY25e FY26e FY22 FY23 FY24e FY25e FY26e FY22 FY23 FY24e FY25e FY26e

Auto & Auto Ancillaries

Apollo Tyres 382 242 Hold 375 -1.7% 209,476 245,681 265,368 282,590 0 25,741 33,137 40,568 43,643 0 12.3 13.5 15.3 15.4 0.0
Amara Raja Batteries 648 111 Hold 590 -8.9% 86,958 103,859 115,814 125,013 0 10,232 13,508 15,856 17,138 0 11.8 13.0 13.7 13.7 0.0
Ashok Leyland 176 516 Hold 188 7.0% 216,883 361,441 407,519 439,404 461,936 9,945 29,307 48,120 52,290 55,420 4.6 8.1 11.8 11.9 12.0
Atul Auto 617 16 Buy 400 -35.2% 2,938 4,747 5,710 7,430 8,851 -215 231 501 763 1,018 -7.3 4.9 8.8 10.3 11.5
Bajaj Auto 5,052 1,462 Hold 4,760 -5.8% 331,447 364,276 445,547 517,273 568,770 52,586 65,491 85,245 99,134 109,866 15.9 18.0 19.1 19.2 19.3
Bharat Forge 1,118 520 Hold 920 -17.7% 62,546 75,727 92,041 98,982 106,933 16,798 19,288 24,874 27,308 29,799 26.9 25.5 27.0 27.6 27.9
Eicher Motors 3,476 952 Buy 4,000 15.1% 102,978 144,422 174,378 203,507 0 21,723 34,436 44,258 53,244 0 21.1 23.8 25.4 26.2 0.0
Escorts 3,379 373 Buy 3,020 -10.6% 71,969 83,450 117,386 134,602 152,080 9,955 7,804 15,847 18,440 21,291 13.8 9.4 13.5 13.7 14.0
Hero Motocorp 3,098 619 Buy 3,980 28.5% 282,092 329,510 374,395 414,382 454,268 33,688 39,862 54,066 60,195 66,188 11.5 11.8 14.0 14.1 14.2
JK Tyre 310 76 Buy 415 34.0% 119,830 146,449 161,597 174,353 186,218 10,733 12,978 21,008 23,538 26,071 9.0 8.9 13.0 13.5 14.0
Exide Industries 263 223 Hold 230 -12.4% 124,101 145,919 160,587 174,620 189,511 13,983 15,680 20,080 22,695 25,162 11.3 10.7 12.5 13.0 13.3
Mahindra & Mahindra 1,562 1,943 Buy 1,590 1.8% 577,869 849,603 997,257 1,066,242 1,136,076 70,275 103,795 129,744 138,694 150,076 12.2 12.2 13.0 13.0 13.2
UNO Minda 600 344 Buy 630 4.9% 83,130 112,365 134,430 156,186 180,565 8,854 12,420 15,399 18,577 21,910 10.7 11.1 11.5 11.9 12.1
Maruti Suzuki India 10,728 3,241 Buy 11,000 2.5% 882,956 1,175,229 1,445,113 1,604,165 0 57,012 110,077 161,460 185,650 0 6.5 9.4 11.2 11.6 0.0
Samvardhana Motherson International 94 639 Buy 107 13.1% 637,740 787,007 966,182 1,121,820 1,201,577 46,994 62,077 85,875 111,125 121,543 7.4 7.9 8.9 9.9 10.1
Motherson Sumi Wiring India 62 274 Buy 67 8.1% 56,350 70,574 84,378 95,306 106,564 7,303 7,814 10,632 13,009 15,345 13.0 11.1 12.6 13.7 14.4
Ramkrishna Forgings 672 107 Buy 555 -17.4% 22,854 30,010 36,418 40,291 42,751 5,270 6,682 8,247 9,290 9,961 23.1 22.3 22.6 23.1 23.3
Suprajit Engineering 390 54 Buy 440 12.7% 18,405 27,524 29,953 33,773 37,644 2,599 3,126 3,683 4,899 5,592 14.1 11.4 12.3 14.5 14.9
Tata Motors 667 2,441 Buy 750 12.4% 2,784,536 3,459,670 4,260,094 4,620,996 4,956,518 248,132 318,296 580,972 599,116 655,702 8.9 9.2 13.6 13.0 13.2
TVS Motor 1,601 761 Buy 1,550 -3.2% 207,905 263,781 331,945 387,323 447,993 19,617 26,747 37,752 46,182 55,168 9.4 10.1 11.4 11.9 12.3

Building Materials
Century Plyboards 641 143 Buy 780 21.7% 30,270 36,466 40,224 48,440 58,218 5,308 5,587 6,101 7,888 10,157 17.5 15.3 15.2 16.3 17.4
Greenpanel Industries 371 46 Buy 440 18.6% 16,250 17,829 17,557 19,541 23,519 4,304 4,165 3,393 3,953 5,010 26.5 23.4 19.3 20.2 21.3

Cement
ACC 2,010 378 Buy 2,300 14.4% 158,144 217,908 190,003 204,194 214,127 29,981 19,249 27,859 31,500 34,307 18.6 8.7 14.4 15.2 15.8
Ambuja Cements 440 873 Hold 480 9.1% 137,936 197,566 162,735 176,269 213,156 32,075 32,204 33,877 38,588 48,492 23.0 16.1 20.6 21.7 22.5
Birla Corporation 1,285 99 Buy 1,450 12.8% 72,878 84,862 94,538 101,630 108,345 11,100 7,720 5,239 12,397 13,784 14.9 8.9 5.4 12.0 12.5
Dalmia Bharat 2,293 430 Hold 2,525 10.1% 112,860 135,400 151,487 181,282 204,323 24,260 23,160 31,074 38,317 44,779 21.5 17.1 20.5 21.1 21.9
JK Cement 3,250 251 Hold 3,200 -1.5% 78,413 95,030 108,980 120,582 133,488 14,824 13,143 19,755 23,057 26,532 18.6 13.5 17.6 18.6 19.4
Ramco Cements 996 235 Hold 880 -11.7% 59,567 81,004 91,305 98,584 108,834 12,901 11,856 17,438 20,683 23,349 21.5 14.5 19.0 20.8 21.3
Sagar Cement 246 32 Hold 220 -10.8% 15,969 22,295 27,591 32,321 37,444 2,758 1,532 2,888 4,356 5,428 17.3 6.9 10.5 13.5 14.5
Shree Cements 26,851 969 Hold 25,000 -6.9% 150,096 178,523 207,829 236,015 272,982 37,079 29,595 42,428 52,376 62,552 24.7 16.6 20.4 22.2 22.9
Star Cement 163 66 Hold 165 1.1% 22,204 27,032 29,569 34,467 39,922 3,453 4,684 5,239 6,489 7,772 15.5 17.3 17.7 18.8 19.5
Ultratech Cement 8,369 2,416 Buy 9,250 10.5% 517,080 623,380 695,217 762,478 847,276 115,143 106,198 140,306 159,906 180,617 21.9 16.8 19.9 20.7 21.0

Consumer Goods
Britannia Industries 4,575 1,102 Buy 5,350 16.9% 139,447 159,849 172,262 190,167 209,808 22,015 28,309 31,642 35,826 41,531 15.6 17.4 18.0 18.5 19.5
Colgate-Palmolive 2,042 555 Sell 1,800 -11.8% 50,709 51,942 56,775 60,589 64,909 15,659 15,470 18,268 19,383 20,836 30.7 29.6 32.0 31.8 31.9
Dabur India 539 955 Buy 650 20.6% 108,080 114,265 128,906 143,557 157,963 22,538 21,641 25,790 29,487 32,885 20.7 18.8 19.8 20.4 20.6
Emami 510 225 Buy 625 22.6% 31,527 33,620 36,625 39,774 43,137 9,524 8,628 10,001 11,188 12,255 29.9 25.3 27.0 27.8 28.1
Hindustan Unilever 2,569 6,037 Hold 2,800 9.0% 503,360 581,540 618,316 682,740 748,364 125,030 136,320 147,291 167,163 186,955 24.4 23.0 23.5 24.2 24.7
ITC 448 5,591 Buy 535 19.3% 556,968 652,729 729,777 799,003 874,603 189,337 239,445 256,663 294,632 325,307 33.6 36.3 34.9 36.5 36.9
Marico 542 701 Hold 578 6.6% 94,520 96,890 101,549 114,283 127,831 16,890 18,100 20,550 22,985 26,060 17.8 18.5 20.1 20.0 20.2

Hotels
Chalet Hotels 596 122 Hold 625 4.9% 4,940 11,285 13,659 17,093 20,128 821 4,528 5,690 8,028 10,026 16.6 40.1 41.7 47.0 49.8
Indian Hotels 415 589 Buy 485 16.9% 30,562 58,099 66,339 74,526 83,158 4,048 18,046 21,876 26,106 30,665 13.2 31.1 33.0 35.0 36.9
Lemon Tree Hotels 121 95 Buy 141 17.0% 4,022 8,750 10,226 13,024 14,599 1,187 4,524 5,359 7,091 7,897 29.5 51.7 52.4 54.4 54.1

Information Technology
Birlasoft 544 150 Hold 520 -4.3% 41,304 47,948 52,296 59,208 67,101 6,401 5,205 8,082 9,471 10,683 15.5 10.9 15.5 16.0 15.9
Eclerx Services 2,091 102 Buy 2,100 0.4% 21,603 26,479 28,737 31,499 34,354 6,620 7,225 7,606 8,631 9,455 30.6 27.3 26.5 27.4 27.5
Firstsource Solutions 168 117 Buy 190 13.4% 59,212 60,223 64,082 73,542 82,192 9,599 8,265 10,257 11,659 13,182 16.2 13.7 16.0 15.9 16.0
HCL Tech 1,256 3,408 Buy 1,360 8.3% 856,510 1,014,560 1,099,802 1,222,541 1,355,145 205,300 226,280 241,289 273,582 302,230 24.0 22.3 21.9 22.4 22.3
Infosys 1,431 5,940 Buy 1,680 17.4% 1,216,410 1,467,670 1,546,496 1,711,440 1,904,467 314,920 351,310 368,184 416,572 466,350 25.9 23.9 23.8 24.3 24.5
LTIMindtree 5,095 1,508 Hold 5,600 9.9% 261,087 331,830 365,935 427,414 497,328 52,486 61,077 69,033 83,081 97,029 20.1 18.4 18.9 19.4 19.5
Mphasis 2,376 448 Hold 2,540 6.9% 119,616 137,985 137,748 157,685 178,893 21,177 24,340 25,024 29,014 32,737 17.7 17.6 18.2 18.4 18.3
Coforge 5,007 308 Hold 5,260 5.1% 64,320 80,146 94,616 110,853 129,084 11,019 12,807 16,349 19,320 22,634 17.1 16.0 17.3 17.4 17.5
Persistent Systems 5,765 444 Hold 5,500 -4.6% 57,107 83,506 98,591 0 0 9,730 15,191 17,317 22,131 26,330 17.0 18.2 17.6 19.0 19.1
Route Mobile 1,574 99 Hold 1,720 9.3% 20,020 35,692 44,054 52,154 59,461 2,186 4,442 5,563 6,651 7,670 10.9 12.4 12.6 12.8 12.9
TCS 3,571 13,066 Hold 3,550 -0.6% 1,917,540 2,254,580 2,423,735 2,694,832 2,983,972 530,570 592,600 636,667 725,208 809,064 27.7 26.3 26.3 26.9 27.1
Tech Mahindra 1,194 1,165 Buy 1,360 13.9% 446,460 532,902 532,857 581,904 644,744 80,200 80,288 70,271 98,315 109,982 18.0 15.1 13.2 16.9 17.1
Wipro 411 2,146 Buy 500 21.6% 790,934 904,876 923,337 994,769 1,077,304 169,018 173,008 177,733 200,668 217,725 21.4 19.1 19.2 20.2 20.2
Zomato 111 955 Buy 120 8.1% 41,924 70,794 109,876 150,933 194,041 -18,508 -12,103 847 13,585 24,095 -44.1 -17.1 0.8 9.0 12.4

Media & Entertainment

PVR INOX 1,753 172 Buy 1,820 3.8% 13,310 37,507 62,570 76,097 85,058 1,057 10,473 19,660 26,367 29,831 7.9 27.9 31.4 34.6 35.1
Sun TV Network 634 250 Hold 470 -25.8% 35,848 40,054 45,577 48,294 0 22,875 26,684 30,788 32,300 0 63.8 66.6 67.6 66.9 0.0
Zee Entertainment 258 248 Buy 335 29.6% 81,893 80,879 85,541 92,060 99,653 17,221 11,011 13,643 19,481 21,597 21.0 13.6 15.9 21.2 21.7

Oil & Gas

BPCL 348 754 Hold 395 13.5% 3,454,955 4,663,427 4,784,117 4,287,017 0 193,112 68,724 235,528 185,409 0 5.6 1.5 4.9 4.3 0.0
GAIL 128 843 Hold 115 -10.2% 914,063 1,439,240 1,526,343 1,493,447 0 138,290 68,789 118,390 119,270 0 15.1 4.8 7.7 8.0 0.0
Gujarat Gas 427 294 Hold 483 13.1% 163,792 166,794 162,029 181,299 0 20,763 23,920 22,119 24,758 0 12.6 14.3 13.6 13.6 0.0
Gujarat State Petronet 285 161 Buy 340 19.2% 20,200 17,458 13,377 13,279 0 13,976 12,585 8,415 8,185 0 69.2 72.1 62.9 61.6 0.0
Gulf Oil Lubricants 568 28 Buy 730 28.6% 21,848 29,919 33,927 36,426 0 2,855 3,428 3,879 4,279 0 13.0 11.4 11.4 11.7 0.0
HPCL 256 364 Hold 270 5.2% 3,496,829 4,347,860 4,482,541 4,049,503 0 101,759 -113,306 166,658 155,548 0 2.9 -2.6 3.7 3.8 0.0
Indian Oil 91 1,283 Hold 100 9.8% 5,942,914 8,244,212 8,478,563 7,576,375 0 446,996 187,639 510,697 421,381 0 7.5 2.3 6.0 5.5 0.0
Indraprastha Gas 472 331 Hold 500 5.9% 76,681 140,859 153,950 172,541 0 18,811 20,398 25,800 29,188 0 24.4 14.4 16.7 16.8 0.0
Petronet LNG 231 347 Buy 265 14.7% 427,376 590,504 571,352 566,908 0 48,213 40,069 46,462 50,091 0 11.3 6.8 8.1 8.8 0.0
Oil India 315 342 Buy 330 4.6% 297,170 407,139 289,046 299,397 0 105,004 152,681 99,807 108,995 0 35.0 37.2 34.5 36.4 0.0
ONGC 185 2,326 Buy 220 18.8% 1,099,624 1,547,543 1,419,548 1,285,660 0 544,300 714,987 629,804 637,142 0 49.3 46.0 44.1 49.2 0.0
Reliance Industries 2,349 15,895 Buy 2,730 16.2% 6,999,620 8,778,350 9,288,503 9,431,172 9,977,746 1,104,600 1,421,620 1,611,213 1,776,664 1,911,242 15.8 16.2 17.3 18.8 19.2
 Price Mkt Cap Target Sales (Rs mn) EBITDA (Rs mn) EBITDA Margin (%)
Company Name (Rs) (Rs bn) Reco Price (Rs) % Upside FY22 FY23 FY24e FY25e FY26e FY22 FY23 FY24e FY25e FY26e FY22 FY23 FY24e FY25e FY26e

Retail
Aditya Birla Fashion & Retail 223 211 Hold 220 -1.1% 81,362 120,367 145,921 174,685 0 10,999 20,179 25,136 31,156 0 13.5 16.8 17.2 17.8 0.0
Devyani International 211 254 Sell 190 -9.9% 20,840 29,977 36,719 46,037 56,940 4,760 6,551 7,647 10,223 13,140 22.8 21.9 20.8 22.2 23.1
Ethos 1,720 40 Buy 2,000 16.3% 5,773 7,885 10,564 14,063 17,368 669 1,144 1,486 2,103 2,620 11.6 14.5 14.1 15.0 15.1
Go fashion 1,299 70 Buy 1,490 14.7% 4,013 6,653 7,970 10,350 12,838 1,190 2,123 2,647 3,467 4,365 29.7 31.9 33.2 33.5 34.0
Jubilant Foodworks 538 355 Sell 450 -16.4% 43,119 50,734 56,144 67,816 79,493 11,046 11,592 12,558 16,089 19,079 25.5 22.7 22.4 23.7 24.0
Page Industries 39,296 438 Sell 38,000 -3.3% 37,252 46,637 47,410 57,418 66,055 7,855 8,627 8,997 11,408 13,573 20.2 18.0 19.0 19.9 20.5
Sapphire Foods 1,438 92 Buy 1,700 18.2% 17,216 22,656 28,180 36,505 43,844 3,050 4,284 5,289 7,111 8,896 17.7 18.9 18.8 19.5 20.3
Senco Gold 651 51 Buy 800 22.9% 35,346 40,774 50,147 59,955 71,240 2,772 3,166 3,522 4,421 5,462 7.8 7.8 7.0 7.4 7.7
TCNS Clothing 373 24 Hold 465 24.7% 8,961 12,121 14,493 17,975 0 896 1,458 2,475 3,471 0 10.0 12.0 17.1 19.3 0.0
Titan Company 3,284 2,915 Hold 3,100 -5.6% 287,990 405,750 474,018 560,547 666,219 33,410 48,790 52,069 64,914 78,825 11.6 12.0 11.0 11.6 11.8
Varun Beverages 930 1,208 Buy 1,010 8.7% 0 0 0 0 0 0 0 0 0 0 18.8 21.2 22.4 22.8 23.0
Westlife FoodWorld 935 146 Buy 1,100 17.6% 15,561 22,594 26,310 30,859 35,957 1,975 3,815 4,933 5,834 7,131 12.5 16.7 18.6 18.8 19.7

Telecommunications
Bharti Airtel 954 5,586 Buy 1,000 4.8% 1,165,469 1,391,448 1,494,769 1,674,383 1,901,734 575,339 712,735 799,175 931,756 1,079,775 49.4 51.2 53.5 55.6 56.8
Indus Towers 191 516 Hold 185 -3.3% 271,699 272,818 284,828 296,834 306,659 143,534 85,686 138,861 146,057 152,689 52.8 31.4 48.8 49.2 49.8
Tata Communications 1,809 516 Hold 1,710 -5.5% 167,247 178,383 197,087 246,095 268,103 42,267 43,182 44,531 53,706 60,268 25.3 24.2 22.6 21.8 22.5
Vodafone Idea 12 584 Not Rated 0 -100.0% 385,155 421,772 425,041 451,570 501,385 160,361 168,170 164,590 175,387 195,841 41.6 39.9 38.7 38.8 39.1

Others
Delhivery 426 313 Buy 475 11.4% 68,823 72,253 86,537 110,300 136,858 -1,722 -4,686 1,112 5,702 11,186 -2.5 -6.5 1.3 5.2 8.2
Gravita India 944 65 Buy 915 -3.0% 22,060 28,766 36,091 45,894 0 2,109 2,856 3,523 4,559 0 9.5 9.9 9.7 9.9 0.0
Interglobe Aviation 2,608 1,006 Buy 3,000 15.0% 256,540 536,077 624,233 696,109 0 14,711 94,446 137,431 163,995 0 5.7 17.3 21.6 23.3 0.0

Price Mkt Cap Target Net Interest Income (Rs mn) Pre Provision Profit (Rs mn) NIM (%)
Company Name (Rs) (Rs bn) Reco Price (Rs) % Upside FY22 FY23 FY24e FY25e FY26e FY22 FY23 FY24e FY25e FY26e FY22 FY23 FY24e FY25e FY26e

BFSI - Banks
AU Small Finance Bank 717 479 Hold 730 1.8% 32,341 44,253 53,648 66,292 81,919 18,150 20,195 25,551 34,638 46,457 5.6 5.7 5.4 5.4 5.4
Axis Bank 994 3,064 Buy 1,260 26.8% 331,322 429,457 497,113 559,318 648,601 247,420 197,906 381,808 450,280 553,281 3.3 3.7 3.7 3.6 3.6
Bandhan Bank 241 388 Buy 285 18.4% 87,145 92,596 100,719 120,686 146,042 80,134 70,913 73,216 88,243 108,514 7.2 6.7 6.4 6.5 6.5
Bank of Baroda 204 1,052 Buy 260 27.8% 326,213 413,560 465,426 525,809 601,695 223,888 268,635 313,803 356,133 415,493 2.9 3.2 3.1 3.1 3.1
Canara Bank 367 665 Hold 375 2.3% 263,840 314,353 360,844 396,992 450,916 230,890 277,160 298,693 324,941 370,974 2.4 2.6 2.7 2.6 2.6
City Union Bank 137 102 Hold 148 8.0% 19,165 21,628 21,750 24,032 27,542 15,953 18,180 17,567 19,050 22,135 3.5 3.6 3.3 3.3 3.4
DCB Bank 123 38 Sell 95 -22.6% 13,575 17,170 19,476 24,332 27,848 7,970 7,867 8,920 12,552 14,878 3.5 3.8 3.7 3.9 3.8
Equitas Small Finance Bank 96 108 Hold 102 6.3% 20,385 25,447 31,093 39,059 48,916 8,719 11,795 14,063 18,616 24,377 8.3 8.6 8.2 8.1 8.1
Federal Bank 149 351 Buy 165 10.4% 59,620 72,321 83,480 99,964 120,263 37,579 47,943 56,804 70,156 87,745 3.1 3.3 3.2 3.2 3.3
HDFC Bank 1,536 11,644 Buy 2,100 36.7% 720,096 868,422 1,195,065 1,382,946 1,636,784 640,773 704,050 1,044,390 1,215,551 1,437,486 3.9 4.1 4.1 3.7 3.8
ICICI Bank 951 6,663 Buy 1,330 39.8% 474,661 626,153 744,633 841,091 962,438 392,503 495,736 579,425 680,301 805,689 3.8 4.4 4.6 4.5 4.3
IDFC First Bank 90 637 Buy 96 6.4% 97,062 126,353 156,669 192,013 235,340 32,838 49,320 65,726 90,714 123,116 5.9 6.3 6.2 6.2 6.1
Indian Bank 418 521 Buy 550 31.5% 167,280 202,255 233,839 255,670 288,042 127,169 152,706 167,503 183,934 212,262 2.8 3.1 3.2 3.1 3.1
Indusind Bank 1,464 1,137 Buy 1,800 23.0% 150,008 175,921 206,132 240,028 294,398 128,386 144,190 165,251 194,152 244,764 4.2 4.4 4.4 4.3 4.3
Karur Vysya Bank 135 108 Buy 178 32.1% 27,154 33,488 36,957 41,491 47,179 16,302 24,758 26,441 29,529 35,064 3.7 4.1 4.0 3.9 3.9
Kotak Mahindra Bank 1,762 3,502 Hold 2,000 13.5% 168,179 215,519 255,788 290,592 330,842 120,509 148,480 188,472 214,759 245,794 4.3 4.9 5.0 4.9 4.7
Punjab National Bank 75 828 Hold 48 -36.2% 286,945 344,916 378,883 406,788 439,548 207,618 225,288 227,368 234,720 248,481 2.5 2.7 2.7 2.6 2.6
RBL Bank 246 148 Buy 275 11.6% 40,267 44,515 52,379 60,677 73,902 27,453 22,025 27,711 35,427 48,478 4.2 4.3 4.5 4.4 4.4
State Bank of India 576 5,142 Buy 700 21.5% 1,207,076 1,448,405 1,627,788 1,807,208 2,007,968 752,923 837,130 964,941 1,078,925 1,239,190 2.8 3.0 3.0 3.0 3.0
UJJIVAN Small Finance Bank 57 112 Buy 58 1.0% 17,736 26,979 33,771 40,765 50,107 6,371 14,850 19,173 22,585 28,329 8.5 9.8 9.3 9.1 9.0
Union Bank of India 103 763 Hold 95 -7.7% 277,865 327,653 348,081 386,198 423,228 218,732 254,939 256,976 267,511 285,009 2.7 2.8 2.8 2.8 2.7
Yes Bank 17 492 Sell 12 -29.8% 64,979 79,176 86,668 95,370 109,570 29,159 31,828 36,244 47,111 65,193 2.6 2.8 2.7 2.7 2.8

BFSI - Insurance
HDFC Life Insurance 625 1,344 Buy 740 18.4% 459,628 575,334 659,365 766,743 902,850 0 0 0 0 0 0.0 0.0 0.0 0.0 0.0
ICICI Lombard 1,314 646 Buy 1,490 13.4% 0 0 0 0 0 0 0 0 0 0 0.0 0.0 0.0 0.0 0.0
ICICI Pru Life 523 752 Buy 660 26.3% 374,580 399,328 434,567 478,965 532,944 0 0 0 0 0 0.0 0.0 0.0 0.0 0.0
LIC 635 4,014 Hold 680 7.1% 4,280,250 4,746,681 4,638,868 5,037,612 5,479,317 0 0 0 0 0 0.0 0.0 0.0 0.0 0.0
Max Financial 916 316 Buy 1,100 20.1% 224,142 253,419 287,262 327,587 375,916 0 0 0 0 0 0.0 0.0 0.0 0.0 0.0
SBI Life 1,316 1,318 Buy 1,690 28.4% 587,596 673,156 779,234 887,443 1,009,018 0 0 0 0 0 0.0 0.0 0.0 0.0 0.0
Star Health 588 343 Buy 705 20.0% 0 0 0 0 0 0 0 0 0 0 0.0 0.0 0.0 0.0 0.0

BFSI - NBFCs
AB Capital 181 469 Buy 225 24.6% 46,889 60,818 92,564 111,745 0 1,219 1,448 1,733 1,984 0 0.0 0.0 0.0 0.0 0.0
Cholamandalam Investment 1,258 1,056 Buy 1,310 4.2% 52,680 63,334 87,690 110,906 140,329 37,712 44,494 60,852 75,625 94,413 8.0 7.9 8.1 8.0 8.1
L&T Finance Holdings 134 332 Buy 150 12.3% 59,504 67,679 74,188 88,009 108,415 43,061 74,104 51,888 63,509 81,773 7.2 12.1 10.0 10.3 10.4
Mahindra Finance 287 355 Hold 315 9.7% 55,554 61,059 75,985 95,351 114,517 37,252 37,518 48,080 63,651 77,454 7.6 7.6 7.4 7.5 7.4
Poonawalla Fincorp 376 289 Buy 430 14.3% 9,493 12,217 20,403 28,494 38,423 4,532 6,117 14,517 21,325 29,558 8.7 8.8 10.9 11.1 10.7
Emkay Valuation Guide

PAT (Rs mn)

Company Name FY22 FY23 FY24e FY25e FY26e

Auto & Auto Ancillaries

Apollo Tyres 6,445 10,821 15,925 18,347 0
Amara Raja Batteries 5,118 7,376 8,599 9,168 0
Ashok Leyland 310 12,955 27,503 30,166 31,994
Atul Auto -249 44 266 475 683
Bajaj Auto 47,761 56,276 71,930 82,021 89,765
Bharat Forge 10,101 11,034 14,133 15,570 17,377
Eicher Motors 16,766 29,139 38,304 45,853 0
Escorts 7,656 7,041 13,034 13,925 15,705
Hero Motocorp 24,730 29,106 39,309 43,677 47,793
JK Tyre 1,976 3,246 8,197 10,796 12,727
Exide Industries 7,651 9,036 11,251 12,200 13,763
Mahindra & Mahindra 50,786 79,782 93,667 99,206 107,229
UNO Minda 3,558 6,536 8,190 9,970 11,965
Maruti Suzuki India 37,663 80,492 120,223 138,383 0
Samvardhana Motherson International 7,934 15,951 29,264 39,502 45,682
Motherson Sumi Wiring India 4,671 4,870 7,070 8,731 10,453
Ramkrishna Forgings 2,065 2,356 3,645 4,129 4,321
Suprajit Engineering 1,614 1,521 2,084 3,073 3,583
Tata Motors -107,188 7,336 200,498 210,824 250,842
TVS Motor 9,237 14,910 22,486 28,667 34,929

Building Materials
Century Plyboards 3,131 3,833 3,839 4,995 6,750
Greenpanel Industries 2,405 2,504 1,966 2,236 3,042

Cement
ACC 19,178 10,468 16,395 19,051 21,369
Ambuja Cements 21,462 27,108 21,851 25,322 32,355
Birla Corporation 4,300 338 -2,529 2,641 3,502
Dalmia Bharat 7,630 6,040 10,097 13,507 16,513
JK Cement 6,871 4,263 8,558 11,381 14,091
Ramco Cements 8,815 3,145 5,681 8,260 10,583
Sagar Cement 692 -1,390 -357 949 1,955
Shree Cements 23,319 12,707 20,970 30,085 36,732
Star Cement 2,468 2,476 3,165 3,912 4,727
Ultratech Cement 56,665 50,639 79,485 93,337 109,731

Consumer Goods
Britannia Industries 15,258 19,462 21,520 24,490 29,140
Colgate-Palmolive 10,783 10,584 12,634 13,450 14,552
Dabur India 18,242 17,182 20,170 23,422 26,178
Emami 7,245 6,401 7,570 8,392 9,273
Hindustan Unilever 87,240 97,200 104,936 119,654 133,993
ITC 150,578 186,804 199,525 227,036 251,286
Marico 12,330 13,020 14,778 16,655 19,222

Hotels
Chalet Hotels -752 1,833 2,706 3,879 5,450
Indian Hotels -2,805 10,495 13,561 17,200 21,904
Lemon Tree Hotels -874 1,193 1,614 2,770 3,427

Information Technology
Birlasoft 4,637 3,316 5,696 6,697 7,719
Eclerx Services 4,174 4,888 4,796 5,643 6,256
Firstsource Solutions 5,374 5,137 5,630 6,775 7,907
HCL Tech 134,990 148,510 158,145 183,861 204,933
Infosys 221,110 240,950 245,557 284,839 320,996
LTIMindtree 39,483 44,083 49,369 60,965 71,708
Mphasis 14,310 16,380 16,586 19,488 22,274
Coforge 6,617 7,314 9,708 11,733 13,994
Persistent Systems 6,904 9,211 11,114 14,686 17,829
Route Mobile 1,662 3,271 3,899 4,421 5,348
TCS 383,270 421,470 461,317 522,940 587,768
Tech Mahindra 55,660 48,313 40,163 61,132 70,092
Wipro 122,191 113,500 119,620 135,726 150,026
Zomato -15,061 -9,714 2,072 11,034 19,376

Media & Entertainment

PVR INOX -4,882 -3,273 1,460 5,220 7,550
Sun TV Network 16,420 17,051 19,571 20,753 0
Zee Entertainment 11,016 5,811 7,720 11,935 13,477

Oil & Gas

BPCL 101,720 -16,918 115,775 74,836 0
GAIL 103,640 54,465 83,315 82,454 0
Gujarat Gas 12,946 15,255 13,877 15,783 0
Gujarat State Petronet 9,536 9,447 6,059 5,885 0
Gulf Oil Lubricants 2,111 2,323 2,852 3,162 0
HPCL 59,162 -132,046 71,972 50,698 0
Indian Oil 242,118 -4,179 273,719 192,254 0
Indraprastha Gas 12,896 14,450 18,352 20,583 0
Petronet LNG 30,294 25,461 30,861 34,214 0
Oil India 56,216 87,286 58,968 64,951 0
ONGC 306,979 446,036 369,957 371,039 0
Reliance Industries 537,474 629,665 679,456 777,532 854,887
 PAT (Rs mn)
Company Name FY22 FY23 FY24e FY25e FY26e

Retail
Aditya Birla Fashion & Retail -1,087 4,776 7,359 10,510 0
Devyani International 1,734 2,850 2,322 3,391 4,728
Ethos 234 603 700 1,000 1,250
Go fashion 356 828 1,046 1,428 1,838
Jubilant Foodworks 4,448 4,028 3,986 5,841 7,283
Page Industries 5,365 5,713 5,797 7,573 9,127
Sapphire Foods 460 2,332 1,423 1,993 2,634
Senco Gold 1,291 1,585 1,680 2,146 2,718
TCNS Clothing -57 24 587 1,158 0
Titan Company 22,520 32,740 35,364 44,641 54,447
Varun Beverages 0 0 0 0 0
Westlife FoodWorld -17 1,116 1,610 2,009 2,668

Telecommunications
Bharti Airtel 25,563 90,157 132,649 200,782 314,675
Indus Towers 57,289 13,755 51,520 56,586 60,009
Tata Communications 14,758 16,546 15,187 20,480 24,549
Vodafone Idea -284,095 -292,787 -292,888 -299,458 -284,449

Others
Delhivery -7,113 -10,248 -4,480 -991 2,399
Gravita India 1,394 2,011 2,615 3,163 0
Interglobe Aviation -61,710 -3,167 57,963 78,351 0

PAT (Rs mn)

Company Name FY22 FY23 FY24e FY25e FY26e

BFSI - Banks
AU Small Finance Bank 11,298 14,279 17,878 22,183 27,556
Axis Bank 130,255 95,797 259,874 281,680 342,120
Bandhan Bank 1,258 21,946 36,917 48,000 61,587
Bank of Baroda 72,723 141,096 175,924 199,561 214,151
Canara Bank 56,784 106,038 139,459 153,583 172,197
City Union Bank 7,602 9,375 9,040 10,392 12,011
DCB Bank 2,875 4,656 5,424 6,371 7,363
Equitas Small Finance Bank 2,807 5,771 7,753 10,082 12,505
Federal Bank 18,898 30,105 35,567 41,862 50,072
HDFC Bank 369,614 441,087 668,655 774,870 916,466
ICICI Bank 233,395 323,832 395,956 456,188 514,643
IDFC First Bank 1,455 24,371 33,555 44,861 60,657
Indian Bank 39,448 52,817 73,681 90,397 111,113
Indusind Bank 46,111 74,431 90,887 111,270 140,150
Karur Vysya Bank 6,733 11,061 14,944 17,135 19,630
Kotak Mahindra Bank 85,727 109,393 129,449 142,833 155,300
Punjab National Bank 34,570 25,072 63,925 90,564 105,659
RBL Bank -748 8,827 12,756 17,623 24,047
State Bank of India 390,943 502,325 620,720 667,687 715,389
UJJIVAN Small Finance Bank -4,146 10,999 12,711 13,311 14,560
Union Bank of India 52,321 84,601 124,594 141,580 148,569
Yes Bank 10,662 7,174 15,185 24,154 34,378

BFSI - Insurance
HDFC Life Insurance 12,077 13,601 15,886 20,386 23,143
ICICI Lombard 12,710 17,291 21,158 25,915 29,797
ICICI Pru Life 7,592 8,107 11,878 14,935 15,704
LIC 40,431 363,974 316,007 345,665 404,065
Max Financial 3,184 4,519 6,165 7,416 8,771
SBI Life 15,060 17,206 20,407 23,303 26,607
Star Health -10,407 6,186 9,660 12,379 14,903

BFSI - NBFCs
AB Capital 50 191 -41 31 0
Cholamandalam Investment 21,467 26,662 34,418 42,018 52,471
L&T Finance Holdings 10,701 16,232 22,940 28,049 34,138
Mahindra Finance 9,888 20,388 20,235 28,537 34,131
Poonawalla Fincorp 2,933 5,637 9,487 12,725 17,263
Emkay Valuation Guide

EPS (Rs) PE (x) PB (x)

Company Name FY22 FY23 FY24e FY25e FY26e FY22 FY23 FY24e FY25e FY26e FY22 FY23 FY24e FY25e FY26e
FY19 FY20 FY21e FY22e FY23e

Auto & Auto Ancillaries

Apollo Tyres 10.1 17.0 25.1 28.9 0.0 37.6 22.4 15.2 13.2 0.0 2.1 1.9 1.7 1.6 0.0
Amara Raja Batteries 30.0 43.2 50.3 53.7 0.0 21.6 15.0 12.9 12.1 0.0 2.4 2.1 1.9 1.7 0.0
Ashok Leyland 0.1 4.4 9.4 10.3 10.9 1,664.7 39.8 18.8 17.1 16.1 7.0 6.1 5.4 4.8 4.3
Atul Auto -11.3 1.8 10.1 18.0 25.8 -54.4 334.9 61.4 34.4 23.9 5.0 4.5 4.5 3.9 3.4
Bajaj Auto 165.1 198.9 254.2 289.9 317.2 30.6 25.4 19.9 17.4 15.9 5.5 5.6 5.5 5.3 5.1
Bharat Forge 21.7 23.7 30.3 33.4 37.3 51.5 47.2 36.8 33.4 30.0 7.3 6.8 6.0 5.3 4.7
Eicher Motors 61.2 106.4 139.9 167.5 0.0 56.8 32.7 24.9 20.8 0.0 7.5 6.3 5.4 4.6 0.0
Escorts 58.0 53.4 116.5 124.5 140.4 58.2 63.3 29.0 27.1 24.1 5.7 5.3 4.0 3.6 3.2
Hero Motocorp 123.8 145.7 196.7 218.6 239.2 25.0 21.3 15.7 14.2 13.0 3.9 3.7 3.5 3.3 3.1
JK Tyre 8.0 13.2 33.3 41.4 48.8 38.6 23.5 9.3 7.5 6.3 2.7 2.2 1.9 1.6 1.3
Exide Industries 9.0 10.6 13.2 14.4 16.2 29.2 24.7 19.8 18.3 16.2 4.3 4.3 5.5 6.8 8.4
Mahindra & Mahindra 40.9 64.2 75.3 79.8 86.3 38.2 24.3 20.7 19.6 18.1 5.1 4.5 3.9 3.4 2.9
UNO Minda 6.2 11.4 14.3 17.4 20.9 96.4 52.6 42.0 34.5 28.7 10.0 8.3 7.0 6.0 5.1
Maruti Suzuki India 124.7 266.5 398.1 458.2 0.0 86.0 40.2 26.9 23.4 0.0 6.0 5.4 4.7 4.1 0.0
Samvardhana Motherson International 1.2 2.4 4.3 5.8 6.7 80.6 40.1 21.8 16.2 14.0 3.1 2.9 2.6 2.4 2.1
Motherson Sumi Wiring India 1.1 1.1 1.6 2.0 2.4 58.7 56.3 38.8 31.4 26.2 24.6 20.6 17.0 14.6 13.2
Ramkrishna Forgings 12.9 14.7 22.2 25.1 26.3 52.0 45.6 30.3 26.8 25.6 9.8 8.1 6.4 5.4 4.6
Suprajit Engineering 11.7 11.0 15.1 22.2 25.9 33.5 35.5 25.9 17.6 15.1 5.0 4.4 3.9 3.3 2.8
Tata Motors -28.0 1.9 52.3 57.3 68.2 -23.8 348.3 12.7 11.6 9.8 5.7 5.6 3.9 2.9 2.2
TVS Motor 19.4 31.4 47.3 60.3 73.5 82.3 51.0 33.8 26.5 21.8 15.8 12.6 10.0 7.9 6.3

Building Materials
Century Plyboards 14.1 17.3 17.3 22.5 30.4 45.5 37.2 37.1 28.5 21.1 9.2 7.4 6.3 5.3 4.4
Greenpanel Industries 19.6 20.4 16.0 18.2 24.8 18.9 18.2 23.1 20.3 15.0 4.8 3.8 3.3 2.9 2.5

Cement
ACC 102.0 44.5 87.2 101.3 113.7 19.7 45.1 23.1 19.8 17.7 2.6 3.3 2.4 2.2 2.0
Ambuja Cements 10.8 10.9 11.0 12.8 16.3 40.7 40.3 40.0 34.5 27.0 3.9 3.8 2.9 2.7 2.5
Birla Corporation 55.8 4.4 -32.8 34.3 45.5 23.0 292.3 -39.1 37.5 28.3 1.6 1.7 1.7 1.7 1.6
Dalmia Bharat 40.8 32.2 53.9 72.0 88.1 56.2 71.2 42.6 31.8 26.0 2.7 2.8 2.6 2.4 2.3
JK Cement 88.9 55.2 110.8 147.3 182.4 36.5 58.9 29.3 22.1 17.8 5.8 5.4 4.6 3.9 3.3
Ramco Cements 37.3 13.3 24.0 35.0 44.8 26.7 74.8 41.4 28.5 22.2 3.6 3.4 3.2 2.9 2.6
Sagar Cement 5.9 -10.6 -2.7 7.3 15.0 41.8 -23.2 -90.2 33.9 16.5 2.3 2.0 2.0 1.9 1.7
Shree Cements 646.3 352.2 581.2 833.8 1,018.1 41.5 76.2 46.2 32.2 26.4 5.5 5.2 4.8 4.3 3.8
Star Cement 6.1 6.1 7.8 9.7 11.7 26.7 26.6 20.8 16.8 13.9 3.0 2.7 2.4 2.1 1.8
Ultratech Cement 196.3 175.4 275.3 323.3 380.1 42.6 47.7 30.4 25.9 22.0 4.8 4.4 4.0 3.5 3.1

Consumer Goods
Britannia Industries 63.3 80.8 89.3 101.7 121.0 72.2 56.6 51.2 45.0 37.8 43.1 31.2 31.8 28.5 25.9
Colgate-Palmolive 39.6 38.9 46.4 49.4 53.5 51.5 52.5 44.0 41.3 38.2 32.0 32.4 29.8 27.6 25.7
Dabur India 10.3 9.7 11.4 13.2 14.8 52.2 55.6 47.3 40.8 36.5 11.4 10.6 9.7 8.7 7.8
Emami 16.4 14.5 17.3 19.2 21.2 31.0 35.1 29.4 26.5 24.0 10.8 9.8 7.9 7.0 6.3
Hindustan Unilever 37.1 41.4 44.7 50.9 57.0 69.2 62.1 57.5 50.5 45.1 12.4 12.0 11.9 11.9 11.9
ITC 12.2 15.0 16.0 18.1 19.9 36.7 29.8 28.1 24.8 22.5 9.0 8.2 8.2 7.7 7.1
Marico 9.6 10.1 11.5 12.9 14.9 56.7 53.7 47.3 42.0 36.4 20.9 18.4 16.5 14.7 13.0

Hotels
Chalet Hotels -3.7 8.9 13.2 18.9 26.6 -162.3 66.6 45.1 31.5 22.4 9.1 7.9 6.7 5.5 4.4
Indian Hotels -2.0 7.4 9.5 12.1 15.4 -210.0 56.1 43.4 34.2 26.9 8.3 7.4 6.3 5.4 4.5
Lemon Tree Hotels -1.1 1.5 2.0 4.0 4.3 -109.2 80.0 59.1 30.4 27.9 11.5 11.2 9.4 6.5 5.9

Information Technology
Birlasoft 16.3 11.9 20.4 24.0 27.6 33.3 45.7 26.7 22.7 19.7 6.0 6.2 5.3 4.6 3.9
Eclerx Services 82.1 97.3 97.8 119.9 137.4 25.5 21.5 21.4 17.4 15.2 6.8 6.1 4.7 4.2 3.9
Firstsource Solutions 7.7 7.4 8.1 9.7 11.3 21.7 22.7 20.7 17.2 14.8 3.8 3.5 3.2 2.9 2.6
HCL Tech 49.7 54.7 58.3 67.8 75.5 25.2 22.9 21.6 18.5 16.6 5.5 5.2 5.0 4.6 4.3
Infosys 52.6 58.1 59.2 68.6 77.3 27.2 24.6 24.2 20.9 18.5 7.9 7.8 7.0 6.2 5.5
LTIMindtree 133.5 149.0 166.8 206.0 242.3 38.2 34.2 30.5 24.7 21.0 10.5 9.1 7.7 6.5 5.5
Mphasis 76.3 86.9 88.0 103.4 118.1 31.1 27.3 27.0 23.0 20.1 6.4 5.6 5.2 4.8 4.3
Coforge 108.6 119.7 157.7 190.6 227.4 46.1 41.8 31.7 26.3 22.0 11.2 9.9 8.6 7.4 6.3
Persistent Systems 90.3 120.5 144.5 190.9 231.8 63.8 47.8 39.9 30.2 24.9 13.1 11.1 9.2 7.6 6.3
Route Mobile 26.1 52.4 62.3 70.6 85.4 60.2 30.1 25.3 22.3 18.4 6.0 5.4 4.7 4.1 3.5
TCS 104.7 115.2 127.5 144.5 162.5 34.1 31.0 28.0 24.7 22.0 14.3 14.1 14.4 11.7 9.7
Tech Mahindra 63.4 54.9 45.6 69.4 79.6 18.8 21.7 26.2 17.2 15.0 3.9 3.8 3.6 3.4 3.2
Wipro 22.3 20.7 22.9 26.0 28.8 18.4 19.9 17.9 15.8 14.3 3.4 2.9 3.1 2.8 2.6
Zomato -1.7 -1.1 0.2 1.2 2.1 -67.1 -104.3 489.1 91.9 52.3 6.1 5.2 5.2 4.9 4.5

Media & Entertainment

PVR INOX -80.4 -50.3 14.9 53.3 77.1 -21.8 -34.8 117.6 32.9 22.7 7.8 1.6 2.3 2.1 2.0
Sun TV Network 41.7 43.3 49.7 52.7 0.0 15.2 14.6 12.8 12.0 0.0 3.0 2.7 2.4 2.2 0.0
Zee Entertainment 11.5 6.1 8.0 12.4 14.0 22.5 42.7 32.1 20.8 18.4 2.3 2.4 2.2 2.1 1.9

Oil & Gas

BPCL 47.8 -7.9 54.4 35.1 0.0 7.3 -43.8 6.4 9.9 0.0 1.4 1.4 1.3 1.2 0.0
GAIL 23.3 8.3 12.7 12.5 0.0 5.5 15.5 10.1 10.2 0.0 1.0 1.5 1.4 1.3 0.0
Gujarat Gas 18.8 22.2 20.2 22.9 0.0 22.7 19.3 21.2 18.6 0.0 5.2 4.2 3.7 3.2 0.0
Gujarat State Petronet 16.9 16.7 10.7 10.4 0.0 16.9 17.0 26.5 27.3 0.0 1.9 1.7 1.7 1.6 0.0
Gulf Oil Lubricants 41.9 47.4 58.2 64.5 0.0 13.6 12.0 9.8 8.8 0.0 2.7 2.4 2.1 1.9 0.0
HPCL 41.7 -93.1 50.7 35.7 0.0 6.2 -2.8 5.1 7.2 0.0 0.9 1.3 1.1 1.0 0.0
Indian Oil 26.4 -0.3 19.9 14.0 0.0 3.4 -299.4 4.6 6.5 0.0 0.6 0.9 0.8 0.8 0.0
Indraprastha Gas 18.4 20.6 26.2 29.4 0.0 25.6 22.9 18.0 16.1 0.0 4.8 4.7 3.9 3.4 0.0
Petronet LNG 20.2 17.0 20.6 22.8 0.0 11.4 13.6 11.2 10.1 0.0 2.6 2.3 2.1 1.9 0.0
Oil India 51.8 80.5 54.4 59.9 0.0 6.1 3.9 5.8 5.3 0.0 1.1 0.9 0.8 0.7 0.0
ONGC 24.4 35.5 29.4 29.5 0.0 7.6 5.2 6.3 6.3 0.0 1.0 0.9 0.8 0.8 0.0
Reliance Industries 84.6 99.1 100.3 114.7 126.0 27.8 23.7 23.4 20.5 18.6 1.9 2.1 2.0 1.9 1.7
 EPS (Rs) PE (x) PB (x)
Company Name FY22 FY23 FY24e FY25e FY26e FY22 FY23 FY24e FY25e FY26e FY22 FY23 FY24e FY25e FY26e

Retail
Aditya Birla Fashion & Retail -1.2 5.0 7.8 11.1 0.0 -192.0 44.2 28.7 20.1 0.0 7.5 5.2 4.4 3.6 0.0
Devyani International 1.4 2.4 1.9 2.8 3.9 146.5 89.1 109.4 74.9 53.7 37.0 26.2 22.3 17.3 13.2
Ethos 12.3 25.8 30.0 42.8 53.5 140.3 66.6 57.3 40.2 32.1 14.2 6.4 5.7 5.0 4.3
Go fashion 6.7 15.3 19.4 26.4 34.0 192.8 84.8 67.1 49.1 38.2 15.7 13.5 11.2 9.1 7.4
Jubilant Foodworks 6.7 6.1 6.0 8.9 11.0 79.8 88.1 89.1 60.8 48.8 16.9 16.6 14.6 12.4 10.4
Page Industries 481.0 512.2 519.8 678.9 818.3 81.7 76.7 75.6 57.9 48.0 40.3 32.0 26.4 21.5 17.6
Sapphire Foods 7.2 36.7 22.4 31.4 41.4 198.7 39.2 64.2 45.8 34.7 9.1 7.3 6.5 5.7 4.9
Senco Gold 19.4 22.9 21.6 27.6 35.0 33.5 28.4 30.1 23.5 18.6 6.0 4.8 3.7 3.2 2.8
TCNS Clothing -0.9 0.4 8.7 16.8 0.0 -414.2 1,030.3 42.9 22.2 0.0 3.8 3.9 3.6 3.1 0.0
Titan Company 25.4 36.9 39.8 50.3 61.3 129.5 89.0 82.4 65.3 53.5 31.3 24.6 19.9 15.9 12.8
Varun Beverages 5.3 11.5 15.2 19.1 24.1 174.0 80.6 61.2 48.8 38.6 29.6 23.7 17.8 13.6 10.5
Westlife FoodWorld -0.1 7.2 10.3 12.9 17.1 -8,754.1 130.7 90.6 72.6 54.7 31.6 25.8 22.0 18.6 15.5

Telecommunications
Bharti Airtel 4.3 15.1 22.2 33.6 52.7 222.7 63.2 42.9 28.4 18.1 6.0 5.1 4.3 3.9 3.3
Indus Towers 21.3 5.1 19.1 21.0 22.3 9.0 37.5 10.0 9.1 8.6 2.3 2.4 2.5 2.8 2.8
Tata Communications 51.8 58.1 53.3 71.9 86.1 34.9 31.2 34.0 25.2 21.0 71.8 42.0 22.8 14.9 10.2
Vodafone Idea -5.8 -6.0 -6.0 -6.2 -5.8 -2.1 -2.0 -2.0 -2.0 -2.1 -0.9 -0.8 -0.6 -0.4 -0.4

Others
Delhivery -11.1 -14.1 -6.1 -1.4 3.3 -38.5 -30.3 -69.6 -314.7 129.9 4.6 3.4 3.4 3.4 3.2
Gravita India 20.2 29.1 37.9 45.8 0.0 46.8 32.4 24.9 20.6 0.0 16.8 11.1 8.0 6.0 0.0
Interglobe Aviation -160.2 -8.2 150.3 203.2 0.0 -16.3 -317.4 17.3 12.8 0.0 -16.6 -15.9 -198.3 13.7 0.0

EPS (Rs) PE (x) PB (x)

Company Name FY22 FY23 FY24e FY25e FY26e FY22 FY23 FY24e FY25e FY26e FY22 FY23 FY24e FY25e FY26e

BFSI - Banks
AU Small Finance Bank 18.0 22.0 26.8 33.3 41.3 39.8 32.5 26.7 21.5 17.3 6.1 4.3 3.9 3.3 2.8
Axis Bank 42.5 31.2 84.5 91.5 111.2 23.4 31.9 11.8 10.9 8.9 2.7 2.5 2.1 1.7 1.5
Bandhan Bank 0.8 13.6 22.9 29.8 38.2 308.2 17.7 10.5 8.1 6.3 2.4 2.1 1.8 1.5 1.2
Bank of Baroda 14.0 27.3 34.0 38.5 41.4 14.5 7.5 6.0 5.3 4.9 1.4 1.1 1.0 0.9 0.8
Canara Bank 32.8 58.5 76.9 84.7 94.9 11.2 6.3 4.8 4.3 3.9 1.4 1.2 1.0 0.8 0.7
City Union Bank 10.3 12.7 12.2 14.0 16.2 13.3 10.8 11.2 9.8 8.5 1.8 1.5 1.3 1.2 1.1
DCB Bank 9.3 15.0 17.4 20.5 23.6 13.3 8.2 7.1 6.0 5.2 1.1 0.9 0.9 0.8 0.7
Equitas Small Finance Bank 2.3 4.9 7.0 9.1 11.2 40.9 19.7 13.8 10.6 8.5 3.0 2.3 1.9 1.7 1.4
Federal Bank 9.2 14.3 16.8 19.7 23.6 16.2 10.5 8.9 7.6 6.3 1.8 1.5 1.2 1.1 0.9
HDFC Bank 66.8 79.3 101.8 102.5 121.2 23.0 19.4 15.1 15.0 12.7 3.6 3.1 2.4 2.4 2.1
ICICI Bank 33.7 46.5 56.6 65.2 73.5 28.3 20.5 16.8 14.6 12.9 4.1 3.4 2.9 2.5 2.2
IDFC First Bank 0.2 3.7 5.2 6.6 9.0 385.6 24.5 17.4 13.6 10.1 2.9 2.4 2.0 1.7 1.5
Indian Bank 33.2 42.4 59.2 72.6 89.2 12.6 9.9 7.1 5.8 4.7 1.6 1.3 1.1 0.9 0.7
Indusind Bank 59.5 95.9 117.1 143.4 180.6 24.6 15.3 12.5 10.2 8.1 2.5 2.3 2.0 1.7 1.5
Karur Vysya Bank 8.4 13.8 18.6 21.4 24.5 16.0 9.8 7.2 6.3 5.5 1.6 1.3 1.1 1.0 0.8
Kotak Mahindra Bank 43.2 55.1 65.2 71.9 78.2 40.8 32.0 27.0 24.5 22.5 4.9 4.2 3.7 3.2 2.9
Punjab National Bank 3.2 2.3 5.8 8.2 9.6 23.4 33.0 13.0 9.1 7.8 1.3 1.1 1.0 0.9 0.8
RBL Bank -1.2 14.7 21.3 29.4 40.1 -197.1 16.7 11.6 8.4 6.1 1.2 1.1 1.0 0.9 0.8
State Bank of India 35.5 56.3 69.6 74.8 80.2 16.2 10.2 8.3 7.7 7.2 2.2 1.8 1.5 1.3 1.2
UJJIVAN Small Finance Bank -2.4 6.0 6.5 6.8 7.4 -23.9 9.6 8.8 8.4 7.7 4.0 2.8 2.2 1.9 1.6
Union Bank of India 7.9 12.4 17.5 19.1 20.0 13.0 8.3 5.9 5.4 5.1 1.4 1.1 0.9 0.8 0.7
Yes Bank 0.4 0.3 0.5 0.8 1.1 40.2 64.1 33.8 22.2 15.6 1.6 1.2 1.2 1.2 1.2

BFSI - Insurance
HDFC Life Insurance 5.9 6.4 7.4 9.5 10.8 106.0 98.2 84.6 65.9 58.1 8.5 10.3 9.5 8.6 7.7
ICICI Lombard 25.9 35.2 43.1 52.8 60.7 52.2 38.4 31.4 25.6 22.3 7.3 6.4 5.6 4.8 4.2
ICICI Pru Life 5.3 5.6 8.3 10.4 10.9 98.9 92.6 63.2 50.3 47.8 8.2 7.4 6.9 6.4 5.9
LIC 6.4 57.5 50.0 54.7 63.9 99.3 11.0 12.7 11.6 9.9 38.6 8.8 5.8 4.3 3.3
Max Financial 7.3 11.0 14.2 17.1 20.2 124.7 83.5 64.5 53.6 45.3 8.0 7.3 6.6 5.9 5.2
SBI Life 15.1 17.2 20.4 23.3 26.6 87.4 76.6 64.6 56.5 49.5 11.3 10.1 8.9 7.8 6.8
Star Health -18.7 10.7 16.6 21.3 25.6 -31.9 55.6 35.8 27.9 23.2 7.4 6.3 5.4 4.6 4.0

BFSI - NBFCs
AB Capital 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Cholamandalam Investment 26.1 32.4 41.8 51.0 63.7 48.2 38.8 30.1 24.7 19.7 8.8 7.2 5.3 4.5 3.7
L&T Finance Holdings 4.3 6.5 9.2 11.3 13.7 31.0 20.4 14.5 11.8 9.7 1.7 1.5 1.4 1.3 1.1
Mahindra Finance 8.0 16.1 16.4 23.1 27.6 35.9 17.9 17.5 12.4 10.4 2.3 2.1 1.9 1.8 1.6
Poonawalla Fincorp 4.1 7.6 12.4 16.6 22.5 92.0 49.2 30.4 22.7 16.7 5.0 4.5 3.0 2.7 2.4
Emkay Valuation Guide

EV/EBITDA (x) ROCE (%) ROE (%)

Company Name FY22 FY23 FY24e FY25e FY26e FY22 FY23 FY24e FY25e FY26e FY22 FY23 FY24e FY25e FY26e

Auto & Auto Ancillaries

Apollo Tyres 11.6 8.6 6.8 6.0 0.0 4.9 7.4 9.7 10.4 0.0 5.6 8.8 11.8 12.4 0.0
Amara Raja Batteries 10.7 8.1 6.9 6.4 0.0 11.3 15.2 15.6 15.0 0.0 11.7 15.0 15.4 14.7 0.0
Ashok Leyland 53.5 17.6 10.9 9.9 9.2 2.1 14.8 24.8 24.8 24.1 0.4 16.4 30.6 29.8 28.1
Atul Auto -66.4 64.4 32.7 21.3 15.6 -6.6 2.6 7.7 11.8 14.6 -8.9 1.5 7.6 12.2 15.2
Bajaj Auto 23.8 18.8 14.5 12.5 11.3 14.3 18.3 23.9 26.9 28.8 18.4 21.6 27.9 30.9 32.7
Bharat Forge 32.0 28.7 22.2 20.0 18.1 10.1 10.5 12.5 12.6 12.7 15.5 14.9 17.2 16.8 16.7
Eicher Motors 39.9 24.5 18.5 14.7 0.0 13.1 18.6 20.6 20.7 0.0 13.9 21.1 23.5 23.9 0.0
Escorts 39.9 54.2 22.4 19.1 16.3 11.6 8.3 13.6 13.7 14.1 11.6 8.6 14.6 13.9 14.2
Hero Motocorp 15.9 13.3 9.9 9.0 8.2 13.0 17.6 22.2 23.4 24.1 16.0 17.9 22.9 24.0 24.7
JK Tyre 11.8 9.4 5.8 5.2 4.5 9.3 10.8 18.9 20.0 20.9 7.2 10.4 21.9 23.8 23.0
Exide Industries 15.3 14.0 11.3 10.3 9.5 8.9 8.4 9.9 9.9 9.8 8.7 8.3 9.7 9.8 10.3
Mahindra & Mahindra 27.0 17.8 14.0 12.7 11.3 10.8 15.2 17.3 16.2 15.6 13.9 19.6 20.0 18.3 17.3
UNO Minda 39.4 28.5 23.0 18.9 15.9 10.1 12.5 13.5 14.6 15.3 12.5 17.2 18.1 18.8 19.2
Maruti Suzuki India 49.5 25.4 16.8 14.3 0.0 6.6 13.4 17.8 17.9 0.0 7.1 14.1 18.6 18.8 0.0
Samvardhana Motherson International 15.8 11.8 8.8 6.4 5.4 3.5 6.4 9.3 11.9 12.5 5.1 7.5 12.6 15.4 16.0
Motherson Sumi Wiring India 37.5 35.5 26.0 21.2 18.0 42.3 31.7 38.0 41.7 44.6 51.2 39.8 48.0 50.1 52.8
Ramkrishna Forgings 23.2 17.9 14.8 13.1 11.7 13.0 15.4 15.3 0.0 0.0 20.8 19.5 23.9 21.8 19.4
Suprajit Engineering 20.3 17.6 14.7 10.8 9.1 12.6 11.4 12.4 15.8 16.5 15.6 13.2 15.9 20.3 20.2
Tata Motors 14.3 10.2 5.1 4.6 3.7 0.7 4.0 14.5 13.7 13.6 -21.5 1.6 36.4 28.1 25.8
TVS Motor 39.5 29.3 20.5 16.5 13.5 16.5 20.1 26.1 29.3 29.4 20.5 27.4 32.9 33.2 32.2

Building Materials
Century Plyboards 26.8 25.6 24.4 18.7 14.3 19.7 19.4 15.4 16.3 19.3 22.2 22.1 18.4 20.2 22.6
Greenpanel Industries 10.7 10.5 13.6 11.3 8.4 29.3 26.1 17.6 18.5 22.0 28.6 23.3 15.3 15.2 17.8

Cement
ACC 10.1 18.0 12.0 10.3 9.1 18.7 7.8 14.9 15.8 16.0 14.2 7.4 11.1 11.8 12.0
Ambuja Cements 25.9 24.5 23.5 21.0 17.1 13.7 10.4 10.4 11.3 13.3 21.3 15.9 11.9 12.1 14.0
Birla Corporation 12.0 17.6 27.2 11.4 10.2 7.5 3.3 0.4 6.6 7.4 7.5 0.6 -4.3 4.5 5.7
Dalmia Bharat 17.1 18.8 14.2 12.5 10.5 6.8 5.5 8.2 9.6 10.6 5.4 4.2 6.3 7.9 9.0
JK Cement 18.4 21.3 14.3 12.0 10.2 15.5 9.8 14.8 16.2 17.7 17.0 9.5 16.9 19.3 20.2
Ramco Cements 21.2 23.5 15.7 13.0 11.0 8.6 6.0 9.2 11.3 13.2 14.3 4.7 8.0 10.7 12.3
Sagar Cement 14.2 29.2 15.8 10.4 7.8 7.8 1.7 3.4 8.0 11.7 5.6 -9.6 -2.2 5.8 11.0
Shree Cements 24.2 30.6 21.3 17.1 14.1 17.3 8.9 12.8 16.1 17.4 14.2 7.0 10.8 14.0 15.2
Star Cement 17.5 13.1 12.4 9.8 7.9 12.0 16.8 16.2 17.1 18.4 11.6 10.8 12.2 13.3 14.0
Ultratech Cement 21.3 23.0 17.2 14.9 13.0 13.6 12.0 15.7 17.0 18.0 12.0 9.7 13.8 14.5 15.1

Consumer Goods
Britannia Industries 50.3 38.7 34.8 30.7 26.4 38.2 46.3 46.8 56.0 64.8 50.0 63.9 61.4 66.7 71.7
Colgate-Palmolive 35.0 35.3 29.7 27.9 25.8 98.2 83.7 96.5 94.7 95.1 74.4 61.3 70.6 69.4 69.7
Dabur India 39.7 41.6 34.6 29.9 26.3 27.0 22.9 24.8 26.1 26.6 22.7 19.8 21.4 22.5 22.6
Emami 23.8 26.0 21.6 18.9 16.9 46.1 37.9 39.9 37.8 36.7 37.7 29.2 29.6 28.1 27.6
Hindustan Unilever 47.7 43.8 40.4 35.6 31.8 21.9 23.8 25.3 28.7 32.1 18.1 19.6 20.8 23.6 26.3
ITC 29.0 23.1 21.7 19.0 17.2 32.1 37.4 38.4 41.9 43.0 25.0 29.0 29.4 32.0 32.8
Marico 41.0 38.4 33.6 29.9 26.2 46.2 44.2 42.7 43.1 44.2 37.4 36.4 36.7 37.0 37.9

Hotels
Chalet Hotels 174.3 31.7 25.7 18.2 14.5 -0.5 10.2 11.5 14.8 16.8 -5.5 12.7 16.1 19.3 22.0
Indian Hotels 144.8 32.0 25.8 21.0 17.2 0.0 15.5 18.2 19.6 20.2 -5.2 14.0 15.7 17.0 18.2
Lemon Tree Hotels 93.0 24.4 20.6 13.5 13.0 1.0 12.5 15.1 19.2 19.6 -10.0 14.2 17.3 24.0 23.5

Information Technology
Birlasoft 22.2 27.0 17.0 14.0 12.0 27.5 19.1 30.6 31.1 30.6 19.5 13.2 21.5 21.7 21.5
Eclerx Services 15.3 14.0 12.3 10.2 8.8 38.4 41.8 34.8 35.2 36.7 27.2 29.8 24.6 24.9 26.1
Firstsource Solutions 12.9 14.7 11.8 10.1 8.6 19.0 16.8 17.6 19.2 21.2 18.4 16.1 16.0 17.7 18.7
HCL Tech 15.8 14.3 13.2 11.4 10.2 25.0 28.0 29.9 33.0 34.4 22.2 23.3 23.6 25.8 26.9
Infosys 17.9 16.0 15.1 13.1 11.5 39.8 44.4 43.0 43.8 43.6 29.0 31.8 30.6 31.6 31.6
LTIMindtree 28.4 24.3 21.2 17.6 15.0 50.2 36.6 38.1 39.4 38.8 36.6 26.6 27.3 28.5 28.2
Mphasis 20.2 17.5 16.8 14.3 12.4 27.7 29.5 27.8 30.0 31.2 21.2 22.0 20.1 21.6 22.6
Coforge 27.6 23.7 18.7 15.5 12.9 34.8 35.1 39.8 41.4 42.0 25.5 25.7 29.2 30.3 30.8
Persistent Systems 43.9 28.3 24.6 18.9 15.5 29.3 33.1 33.0 36.7 37.5 22.4 25.9 25.2 27.6 27.8
Route Mobile 41.1 20.4 16.9 13.8 11.7 16.6 21.3 22.7 22.9 24.3 14.3 18.7 19.9 19.6 20.6
TCS 23.8 21.4 19.7 17.1 15.1 55.1 59.1 64.6 66.7 62.2 42.6 45.9 50.6 52.3 48.3
Tech Mahindra 12.1 12.3 13.9 9.8 8.6 27.9 24.5 19.8 27.9 30.1 21.5 18.5 14.1 20.6 22.2
Wipro 12.1 11.5 11.0 9.4 8.4 21.4 17.9 18.6 21.0 21.3 20.2 15.8 16.2 18.6 18.7
Zomato -48.2 -74.5 ### 65.4 36.0 -12.2 -5.4 1.5 7.8 12.4 -12.2 -5.4 1.1 5.5 8.9

Media & Entertainment

PVR INOX 144.4 18.2 12.8 9.5 8.3 -2.9 3.6 6.6 10.0 11.5 -30.5 -7.5 2.0 6.7 9.0
Sun TV Network 10.4 8.6 7.2 6.7 0.0 29.8 26.5 27.2 26.1 0.0 21.3 19.2 19.9 19.1 0.0
Zee Entertainment 13.7 22.2 18.0 12.5 11.3 15.4 8.3 10.1 14.5 15.0 10.6 5.5 7.2 10.3 10.8

Oil & Gas

BPCL 5.7 16.4 4.8 6.0 0.0 17.1 2.7 17.9 12.2 0.0 16.6 -8.5 21.0 12.4 0.0
GAIL 4.5 14.5 8.6 8.6 0.0 21.9 9.8 14.5 13.5 0.0 20.3 9.8 14.4 13.2 0.0
Gujarat Gas 14.4 12.1 12.9 11.3 0.0 26.9 27.5 22.1 22.3 0.0 25.8 24.2 18.5 18.5 0.0
Gujarat State Petronet 11.5 12.3 18.1 18.4 0.0 14.5 13.2 8.2 7.6 0.0 11.9 10.7 6.4 5.9 0.0
Gulf Oil Lubricants 9.4 7.3 6.3 5.7 0.0 23.2 23.2 24.7 25.4 0.0 22.1 20.9 23.0 23.1 0.0
HPCL 7.6 -8.7 5.9 6.4 0.0 9.6 -14.3 13.0 10.4 0.0 15.8 -39.8 23.9 14.9 0.0
Indian Oil 4.3 13.6 5.1 6.2 0.0 15.5 4.7 14.5 10.4 0.0 20.0 -0.3 19.2 12.4 0.0
Indraprastha Gas 16.0 14.7 11.5 9.9 0.0 25.8 26.2 30.2 28.9 0.0 19.6 20.6 23.7 22.6 0.0
Petronet LNG 6.6 8.0 6.8 6.2 0.0 24.4 19.5 21.8 22.2 0.0 20.7 11.4 19.6 19.7 0.0
Oil India 4.7 3.2 4.9 4.8 0.0 19.5 24.0 13.7 13.3 0.0 20.7 25.3 14.1 13.7 0.0
ONGC 4.6 3.2 3.3 2.9 0.0 16.4 21.9 17.3 16.5 0.0 18.3 19.4 13.8 12.7 0.0
Reliance Industries 14.6 11.4 10.9 9.8 8.9 8.3 9.4 10.3 10.6 10.9 7.3 8.4 9.1 9.6 9.7
 EV/EBITDA (x) ROCE (%) ROE (%)
Company Name FY22 FY23 FY24e FY25e FY26e FY22 FY23 FY24e FY25e FY26e FY22 FY23 FY24e FY25e FY26e

Retail
Aditya Birla Fashion & Retail 19.4 10.4 8.2 6.5 0.0 5.8 25.1 29.1 32.7 0.0 -4.0 14.1 16.8 19.9 0.0
Devyani International 53.5 38.8 33.2 24.7 19.0 38.3 43.0 40.0 46.0 47.6 43.4 34.4 22.0 26.0 27.9
Ethos 49.3 33.2 25.9 18.5 14.9 20.0 20.7 16.6 20.6 22.3 12.1 14.0 10.5 13.3 14.5
Go fashion 56.4 32.4 25.7 19.4 15.2 20.1 29.2 31.1 34.1 35.3 9.9 17.3 18.3 20.5 21.4
Jubilant Foodworks 31.6 30.3 28.1 21.7 18.0 44.1 35.7 33.8 40.1 41.3 24.7 19.0 17.4 22.0 23.2
Page Industries 55.4 50.9 48.5 38.3 32.0 75.1 63.5 53.5 56.9 55.0 54.4 46.4 38.2 40.9 40.2
Sapphire Foods 28.8 20.8 16.7 12.2 9.4 15.6 17.2 20.0 25.0 26.9 6.2 20.6 10.7 13.3 15.2
Senco Gold 17.1 15.9 15.3 12.4 10.3 24.6 23.2 19.7 20.5 22.4 19.4 19.0 14.5 14.6 16.0
TCNS Clothing 24.7 16.5 9.8 7.0 0.0 3.8 7.3 18.1 26.5 0.0 -0.9 0.4 8.9 15.4 0.0
Titan Company 86.8 59.0 55.5 44.2 36.2 38.1 45.0 38.3 38.2 37.1 26.8 30.9 26.7 27.1 26.5
Varun Beverages 0.0 0.0 0.0 0.0 0.0 15.6 25.0 27.9 30.2 34.1 18.3 32.6 33.2 31.6 30.6
Westlife FoodWorld 74.0 38.4 29.5 24.8 20.1 12.8 36.6 43.5 46.7 51.3 -0.4 21.7 26.2 27.8 30.9

Telecommunications
Bharti Airtel 12.6 10.9 9.3 7.5 6.0 8.8 10.8 10.9 14.1 18.0 2.7 8.7 10.9 14.4 19.7
Indus Towers 4.8 8.2 5.1 4.9 4.6 23.7 8.6 20.8 22.3 23.9 30.1 6.4 24.7 29.1 33.0
Tata Communications 13.8 13.2 12.8 10.8 9.3 22.6 25.2 24.2 26.7 26.0 417.0 170.0 87.1 71.7 57.7
Vodafone Idea 16.8 17.6 18.5 17.9 16.3 -4.8 -4.0 -4.1 -3.9 -3.2 56.7 43.0 32.9 25.2 19.2

Others
Delhivery -161.7 -66.8 282.0 54.7 27.5 -11.6 -11.8 -3.8 -0.1 4.3 -16.2 -13.5 -4.9 -1.1 2.5
Gravita India 32.5 23.8 19.5 15.2 0.0 29.7 30.6 32.3 30.8 0.0 42.5 41.2 37.4 33.4 0.0
Interglobe Aviation 86.5 14.1 9.4 7.5 0.0 -9.5 16.8 23.8 23.8 0.0 206.9 5.1 -170.2 229.7 0.0

Tier I CAR (%) ROA (%) ROE (%)

Company Name FY22 FY23 FY24e FY25e FY26e FY22 FY23 FY24e FY25e FY26e FY22 FY23 FY24e FY25e FY26e

BFSI - Banks
AU Small Finance Bank 1.9 1.8 1.8 1.8 1.8 16.4 15.4 15.1 16.2 17.2
Axis Bank 1.2 0.8 1.8 1.7 1.7 12.0 8.0 18.8 17.1 17.5
Bandhan Bank 0.1 1.5 2.2 2.4 2.5 0.7 11.9 17.4 19.2 20.5
Bank of Baroda 0.6 1.0 1.1 1.1 1.1 8.9 15.3 16.7 16.6 15.6
Canara Bank 0.5 0.8 1.0 1.0 1.0 10.5 17.1 19.4 18.3 17.7
City Union Bank 1.3 1.5 1.3 1.4 1.4 12.2 13.4 11.5 11.9 12.4
DCB Bank 0.7 1.0 1.0 1.0 0.9 7.4 10.8 11.3 12.0 12.5
Equitas Small Finance Bank 1.1 1.9 2.0 2.0 2.0 7.3 12.3 14.1 16.2 17.4
Federal Bank 0.9 1.3 1.3 1.3 1.3 10.9 15.1 14.7 14.6 15.2
HDFC Bank 1.9 1.9 2.2 2.0 2.0 16.7 17.0 18.8 16.8 17.3
ICICI Bank 1.8 2.2 2.3 2.3 2.2 15.0 17.7 18.5 18.2 17.6
IDFC First Bank 0.1 1.1 1.3 1.4 1.5 0.8 10.4 12.2 13.5 15.3
Indian Bank 0.6 0.8 1.0 1.1 1.1 11.2 13.3 15.9 16.1 16.3
Indusind Bank 1.2 1.7 1.8 1.9 1.9 10.2 14.6 15.6 16.7 18.1
Karur Vysya Bank 0.9 1.3 1.5 1.5 1.5 9.3 13.7 16.2 16.1 16.1
Kotak Mahindra Bank 2.1 2.4 2.4 2.3 2.1 12.7 14.1 14.4 13.9 13.2
Punjab National Bank 0.3 0.2 0.4 0.5 0.6 4.0 2.8 6.7 8.9 9.7
RBL Bank -0.1 0.8 1.0 1.2 1.3 -0.6 6.7 9.0 11.3 13.8
State Bank of India 0.8 1.0 1.1 1.0 1.0 16.1 18.1 19.1 17.8 16.6
UJJIVAN Small Finance Bank -1.9 3.9 3.4 2.9 2.5 -15.0 33.7 28.3 23.8 21.7
Union Bank of India 0.5 0.7 0.9 0.9 0.9 8.3 12.1 15.3 15.0 14.0
Yes Bank 0.4 0.2 0.4 0.6 0.7 3.2 1.9 3.6 5.6 7.5

BFSI - Insurance
HDFC Life Insurance 0.0 0.0 0.0 0.0 0.0 10.0 9.6 11.7 13.6 14.0
ICICI Lombard 3.6 4.2 4.6 4.9 4.9 14.5 17.2 18.6 19.8 19.8
ICICI Pru Life 0.3 0.3 0.5 0.5 0.5 8.3 8.4 11.3 13.2 12.8
LIC 0.0 0.0 0.0 0.0 0.0 48.2 129.8 54.9 42.4 37.5
Max Financial 0.0 0.0 0.0 0.0 0.0 7.0 9.2 10.7 11.6 12.2
SBI Life 0.0 0.0 0.0 0.0 0.0 15.2 13.7 14.0 14.7 14.8
Star Health -11.4 5.0 6.7 7.4 7.5 -25.7 12.3 16.3 17.9 18.5

BFSI - NBFCs
AB Capital 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Cholamandalam Investment 2.7 2.7 2.7 2.6 2.6 20.2 20.5 20.4 19.7 20.5
L&T Finance Holdings 1.0 1.5 2.1 2.3 2.4 5.5 7.8 10.2 11.3 12.4
Mahindra Finance 1.3 2.3 1.9 2.1 2.1 6.5 12.1 11.4 14.8 16.0
Poonawalla Fincorp 2.5 3.7 4.6 4.6 4.6 7.7 9.3 11.9 12.6 15.2