CONTENTS Vol. 32 No.

09 • APR 3 - 16, 2017

Cover Story
25 Recommendations

14 Choice Scrip

15 Low Priced Scrip

18 Hot Chips

Regulars
06 Editor’s Keyboard
08 Company Index
10 Market View
20 Technicals

22
24 Call Tracker
74 Query Board
Analysis
66 Reviews
VIP Industries : 86 Kerbside

FEEL VIP WITH VIP INDUSTRIES FOR A LONG-TERM Subscribers can access

68 Dealing
the complete databank
Special Report consisting of more than
3500 companies on our
With False Breakout, Few Things You website www.DSIJ.in

Must Learn

79 ANOTHER Special Report

IPO BUT YOU DID NOT GET
SHARES ALLOTTED: HERE IS WHAT YOU CAN
DO NEXT TIME
4 DALAL STREET INVESTMENT JOURNAL I APR 3 - 16, 2017 DSIJ.in
 Triggered By GST, Markets Inch Up
B
y the time you read this, we will be in the new fiscal year which is going to be stronger,
better and more profitable. When I say that, I find the unified tax regime labelled as GST
will be the key trigger taking the markets up from here and come July, once the new set
of laws are rolled out, there will be many sector-specific actions. Albeit, positive ones
depending on impact of GST on those particular sectors. While I find GST to be the
main positive key taking the markets higher from here diminishing the chances of Sensex being
lower from the 29000 mark, let us look forward to the fourth quarter earnings. We have all the
reasons to believe better numbers to be posted by the companies during the end of the last quarter of
the fiscal year in comparison to the third quarter numbers. This will also push the markets towards
higher limit. A vertical expansion of the markets’ scales are on the cards very much in this new year
as we gear up to embrace it. Don’t be surprised if we see 9400 to 9500 levels in nifty in coming
trading sessions.

Meanwhile, FIIs participation is also expected to increase along with steady participation from the
DIIs. BJP’s massive victory in Uttar Pradesh has infused lots of confidence among the investors, both
local and international and most are now talking about steady government in India for the coming
decade or so. With long-term political stability
seen in India, the foreign institutional investors
are willing to take higher exposure to Indian
equities. India remains favourite destination for
foreign institutional investors with concern
over China’s economy being over-leveraged
resurfaces.

Mid-cap stocks have outperformed the broader

markets in recent times and particularly have
been in the radar of the retail investors. In this
edition of your favourite investment
fortnightly, we get you our annual ranking of
the top 250 mid-cap stocks for 2017.

The previous year has been a good year for IPO investors and indeed primary market investors have
had a decent opportunity to make some wealth for themselves. However, since we keep in touch with
the investing community, we get feedback from individual investors that the IPO shares have not
been allocated to them sufficiently.

In this issue, we have delved deeper into the IPO allotment process in India and have some
important suggestions to make to the IPO applicants. The IPO story also focuses on the IPO
lifecycle. We are excited to share this story with you all at this juncture as the coming year is expected
to be an action-packed year for IPO investors. We hope our reader-investors make optimum use of
the insights provided in the IPO story and make some smart money from IPO participation.

For my investor friends who follow technical analysis we have provided you with a thought
provoking article on ‘false breakout.’ We hope this article will help you identify them and you save
loads of your capital identifying profitable trades.

I hope readers make the most of the insights shared by us in this edition and we look forward to your
feedback on the interesting stories especially brought to you by our teams.

Summer is approaching fast and it is very much felt in the commercial capital of the country and
elsewhere too. Ensure you stay in good health during this rude season. We will, meanwhile, ensure
you maintain a good financial health too.

Write back to us--it is always great to hear from you.

V B PADODE
Editor-in-Chief

6 DALAL STREET INVESTMENT JOURNAL I APR 3 - 16, 2017 DSIJ.in

 facebook.com/DSIJin twitter.com/DSIJ

Vol. 32. No. 09 • APR 3 - 16, 2017

Founder & Editor-In-Chief Subscription & Customer Service enquiry@dsij.in

www.dsij.in/apps.aspx
linkedin.com/in/DalalStreetInvestmentJournal
V B Padode Utkarsh Sawale
Executive Editor Arvind Manor
Joydeep Ray
Chief Copy Editor
Marketing & Sales
G M - Marketing & Sales
Farid Khan
More on Mutual Fund
Prakash Patil
I am regular subscriber of your magazine Dalal Street Investment Journal. I like
Assistant Editor Mumbai: the data bank provided in the excel format. Data bank consists of standalone
Yogesh Supekar Nitin Zimur
financials. Can you also provide consolidated data (eg., Book Value, Sales, Net
Research (Sr. Manager - Sales)
Profit, EPS) in another sheet. Also if a similar data sheet for Mutual funds at
Neerja Agarwal Bengaluru: least once a quarter/half-yearly would be really helpful.
(Sr. Manager Research) N K Vishwanatha
Karan Bhojwani (Sr. Manager - Sales) - Mr Ramanthan
(Sr. Research Analyst) Chennai:
Rashmi Wankhede S Syed Khaleefathullah
(Sr. Manager - Sales & Marketing) Editor’s response: Dear Mr Ramanthan, firstly thank you for writing to us with
(Research Analyst)
your valued suggestions. Indeed, it sounds very interesting. We will be soon coming
Bhagyashree Vivarekar Delhi:
Atul Verma up with certain products dedicated to Mutual Fund sector. I am sure, you will like
(Research Analyst- Editorial) to check those out. For the data bank on the MF happening, we will actively consider
(Sr. Manager - Sales & Marketing)
Lohit Bharambe your suggestions. Stay tuned to know more about things happening in DSIJ aiming
(Sr. Research Associate) Mutual Funds : Hemant Rustagi
at serving our valued reader-investors like you. Regards
Tax: Jayesh Dadia
Graphics
Vipin Bendale

DSIJ Private Limited Recommendations

Company/Scheme Reco. Price (`) Column Page No
Managing Director
Rajesh V Padode Bodal Chemicals l Hold 141.65 QueryBoard 75
For Customer Service Allahabad Bank l Buy 72.15 Technicals 21
020-49072626 OR  service@DSIJ.in Bharart Electronics l BP 154.10 Reviews 66
Mumbai Office Bharat Wire Ropes l Buy 91.40 Hot Chips 18
419-A, 4th Floor, Arun Chambers, Tardeo, Next to AC Market Cineline India l Hold 71.30 QueryBoard 74
Mumbai - 400034 022-43476012/16/17
Dilip Buildcon l Buy 343.00 Cover Story 28
Pune Office
C-305, 3rd Floor, Trade Center, North Main Road, Near Axis Bank, Dish TV India l Buy 110.00 Hot Chips 18
Opposite Lane no. 6, Koregaon Park, Pune - 411001
FIEM Industries l Buy 873.00 Kerbside 86
020-49072600
Gallantt Metal l BP 39.25 Reviews 66
Bengaluru
Boston Financial Advisory Group, # 54, GHCL l Buy 263.00 Cover Story 28
3rd Floor, 13th Main, 17th Cross, HSR Layout,
Bengaluru - 560102 080-25724800/600 Gulf Oil Lubricants India l Buy 710.00 Cover Story 29
Hi-Tech Pipes l Buy 133.00 Choice Scrip 14
Chennai 9790880912
ITC l Hold 282.00 QueryBoard 74
Delhi 8800978622
JM Financials l Buy 80.70 Cover Story 30
To advertise, mail us on ads@dsij.in KEI Industries l Buy 175.00 Cover Story 30
Printer and Publisher: Nitin Sawant, Editor: V B Padode for DSIJ Pvt Ltd. MCX India l Hold 1224.25 QueryBoard 75
on behalf of Achievements Merchandise Pvt Ltd. Printed at Kala Jyothi
Process Pvt. Ltd. Plot No.: W-17&18, M.I.D.C. Industrial Area, Taloja, TATA Chemicals l Buy 592.00 Technicals 21
Dist. Raigad, Navi Mmbai. - 410 206. and published from 419-A, 4th
Floor, Arun Chambers, Tardeo, Next to AC Market, Mumbai - 400034  Tata Coffee l Buy 128.00 Kerbside 86
All rights reserved.  While all efforts are made to ensure that the
information published is correct and up-to-date, Dalal Street Investment
Tata Metaliks l Buy 527.00 Cover Story 31
Journal holds no responsibility for any errors that might occur. All Thomas Cook l Buy 224.00 Kerbside 86
material contained herein is based on fundamental and technical analysis
and other in-house methods, which though reliable, are not infallible. The Tourism Finance Corp. of India l Buy 73.25 Kerbside 86
information given in the magazine is of an advisory nature. Readers are
advised to consult experts before taking any investment decision and Dalal Universal Cables l Buy 88.85 Low Priced Scrip 15
Street Journal holds no responsibility for any losses that may arise due to
investment decisions made on the basis of information given within the
Varun Beverages l BP 384.65 QueryBoard 76
magazine. No reproduction is permitted in whole or part without written VRL Logistics l Hold 298.50 QueryBoard 76
consent from Dalal Street Journal  All disputes are subject to the
exclusive jurisdiction of competent courts and forums in Mumbai only. 
Dalal Street Investment Journal is a member of INS/ABCs. BP - Book Profit • BPP - Book Partial Profits • BL - Book Loss

8 DALAL STREET INVESTMENT JOURNAL I APR 3 - 16, 2017 DSIJ.in

 BUILDING TOWARDS A
BRIGHTER FUTURE
KNR Construction is a multi domain infrastructure development organization based in India with more than
2 decades of experience and executes the construction of technically complex and high value projects across
segments such as Expressways, National highways, State highways, Rural roads, Irrigation projects and Flyovers.

Our aim is to develop KNRCL as a

center of excellence in the field of
infrastructure services. We strive
continuously to provide eco-friendly
solutions, adopt state-of-the-art
practices and focus on creating top-
quality work. In the future, we hope
to continue to satisfy our clients
with our performance, be it with
our quality or with our execution
of projects before the schedule. We
are proud to serve the nation of
India and believe that ours is a very
important job that must be done
with dedication.

Corporate Offi ce:

KNR House, 3rd & 4th Floors,
Plot No. 114, Phase I, Kavuri Hills,
Hyderabad, Telangana - 500033.
Tel: 040-40268759/61/62
Fax: 040-40268760
www.knrcl.com
Market Watch
Markets To See 9400-9500 In Coming Weeks
W
ith the mid-cap index
making record highs,
it is no wonder that
investors are betting
their long-term money
on them. Indeed, mid-cap stocks have
been saviours for the investors looking
for growth over the past three odd years,
delivering phenomenal growth over the
similar time frame.
The markets took a breather for a while in
previous week, taking cues from global
markets, eventually halting their bullish
march. Sensex was up by nearly 1 per
cent in past two weeks; whereas, Nifty
was up by nearly 1.24 per cent over the
past couple of weeks. Mid-cap index was
up by 3.34 per cent, even as Small-cap
index was up by nearly 3.4 per cent.
Realty index was the top gainer amongst
the sectoral indices, which gained more
than 7.7 per cent over the past couple of
weeks.
The other sectoral index gainers were the
FMCG index and the Power index, which
gained by more than 4.6 per cent and 3.6
per cent respectively. Bankex performed
in line with the benchmark indices, and
was up by nearly 1.7 per cent.
IT index was the worst performer in past
two weeks, and was down by nearly 1 per
cent, followed by the Metal index, which
was flat over the two-week period.
Globally, the mood remained subdued
with majority of the markets trading
10 DALAL STREET INVESTMENT JOURNAL I APR 3 - 16, 2017
weak with a negative bias. Dow Jones
Industrial Average was down by almost
1.68%; whereas, NASDAQ was down by
0.36%, which tracks the global IT stocks’
performance.
FTSE 100 was down by 0.68% over the
two-week period.
The Japanese stocks were the worst
performers as reflected by Nikkei’s
performance, which was down by 3.16
per cent over the two weeks. Hang Seng
was the best performing index, being up
by almost 2.65 per cent over the
two-week period.
FIIs were seen buying into Indian
equities, and have lapped up equities
worth Rs 12639.5 crore; whereas, the
Domestic Institutional Investors have
been net sellers to the tune of Rs 4781.83
crore. Going ahead, the market will take
cues from the developments in GST, the
Performance Of Indices
10th Mar 27th Mar Gain/Loss
Indices
2017 2017 (%)
SENSEX 28,946.23 29,237.15 1.01
Nifty 8,934.55 9045.20 1.24
Mid-cap 13365.59 13812.46 3.34
Small-Cap 13604.96 14068.72 3.41
Auto 21790.97 21860.41 0.32
Bankex 23625.66 24025.16 1.69
FMCG 8793.36 9199.71 4.62
IT 10456.6 10360.27 -0.92
Metal 11554.83 11555.93 0.01
Power 2157.05 2235.02 3.61
Realty 1474.37 1588.96 7.77
Going ahead, the
market will take cues
from the
developments in GST,
the announcements
being keenly tracked
by the markets.
announcements being keenly tracked by
the markets.
Banking stocks will be under the radar
of the investors as several of the leading
private banks are trading near their
52-week highs. Markets will be trading
volatile owing to the expiry session
in this week, and the roll over data
will help confirm the bullish undertone
for the market. The market is ripe to
touch 9400-9500 levels in the next
series. DS
10th Mar 27th Mar Gain/Loss
Indices
2017 2017 (%)
Dow Jones Ind 20,902.98 20,550.98 -1.68
S&P 500 2,372.60 2,341.59 -1.31
NASDAQ 5,861.73 5,840.37 -0.36
FTSE 100 7,343.08 7,293.50 -0.6
DAX 11,963.18 11,996.07 0.27
CAC 40 4,993.32 5,017.43 0.48
Hang Seng 23,568.67 24,193.70 2.65
Nikkei 19,604.61 18,985.59 -3.16
Net Investment In Equity Markets (`/Cr)
Date FIIs DIIs
14-03-2017 343.98 -1519.94
15-03-2017 4309.49 126.75
16-03-2017 1418.11 -88.17
17-03-2017 1424.24 -711.5
20-03-2017 1600.02 -536.21
21-03-2017 618.91 -798.57
22-03-2017 1617.31 -779.91
23-03-2017 210.57 -590.78
24-03-2017 1096.87 116.5
Total 12639.5 -4781.83
DSIJ.in
Recommendations Equity
Hi-Tech Pipes
topline increased 7.69 per cent CAGR
in last the five financial years ending

INVEST FOR HI-TECH RETURNS with FY16. The company’s EBITDA

too rose 14.73 per cent CAGR in
FY12-FY16. Its bottomline also soared
27.17 per cent in the last five fiscals
ending with FY16.

HERE IS WHY Hi-Tech Pipes’ revenue increased 9.93 per

cent to `504 crore in FY16 as compared
Positive macroeconomic growth factors to the previous financial year. The
Expansion plans company’s operating profit too rose 26.7
per cent to `31.94 crore in FY16 on a
Attractive valuations yearly basis. Its operating profit margin
expanded by 84 basis points to 6.34 per

H
i-Tech Pipes is engaged in
the business of
manufacturing and
supplying steel pipes,
hollow sections, tubes,
cold rolled coils and strips, and a range
of other galvanized products. The
company offers cold-rolled (CR) coils,
tubes and pipes, and crash barriers. Its
steel tubes and pipes products include
water, air and gas pipelines, structural
steel tubes, precision tubes, and grooved
fire-fighting pipes. Hi-Tech Pipes’ hollow
section products include square hollow
sections, rectangular hollow sections and
circular hollow sections. The company
designs and supplies steel pipes for
various water, air and gas transport
applications. It also manufactures pipes
with grooves directly rolled into the pipe
ends. Its precision tubes are used in
automobiles, power and industrial
boilers, transformers, economisers, heat
exchangers, bicycles, automobiles,
railway electrification and furniture
applications.
Going forward in FY18, Hi-Tech Pipes is
Best of LAST ONE Year
Name of Reco CMP Gain
Company Price (`) (`) (%)
Mahanagar Gas 518.00 893.00 72.39
Techno Electric & Engg 217.00 352.50 62.44
Arvind Ltd 285.00 390.00 36.84
Rajesh Exports 435.00 567.00 30.34
Reliance Industries 987.00 1250.00 26.65
(Closing price as of Mar 27, 2017)
entering into new products such as high
quality precision tubes at its Sanand and
Bangalore facilities. The company will
also enter high margin business of solar
mounting structures. It is setting up solar
mounting capacities in Bangalore.
Hi-Tech Pipes has strategic locational
advantage as major solar projects are
located/coming up in Andhra Pradesh
and Karnataka.
On the financial front, Hi-Tech Pipes’
cent in FY16 as compared to the previous
financial year. Hi-Tech Pipes’ PAT also
boosted 30.53 per cent to `6.50 crore in
FY16 on a yearly basis.
Hi-Tech Pipes’ total debt-to-equity ratio
stood at 2.14x in FY16 which has come
down from 2.34x in FY15. The company’s
interest coverage ratio stood at 1.27x in
FY16. Its ROE and ROCE remained at
11.42 per cent and 14.79 per cent in
FY16, respectively.
The company's net sales increased 34.4
per cent to `309 crore in H1FY17 as
compared to the same period in the
previous financial year. The company’s
EBITDA also boosted 46.9 per cent to
`20.4 crore in H1FY17 on a yearly basis.
It has posted PAT of `4.6 crore with a
massive growth of 73 per cent in H1FY17.
On the valuation front, the share price of
Hi-Tech Pipes is trading at TTM PE of
20.77x as against industry PE of 15.55x.
The company’s book value stood at
`64.38. It has given dividend yield of 0.38
per cent to its shareholders. On its strong
growth plans, we recommend a BUY on
the stock. DS

CMP
Monthly Stock Market Returns Shareholding Pattern Last Five Years - Standalone (`/Cr)
NSE Code: HITECH (`) 31/12/2016 Particulars FY'16 FY'15 FY'14 FY'13 FY'12
CMP: `133 FV: `10
NSE Volume: 10500 Promoter 60.51 Total Income 504.92 459.45 385.44 370.49 348.61
Date: 27/03/2017
FII 0 Other Income 0.97 1.02 0.63 0.54 0.68
Operating Profit (Excl OI) 31.94 25.2 18.9 17.38 16.07
DII 0
Interest 17.05 14.68 12.09 11.52 10.85
Others 39.49
Profit After Tax 6.5 4.98 2.59 2.07 1.95
Total 100 Equity 10.3 3.79 3.14 0.47 0.47

14 DALAL STREET INVESTMENT JOURNAL I APR 3 - 16, 2017 DSIJ.in

 advantage of this opportune moment
Universal Cables and is optimistic to continue its growth
in a sustainable and profitable manner. It
has made heavy investments in the past

CABLING PROFIT for upgrading and modernising its

technology and plant and machinery.

Universal Cables has performed better

financially in the last five financial years.
The company has witnessed turnaround
HERE IS WHY in its bottomline and posted net profit of
Positive macroeconomic cues `17.36 crore in FY16 as against a net loss
of `21 crore in FY12. Its revenue
Government measures on subsidy increased 3.84 per cent CAGR over these
Attractive valuations five fiscals. Universal Cables’ EBITDA

T
he Indian electrical
equipment industry
comprises of two broad
segments – generation
equipment (boilers, turbines,
generators) and transmission &
distribution (T&D) and allied equipment
like transformers, cables, transmission
lines, switchgears, capacitors, energy
meters, instrument transformers, surge
arrestors, stamping and lamination,
insulators, insulating material, industrial
electronics, indicating instruments,
winding wires, etc. The generation
equipment sector stands for around 28
per cent while the T&D equipment sector
accounts for close to 72 per cent of the
total industry base.
Universal Cables is in the manufacture
and sales of electrical and other cables,
capacitors, conductors and others. The
company offers power cables, such as
extra high voltage (EHV), medium
voltage (MV), low voltage (LV) power
and control cables, and light duty wires
and cables for winding wires, flat cables
and flexible cables. It has a product
portfolio of specialty cables and caters to
the original equipment manufacturers
PRICED SCRIP
Best of LAST ONE Year
Name of Reco CMP
Gain
Company Price (`) (`)
(%)
V2 Retail 48.20 183.00 279.67
Manappuram Finance 35.20 98.50 179.83
Jasch Industries 31.30 77.50 147.60
ADF Foods Ltd 83.70 167.00 99.52
National Aluminium Co. 41.95 74.00 76.40
(Closing price as of Mar 27, 2017)
(OEMs) and infrastructural segment,
such as railways, steel plants, petrochemi-
cal plants, cement plants, onshore and
offshore oil ring manufacturers, ship
building, heavy engineering and mining
industries.
Envisioning an imminent change in the
market structure where higher voltage
cable demand would grow at a significant
pace, Universal Cables has upgraded the
manufacturing infrastructure to take
also boosted 51.28 per cent CAGR in
FY12-FY16.
On the financial front, Universal Cables’
revenue increased 6.52 per cent to `567
crore in 9MFY17 as compared to the same
period in the previous financial year. The
company’s EBITDA too rose 6.31 per cent
to `54.45 crore in 9MFY17 on a yearly
basis. Its net profit also boosted more than
three times to `22.98 core in 9MFY17 as
compared to the same period in the
previous financial year.
Universal Cables has cut down its total
debt-to-equity ratio to 1.67x in FY16
from 3.33x in FY15. The company’s
interest coverage ratio stood at 1.34x in
FY16. The company’s ROE and ROCE
stood at 13.21 per cent and 14.11 per
cent, respectively, in FY16.
On the valuation front, the share price of
Universal Cables is trading at trailing
12-month (TTM) PE of 9.01x as
compared to peers such as Precision
Wire India (13.25x), Aksh Optifibre
(19.91x). At the same time, the company
is trading at an attractive PE as com-
pared to the industry PE of 23.14x. We
recommend our reader-investors to BUY
the stock. DS

CMP
Monthly Stock Market Returns
(`)
BSE Code: 504212
CMP: `88.85 FV: `10 Promoter
BSE Volume: 28764
Date: 27/03/2017
Shareholding Pattern Last Five Quarters - Standalone (`/Cr)
31/12/2016 Particulars Dec'16 Sep'16 June'16 March'16 Dec'15
61.83 Total Income 206.49 179.62 180.81 216.14 186.91
FII 0 Other Income 1.61 5.17 2.53 4.43 1.43
Operating Profit 19.12 20.63 24.01 27.06 22.16
DII 2.41
Interest 9.95 11.19 12.17 12.81 11.25
Others 35.75
Net Profit 4.32 10.78 7.88 11.94 6.50
Total 99.99 Equity 34.70 34.70 34.70 34.70 34.70

DSIJ.in APR 3 - 16, 2017 I DALAL STREET INVESTMENT JOURNAL 15

16 DALAL STREET INVESTMENT JOURNAL I APR 3 - 16, 2017 DSIJ.in
DSIJ.in APR 3 - 16, 2017 I DALAL STREET INVESTMENT JOURNAL 17
Recommendations Equity
BHARAT WIRE ROPES CMP - `91.40

BSE CODE Volume Face Value

539799 74,885 `10

B
harat Wire Ropes is engaged in
Scrip’s Movement
manufacturing of wires, wire ropes,
slings and stranded wires, among
others. The company manufactures wire
ropes for various sectors, including general
engineering, fishing, elevators, cranes,
material handling, power transmission,
suspension bridges, onshore/offshore oil
exploration, ports and shipping, mining,
defence and railways. Bharat Wire Ropes
begins commercial production from
manufacturing facility at Chalisgaon in
Maharashtra. The company’s capacity
Last Seven Days’ Volume Table
utilisation at current plant is at 50 per cent to
(No. of Shares)
55 per cent. It has plans to start exporting to
China. On financial front, Bharat Wire Days Volume
Ropes’ operating profit margin expanded by 17-03-2017 84,169
307 basis points to 10.8 per cent in Q3FY17 20-03-2017 60,618
on a yearly basis. Its net profit also boosted 21-03-2017 1,51,725
almost double to `42 lakh in Q3FY17 as 22-03-2017 2,31,310
compared to same period in previous fiscal 23-03-2017 95,354
year. We recommend BUY, with a price 24-03-2017 3,16,556
The scrips in this target of `105 with a stop loss of `88. 27-03-2017 74,885
column have been
recommended
with a 15-day investment DISH TV INDIA CMP - `110

horizon in mind and BSE CODE Volume Face Value

carry high risk. Therefore, 532839 1,75,11,571 `1

D
investors are advised to Scrip’s Movement ish TV has expanded its portfolio by
adding 23 new channels including
take into account their risk nine high-definition channels and 14
appetite before investing, standard definition channels, taking the total
as fundamentals may count of channels and services to more than
615. The new rate rules proposed by the
or may not back the regulator Telecom Regulatory Authority of
recommendations. India (TRAI) is going to help the company.
From April 1, the new rules will break up
subscriber payments into capacity charge and
Hot Chips of Last One Month pay-TV revenue. The mandated capacity
charge is `130 for the first 100 free-to-air
Reco. Peak Likely channels, and an additional `20 for every
Price After Gain
(`) Reco* (%)
incremental 25 channels. The Information
Last Seven Days’ Volume Table
and Broadcasting Ministry has set cut-off
Issue No 7, Mar 6 -19, 2017 (No. of Shares) date for Phase IV of digital addressable
India Home Loan 108.00 117.00 8.33 Days Volume system (DAS) to March 31, 2017 to switch
Jindal Steel & Power 126.00 131.50 4.37 17-03-2017 2,09,587 over to digital mode of transmission.
Issue No 8, Mar 20 - April 2, 2017 20-03-2017 2,94,639 Mandating of phase IV digitisation, price
Adani Power 39.55 40.40 2.15
21-03-2017 2,32,952 revision from April 1 will fuel the demand in
22-03-2017 2,70,072 future. The company also expanded its
Escorts 520.00 535.00 2.88 23-03-2017 2,28,033 channel to grab more attention of subscribers.
*Highest price after our recommendations 24-03-2017 2,17,870 We recommend Buy, with a price target of
(Closing price as of Mar 27, 2017) 27-03-2017 1,75,11,571 `125 with a stop loss of `100. DS

18 DALAL STREET INVESTMENT JOURNAL I APR 3 - 16, 2017 DSIJ.in

Technicals Equity
NIFTY Index Chart Analysis
Has strong support in the range of 8970-9000

I
ndian markets after registering an
all time high level of 9218.40,
retreated from the higher level, and
registered negative returns on a
weekly basis for the first time in
the month of March. Sectors like
Pharmaceuticals and Information
Technology dragged the market lower
amid on-going concerns with respect to
regulatory issues with US FDA, and a
strong appreciation in the rupee.
Buying interest was seen in banking
stocks as well, and market participants
turned positive after Finance Minister,
Arun Jaitely, promised a solution for the
growing NPA problem in the near term.
Roadmap for the next 15 trading sessions
Ideas Nifty Levels Action to be Initiated Probable Targets
Close above 9120 on the weekly chart would
Resistance for the medium term 9120 9220-9300
give further momentum to the bulls.
Close below 8970-9000 on the Daily chart
Support for the medium term 8970-9000 8860
would change the trend and trigger retreat.
8970-9000 a crucial support area for 60. However, it’s important that the
Nifty? Firstly, the opening upside gap weekly RSI does not slide below level of
which was formed on March 14, 2017 is 58-60 as it may result in a shift in the
placed around this range, and secondly, momentum.
the 21-day EMA is placed at the level of
9003. Lastly, the zone of 8980-8990 is the In the coming days, we have March series
previous intermediate top, and hence, Future and Option expiry. Additionally,
previous top is likely to act as a strong the government will report external debt
support. As long as Nifty50 holds above data followed by infrastructure output

Considering the daily time frame, Nifty
after registering all time high levels of
9218.40, failed to sustain at higher levels,
and entered into a corrective mode,
owing to dampened cues from the
global markets. However, during this
correction process, the Nifty filled the
opening upside gap, which was formed as
on March 16, 2017; and it has partially
filled the upside gap which was formed
post the outcome of State election. Now,
going forward, Nifty has strong support
in the range of 8970-9000. Why is
the levels of 8970-9000, the trend
remains in favour of the bulls.
However, if bulls fail to hold onto the
levels of 8970-9000, it’s likely to correct
up to levels of 8860 in the short-medium
term.
Whereas, on the upside, the level of 9120
is a crucial resistance area, and above this
level, the next resistance is placed at
levels of 9220 and 9300. The weekly 14
period RSI has turned down from the top
of 70 levels and it may dip up to levels of
data for the month of February, foreign
reserve, data related to bank deposit
growth on a year-on-year basis, and bank
loan growth, on March 31. Auto sales
figures will be reported in the first week
of April. Apart from the above
mentioned factors, market will take cues
from the global markets as well.
Therefore, we may see rise in the
volatility in the coming days as
numerous events are lined up, and the
crucial level for Nifty would be 8970-
9000.

20 DALAL STREET INVESTMENT JOURNAL I APR 3 - 16, 2017 DSIJ.in

 STOCK RECOMMENDATIONS

TATA CHEMICALS ........................ BUY ............................ CMP `592

BSE Code : 500770 Target 1 ..... `669 | Target 2 ..... `690 | Stoploss....`510 (CLS)
The stock of Tata Chemicals is currently trading at
`592. Its 52-week high/low stand at `592.15 /
`360.1 which were made as on March 17, 2017 and
April 05, 2016. Considering the daily weekly
frame, the stock bounced back from the 50 per
cent retracement level of the prior big upward rally
at 444 levels after it corrected from its prior
all-time high of 586.

After recovering, the stock is seen consolidating at

its all-time high level. The stock has formed a kind
of Flag pattern and once the stock gives a breakout
at 586 on closing basis, we can expect a move of up
to 669 in the first place. The 14-period RSI is
quoting at 65 that suggests a good momentum for
the stock. Thereby, we recommend BUY in the
stock for a target of `669 followed by a medium-
term target of `690. Maintain a stop loss of `510.

ALLAHABAD BANK ........................ BUY ......................... CMP `72.15

BSE Code : 532480 Target 1 ..... `85 | Target 2 ..... `93 | Stoploss....`69(CLS)
The stock of Allahabad Bank is currently trading at
`72.15. Its 52-week high/low stand at `88.40/
`49.10, which were quoted on September 07, 2016
and May 26, 2016 respectively. The stock after
registering a high of `88.40, entered into a
correction phase. At present, the stock has
witnessed breakout of downward sloping trend line,
joined from the high of `88.40. The stock has been
trading above its important medium-long term
moving averages, i.e. 50-day EMA, 100-day EMA
and 200-day EMA, which further confirms the
bullish trend of the stock. The 14-period RSI is
quoting at 64, which suggests a good momentum
for the stock. Thereby, we recommend BUY in the
stock for a target of `85, followed by a medium-
term target of `93. We would advise to maintain a
stop loss of `69. DS

(Closing price as of Mar 28, 2017)

*LEGEND: n EMA - Exponential Moving Average. n MACD - Moving Average Convergence Divergence n RMI - Relative Momentum Index
n ROC - Rate of Change n RSI - Relative Strength Index
Disclaimer : Above recommendations are based on various technical parameters and any fundamental input has not been considered for the recommendations. Follow strict stop loss for the recommendation.

DSIJ.in APR 3 - 16, 2017 I DALAL STREET INVESTMENT JOURNAL 21

Analysis Equity
VIP Industries

FEEL VIP WITH VIP INDUSTRIES FOR A LONG-TERM

With air traffic expected to

increase in the coming years, VIP
Industries can be expected to
gain market share as it has
established distribution network

LUGGAGE INDUSTRY
The luggage industry is one of the fastest
growing industries in India. The industry
is expected to clock 18 per cent CAGR
growth in the coming years backed by
continued increase in travel, new luggage
and backpacks advertising campaigns,
new distribution schemes and strong
new product launches.
The steady rise in travel expenditure
among households has fuelled growth
for the luggage industry. There is
growing preference globally and in India
for branded bags and luggage. The
increasing fashion consciousness and
aspiration levels along with higher
disposable incomes are amongst the key
growth drivers for the industry even as
the bags and luggage are considered
lifestyle products.
Among all the channels, the
hypermarket channel continues to
witness the strongest growth which also
suggests that Indian consumers prefer
affordable luggage and convenience of
modern shopping formats. Increase in
e-commerce business also augurs well
for the luggage industry in India even as
affordable luxury brands continue to
grow well in India.
THE COMPANY
VIP Industries, one of the leading
manufacturers of both hard and soft
luggage and also hand bags, possesses a
market share of more than 50 per cent in
the organised luggage space.
Through its multiple brands, VIP
Industries has presence across various
price points, which is one of its core
strengths.
The polycarbonate category within the
hard luggage is one of the fastest growing
in the hard luggage category. However, it
is the soft luggage that continues to grow
faster for VIP Industries, contributing
over 70% to the company’s sales.
With a presence in 27 countries, VIP
Industries also boasts of product range
including injection-moulded PP cases
and furniture, vacuum-formed PC and
ABS cases and soft-sided luggage in
nylon, polyster and EVA material. The
range in moulded furniture includes
suitcases, backpacks, strolleys, executive
cases, overnight travel solutions and
school bags.
The market for handbags, office bags and
backpacks is much larger than the
luggage market as there is repeat buying
by customers and VIP is seen
increasingly focused on introducing
travel products for the short haul, viz.,
business bags, ladies bags, backpacks etc.
Traditionally, VIP has been strong in
travel products for the long haul.
GROWING INDIAN ECONOMY
With the Indian economy expected to
continue its growth momentum post
demonetisation, the increase in business
people travelling across the country is
expected to be on the rise. Growing
economy logically would lead to business
expansion activity and with the advent of
low cost airlines, it is expected that more
and more people will travel by air which,
in turn, would create demand for
branded luggage.
The domestic airline has grown by nearly

22 DALAL STREET INVESTMENT JOURNAL I APR 3 - 16, 2017 DSIJ.in

20 per cent in last couple of years. With air industry can see acceleration with VIP Industries Ltd.
traffic expected to increase in the coming increased travel activity across the globe. BSE Code : 507880 CMP (`) 179.05
years, VIP Industries can be expected to Due to preference for branded products Particulars Amonut (` cr)
gain market share as it has established it is expected that the customers will Net Sales 1240.13
distribution network and has a right mix prefer premium branded products even % Change 4.82%
of brand to tap the business travellers. if the branded products are 20-30 per Operating Profit 128.87
cent costlier. Customers are willing to
% Change 24.58%
BRANDED PRODUCTS pay a premium for good quality and long
Net Profit 77.86
Presence of branded products in the lasting products and this trend will help
Indian luggage market is the unique companies like VIP Industries gain % Change 21.79%
strength of VIP Industries. market share. Equity 28.26
EPS (`) 5.50
Even as “Skybags” brand continues to KEY TRIGGERS FOR THE STOCK FV (`) 2.00
gain strength and is the fastest growing Lower commodity prices : - CMP (`) 179.05
brand for the luggage manufacturer, it is With lower commodity prices, the P/E (x) 32.55
the “VIP” brand that continues to margins are expected to remain intact. Dividend Yield (%) 1.15
dominate Indian luggage market. VIP The prices of polypropylene, which is a Book Value (`) 28.48
enjoys the largest market share of all derivative of crude oil, have declined and (Trailing Four Quarter Data)
luggage brands in India. will help boost margins for the company.
Crude oil prices are expected to remain inventory position is comfortable for
“Carlton” is one brand that has shown benign. Hard luggage roughly VIP Industries and the working capital
decent growth in the premium retail contributes to 25 per cent of the needs for the company are minimal.
channel. With a shift in strategy where company’s revenues and polypropylene
the premium brands such as Carlton is is a key raw material used in the CONCLUSION
being promoted, VIP Industries is seen manufacture of hard luggage. In case With increased spend on A&P, it is likely
tapping into the wider customer base there is further fall in crude oil prices that it will result in higher brand
with differentiated and premium from the current levels, it will further recognition that may help improve sales
product offerings. Carlton, a British support the margin expansion as volume and maintain healthy margins.
brand, targets premium business polypropylene prices may also come VIP Industries is clearly a play on
travellers. down.
Key valuation metrics: -
BRAND CONSUMER BASE Description Mar-16 Mar-15 Mar-14 Mar-13 Mar-12
Asset-light model :- VIP
CARLTON High-end segment Adjusted PE (x) 23.40 27.52 25.29 27.14 20.85
industries has a unique
VIP High-end segment Price/ BV (x) 4.41 4.29 5.13 3.32 5.82
business model which allows
ARISTOCRAT Mid-segment Dividend Yield 1.90 1.61 1.63 1.65 1.60
the company to outsource a
EV/EBITDA(x) 13.88 16.60 17.28 12.19 15.60
SKYBAGS Mid & sub mid-segment significant portion of its
High P/E 31.93 29.56 32.39 37.07 46.42
ALFA Lower-end segment products from China and
Low P/E 19.64 19.44 17.95 15.54 17.03
CAPRESE Mid-segment ladies hand bags Bangladesh.
semi-urban and urban consumption
SHIFTING TREND China is the global sourcing hub for soft story in India. Investors looking to
The unorganised sector in the luggage luggage. China also supplies in large play the consumption story can look
segment comprises of nearly 60-65 per quantities to the unorganised sector in at VIP Industries with a long-term
cent of the total luggage market in India, India. The distribution, design and view.
whereas the organised sector in the branding is taken care of by VIP
luggage segment currently constitutes Industries, whereas the manufacturing With expected growth in tourism sector
nearly 40 per cent of the total market. part is outsourced to China. and expanding economy, the demand
With GST expected to be implemented for quality products provided by
in FY18, the shift in trend towards The outsourcing of significant portion of organised players in the luggage industry
organised players could gain momentum its products allows the company to run is expected to improve. The management
and the shift augurs well for VIP its operations maintaining an asset-light expects that there will be volume growth
Industries. model. This also helps VIP Industries of almost 15 per cent in the coming year,
maintain a low debt-equity ratio. which is healthy.
Within the organised sector, VIP
industries has nearly 60% market share Efficient working capital :- VIP The key risks for the company remain
and the market share can increase due to Industries, thanks to its efficient working the rise in raw material prices and
new product launches in the growing capital and lower interest burden, boasts foreign exchange rates which may
luggage market. The growth in luggage of healthy financials. The receivables and impact the margins negatively. DS

DSIJ.in APR 3 - 16, 2017 I DALAL STREET INVESTMENT JOURNAL 23

 Our research-backed recommendations have been our greatest strengths

Our Call Tracker

over the past so many years. In fact, helping investors book profits has
been the very essence of our existence. Here is a detailed guide on the
recommendations helping readers to get a quick insight on what to do next.

CHOICE SCRIP
RECOMMENDATIONS UPDATE FOR THE LAST TWO YEARS
Recom. Recom. Current Exit Exit Perc
Company Name
Date Price Price Date Price Return
06-Apr-15 Sonata Software 178.00 166.10 06-Apr-16 148.00 -16.85
20-Apr-15 Salzer Electronics 244.00 187.05 20-Apr-16 216.10 -11.43
19-May-15 Shemaroo Entertainment 219.00 374.95 18-Apr-16 328.10 49.82
01-Jun-15 V Mart Retail 523.00 795.65 01-Jun-16 495.00 -5.35
29-Jun-15 WABCO India 5388.00 6038.50 29-Jun-16 5704.05 5.87
27-Jul-15 HDFC Bank 1114.00 1418.75 22-Sep-16 1309.00 17.50
10-Aug-15 Shriram Transport Finance Company 903.00 1073.85 12-May-16 1119.45 23.97
24-Aug-15 Aarti Industries 429.00 760.00 18-Apr-16 528.00 23.08
07-Sep-15 Britannia Industries 2998.00 3342.00 01-Sep-16 3405.00 13.58
21-Sep-15 ITC 317.00 280.50 02-Jun-16 353.75 11.59
21-Sep-15 Bajaj Corp 466.00 372.00 18-Aug-16 402.00 -13.73
21-Sep-15 Zee Entertainment Enterprises 394.00 531.10 21-Sep-16 526.00 33.50
05-Oct-15 Granules India 139.00 139.60 05-Oct-16 122.10 -12.16
16-Nov-15 MindTree 756.50 461.20 02-Aug-16 598.00 -20.95
30-Nov-15 ICICI Bank 264.00 276.95 10-Nov-16 293.00 10.98
28-Dec-15 Cox & Kings 240.00 208.90 31-Aug-16 189.25 -21.15
11-Jan-16 Adlabs Entertainment 140.00 81.60 29-Jul-16 87.30 -37.64
08-Feb-16 Skipper 155.00 175.15 06-Jan-17 142.40 -8.13
07-Mar-16 Techno Electric & Engineering Co. 434.00 386.35 27-Jul-16 644.90 48.59
15-Mar-16 Glenmark Pharmaceuticals 832.50 875.00 16-Feb-17 934.20 12.22
29-Mar-16 Godrej Consumer Products 1328.00 1695.00 05-Jul-16 1665.00 25.38
12-Apr-16 Great Eastern Shipping Company 328.40 399.20 08-Dec-16 376.05 14.51
26-Apr-16 Arvind 284.65 391.20 03-Oct-16 354.10 24.40
10-May-16 Hindustan Media Ventures 268.80 284.80 Open 5.95
24-May-16 Gujarat State Petronet 131.05 164.00 Open 25.14
08-Jun-16 Coal India 305.85 290.95 03-Mar-17 322.45 5.43
22-Jun-16 Reliance Industries 987.25 1245.65 22-Feb-17 1207.65 22.32
07-Jul-16 Mahanagar Gas 517.50 898.35 30-Aug-16 641.25 23.91
19-Jul-16 Steel Authority of India (SAIL) 48.50 60.25 23-Jan-17 61.25 26.29
03-Aug-16 Crisil 2098.40 1921.00 Open -8.45
17-Aug-16 Rajesh Exports 435.35 583.85 03-Feb-17 498.50 14.51
30-Aug-16 Lupin 1509.50 1456.50 Open -3.51
13-Sep-16 Bharat Financial Inclusion 730.65 834.60 03-Oct-16 920.75 26.02
27-Sep-16 Bharat Electronics 128.21 158.40 23-Mar-17 154.10 20.20
12-Oct-16 Quess Corp 615.85 687.15 Open 11.58
26-Oct-16 Equitas Holdings 176.70 161.10 Open -8.83

24 DALAL STREET INVESTMENT JOURNAL I APR 3 - 16, 2017 DSIJ.in

 D E M O C R A T I Z I N G W E A L T H C R E A T I O N

P R E S E N T

Associate Sponsors

2017
DSIJ.in APR 3 - 16, 2017 I DALAL STREET INVESTMENT JOURNAL 25
Cover Story
THE TOP 250 MID-CAPS YOU MAY FIND INTERESTING ENOUGH
Rashmi Wankhede and Yogesh Supekar bring out this unique 250 mid-cap selection teaming
up with Neerja Agarwal
M
id-caps have extended their
longest winning streak over
the last three years. We at
DSIJ have put in efforts to
analyse the last three years’ performance
of mid-caps. Mid-cap index has
performed more than expectations and
gave returns of 121 per cent over the last
three years, which far exceed the 44 per
cent returns given by the Sensex. Looking
at the strong performance, retail
investors continue to pour money into
mid-caps. In a sense, mid-caps signify
high returns.
Mid-caps have outperformed because
many growing niche sectors have a major
share in the mid-cap space. Some of the
growth sectors such as finance, textile,
trading, metal, realty, construction
material, capital goods, chemicals,
healthcare, agriculture, automobile and
auto ancillary and plastic products are
represented in the mid-cap universe.
Mid-caps are surging in anticipation of
positive economic and political triggers,
better business potential and earnings.
Mid-caps are able to attract money as
many growth sectors belong to mid-caps,
and not only to large-caps. Companies
like Indo Count Industries, Shilpi Cable
Technologies, IG Petrochemicals, KEI
Industries, Maithan Alloys, Gayatri
Projects, Asian Granito India, Minda
Industries, ITD Cementation, Nilkamal,
Caplin Point Laboratories and TVS
Srichakra are some of the niche
players in the mid-cap space that have
performed tremendously and are
representative of these growing sectors.
We see that many mid-cap companies
are growing faster than some of the
large-cap companies and hence they are
valued at a premium as compared to their
large-cap peers.
The factors driving mid-cap stocks are
enhanced liquidity and stability in
economic-political environment of the
country. Generally, liquidity drives
mid-cap stocks more easily than large-
26 DALAL STREET INVESTMENT JOURNAL I APR 3 - 16, 2017
SENSEX MID-CAP
Mid-cap Performance average returns of 203 per cent, and in
1 Year 3 Years the last one year, these have given
Average Returns 43% 203% average returns of 43 per cent.
Top 10 Performers from Mid-cap Space We can also see top ten performers in
3 Year's terms of returns among the mid-cap
Company Name
Returns % universe. These have always outperformed
Kushal Tradelink 5071 the market index by a very big margin.
Indo Count Industries 2401 Best performing funds of many fund
Tasty Bite Eatables 1868 houses have investments in mid-caps. The
Shilpi Cable Technologies 1814 scrips trading below long term averages
IG Petrochemicals 1662 from mid-caps are filtered out in the first
Astec Lifesciences 1453 step. It can be in terms of P/E and P/B
8K Miles Software Services 1397 ratios or assets profitability ratios. In this
KEI Industries 1397 case, the P/E shows stock level relative to
Maithan Alloys 1361 the company’s earnings, while P/B or
Srikalahasthi Pipes 1325 price-to-book value shows where stock
stands relative to the value of assets on the
Top 10 Performers from Mid-cap Space company’s book. The companies having
Company Name 1 Year Return % growing return-on-net-worth (RONW)
Indian Metals & Ferro Alloys 534 are considered healthy in terms of
Tata Metaliks 452
profitability and are considered to be in
Jindal Stainless 307
the growth phase. Such companies mostly
Sudarshan Chemical Industries 305
come under the mid-cap space as they
Bengal & Assam Company 295
perform well over the duration. For
Shilpi Cable Technologies 281
example, Jyoti Structures is placed high in
Maithan Alloys 253
the mid-cap space due to lower valuation
Rain Industries 243
which was due to high debt in high
Phillips Carbon Black 236
interest rate environment. But this
IG Petrochemicals 232
mid-cap star shines with double returns
caps. This is because of low market float in over a one-year period.
of smaller companies. Market float is the
number of shares available for trading. The ability to deliver good returns of any
So, the liquidity-driven rallies are always stock is purely based on picking up the
front-ended by mid-caps. stock at a price lower than its value.
Fund houses that follow this strategy of
Factoring in these parameters, in the last selecting stocks have returned average of
three years, mid-cap stocks have given 35% during last one year. The fund
DSIJ.in
houses having lower exposure to IT
and pharma sector companies in view
of macro factors have done well.
Similarly, such funds houses hold a large
number of mid-cap banks considering
that banks are better positioned to take
advantage of the turnaround in the
economy. The banks that are trading
below their long term averages with
better asset quality as compared to
bigger banks are expected to do well
in an improving macro environment.
How much money one should invest in
mid-caps depends on one’s investment
objective and asset allocation. Investors
should have at least 10 per cent of their
holdings from the mid-caps universe so
as to enjoy fruits of long term growth.

Mid-cap 250 Selection Methodology

I
t is again that time of the year when
we bring on the plate the select 250
mid-caps. We have ranked
companies with market cap between
`1,000–`5,000 crore. The ranking
considers the highest market cap,
sales and net profit. While arriving
at the ranking, the financial
performance is the first criteria and
hence we consider two primary factors
– sales and net profit. So, the companies
with highest sales and net profit tend to
be ranked higher amongst other
companies. As the share price is the
main market valuation factor, we have
considered market capitalisation as the
third factor for ranking. Along with the
share price, mid-cap investors are also
keen to know the dividend they can
expect. Hence, we re-base the dividend
on FV of `10 to provide a common
benchmark to measure the returns.
Assigning equal weights to these
parameters, we assign a cumulative
rank.
Please note that we have evaluated
the companies during the first week
investment decisions.
RoNW – An important factor to
measure performance
We see from the graph below that 95
companies from our set were able to
provide return on net worth (RoNW) of
10-19 while 62 companies have RoNW
greater than 20. Within the lot of 250
companies, 114 companies were able to
improve RoNW in FY16.
We now look at sales and net profit
which were important factors in ranking.
To provide additional flavour on these
we looked at the growth rates of sales and
net profit.
Sales and Net Profit : We see that 176
companies were able to grow their
Sales Growth ‐ Distribution of companies
45%
40%
35%
21%
30%
25% 17%
revenues, of which 51 companies were
able to grow revenues by greater than
15% in FY16. However, for 44% of
the companies, sales growth was
below 5%.
Looking at the net profit, we see that
48% of the companies were able to grow
their net profit by more than 15%. This
points to companies either improving
their operational efficiencies or repaying
their debts. A substantial chunk of
companies witnessed net profit growth
of less than 6% which can be attributed
to pressure on margins or higher interest
outgo.
It is our endeavour to constantly provide
you with analysis and information that
can help you make informed investment
decision.
44%
18%

of March. Also, these are ranking 20%

15%
of companies based on the parameters 10%
5%
listed above and should not be 0%
considered as recommendations. Greater than  Between 10‐ Between 6‐10% Below 5%
15% 14%
We hope it provides our readers
Sales growth
information to make sound

RONW and distribution by companies Net profit growth ‐ Distribution of companies

95 48%
43%
100 50%
90 74
62 40%
80
70 30%
60
50 20%
40 5% 4%
20 10%
30
20 0%
10 Greater than  Between 10‐ Between 6‐10% Below 5%
0 15% 14%
Above 20 between 10 ‐ 19 between 0 ‐ 9 Below 0 Net profit growth

DSIJ.in APR 3 - 16, 2017 I DALAL STREET INVESTMENT JOURNAL 27

Cover Story
Dilip Buildcon GHCL
BSE Code: 540047 FV: 10 CMP: 343 BSE Code: 500171 FV: 10 CMP: 263
Market Cap (FF): `1,034.62 Cr Market Cap (FF): `2,160.71 Crore

D
ilip Buildcon is one of the leading private sector One year share price chart
road-focused EPC contractors in India. The
company boasts of having one of the largest fleets of
construction equipment in India and other
construction equipment from some of the world's leading
suppliers.

The stock is attractive as the twelfth Five-year Plan is likely to

accelerate the pace of investment in infrastructure, this being
critical for sustaining and accelerating growth. The significant
increase in pre-qualifications has helped the company increase
the target market size and maintain the momentum of the order
LAST FIVE QUARTERS (`Crore) - Standalone
book growth.
Dec'16 Sep'16 June'16 Mar'16 Dec'15
On the financial front, the total income increased by a Total Income 616.75 658.85 684.82 650.40 659.04
whopping 57% YoY for Q3FY17. The YoY growth in profit for Other Income 1.64 1.67 3.08 1.80 3.00
the company was 170%. The operating profit grew by almost Operating Profit 163.00 180.39 196.42 175.69 158.05
54% YoY, thus reflecting strong growth. Interest 31.77 33.34 34.73 38.25 37.78
Net Profit 80.54 90.28 102.83 78.96 66.49
On the valuation front, the stock is trading at a trailing PE of Equity 100.02 100.02 100.02 100.02 100.02

24.66, in line with the industry PE of 25, however, the stock is
trading at a discount to its peers such as NBCC and Prestige
Estate Projects, which are trading at 48.73 and 31.35 multiples
on a trailing basis.
The focus on profitable de-risked, sustainable growth with a
robust order book, providing high revenue visibility, makes the
stock an interesting investment.
One year share price chart
G
HCL Limited is a leading Indian producer of soda
ash, which is well poised to tap opportunities in both
the Detergents & the Glass industries. The total soda
ash business contributes to about 60 % of total
Indian standalone revenue. In India, the company has a
significant advantage in maintaining tight control on cost of
soda ash due to being a major captive source on some of the raw
materials – Salt, Limestone & Lignite.
The Indian market for soda ash has the greatest potential to
expand in the near term with positive outlook of country’s
relatively robust economy, gap in housing, and its rapidly
expanding liquor and automotive industries – all of which are
expected to support glass demand. Indian soda ash consumption
currently stands at around 2.5 kg per capita, compared to around
20 Kg per capita in the US, indicative of ample room for growth.

On the financial front, the total income for the company was
down by 6% YoY; whereas, the net profits increased by almost
21% over the similar period. The operating profits for GHCL
grew by 3% YOY.
LAST FIVE QUARTERS (` Crore) - Standalone
Dec'16 Sep'16 Jun'16 Mar'16 Dec'15 On the valuation front, the trailing PE stands at 10.23, and the
Total Income 1389.10 916.32 1041.97 979.09 885.63 stock is trading at a discount to Aarti Industries and Solar
Other Income 2.66 3.56 2.00 0.94 0.14 Industries, which are trading at 25.4 and 36.78 PE respectively,
Operating Profit 280.22 159.07 206.47 190.26 182.24 on a trailing basis. The industry's average trailing PE stands at
Interest 106.18 95.91 108.41 97.24 90.86 24.51. The textile business of GHCL has also shown impressive
Net Profit 108.64 6.97 49.59 43.17 40.23 growth and with a more stable outlook for the soda ash
Equity 136.77 136.77 117.14 117.14 117.14 business, GHCL becomes a story to focus on.

28 DALAL STREET INVESTMENT JOURNAL I APR 3 - 16, 2017 DSIJ.in

Gulf Oil Lubricants India One year share price chart

BSE Code: 538567 FV: 2 CMP: 710

Market Cap (FF): `1229.66 CR

G
ulf Oil Lubricants Ltd (GOL) is functional in the
third largest lubricant market in the world- India,
which is also one of the fastest growing lubricants
market globally. GOL operates mainly in the
Automotive and Industrial segments with a leading presence as LAST FIVE QUARTERS (` Crore) - Standalone
one of the top players in the open market (Bazaar channel). Dec'16 Sep'16 June'16 Mar'16 Dec'15
Total Income 273.63 274.23 283.58 271.90 260.23
GOL is well placed to capitalise on the growth opportunities in Other Income 5.35 4.61 4.38 5.86 4.43
autos, and revival in GDP/IIP cycle in India. A well-balanced Operating Profit 46.84 48.50 52.87 50.83 45.52
and improving portfolio of lubricant brands gives GOL an Interest 2.89 0.72 3.86 3.38 3.80
advantage. Faster than market volume growth, aided by a Net Profit 27.60 30.23 31.16 30.04 26.18
steadily expanding distribution network, is one of the Equity 9.92 9.92 9.92 9.92 9.92
impressive aspect of the Company, that cannot be ignored.
Sustained brand building, wherein the Company spends 6-7% `27.59 YoY from `26.17 crore for the quarter ended December
of the sales, is helping it grow. The margin expansion driven by 31, 2016.
brand building, improved sales mix and operating leverage
augurs well for the stock. On the valuation front, the stock is trading at a multiple of 28.62
The total income for the company increased by 5% YoY for on a trailing basis, in line with the industry average of 28.82. The
Q3FY17. YoY the total income stood at `273.63 crore versus stock is trading at a marginal discount to its peer, Castrol India,
`260.23 crore in Q3FY17. The net profit increased by 5% to which is trading at 30.69 multiple.

DSIJ.in APR 3 - 16, 2017 I DALAL STREET INVESTMENT JOURNAL 29

Cover Story
JM Financials KEI Industries
BSE Code: 523405 FV: 1 CMP: 80.70 BSE Code: 517569 FV: 2 CMP: 175
Market Cap (FF): `1986.95 Crore Market Cap (FF): `694.34 Crore

J K
M Financials, the only listed company of the JM Financial
Group, is one of India’s leading financial services
companies. Various businesses in the group are divided in
four reportable segments. These are: investment banking
and securities business activities comprising investment
banking, institutional and non-institutional equity sales,
trading, research, broking and distribution, private and
corporate wealth management, commodity broking, portfolio
management, depository participant; fund based activities
comprising non-banking financial activities (NBFC) and, asset
reconstruction; alternative asset management comprising
private equity and real estate fund management; and asset
management comprising mutual fund management business.
In medium to long-term the fund based activities and the fund
management activities can help company deliver growth. Focus
on better NPA management by banks augurs well for the asset
reconstruction business of JM Financials. The advisory business
will see some growth opportunities as there is visible demand
for customised solutions from growing mid-size segment of
corporate India.
On the financial front, the total income grew 39% YoY; whereas,
the net profits increased by 40% YoY for the quarter ended
December 31, 2016. The operating profits increased 42% YoY.
On the valuation front, the stock is trading at a multiple of 74.54
on a trailing basis, which is above the industry average of 64.50.
JM Financials is trading at a discount to its peer IIFL Holding,
which is trading at a multiple of 166.95 levels.
EI Industries is a player in the power cable segment,
and is one of the largest cable manufacturing
companies in India.With domain experience and
expertise in the EHV cables segment, the Company
has also successfully forayed into the next step of Engineering,
Procurement and Construction (EPC) services for power
transmission projects.
A strong presence both in domestic and international markets
has further diversified and de-risked KEI’s business model. The
total income increased by 29% on a YoY basis even as the net
profit for the company increased by 83% for the quarter ended
December 31, 2016. The operating profits increased by 26% YoY
for the Company.
On the valuation front, the trailing PE for the stock is 15.48,
which is lower than the Industry PE multiple of 23. KEI
Industries' peer, Finolex Cables is trading at 21.9 multiple, and
Shilpi Cables is trading at 38.38 multiple.
The strong order book with high growth visibility and ever
improving distribution network are comforting for investors in the
Company. The fact that the market for household wires as well as
LT and HT cables, which together comprise the retail division for
KEI, is expanding, suggests continued growth opportunities. KEI
industry’s reputation as a leading EPC player in power
transmission and distribution, positions the company to
benefit from the infrastructure projects slated to be executed
nationally.
One year share price chart

One year share price chart

LAST FIVE QUARTERS (` Crore) - Standalone

LAST FIVE QUARTERS (` Crore) - Consolidated Dec'16 Sep'16 June'16 Mar'16 Dec'15
Dec'16 Sep'16 June'16 Mar'16 Dec'15 Total Income 716.19 624.49 560.70 636.34 553.33
Total Income 593.41 563.11 475.11 464.00 425.72 Other Income 0.33 1.89 0.90 2.72 1.33
Other Income 0.56 0.69 0.33 10.54 0.28 Operating Profit 78.22 68.82 56.84 70.22 62.22
Operating Profit 450.52 428.06 352.09 345.63 317.68 Interest 34.09 31.77 26.70 31.04 32.49
Net Profit 163.67 150.65 112.32 143.28 117.24 Net Profit 27.18 22.90 16.93 20.28 14.86
Equity 79.38 79.17 78.96 78.90 78.87 Equity 15.56 15.56 15.45 15.45 15.45

30 DALAL STREET INVESTMENT JOURNAL I APR 3 - 16, 2017 DSIJ.in

Tata Metaliks One year share price chart

BSE Code: 513434 FV: 10 CMP: 527

Market Cap (FF): `665.90 Crore

T
ata Metaliks is engaged in the manufacture of foundry
grade pig iron. The Company manufactures and sells
products, such as scrap pig iron and granulated slag. It
offers a range of end-to-end technical services, which
include charge mix and melting, molding and core making, LAST FIVE QUARTERS (` Crore) - Standalone
spheroidal graphite (SG) iron production and development, Dec'16 Sep'16 Jun'16 Mar'16 Dec'15
project based consultancy, pollution control, customised training Total Income 300.17 227.19 218.52 225.93 293.23
and testing facility. Other Income 0.15 0.19 0.16 0.16 0.52
Operating Profit 43.08 25.07 39.07 43.56 47.33
On the financial front, Tata Metaliks’ revenue declined 1.55 per Interest 9.32 7.36 7.3 7.64 8.49
cent to `323 crore in Q3FY17 as compared to same period in Net Profit 19.52 11.28 22.42 25.74 26.46
previous financial year. The company’s EBITDA also decreased Equity 25.29 25.29 25.29 25.29 25.29
2.38 per cent to `45.59 crore in Q3FY17 on a yearly basis.
However, its net profit increased 7.41 per cent to `21.73 crore in demonetisation which impacted Q3FY17 results, the company is
Q3FY17 as compared to same period in previous fiscal. expected to maintain EBITDA around 15 per cent going forward.
Tata Metaliks has been successful in cutting down its total debt to
equity ratio at 1.61x in FY16 from 3.21x in FY15. The Company’s On the valuation front, the stock price of Tata Metaliks is trading
interest coverage ratio stood at 4.8x in FY16. According to Tata at a PE of 10.02x as compared to peers such as Tata Sponge Iron
Metaliks' management, spike in coal and coke prices that make (20.74x). At the same time, its share price is trading at an
up for about 55 per cent of the company's total costs, and due to attractive valuation against industry PE of 28.09x.

DSIJ.in APR 3 - 16, 2017 I DALAL STREET INVESTMENT JOURNAL 31

 Communication Feature

TIMKEN INDIA TO
WITNESS INVESTMENT-
LED GROWTH IN
COMING YEARS
Sanjay Koul
Chairman & Managing Director, Timken India
What are the challenges faced by your company to grow 2016-17 financial year and has targeted Rail and heavy
its exports? Currently exports constitute to what commercial segment. Timken India has invested, positioning
percentage of the total revenues? itself in such a way that the company will be ready for any growth
Timken India Limited exports around 35% of its kitty to diverse opportunity in the Indian market. We have carefully invested with
markets in Europe and North America. The export process has an eye on profitable growth and ROI.
become simpler over the years and we have also learned this game
well over the years. My only submission is that What are the challenges faced
our speed has to improve further from the time by your company to grow in
the products leaves the factory gates to the time, Timken India has terms of volume while
the ship sails. That speed improvement will maintaining the profit
make India more competitive globally. This
invested, positioning margins?
productivity will be a further strengthen the itself in such a way that Profitable growth will always
process of Made in India catering to global remain a challenge but innovation,
clientele. the company will be localisation , productivity and low
cost automation has helped us
Which business segment currently are ready for any growth remain ahead of the curve. We as a
contributing to healthy profit margin? opportunity in the Indian company are a firm believer of a
India has very harsh price points and also Lean enterprise model and we use
Indian consumer in the B2B is very aggressive market. We have that extensively in our
as he in turn wants to penetrate the markets. So manufacturing world. Our process
profitability is a key science in India and this in carefully invested with is driven by SI&OP which in turn
turn makes us become a lean enterprise so that an eye on profitable cuts waste and advance data
waste is killed. However the replacement analytics help us in scientific
market is better than the OE in terms of growth and ROI. forecasting.
margins and that is generally true globally as
well. Is the raw material price
rising a cause of worry for Timken’s profitability?
What strategic investment decisions are being made by With the commodity prices going up, it would for sure be a
Timken? What steps are being taken to serve the challenge but we have been working extensively on alternatives
increasing demand in India’s rail segment & mobile like bettering the yield by using new ways of manufacturing in the
segment? upstream. The resultant continuous improvement helps us to
Timken India limited invested more than INR 200 crore in some extent negate the commodity pricing.

32 DALAL STREET INVESTMENT JOURNAL I APR 3 - 16, 2017 DSIJ.in

 Communication Feature
 
THERE IS A PARADIGM SHIFT FROM THE EARLIER PRODUCT-CENTRIC TO CUSTOMER- CENTRIC APPROACH
Sanjay Bahl
Chief Financial Officer, Raymond
What are the key challenges faced by
Raymond at current juncture to grow
profitably?
The key challenges faced by Raymond at the
moment revolves around two key pointers.
Short Term Demonetization Impact: The
cash-dependent wholesale channel was
temporarily impacted due to demonetization
and the squeeze in liquidity affected the
business which is expected to gradually
recover in the coming months. As the cash is
now getting restored, there has been a surge in
sales, and a positive sentiment about a better
performance in the current quarter. Post
demonetization, Raymond assisted its strategic
vendors and channel partners to facilitate
financing and credit support. Raymond has
integrated all stores with all leading digital
payment gateways, e-wallets as well as offering
EMI facility for large purchases.
Increase in raw material cost: The overall
textile and the apparel industry is subject to
fluctuations in the raw material prices such as
wool and cotton. Raymond is one of the largest
vertically and horizontally integrated
manufacturers of worsted suiting fabric in the
world having a domestic market share of
~60%. With imports of wool mainly from
Australia its base price is subject to increase
along with forex fluctuation. This effect has
been negated through a combination of price
hikes, product mix optimisation and hedging
the currency fluctuation.
What is the growth strategy adopted by
your company? Which segment do you
see maximum growth happening?
Raymond is currently undergoing a
transformation that entails;
• Moving from a manufacturing mind-set
to a customer centric organisation
• Building an enabling organisation by
laying the foundation and developing
competencies for the next level to ensure
increased efficiency
• Focusing on operational efficiencies and
cash flow by identifying core and
non-core businesses within the group
The focus is to enhance shareholder value
with appropriate capital allocation and
adopting an asset light model to improve
ROCE to mid to higher teens.
Segment wise growth strategies are;
1) Core branded textile business being
driven by Product and Service
Innovations. Sustaining the leading
position is imperative.
2) Branded Apparel business - the key is to
invest in brand building & drive growth
to reach a scalability
3) Growth in B2B export driven garmenting
business with capacity expansion by
FY18
4) Transformation of other businesses to
unleash hidden potential like
Engineering and FMCG
5) Capitalise on the opportunity in the ~125
acre land bank located at a very premium
location in Thane
Which segment contributes the most
and is highly profitable? Where do you
see the leadership coming from within
your product portfolio?
Currently, the Branded Textile business is
contributing the most to our revenues. This
business contributed ~50% of total revenues
with 19.1% EBITDA margins for the financial
year FY16. This is the largest segment
contributing highest EBITDA margins for the
company and will continue to remain the core
business. The strategy here is to Innovate and
sustain our flagship textile business by
product innovations such as Technosmart,
Champions Collection amongst others. Also,
service innovations such as Custom Tailoring
Services and Raymond Made To Measure are
promising avenues for growth. Strategic
alliances such as the recently announced
Khadi initiative with KVIC also have
enormous potential.
What are the internal growth targets for
the branded apparel segment and what
are the current margins?
Raymond caters to over 20 million unique
consumers across demographics and age
groups and have over 4 million loyal
customers on its loyalty platform. With 4
power brands in our portfolio - Raymond
Ready to Wear, Park Avenue, Color Plus and
Parx, Raymond is amongst the Top 3 apparel
brand players in the country today.
There has been a paradigm shift from the
earlier product centric to customer centric
approach to emerge as a full wardrobe solutions
provider for the discerning consumer.
1. Repositioning of brands: Raymond
provides complete wardrobe solutions from
work, leisure, occasion to grooming and
accessories. The idea is to capture the full wallet
of the customer. Raymond is poised to make
Raymond RTW and Park Avenue amongst the
top 5 apparel brands by 2020. Besides
sharpening the brand positioning, Raymond is
building brand leadership through disruptive
advertisement and marketing.
2. Stores of the future, today: With an
expansive retail presence through 1,067 stores
across all formats and is present across 400
towns in the country, the increased focus is to
expand the footprint through EBOs, LFS and
MBOs. We are renovating old stores and
expanding our store network largely through
franchise based model offering a new visual
design for a delightful shopping experience.
After renovating 150 stores we have witnessed
a growth of over 20% in sales.
3. Consolidated Loyalty Program: The
loyalty program now has been completely
revamped and an integrated consolidated
loyalty program ‘Raymond Rewards’ has been
launched. There are over 4 Million members
in this program that has resulted in getting
higher repeat customers.
4. Creating Omni Channel: A robust CRM
platform has been created for a single
customer view and drive business through
better analytics. An omni-channel platform
(anytime anywhere access) to increase
customer engagement is also in progress.
In the branded Apparel segment, the FY16
EBITDA margins was at break-even level. The
focus is on building scale by investing in
advertising & sales & promotion costs (which
is currently ~9 -10% of sales).
Going forward, the incremental EBITDA
margins will be achieved as the current A&SP
costs of 9-10% of sales will come down to the
industry average of ~5-6% and also the
incremental economies of additional sales
flowing down to EBITDA would start
coming in.

34 DALAL STREET INVESTMENT JOURNAL I APR 3 - 16, 2017 DSIJ.in

 Communication Feature
How do you see Union Budget’s
allocations towards rural economy
affecting Deepak Nitrite?
Union Budget of 2017 has been quite
interesting and in terms of rural
development, the government has laid
down many roadmaps and outlays,
especially in areas like agriculture, agri-
product yield improvement, improved
storage capacity to protect and prolong life
of perishable agri-products, food processing
units, building infrastructure, augmenting
solar power, water supply, health and
pharma, housing needs. The products of
Deepak Nitrite are directly and indirectly
related to a larger proportion of these
programs of the government.
We cater to food, colour, glass,
pharmaceuticals, fuels, tyres, paints, dyes,
agro-chemicals, paper, detergents, textiles,
paper, paints and adhesives,etc. Our new
greenfield project, which is under
implementation at Dahej, Gujarat, for
manufacturing phenol and acetone, has a
huge connect with multiple products that
cater to various human needs such as
housing and pharmaceuticals.
What are the key challenges faced by
your company?
The company has performed strongly in
recent years with consistent growth in profits
as well as steady improvements in margins
and return ratios. However, in recent
months, the volatility in prices of crude oil,
diesel consumption volume, drop in prices of
commodities are factors that have caused
minor impact on the growth trajectory.
While each factor can be managed in
isolation, the combination of these factors
have contributed, of late, to some margin
contraction. To combat this phenomenon, as
a strategy, we have incorporated a natural
hedge in our business by diversifying our
36 DALAL STREET INVESTMENT JOURNAL I APR 3 - 16, 2017

OUR PRODUCTS CATER TO A VARIETY OF

USER INDUSTRIES TOUCHING HUMAN LIVES
Umesh Asaikar, Executive Director and CEO, Deepak Nitrite
products and end-user industries in such a
manner that downturn in a particular
end-user segment is offset with the upsurge
in another end-user segment. Over the last
few years, we are gradually reducing the pie
of basic chemicals, while growing the fine
and specialty chemicals so as to improve our
margins.
The appreciation of rupee against the US
dollar, which lowers our export realization,
and also depreciation of Chinese Yuan
against the US dollar, has the ability of
posing steeper competition to us in basic
chemical segment in the export market.
What steps are being taken to improve
distribution network in over 30
countries?
DNL’s export business is primarily B2B in
nature.We have an excellent customer base
and we have been placing greater emphasis
on deepening existing relationships. We
should mention here that our relationship
with our customers has been both strong
and intense. This has been possible over the
years by engaging ourselves in offering long
term needs of our customers and offering
solutions to their needs on a win-win basis.
We try to partner in their growth story, and
in the process, we offer larger number of
products, creating a high bond of reliability
and transparency. The company’s strong
R&D focus has led to in-house development
of new product applications and
understanding customer preferences. In
addition to increasing the wallet share by
catering to a larger percentage of
requirements, we are also undertaking steps
to diversify our customer base by increasing
the number of customers in a particular
geography or for a particular product.
How is ‘Make in India’ campaign
helping your company grow?
A stronger improvement in consumption is
possible in India and not in the West, so
that is how we could zero in on phenol
project, which is an import substitution
project, thus perfectly supporting the
Make-in-India theme.
The future of India's chemical industry will
be dominated by specialty chemicals. In the
midst, the government’s ‘Make in India’
campaign has given and shall continue
giving boost to the Indian chemicals
industry, particularly when internal
demand grows, supply too grows thereby
boosting entire industry scenario in the
country through cascading effect.
What steps are being taken by your
company to leverage the demand-
supply gap in the domestic phenol and
acetone market?
Deepak Nitrite is entailing a major capital
expenditure to manufacture 200,000 MTPA
of phenol and 120,000 MTPAof its co-
product acetone. This will be supported by
manufacturing 260,000 MT of cumene,
which is a feedstock for manufacturing
phenol and acetone. This greenfield project is
expected to be commissioned sometime in
the second half of FY2018 in Dahej, Gujarat.
For this, the outlay is Rs 1,400 crore.
DNL will address the opportunity offered
by the supply deficit in the domestic market
which is currently met by imports. In
addition to competitiveness on cost due to
supplying the domestic markets from a
plant located in India, DNL will leverage the
latest manufacturing technologies in its
state-of-the art plant which will reduce
wastage and is more efficient in utilization
of inputs and energy.
With an objective of developing working
relationships with major clients across India
as well as establish strong marketing and
distribution channels, the company has
already started seed marketing of phenol to
understand and penetrate market. Further,
supply of benzene, a key raw material, has
become significantly easier, thereby
enhancing the prospects for the mega
phenol project further.
DSIJ.in
Expert Speak
Invest Using EV/EBITDA Multiple

S
tock market experts have different
ways to look at many financial
ratios to make important
investment calls. One such
superior and effective measure of
valuation is Enterprise value-to-EBITDA
(EV/EBITDA). This ratio makes peer
comparison easy by normalizing the
difference in company’s capital structure.

Enterprise value is a broader word and

includes value of equity, value of debt, Table-1 Mean Share Price Return of Portfolios
value of preferred stock and minority CAGR of Stock price (%)
interest. It is generally calculated by Portfolios of EV/EBITDA 1 Year 2 Year 3 Year 4 Year
estimating the present value of forecasted Greater than 30 23 4 11 10
future cash flows and terminal value of Between 25-29.9 15 -1 13 -3
business. Enterprise value can also be Between 20-24.9 23 8 20 17
called as economic value of business. Between 15-19.99 41 3 20 13
Equity valuation of a company is derived Between 10-14.99 30 8 21 20
from Enterprise value by making certain Between 5-9.99 50 9 24 20
adjustments. This Equity value when Between 0-4.99 45 8 26 15
divided by number of shares issued by SENSEX return 20 -2 11 10
the company helps to calculate the
intrinsic value of a share. Hence the main Table-2 Median Share Price Return of Portfolios
differentiating factor between Enterprise CAGR of Stock price (%)
value and equity value is that Enterprise Portfolios of EV/EBITDA 1 Year 2 Year 3 Year 4 Year
value includes value of all stakeholders of Greater than 30 9 0 7 13
Between 25-29.9 14 4 17 -2
the company i.e. people who have
Between 20-24.9 17 3 20 19
provided funds as loans/debt/preferred
Between 15-19.99 32 2 19 14
shares /Equity shares etc.
Between 10-14.99 26 6 18 16
Between 5-9.99 43 8 21 17
The denominator for this ratio is
Between 0-4.99 38 10 29 14
EBITDA (Earnings before interest,
SENSEX return 20 -2 11 10
depreciation and amortization). Since the
Data obtained as on 6 March between 2012-17.
numerator included value of equity and
debt in the denominator we use portfolios to capture if low EV/EBITDA EBITDA below 10. And the worst
EBITDA. This ratio has one more shares generate better returns as performing portfolio have EV/EBITDA
advantage of not getting influenced by compared to high EV/EBITDA stocks as higher than 25. Even when we look at
different accounting policies relating to well as BSE Sensex. Median values of CAGR returns we can
charging depreciation and amortization. draw a similar conclusion that low EV/
Our research uses this ratio as a One year return was calculated as EBITDA portfolios perform much better
benchmark to study the returns of Indian percentage change between price of one than higher EV/EBITDA multiples.
stocks over the period. stock as on 6 March 17 over the price as
on 6 march 2016. Best performing Retail investor when analyzing
We begin with all companies with market portfolio is highlighted with the green companies should prefer low EV/
capitalization in excess of `1,000 crore, color and the worst portfolio is indicated EBITDA stocks for getting better returns.
and select company with positive EV/ with the red color. While selecting stocks beside low EV/
EBITDA ratio between 2012 and 2016. EBITDA investors should also consider
Share price return is then calculated with In Table-1 we can clearly see that the best future earning capacity of shares, quality
reference to prices as on 6 March 2017. performing portfolios is the one with EV/ of earnings and promoters stake. DS

Between the year 2012-17, average EV/

EBITDA for the selected stocks ranged Dr. Ruzbeh J Bodhanwala, Professor, FLAME University, ruzbeh.bodhanwala@flame.edu.in
from 12 to 16. So we created seven CA. Shernaz Bodhanwala, Asst. Professor, FLAME University, Shernaz.bodhanwala@flame.edu.in

DSIJ.in APR 3 - 16, 2017 I DALAL STREET INVESTMENT JOURNAL 37

The Changing Workplace:
From Me to We
Traditionally, work and the workspace were focused
on the individual, with every employee in the com-
pany having an allocated workpoint, which became
a symbol of their status and identity. Although some-
times used politically, the allocated workpoint ulti-
mately served a positive purpose, allowing individual
employees to express who they were and supporting
how they worked.
Promoting the human instinct within us all to mark
our territory, workpoint ownership contributed to
employee engagement and motivation by helping
employees create a sense of place and belonging in
addition to helping them form emotional attach-
ments and connections.
As the focus of today’s workplace shifts away from the
individual and more towards the team, the workspace
is following suit. With workspace sharing approaches
such as hot-desking and activity based working, the
individually allocated workpoint is disappearing and
the broader team owned spaces incorporating shared
workpoints are proliferating. In this scenario, how do
we continue to connect people to the physical work-
place, each other and the organisation?

Supporting the Change from ‘Me’ to ‘We’

The physical workplace needs to support employees on various levels (physical, functional and psycho-social). Supporting
the psycho-social needs of employees becomes more difficult in workspace sharing approaches, which change the focus
from ‘me’ to ‘we’ and take away some familiar comforts including knowing where your friends and team members are,
tailoring your workspace to suit your personality and work style, etc.
Without individual ownership of work points, the integration of employees into the corporate culture and the maintenance
of engagement are altered. To support this change, employees, and most importantly their leaders, need to go through
competency training to support different behaviors and attitudes: a change from ‘me’ to ‘we’. An individual no longer owns/
claims the same work point every day, a group now owns a space and a team member can claim a different space for several
hours every day depending on what they are doing, what their team is doing, how they feel, and who they are working with.

This transition from ‘me’ to ‘we’ needs to be support-

ed by the physical workplace and even the products
within with workplace. Team designated areas in the
neighborhoods where lockers now reside become im-
perative as these areas present the only opportunity for
employee personalization and expression. Employees
can personalize and express who they are in them. So-
cial areas must be utilized to promote a community
and leaders need to help employees connect – from
a work and personal perspective – while technology
needs to assist in knowledge sharing and translating
interactions into positive collaborations.
Source –Officesnapshots.com

Agile Workstation www.featherlitefurniture.com

Financial Snapshot
Rank
1 Redington (India)
BSE Code: 532805 Price (`): 103.6 Face Value (`): 2 Book Value (`/Cr): 69.7
Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12
Net Sales 35,476 31,623 27,999 24,210 21,222
EBITDA 817 762 720 683 633
Interest 180 159 187 183 152
Net Profit/Loss 426 387 337 323 293
Basic EPS (`) 10.7 9.7 8.4 8.1 7.3
Equity 80.0 79.9 79.9 79.8 79.7
Rank
3 Ceat
BSE Code: 500878 Price (`): 1153.0 Face Value (`): 10 Book Value (`/Cr): 508.2
Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12
Net Sales 5,744 5,825 5,568 5,070 4,663
EBITDA 852 703 672 472 296
Interest 91 132 172 198 196
Net Profit/Loss 446 317 271 120 18
Basic EPS (`) 110.4 78.4 75.4 35.1 5.3
Equity 40.5 40.5 36.0 34.2 34.2
Rank
5 Sintex Industries
BSE Code: 502742 Price (`): 94.5 Face Value (`): 1 Book Value (`/Cr): 99.3
Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12
Net Sales 7,867 7,103 5,942 5,167 4,504
EBITDA 1,358 1,279 1,042 829 768
Interest 282 283 289 146 136
Net Profit/Loss 628 529 365 324 307
Basic EPS (`) 14.2 12.4 11.7 10.3 11.2
Equity 44.7 42.4 31.1 31.1 27.1
Rank
7 Bombay Burmah Trading Corporation
BSE Code: 501425 Price (`): 686.9 Face Value (`): 2 Book Value (`/Cr): 269.2
Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12
Net Sales 9,189 8,352 7,359 6,595 6,004
EBITDA 1,351 1,010 717 517 429
Interest 44 41 43 71 78
Net Profit/Loss 381 357 207 132 230
Basic EPS (`) 54.6 51.2 29.7 19.0 164.9
Equity 14.0 14.0 14.0 14.0 14.0
Rank
9 Allcargo Logistics
BSE Code: 532749 Price (`): 166.9 Face Value (`): 2 Book Value (`/Cr): 75.7
Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12
Net Sales 5,714 5,681 4,896 3,992 4,326
EBITDA 548 528 428 422 569
Interest 42 53 56 42 64
Net Profit/Loss 278 240 149 170 285
Basic EPS (`) 11.0 19.0 11.9 13.5 21.9
Equity 50.4 25.2 25.2 25.2 26.0
Note: Book value is in rupees per share
40 DALAL STREET INVESTMENT JOURNAL I APR 3 - 16, 2017
Rank
2 DCM Shriram
BSE Code: 523367 Price (`): 277.3 Face Value (`): 2 Book Value (`/Cr): 129.0
Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12
Net Sales 5,880 5,691 6,232 5,573 5,068
EBITDA 544 450 559 574 365
Interest 86 112 149 155 160
Net Profit/Loss 297 211 242 203 12
Basic EPS (`) 18.3 13.0 14.9 12.2 0.7
Equity 32.6 32.6 32.8 33.3 33.3
Rank
4 Gujarat State Fertilizer & Chemicals
BSE Code: 500690 Price (`): 116.6 Face Value (`): 2 Book Value (`/Cr): 121.6
Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12
Net Sales 6,228 5,426 5,537 - -
EBITDA 615 693 687 - -
Interest 30 18 45 - -
Net Profit/Loss 387 409 349 - -
Basic EPS (`) 9.7 10.3 8.8 - -
Equity 79.7 79.7 79.7 -
Rank
6 Jammu & Kashmir Bank
BSE Code: 532209 Price (`): 71.0 Face Value (`): 1 Book Value (`/Cr): 132.4
Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12
Net Sales 7,352 7,660 7,160 6,622 5,171
EBITDA 5,862 6,339 6,058 5,680 4,411
Interest 4,132 4,409 4,082 3,820 2,997
Net Profit/Loss 414 508 1,181 1,055 803
Basic EPS (`) 8.5 10.5 243.6 217.6 165.7
Equity 48.5 48.5 48.5 48.5 48.5
Rank
8 Lakshmi Machine Works
BSE Code: 500252 Price (`): 3705.2 Face Value (`): 10 Book Value (`/Cr): 1292.0
Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12
Net Sales 2,732 2,588 2,448 2,093 2,390
EBITDA 430 411 382 303 359
Interest 1 1 1 0 6
Net Profit/Loss 226 220 189 130 139
Basic EPS (`) 201.0 195.0 167.8 115.0 123.2
Equity 11.3 11.3 11.3 11.3 11.3
Rank
10 ISGEC Heavy Engineering
BSE Code: 533033 Price (`): 5555.7 Face Value (`): 10 Book Value (`/Cr): 1354.9
Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12
Net Sales 4,575 4,001 1,711 2,977 3,083
EBITDA 390 305 107 214 228
Interest 48 35 16 27 31
Net Profit/Loss 169 118 42 82 94
Basic EPS (`) 230.1 160.2 57.4 111.1 127.3
Equity 7.4 7.4 7.4 7.4 7.4
Share price data is of Mar 3, 2017
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11 State Bank of Travancore 12 Zensar Technologies
BSE Code: 532191 Price (`): 576.9 Face Value (`): 10 Book Value (`/Cr): 846.8 BSE Code: 504067 Price (`): 920.1 Face Value (`): 10 Book Value (`/Cr): 319.0
Last Five Year Standalone Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12 Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12
Net Sales 10,757 10,583 10,559 9,288 7,477 Net Sales 3,023 2,683 2,361 2,132 1,824
EBITDA 8,948 8,742 8,773 7,916 6,297 EBITDA 485 419 388 304 279
Interest 7,055 7,285 7,323 6,507 4,998 Interest 11 11 10 10 9
Net Profit/Loss 338 336 304 615 510 Net Profit/Loss 309 265 238 175 159
Basic EPS (`) 47.5 56.6 60.9 123.0 102.1 Basic EPS (`) 69.3 59.7 54.3 40.1 36.6
Equity 71.1 59.3 50.0 50.0 50.0 Equity 44.6 44.3 43.8 43.6 43.4

Rank Rank
13 JK Tyre & Industries 14 Karnataka Bank
BSE Code: 530007 Price (`): 121.0 Face Value (`): 2 Book Value (`/Cr): 82.2 BSE Code: 532652 Price (`): 137.8 Face Value (`): 10 Book Value (`/Cr): 195.8
Last Five Year Standalone Financial Results (`/Cr) Last Five Year Standalone Financial Results (`/Cr)
Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12 Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12
Net Sales 5,895 6,140 5,967 5,444 5,650 Net Sales 5,535 5,205 4,694 4,162 3,447
EBITDA 1,006 766 672 500 283 EBITDA 4,586 4,289 3,845 3,520 2,901
Interest 229 241 248 207 170 Interest 3,689 3,530 3,133 2,861 2,369
Net Profit/Loss 401 253 135 106 11 Net Profit/Loss 415 451 311 348 246
Basic EPS (`) 17.7 11.2 32.8 25.7 2.7 Basic EPS (`) 22.0 24.0 16.5 18.5 13.1
Equity 45.4 45.4 41.1 41.1 41.1 Equity 188.5 188.5 188.4 188.4 188.3

Rank Rank
15 KEC International 16 KPR Mill
BSE Code: 532714 Price (`): 163.2 Face Value (`): 2 Book Value (`/Cr): 58.8 BSE Code: 532889 Price (`): 581.1 Face Value (`): 10 Book Value (`/Cr): 290.4
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12 Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12
Net Sales 8,527 8,614 7,916 6,996 5,876 Net Sales 2,614 2,590 2,402 1,670 1,272
EBITDA 690 658 507 397 533 EBITDA 493 461 453 393 187
Interest 277 309 263 194 160 Interest 57 84 105 98 48
Net Profit/Loss 192 161 67 65 209 Net Profit/Loss 210 174 142 103 33
Basic EPS (`) 7.5 6.3 2.6 2.5 8.1 Basic EPS (`) 55.6 45.7 37.3 27.1 8.4
Equity 51.4 51.4 51.4 51.4 51.4 Equity 37.7 37.7 37.7 37.7 40.6

Rank Rank
17 Carborundum Universal 18 South Indian Bank
BSE Code: 513375 Price (`): 263.2 Face Value (`): 1 Book Value (`/Cr): 62.8 BSE Code: 532218 Price (`): 20.4 Face Value (`): 1 Book Value (`/Cr): 27.5
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Standalone Financial Results (`/Cr)
Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12 Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12
Net Sales 2,117 2,076 2,147 1,984 2,008 Net Sales 6,075 5,783 5,384 4,769 3,831
EBITDA 361 290 274 250 402 EBITDA 4,994 4,801 4,545 4,042 3,244
Interest 23 25 28 27 25 Interest 4,048 3,920 3,616 3,153 2,562
Net Profit/Loss 143 133 92 90 219 Net Profit/Loss 333 307 508 502 402
Basic EPS (`) 7.6 7.1 4.9 4.8 11.7 Basic EPS (`) 2.5 2.3 3.8 3.8 3.5
Equity 18.8 18.8 18.8 18.8 18.7 Equity 135.0 135.0 134.4 133.9 113.4

Rank Rank
19 Kalpataru Power Transmissions 20 Rain Industries
BSE Code: 522287 Price (`): 281.2 Face Value (`): 2 Book Value (`/Cr): 151.5 BSE Code: 500339 Price (`): 93.2 Face Value (`): 2 Book Value (`/Cr): 87.3
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12 Particulars Dec-15 Dec-14 Dec-13 Dec-12 Dec-11
Net Sales 7,399 7,223 7,114 6,121 5,341 Net Sales 10,298 12,014 11,801 5,428 0
EBITDA 826 729 613 510 534 EBITDA 1,429 1,282 1,374 1,176 0
Interest 439 337 249 194 158 Interest 596 620 593 373 0
Net Profit/Loss 118 120 122 130 189 Net Profit/Loss 323 89 385 458 0
Basic EPS (`) 7.7 7.8 8.0 8.4 12.3 Basic EPS (`) 9.6 2.6 11.4 13.4 0.0
Equity 30.7 30.7 30.7 30.7 30.7 Equity 67.3 67.3 67.3 68.3 0.0
Note: Book value is in rupees per share Share price data is of Mar 3, 2017
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Financial Snapshot
Rank Rank
21 Jet Airways (India) 22 Greaves Cotton
BSE Code: 532617 Price (`): 420.0 Face Value (`): 10 Book Value (`/Cr): -477.9 BSE Code: 501455 Price (`): 158.2 Face Value (`): 2 Book Value (`/Cr): 41.8
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12 Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12
Net Sales 22,906 21,662 19,445 19,409 17,067 Net Sales 1,664 1,723 1,765 1,922 1,795
EBITDA 2,236 338 -1,450 1,249 337 EBITDA 269 224 217 256 243
Interest 885 920 1,084 1,194 1,006 Interest 1 2 5 2 4
Net Profit/Loss 1,212 -2,097 -4,130 -780 -1,420 Net Profit/Loss 200 84 123 148 189
Basic EPS (`) 106.7 -184.6 -363.5 -90.3 -164.5 Basic EPS (`) 8.2 3.4 5.1 6.1 7.7
Equity 113.6 113.6 113.6 86.3 86.3 Equity 48.8 48.8 48.8 48.8 48.8

Rank Rank
23 Rallis India 24 State Bank Of Mysore
BSE Code: 500355 Price (`): 234.5 Face Value (`): 1 Book Value (`/Cr): 46.2 BSE Code: 532200 Price (`): 580.6 Face Value (`): 10 Book Value (`/Cr): 972.9
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Standalone Financial Results (`/Cr)
Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12 Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12
Net Sales 1,642 1,826 1,753 1,470 1,282 Net Sales 7,938 7,708 6,895 6,561 5,595
EBITDA 244 281 268 222 210 EBITDA 6,338 6,250 5,622 5,503 4,604
Interest 14 10 13 18 15 Interest 5,012 4,853 4,396 4,125 3,494
Net Profit/Loss 143 157 152 119 99 Net Profit/Loss 358 409 274 416 369
Basic EPS (`) 7.4 8.1 7.8 6.1 5.1 Basic EPS (`) 74.5 85.1 57.1 88.9 78.9
Equity 19.5 19.5 19.5 19.5 19.5 Equity 48.0 48.0 48.0 46.8 46.8

Rank Rank
25 KPIT Technologies 26 NCC
BSE Code: 532400 Price (`): 134.7 Face Value (`): 2 Book Value (`/Cr): 70.0 BSE Code: 500294 Price (`): 81.0 Face Value (`): 2 Book Value (`/Cr): 63.2
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12 Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12
Net Sales 3,249 3,025 2,727 2,250 1,514 Net Sales 9,702 9,640 7,569 7,059 6,687
EBITDA 460 360 411 347 230 EBITDA 1,180 1,126 863 914 919
Interest 15 26 26 14 7 Interest 669 737 654 595 565
Net Profit/Loss 282 237 249 199 145 Net Profit/Loss 111 54 3 56 55
Basic EPS (`) 15.0 12.6 13.4 10.3 8.2 Basic EPS (`) 2.0 1.0 0.1 2.2 2.1
Equity 37.6 37.6 37.1 38.6 35.6 Equity 111.2 111.2 51.3 51.3 51.3

Rank Rank
27 Ratnamani Metals & Tubes 28 Essel Propack
BSE Code: 520111 Price (`): 736.8 Face Value (`): 2 Book Value (`/Cr): 222.6 BSE Code: 500135 Price (`): 234.2 Face Value (`): 2 Book Value (`/Cr): 62.0
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12 Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12
Net Sales 1,736 1,702 - - - Net Sales 2,208 2,344 2,149 1,862 1,603
EBITDA 302 326 - - - EBITDA 441 412 377 343 286
Interest 8 9 - - - Interest 62 79 81 91 84
Net Profit/Loss 163 173 - - - Net Profit/Loss 182 141 108 81 51
Basic EPS (`) 34.8 37.1 - - - Basic EPS (`) 11.6 9.0 6.9 5.2 3.3
Equity 9.4 9.4 - - - Equity 31.4 31.4 31.4 31.4 31.3

Rank Rank
29 IFCI 30 Avanti Feeds
BSE Code: 500106 Price (`): 28.6 Face Value (`): 10 Book Value (`/Cr): 40.3 BSE Code: 512573 Price (`): 675.0 Face Value (`): 2 Book Value (`/Cr): 93.1
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Standalone Financial Results (`/Cr)
Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12 Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12
Net Sales 4,634 3,948 3,640 3,189 3,131 Net Sales 2,036 1,785 1,135 651 397
EBITDA 350 2,936 2,575 2,681 1,027 EBITDA 248 190 114 54 49
Interest 0 2,173 1,762 1,919 0 Interest 1 2 4 3 4
Net Profit/Loss 363 558 566 497 688 Net Profit/Loss 155 117 70 30 28
Basic EPS (`) 2.2 3.4 3.4 3.0 9.3 Basic EPS (`) 33.3 128.4 76.8 33.2 35.1
Equity 1,662.0 1,661.5 1,661.1 1,662.0 737.8 Equity 9.1 9.1 9.1 9.1 8.0
Note: Book value is in rupees per share Share price data is of Mar 3, 2017
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31 Balmer Lawrie & Company 32 Andhra Bank
BSE Code: 523319 Price (`): 210.6 Face Value (`): 10 Book Value (`/Cr): 428.8 BSE Code: 532418 Price (`): 54.5 Face Value (`): 10 Book Value (`/Cr): 161.9
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12 Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12
Net Sales 3,293 3,323 3,195 3,073 2,719 Net Sales 19,911 18,788 16,433 14,542 12,609
EBITDA 257 287 281 289 260 EBITDA 16,425 15,258 13,409 11,999 10,474
Interest 22 23 24 23 23 Interest 12,314 11,830 10,558 9,151 7,578
Net Profit/Loss 179 152 156 166 148 Net Profit/Loss 558 656 440 1,285 1,334
Basic EPS (`) 62.8 53.4 54.6 102.0 90.9 Basic EPS (`) 8.2 10.9 7.5 23.0 23.9
Equity 28.5 28.5 28.5 16.3 16.3 Equity 681.2 602.9 589.6 559.6 559.6

Rank Rank
33 Gujarat Narmada Valley Fertilizers & 34 IL&FS Transportation Networks
BSE Code: 500670 Price (`): 262.9 Face Value (`): 10 Book Value (`/Cr): 174.1 BSE Code: 533177 Price (`): 100.9 Face Value (`): 10 Book Value (`/Cr): 192.0
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12 Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12
Net Sales 4,662 4,642 - - - Net Sales 8,732 6,828 6,802 6,789 5,729
EBITDA 548 101 - - - EBITDA 3,235 2,466 2,105 1,982 1,589
Interest 246 275 - - - Interest 2,531 1,833 1,471 1,119 728
Net Profit/Loss 234 -452 - - - Net Profit/Loss 312 444 463 520 497
Basic EPS (`) 15.0 -28.5 - - - Basic EPS (`) 7.1 14.8 22.3 26.7 25.6
Equity 155.4 155.4 - - - Equity 329.0 246.7 194.3 194.3 194.3

Rank Rank
35 Gujarat Mineral Development 36 PTC India
BSE Code: 532181 Price (`): 116.2 Face Value (`): 2 Book Value (`/Cr): 109.5 BSE Code: 532524 Price (`): 86.0 Face Value (`): 10 Book Value (`/Cr): 118.7
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12 Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12
Net Sales 1,347 1,563 1,435 1,830 1,704 Net Sales 14,038 13,939 12,143 9,213 8,110
EBITDA 327 666 754 1,041 834 EBITDA 1,365 1,036 867 456 457
Interest 1 2 0 0 8 Interest 533 418 224 102 95
Net Profit/Loss 241 500 439 601 487 Net Profit/Loss 430 256 361 198 204
Basic EPS (`) 7.6 15.7 13.8 18.9 15.3 Basic EPS (`) 14.5 8.7 12.2 6.7 6.9
Equity 63.6 63.6 63.6 63.6 63.6 Equity 296.0 296.0 296.0 296.0 295.0

Rank Rank
37 Jain Irrigation Systems 38 TVS Srichakra
BSE Code: 500219 Price (`): 92.4 Face Value (`): 2 Book Value (`/Cr): 45.0 BSE Code: 509243 Price (`): 3003.8 Face Value (`): 10 Book Value (`/Cr): 611.9
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12 Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12
Net Sales 6,333 6,194 5,874 5,088 4,955 Net Sales 2,361 2,181 1,913 1,683 1,459
EBITDA 817 821 816 699 850 EBITDA 323 221 149 132 135
Interest 477 469 468 517 477 Interest 16 31 50 62 57
Net Profit/Loss 88 55 -40 3 224 Net Profit/Loss 186 100 55 27 39
Basic EPS (`) 1.9 1.2 -0.9 0.1 5.5 Basic EPS (`) 243.2 130.1 72.0 35.5 51.2
Equity 95.3 92.5 92.5 91.0 81.0 Equity 7.7 7.7 7.7 7.7 7.7

Rank Rank
39 NIIT Technologies 40 Spicejet
BSE Code: 532541 Price (`): 409.5 Face Value (`): 10 Book Value (`/Cr): 259.5 BSE Code: 500285 Price (`): 72.5 Face Value (`): 10 Book Value (`/Cr): -20.1
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Standalone Financial Results (`/Cr)
Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12 Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12
Net Sales 2,703 2,390 2,335 2,044 1,607 Net Sales 5,232 5,382 6,399 5,762 4,019
EBITDA 496 353 384 355 300 EBITDA 576 -478 -757 -34 -523
Interest 5 6 4 5 4 Interest 115 144 98 116 52
Net Profit/Loss 280 114 231 213 197 Net Profit/Loss 407 -687 -1,003 -191 -606
Basic EPS (`) 45.8 18.7 38.0 35.4 33.1 Basic EPS (`) 6.8 -11.5 -18.7 -4.0 -13.7
Equity 61.2 61.0 60.7 60.2 59.6 Equity 599.5 599.5 535.3 484.4 441.5
Note: Book value is in rupees per share Share price data is of Mar 3, 2017
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Financial Snapshot
Rank Rank
41 PNC Infratech 42 Apar Industries
BSE Code: 539150 Price (`): 100.6 Face Value (`): 2 Book Value (`/Cr): 37.9 BSE Code: 532259 Price (`): 735.0 Face Value (`): 10 Book Value (`/Cr): 223.2
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12 Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12
Net Sales 2,411 1,873 1,371 1,305 1,273 Net Sales 5,083 5,124 4,637 4,653 3,597
EBITDA 407 292 186 156 153.5 EBITDA 367 254 302 314 216
Interest 129 93 61 25.3 24 Interest 151 150 145 135 116
Net Profit/Loss 216 91 55 74.6 78.3 Net Profit/Loss 163 50 90 109 73
Basic EPS (`) 42.1 22.9 13.9 18.6 19.6 Basic EPS (`) 42.3 12.9 23.3 28.5 20.3
Equity 51.3 39.8 39.8 39.8 39.8 Equity 38.5 38.5 38.5 38.5 36.0

Rank Rank
43 Chambal Fertilisers & Chemicals 44 Kama Holdings
BSE Code: 500085 Price (`): 82.1 Face Value (`): 10 Book Value (`/Cr): 59.3 BSE Code: 532468 Price (`): 2611.9 Face Value (`): 10 Book Value (`/Cr): 2491.9
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12 Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12
Net Sales 10,621 9,843 9,016 8,283 7,618 Net Sales 4,664 4,629 4,059 2,572 14
EBITDA 859 839 779 765 902 EBITDA 986 795 538 532 3
Interest 147 163 207 138 130 Interest 131 140 99 66 4
Net Profit/Loss 216 295 244 239 158 Net Profit/Loss 434 312 167 235 184
Basic EPS (`) 5.2 7.1 5.9 5.7 3.8 Basic EPS (`) 671.9 481.7 256.9 362.5 283.6
Equity 416.2 414.0 414.0 416.2 416.2 Equity 6.5 6.5 6.5 6.5 6.5

Rank Rank
45 Techno Electric & Engineering Company 46 Oriental Bank of Commerce
BSE Code: 533281 Price (`): 368.8 Face Value (`): 2 Book Value (`/Cr): 177.7 BSE Code: 500315 Price (`): 122.2 Face Value (`): 10 Book Value (`/Cr): 388.8
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Standalone Financial Results (`/Cr)
Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12 Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12
Net Sales 1,160 814 720 721 842 Net Sales 21,825 22,083 20,963 19,359 17,055
EBITDA 283 228 205 255 242 EBITDA 18,522 19,273 18,175 16,817 14,844
Interest 44 43 45 52 41 Interest 14,684 14,877 13,890 13,004 11,599
Net Profit/Loss 141 105 87 120 121 Net Profit/Loss 156 497 1,139 1,328 1,142
Basic EPS (`) 24.6 18.4 15.3 21.1 21.2 Basic EPS (`) 4.9 16.6 38.0 45.5 39.1
Equity 11.4 11.4 11.4 11.4 11.4 Equity 321.4 299.9 299.9 291.8 291.8

Rank Rank
47 Tata Elxsi 48 Bajaj Electricals
BSE Code: 500408 Price (`): 1482.4 Face Value (`): 10 Book Value (`/Cr): 91.0 BSE Code: 500031 Price (`): 256.8 Face Value (`): 2 Book Value (`/Cr): 74.3
Last Five Year Standalone Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12 Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12
Net Sales 1,087 854 788 611 521 Net Sales 4,635 - - - -
EBITDA 259 182 152 75 73 EBITDA 282 - - - -
Interest 0 0 2 4 2 Interest 101 - - - -
Net Profit/Loss 155 103 75 21 34 Net Profit/Loss 95 - - - -
Basic EPS (`) 49.7 33.1 24.1 6.7 10.9 Basic EPS (`) 9.5 - - - -
Equity 31.1 31.1 31.1 31.1 31.1 Equity 20.2 - - - -

Rank Rank
49 VST Industries 50 Va Tech Wabag
BSE Code: 509966 Price (`): 2718.3 Face Value (`): 10 Book Value (`/Cr): 238.2 BSE Code: 533269 Price (`): 567.4 Face Value (`): 2 Book Value (`/Cr): 181.9
Last Five Year Standalone Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12 Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12
Net Sales 903 855 822 695 710 Net Sales 2,557 2,443 2,251 1,632 1,444
EBITDA 258 261 251 207 235 EBITDA 229 217 201 168 130
Interest 0 0 0 0 0 Interest 47 39 25 22 10
Net Profit/Loss 153 152 150 126 143 Net Profit/Loss 92 110 113 90 74
Basic EPS (`) 99.2 98.6 97.2 81.8 92.3 Basic EPS (`) 16.9 20.3 42.6 34.0 27.8
Equity 15.4 15.4 15.4 15.4 15.4 Equity 10.9 10.9 5.3 5.3 5.3
Note: Book value is in rupees per share Share price data is of Mar 3, 2017
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51 National Fertilizers 52 India Cements
BSE Code: 523630 Price (`): 74.7 Face Value (`): 10 Book Value (`/Cr): 34.2 BSE Code: 530005 Price (`): 161.7 Face Value (`): 10 Book Value (`/Cr): 103.3
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12 Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12
Net Sales 7,812 8,525 - - - Net Sales 4,890 5,083 5,109 5,183 4,656
EBITDA 556 314 - - - EBITDA 891 785 616 960 967
Interest 228 301 - - - Interest 421 478 411 369 330
Net Profit/Loss 197 26 - - - Net Profit/Loss 134 -3 -243 188 271
Basic EPS (`) 4.0 0.5 - - - Basic EPS (`) 4.4 -0.1 -7.9 6.1 8.8
Equity 490.6 490.6 - - - Equity 307.2 307.2 307.2 307.2 307.2

Rank Rank
53 Dishman Pharmaceuticals & Chemicals 54 Inox Wind
BSE Code: 532526 Price (`): 223.4 Face Value (`): 2 Book Value (`/Cr): 76.4 BSE Code: 539083 Price (`): 166.3 Face Value (`): 10 Book Value (`/Cr): 86.4
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12 Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12
Net Sales 1,623 1,661 1,410 1,290 1,137 Net Sales 4,481 2,756 1,576 - -
EBITDA 410 400 357 308 237 EBITDA 690 472 185 - -
Interest 94 90 92 79 73 Interest 96 62 46 - -
Net Profit/Loss 171 120 109 100 57 Net Profit/Loss 452 296 132 - -
Basic EPS (`) 21.2 14.9 13.5 12.4 7.0 Basic EPS (`) 20.4 13.4 6.6 - -
Equity 16.1 16.1 16.1 16.1 16.1 Equity 221.9 221.9 200.0 - -

Rank Rank
55 Dilip Buildcon 56 FDC
BSE Code: 540047 Price (`): 323.2 Face Value (`): 10 Book Value (`/Cr): 93.3 BSE Code: 531599 Price (`): 209.6 Face Value (`): 1 Book Value (`/Cr): 61.4
Last Five Year Standalone Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12 Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12
Net Sales 4,101 2,630 2,322 1,913 1,190 Net Sales 1,038 935 885 819 738
EBITDA 815 572 477 474 264 EBITDA 224 244 246 227 192
Interest 380 259 155 105 57 Interest 1 2 3 2 1
Net Profit/Loss 220 146 194 251 108 Net Profit/Loss 157 148 135 155 134
Basic EPS (`) 18.8 12.5 55.1 71.2 30.6 Basic EPS (`) 8.8 8.3 7.6 8.6 7.3
Equity 117.1 117.1 35.2 35.2 35.2 Equity 17.9 17.9 17.9 18.2 18.4

Rank Rank
57 Kwality 58 Tamil Nadu Newsprint And Papers
BSE Code: 531882 Price (`): 160.2 Face Value (`): 1 Book Value (`/Cr): 35.1 BSE Code: 531426 Price (`): 347.8 Face Value (`): 10 Book Value (`/Cr): 210.3
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Standalone Financial Results (`/Cr)
Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12 Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12
Net Sales 6,444 5,890 5,015 3,930 2,416 Net Sales 2,434 2,152 2,302 1,881 1,539
EBITDA 389 362 297 224 167 EBITDA 596 522 523 422 336
Interest 157 140 116 93 65 Interest 139 155 128 121 141
Net Profit/Loss 174 167 145 106 92 Net Profit/Loss 254 167 161 91 109
Basic EPS (`) 7.9 7.6 7.1 5.2 4.5 Basic EPS (`) 36.7 24.1 23.3 13.2 15.7
Equity 22.4 21.9 20.3 20.3 20.3 Equity 69.4 69.4 69.4 69.4 69.4

Rank Rank
59 J B Chemicals & Pharmaceuticals 60 Nava Bharat Ventures
BSE Code: 506943 Price (`): 329.0 Face Value (`): 2 Book Value (`/Cr): 128.9 BSE Code: 513023 Price (`): 115.4 Face Value (`): 2 Book Value (`/Cr): 357.3
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12 Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12
Net Sales 1,309 1,155 1,060 894 831 Net Sales 1,691 1,923 1,824 1,220 1,165
EBITDA 260 191 186 134 129 EBITDA 457 424 554 327 348
Interest 10 7 6 5 24 Interest 96 112 126 19 28
Net Profit/Loss 162 100 62 79 678 Net Profit/Loss 287 206 280 190 284
Basic EPS (`) 19.1 11.8 7.3 9.4 80.0 Basic EPS (`) 32.2 23.1 31.4 21.3 31.8
Equity 17.0 17.0 17.0 16.9 16.9 Equity 17.9 17.9 17.9 17.9 17.9
Note: Book value is in rupees per share Share price data is of Mar 3, 2017
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Financial Snapshot
Rank Rank
61 Sonata Software 62 Minda Industries
BSE Code: 532221 Price (`): 186.8 Face Value (`): 1 Book Value (`/Cr): 44.8 BSE Code: 532539 Price (`): 423.6 Face Value (`): 10 Book Value (`/Cr): 295.1
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12 Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12
Net Sales 1,984 1,702 1,577 1,317 1,578 Net Sales 2,541 2,250 1,723 1,351 1,196
EBITDA 236 188 110 59 50 EBITDA 252 177 95 104 92
Interest 8 3 2 6 12 Interest 26 25 24 19 20
Net Profit/Loss 159 134 78 -28 -3 Net Profit/Loss 111 68 7 28 28
Basic EPS (`) 15.1 12.7 7.4 -2.7 -0.3 Basic EPS (`) 70.0 42.8 4.5 17.7 17.4
Equity 10.5 10.5 10.5 10.5 10.5 Equity 15.9 15.9 15.9 15.9 15.9

Rank Rank
63 APL Apollo Tubes 64 Raymond
BSE Code: 533758 Price (`): 1045.0 Face Value (`): 10 Book Value (`/Cr): 244.3 BSE Code: 500330 Price (`): 607.6 Face Value (`): 10 Book Value (`/Cr): 265.8
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12 Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12
Net Sales 4,225 3,017 2,571 2,010 1,393 Net Sales 5,702 5,428 4,621 4,143 3,724
EBITDA 282 186 167 161 116 EBITDA 545 522 553 445 535
Interest 70 66 61 43 34 Interest 183 200 197 191 165
Net Profit/Loss 101 64 59 69 49 Net Profit/Loss 92 113 108 29 156
Basic EPS (`) 42.9 27.2 25.2 30.8 23.0 Basic EPS (`) 15.0 18.4 17.5 4.7 25.4
Equity 23.4 23.4 23.4 22.3 21.3 Equity 61.4 61.4 61.4 61.4 61.4

Rank Rank
65 Rashtriya Chemicals & Fertilizers 66 Himatsingka Seide
BSE Code: 524230 Price (`): 57.2 Face Value (`): 10 Book Value (`/Cr): 52.6 BSE Code: 514043 Price (`): 346.3 Face Value (`): 5 Book Value (`/Cr): 98.7
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12 Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12
Net Sales 8,772 7,789 6,662 6,988 6,600 Net Sales 1,892 1,961 2,033 1,698 1,432
EBITDA 470 918 639 640 566 EBITDA 307 222 205 167 148
Interest 147 122 136 93 49 Interest 94 85 83 65 53
Net Profit/Loss 185 345 241 273 249 Net Profit/Loss 167 95 63 57 33
Basic EPS (`) 3.4 6.3 4.4 4.9 4.5 Basic EPS (`) 16.9 9.7 6.4 5.8 3.4
Equity 551.7 551.7 551.7 551.7 551.7 Equity 49.2 49.2 49.2 49.2 49.2

Rank Rank
67 Lakshmi Vilas Bank 68 Indiabulls Real Estate
BSE Code: 534690 Price (`): 161.4 Face Value (`): 10 Book Value (`/Cr): 88.7 BSE Code: 532832 Price (`): 79.3 Face Value (`): 2 Book Value (`/Cr): 142.1
Last Five Year Standalone Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12 Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12
Net Sales 2,873 2,499 2,202 1,958 1,677 Net Sales 2,786 2,737 1,800 1,346 1,487
EBITDA 2,368 2,080 1,831 1,645 1,407 EBITDA 751 707 576 495 472
Interest 1,923 1,688 1,498 1,369 1,148 Interest 348 336 221 227 229
Net Profit/Loss 180 132 60 92 107 Net Profit/Loss 305 248 224 174 166
Basic EPS (`) 10.0 7.4 6.1 9.4 11.0 Basic EPS (`) 6.8 5.8 5.3 4.1 3.5
Equity 179.5 179.2 97.6 97.5 97.5 Equity 92.3 85.0 84.8 84.8 94.8

Rank Rank
69 Bank of Maharashtra 70 Uflex
BSE Code: 532525 Price (`): 33.8 Face Value (`): 10 Book Value (`/Cr): 64.7 BSE Code: 500148 Price (`): 267.9 Face Value (`): 10 Book Value (`/Cr): 463.0
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12 Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12
Net Sales 14,073 13,672 12,852 10,526 7,856 Net Sales 6,141 6,197 5,892 5,180 4,541
EBITDA 11,669 11,261 10,554 8,802 6,277 EBITDA 838 748 712 672 680
Interest 9,174 8,790 8,447 6,580 4,696 Interest 177 187 233 230 199
Net Profit/Loss 118 465 399 769 437 Net Profit/Loss 313 255 202 190 255
Basic EPS (`) 1.0 4.4 4.1 10.9 6.5 Basic EPS (`) 43.3 35.3 27.9 26.4 35.3
Equity 1,168.3 1,063.2 839.1 661.5 589.6 Equity 72.2 72.2 72.2 72.2 72.2
Note: Book value is in rupees per share Share price data is of Mar 3, 2017
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Rank Rank
71 Punjab & Sind Bank 72 Trident
BSE Code: 533295 Price (`): 53.1 Face Value (`): 10 Book Value (`/Cr): 149.1 BSE Code: 521064 Price (`): 71.5 Face Value (`): 10 Book Value (`/Cr): 33.1
Last Five Year Standalone Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12 Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12
Net Sales 9,223 9,017 8,400 7,757 6,892 Net Sales 3,716 3,790 3,885 3,358 2,752
EBITDA 7,884 7,731 7,189 6,688 5,777 EBITDA 741 695 744 578 320
Interest 6,569 6,909 6,352 5,699 4,973 Interest 136 206 210 235 172
Net Profit/Loss 336 121 301 339 451 Net Profit/Loss 229 118 194 49 -43
Basic EPS (`) 8.4 3.0 10.9 12.7 18.5 Basic EPS (`) 4.5 2.3 6.2 1.6 -1.4
Equity 400.4 400.4 275.3 254.0 234.2 Equity 509.4 508.6 311.1 310.8 305.8

Rank Rank
73 GHCL 74 Dhanuka Agritech
BSE Code: 500171 Price (`): 256.3 Face Value (`): 10 Book Value (`/Cr): 98.5 BSE Code: 507717 Price (`): 786.4 Face Value (`): 2 Book Value (`/Cr): 82.4
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12 Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12
Net Sales 2,564 2,385 2,253 2,278 1,984 Net Sales 841 791 743 589 530
EBITDA 639 540 438 409 365 EBITDA 152 138 125 89 80
Interest 164 170 183 178 213 Interest 1 3 4 4 5
Net Profit/Loss 256 182 109 71 45 Net Profit/Loss 107 106 93 64 57
Basic EPS (`) 25.6 18.2 10.9 7.1 4.5 Basic EPS (`) 21.5 78.4 18.6 12.9 11.4
Equity 100.0 100.0 100.0 100.0 100.0 Equity 10.0 2.7 10.0 10.0 10.0

Rank Rank
75 Greenply Industries 76 Shipping Corporation of India
BSE Code: 526797 Price (`): 292.2 Face Value (`): 1 Book Value (`/Cr): 50.2 BSE Code: 523598 Price (`): 63.3 Face Value (`): 10 Book Value (`/Cr): 148.4
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12 Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12
Net Sales 1,662 1,568 2,225 2,054 1,714 Net Sales 4,407 4,432 - - -
EBITDA 247 208 273 273 178 EBITDA 1,099 234 - - -
Interest 29 36 60 62 61 Interest 211 238 - - -
Net Profit/Loss 128 124 118 120 57 Net Profit/Loss 389 195 - - -
Basic EPS (`) 52.9 51.5 48.7 49.6 23.5 Basic EPS (`) 8.4 4.2 - - -
Equity 12.1 12.1 12.1 12.1 12.1 Equity 465.8 465.8 - - -

Rank Rank
77 Indo Count Industries 78 Grindwell Norton
BSE Code: 521016 Price (`): 159.8 Face Value (`): 10 Book Value (`/Cr): 78.7 BSE Code: 506076 Price (`): 330.7 Face Value (`): 5 Book Value (`/Cr): 60.9
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12 Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12
Net Sales 2,213 1,782 1,498 1,211 807 Net Sales 1,204 1,153 978 958 918
EBITDA 474 314 189 114 63 EBITDA 203 198 157 163 173
Interest 55 65 50 44 35 Interest 2 3 3 3 3
Net Profit/Loss 265 146 110 29 -2 Net Profit/Loss 105 103 84 97 103
Basic EPS (`) 67.0 36.9 31.0 8.2 -0.6 Basic EPS (`) 18.9 18.6 15.2 17.6 18.6
Equity 39.5 39.5 35.5 35.5 35.5 Equity 27.7 27.7 27.7 27.7 27.7

Rank Rank
79 Gulf Oil Lubricants India 80 Gujarat Alkalies & Chemicals
BSE Code: 538567 Price (`): 682.7 Face Value (`): 2 Book Value (`/Cr): 57.9 BSE Code: 530001 Price (`): 378.4 Face Value (`): 10 Book Value (`/Cr): 321.1
Last Five Year Standalone Financial Results (`/Cr) Last Five Year Standalone Financial Results (`/Cr)
Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12 Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12
Net Sales 1,029 977 0 0 0 Net Sales 2,012 1,997 1,926 1,833 1,723
EBITDA 177 139 0 0 0 EBITDA 380 323 404 514 399
Interest 18 18 0 0 0 Interest 8 9 6 8 21
Net Profit/Loss 100 77 0 0 0 Net Profit/Loss 222 228 185 235 154
Basic EPS (`) 20.2 15.6 -1.2 0.3 0.3 Basic EPS (`) 30.2 31.0 25.2 32.1 20.9
Equity 9.9 9.9 0.1 0.1 0.1 Equity 73.4 73.4 73.4 73.4 73.4
Note: Book value is in rupees per share Share price data is of Mar 3, 2017
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Financial Snapshot
Rank Rank
81 CCL Products India 82 HSIL
BSE Code: 519600 Price (`): 362.8 Face Value (`): 2 Book Value (`/Cr): 40.9 BSE Code: 500187 Price (`): 319.8 Face Value (`): 2 Book Value (`/Cr): 195.3
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12 Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12
Net Sales 933 884 719 653 504 Net Sales 2,060 1,984 1,862 1,765 1,468
EBITDA 205 174 146 126 89 EBITDA 315 336 257 263 255
Interest 11 14 17 23 15 Interest 41 78 72 69 42
Net Profit/Loss 122 94 64 47 36 Net Profit/Loss 89 85 34 82 94
Basic EPS (`) 9.2 7.1 4.8 35.7 27.3 Basic EPS (`) 12.3 11.8 5.2 12.4 14.2
Equity 26.6 26.6 26.6 13.3 13.3 Equity 14.5 14.5 13.2 13.2 13.2

Rank Rank
83 Kaveri Seed Company 84 Deepak Fertilisers & Petrochemicals
BSE Code: 532899 Price (`): 487.5 Face Value (`): 2 Book Value (`/Cr): 134.2 BSE Code: 500645 Price (`): 251.2 Face Value (`): 10 Book Value (`/Cr): 173.4
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12 Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12
Net Sales 910 1,177 1,021 717 - Net Sales 4,422 3,841 3,969 2,731 2,449
EBITDA 189 325 231 144 - EBITDA 428 325 564 373 449
Interest 0 0 0 2 - Interest 128 111 101 82 68
Net Profit/Loss 173 301 209 128 - Net Profit/Loss 115 68 241 129 212
Basic EPS (`) 25.1 43.7 30.4 93.5 - Basic EPS (`) 13.1 7.7 27.3 14.7 24.0
Equity 13.8 13.8 13.8 13.7 - Equity 88.2 88.2 88.2 88.2 88.2

Rank Rank
85 Sharda Cropchem 86 Monsanto India
BSE Code: 538666 Price (`): 468.0 Face Value (`): 10 Book Value (`/Cr): 81.1 BSE Code: 524084 Price (`): 2471.4 Face Value (`): 10 Book Value (`/Cr): 239.4
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Standalone Financial Results (`/Cr)
Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12 Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12
Net Sales 1,247 1,090 823 - - Net Sales 556 578 595 459 384
EBITDA 293 200 187 - - EBITDA 122 137 158 87 68
Interest -1 1 1 - - Interest 1 0 1 1 1
Net Profit/Loss 175 123 111 - - Net Profit/Loss 101 106 123 67 50
Basic EPS (`) 19.4 13.6 12.3 - - Basic EPS (`) 58.7 61.6 71.2 39.0 29.1
Equity 90.2 90.2 90.2 - - Equity 17.3 17.3 17.3 17.3 17.3

Rank Rank
87 Nilkamal 88 Vinati Organics
BSE Code: 523385 Price (`): 1940.7 Face Value (`): 10 Book Value (`/Cr): 419.6 BSE Code: 524200 Price (`): 742.1 Face Value (`): 2 Book Value (`/Cr): 104.8
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Standalone Financial Results (`/Cr)
Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12 Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12
Net Sales 2,007 1,899 1,756 1,705 1,518 Net Sales 637 781 705 557 450
EBITDA 243 161 161 140 162 EBITDA 213 201 162 124 98
Interest 18 33 43 45 41 Interest 8 10 18 12 9
Net Profit/Loss 113 50 47 37 61 Net Profit/Loss 132 116 86 69 55
Basic EPS (`) 75.9 33.8 31.5 24.9 41.0 Basic EPS (`) 25.5 22.4 17.5 13.9 11.1
Equity 14.9 14.9 14.9 14.9 14.9 Equity 10.3 10.3 9.9 9.9 9.9

Rank Rank
89 Welspun Corp 90 Tata Coffee
BSE Code: 532144 Price (`): 85.2 Face Value (`): 5 Book Value (`/Cr): 105.6 BSE Code: 532301 Price (`): 121.7 Face Value (`): 1 Book Value (`/Cr): 48.4
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12 Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12
Net Sales 8,458 8,559 7,879 11,181 9,244 Net Sales 1,775 1,700 1,689 1,709 1,557
EBITDA 897 951 844 1,029 1,125 EBITDA 324 350 324 327 200
Interest 264 283 296 493 400 Interest 35 39 37 53 46
Net Profit/Loss 227 69 73 -70 239 Net Profit/Loss 118 120 81 116 81
Basic EPS (`) 8.6 2.6 2.8 -2.7 10.5 Basic EPS (`) 6.3 6.5 43.6 62.2 43.5
Equity 132.6 131.6 131.5 131.5 113.9 Equity 18.7 18.7 18.7 18.7 18.7
Note: Book value is in rupees per share Share price data is of Mar 3, 2017
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Rank Rank
91 MOIL 92 DCB Bank
BSE Code: 533286 Price (`): 330.1 Face Value (`): 10 Book Value (`/Cr): 205.6 BSE Code: 532772 Price (`): 152.6 Face Value (`): 10 Book Value (`/Cr): 61.1
Last Five Year Standalone Financial Results (`/Cr) Last Five Year Standalone Financial Results (`/Cr)
Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12 Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12
Net Sales 881 1,140 1,325 1,202 1,103 Net Sales 1,919 1,588 1,267 1,033 817
EBITDA 344 696 805 670 637 EBITDA 1,458 1,215 966 771 585
Interest 0 0 0 0 0 Interest 1,079 914 760 632 489
Net Profit/Loss 173 428 510 432 411 Net Profit/Loss 195 191 151 102 55
Basic EPS (`) 10.3 25.5 30.3 25.7 24.5 Basic EPS (`) 6.8 6.8 6.1 4.1 2.3
Equity 168.0 168.0 168.0 168.0 168.0 Equity 284.4 282.0 250.3 250.1 240.7

Rank Rank
93 Magma Fincorp 94 Firstsource Solutions
BSE Code: 524000 Price (`): 96.2 Face Value (`): 2 Book Value (`/Cr): 79.2 BSE Code: 532809 Price (`): 44.1 Face Value (`): 10 Book Value (`/Cr): 35.9
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12 Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12
Net Sales 2,506 2,386 2,117 1,701 0 Net Sales 3,240 3,041 3,108 2,865 2,294
EBITDA 1,503 1,491 1,408 1,176 0 EBITDA 414 387 364 326 224
Interest 1,192 1,233 1,177 926 0 Interest 52 71 85 78 58
Net Profit/Loss 211 181 152 138 0 Net Profit/Loss 265 234 193 147 62
Basic EPS (`) 8.9 9.0 7.4 6.7 0.0 Basic EPS (`) 3.9 3.5 2.9 2.2 1.4
Equity 47.4 38.1 38.0 38.0 0.0 Equity 673.3 666.3 659.7 657.7 430.8

Rank Rank
95 Mahindra Holidays & Resorts India 96 Time Technoplast
BSE Code: 533088 Price (`): 424.5 Face Value (`): 10 Book Value (`/Cr): 75.6 BSE Code: 532856 Price (`): 101.0 Face Value (`): 1 Book Value (`/Cr): 55.4
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12 Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12
Net Sales 1,604 830 830 744 650 Net Sales 2,474 2,480 2,192 1,803 1,532
EBITDA 291 198 174 172 167 EBITDA 348 342 314 297 247
Interest 15 3 1 2 1 Interest 96 104 99 89 68
Net Profit/Loss 99 81 87 91 102 Net Profit/Loss 138 110 95 103 90
Basic EPS (`) 11.3 9.2 9.9 10.8 12.2 Basic EPS (`) 5.7 5.2 4.5 4.9 4.3
Equity 88.1 88.0 88.0 83.9 83.9 Equity 21.0 21.0 21.0 21.0 21.0

Rank Rank
97 Credit Analysis & Research 98 Triveni Turbine
BSE Code: 534804 Price (`): 1397.2 Face Value (`): 10 Book Value (`/Cr): 162.7 BSE Code: 533655 Price (`): 121.7 Face Value (`): 1 Book Value (`/Cr): 8.9
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12 Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12
Net Sales 288 304 271 232 208 Net Sales 809 685 526 671 634
EBITDA 174 203 183 163 152 EBITDA 182 157 114 169 151
Interest 0 1 0 0 0 Interest 1 2 1 3 10
Net Profit/Loss 120 138 129 114 108 Net Profit/Loss 108 91 68 104 87
Basic EPS (`) 41.1 47.5 44.6 39.8 37.7 Basic EPS (`) 3.3 2.7 2.1 3.2 2.6
Equity 29.4 29.0 29.0 28.6 28.6 Equity 33.0 33.0 33.0 33.0 33.0

Rank Rank
99 Navneet Education 100 Star Ferro and Cement
BSE Code: 508989 Price (`): 147.8 Face Value (`): 2 Book Value (`/Cr): 24.5 BSE Code: 536666 Price (`): 112.2 Face Value (`): 1 Book Value (`/Cr): 34.7
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12 Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12
Net Sales 967 982 886 809 630 Net Sales 1,716 1,431 1,174 661 0
EBITDA 223 240 212 195 143 EBITDA 399 436 255 120 0
Interest 4 9 10 8 6 Interest 83 87 87 29 0
Net Profit/Loss 103 130 115 107 78 Net Profit/Loss 92 83 6 25 0
Basic EPS (`) 4.3 5.5 4.8 4.5 3.3 Basic EPS (`) 4.1 3.8 0.3 498.4 0.0
Equity 47.6 47.6 47.6 47.6 47.6 Equity 22.2 22.2 22.2 0.1 0.1
Note: Book value is in rupees per share Share price data is of Mar 3, 2017
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Financial Snapshot
Rank Rank
101 Granules India 102 Sadbhav Engineering
BSE Code: 532482 Price (`): 128.2 Face Value (`): 1 Book Value (`/Cr): 29.4 BSE Code: 532710 Price (`): 271.8 Face Value (`): 1 Book Value (`/Cr): 86.9
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12 Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12
Net Sales 1,437 1,297 1,100 766 0 Net Sales 3,922 3,491 2,763 2,198 2,894
EBITDA 284 213 163 87 0 EBITDA 803 629 476 432 442
Interest 40 32 20 18 0 Interest 726 615 455 304 156
Net Profit/Loss 118 91 75 33 0 Net Profit/Loss -47 -175 44 7 122
Basic EPS (`) 5.5 4.5 37.1 16.2 0.0 Basic EPS (`) -2.7 -10.2 2.9 0.5 8.1
Equity 21.7 20.4 20.3 20.1 0.0 Equity 17.2 17.2 15.2 15.1 15.0

Rank Rank
103 Sobha 104 Shilpi Cable Technologies
BSE Code: 532784 Price (`): 319.2 Face Value (`): 10 Book Value (`/Cr): 261.2 BSE Code: 533389 Price (`): 220.2 Face Value (`): 10 Book Value (`/Cr): 62.4
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12 Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12
Net Sales 1,878 2,455 2,184 1,870 1,414 Net Sales 3,900 3,219 1,758 959 532
EBITDA 517 632 613 554 473 EBITDA 308 268 177 106 60
Interest 172 188 173 170 117 Interest 105 81 60 33 24
Net Profit/Loss 153 238 235 217 206 Net Profit/Loss 163 160 100 59 24
Basic EPS (`) 15.6 24.3 24.0 22.2 21.0 Basic EPS (`) 15.9 15.6 20.3 15.7 7.4
Equity 98.1 98.1 98.1 98.1 98.1 Equity 110.6 102.6 49.3 37.5 32.3

Rank Rank
105 SREI Infrastructure Finance 106 Cera Sanitaryware
BSE Code: 523756 Price (`): 90.2 Face Value (`): 10 Book Value (`/Cr): 72.1 BSE Code: 532443 Price (`): 2438.4 Face Value (`): 5 Book Value (`/Cr): 323.7
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12 Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12
Net Sales 3,262 3,360 3,260 3,110 2,446 Net Sales 944 - - - -
EBITDA 2,632 2,664 2,739 2,696 1,967 EBITDA 151 - - - -
Interest 2,311 2,274 2,350 2,139 1,565 Interest 5 - - - -
Net Profit/Loss 73 130 139 263 111 Net Profit/Loss 83 - - - -
Basic EPS (`) 1.4 2.6 2.8 5.2 2.2 Basic EPS (`) 64.2 - - - -
Equity 503.2 503.2 503.2 503.2 503.2 Equity 6.5 - - - -

Rank Rank
107 Elgi Equipments 108 VRL Logistics
BSE Code: 522074 Price (`): 219.7 Face Value (`): 1 Book Value (`/Cr): 34.1 BSE Code: 539118 Price (`): 290.7 Face Value (`): 10 Book Value (`/Cr): 50.9
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Standalone Financial Results (`/Cr)
Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12 Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12
Net Sales 1,422 1,324 1,360 1,161 1,008 Net Sales 1,729 1,679 1,504 1,335 1,135
EBITDA 145 98 108 116 125 EBITDA 275 281 217 205 197
Interest 12 16 10 4 1 Interest 31 59 60 59 65
Net Profit/Loss 63 48 46 60 76 Net Profit/Loss 102 91 57 46 77
Basic EPS (`) 4.0 3.0 2.9 3.8 4.8 Basic EPS (`) 11.3 10.7 6.7 5.9 10.8
Equity 15.9 15.9 15.9 15.9 15.9 Equity 91.2 85.5 85.5 70.7 70.7

Rank Rank
109 Somany Ceramics 110 Tata Investment Corporation
BSE Code: 531548 Price (`): 633.4 Face Value (`): 2 Book Value (`/Cr): 101.0 BSE Code: 501301 Price (`): 590.7 Face Value (`): 10 Book Value (`/Cr): 419.6
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12 Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12
Net Sales 1,727 1,551 1,266 1,056 880 Net Sales 248 229 220 201 -
EBITDA 152 115 84 88 75 EBITDA 229 213 204 186 -
Interest 22 21 19 20 21 Interest 0 0 0 0 -
Net Profit/Loss 65 46 29 32 25 Net Profit/Loss 194 186 186 174 -
Basic EPS (`) 15.3 11.9 7.4 9.3 7.3 Basic EPS (`) 35.3 33.7 33.8 31.6 -
Equity 8.5 7.8 7.8 6.9 6.9 Equity 55.1 55.1 55.1 55.1 -
Note: Book value is in rupees per share Share price data is of Mar 3, 2017
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111 Unichem Laboratories 112 Goodyear India
BSE Code: 506690 Price (`): 254.4 Face Value (`): 2 Book Value (`/Cr): 105.1 BSE Code: 500168 Price (`): 718.2 Face Value (`): 10 Book Value (`/Cr): 251.7
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Standalone Financial Results (`/Cr)
Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12 Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12
Net Sales 1,354 1,222 1,176 1,094 886 Net Sales 1,786 1,611 1,599 1,503 1,527
EBITDA 183 122 220 188 129 EBITDA 233 185 169 113 121
Interest 3 3 3 3 4 Interest 3 3 2 4 5
Net Profit/Loss 108 75 169 113 71 Net Profit/Loss 123 101 94 56 65
Basic EPS (`) 11.9 8.3 18.7 12.5 7.9 Basic EPS (`) 53.4 43.9 40.8 24.4 28.0
Equity 18.2 18.2 18.1 18.1 18.1 Equity 23.1 23.1 23.1 23.1 23.1

Rank Rank
113 Novartis India 114 Sutlej Textiles & Industries
BSE Code: 500672 Price (`): 664.5 Face Value (`): 5 Book Value (`/Cr): 363.6 BSE Code: 532782 Price (`): 814.9 Face Value (`): 10 Book Value (`/Cr): 412.6
Last Five Year Standalone Financial Results (`/Cr) Last Five Year Standalone Financial Results (`/Cr)
Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12 Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12
Net Sales 891 981 957 987 925 Net Sales 2,302 1,918 1,920 1,718 1,569
EBITDA 106 104 94 173 228 EBITDA 311 272 306 234 178
Interest 0 0 0 0 1 Interest 47 53 58 65 70
Net Profit/Loss 199 79 99 120 152 Net Profit/Loss 143 115 131 77 32
Basic EPS (`) 62.1 24.8 30.8 37.5 47.6 Basic EPS (`) 87.5 70.5 80.2 70.5 29.1
Equity 16.0 16.0 16.0 16.0 16.0 Equity 16.4 16.4 16.4 10.9 10.9

Rank Rank
115 Tide Water Oil Company India 116 Hinduja Global Solutions
BSE Code: 590005 Price (`): 6016.0 Face Value (`): 5 Book Value (`/Cr): 1433.4 BSE Code: 532859 Price (`): 592.6 Face Value (`): 10 Book Value (`/Cr): 566.9
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12 Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12
Net Sales 1,079 1,051 993 907 812 Net Sales 3,348 2,832 2,539 2,017 1,583
EBITDA 136 93 113 104 95 EBITDA 313 337 356 257 213
Interest 0 1 0 0 1 Interest 40 39 39 44 29
Net Profit/Loss 90 159 65 63 58 Net Profit/Loss 101 165 170 91 106
Basic EPS (`) 259.0 1,865.9 762.7 722.1 664.8 Basic EPS (`) 48.7 79.7 82.2 44.0 51.5
Equity 1.7 0.9 0.9 0.9 0.9 Equity 20.7 20.7 20.6 20.6 20.6

Rank Rank
117 Sudarshan Chemical Industries 118 Jindal Poly Films
BSE Code: 506655 Price (`): 347.2 Face Value (`): 2 Book Value (`/Cr): 45.4 BSE Code: 500227 Price (`): 329.6 Face Value (`): 10 Book Value (`/Cr): 471.2
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12 Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12
Net Sales 1,423 1,240 1,122 880 804 Net Sales 7,246 7,300 5,170 2,281 2,383
EBITDA 181 150 133 85 88 EBITDA 1,010 659 443 187 365
Interest 34 37 41 33 22 Interest 93 82 120 35 26
Net Profit/Loss 70 54 35 22 34 Net Profit/Loss 371 172 78 10 135
Basic EPS (`) 10.1 7.9 50.6 31.8 48.5 Basic EPS (`) 84.8 40.9 18.6 2.4 31.4
Equity 13.9 13.9 6.9 6.9 6.9 Equity 43.8 42.1 42.1 42.1 43.0

Rank Rank
119 Ashoka Buildcon 120 ICRA
BSE Code: 533271 Price (`): 181.4 Face Value (`): 5 Book Value (`/Cr): 99.9 BSE Code: 532835 Price (`): 4160.9 Face Value (`): 10 Book Value (`/Cr): 476.2
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12 Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12
Net Sales 2,681 2,349 1,812 1,882 1,535 Net Sales 368 348 302 269 0
EBITDA 810 502 412 402 360 EBITDA 128 125 105 78 0
Interest 448 272 134 139 114 Interest 1 2 1 0 0
Net Profit/Loss 58 81 97 84 125 Net Profit/Loss 76 65 69 59 0
Basic EPS (`) 3.1 5.1 6.2 16.0 23.7 Basic EPS (`) 76.2 65.5 68.9 59.2 0.0
Equity 93.6 79.3 79.0 52.7 52.7 Equity 10.0 10.0 10.0 10.0 0.0
Note: Book value is in rupees per share Share price data is of Mar 3, 2017
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Financial Snapshot
Rank Rank
121 Balrampur Chini Mills 122 Orient Cement
BSE Code: 500038 Price (`): 146.7 Face Value (`): 1 Book Value (`/Cr): 50.1 BSE Code: 535754 Price (`): 144.2 Face Value (`): 1 Book Value (`/Cr): 49.6
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Standalone Financial Results (`/Cr)
Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12 Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12
Net Sales 2,801 3,002 2,692 3,317 2,336 Net Sales 1,517 1,553 1,448 1,506 0
EBITDA 464 142 245 462 264 EBITDA 191 313 224 323 -2
Interest 76 102 118 144 147 Interest 54 14 14 19 0
Net Profit/Loss 99 -58 8 161 0 Net Profit/Loss 62 195 101 162 -1
Basic EPS (`) 4.1 -2.4 0.4 6.6 0.0 Basic EPS (`) 3.0 9.5 4.9 7.9 -21.5
Equity 24.5 24.5 24.5 24.4 24.4 Equity 20.5 20.5 20.5 20.5 0.1

Rank Rank
123 HT Media 124 EID Parry (India)
BSE Code: 532662 Price (`): 83.2 Face Value (`): 2 Book Value (`/Cr): 81.2 BSE Code: 500125 Price (`): 283.6 Face Value (`): 1 Book Value (`/Cr): 126.3
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12 Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12
Net Sales 2,655 2,457 2,363 2,142 2,078 Net Sales 15,515 14,064 12,221 11,480 12,599
EBITDA 308 436 475 376 362 EBITDA 961 1,123 1,008 1,121 1,312
Interest 63 47 65 45 36 Interest 435 420 465 388 294
Net Profit/Loss 168 180 208 168 165 Net Profit/Loss 14 117 78 207 313
Basic EPS (`) 7.2 7.8 9.0 7.1 7.0 Basic EPS (`) 0.8 6.6 4.4 11.8 18.0
Equity 46.1 46.1 46.1 47.0 47.0 Equity 17.6 17.6 17.6 17.6 17.4

Rank Rank
125 Huhtamaki PPL 126 Gateway Distriparks
BSE Code: 509820 Price (`): 239.5 Face Value (`): 2 Book Value (`/Cr): 84.7 BSE Code: 532622 Price (`): 251.3 Face Value (`): 10 Book Value (`/Cr): 95.0
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Dec-15 Dec-14 Dec-13 Dec-12 Dec-11 Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12
Net Sales 2,052 1,235 1,090 909 - Net Sales 1,071 1,124 1,030 970 836
EBITDA 247 128 119 98 - EBITDA 249 340 274 260 263
Interest 40 3 4 1 - Interest 18 24 28 16 14
Net Profit/Loss 77 67 56 45 - Net Profit/Loss 110 188 136 127 132
Basic EPS (`) 10.6 9.2 9.0 7.2 - Basic EPS (`) 10.1 17.3 12.5 11.7 12.2
Equity 14.5 14.5 12.5 12.5 - Equity 108.7 108.7 108.6 108.5 108.3

Rank Rank
127 Geometric 128 Rupa & Company
BSE Code: 532312 Price (`): 260.8 Face Value (`): 2 Book Value (`/Cr): 72.5 BSE Code: 533552 Price (`): 284.5 Face Value (`): 1 Book Value (`/Cr): 49.5
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Standalone Financial Results (`/Cr)
Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12 Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12
Net Sales 1,283 1,125 1,109 1,032 824 Net Sales 1,017 974 901 817 699
EBITDA 226 150 140 160 131 EBITDA 135 139 131 122 87
Interest 4 3 3 4 2 Interest 19 23 25 21 21
Net Profit/Loss 105 55 46 69 59 Net Profit/Loss 78 66 62 62 42
Basic EPS (`) 16.2 8.6 7.3 10.9 9.4 Basic EPS (`) 9.8 8.3 7.8 7.8 5.2
Equity 13.0 12.9 12.7 12.6 12.5 Equity 8.0 8.0 8.0 8.0 8.0

Rank Rank
129 PTC India Financial Services 130 Repco Home Finance
BSE Code: 533344 Price (`): 40.1 Face Value (`): 10 Book Value (`/Cr): 32.5 BSE Code: 535322 Price (`): 648.1 Face Value (`): 10 Book Value (`/Cr): 153.9
Last Five Year Standalone Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12 Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12
Net Sales 1,187 802 546 287 307 Net Sales 882 692 - - -
EBITDA 536 667 510 261 275 EBITDA 781 617 - - -
Interest 0 417 221 101 69 Interest 548 431 - - -
Net Profit/Loss 391 161 208 104 154 Net Profit/Loss 154 123 - - -
Basic EPS (`) 7.0 2.9 3.7 1.9 2.7 Basic EPS (`) 24.7 20.1 - - -
Equity 562.1 562.1 562.1 562.1 562.1 Equity 62.5 62.4 - - -
Note: Book value is in rupees per share Share price data is of Mar 3, 2017
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131 Minda Corporation 132 Navin Fluorine International
BSE Code: 538962 Price (`): 93.6 Face Value (`): 2 Book Value (`/Cr): 26.5 BSE Code: 532504 Price (`): 2496.3 Face Value (`): 10 Book Value (`/Cr): 658.4
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12 Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12
Net Sales 2,463 1,993 1,624 2,210 1,406 Net Sales 704 621 517 564 800
EBITDA 223 208 156 145 155 EBITDA 142 102 97 97 326
Interest 33 39 28 42 27 Interest 4 3 6 6 4
Net Profit/Loss 107 90 79 6 52 Net Profit/Loss 84 55 66 43 218
Basic EPS (`) 5.1 4.4 39.2 2.9 25.5 Basic EPS (`) 85.3 55.9 67.3 44.5 222.9
Equity 41.6 41.5 20.3 20.4 20.4 Equity 9.8 9.8 9.8 9.8 9.8

Rank Rank
133 Take Solutions 134 Future Lifestyle Fashions
BSE Code: 532890 Price (`): 141.2 Face Value (`): 1 Book Value (`/Cr): 47.5 BSE Code: 536507 Price (`): 189.6 Face Value (`): 2 Book Value (`/Cr): 85.5
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Standalone Financial Results (`/Cr)
Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12 Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12
Net Sales 1,051 739 822 839 719 Net Sales 3,317 3,156 3,076 0 -
EBITDA 234 158 153 168 160 EBITDA 342 352 588 0 -
Interest 15 13 14 14 18 Interest 135 158 163 0 -
Net Profit/Loss 120 70 58 79 86 Net Profit/Loss 29 19 23 0 -
Basic EPS (`) 9.8 5.7 4.7 6.5 7.0 Basic EPS (`) 1.6 1.0 1.5 -0.1 -
Equity 12.0 12.0 12.0 12.0 12.0 Equity 37.9 37.2 30.9 5.2 -

Rank Rank
135 ITI 136 Transport Corporation of India
BSE Code: 523610 Price (`): 42.8 Face Value (`): 10 Book Value (`/Cr): -65.6 BSE Code: 532349 Price (`): 204.4 Face Value (`): 2 Book Value (`/Cr): 89.9
Last Five Year Standalone Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12 Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12
Net Sales 1,675 659 746 877 949 Net Sales 2,529 2,426 2,236 2,138 1,959
EBITDA 312 -125 -207 -252 -262 EBITDA 197 202 177 181 162
Interest 157 157 122 89 85 Interest 30 33 31 34 35
Net Profit/Loss 251 -297 -344 -182 -370 Net Profit/Loss 82 81 72 70 60
Basic EPS (`) 7.8 -10.3 -12.0 -6.3 -12.8 Basic EPS (`) 10.8 10.8 9.8 9.5 8.2
Equity 288.0 288.0 288.0 288.0 288.0 Equity 15.2 15.1 14.6 14.6 14.5

Rank Rank
137 Suprajit Engineering 138 Prism Cement
BSE Code: 532509 Price (`): 208.6 Face Value (`): 1 Book Value (`/Cr): 23.9 BSE Code: 500338 Price (`): 97.6 Face Value (`): 10 Book Value (`/Cr): 20.2
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12 Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12
Net Sales 968 616 549 465 427 Net Sales 5,691 5,690 5,197 4,887 4,610
EBITDA 154 100 96 80 72 EBITDA 454 387 337 322 322
Interest 25 16 13 10 9 Interest 278 290 275 228 184
Net Profit/Loss 72 50 51 47 40 Net Profit/Loss 3 3 -86 -62 -18
Basic EPS (`) 5.9 4.2 4.2 3.9 3.3 Basic EPS (`) 0.1 0.1 -1.7 -1.2 -0.4
Equity 13.1 12.0 12.0 12.0 12.0 Equity 503.4 503.4 503.4 503.4 503.4

Rank Rank
139 Housing Development & Infrastructure 140 Cox & Kings
BSE Code: 532873 Price (`): 67.9 Face Value (`): 10 Book Value (`/Cr): 264.2 BSE Code: 533144 Price (`): 187.0 Face Value (`): 5 Book Value (`/Cr): 147.0
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12 Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12
Net Sales 1,192 1,083 954 1,065 2,058 Net Sales 2,382 2,623 2,351 1,868 1,004
EBITDA 785 867 975 1,313 1,557 EBITDA 867 1,065 1,154 777 333
Interest 512 553 707 692 625 Interest 254 324 324 371 184
Net Profit/Loss 266 219 178 73 810 Net Profit/Loss 54 92 383 248 42
Basic EPS (`) 8.2 5.2 4.2 1.8 19.3 Basic EPS (`) 3.2 5.4 28.1 18.2 3.1
Equity 419.0 419.0 419.0 419.0 419.0 Equity 84.7 84.7 68.3 68.3 68.3
Note: Book value is in rupees per share Share price data is of Mar 3, 2017
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Financial Snapshot
Rank Rank
141 Brigade Enterprises 142 Skipper
BSE Code: 532929 Price (`): 179.7 Face Value (`): 10 Book Value (`/Cr): 129.9 BSE Code: 538562 Price (`): 143.7 Face Value (`): 1 Book Value (`/Cr): 36.9
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Standalone Financial Results (`/Cr)
Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12 Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12
Net Sales 1,700 1,331 963 835 651 Net Sales 1,511 1,314 1,044 902 742
EBITDA 523 403 291 221 181 EBITDA 224 217 112 87 63
Interest 186 131 88 90 60 Interest 57 58 61 46 37
Net Profit/Loss 130 95 89 60 57 Net Profit/Loss 95 89 27 19 10
Basic EPS (`) 11.5 8.4 7.9 5.4 5.1 Basic EPS (`) 9.3 8.7 2.6 1.9 1.1
Equity 113.2 112.7 112.3 112.3 112.3 Equity 10.2 10.2 10.2 9.7 7.0

Rank Rank
143 Indoco Remedies 144 Siyaram Silk Mills
BSE Code: 532612 Price (`): 268.1 Face Value (`): 2 Book Value (`/Cr): 63.4 BSE Code: 503811 Price (`): 1671.8 Face Value (`): 10 Book Value (`/Cr): 557.4
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12 Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12
Net Sales 1,005 859 734 632 - Net Sales 1,639 - - - -
EBITDA 173 167 122 94 - EBITDA 187 - - - -
Interest 13 11 19 22 - Interest 31 - - - -
Net Profit/Loss 83 83 58 43 - Net Profit/Loss 85 - - - -
Basic EPS (`) 9.0 9.0 6.3 4.6 - Basic EPS (`) 90.9 - - - -
Equity 18.4 18.4 18.4 18.4 - Equity 9.4 - - - -

Rank Rank
145 Bengal & Assam Company 146 Gujarat Ambuja Exports
BSE Code: 533095 Price (`): 1287.6 Face Value (`): 10 Book Value (`/Cr): 1756.0 BSE Code: 524226 Price (`): 107.5 Face Value (`): 2 Book Value (`/Cr): 67.3
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Standalone Financial Results (`/Cr)
Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12 Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12
Net Sales 1,405 1,340 1,295 1,117 998 Net Sales 2,746 2,540 3,102 3,014 2,120
EBITDA 148 160 186 142 106 EBITDA 198 174 205 204 111
Interest 53 51 53 61 41 Interest 10 15 21 22 21
Net Profit/Loss 242 173 73 35 30 Net Profit/Loss 104 84 112 113 50
Basic EPS (`) 279.0 199.7 83.7 40.2 35.1 Basic EPS (`) 7.5 6.1 8.1 8.2 3.6
Equity 8.7 8.7 8.7 8.7 8.7 Equity 27.7 27.7 27.7 27.7 27.7

Rank Rank
147 Jindal Saw 148 J Kumar Infraprojects
BSE Code: 500378 Price (`): 79.1 Face Value (`): 2 Book Value (`/Cr): 114.0 BSE Code: 532940 Price (`): 222.6 Face Value (`): 5 Book Value (`/Cr): 118.7
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Standalone Financial Results (`/Cr)
Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12 Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12
Net Sales 7,767 8,454 6,751 6,848 6,138 Net Sales 1,426 1,356 1,198 1,010 938
EBITDA 750 1,065 735 686 770 EBITDA 266 264 217 176 157
Interest 644 540 392 236 165 Interest 61 77 58 41 37
Net Profit/Loss -46 26 -86 -19 189 Net Profit/Loss 103 94 84 76 68
Basic EPS (`) -0.1 0.9 -3.1 -0.7 6.9 Basic EPS (`) 14.9 29.3 30.2 27.2 24.5
Equity 60.9 58.0 55.3 55.3 55.3 Equity 37.8 32.2 27.8 27.8 27.8

Rank Rank
149 Nesco 150 Heritage Foods
BSE Code: 505355 Price (`): 2210.3 Face Value (`): 10 Book Value (`/Cr): 467.1 BSE Code: 519552 Price (`): 1103.8 Face Value (`): 10 Book Value (`/Cr): 103.4
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12 Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12
Net Sales 276 223 181 - - Net Sales 2,387 2,080 1,727 1,606 1,397
EBITDA 200 166 128 - - EBITDA 137 89 100 105 54
Interest 0 0 0 - - Interest 15 16 13 17 20
Net Profit/Loss 133 112 81 - - Net Profit/Loss 55 28 45 50 9
Basic EPS (`) 94.3 79.1 57.5 - - Basic EPS (`) 23.9 12.2 19.5 43.1 8.0
Equity 14.1 14.1 14.1 - - Equity 23.2 23.2 23.2 11.6 11.5
Note: Book value is in rupees per share Share price data is of Mar 3, 2017
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Rank Rank
151 Sunteck Realty 152 Graphite India
BSE Code: 512179 Price (`): 280.0 Face Value (`): 2 Book Value (`/Cr): 259.2 BSE Code: 509488 Price (`): 102.2 Face Value (`): 2 Book Value (`/Cr): 89.6
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12 Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12
Net Sales 792 317 938 30 17 Net Sales 1,561 1,746 2,054 1,988 1,951
EBITDA 248 148 291 25 18 EBITDA 168 172 295 310 361
Interest 14 18 17 11 5 Interest 9 16 24 31 19
Net Profit/Loss 161 68 151 4 3 Net Profit/Loss 61 58 130 134 212
Basic EPS (`) 26.9 11.4 25.2 0.7 0.5 Basic EPS (`) 3.2 3.0 6.7 6.9 10.9
Equity 12.0 12.0 12.0 12.0 12.0 Equity 39.1 39.1 39.1 39.1 39.1

Rank Rank
153 Timken India 154 Kitex Garments
BSE Code: 522113 Price (`): 604.5 Face Value (`): 10 Book Value (`/Cr): 76.8 BSE Code: 521248 Price (`): 422.8 Face Value (`): 1 Book Value (`/Cr): 77.3
Last Five Year Standalone Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12 Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12
Net Sales 1,068 935 731 694 851 Net Sales 566 525 - - -
EBITDA 168 140 82 79 127 EBITDA 206 182 - - -
Interest 1 1 1 1 1 Interest 14 19 - - -
Net Profit/Loss 92 81 45 44 81 Net Profit/Loss 110 99 - - -
Basic EPS (`) 13.5 11.9 6.6 6.9 12.7 Basic EPS (`) 23.1 20.7 - - -
Equity 68.0 68.0 68.0 63.7 63.7 Equity 4.8 4.8 - - -

Rank Rank
155 Banco Products (India) 156 Gabriel India
BSE Code: 500039 Price (`): 200.5 Face Value (`): 2 Book Value (`/Cr): 99.1 BSE Code: 505714 Price (`): 113.9 Face Value (`): 1 Book Value (`/Cr): 26.4
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Standalone Financial Results (`/Cr)
Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12 Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12
Net Sales 1,215 1,186 1,170 1,033 1,029 Net Sales 1,442 1,448 1,292 1,210 1,136
EBITDA 146 155 173 125 132 EBITDA 132 121 96 87 99
Interest 3 8 19 13 9 Interest 2 5 9 12 17
Net Profit/Loss 90 88 90 61 77 Net Profit/Loss 75 60 43 38 53
Basic EPS (`) 12.6 12.3 12.6 8.6 10.7 Basic EPS (`) 5.2 4.2 3.0 2.7 7.4
Equity 14.3 14.3 14.3 14.3 14.3 Equity 14.4 14.4 14.4 14.4 7.2

Rank Rank
157 Kesoram Industries 158 Ramco Industries
BSE Code: 502937 Price (`): 143.0 Face Value (`): 10 Book Value (`/Cr): 33.7 BSE Code: 532369 Price (`): 210.0 Face Value (`): 1 Book Value (`/Cr): 90.4
Last Five Year Standalone Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12 Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12
Net Sales 4,218 4,939 5,205 5,842 6,005 Net Sales 933 906 827 921 822
EBITDA -165 182 411 443 -14 EBITDA 110 91 74 148 157
Interest 678 681 573 514 410 Interest 39 38 36 31 25
Net Profit/Loss 137 -367 -516 -329 -380 Net Profit/Loss 181 90 -3 67 77
Basic EPS (`) 11.7 -33.4 -47.0 -72.0 -83.0 Basic EPS (`) 20.8 10.4 -0.4 7.8 8.9
Equity 117.3 109.8 109.8 45.7 45.7 Equity 8.7 8.7 8.7 8.7 8.7

Rank Rank
159 S H Kelkar & Company 160 VIP Industries
BSE Code: 539450 Price (`): 292.2 Face Value (`): 10 Book Value (`/Cr): 37.8 BSE Code: 507880 Price (`): 148.9 Face Value (`): 2 Book Value (`/Cr): 24.0
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12 Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12
Net Sales 936 860 - - - Net Sales 1,219 1,050 975 877 862
EBITDA 164 142 - - - EBITDA 110 80 83 70 120
Interest 14 19 - - - Interest 1 1 2 5 7
Net Profit/Loss 80 70 - - - Net Profit/Loss 66 47 58 32 68
Basic EPS (`) 5.6 5.3 - - - Basic EPS (`) 4.7 3.3 4.1 2.2 4.8
Equity 144.6 132.3 - - - Equity 28.3 28.3 28.3 28.3 28.3
Note: Book value is in rupees per share Share price data is of Mar 3, 2017
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Financial Snapshot
Rank Rank
161 Zydus Wellness 162 JK Lakshmi Cement
BSE Code: 531335 Price (`): 850.2 Face Value (`): 10 Book Value (`/Cr): 122.1 BSE Code: 500380 Price (`): 407.1 Face Value (`): 5 Book Value (`/Cr): 114.7
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12 Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12
Net Sales 460 458 423 404 340 Net Sales 2,701 2,344 2,101 2,110 1,782
EBITDA 122 127 108 112 86 EBITDA 337 381 346 484 400
Interest 0 0 0 0 0 Interest 199 94 77 84 87
Net Profit/Loss 102 109 96 97 68 Net Profit/Loss 15 103 94 175 109
Basic EPS (`) 26.0 27.9 24.7 24.9 17.3 Basic EPS (`) 1.3 8.8 8.0 14.9 8.9
Equity 39.1 39.1 39.1 39.1 39.1 Equity 58.9 58.9 58.9 58.9 61.2

Rank Rank
163 Bombay Rayon Fashions 164 Hitachi Home & Life Solutions
BSE Code: 532678 Price (`): 158.3 Face Value (`): 10 Book Value (`/Cr): 131.6 BSE Code: 523398 Price (`): 1442.1 Face Value (`): 10 Book Value (`/Cr): 131.6
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Standalone Financial Results (`/Cr)
Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12 Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12
Net Sales 4,313 3,622 3,005 3,322 2,919 Net Sales 1,661 1,580 1,105 932 799
EBITDA 738 562 394 807 710 EBITDA 125 145 53 48 30
Interest 597 558 451 279 223 Interest 10 8 12 7 9
Net Profit/Loss 54 -132 -483 129 167 Net Profit/Loss 50 78 8 15 3
Basic EPS (`) 4.0 -9.8 -35.9 9.6 12.4 Basic EPS (`) 18.4 28.6 3.0 6.7 1.4
Equity 134.6 134.6 134.6 134.6 134.6 Equity 27.2 27.2 27.2 23.0 23.0

Rank Rank
165 Simplex Infrastructures 166 Eros International Media
BSE Code: 523838 Price (`): 300.1 Face Value (`): 2 Book Value (`/Cr): 313.3 BSE Code: 533261 Price (`): 215.7 Face Value (`): 10 Book Value (`/Cr): 158.5
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12 Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12
Net Sales 5,998 6,255 5,656 5,940 6,031 Net Sales 1,604 1,441 1,140 1,074 963
EBITDA 578 634 561 508 477 EBITDA 324 368 305 233 232
Interest 429 393 335 290 231 Interest 34 38 33 9 13
Net Profit/Loss 68 57 58 53 84 Net Profit/Loss 214 247 200 155 148
Basic EPS (`) 13.8 11.6 11.8 10.8 16.9 Basic EPS (`) 23.0 26.7 21.7 16.8 16.1
Equity 9.9 9.9 9.9 9.9 9.9 Equity 93.6 92.5 92.0 91.9 91.7

Rank Rank
167 Gujarat Industries Power Company 168 Coffee Day Enterprises
BSE Code: 517300 Price (`): 105.6 Face Value (`): 10 Book Value (`/Cr): 133.9 BSE Code: 539436 Price (`): 234.3 Face Value (`): 10 Book Value (`/Cr): 22.8
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12 Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12
Net Sales 1,387 1,258 1,408 1,430 - Net Sales 2,894 2,549 2,353 - -
EBITDA 390 469 504 559 - EBITDA 489 443 381 - -
Interest 62 78 88 105 - Interest 314 326 278 - -
Net Profit/Loss 188 126 186 219 - Net Profit/Loss -8 -84 -75 - -
Basic EPS (`) 12.4 8.4 12.3 14.5 - Basic EPS (`) -0.5 -57.4 -52.8 - -
Equity 151.3 151.3 151.3 151.3 - Equity 206.0 14.6 14.3 - -

Rank Rank
169 Omaxe 170 Excel Crop Care
BSE Code: 532880 Price (`): 168.1 Face Value (`): 10 Book Value (`/Cr): 112.3 BSE Code: 532511 Price (`): 1750.0 Face Value (`): 5 Book Value (`/Cr): 289.2
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12 Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12
Net Sales 1,696 1,465 1,653 2,100 1,871 Net Sales 899 1,030 991 785 702
EBITDA 248 268 256 256 257 EBITDA 98 104 108 57 57
Interest 131 144 131 126 132 Interest 3 6 5 13 14
Net Profit/Loss 78 60 79 106 90 Net Profit/Loss 61 63 66 21 15
Basic EPS (`) 4.3 3.3 4.3 6.1 5.2 Basic EPS (`) 55.7 57.5 60.0 19.3 13.4
Equity 182.9 182.9 182.9 173.6 173.6 Equity 5.5 5.5 5.5 5.5 5.5
Note: Book value is in rupees per share Share price data is of Mar 3, 2017
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Rank Rank
171 Accelya Kale Solutions 172 Kewal Kiran Clothing
BSE Code: 532268 Price (`): 1416.1 Face Value (`): 10 Book Value (`/Cr): 132.7 BSE Code: 532732 Price (`): 1775.0 Face Value (`): 10 Book Value (`/Cr): 314.6
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Standalone Financial Results (`/Cr)
Particulars Jun-16 Jun-15 Jun-14 Jun-13 Jun-12 Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12
Net Sales 345 309 322 309 230 Net Sales 464 416 378 315 314
EBITDA 137 121 142 135 68 EBITDA 111 104 105 86 85
Interest 1 0 0 1 1 Interest 3 3 3 3 3
Net Profit/Loss 83 67 86 84 41 Net Profit/Loss 68 66 67 53 52
Basic EPS (`) 55.6 45.2 57.8 56.5 27.3 Basic EPS (`) 55.1 53.8 54.4 43.3 42.3
Equity 14.9 14.9 14.9 14.9 14.9 Equity 12.3 12.3 12.3 12.3 12.3

Rank Rank
173 Clariant Chemicals (India) 174 Rane Holdings
BSE Code: 506390 Price (`): 657.1 Face Value (`): 10 Book Value (`/Cr): 208.8 BSE Code: 505800 Price (`): 863.2 Face Value (`): 10 Book Value (`/Cr): 413.8
Last Five Year Standalone Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-16 Mar-15 Dec-14 Dec-13 Dec-12 Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12
Net Sales 1,220 1,060 1,266 1,115 1,001 Net Sales 2,431 2,233 1,946 1,961 1,882
EBITDA 100 38 139 156 173 EBITDA 255 243 216 179 234
Interest 1 1 2 1 1 Interest 45 46 43 34 37
Net Profit/Loss 53 943 167 101 304 Net Profit/Loss 66 71 43 38 101
Basic EPS (`) 22.9 353.8 62.6 38.0 114.0 Basic EPS (`) 45.9 49.7 30.4 26.9 71.0
Equity 23.1 26.7 26.7 26.7 26.7 Equity 14.3 14.3 14.3 14.3 14.3

Rank Rank
175 Hindustan Construction Company 176 Just Dial
BSE Code: 500185 Price (`): 39.3 Face Value (`): 1 Book Value (`/Cr): 9.0 BSE Code: 535648 Price (`): 535.7 Face Value (`): 10 Book Value (`/Cr): 95.5
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12 Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12
Net Sales 8,853 10,415 9,843 8,626 8,247 Net Sales 749 639 501 - -
EBITDA 1,303 1,302 1,026 569 512 EBITDA 171 215 182 - -
Interest 1,355 1,280 1,091 900 833 Interest 0 0 0 - -
Net Profit/Loss -318 -159 -277 -482 -530 Net Profit/Loss 142 139 121 - -
Basic EPS (`) -4.1 -2.5 -4.6 -8.0 -8.7 Basic EPS (`) 20.1 19.7 17.2 - -
Equity 77.9 64.6 60.7 60.7 60.7 Equity 69.5 70.5 70.2 - -

Rank Rank
177 Himachal Futuristic Communications 178 Jindal Stainless (Hisar)
BSE Code: 500183 Price (`): 13.6 Face Value (`): 1 Book Value (`/Cr): 8.1 BSE Code: 539597 Price (`): 117.2 Face Value (`): 2 Book Value (`/Cr): 25.8
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12 Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12
Net Sales 2,646 2,711 2,133 714 301 Net Sales 7,312 8,221 - - -
EBITDA 275 390 268 168 46 EBITDA 858 770 - - -
Interest 48 44 44 86 88 Interest 495 475 - - -
Net Profit/Loss 126 324 475 56 -67 Net Profit/Loss 25 -8 - - -
Basic EPS (`) 1.0 2.6 3.7 0.5 -0.5 Basic EPS (`) 1.1 -0.4 - - -
Equity 123.9 123.9 123.9 123.9 123.9 Equity 46.2 45.3 - - -

Rank Rank
179 Supreme Petrochem 180 Crompton Greaves
BSE Code: 500405 Price (`): 269.4 Face Value (`): 10 Book Value (`/Cr): 43.0 BSE Code: 500093 Price (`): 67.5 Face Value (`): 2 Book Value (`/Cr): 73.3
Last Five Year Standalone Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-16 Jun-15 Jun-14 Jun-13 Jun-12 Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12
Net Sales 2,071 2,656 3,270 2,973 2,279 Net Sales 5,717 14,180 13,692 12,194 11,311
EBITDA 106 97 96 162 103 EBITDA 479 809 893 483 866
Interest 5 17 23 24 32 Interest 81 144 137 95 57
Net Profit/Loss 56 36 31 73 31 Net Profit/Loss -396 209 244 -36 374
Basic EPS (`) 5.8 3.7 3.2 7.5 3.2 Basic EPS (`) -6.3 3.3 3.9 -0.6 5.8
Equity 96.5 96.5 96.5 96.8 96.8 Equity 125.4 125.4 125.4 128.3 128.3
Note: Book value is in rupees per share Share price data is of Mar 3, 2017
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Financial Snapshot
Rank Rank
181 Maharashtra Scooters 182 Polaris Consulting & Services
BSE Code: 500266 Price (`): 1711.2 Face Value (`): 10 Book Value (`/Cr): 273.0 BSE Code: 532254 Price (`): 177.2 Face Value (`): 5 Book Value (`/Cr): 94.8
Last Five Year Standalone Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12 Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12
Net Sales 117 70 58 60 55 Net Sales 2,053 1,934 2,456 2,293 2,101
EBITDA 102 58 49 50 38 EBITDA 268 266 274 299 332
Interest 0 0 0 0 0 Interest 0 0 2 2 2
Net Profit/Loss 101 55 48 49 -6 Net Profit/Loss 127 167 199 201 221
Basic EPS (`) 88.4 47.9 41.7 42.7 -5.7 Basic EPS (`) 12.5 16.7 20.0 20.2 22.2
Equity 11.4 11.4 11.4 11.4 11.4 Equity 50.7 50.0 49.8 49.8 49.7

Rank Rank
183 KCP 184 KNR Constructions
BSE Code: 590066 Price (`): 100.7 Face Value (`): 1 Book Value (`/Cr): 47.7 BSE Code: 532942 Price (`): 179.3 Face Value (`): 10 Book Value (`/Cr): 325.3
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12 Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12
Net Sales 1,301 1,202 1,081 1,217 1,061 Net Sales 1,038 944 912 783 903
EBITDA 242 182 148 188 236 EBITDA 174 140 149 135 143
Interest 52 51 46 40 42 Interest 56 13 18 12 12
Net Profit/Loss 93 50 34 65 106 Net Profit/Loss 126 70 60 49 47
Basic EPS (`) 7.2 3.9 2.6 4.9 8.0 Basic EPS (`) 44.9 24.8 21.5 17.5 16.6
Equity 12.9 12.9 12.9 12.9 12.9 Equity 28.1 28.1 28.1 28.1 28.1

Rank Rank
185 Suven Life Sciences 186 Shoppers Stop
BSE Code: 530239 Price (`): 170.1 Face Value (`): 1 Book Value (`/Cr): 49.0 BSE Code: 532638 Price (`): 324.6 Face Value (`): 5 Book Value (`/Cr): 62.9
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12 Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12
Net Sales 519 529 - - - Net Sales 4,599 4,292 3,777 3,184 2,795
EBITDA 114 168 - - - EBITDA 215 281 140 103 111
Interest 5 5 - - - Interest 87 78 65 55 42
Net Profit/Loss 67 109 - - - Net Profit/Loss 2 42 -8 -11 19
Basic EPS (`) 5.2 8.5 - - - Basic EPS (`) 0.3 5.1 -1.0 -1.4 2.3
Equity 12.7 12.7 - - - Equity 41.7 41.7 41.6 41.5 41.3

Rank Rank
187 Jaiprakash Associates 188 Lux Industries
BSE Code: 532532 Price (`): 15.0 Face Value (`): 2 Book Value (`/Cr): 46.9 BSE Code: 539542 Price (`): 666.3 Face Value (`): 2 Book Value (`/Cr): 72.5
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Standalone Financial Results (`/Cr)
Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12 Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12
Net Sales 17,407 19,812 19,976 19,129 15,120 Net Sales 941 909 871 692 548
EBITDA 4,750 6,280 6,518 6,922 5,712 EBITDA 95 81 70 45 33
Interest 7,515 7,229 6,094 4,569 3,134 Interest 12 18 17 11 8
Net Profit/Loss -3,345 -1,735 -825 462 633 Net Profit/Loss 51 45 31 20 14
Basic EPS (`) -13.8 -7.1 -3.7 2.1 3.0 Basic EPS (`) 101.7 89.6 62.1 40.3 28.0
Equity 486.5 486.5 443.8 443.8 425.3 Equity 5.3 5.3 5.3 5.3 5.3

Rank Rank
189 Radico Khaitan 190 Vesuvius India
BSE Code: 532497 Price (`): 127.5 Face Value (`): 2 Book Value (`/Cr): 67.4 BSE Code: 520113 Price (`): 1200.0 Face Value (`): 10 Book Value (`/Cr): 244.9
Last Five Year Standalone Financial Results (`/Cr) Last Five Year Standalone Financial Results (`/Cr)
Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12 Particulars Dec-15 Dec-14 Dec-13 Dec-12 Dec-11
Net Sales 1,581 1,533 1,488 1,289 1,165 Net Sales 710 661 607 566 545
EBITDA 233 215 230 215 193 EBITDA 136 109 117 99 99
Interest 85 90 85 70 61 Interest 0 0 0 0 1
Net Profit/Loss 77 68 71 77 64 Net Profit/Loss 74 59 65 56 55
Basic EPS (`) 5.8 5.1 5.4 5.8 4.8 Basic EPS (`) 36.3 29.2 32.1 27.5 27.2
Equity 26.6 26.6 26.6 26.6 26.5 Equity 20.3 20.3 20.3 20.3 20.3
Note: Book value is in rupees per share Share price data is of Mar 3, 2017
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Rank Rank
191 Videocon Industries 192 Srikalahasthi Pipes
BSE Code: 511389 Price (`): 103.1 Face Value (`): 10 Book Value (`/Cr): 241.9 BSE Code: 513605 Price (`): 324.1 Face Value (`): 10 Book Value (`/Cr): 113.7
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Standalone Financial Results (`/Cr)
Particulars Dec-15 Dec-14 Dec-13 Dec-12 Dec-11 Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12
Net Sales 14,326 34,571 19,696 13,553 14,911 Net Sales 1,163 1,092 997 874 795
EBITDA 2,014 13,996 1,099 1,300 2,206 EBITDA 284 194 124 61 74
Interest 3,191 4,972 4,078 1,556 1,089 Interest 42 44 55 60 58
Net Profit/Loss -2,186 5,120 -2,826 -1,364 -297 Net Profit/Loss 159 83 39 -13 -4
Basic EPS (`) -65.4 153.1 -88.7 -45.1 -10.0 Basic EPS (`) 39.9 20.9 9.7 -3.3 -1.0
Equity 334.5 334.5 318.8 303.0 302.0 Equity 39.8 39.8 39.8 39.8 39.8

Rank Rank
193 Hindustan Media Ventures 194 United Bank of India
BSE Code: 533217 Price (`): 268.5 Face Value (`): 10 Book Value (`/Cr): 125.2 BSE Code: 533171 Price (`): 24.5 Face Value (`): 10 Book Value (`/Cr): 48.0
Last Five Year Standalone Financial Results (`/Cr) Last Five Year Standalone Financial Results (`/Cr)
Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12 Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12
Net Sales 979 875 760 665 617 Net Sales 11,404 11,927 11,806 10,318 8,694
EBITDA 278 223 182 141 114 EBITDA 9,571 10,183 10,167 8,875 7,380
Interest 11 11 6 5 3 Interest 7,656 7,650 8,036 6,764 5,482
Net Profit/Loss 181 141 111 85 65 Net Profit/Loss -282 256 -1,213 392 633
Basic EPS (`) 24.6 19.2 15.2 11.5 8.9 Basic EPS (`) -3.4 3.1 -21.9 8.6 15.4
Equity 73.4 73.4 73.4 73.4 73.4 Equity 839.5 839.5 1,354.0 1,174.0 1,161.0

Rank Rank
195 Network 18 Media & Investments 196 Entertainment Network (India)
BSE Code: 532798 Price (`): 37.2 Face Value (`): 5 Book Value (`/Cr): 15.1 BSE Code: 532700 Price (`): 834.5 Face Value (`): 10 Book Value (`/Cr): 161.3
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12 Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12
Net Sales 3,495 3,191 2,750 2,488 2,077 Net Sales 534 471 407 357 323
EBITDA 179 218 137 43 -165 EBITDA 184 178 147 122 112
Interest 95 113 122 272 271 Interest 0 0 0 0 0
Net Profit/Loss -35 -1,060 -37 -105 -393 Net Profit/Loss 100 106 84 68 56
Basic EPS (`) -0.3 -10.1 -0.4 -1.0 -27.5 Basic EPS (`) 21.0 22.2 17.5 14.3 11.8
Equity 523.5 523.4 523.3 677.5 225.7 Equity 47.7 47.7 47.7 47.7 47.7

Rank Rank
197 GIC Housing Finance 198 Wheels India
BSE Code: 511676 Price (`): 298.7 Face Value (`): 10 Book Value (`/Cr): 135.9 BSE Code: 590073 Price (`): 1239.8 Face Value (`): 10 Book Value (`/Cr): 339.2
Last Five Year Standalone Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12 Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12
Net Sales 876 733 625 554 436 Net Sales 2,018 - - - -
EBITDA 837 666 555 488 388 EBITDA 174 - - - -
Interest 601 509 419 373 311 Interest 58 - - - -
Net Profit/Loss 125 103 98 85 59 Net Profit/Loss 41 - - - -
Basic EPS (`) 23.1 19.1 18.1 15.8 11.0 Basic EPS (`) 34.2 - - - -
Equity 53.9 53.9 53.9 53.9 53.9 Equity 12.0 - - - -

Rank Rank
199 Jamna Auto Industries 200 KSB Pumps
BSE Code: 520051 Price (`): 206.6 Face Value (`): 5 Book Value (`/Cr): 30.4 BSE Code: 500249 Price (`): 616.3 Face Value (`): 10 Book Value (`/Cr): 173.2
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12 Particulars Dec-15 Dec-14 Dec-13 Dec-12 Dec-11
Net Sales 1,264 1,097 836 982 1,122 Net Sales 845 827 745 738 0
EBITDA 166 97 50 88 106 EBITDA 130 124 115 107 0
Interest 15 18 24 27 19 Interest 2 2 3 5 0
Net Profit/Loss 72 29 14 28 42 Net Profit/Loss 69 68 67 64 0
Basic EPS (`) 9.0 1.9 1.7 3.5 4.8 Basic EPS (`) 19.8 19.7 19.2 18.3 0.0
Equity 39.7 39.6 41.2 43.0 42.9 Equity 34.8 34.8 34.8 34.8 0.0
Note: Book value is in rupees per share Share price data is of Mar 3, 2017
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Financial Snapshot
Rank Rank
201 McLeod Russel (India) 202 VST Tillers Tractors
BSE Code: 532654 Price (`): 172.0 Face Value (`): 5 Book Value (`/Cr): 140.6 BSE Code: 531266 Price (`): 1818.3 Face Value (`): 10 Book Value (`/Cr): 485.6
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Standalone Financial Results (`/Cr)
Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12 Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12
Net Sales 2,016 1,691 1,833 1,703 1,486 Net Sales 659 563 633 484 535
EBITDA 257 174 397 416 430 EBITDA 125 112 128 74 77
Interest 110 72 60 51 57 Interest 3 2 2 1 1
Net Profit/Loss 37 31 257 274 288 Net Profit/Loss 74 70 83 49 50
Basic EPS (`) 3.4 2.9 23.5 25.0 26.3 Basic EPS (`) 85.8 80.5 96.0 56.2 57.8
Equity 54.7 54.7 54.7 54.7 54.7 Equity 8.6 8.6 8.6 8.6 8.6

Rank Rank
203 SML Isuzu 204 Indian Hume Pipe Company
BSE Code: 505192 Price (`): 1248.4 Face Value (`): 10 Book Value (`/Cr): 235.0 BSE Code: 504741 Price (`): 390.4 Face Value (`): 2 Book Value (`/Cr): 126.6
Last Five Year Standalone Financial Results (`/Cr) Last Five Year Standalone Financial Results (`/Cr)
Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12 Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12
Net Sales 1,173 1,114 886 1,011 1,034 Net Sales 942 1,019 823 701 516
EBITDA 93 74 36 79 84 EBITDA 100 119 80 66 38
Interest 5 6 6 19 11 Interest 45 48 34 25 24
Net Profit/Loss 51 37 17 36 42 Net Profit/Loss 29 42 24 23 16
Basic EPS (`) 35.4 25.5 12.0 25.2 28.9 Basic EPS (`) 12.0 17.2 9.9 9.4 6.6
Equity 14.5 14.5 14.5 14.5 14.5 Equity 4.8 4.8 4.8 4.8 4.8

Rank Rank
205 Dena Bank 206 LT Foods
BSE Code: 532121 Price (`): 37.7 Face Value (`): 10 Book Value (`/Cr): 107.1 BSE Code: 532783 Price (`): 53.4 Face Value (`): 10 Book Value (`/Cr): 200.7
Last Five Year Standalone Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12 Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12
Net Sales 11,363 11,485 10,895 9,555 7,376 Net Sales 2,980 2,780 2,493 2,230 1,436
EBITDA 9,179 9,711 9,302 8,296 6,257 EBITDA 362 309 282 238 177
Interest 8,169 8,316 7,473 6,516 4,693 Interest 148 151 113 117 107
Net Profit/Loss -935 265 552 810 803 Net Profit/Loss 72 72 78 56 -2
Basic EPS (`) -14.0 4.7 10.3 23.2 22.9 Basic EPS (`) 27.2 27.4 29.8 21.4 -0.8
Equity 666.9 561.2 537.8 350.1 350.1 Equity 26.7 26.5 26.3 26.2 26.1

Rank Rank
207 Rolta India 208 Jaiprakash Power Ventures
BSE Code: 500366 Price (`): 61.6 Face Value (`): 10 Book Value (`/Cr): 90.4 BSE Code: 532627 Price (`): 5.8 Face Value (`): 10 Book Value (`/Cr): 20.8
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12 Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12
Net Sales 3,838 3,710 2,507 2,218 1,865 Net Sales 4,191 4,225 2,914 2,497 1,686
EBITDA 1,152 1,307 811 913 843 EBITDA 2,550 2,864 2,074 1,997 1,552
Interest 477 401 248 222 114 Interest 2,499 2,189 1,524 1,213 859
Net Profit/Loss 189 245 284 -839 242 Net Profit/Loss -291 151 33 351 401
Basic EPS (`) 11.6 15.2 17.6 -52.0 15.0 Basic EPS (`) -1.0 0.5 0.1 1.2 1.5
Equity 162.7 161.3 161.3 161.3 161.3 Equity 2,938.0 2,938.0 2,938.0 2,938.0 2,624.8

Rank Rank
209 La Opala RG 210 Swaraj Engines
BSE Code: 526947 Price (`): 518.9 Face Value (`): 2 Book Value (`/Cr): 41.8 BSE Code: 500407 Price (`): 1398.5 Face Value (`): 10 Book Value (`/Cr): 172.3
Last Five Year Standalone Financial Results (`/Cr) Last Five Year Standalone Financial Results (`/Cr)
Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12 Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12
Net Sales 251 224 179 155 115 Net Sales 542 556 626 494 460
EBITDA 88 67 51 42 27 EBITDA 90 91 108 87 81
Interest 1 1 3 4 4 Interest 0 0 0 0 0
Net Profit/Loss 59 42 30 23 13 Net Profit/Loss 51 52 67 55 53
Basic EPS (`) 10.6 7.5 28.3 21.6 11.9 Basic EPS (`) 41.2 41.7 54.0 44.6 42.5
Equity 11.1 11.1 10.6 10.6 10.6 Equity 12.4 12.4 12.4 12.4 12.4
Note: Book value is in rupees per share Share price data is of Mar 3, 2017
60 DALAL STREET INVESTMENT JOURNAL I APR 3 - 16, 2017 DSIJ.in
 250
SUPER
MID-CAPS
Rank Rank
211 Future Consumer Enterprises 212 Ingersoll-Rand (India)
BSE Code: 533400 Price (`): 27.2 Face Value (`): 6 Book Value (`/Cr): 4.0 BSE Code: 500210 Price (`): 691.5 Face Value (`): 10 Book Value (`/Cr): 315.7
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Standalone Financial Results (`/Cr)
Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12 Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12
Net Sales 1,781 1,347 937 960 860 Net Sales 713 716 641 649 661
EBITDA 3 -16 29 -18 24 EBITDA 98 105 108 117 129
Interest 61 32 5 17 24 Interest 0 2 1 1 0
Net Profit/Loss -113 -103 -7 -56 -42 Net Profit/Loss 62 66 67 78 83
Basic EPS (`) -0.7 -0.6 0.0 -0.4 -0.3 Basic EPS (`) 19.7 21.0 21.2 24.7 26.2
Equity 994.5 994.3 958.8 945.8 1,576.2 Equity 31.6 31.6 31.6 31.6 31.6

Rank Rank
213 Praj Industries 214 Deepak Nitrite
BSE Code: 522205 Price (`): 82.3 Face Value (`): 2 Book Value (`/Cr): 37.1 BSE Code: 506401 Price (`): 122.3 Face Value (`): 2 Book Value (`/Cr): 40.6
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12 Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12
Net Sales 1,030 1,046 1,010 950 1,047 Net Sales 1,375 1,329 - - -
EBITDA 125 127 102 116 137 EBITDA 168 141 - - -
Interest 1 2 1 2 1 Interest 40 38 - - -
Net Profit/Loss 69 76 55 68 68 Net Profit/Loss 63 53 - - -
Basic EPS (`) 3.9 4.3 3.1 3.8 3.8 Basic EPS (`) 5.4 5.1 - - -
Equity 35.6 35.5 35.5 35.5 35.9 Equity 23.3 20.9 - - -

Rank Rank
215 KEI Industries 216 Inox Leisure
BSE Code: 517569 Price (`): 173.4 Face Value (`): 2 Book Value (`/Cr): 47.4 BSE Code: 532706 Price (`): 236.9 Face Value (`): 10 Book Value (`/Cr): 78.2
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12 Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12
Net Sales 2,357 2,033 - - - Net Sales 1,337 1,025 - - -
EBITDA 243 169 - - - EBITDA 190 131 - - -
Interest 127 121 - - - Interest 24 39 - - -
Net Profit/Loss 63 34 - - - Net Profit/Loss 77 20 - - -
Basic EPS (`) 8.1 4.5 - - - Basic EPS (`) 8.4 2.1 - - -
Equity 15.5 15.5 - - - Equity 96.2 96.2 - - -

Rank Rank
217 Jindal Stainless 218 JBF Industries
BSE Code: 532508 Price (`): 58.7 Face Value (`): 2 Book Value (`/Cr): -15.7 BSE Code: 514034 Price (`): 250.7 Face Value (`): 10 Book Value (`/Cr): 202.2
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12 Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12
Net Sales 7,488 7,002 12,914 11,340 8,823 Net Sales 8,897 8,925 8,609 7,501 7,305
EBITDA 691 423 1,055 744 1,006 EBITDA 715 847 628 603 545
Interest 1,038 942 1,295 1,043 570 Interest 536 451 345 252 190
Net Profit/Loss -790 253 -1,368 -841 -180 Net Profit/Loss -182 31 6 113 223
Basic EPS (`) -34.5 11.2 -63.5 -41.2 -9.5 Basic EPS (`) -26.5 4.3 0.4 15.3 30.9
Equity 46.2 46.2 46.2 40.8 37.9 Equity 96.8 80.4 80.2 183.0 160.4

Rank Rank
219 Lumax Industries 220 Aarti Drugs
BSE Code: 517206 Price (`): 1351.0 Face Value (`): 10 Book Value (`/Cr): 210.2 BSE Code: 524348 Price (`): 590.0 Face Value (`): 10 Book Value (`/Cr): 147.6
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12 Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12
Net Sales 1,259 - - - - Net Sales 1,140 1,098 - - -
EBITDA 92 - - - - EBITDA 176 170 - - -
Interest 13 - - - - Interest 44 39 - - -
Net Profit/Loss 52 - - - - Net Profit/Loss 69 77 - - -
Basic EPS (`) 55.7 - - - - Basic EPS (`) 28.4 31.9 - - -
Equity 9.4 - - - - Equity 24.2 24.2 - - -
Note: Book value is in rupees per share Share price data is of Mar 3, 2017
DSIJ.in APR 3 - 16, 2017 I DALAL STREET INVESTMENT JOURNAL 61
Financial Snapshot
Rank Rank
221 Ahluwalia Contracts (India) 222 Eveready Industries India
BSE Code: 532811 Price (`): 318.8 Face Value (`): 2 Book Value (`/Cr): 62.9 BSE Code: 531508 Price (`): 244.0 Face Value (`): 5 Book Value (`/Cr): 90.7
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12 Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12
Net Sales 1,263 1,072 973 1,448 1,458 Net Sales 1,331 1,283 1,162 1,045 1,115
EBITDA 161 126 48 -15 33 EBITDA 129 128 99 75 57
Interest 35 39 39 37 31 Interest 31 34 41 40 38
Net Profit/Loss 84 64 22 -71 -46 Net Profit/Loss 51 49 14 5 -88
Basic EPS (`) 12.6 9.6 3.5 -11.4 -7.4 Basic EPS (`) 7.0 6.7 1.9 0.7 -12.1
Equity 13.4 13.4 12.6 12.6 12.6 Equity 36.3 36.3 36.3 36.3 36.3

Rank Rank
223 Mahindra Lifespace Developers 224 Tata Metaliks
BSE Code: 532313 Price (`): 346.0 Face Value (`): 10 Book Value (`/Cr): 381.0 BSE Code: 513434 Price (`): 498.6 Face Value (`): 10 Book Value (`/Cr): 36.8
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12 Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12
Net Sales 877 1,148 756 772 728 Net Sales 1,303 1,423 1,426 1,031 1,259
EBITDA 218 486 221 276 218 EBITDA 220 206 97 9 -104
Interest 51 51 50 31 21 Interest 38 41 43 39 40
Net Profit/Loss 93 266 101 141 119 Net Profit/Loss 123 109 9 -87 -113
Basic EPS (`) 22.7 64.9 24.6 34.6 29.2 Basic EPS (`) 46.6 43.2 3.8 -34.5 -44.9
Equity 41.0 41.0 40.9 40.8 40.8 Equity 125.3 125.3 125.3 125.3 125.3

Rank Rank
225 Alstom India 226 Igarashi Motors India
BSE Code: 532309 Price (`): 589.8 Face Value (`): 10 Book Value (`/Cr): 138.1 BSE Code: 517380 Price (`): 793.3 Face Value (`): 10 Book Value (`/Cr): 96.2
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Standalone Financial Results (`/Cr)
Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12 Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12
Net Sales 1,855 2,249 2,696 2,884 1,929 Net Sales 459 402 371 293 270
EBITDA -52 292 268 339 235 EBITDA 121 96 77 55 43
Interest 4 1 4 2 1 Interest 5 6 11 12 14
Net Profit/Loss -79 177 231 184 168 Net Profit/Loss 64 49 46 21 17
Basic EPS (`) -11.8 26.3 34.3 27.3 25.0 Basic EPS (`) 20.8 16.0 15.2 10.5 8.1
Equity 67.2 67.2 67.2 67.2 67.2 Equity 30.6 30.6 30.5 20.4 20.4

Rank Rank
227 Responsive Industries 228 Manpasand Beverages
BSE Code: 505509 Price (`): 101.9 Face Value (`): 1 Book Value (`/Cr): 32.3 BSE Code: 539207 Price (`): 740.8 Face Value (`): 10 Book Value (`/Cr): 120.2
Last Five Year Standalone Financial Results (`/Cr) Last Five Year Standalone Financial Results (`/Cr)
Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12 Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12
Net Sales 1,849 1,535 1,857 1,522 1,074 Net Sales 566 360 294 241 86
EBITDA 182 196 198 172 129 EBITDA 120 65 46 39 14
Interest 26 26 29 28 6 Interest 6 11 8 4 3
Net Profit/Loss 18 33 51 47 49 Net Profit/Loss 51 30 21 22 6
Basic EPS (`) 0.7 1.2 1.9 1.8 1.8 Basic EPS (`) 10.1 8.0 8.2 8.9 2.4
Equity 26.7 26.7 26.7 26.7 26.7 Equity 50.1 37.6 3.4 3.4 3.4

Rank Rank
229 Ashiana Housing 230 Merck
BSE Code: 523716 Price (`): 177.5 Face Value (`): 2 Book Value (`/Cr): 63.1 BSE Code: 500126 Price (`): 1001.8 Face Value (`): 10 Book Value (`/Cr): 356.4
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Standalone Financial Results (`/Cr)
Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12 Particulars Dec-15 Dec-14 Dec-13 Dec-12 Dec-11
Net Sales 536 164 123 161 249 Net Sales 963 888 819 707 602
EBITDA 151 59 32 48 90 EBITDA 107 79 98 126 89
Interest 3 2 2 3 3 Interest 0 0 0 0 0
Net Profit/Loss 129 46 22 33 70 Net Profit/Loss 54 43 56 78 64
Basic EPS (`) 12.6 4.5 2.4 17.8 37.4 Basic EPS (`) 32.3 26.0 33.7 47.2 38.4
Equity 20.5 20.5 18.6 18.6 18.6 Equity 16.6 16.6 16.6 16.6 16.6
Note: Book value is in rupees per share Share price data is of Mar 3, 2017
62 DALAL STREET INVESTMENT JOURNAL I APR 3 - 16, 2017 DSIJ.in
 250
SUPER
MID-CAPS
Rank Rank
231 Linde India 232 Sona Koyo Steering Systems
BSE Code: 523457 Price (`): 377.0 Face Value (`): 10 Book Value (`/Cr): 163.2 BSE Code: 520057 Price (`): 81.6 Face Value (`): 1 Book Value (`/Cr): 17.5
Last Five Year Standalone Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Dec-15 Dec-14 Dec-13 Dec-12 Dec-11 Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12
Net Sales 1,598 1,502 1,437 1,328 1,166 Net Sales 1,534 1,558 1,532 1,469 1,424
EBITDA 261 288 270 207 246 EBITDA 210 221 218 174 178
Interest 90 103 74 40 1 Interest 32 31 39 41 46
Net Profit/Loss 23 5 77 89 122 Net Profit/Loss 37 38 68 38 49
Basic EPS (`) 2.8 0.6 9.1 10.5 14.3 Basic EPS (`) 1.9 1.9 3.4 1.9 2.5
Equity 85.3 85.3 85.3 85.3 85.3 Equity 19.9 19.9 19.9 19.9 19.9

Rank Rank
233 Asian Star Company 234 Heidelberg Cement India
BSE Code: 531847 Price (`): 690.0 Face Value (`): 10 Book Value (`/Cr): 438.1 BSE Code: 500292 Price (`): 115.4 Face Value (`): 10 Book Value (`/Cr): 39.6
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Standalone Financial Results (`/Cr)
Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12 Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12
Net Sales 3,301 3,223 3,252 2,464 1,835 Net Sales 1,671 2,058 1,216 1,114 1,000
EBITDA 128 139 132 92 77 EBITDA 253 336 109 88 78
Interest 20 27 26 22 15 Interest 109 139 106 11 4
Net Profit/Loss 73 82 78 48 41 Net Profit/Loss 39 60 -41 31 29
Basic EPS (`) 45.3 51.2 48.7 29.8 38.8 Basic EPS (`) 1.7 2.6 -1.8 1.4 1.3
Equity 16.0 16.0 16.0 16.0 10.7 Equity 226.6 226.6 226.6 226.6 226.6

Rank Rank
235 Borosil Glass Works 236 Kirloskar Brothers
BSE Code: 502219 Price (`): 6722.9 Face Value (`): 10 Book Value (`/Cr): 2474.4 BSE Code: 500241 Price (`): 246.4 Face Value (`): 2 Book Value (`/Cr): 121.7
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12 Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12
Net Sales 473 392 197 - - Net Sales 2,625 2,745 2,694 2,628 2,603
EBITDA 102 96 50 - - EBITDA 96 208 228 215 194
Interest 4 2 1 - - Interest 52 50 51 55 73
Net Profit/Loss 55 49 39 - - Net Profit/Loss -33 41 64 66 49
Basic EPS (`) 236.3 164.5 130.7 - - Basic EPS (`) -4.2 5.2 8.1 8.3 6.2
Equity 2.3 3.0 3.0 - - Equity 15.9 15.9 15.9 15.9 15.9

Rank Rank
237 Maharashtra Seamless 238 Religare Enterprises
BSE Code: 500265 Price (`): 355.0 Face Value (`): 5 Book Value (`/Cr): 338.4 BSE Code: 532915 Price (`): 231.1 Face Value (`): 10 Book Value (`/Cr): 215.1
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Standalone Financial Results (`/Cr)
Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12 Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12
Net Sales 1,083 1,429 1,272 1,800 2,378 Net Sales 126 115 277 221 57
EBITDA 31 180 154 242 469 EBITDA 119 104 185 92 -172
Interest 28 20 6 7 6 Interest 110 194 223 35 6
Net Profit/Loss 9 118 102 152 308 Net Profit/Loss 84 -104 -130 -761 -816
Basic EPS (`) 1.3 17.1 14.9 21.6 43.7 Basic EPS (`) 4.7 -5.8 -8.7 -50.9 -54.7
Equity 242.5 171.2 34.1 35.3 35.3 Equity 203.3 203.3 206.0 206.0 205.0

Rank Rank
239 Sanghvi Movers 240 Federal-Mogul Goetze (India)
BSE Code: 530073 Price (`): 239.5 Face Value (`): 2 Book Value (`/Cr): 178.2 BSE Code: 505744 Price (`): 493.1 Face Value (`): 10 Book Value (`/Cr): 93.2
Last Five Year Standalone Financial Results (`/Cr) Last Five Year Standalone Financial Results (`/Cr)
Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12 Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12
Net Sales 539 316 250 347 471 Net Sales 1,363 1,574 1,160 1,201 1,166
EBITDA 362 186 142 240 336 EBITDA 175 174 123 84 140
Interest 54 43 46 63 77 Interest 28 37 27 30 24
Net Profit/Loss 117 8 -15 41 102 Net Profit/Loss 44 31 21 -16 37
Basic EPS (`) 27.0 1.9 -3.4 9.5 23.5 Basic EPS (`) 7.9 5.6 3.7 -2.9 6.7
Equity 8.7 8.7 8.7 8.7 8.7 Equity 55.6 55.6 55.6 55.6 55.6
Note: Book value is in rupees per share Share price data is of Mar 3, 2017
DSIJ.in APR 3 - 16, 2017 I DALAL STREET INVESTMENT JOURNAL 63
Financial Snapshot
Rank Rank
241 Gayatri Projects 242 Hawkins Cookers
BSE Code: 532767 Price (`): 139.3 Face Value (`): 10 Book Value (`/Cr): 208.2 BSE Code: 508486 Price (`): 2856.8 Face Value (`): 10 Book Value (`/Cr): 115.5
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Standalone Financial Results (`/Cr)
Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12 Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12
Net Sales 1,634 1,509 1,600 1,980 2,206 Net Sales 548 518 462 430 371
EBITDA 409 350 337 414 318 EBITDA 71 55 63 56 50
Interest 285 265 269 270 221 Interest 3 4 4 3 3
Net Profit/Loss 1 -32 -65 10 6 Net Profit/Loss 40 32 38 34 30
Basic EPS (`) 0.4 -10.5 -21.5 3.2 2.3 Basic EPS (`) 76.3 60.7 72.4 64.5 56.9
Equity 35.5 30.2 30.2 30.2 24.0 Equity 5.3 5.3 5.3 5.3 5.3

Rank Rank
243 Thyrocare Technologies 244 JK Paper
BSE Code: 539871 Price (`): 691.1 Face Value (`): 10 Book Value (`/Cr): 63.4 BSE Code: 532162 Price (`): 88.5 Face Value (`): 10 Book Value (`/Cr): 57.7
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12 Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12
Net Sales 248 183 - - - Net Sales 2,472 2,169 1,751 1,470 1,350
EBITDA 94 60 - - - EBITDA 408 267 153 150 176
Interest 0 0 - - - Interest 200 205 129 54 51
Net Profit/Loss 52 44 - - - Net Profit/Loss 73 -18 -75 38 49
Basic EPS (`) 10.1 9.1 - - - Basic EPS (`) 5.1 -1.4 -5.5 2.8 3.6
Equity 53.7 50.5 - - - Equity 148.5 136.6 136.6 136.6 136.6

Rank Rank
245 Mayur Uniquoters 246 Bliss GVS Pharma
BSE Code: 522249 Price (`): 356.5 Face Value (`): 5 Book Value (`/Cr): 73.9 BSE Code: 506197 Price (`): 152.4 Face Value (`): 1 Book Value (`/Cr): 40.7
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12 Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12
Net Sales 501 - - - - Net Sales 571 427 373 411 283
EBITDA 136 - - - - EBITDA 155 124 99 125 87
Interest 3 - - - - Interest 18 16 18 10 4
Net Profit/Loss 77 - - - - Net Profit/Loss 82 60 41 58 53
Basic EPS (`) 16.0 - - - - Basic EPS (`) 8.0 5.8 4.0 5.6 5.1
Equity 23.1 - - - - Equity 10.3 10.3 10.3 10.3 10.3

Rank Rank
247 Orient Refractories 248 Forbes & Company
BSE Code: 534076 Price (`): 133.4 Face Value (`): 1 Book Value (`/Cr): 18.8 BSE Code: 502865 Price (`): 1749.8 Face Value (`): 10 Book Value (`/Cr): 314.4
Last Five Year Standalone Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12 Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12
Net Sales 464 457 408 362 305 Net Sales 3,853 3,605 3,132 2,031 1,798
EBITDA 91 85 83 69 53 EBITDA 150 204 218 127 145
Interest 0 0 0 2 4 Interest 98 91 79 32 42
Net Profit/Loss 56 53 53 41 31 Net Profit/Loss -38 32 40 86 51
Basic EPS (`) 4.7 4.4 4.4 3.5 2.6 Basic EPS (`) -30.5 24.7 30.1 65.9 40.0
Equity 12.0 12.0 12.0 12.0 12.0 Equity 12.7 12.7 12.7 12.7 12.7

Rank Rank
249 Polyplex Corporation 250 Marksans Pharma
BSE Code: 524051 Price (`): 379.8 Face Value (`): 10 Book Value (`/Cr): 672.0 BSE Code: 524404 Price (`): 47.9 Face Value (`): 1 Book Value (`/Cr): 10.9
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12 Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12
Net Sales 3,214 3,322 3,209 2,598 2,488 Net Sales 902 800 634 443 358
EBITDA 353 402 129 251 471 EBITDA 145 188 121 74 -98
Interest 48 56 54 32 41 Interest 10 16 19 15 54
Net Profit/Loss 29 38 -7 21 94 Net Profit/Loss 79 109 72 46 -179
Basic EPS (`) 9.1 11.9 -2.1 6.6 29.4 Basic EPS (`) 1.9 2.7 1.9 1.2 -4.9
Equity 32.6 32.6 32.6 32.6 32.6 Equity 40.9 40.9 38.5 38.5 36.8
Note: Book value is in rupees per share Share price data is of Mar 3, 2017
64 DALAL STREET INVESTMENT JOURNAL I APR 3 - 16, 2017 DSIJ.in
Reviews
In this issue, we have reviewed Gallantt Metal and Bharart Electronics. We suggest investors to
Book Profit in Gallantt Metal and Bharart Electronics

Change Scrip’s Movement

GALLANTT METAL BOOK PROFIT 5 Per Cent
CMP - `39.25

BSE CODE Reco. Price Volume Face Value

532726 `37.25 8324 `10

W
e had recommended Gallant
Metal in issue no. 18 dated
August 8-August 21, 201,6
when the scrip was trading at `37.25 in
‘Low Priced Scrip’ section. Our
recommendation was backed by factors
such as capacity expansion plans in
Gujarat and Karnataka. The company
has a virtually debt-free status. The
company’s locational advantage also
boosts its profit margins.
Gallantt Metal is engaged in the business
of production of iron, steel and power.
The company operates through two seg-
ments, viz. steel and power. The compa-
ny’s geographical segments include India
and rest of the world. It manufactures
and produces various kinds of iron and
steel products, such as sponge iron, pig
iron, cast iron, bars, rods and billets. Gal-
lant Metal also has a captive power plant
with a capacity of about 25 megawatts
(MW). The company has a steel plant at
Taluka-Bachau, Kutch, Gujarat, to manu-
facture sponge iron, mild steel billets and
re-rolled products.
financial year.
On the financial front, Gallantt Metal’s
revenue decreased 12.29 per cent to The share price of Gallantt Metal has
`438 crore in 9MFY17 as compared to remained steady over the last six
the same period in previous financial months. The company’s nine-month
year. The company’s operating profit financial performance was quite weak.
too reduced 20.59 per cent to `39.65 The profitability margins also contract-
crore in 9MFY17 on a yearly basis. Its ed during 9MFY17. Considering the
net profit also dropped 27.44 per cent current market conditions, we recom-
to `21.58 crore in 9MFY17 as compared mended investors to Book Profit in the
to the same period in the previous stock.

Change Scrip’s Movement

BHARART ELECTRONICS BOOK PROFIT 20.19 Per Cent
CMP - `154.1*

BSE CODE Reco. Price Volume Face Value

500049 `128.21 5,99,670 `1

W
e had recommended Bharat
Electronics (BEL) in issue no.
22 dated October 3-October
16, 2016 under ‘Choice Scrip’ section
when the scrip was trading at `1279 (i.e.
`128.21 after stock split from `10 to
`1). Our recommendation was backed by
factors such as its intensive capacity
expansion plan, strong order book and
attractive valuations.
BEL is engaged in design, manufacture
and supply of electronics products for
the defence requirements, as well as for
non-defence markets. The company’s
principal products include weapon
systems, radar and fire control
systems and communications. It offers
electronic manufacturing services in
areas of printed circuit board assembly
fabrication; opto electronics com-
ponents and assemblies, and offsets,
among others.
In February 2017, BEL received offset
contract for CoMPASS from Elbit
Systems Electro Optics - ELOP, Israel.
The company also launched remote
controlled weapon station for MBT
Arjun Mk II. The face value of BEL has
been split from `10 to `1 with effect
from March 16, 2017 and correspond-
ingly the market price has been revised
downward by about 10 times from the
same date.
On the financial front, BEL’s revenue
increased 14.44 per cent to `4857 crore
in 9MFY17 as compared to the same
period in the previous financial year.
Split 10 : 1
rose 66.31 per cent to `775 crore in
9MFY17 on a yearly basis. Its net profit
also boosted 34.34 per cent to `756
crore in 9MFY17, as compared to the
same period in the previous
fiscal year.
After our recommendation, the share
price of BEL has soared more than
20 per cent. Therefore, we recommend
investors to book profit in the
stock. DS

and testing; precision machining and The company’s operating profit also * Call close on Mar 23, 2017 (Prices as on Mar 28, 2017)

66 DALAL STREET INVESTMENT JOURNAL I APR 3 - 16, 2017 DSIJ.in

Special Report

Dealing With
False Breakout,
Few Things You
Must Learn
Karan Bhojwani explains false breakout or failed break, a stock
market phenomenon--he further guides the reader-investors on
steps to be taken during such market happenings

T
rading is one of the most rewarding professions
in the world, but it can also be one of the most
depressing and mentally difficult if you do not
trade properly. To become a successful trader,
one needs to have a trading strategy, discipline,
proper money management techniques and
self-control in the market. However, apart from the
aforementioned traits, one more key trait which will help you
to become a successful trader is to know when not to trade or
which trades you should give a miss.
As the quote succinctly puts it:
“Successful traders need to know when to be in a trade;
They need to know when to not be in a trade”.
Indian market since the beginning of the calendar year 2017
has witnessed a decent run-up and delivered good returns in a
short span of time. During this period, we often hear about the
term ‘breakout’ from traders and during this merry period,
traders would have fetched handsome profits. An astute trader
waits for the breakouts to catch the trend and this strategy
looks amazingly simple, isn’t it? The impulsive trader places his
buy-stop order just above the crucial resistance level. If the
breakout happens, the order gets filled and a long position is
opened. However, there is opposite side of the coin also: one of
the disappointing encounters is the false breakout. It frequently
goes ahead on the heels of an immaculate value activity design
that appears to have everything putting it all on the line. You
set your buy-stop orders, the orders get filled, but before you
know the price has fallen back inside the aforementioned
pattern and now you are confronting a potential misfortune.
WHY DOES THIS HAPPEN? EVEN BETTER, HOW
MIGHT YOU AVOID THE DANGER OF A FALSE
BREAKOUT?
That’s exactly what we are going to talk about in this article.
We will try to cover the characteristics of a false breakout, why
they occur as well as what you can do to protect yourself.
BEFORE WE MOVE ON, LET US SEE WHAT IS A
BREAKOUT AND FALSE BREAKOUT?
What is a Breakout: As the name implies, a breakout involves
a situation where the price ‘breaks out’ of its previously defined
range. A breakout occurs when a stock price rises above its
current resistance level, or falls below the existing support
level, and this movement is accompanied by a high volume of
trading.

68 DALAL STREET INVESTMENT JOURNAL I APR 3 - 16, 2017 DSIJ.in

Special Report
In the above illustration, the security has formed a triangle
pattern. As the consolidation became tighter, the security broke
to the upside and maintained bullish momentum to hold above
the breakout level. Hence, this is a perfect set-up of genuine
breakout.
What is a False Breakout: A false breakout, also called a ‘failed
break’, is a price movement through a support or resistance
level that lacks the momentum necessary to maintain its
direction. In other words, the market fails to produce enough
supply or demand to validate the break of a key level.
In the above illustration, the security has formed a triangle
pattern. As the consolidation became tighter, the market broke
to the upside, but was unable to maintain enough bullish
momentum to hold above the level. In other words, the market
lacked the demand to push prices higher after the breakout
occurred.
If you would have taken a long position as soon as the market
breached the resistance level, you would have been caught in a
false breakout. Once in a trade like this, you are confronted
with two options-either stay in and ride it out, or exit for a
small loss. Neither of the two options sound very appealing.
We all know that nothing is sure when it comes to trading in
the stock markets. We also know that there is no way to
completely avoid losses. But what if I told you that there
is a way to reduce the likelihood of experiencing a false
breakout?
70 DALAL STREET INVESTMENT JOURNAL I APR 3 - 16, 2017
Notice the above illustration. The stock formed a key resistance
area around the level of `405-406, and recently the stock
managed to move above the level of `405-406 and registered a
fresh high of `412.65. However, the stock was not able to
maintain enough bullish momentum to close above the level
and formed a pin-bar with large upper wick. Traders who
simply placed a buy-stop order above the resistance level of
`405-406 would have experienced a loss or at least a
considerable amount of stress as they watched the stock's price
move against their position.
WHY DOES THIS HAPPEN?
Times have changed and especially the technology has
advanced so much that every data we need is available on a
single click. In the markets, most traders use pre-defined
set-ups for trading and their methodology remains the same,
i.e. buy the breakout and ride the trend. The market makers
create enough trades to push the price above the crucial
resistance level or above the recent highs of the security. Due to
the orders being stacked little above those levels, the price gets
attracted to the magnetic bunch of buy orders which then gets
triggered and pushes the trader further. This is the level at
which the market makers make a smart exit, leaving the price
movement waning back or collapsing to the original position.
This action of the market makers leaves a spike behind on the
price movement chart. Market makers do this many times
every day.
Look at an ideal breakout.
DSIJ.in
The above chart is of Ceat on the daily time frame. In the above
chart, the stock faced resistance around downward sloping
trendline which are highlighted by arrow marks. However, as
the stock moved above the downward sloping trendline, it
witnessed a breakout. What’s important for trader to
understand over here is that the stock managed to close above
the downward resistance trendline and the trader who would
have taken the position would have experienced a nice gain on
this trade. The key point over here is that by simply waiting for
a close above the level, we can confirm the strength of a
breakout, giving the set-up a greater chance of succeeding.
After looking at the above chart of Ceat, the million dollar
question is “How do I know what type of breakout I’m trading”
Of course, we will never know with cent per cent accuracy, but
there is an important checklist that helps a trader to determine
which breakouts have a higher chance to follow through.
IMPORTANT CHECKLIST:
High Time Frame Breakouts Work Better: This is perhaps the
most important checklist when it comes to reducing the chance
of a false breakout. As a general rule, anything above the
one-hour time frame works the best. Most preferably, breakouts
on the four-hour and the daily charts are the best for trading.
For beginners, a daily breakout would be convincing, because
higher time frames generally produce the most reliable set-ups.
Follow The Trend: It is always said that traders should go with
the flow. Market sentiments or trends play a crucial role for
successful trading. Hence, it is important to know the trend of
the market. Following rules helps to reduce the chances of
trading on a false breakout:
1. If the market structure is bullish: Take long breakout trades.
2. If the market structure is bearish: Take short breakout trades
and,
3. If the market condition is not clear: Avoid trading any kind
of breakout.
DSIJ.in
DEFINE THE RIGHT SUPPORT AND RESISTANCE LEVELS:
There are number of methods to define the support and
resistance levels. What’s important for a trader is to define
these supports and resistances with a proper methodology.
Always remember a Head and Shoulder formed at the top is
more likely to be successful than that which is formed at the
bottom. This is because Head and Shoulder is a trend reversal
pattern and, hence, prefer a breakdown of neckline support for
trading if the pattern is formed at the top. Likewise, a breakout
of three-point touch trendline is more reliable than a two-point
touch trendline. Hence, it is important to identify right set-ups
and trade accordingly.
PATIENCE
It can be challenging at first to wait for several hours or even
days to confirm a breakout. For most traders, the challenge is
born out of the apprehension of missing out on a trade. If you
ever feel this fear creeping into your mind, just remember that
there are often multiple opportunities to enter a breakout set-up.
In fact, the market will often re-test former support or resistance
after the breakout, giving you a great opportunity to enter the
market.
ADD RELIABLE INDICATORS
As a technical trader, you know that it all comes down to
probabilities. The more factors you have in your favour on any
given set-up, the greater are the odds in your favour that the
set-up will result in a profit. Hence, adding a couple of reliable
indicators to your set-up may reduce chances of being trapped
in a false breakout.
CONCLUSION
Breakout trading is one of the most popular methods of trading
followed by short term traders. However, we often come across
breakouts that failed and we may lose our hope and faith in
trading. However, the checklist given above may provide you
with an edge to determine which breakouts are reliable ones
and which ones should be given a miss. Hence, next time you
trade a breakout, make sure you are increasing the probability
of winning by following the checklist. DS
APR 3 - 16, 2017 I DALAL STREET INVESTMENT JOURNAL 71
  Take Your
Venture To The
Next Level With
Conquest 2017! 

Pilani, 28.03.2017: Conquest, BITS Pilani’s International PosterGully, GharPay (acquired by Delhivery), Social Cops,
Startup Challenge, is back with its 13th edition. Conquest is Voonik and many more.Gamezop, the runners-up for
India’s largest student-run startup challenge, and has Conquest 2015, raised a funding of USD 350,000, and the
diligently moulded itself over the years to serve as the perfect founders were featured in Forbes 30 under-30 in 2016. Social
launchpad for emerging start-ups. Along its journey, Cops, a Conquest 2013 participant, was among the 35
Conquest offers one-on-one mentoring sessions with start-ups from India selected for the first India-US Startup
industry leaders, investing and fundraising opportunities, Konnect at Silicon Valley.
networking sessions with corporate moguls, equity-less
funding and resources worth USD 1 million. Aman Srivastava, COO of Project Mudra(Winners of
Conquest 2017), said, “Winning Conquest was an
ABOUT CONQUEST 2016 : exhilarating experience. It was a fulfilling
journey right from the mentoring sessions to the
With over 1200 applications from star-studded jury in the finale. It's not just a
start-ups all across Asia, three BITS Pilani’s popular B-plan competition but a rewarding journey!”
resplendent mentoring sessions in
Delhi, Mumbai and Bangalore and International Startup APPLYING FOR CONQUEST 2017:
numerous investor connect
opportunities, Conquest 2016 was a Challenge has opened Applying for Conquest 2017 is a fairly simple
huge success. The Grand Finale was a registrations for its process. The participants are required to fill a
star-studded affair held at ITC form on the Conquest website. The Conquest
Maurya, New Delhi.The event 13th edition. Jury, a panel of entrepreneurs and investors,
witnessed attendance from the likes of would be screening the applications based on
R Chandrashekhar, President of various parameters gauging the start-up
NASSCOM, Rohit Bansal, COO at performance.
Snapdeal, Bhawna Agarwal, CEO at NDTV Gadgets, Samay
Kohli, CEO at Grey Orange Robotics, Swati Bhargava, CEO The semi-finalists would get personalized mentoring across
at CashKaro, and many more, as esteemed mentors and five major cities in India, wherein the teams will be offered to
members of the jury. choose their own mentors. Finally, a networking lunch with
prestigious industrialists and a pitching opportunity to the
Talking about his experience as a jury member at Conquest biggest VC firms in India would commemorate the Grand
2016, Nilesh Kothari, co-founder at Trifecta Capital said, Finale.
“This is my second year...at Conquest. Every year, I’m quite
impressed by the quality of the teams and start-ups present From funding and networking, to potential teammates and
here. It gives youngsters an opportunity to engage and learn users; countless opportunities await those at Conquest
new things. I think it’s... really great.” 2017. Whether it’s an idea on the palm of your hand, a
product envisioned creating pandemonium or a service for a
Conquest 2017 seeks to assist start-ups from tier-2 and tier-3 better tomorrow, it’s time to wake up from your deep
cities, to provide them an opportunity to be at par with slumber and leave an indelible mark on the world with
ventures across the globe. This year, Conquest also eyes your idea.
overseasstart-ups, gearing up to help them with its vast
inventory of resources and opportunities. Remember, it is possible for ordinary people to choose to be
extraordinary. Bring out the extraordinary in you this
SUCCESS STORIES : Conquest. Registrations for participation close on 20th April
2017. For registering, visit www.conquest.org.in. For editorial
Over the years, Conquest has produced some of the best queries, contact: Sanskriti Sharma, Marketing Executive,
start-ups in India,including Gamezop, iTraveller, Conquest 2017 (+91 978 588 8361)

72 DALAL STREET INVESTMENT JOURNAL I APR 3 - 16, 2017 DSIJ.in

QueryBoard
Investment Horizon
Query-Specific

ITC CINELINE INDIA

I have 500 shares of Cineline India bought at `92. It
I have 1,000 ITC shares bought @ `278. Can you is trading in the range of `75 to `78. Should I hold,
please suggest me target price till April expiry buy more or exit?
 - Vinod Mahale  - Harshadbhai G Patel

HOLD HOLD
BSE/NSE Code 500875 / ITC BSE/NSE Code 532807 / CINELINE
Face Value `1 Face Value `5
CMP `282 CMP `71.30
52-Week High `291.95 / Low `204.10 52-Week High `105.60/Low `17.90
Your Current (1.5 per cent) Your Current (22 per cent)
Profit/(Loss) Profit/(Loss)

I C
TC has products range includes cigarettes, cigars, branded ineline India, also known as Cinemax in the exhibition
packaged foods including staples, snacks and meals. The business, is an Indian cinema chain with 138 screens at
company’s products also includes dairy and beverages, 39 properties across the nation. The company is a part of
confections, apparel, education, stationery products and Cine Hospitality and is based out of Gurgaon. The company is a
personal care products, safety matches and hotelier. On the subsidiary of PVR Cinemas. On the financial front, Cineline
financial front, ITC’s net sales increased 1.65 per cent to India’s net sales increased 8.95 per cent to `22.03 crore in
`39,066.85 crore in Q3FY17 on a year-on-year (YoY) basis. The Q3FY17 on a year-on-year (YoY) basis. However, the company’s
company’s PBDT increased 7.52 per cent to `16,546.61 crore in PBDT has decreased 2.28 per cent to `13.70 crore in Q3FY17,
Q3FY17, as compared to the same period in the previous as compared to the same period in the previous financial year. It
financial year. It also posted a drop in its profit after tax by 3.03 posted an increase in its profit after tax by 46.08 per cent to
per cent to `10,061.22 crore on a yearly basis. `5.77 crore on a yearly basis. On a nine-monthly basis, the
company’s net sales increased 6.52 per cent to `17.31 crore in
On nine-monthly basis, the company’s net sales increased 7.80 Q3FY17, as compared to the same quarter in the previous
per cent to `28642.44 crore in Q3FY17, as compared to the financial year.
same quarter in the previous financial year. ITC’s PBDT
increased 6.81 per cent to `12,252.05 crore in Q3FY17 on a YoY Cineline India’s PBDT increased 24.35 per cent to `13.79 crore
basis. The company also posted an increase in its PAT by 8.64 in Q3FY17 on a YoY basis. The company also posted an
per cent to `7,531.43 crore in Q3FY17 on a YoY basis. increase in its PAT by 43.20 per cent to `7.16 crore in Q3FY17
on a YoY basis. The company had a debt-to-equity ratio of 1.51x
The stock is trading at `281.90, up by 0.30 per cent on the BSE in FY16, while its interest coverage ratio was 1.75x during the
on March 27, 2017, while the stock is trading at `281.60 on NSE, same time. The stock is trading at `74.70, up by 3.97 per cent on
up by 0.21 per cent on the same day. We recommend investors the bourses as on March 23, 2017. We recommend investors to
to Hold the stock for better profits. Hold the stock for better profits.

Readers are requested to send only one query at a time so that more readers get a chance. For complaints regarding non-receipt of
dividend, bonus, rights and other matters, investors may write to www.investor.sebi.gov.in

Company Name: DEMOCRATIZING WEALTH CREATION

Vol.
Vol. No.
No. 31
32 No.
No. 09
17
Query:
Send in your queries:
DSIJ Pvt. Ltd.
C-305, 3rd Floor, Trade Center,
Name: North Main Road, Near Axis Bank,
Opp. Lane No. 6, Koregaon Park,
Address:
Pune - 411001
E-mail: Email:editorial@DSIJ.in

74 DALAL STREET INVESTMENT JOURNAL I APR 3 - 16, 2017 DSIJ.in

 BODAL CHEMICALS
I have bought 600 shares of Bodal Chemicals at an
average price of `149. I want to add 200-300 more
shares at CMP. What should I do, hold, sell or add
more ?  - Harshadbhai Patel
HOLD
BSE/NSE Code 524370 / BODALCHEM
Face Value `2
CMP `141.65
52-Week High `155 / Low `66.85
Your Current (5 per cent)
Profit/(Loss)
B M
odal Chemicals, a leading enterprise in the dyes and
pigments’ sector, develops products for textiles,
paper, plastic, leather along with the development of
several other specialty chemical products. The company
has a total of nine full-fledged manufacturing units across
Gujarat in locations like Ahmedabad, Vadodara and
Ankleshwar, delivering products through multiple delivery
systems.
The company provides end-to-end solutions through
innovative technologies to its customers across the globe. It has
emerged as one of the largest manufacturers and exporters of
dyes intermediate, dyestuff and sulphuric acid around the
world. The company trades with more than 50 countries in its
innovative products. The company’s current market
capitalisation is `1,553.69 crore.
On the financial front, Bodal Chemicals’ net sales increased
8.95 per cent to `22.03 crore in Q3FY17 on a year-on-year
(YoY) basis. However, the company’s PBDT has decreased 2.28
per cent to `13.70 crore in Q3FY17, as compared to the same
period in the previous financial year. It posted an increase in
its profit after tax by 46.08 per cent to `5.77 crore on a yearly
basis.
On a nine-month basis, the company’s net sales increased by
6.52 per cent to `17.31 crore in Q3FY17, as compared to the
same quarter in the previous financial year. Cineline India’s
PBDT increased by 24.35 per cent to `13.79 crore in
Q3FY17 on a YoY basis. The company also posted an increase
in its PAT by 43.20 per cent to `7.16 crore in Q3FY17 on a YoY
basis.
The stock is trading at `74.70, up by 3.97 per cent on the
bourses as on March 23, 2017. We recommend investors to
Hold the stock for higher returns.
DSIJ.in
MCX INDIA
I am holding 200 shares of MCX India at an average
price of `1260. Kindly advise what I should do.
- Krishna
HOLD
BSE/NSE Code 534091/ MCX
Face Value `10
CMP `1,224.25
52-Week High `1420 /Low `814
Your Current (3 per cent)
Profit/(Loss)
CX offers a wide variety of futures contracts across
segments including bullion, industrial metals, energy
and agricultural commodities with 701 registered
members and about 49,000 authorised persons. The exchange
has a strong presence in more than 1300 regions across India.
The exchange had a market share of 90.35 per cent in
commodity futures contracts traded in 9MFY17.
On the financial front, MCX’s net sales increased 4.66 per cent
to `213.54 crore in Q3FY17 on a year-on-year (YoY) basis.
Although the company’s PBDT decreased by a sumptuous
margin of 44.83 per cent to `108.32 crore in Q3FY17, as
compared to the same period in the previous financial year. It
also posted a drop in its profit after tax by 66.20 per cent to
`42.39 crore on a yearly basis.
On a nine-month basis, the company’s net sales increased 14.74
per cent to `181.22 crore in Q3FY17, as compared to the same
quarter in the previous financial year. MCX’s PBDT increased
31.99 per cent to `158.63 crore in Q3FY17 on a YoY basis. The
company also posted an increase in its PAT by 50.58 per cent to
`104.40 crore in Q3FY17 on a YoY basis.
The shares of MCX trade at TTM PE of 47.14x. The company
has a nil debt-to-equity ratio, which is favourable for the
shareholders.
The stock is trading at `1225.50, up by 0.82 per cent on
BSE on March 27, 2017, while the stock is trading at `1225.40
on NSE, up by 0.58 per cent on the same day. With the
recent openness towards commodity trading and the
relaunching of pulses and other commodities on the stock
exchange for futures and options along with the introduction
of new commodities, the future seems promising for MCX.
We recommendinvestors to Hold the stock for higher
profits.
APR 3 - 16, 2017 I DALAL STREET INVESTMENT JOURNAL 75
QueryBoard
VARUN BEVERAGES
I have purchased 1000 shares of Varun Beverages
@ `370 per share. Kindly suggest future short to
medium outlook. Should I hold or exit.
 - Mayur Shah
BOOK
BSE/NSE Code 540180 / VBL PROFIT
Face Value `10
CMP `384.65
52-Week High `471/Low `341.25
Your Current 4 per cent
Profit/(Loss)
V V
arun Beverages is one of the largest franchisees of
carbonated soft drinks (CSDs) and non-carbonated soft
drinks (NCBs) worldwide. The franchisee operates
under the trademarks owned by PepsiCo. The company
produces and distributes a wide variety of CSDs and NCBs
including Pepsi, Diet Pepsi, Seven-Up, Mirinda Orange,
Mirinda Lemon, Mountain Dew, Seven-Up Nimbooz Masala
Soda, Seven-Up Revive and Evervess Soda.
PepsiCo NCB brands under the company includes brands like
Tropicana Slice, Tropicana Frutz (Lychee, Apple and Mango),
Seven-Up Nimbooz as well as packaged drinking water under
the brand name Aquafina.
The company is also in charge of the franchisee of Ole brand of
PepsiCo in Sri Lanka. However, the company operates from 16
production facilities across the nation, besides having five
production facilities in the international licensed locations
around the world.
On the financial front, Varun Beverages’ net sales increased 3.41
per cent to `2930.97 crore in Q3FY17 on a year-on-year (YoY)
basis. The company’s PBDT has increased 16.82 per cent to
`562.58 crore in Q3FY17, as compared to the same period in
the previous financial year. It posted an increase in its profit
after tax by 23.13 per cent to `186.73 crore on a yearly basis.
On a consolidated quarterly basis, the company’s net sales
increased by 9.30 per cent to `420.06 crore in Q3FY17, as
compared to the same quarter in the previous financial year.
However, Varun Beverages’ PBDT increased 37.12 per cent,
but it still posted loss of `25.50 crore in Q3FY17 on a YoY basis.
The company also posted improvement in its PAT by 10.01
per cent, although the company still suffered a loss of `89.16
in Q3FY17 on a YoY basis. We recommend investors to
book profit as the stock is currently trading at `372.50 on the
bourses.
76 DALAL STREET INVESTMENT JOURNAL I APR 3 - 16, 2017
Investment Horizon
Query-Specific
VRL LOGISTICS
I have purchased 1000 shares of VRL Logistics
@ `300 per share Kindly suggest future short to
medium outlook and whether to hold or exit.
 - Mayur Shah
HOLD
BSE/NSE Code 539118 / VRLLOG
Face Value `10
CMP `298.50
52-Week High `430 / Low `244.70
Your Current (6.5 per cent)
Profit/(Loss)
RL Logistics is one of the most renowned logistics and
transport company in India. The company owns and
operates with a fleet of 4253 vehicles, making it India’s
largest commercial vehicle owner company in the private
sector. The company has broadened its presence over the years
and has established itself as a reliable delivery network in the
sphere of parcel service, courier service, priority cargo and air
chartering among other services.
The company operates across India through a network of 1013
branches and franchises in a bid to reach the remotest of
locations. The company also provides customised services in
3PL and warehousing to cater to the unique needs of each
customer.
On the financial front, VRL Logistics’ net sales increased 3.03
per cent to `1706.44 crore in Q3FY17 on a year-on-year (YoY)
basis. The company’s PBDT has increased 8.15 per cent to
`243.94 crore in Q3FY17, as compared to the same period in
the previous financial year. It posted an increase in its profit
after tax by 12.16 per cent to `102.31 crore on a yearly basis.
On a nine-monthly basis, the company’s net sales increased 4.34
per cent to `1350.70 crore in 9MFY17, as compared to the same
period in the previous financial year. However, VRL Logistics’
PBDT decreased 19.24 per cent to `164.71 crore in 9MFY17 on
a YoY basis. The company also posted a decrease in its PAT by
30.09 per cent to `64.53 in 9MFY17 on a YoY basis.
Despite a decrease in PBDT and PAT in nine-monthly results,
the company is envisaged to make profits in the near future as
GST will enable significant cut in operational costs, especially
after the approval of compensation law, Central-GST,
Integrated-GST and Union territory-GST by the cabinet,
coupled with a boost in its operations. Thus we recommend the
investors to Hold the stock of VRL Logistics.
DS
(Closing price as of Mar 27, 2017)
DSIJ.in
Special Report

Missed The IPO Bus? Don't Do It Next Time

Joydeep R Ray and
Lohit Bharambe

R
investigate covertly esident of Viman Nagar in
Pune, Swapnil Shinde has
the entire ongoing IPO been blaming his 'luck' last
fever and subsequent three months. He had filed
applications thrice to
depression in case of subscribe IPOs floated by three different
companies including the most buzzing
not being allotted one of a hyper-mart chain and never he
stocks in the recent got a single share allotted in his Demat
account. He picked up the right ones,
blockbuster IPOs. filed the applications as per procedure
laid down by market regulator SEBI,
After carrying out a opted for ASBA facility through his bank
through analysis and but on the day of listing he realised, 'luck'
did not work in his favour. Shinde has
secure information now decided not to apply for IPO as he is
not 'lucky enough.'
from various
stakeholders, they Hailing from Mehsana district in Gujarat,
Jagdishbhai Nathabhai Patel had
bring this report: borrowed a good sum of money from his
friends to apply for a recent IPO. Two
days before the gala listing ceremony
took place on the bourses and the stock
of that company rocketed up by over 120
per cent, Patel was shocked to receive a
text message from BSE telling him that
he did not get a single share allotted.
Patel had made his graduate son fill up
the physical form to subscribe the IPO,
got it checked by a local stock-broker's
assistant, made the cheque payment as
needed--everything was in line with this
expectations except zero allotment.
So is it all about 'luck'--is it yet another
'lucky draw,' where some fortunate ones
only qualify to get the bounties or is it
pure science of calculations? Even as the
Dalal Street is caught in never-before
IPO euphoria in last 10 years, these days
lakhs are filing IPO applications among

DSIJ.in APR 3 - 16, 2017 I DALAL STREET INVESTMENT JOURNAL 79

Special Report
whom only a few getting shares allotted
and they have hence reasons to feel
'lucky.' Our neighbours, friends, family
members, extended family members,
enemies and colleagues talk in the same
language these days--'did not get a single
share.' So where do these shares go, who
are the people who get allotments and
how do they manage to get it. Some will
even start smelling a corruption angle in
it, some will pray before God that next
time they get it, some simply give up and
look for picking up stocks through
markets but not IPO, some get envious
of people around them who got allotted.
We make a sincere attempt here to
decode the entire IPO allotment process,
functions involved in it, why some
investors manage to get it, why some
never get it.
THE BASICS
Why the euphoria--BSE IPO index has
caught investors' attention, as the index
is up by 34.34 per cent over one year. The
BSE IPO index is a gauge of the
performance of the newly listed
companies and the numbers reveal their
quantum of profit-making just by
subscribing to some of the IPOs, if not
all. While the allottees managed to
clock straight away 34 per cent plus
profits on the very days of listing on an
average, during the period under
consideration, Sensex has delivered less
than half of it, in terms of returns from
investments. During the similar period,
the Sensex has delivered 15.43 per cent
returns.
Interestingly out of 26 companies, almost
80 DALAL STREET INVESTMENT JOURNAL I APR 3 - 16, 2017
17 companies have
beaten the BSE
Sensex's performance,
suggesting that
investors would have
done better for
themselves had they
focused on IPOs alone
when compared to
Sensex investing.
Indeed, FY17 has been
a positive year for the
IPOs as some very
good quality brands
with strong financials and efficient
business models were listed in the
markets. Avenues Supermarts, Quess
Corp, RBL Bank, Ujjivan Financial
Services, Advanced Enzymes, Infibeam
Incorporation, Mahanagar Gas are few
of the newly listed companies that
delivered a whooping three digit returns
for the investors.
So did you get it? The answer for the
question for the majority investors, is a
clear 'no.' There are various IPOs coming
in these days and listing with handsome
gains. The IPO fever is not going to end
soon rather we can say that it is building
up an investment environment.
How does it happen behind the curtain
Reservations are done on a competitive
basis. IPO allotment is done through
reservation on competitive basis and this
can be extended to the following
categories:
Employees of the Company Going
Public : The persons who are
shareholders of the promoting
companies in the case of a new
company and shareholders of group
companies in the case of an existing
company get preference over the normal
applicant. The person should be
shareholder as on the date of filing the
draft offer document with SEBI are
associated with the issuer as depositors,
bondholders or subscribers to services of
the issuer.
In a public issue by a listed company, the
reservation on competitive basis can be
made for retail individual shareholders
and in such cases the allotment to such
shareholders shall be on a proportionate
basis.
There is no any discretion in the
allotment process. All allottees except
anchor investors and retail individual
investors are allotted shares on a
proportionate basis with in their
respective investor categories.
BASIS OF ALLOTMENT
 After the closure of the issue, the bids
received are aggregated under
different categories, such as reserved
allotments, Qualified Institutional
Buyers (QIBs), Non-Institutional
Buyers (NIIs) and Retail Individual
Investors.
 Number of days for an investor to
receive the Refund Order/Allotment
Advice
 The issuers are required to allot and
then application money to be
refunded within 15 days from the
date of closure of the issue. The
issuers are required to pay interest at
the rate of fifteen percent per annum
if the allotment letters or refund
orders have not been dispatched to
the applicants.
DECODING RETAIL CATEGORY
ALLOTMENT
 Not subscribed fully in retail
category : If the issue isn’t
oversubscribed in the retail category,
then all applicants will receive shares in
the proportion that they have applied for.
This is called firm allotment. For
example, if you have submitted bids for
shares worth `2 lakh, you will receive full
allotment, and so will someone who has
bid for shares worth `20,000
 The issue is oversubscribed :
According to the rules laid down by
market watchdog SEBI, the company
cannot allot lower than the minimum lot
size to anyone. Hence, the first thing the
company does is allot minimum lot
shares to everyone who has applied,
regardless of how many you have applied
for. The remaining shares are distributed
proportionately to those who have bid
for higher than the minimum lot. If you
have bid for shares worth `2 lakh, you
DSIJ.in
 Quick Tips

V K Vijayakumar
Chief Investment Strategist, Geojit Financial Services
How IPO allotment process can be made easier for
retail investors?
The allotment process has to be simple and fair. If it is made
very simple, it won’t be fair. That’s why SEBI came out with
guidelines, which are a bit complex but fair. We believe that the
present system is good.
minimum lot is distributed among all participants and then the
balance available shares in the retail portion shall be allotted
proportionately to the RIIs, who have bid for more than one
minimum bid lot. However, in the case of high
oversubscription, the allotment is decided by computerized
draw of lots. Here, luck plays a role in allotment.

Can you give us broad idea about IPO allotment process
for retail investors?
According to the SEBI guidelines, there are three categories of
applicants: Qualified Institutional Buyer (QIB), Non-
institutional Investors (NII) and Retail Individual Investors
(RII). For QIB, the merchant banker has the discretion to allot
shares. In the case of over subscription, shares are allotted
proportionately. For retail investors, the process is a bit
complex. Retail investors are allowed to invest in smaller lots
worth between `10000-15000, with a maximum of `2 lakhs per
IPO. Full allotment is made if the issue is just fully subscribed
or under- subscribed for this category. However, if the retail
portion is over-subscribed, then the maximum number of RIIs
who can be allotted the minimum bid lot will be decided by
dividing the total number of shares available for allotment to
RIIs by the minimum bid lot. Allotment will not be made below
the minimum bid lot.
In case there is a small oversubscription, then first the
Will you elaborate key tips for applying an IPO?
If an issue is oversubscribed many times, most applicants will
not get any allotment, as in the case of the recent D Mart IPO.
The maximum allotment will be the minimum bid. So in cases
where the chances of over subscription are very high, it is better
to apply for the minimum bid.
Rather restricting minimum bid lot, do you think retail
investors should get less than minimum bid lot quantity
shares in case of oversubscription?
No, there is no need to reduce allotment below the minimum
bid lot. This will not solve the problem caused by heavy
oversubscription. If demand for something is far in excess of
supply, there are only two options: either the price should be
allowed to be fixed by the market (this happens on listing) or it
should be rationed. In the present IPO process, ‘rationing’ is
done through a fair process. Share is not an essential item to be
distributed to everyone. There is always the secondary market
from which retail investors can buy.

Maximum Number of applicants who receive IPO = total number of shares available for retail investors / minimum lot size

will receive the minimum lot, plus shares
proportionate to your bid.
Suppose, the total number of shares bid
for in minimum lots is bigger than the
issue size.
The minimum lots are allotted on a
computerised draw of lots. Therefore, it’s
quite possible that an applicant who
applied for a minimum lot, gets his entire
share, whereas someone who has applied
for the maximum lot gets nothing.
It also means that bidding for the
maximum lot does not increase your
chances of getting an allotment, or even a
greater number of shares.
If as a retail investor you have
applied 10 lot of multiple of 10
shares for X company's IPO and its
retail category is oversubscribed 8
times then (100/8= 12.5) you may
get approximately 13 shares in
allotment. If outcome of this formula
is less than minimum bidding of the
shares i.e. 10 then you may not get
a single share allotted in the IPO.
CATEGORIES
For public issue, the investors are
categorised into three different categories
viz. retail- individual customers up to
`2 lakh, HNI/Non-Institutional bidders
- Individual customers/companies,
trusts, etc more than `2 Lakh, QIBs -
Companies, Financial institutions, etc
registered with SEBI – large quantities.
The ratio of IPO application category
wise depends as per SEBI circular for the
particular IPO. E.g. 35:15:50
Many of the investors have a
misunderstanding that allotment of IPO
happens giving preference to time,
quantity, etc. But it is not so, there is
something more to it that we may need
to understand.
These applicants will receive the
minimum lot regardless of how much

DSIJ.in APR 3 - 16, 2017 I DALAL STREET INVESTMENT JOURNAL 81

Special Report
Behind The Curtains :
SEBI Should Protect Investor Interest, Not The
Flippers Who Wish For Free Money
Sandeep Parekh, former top-boss of market watchdog, SEBI in this exclusive
interaction with Nikita Singh defines the rules of allotment of shares post closure
of IPOs and what further SEBI needs to do to make retail investors smile
In your opinion, can there be a better alternative
process for an allotment of an IPO as compared to the
existing one?
There is a need to revisit the quota system for initial public
offerings. By offering retail investors a special ‘quota’ in an IPO,
investors are lured into a highly risky equity product with a
dangled carrot of 'free money'. Nothing could be further from
the truth. Investing in IPOs could be highly profitable, but it
could also wipe away 80% of an investor’s saving in just two
weeks. This is not a product for retail, and certainly not a
product which should be in the business of luring retail
participation. Freeing up the market to ordinary market forces
without quotas would reduce the moral hazard and
imperfections like IPO frauds substantially and eliminate
subsidies to punters. SEBI’s eyes should be on investor interest,
not on guaranteeing returns to flippers who want free money in
two weeks.
But SEBI’s Primary Market Advisory Committee would be
reviewing the basis of allocation for retail investors in the IPOs.
Reportedly, this is pursuant to RBL Bank IPO (which was
oversubscribed 5.6 times in the retail category), after SEBI
noticed that more number of shares were allotted to low value
bids. So from the earlier system, which was skewed in favour of
those making high value bids, the basis of allotment is now
skewed in favour of small applications and IPOs have largely
become lucky draws for retail investors.
Can there be easy process for filing IPO, apart from
ASBA?
Currently, the bidding period is shorter and listing process is
faster than before. ASBA has made it easy for investors to apply
in any public/rights issues by using their bank account, with
easy to open demat accounts for the purpose of applying to
IPOs. The process is simpler, investor does not have to bother
about refunds since money would be debited from the bank
account only when his/her application is selected for allotment
after the basis of allotment is finalised.
But now retail investors are getting more demat accounts
opened for relatives and family members and applying under
the same instead of making high-value applications. A review
82 DALAL STREET INVESTMENT JOURNAL I APR 3 - 16, 2017
of IPO allotment basis may lead to some changes and retail
investors may get incentive to make high-value applications if
SEBI decides to go back to its original formula. Also, prior to
mandatory ASBA, a significant number of retail applications
used to come in through the non-ASBA route, as a large
number of investors prefer cheque-based applications. Several
investors might be left out from participating in future IPOs
due to the limited reach of ASBA, especially in far-flung areas.
IPO allotment is very confusing. Retail investor may not
get an allotment. How can it be simplified?
The allotment process is not very confusing. However, many
retail investors seem to be quite perplexed about getting shares
in an IPO as they are not quite well-versed with the current IPO
allotment process, and in this confusion, they are at a loss as
they still follow the old trend while applying to the IPOs. Retail
investors make listing losses by applying in the wrong IPOs or
following the wrong strategies. As per the current practice,
every investor has equal probability of getting shares in an IPO
irrespective of the lots he applied in an oversubscribed issue.
Even if he applied for minimum permissible lot, he may get
minimum number of stocks allotted to shareholders. As
provided in the first question, the concept of free money being
handed over should be dis-abused and retail investors are not
suited for IPO risks and they should not be pushed towards it.
Can you give us idea about smart tips for applying in an
IPO?
Retail investors think that if an IPO gets a lot of interest, it is a
good option. However, investing in the IPO of such a company
means that they might get only a few shares compared to the
number of shares they apply for. They should keep in mind that
the issue size and proportion for each category of investors is
fixed. If an issue is oversubscribed, allotment happens as per
predefined rules.
Conducting research and a detailed fundamental analysis of the
company is one thing. There are third party research reports,
but one should be careful about these- investment banks/
brokerage houses publishing the reports might have a conflict
of interest.
DSIJ.in
Should retail investors look at the kind of participation
by institutional investors, since they have access to
information that retail investor may never have access
to?
Study the performance of other companies set up by the same
promoters, check if the company is ready to start business
operations and the gestation period is not long, invest in
companies that operate in high-growth sectors of the economy.
Broadly, if the investor is not willing to do his or her homework,
IPOs may not be suitable for them as they are very high risk
products.
Will there be possibility of anchor investment type slot
for retail investors in future??
Allocation to anchor investors is on a discretionary basis and
subject to the following limits:
(i) Maximum 2 such investors for allocation upto `10 crore;
(ii) Minimum 2 and maximum 15 for allocation above `10
crore and upto `250 crore, subject to minimum allotment of
`5 crore per such investor;
(iii) Minimum 5 and maximum 25 such investors for allocation
above `250 crore, subject to minimum allotment of `5 crore per
such investor.
The relaxation in anchor investor norms would allow firms to
have a bigger portion of the issue covered with a diverse set of
investors who, in effect, underwrite part of the issue. The
purpose of anchor investors (introduced in 2009) is to build
confidence among investors in a new issue. They are QIBs who
apply to invest in a company going public a day ahead of the
issue opening and are not bound by proportional allotment if
the issue is oversubscribed. Retail investors already have a fixed
quota in the current system and therefore there is no case for
another retail quota bucket. The purpose of anchor investors is
having sophisticated investors who can better analyse a
company and therefore provide a signal to other investors that
investing in the company is relatively safe.

UPCOMING IPOs
DATE DATE SEBI
AMOUNT
COMPANY OFFER DOC APPROVAL INDUSTRY
(` Crore)
FILED WITH SEBI RECEIVED
K.P.R.AGROCHEM 23-12-2015 05-04-2016 200.00 AGROCHEMICALS/PESTICIDES
HINDUJA LEYLAND FINANCE 30-03-2016 24-06-2016 530.00 FINANCIAL SERVICES
SEAWAYS SHIPPING & LOGISTICS 30-03-2016 31-08-2016 100.00 TRAVEL/TRANSPORTATION/COURIER(PASSENGER/CARGO)
ASTER DM HEALTHCARE 24-06-2016 02-11-2016 1,600.00 HOSPITALS/DIAGNOSTIC SERVICES
SECURITY & INTELLIGENCE SERVICES (INDIA) 27-09-2016 12-01-2017 500.00 MISC.
G.R.INFRAPROJECTS 29-09-2016 22-12-2016 400.00 ROADS & HIGHWAYS
GENESIS COLORS 29-09-2016 03-02-2017 650.00 TEXTILES
CONTINENTAL WAREHOUSING CORP.(NHAVA SEVA) 30-09-2016 16-12-2016 1,000.00 TRAVEL/TRANSPORTATION/COURIER(PASSENGER/CARGO)
PRATAAP SNACKS 30-09-2016 500.00 FOOD & FOOD PROCESSING
S.CHAND & CO. 16-12-2016 03-03-2017 600.00 PUBLISHING
CENTRAL DEPOSITORY SERVICES (INDIA) 27-12-2016 08-02-2017 400.00 FINANCIAL SERVICES
PSP PROJECTS 27-12-2016 250.00 HOUSING/ CIVIL CONSTRUCTION/ REAL ESTATE
NATIONAL STOCK EXCHANGE OF INDIA ,THE 28-12-2016 10,000.00 FINANCIAL SERVICES
GTPL HATHWAY 30-12-2016 300.00 ELECTRONICS-CONSUMER & MEDIA
HOUSING & URBAN DEVELOPMENT CORP. 02-01-2017 10-03-2017 1,500.00 HOUSING FINANCE
AU FINANCIERS (INDIA) 01-02-2017 1,500.00 FINANCIAL SERVICES
ERIS LIFESCIENCES 08-02-2017 1,300.00 PHARMACEUTICALS & DRUGS
TEJAS NETWORKS 10-02-2017 800.00 INFORMATION TECHNOLOGY
SALASAR TECHNO ENGINEERING 15-02-2017 35.87 ENGINEERING
BHARAT ROAD NETWORK 17-02-2017 1,200.00 ROADS & HIGHWAYS
NAKSHATRA WORLD 10-03-2017 650.00 DIAMOND CUTTING & JEWELLERY
COCHIN SHIPYARD 24-03-2017 1,400.00 SHIPPING (INCL REPAIRING/ BREAKING)
Source: Primedatabase

they applied for. If the number of
applications received is more than this,
then a lottery follows.
For e.g.: If the size of an IPO is 1000
shares and if 35 per cent is available for
the retail category, then retail investors
can apply for 350 shares. Now if the
number of shares applied is up to 350,
which means not oversubscribed, then
everyone would get the number of shares
applied for.
Assuming that there are 25000 shares to
be allotted in retail segment and the IPO
is oversubscribed. i.e. the number of
shares applied is 1 lakh. Assuming the
minimum lot size is of 250 shares, only a
maximum of 100 applicants will be
receiving the minimum lot size of 250.
Because as per SEBI, no RII can be

DSIJ.in APR 3 - 16, 2017 I DALAL STREET INVESTMENT JOURNAL 83

Special Report
allotted less than the minimum bid lot,
in case of over subscription. So, the
maximum allottees in this case would
be 100 investors.
Suppose, there is a case of multiple
times oversubscription, allotment
shall be determined on basis of draw of
lots or the lottery system. The draw of
lots is now a computerised process
and thus there is no room for partiality.
There is no bias and allotment
does not depend on amount, time,
broker, etc.
THINGS TO KEEP IN MIND
DOs
 Read the Prospectus/ Abridged
Prospectus and pay special attention to:
 Risk factors
 Outstanding litigations and
defaults, if any
 Financials of the issuer
 Object of the issue
 Company history
 Background of the promoters
 Instructions for making an
application.
 In case of any doubts/problems,
contact the compliance officer named in
the offer document.
 In case you do not receive, within
due period, the physical certificates/
credit to Demat account or refund of
application money, lodge a complaint
with the compliance officer of the issuer
company and with the post-issue lead
manager listed in the offer document.
DON’Ts
 Don’t fall prey to market rumours.
 Don’t go by any implicit/explicit
promise made by the issuer or
anyone else.
 Don’t invest based on the prevailing
bull run of the market index or of
scrips of other companies in the
same industry or scrip of the issuer
company/group companies.
 Don’t bank upon the price of the
shares of the issuer company to
necessarily go up.
How to submit your bids
Applying for the maximum amount in
IPOs may be counter-productive. In the
84 DALAL STREET INVESTMENT JOURNAL I APR 3 - 16, 2017
How Does It Happen
Sangeeta Lakhi, Senior Partner, Rajani Associates
a) This implies that if the IPO is oversubscribed, few retail investors will receive the
minimum lot but not more than that, since the 35% shares has to be spread
across such retail investors. In case of multiple times oversubscription, allotment
is determined on the basis of draw of lots or the lottery system.
b) One can say that 35% cap on retail investors may be quite small, keeping in
mind the investor population. At the same time, a company must divide the
shares into the 3 categories so that it has various sets of investors and which also
boosts the company's enterprise value.
c) Surprisingly, in global markets, there is no rule of 35:15:50. Most retail investors
get little or no chance of buying new stock at the offering price. The vast
majority of high profile offerings are bought by large funds and even when an
allocation is released to retail investors it is controlled by the brokers who
naturally offer it first to their biggest (aka highest fee-paying) clients. By the time
the big boys are finished there is very little left for you and me. The sense of
frustration, of being left out, that that causes just adds to the desire to be in on
the deal and that, when combined with the whole hope and doing good things,
usually means that there is no shortage of willing buyers in early trading.
case of IPOs where the demand is low, POST ISSUE ACTIVITIES
you will be stuck with a greater number INVOLVES FOLLOWING TASKS
of shares; and in IPOs with good 1. Basis of allotment is finalised by lead
demand, you may not get anything at all. manager and worked out within two
weeks from the date of the closure of
A better strategy can be to get your the issue.
family to participate in the IPO. Hence, 2. Share allocation in Demat accounts by
instead of making a single application for the registrar is done within 15 days
the maximum lot, you could be better off from the date of closure of the issue.
making four applications for the 3. Listing of shares by the issuer
minimum lot (for your spouse, your company is carried out within 7 days
parents and you, for example). from the finalisation of the issue
If an issue is oversubscribed many times,
most applicants are likely to get nothing. CONCLUSION
So, in such cases it’s best to apply for the The primary market is most energetically
minimum bid if the broker feels that the and enthusiastically followed by most of
issue is going to be popular. Even with the retail investors. There are various
that, chances of getting an allotment will questions in the mind of the participants
reduce as oversubscription increases. as they are not getting an allotment. There
are certain criteria set by SEBI and we have
tried to clarify each and every minute
THE IPO PROCESS things of the IPO process till the allotment.
Activity IPO Process
Preparation Phase 2 weeks When entire market is enjoying the
Due Diligence 4-5 weeks listing gains of various new companies in
Filing of Draft Document 1 week the league, one should be thinking over
Sebi Observation 4-8 weeks why she or he is not getting an allotment
Finalization & filing of offer 2-3 weeks these days. At the end of the report you
Document must have understood the basic things
Issue Period min 3 days and maximum including how to apply for an IPO
7 days strategically, what are the timelines
Post Issue Activities 2- 3 weeks and maximising probability of IPO
allotment. DS
DSIJ.in
Kerbside
The recommendations provided in this column are taken from various market
sources such as brokers, analysts, dealers and investment strategists, etc. These
recommendations may not be backed by strong fundamentals. Therefore we advise
readers to use their own discretion before investing in these recommendation

BREWING HOT
Tata Coffee is engaged in
Tata Coffee the production and sale of
BSE Code: 532301 coffee and related
CMP: `128 products. The parent
company, Tata Global
Beverages, in its
partnership operation in India with global coffee
chain Starbucks, sources coffee beans from Tata
Coffee. The talk of the street is that there could be
some announcement that is likely to be positive
for the stock. Hence, the stock is poised for a
decent run-up in the short term.

WHATS COOKING Thomas Cook

TRIP TO PROFIT
Tourism Finance TFCI is a
Thomas Cook India launched company
Corporation of India
BSE Code: 500413 an interesting BSE Code: 526650 that
concept finances
CMP: `224 Weekend CMP: `73.25 tourism-
Mega Holiday related projects. As per rumours
Sale where the company offered on the street, some big fund
attractive deals to the customer and managers are bullish on this
on-the-spot discounts. As per our stock and have accumulated
sources, this has received this stock in anticipation of big
unprecedented demand from the a rally in the coming trading
travellers. Additionally, the stock has sessions. Hence, smart gains are
witnessed decent volumes in the visible in this stock, so risk-
previous trading session; hence, it taking readers can look at the
makes a perfect stock to bet on for stock for short term gains.
the short term.

AND FINALLY.. FIEM Industries

BSE Code: 532768
CMP: `873
The company is among the leading manufacturers of
automobile lightings, signalling equipments and rear view
mirrors for two-wheelers and four-wheelers. The
whispers on the D-street suggests that a cartel of HNIs is
betting for robust gains in the stock. As the company has
been reporting strong revenue growth over the past
several years, it is expected that going forward it will
continue to post decent numbers. Therefore, the stock can
be looked at from a short-term trading perspective. DS

(Closing price as of Mar 27, 2017)

86 DALAL STREET INVESTMENT JOURNAL I APR 3 - 16, 2017 DSIJ.in