Subscription copy of [lokincredibl@gmail.com]. Redistribution prohibited.
A. HDFC TOP 100 Fund - SIP Performance^ - Regular Plan - Growth Option
Since Inception*
15 year SIP
10 year SIP
5 year SIP
3 year SIP
1 year SIP
32.60
18.00
12.00
6.00
3.60
1.20
Total Amount Invested@ (` in lacs)
Market Value as on November 30, 2023 (` in lacs)
714.16$$
55.96
25.06
9.56
4.74
1.37
18.53$$
13.88
14.10
18.70
18.76
26.90
Returns& (%)
Benchmark Returns (%)#
N.A.
13.42
13.55
15.77
12.67
18.98
Additional Benchmark Returns (%)##
14.42
13.42
13.81
15.69
12.43
14.92
@
Assuming ` 10,000 invested systematically on the first Business Day of every month since October 11, 1996 (Scheme Inception Date). &CAGR returns are computed after accounting
for the cash flow by using XIRR method (investment internal rate of return) for Regular Plan - Growth Option. The above investment simulation is for illustrative purposes only
and should not be construed as a promise on minimum returns and safeguard of capital. SIP - Systematic Investment Plan. HDFC AMC / HDFC MF is not guaranteeing or assuring
any returns on investments in the Scheme.
NAV as on November 30, 2023 ` 903.551 (per unit)
B. HDFC Top 100 Fund - Performance^ - Regular Plan - Growth Option
Period
Scheme Returns (%)
Scheme Benchmark
Returns (%)#
Additional Benchmark
Returns (%)##
Value of investment of (`) 10,000
Scheme
Benchmark
Additional Benchmark
(`)
(`)#
(`)##
Last 1 Year
16.62
7.83
7.59
11,662
10,783
10,759
Last 3 Years
22.56
16.85
16.27
18,441
15,974
15,738
Last 5 Years
14.58
14.03
14.46
19,757
19,287
19,649
N.A.
13.67
11,01,706$$
N.A.
3,24,515
Since Inception*
18.91$$
Common notes for the table A & B: Past performance may or may not be sustained in the future. *Inception Date: October 11, 1996. The scheme is managed by Mr. Rahul Baijal
since July 29, 2022. # NIFTY 100 (Total Returns Index). ## S&P BSE SENSEX (Total Returns Index). $$ All Distributions declared prior to the splitting of the Scheme into IDCW & Growth
Options are assumed to be reinvested in the units of the Scheme at the then prevailing NAV (ex-distribution NAV). ^Above returns are as on November 30, 2023.
C. Performance of Other Funds Managed by Mr. Rahul Baijal, Fund Manager of HDFC Top 100 Fund (who manages total 3 schemes of which 2
schemes have completed one year)
Managing Scheme
since
Returns (%) as on November 30, 2023
Last 1 year (%)
Last 3 years (%)
Last 5 years (%)
HDFC Business Cycle Fund
November 30, 2022
18.06
N.A.
N.A.
Benchmark - NIFTY 500 (Total Returns Index)
13.84
N.A.
N.A.
Common notes for the table B & C: Past performance may or may not be sustained in the future. The above returns are for Regular Plan - Growth Option. Load is not taken into
consideration for computation of performance. Different plans viz. Regular Plan and Direct Plan have different expense structure. The expenses of the Direct Plan under the
scheme will be lower to the extent of the distribution expenses/commission charged in the Regular Plan. Returns greater than 1 year period are compounded annualised (CAGR).
N.A. Not Available.
Scheme
HDFC TOP 100 FUND (An open ended equity scheme predominantly investing in large cap stocks) is suitable for investors who are seeking~:
z
To generate long-term capital appreciation / income
z
Investment predominantly in Large-Cap companies
~Investors should consult their financial advisers, if in doubt about whether the product is suitable for them.
Name and Riskometer of Benchmark
Name of scheme(s)
Riskometer^^ of the Scheme(s)
NIFTY 100 (Total Returns Index)
gh
Mo Lo
d
Modera
oderate High tely
o te M
t
Hi
w era
z
HDFC Top 100 Fund
Mo Lo
d
Low
NIFTY 500 (Total Returns Index)
Contact your MFD / RIA or give a
missed call on 73974 12345
RISKOMETER
Modera
oderate High tely
o M
Hi
w t erate
gh
Mo Lo
d
Very
High
RISKOMETER
gh
Low
Very
High
Modera
oderate High tely
o te M
t
Hi
w era
z
HDFC Business Cycle Fund
Investors understand that their principal will be at
very high risk
Low
Very
High
RISKOMETER
Benchmark and Scheme Riskometer as on November 30, 2023
^^For latest riskometer, investors may refer to the Monthly Portfolios disclosed on the website of the Fund viz. www.hdfcfund.com
MUTUAL FUND INVESTMENTS ARE SUBJECT TO MARKET RISKS, READ ALL SCHEME RELATED DOCUMENTS CAREFULLY.
Subscription copy of [lokincredibl@gmail.com]. Redistribution prohibited.
Discover the potential of
innovation.
Aim to grow wealth with companies
that adopt innovative strategies.
Invest in
ICICI Prudential
Innovation Fund
IPRUTOUCH App | www.iciciprumf.com
0823
To invest, contact your Mutual Fund Distributor
RISKOM
e
erat
Mod
ET
Mo
der
Hig ately
h
E
h
Very
High
Low M Lo
od w t
er o
at
e
ME
Hig
̴UŨǍğơƭųƙơ͘ơŀųƵŝė͘ĐųŨơƵŝƭ͘ƭŀğņƙ͘ǦŨñŨĐņñŝ͘ñėǍņơğƙơ͘ņķ͘ņŨ͘ėųƵĎƭ͘ñĎųƵƭ͘ǎŀğƭŀğƙ͘ƭŀğ͘ƖƙųėƵĐƭ͘ņơ͘ơƵņƭñĎŝğ͘
for them.
C
HE
R
• Long term wealth creation
• An equity scheme that invests in stocks adopting innovation strategies or themes
S
ICICI Prudential Innovation Fund (An open ended equity scheme following innovation theme) is
suitable for investors who are seeking*:
Investors
understand that
their principal
will be at Very
High risk
»ŀğ͘¦ņơř̿ų̿Ŧğƭğƙ͘ơƖğĐņǦğė͘ñĎųǍğ͘ǎņŝŝ͘Ďğ͘ğǍñŝƵñƭğė͘ñŨė͘ƵƖėñƭğė͘ųŨ͘ñ͘ŦųŨƭŀŝǔ͘Ďñơņơ̩
Please refer https://www.icicipruamc.com/news-and-updates/all-news for more details on scheme riskometers.
Mutual Fund investments are subject to market risks, read all scheme related documents carefully.
Subscription copy of [lokincredibl@gmail.com]. Redistribution prohibited.
January 2024
VOLUME XVII, NUMBER 7
8
EDITORIAL POLICY
A framework for investing
The goal of Wealth Insight, as with
all publications from Value
Research, is not just limited to generating profitable ideas for its readers; but to also help them in generating a few of their own. We aim to
bring independent, unbiased and
meticulously-researched stories
that will help you in taking better-informed investment decisions,
encouraging you to indulge in a bit
of research on your own as well.
How to invest the Value Research way and create wealth
All our stories are backed by
quantitative data. To this, we add
rigorous qualitative research
obtained by speaking to a wide variety of stakeholders. We firmly stick
to our belief of fundamental
research and value-oriented
approach as the best way to earn
wealth in the stock market. Equally
important to us is our unwaveringly
focus on long term planning.
Simplicity is the hallmark of our
style. Our writing style is simple
and so is the presentation of ideas,
but that should not be construed to
mean that we over-simplify.
Read, learn and earn – and let’s
grow and evolve as we undertake
this voyage together.
EDITOR-IN-CHIEF Dhirendra Kumar
Why the markets
will always be
crazy
We explore why it is nearimpossible to predict
Mr Market’s mood
COPYEDITING Khyati Simran Nandrajog
and Mithilesh Bhaumik
RESEARCH & ANALYSIS Aditya Gupta,
Asif Ali, Karthik Anand Vijay, Karon
Anand, Kunal Bansal, Nipun Arora,
Ravikant Prasad, Sneha Suri and
Udhayaprakash J
DESIGN Aman Singhal, Anand Kumar,
Aprajita Anushree, Harish Kumar, Kamal
Kant Koner, Mukul Ojha and Nitin Yadav
DATA SOURCE FOR STOCKS AceEquity
Why over 90 per
cent of stock
market participants
lose money
Find out what most
investors are doing wrong
7
Still, what almost
always works
Learn what you
must do to get rich
off the unpredictable
markets
101
Edit
Stock Advisor
by DHIRENDRA KUMAR
by DHIRENDRA KUMAR
A new beginning
Curb Your Enthusiasm
Introducing an easier
path to stock investing
A framework to navigate the current
market highs
MARKETING
Aastha Tiwari, Aditya Roy, Ashish Jain,
Jash Ashar and Kasturi Kaushik
Calendar 2024
PRODUCTION MANAGER & CIRCULATION
Hira Lal +91-9958058407
ADVERTISING CONTACT
Venkat K Naidu +91-9664048666
Biswa Ranjan Palo +91-9664075875
SUBSCRIPTION
Shipra Srivastava +91-9868891830
Chhaya Verma +91-9560200520
33
ABCD ETF
Passive equity funds
in retirement
4 Wealth Insight January 2024
Subscription copy of [lokincredibl@gmail.com]. Redistribution prohibited.
CONTENTS
34
Introducing
Value Research
Stock Ratings
Discover a new way of navigating
the markets and stock picking
Stock
ratings of
top 1,000
companies
94
How to build a
portfolio using
our Stock Ratings
Our Stock Screener helps you pick the right
stocks based on your investing style
Growth at a
reasonable
price
High quality at
a reasonable
price
Fast-growing
mid and small
caps
Small caps
high on quality
and growth
Old-school
value
investor
Finding fastgrowing stocks
with ease
Are high-quality
stocks worth the
hype?
Do mid and small
caps deserve a place
in your portfolio?
High growth or
profitability: What
should you choose?
Looking for profits
in underpriced
stocks
‹9DOXH5HVHDUFK,QGLD3YW/WG
Wealth Insight is owned by Value Research India Pvt. Ltd., 5, Commercial Complex, Chitra Vihar, Delhi-110 092.
Editor-In-Chief: Dhirendra Kumar.
Printed and published by Dhirendra Kumar on behalf of Value Research India Pvt. Ltd. Published at 5, Commercial Complex, Chitra Vihar, Delhi-110 092.
Printed at Option Printofast, 46, Patparganj Industrial Area, Delhi-110 092
Total pages 104, including cover
',6&/$,0(5
The contents of Wealth Insight published by Value Research India Private Limited (the ‘Magazine’) are not intended to serve as professional advice or guidance and the Magazine takes no responsibility or liability, express or implied, whatsoever for any investment
decisions made or taken by the readers of this Magazine based on its contents thereof. You are strongly advised to verify the contents before taking any investment or other decision based on the contents of this Magazine. The Magazine is meant for general reading
purposes only and is not meant to serve as a professional guide for investors. The readers of this Magazine should exercise due caution and/or seek independent professional advice before entering into any commercial or business relationship or making any
investment decision or entering into any financial obligation based on any information, statement or opinion which is contained, provided or expressed in this Magazine.
The Magazine contains information, statements, opinions, statistics and materials that have been obtained from sources believed to be reliable and the publishers of the Magazine have made best efforts to avoid any errors and omissions, however the
publishers of this Magazine make no guarantees and warranties whatsoever, express or implied, regarding the timeliness, completeness, accuracy, adequacy, fullness, functionality and/or reliability of the information, statistics, statements, opinions and
materials contained and/or expressed in this Magazine or of the results obtained, direct or consequential, from the use of such information, statistics, statements, opinions and materials. The publishers of this Magazine do not certify and/or endorse any
opinions contained, provided, published or expressed in this Magazine.Reproduction of this publication in any form or by any means whatsoever without prior written permission of the publishers of this Magazine is strictly prohibited. All disputes shall be subject
to the jurisdiction of Delhi courts only.
ALL RIGHTS RESERVED
January 2024 Wealth Insight 5
Subscription copy of [lokincredibl@gmail.com]. Redistribution prohibited.
Subscription copy of [lokincredibl@gmail.com]. Redistribution prohibited.
by Dhirendra Kumar
EDIT
A new beginning
X Introducing an easier path to
stock investing
I
t has been 30 years since we launched our first
rating. This was obviously a rating system for
mutual funds, the Value Research Star Rating
system. In the 360 months since then, we have
recalculated and updated the rating. It started with
rating 80 public sector mutual fund schemes and has
now grown to more than 1,000 mutual fund schemes.
During these decades, millions of Indian investors have
used our rating system to choose good funds to invest in
and avoid bad funds they were tempted by.
Just like the stock rating we are launching now,
the fund rating always had five grades, from one star
to five stars. At that time, the idea of rating things on
a one to five-star scale was novel. People were
familiar with five-star hotels, and there was five-star
chocolate, which was just a brand. As far as I recall,
nothing else in India would familiarise people with
the idea of star ratings.
In sharp contrast, the idea of star ratings is
pervasive now. Every product on Amazon, Flipkart
and other e-commerce sites is star-rated. When you
travel by Uber and Ola, not only do you rate the cab
and auto drivers on a star rating scale, but the
drivers rate you, too! We select or reject things based
on their star ratings every day. This is an interesting
phenomenon in the context of star rating systems of
the kind that Value Research has created. All these
ecommerce systems are basically crowd-sourced
rating systems. None of them are ratings created by
an external research setup.
Our rating systems are not crowd-sourced; they are
based on rigorous proprietary research and analysis.
Our methodology for our star ratings may have
evolved over the years. But, we have always focused
on quantitative measures of financial performance
and not on sentiment or user opinions.
As star ratings became ubiquitous, we did worry
that their proliferation might diminish the cachet of
Value Research Fund Ratings. However, we have
found the opposite. As more products get casual star
ratings on e-commerce sites, investors recognise that
a Value Research rating is special. It is a certification
of quality, not a fickle indicator. Our ratings hold
meaning because of the expertise, insight and effort
behind them. The same founding principles will
shape the Value Research Stock Ratings. The
objective is to surface good ideas, not just popular
ones. We aim to highlight opportunities that create
long-term value, not short-term excitement.
So, what will these ratings offer? Essentially, the
ratings are a pre-prepared packet of rapid research
that you can activate immediately for any stock. It’s
an investing framework that guides the first stage of
the investing decision about any stock.
A strong investing framework serves as a
consistent decision-making tool, narrowing the
universe of possible investments to a suitable subset
for further analysis by applying a common
no-exceptions set of principles. Pre-committing to a
philosophy and process helps investors avoid
emotional decisions, filters out noise, saves time
spent creating new strategies, and, most
importantly, guides actions rather than reactions
in the face of volatility.
Notably, the stock rating system is not the whole
thing, i.e., it is not a complete system for choosing
investment-worthy stocks. You can’t just pull up all
five-star stocks and use that as a portfolio. Instead, it
is a prefiltering system that starts you off on a strong
path quickly. Most importantly, it will not let you
forget anything. Investors tend to get excited about
stocks and ignore the negatives. A rating framework
prevents such mistakes.
This is a beginning. As time goes by, we will evolve
the framework to help investors in more ways.
Investors, too, will find new ways to utilise the
ratings. It will be an exciting and profitable journey –
let’s begin.
January 2024 Wealth Insight 7
Subscription copy of [lokincredibl@gmail.com]. Redistribution prohibited.
A framework for
How to invest the Value Research way and create wealth
A
ll of us believe – in fact, we know –
that the main problem in investing is
determining the intrinsic value of a business
compared to its stock price in order to identify
mispriced investment opportunities. However,
like most things worth doing, that’s easier said
than done.
Estimating the future is never easy. The list of
things that could influence what a business is
worth is huge: product, markets, competition,
8 Wealth Insight January 2024
Subscription copy of [lokincredibl@gmail.com]. Redistribution prohibited.
AI generated images
macro factors, people, and of course pure luck. If
you are investing a sum of money that’s important
to you, then the margin of error is small and your
own psychology, your own state of mind becomes
as important a factor as anything external.
Common psychological pitfalls like loss aversion,
confirmation bias, anchoring, and overconfidence
can lead to poor decision making.
If you think of all these things, the problem
of where to invest becomes overwhelming. The
perfect way out is what one might call an
‘investing framework’.
What is an ‘investing framework’?
What will it do for you?
An investing framework is a set of consistent
principles, methods, and decision-making
criteria that you can apply when analysing
investment opportunities. A strong framework
serves many purposes.
One, it narrows the huge broad universe of
possible investments down to a more
manageable subset suitable for further analysis.
Second, it applies a common ‘no-exceptions’ set
of principles to every stock. Unlike human
judgement, a framework does not play favourites
and does not forget to consider some factors.
Third, by pre-committing to a philosophy and
a process, it helps investors avoid emotional
decision making in the face of market
volatility. The framework guides actions
rather than reactions.
Fourth, an intelligently designed framework
accumulated through experience allows
investors to filter out the immense amount of
noise that is generated nowadays about
investing and investments.
Finally, it saves time. You have an investing
idea? No need to think up a whole new strategy
for evaluating it. Just apply the framework
and you’re on your way.
Of course, this brings up the big question of
creating, testing and maintaining the investing
framework – not a small task.
That’s where Value Research comes in.
In 1993, we created an investing framework for
mutual funds that did all this. Over three
decades, it has stood the test of time and helped
millions of investors create and preserve wealth.
Now, we’re bringing the same analytical rigour,
the same disciplined approach and the same
long-term perspective to equity investing.
The pages that follow are the Shri Ganesh of
this historic effort. We’re confident that this
will help you create wealth and prosper.
January 2024 Wealth Insight 9
Subscription copy of [lokincredibl@gmail.com]. Redistribution prohibited.
INVESTORS’ GUIDE
“I got a PhD in how to
make ends meet
I graduated from the
college in the street
Inflation in the nation
don’t bother me
‘Cause I’m a scholar
when it comes to the
almighty dollar
Money, money, money,
money is…
Money’s on my mind”
From the song ‘Money is’
by Little Richard (1964)
Why the
markets will
always be
r
z
ca y
We explore why it is near-impossible
to predict Mr Market’s mood
10 Wealth Insight January 2024
Subscription copy of [lokincredibl@gmail.com]. Redistribution prohibited.
INVESTORS’ GUIDE
W
hat is crazy? Many define crazy
as doing the same thing repeatedly and expecting
different results. In that regard, the markets fit
the bill. In fact, Indian and global equity markets
were born out of frenzy and madness.
A frenzied birth
Equity markets in India were born in the frenzy
of a fevered bull run, dubious fly-by-night
companies and then a massive crash, all
orchestrated in the shade of a banyan tree in
Horniman Circle in Mumbai. It’s an amazing
story and one which speaks directly to how we
deal with our investments today.
In 1861, the outbreak of the American Civil War
severely disrupted the global cotton supply chain.
Britain relied heavily on American cotton
produced by slave labour to supply its massive
textile industry, which met 77 per cent
of Britain’s total cotton needs. With
this supply now under threat,
Britain scrambled to find
alternative sources of raw cotton.
The cotton cultivators and traders
of India stepped into the gap. By 1862, India was
supplying almost all the raw cotton imported by
Britain, and the value of Indian cotton exports
jumped from `16 crore in 1861 to `40 crore in 1865.
Much of this cotton was grown in the hinterland
of Bombay and that’s what led to the initial rise of
the city as India’s commercial capital.
The boom generated enormous profits for
traders, brokers, and businessmen. Seeking
outlets to invest their surplus capital, they turned
to the stock market. Share prices of newly
established companies skyrocketed, with The
Back Bay Reclamation shares going up from the
issue price of `5,000 to `50,000 and Bank of
Bombay going from `500 to a peak of `2,850.
A lot more people started trading and the
number of stockbrokers swelled from just a
handful gathering under that banyan tree in 1855
to over 250 members in a few years. This
informal group of brokers formally organised
into The Native Share & Stock Brokers
Association which eventually became the
Share prices
of newly
established
companies
skyrocketed,
with The
Back Bay
Reclamation
Company going
up from `5,000
(in 1861)to
`50,000
(in 1864).
Bombay Stock Exchange and now BSE.
The Bombay Gazetteer newspaper noted that
as of 1864, the city had seen the emergence of
31 banks, 8 land companies, 16 press companies,
10 shipping companies, and 20 insurance
companies that had issued shares. Remarkably,
none of these entities had been in existence just a
few years prior. Moreover, banks were freely
lending money against shares to clients for the
purpose of buying yet more shares.
Then came the news that the war in America
had ended and everyone attempted to offload
their shares. The Back Bay Reclamation fell from
`50,000 to below `2,000 and Bank of Bombay from
`2,850 to `87. Both these companies, along with
hundreds of others, went bankrupt. The city went
into a decade-long depression and its population
actually fell by about 20 per cent.
In South Mumbai, a monument to the riches of
those boom years still stands tall – the Rajabai
Clock Tower was built with money donated by
Premchand Roychand Jain and named after his
mother. Jain was the ‘Cotton King’ and ‘Bullion
King’ of those years as well as a leading
stockbroker and a director of the Bank of
Bombay. Obviously, Jain too went bankrupt in
the crash.
One interesting aspect of the cotton crash of
Mumbai is that it feels very modern. With some
modifications, it could be happening today. The
South Sea Madness was not like that.
A tale of madness
With the cotton
industry in the
doldrums,
investors were
running for
the exit. The
Back Bay
Reclamation
Company fell
from `50,000 to
below `2,000.
In 1711, The South Sea Company was founded by
an act of the British Parliament. The company
was set up as a public and private partnership,
and investors could buy its shares on the
exchange. Its purpose was to
consolidate, control and reduce
the national debt and to help
Britain increase its trade and
profits in South America.
As compensation for
consolidating the debt, the government
pays a 6 per cent interest to the company each
year. This was redistributed to shareholders as a
January 2024 Wealth Insight 11
Subscription copy of [lokincredibl@gmail.com]. Redistribution prohibited.
INVESTORS’ GUIDE
The egregious rise and the eventual fall
Share price history of the South Sea Company
£1,000
800
600
400
200
0
October 1719
December 1720
why does academia trumpet market efficiency? It
is quite baffling.
Over time, stock markets across the globe
have become more and more
efficient in swiftly reflecting
information. However, that
doesn’t mean that such reflection
is correct. The stock market is
very susceptible to over- and undervaluing companies. And that too by a wide
margin! Take a look at the box ‘Major bubbles
and bursts’. These are just some of the many
instances of irrational exuberance and busts the
market has thrown us.
Now, that begs the question(s): how and why
does the market get so out of tune? Let’s tackle
the ‘how’ first and then move to the ‘why’.
Source: Harvard Library, ‘The South Sea Bubble, 1720’
Beauty is in the eye of the beholder
dividend. Moreover, the company was given a
trading monopoly for its region in 1713 to boost
trading profits. In 1718, King George took control
of the company. Soon, the company was paying
out 100 per cent interest! The trading business
didn’t generate sufficient profit. So, the company
turned to (hold on to your seat) trading in its
stock. It also encouraged (and bribed) people to
purchase its shares!
The share price went from about £128 in
January 1720 to over £1,000 in August. However,
the bubble burst in September. By December, the
share price was down to £124. Among the many
investors left in ruins by the crash, one, in
particular, stands out - Sir Isaac Newton. He
remarked, “I can calculate the motion of heavenly
bodies but not the madness of people.”
The value of a listed company is not only based
on its fundamentals but also on the way those
fundamentals are perceived by market
participants. In the short term, perception rules
the roster. It can change as quickly as lightning.
And so, it is nearly impossible to base investment
decisions based on perception.
However, as time passes, one can expect the
fundamentals to dictate the value of the
company. Benjamin Graham,
regarded by many as the father of
value investing, captured this
succinctly when he said, “In the
short run, the market is a voting
machine. In the long run, it is a
weighing machine.”
Irrespective of how proficient you are in
scrutinising the fundamentals of a company, your
sentiments and psychological biases are big
drivers. Moreover, the sentiments and
psychological biases of other market participants
Are markets efficient? You wish!
Given that one of the brightest minds in human
history succumbed to the follies of the market,
Major bubbles and bursts
Mississippi
bubble
(France)
The Great
Depression
(US)
Black
Monday
(US)
Harshad
Mehta scam
Dotcom
bubble
The Great
Recession
Indian
NPA crisis
COVID-19
1716-1720
1929-1941
Oct 19, 1987
1991-1992
1995-2000
2008
2015-2016
2020
12 Wealth Insight January 2024
Subscription copy of [lokincredibl@gmail.com]. Redistribution prohibited.
Subscription copy of [lokincredibl@gmail.com]. Redistribution prohibited.
INVESTORS’ GUIDE
How the sentiment pendulum swings
In the last 10 years, Caplin Point Labs has multiplied investors’ wealth by 85 times.
`1,500
Thrill
900
600
300
Anxiety
FOMO
1,200
Thrill
Denial
Depression
Surrender
Excitement
Hope
Euphoria
Relief
Thrill
Anxiety
Anxiety
Optimism
Euphoria
0
Hope
Excitement
Panic
November 2023
December 2013
Data as of November 30, 2023
will also influence (or cloud!) your judgement.
When the market is rising, fear of missing out
takes over. When the market is in a free fall, most
participants make a run to the exit.
Check out the graph ‘How the sentiment
pendulum swings’. It showcases the various
sentiments most market participants experience
in the journey of a stock. This company has
generated phenomenal returns in 10 years but its
journey has been anything but smooth.
Why does the craziness never stop?
Generation after generation, market participants
repeat the mistakes of those who came before
them. In his book, ‘A Short History of Financial
Euphoria’, economist John Kenneth Galbraith
captured this perfectly. He says,
“...financial disaster is quickly
forgotten. In further consequence,
when the same or closely similar
circumstances occur again,
sometimes in only a few years, they
are hailed by a new, often youthful,
and always supremely self-confident
generation as a brilliantly innovative
discovery in the financial and larger
economic world. There can be few
fields of human endeavour in which
history counts for so little as in the
world of finance.”
The stock market is no pushover. You have to
deal with its whims and fancies. Mr Market
(Graham’s personification of the stock market)
will come to you every day and tell you what he
thinks is the value of a company. Your response
(or the lack of it) will be dictated by your
analysis and sentiments driving you at the time.
As Graham said,
A listed
company’s
value is
not only
based on its
fundamentals
but also on the
way those
fundamentals
are perceived
by market
participants.
“Sometimes his idea of value appears
plausible and justified by business
developments and prospects as you
know them. Often, on the other hand,
Mr Market lets his enthusiasm or his
fears run away with him, and the
value he proposes seems to you a
little short of silly.”
A thought experiment
Let’s attempt to figure out a simple question: If
you had `1.03 lakh crore (i.e., the market cap of
Zomato as of November 30, 2023), would you buy
the entire company or invest in the
10-year Indian government bond?
The bond will pay an interest
of 7.18 per cent on your
investment every year for the
next 10 years. So, if you invest the
money in the government bond, you will receive
around `7,427 crore as interest each year.
14 Wealth Insight January 2024
Subscription copy of [lokincredibl@gmail.com]. Redistribution prohibited.
bond. The decision seems obvious, right? Now
let’s add another piece of information to the mix.
Over the last year, Zomato’s share price has
jumped 84 per cent. This is phenomenal by any
measure. Does that change your decision?
Are you wondering whether the market knows
something that you don’t? Or, do you feel like you
missed the ride? Or, does it seem like it is the
right time to buy the stock?
Now you can see why the market is crazy!
Zomato, on the other hand, reported a loss
before tax of `562 crore (in the twelve months
ending September 2023). You might argue that
the ecosystem built by Zomato is not easily
replicable and that it will generate big profits in
the years to come. Fair enough!
But will it generate a cumulative profit of
about `74,271 crore over the next 10 years? That is
the cumulative amount of interest you will
receive if you choose to invest in the government
Premchand Roychand: India’s first Big Bull
who triggered India’s biggest market crash
Sundeep Khanna
W
hat’s the biggest market crash in India?
In the world? In recent memory, there
was the infamous Harshad Mehta
imbroglio in the wake of which the BSE crashed
nearly 50 per cent within a year. There’s also the
global financial crisis of 2008-2009 when the US
market dropped about 60 per cent from its 2007
peak. Before that, the 1987 Black Monday emptied
the bottom out of the US market by almost
23 per cent just on a single day in October.
But long before these two disasters, there was a
monumental 80 per cent drop in the Indian
markets over a span of a few months. The honour
for triggering that goes to an Indian and strangely
to someone who Indian investors have a lot to be
thankful for despite the fact that the crash he
engineered set back the growth of the country’s
nascent stock market system by several decades.
It is a paradox difficult to reconcile: the man
who laid the foundation for today’s Bombay Stock
Exchange (BSE) was also responsible for India’s
first stock market crash in 1865. Stolid
foundations and scamsters do not seem to go hand
in hand, yet this intrepid buccaneer of the
19th century, Premchand Roychand, managed to
do exactly that. Eventually, he was responsible
for the closing down of the Bank of Bombay as
well as the Asiatic Banking Corporation, the
latter set up by him. What is staggering in his
fascinating rags to riches saga, brilliantly
captured in Lakshmi Subramanian’s book ‘Three
The paradox is
difficult to
reconcile: the
man who laid
the foundation
for today’s BSE
was also
responsible for
India’s first
stock market
crash in 1865
Merchants of Bombay’, is the relentless drive to
imagine a future on such an extravagant scale
when business was beset by uncertainties and
restrictions laid down by the British colonizers.
Imbued with an extraordinary fire to
undertake the outrageous and grandiose,
Roychand, a dossa oswal bania, had a steely guile
and a unique gift of the gab which enabled him to
form connections and networks. It found
flowering when he started out as a young broker
not yet 20, an expert wheeler dealer who
instinctively understood human nature and its
foibles and was willing to sweeten deals for his
outsized ambitions. Long before Harshad Mehta,
he was the pioneering Big Bull of the Indian
markets. Dubbed Bullion King and Cotton King,
he was instrumental in setting up the Native
Share and Stock Brokers Association, today’s
BSE, under a banyan tree.
The world of the nineteenth century was not
flat but one of asymmetric information flows and
information could therefore be both money and
power. The young hustler with a flair for
accumulating and assimilating information, a
passable knowledge of English thanks to his
Elphinstone College education, stood out among
the gaggle of traditional Indian brokers for the
British. Seeing his acumen, his relentless
resilience and growing investments, they thought
it worth their while to befriend him.
Like with all trend spotters, the genesis of his
sharp rise lies in his ability to seize the moment
in a downturn. Thus, when the American Civil
January 2024 Wealth Insight 15
Subscription copy of [lokincredibl@gmail.com]. Redistribution prohibited.
INVESTORS’ GUIDE
War broke out in 1861, Britain found itself
squeezed by the Confederate States in America
that refused to supply cotton to the Lancashire
mills unless they declared them independent.
Caught in a bind, the English factories settled for
the short staple cotton from the Deccan in India.
Total cotton exports from India added up to
£80 million between 1861 and 1865. According to
business annals, this kicked off a frenzy of
speculative forward trading in cotton futures in
the country bringing unprecedented wealth,
much of it to Bombay. To whet the appetite of
investors desperate to buy shares in cotton
companies, 46 of them sprang up in this period
with a spate of new issues.
At this time Bombay was just a foul foreshore
to a swampy landmass which the ruling British
governor hoped to improve with the help of the
Bombay Chamber of Commerce. Neo rich
merchants happily donated their new found
wealth into building hospitals and libraries and
other urban institutions. In the midst of this
boom, Roychand dived in as the new promoter of
the Bombay Backbay Reclamation Company.
Given permission to have a public auction of the
shares of the company, he made a killing with
each share selling for a profit of `21,500 to the
public on a face value of `5,000 per share. The city
too benefited and within 15 years wore a
completely new look.
Encouraged by this, Roychand floated a
number of companies through which he raised
money from the public. The modus operandi was
simple - he would help people get loans from the
Bank of Bombay which they would then invest in
his companies. His motto “my word is my bond”
taken from the motto of the London bourse stood
him in good stead. People took his word and
believed him when he said he would stand by it
through thick and thin.
For a while returns were assured for everyone.
But Doomsday did arrive for the reckless
riders of doom.
The abrupt end of the American Civil War in
1865 led to the fall of the gambling cotton share
mafia. The ridiculously high share premiums
began falling. The lynchpin of the share
speculators, Roychand had barrelled his way to
the top because of the easy complicity between
the privately owned banks and borrowers. This
Roychand
would help
people get
loans from the
Bank of Bombay
which they
would then
invest in his
companies.
People took
his word and
believed him
when he said
he would stand
by it through
thick and thin.
blew up in their faces when the exposure was
high in downturns as in the case of Roychand. In
fact, the Bank of Bombay was compromised so
deeply that it had lent half its money only to one
individual, Roychand and his associated
shareholders or funders. It wasn’t an uncommon
occurrence. Nineteenth-century banking in India
is full of such crony lending and busts.
Through his nexus with officials at the Bank of
Bombay, Roychand had withdrawn `40 lakhs
from six branches of the bank in the city to
expand the base of his investments. Set up by
dubious small investors as well as the big
merchants, a slew of reclamation companies and
financial institutions had also sprouted. Many
were only companies on paper. Through circular
trading among themselves, they were all part of
the merry-go-round until the music stopped one
fine day. The banks had been guilty of not
spreading their risk and closing one eye to any
due diligence to assess the collaterals of
individuals. Obviously many favours were given
and received.
As the chaos in the market unfolded, the
Government of Bombay introduced a bankruptcy
law specially to expedite matters when it came to
light that the various merchants owed about
£9 million. When the accounts were squared,
Roychand personally owed the Bank of Bombay
between `25 lakhs and `42 lakhs, though we may
never know the exact amounts.
The bursting of the bubble brought his mighty
empire of cotton crashing. But it didn’t impact the
man’s philanthropic urges as he turned to using
his remaining wealth to fund schools and set up
scholarships. He also contributed to the building
of the famous south Bombay landmark, the
Venetian gothic Rajabai Tower.
Today, over 150 years later, Premchand
Roychand is still making news though his legacy
has been forgotten. Two years ago in one of the
largest real estate deals of Mumbai, his heritage
art deco house, Madhu Kunj in Tony Malabar
Hill, was sold for a record `1,001 crore to
Radhakishan Damani, the billionaire investor
and the founder of Avenue Supermarts Limited
which runs D’Mart.
Sundeep Khanna is a well-known columnist and an author.
His book ‘Cryptostorm: How India Became Ground Zero of a
Financial Revolution’ was published earlier this year.
16 Wealth Insight January 2024
Subscription copy of [lokincredibl@gmail.com]. Redistribution prohibited.
Subscription copy of [lokincredibl@gmail.com]. Redistribution prohibited.
INVESTORS’ GUIDE
“Dear landlord
Please heed these words that I speak
I know you’ve suffered much
But in this you are not so unique
All of us, at times we might work too hard
To have it too fast and too much
And anyone can fill his life up
With things he can see but he just cannot touch
From the song ‘Dear Landlord’ by Bob Dylan (1967)
Why over 90 per cent of
stock market participants
lose mo ney
Find out what most investors are doing wrong
18 Wealth Insight January 2024
Subscription copy of [lokincredibl@gmail.com]. Redistribution prohibited.
INVESTORS’ GUIDE
I
n the previous part of the story we
established that the markets will always be
crazy. However, this is actually good news –
we ought to be glad that it is crazy. If they
were sane, there would be no way of
generating outsized returns.
Think about it. A non-crazy – or efficient –
market, would mean every bit of public
information about a company would be
correctly reflected in the share price. Investors
would have realistic expectations and no one
could make outsized returns.
So you need markets to be crazy. You need
market participants to behave irrationally and
make mistakes. Even Howard Marks (a
successful fund manager who is also a great
writer about investing) agrees with us. He
says, “The best opportunities for investment
returns aren’t created by companies,
exchanges or paper securities; they result from
the mistakes other investors make.”
We are loyal followers of Marks. His
writings are a great learning medium. We
think that he has taken the mental model of
inversion to heart. Rather than talk about
what investors should do and why they
succeed, Marks almost always focuses on the
inverse. That is, why investors fail to generate
returns. So, we went back to the annals of time
and looked into a few of his memos to figure
out the mistakes investors make.
I know vs I don’t know
In a memo written in May 2004, Marks stated
that over time he has realised that the
investment community is divided
into us and them. The “them” (or
the “I know” school) refers to
investors who think it is
important to know the future
direction of economies, interest
rates, and markets for investment
success. Moreover, they are happy to share
their views about the future with others. They
are also confident that they can achieve
outsized returns.
Which side do you belong to?
THEM, or, The “I KNOW” school
Bullish by nature
Short term-fixated
Impatient
What might go right?
Worried about winners missed
Trend followers
Attracted to pretty flowers
Growth/momentum investors
“We’re in a new era”
Confident in their powers
Engrossed in watching the market
US, or, The “I DON'T KNOW” school
Bearish by nature
Long-term oriented
Patient
What might go wrong?
Worried about losers bought
Contrarians
Glad to search among the weeds
Value investors
“Trees don’t grow to the sky”
Aware that much is beyond their control
Devoted to watching companies
Adapted from Marks’s memo ‘Us and Them’
The best
opportunities
for investment
returns aren’t
created by
companies,
exchanges or
paper
securities; they
result from the
mistakes other
investors make.
The “us” (or the “I don’t know” school) is
the complete opposite. Students of this school
generally believe that you can’t know the
future. More importantly, they believe that
you don’t have to know the future. To achieve
investment success, you need to accept that
you can’t know the future and do your best.
The table ‘Which side do you belong to?’
highlights some of the traits the investors in
both camps exhibit. Can you guess which side
Marks belongs to?
One of the traits of the “I know” school is a
foolproof way to lose money - short-term
fixation. The market regulator Securities and
Exchange Board of India (SEBI) released a
report in January 2023 that backs this notion.
Let’s take a peek.
The lure of the quick buck
SEBI analysed the performance of individual
traders in the equity futures and
options (F&O) segment. The
sample size consisted of
individual traders who traded
through the top 10 brokers in
the equity F&O segment in FY22.
These accounts formed nearly
January 2024 Wealth Insight 19
Subscription copy of [lokincredibl@gmail.com]. Redistribution prohibited.
INVESTORS’ GUIDE
measly reward.
Performance summary of active
individual traders
The steep costs of trading: Loss makers spent
SEBI reported that the average loss of a loss maker is over
15 times the average profit made by a profit maker
FY19
Average P&L (`)
FY22
-81,608
-56,758
Average net trading profit
made by profit makers (`)
Average net trading loss
realised by loss makers (`)
15,989
7,030
-68,469
-46,969
Data is for the group of active traders excluding outliers, i.e., top five and bottom
five percentile
67 per cent of the individual client-level
turnover in the NSE equity F&O segment
during FY22. So, the sample size was large
enough to make broader conclusions.
The report highlighted that over FY19-22,
the number of active individual traders has
increased by more than six times. Since the
shock of the pandemic back in 2020, there has
been a flurry of investors who have joined the
stock market. To be fair, this was to be
expected. Buoyant markets bring with them a
new generation of investors. When making
money becomes so “easy” and “widespread”, it
is difficult to resist the temptation.
But here is the pièce de résistance. NINETY
PER CENT of active individual traders in
the equity F&O segment made losses
during FY22! And it is not a one-off. In FY19,
the figure stood at 87 per cent!
Senior in every way: Would you like to guess
which age group realised the highest average
loss? Senior citizens! Traders over 60 years of
age realised an average loss of about `90,000
during FY22 (after excluding outliers, i.e., the
top five and bottom five percentile).
One could argue that this cohort has saved
enough capital that they can afford to
speculate. However, the results are shoddy!
Adjusted for outliers, the average profit made
by profit makers in this age group during FY22
was around `4,000. It doesn’t seem worth
risking your hard-earned money for such a
90% of active
individual
traders in the
equity F&O
segment made
losses during
FY22!
28 per cent of their net trading losses on
transaction costs during FY22. Note that this is
over and above the net trading loss. On the
other hand, the figure for profit makers stood
at a whopping 52 per cent during FY22!
However, among non-active individual
traders (i.e., those making less than five trades
in a year), the transaction cost for profit makers
and loss makers stood at 6 and 8 per cent,
respectively during FY22. That settles it.
Hyperactivity is of no use in the stock market.
Sanjeev Pandiya (a long-time columnist for
our magazine) wrote a piece for us in July 2023
where he argued that F&Os are not for
everybody. He wrote, “It’s intellectually
engaging, like F1 racing, but it’s not needed
Trading performance across age groups
In FY22, senior citizens lost about `90,000 on average!
z Average profit made by profit makers (` '000)
z Average loss realised by loss makers (` '000)
2.9
3.0
3.4
3.7
3.8
4.1
<20
20-30
30-40
40-50
50-60
>60
-28.9
-43.3
-66.8
-77.8
-81.3
-89.8
Data is for the group of active traders excluding outliers, i.e., top five and
bottom five percentile
20 Wealth Insight January 2024
Subscription copy of [lokincredibl@gmail.com]. Redistribution prohibited.
Subscription copy of [lokincredibl@gmail.com]. Redistribution prohibited.
INVESTORS’ GUIDE
Some recurring mistakes
investors make
How much does it cost to trade?
Transaction cost during FY22
Active individual
traders (ex outliers) (%)
Non-active
individual traders (%)
Profit makers
52
6
Loss makers
28
8
It’s different this time
At times, investors end up believing
that the rules that applied in the past
no longer apply and push stocks to the
extreme. For instance, they love chasing the
next Infosys, the next HUL, and so on. They
know that it rarely works (if at all) but still,
they don’t walk away.
Example: Punj Lloyd was known as the next
L&T almost a decade ago. While L&T’s stock has
given annualised returns of 16 per cent, Punj
Lloyd finds itself in bankruptcy proceedings.
Calculated as transaction cost as a % of total net trading profit/loss.
for buying vegetables from the mandi. So,
decide why you want to get into options
trading. If it’s just to get rich, there are far
safer and less emotionally taxing ways.
If you have the intellectual arrogance to
still do it (similar to driving F1 cars or
climbing Mt. Everest), then let’s take a
deep dive into the subject. Yes, it’s possible
to “beat the market”. It is the same as the
fact that you might be able to climb Mt.
Everest on one leg. But are you sure
that you want to do it?”
“History doesn’t repeat itself,
but it rhymes”
These few words by Mark Twain pack a
punch. As we mentioned in the
previous section, market
participants repeat their
mistakes because they fail to
recognise the mistakes of the
past generations. Their failure
to spot the patterns of excesses and
shortages puts them in a position similar to
what Charlie Munger describes as a “onelegged man in an ass-kicking contest”.
Think about the investors who bought
Infosys at the peak of the dot-com bubble. It
would have been a gruelling experience.
Think about the investors who sold Infosys in
2017 as concerns regarding the CEO (at the
time) mounted. They missed out on a solid
recovery and great returns.
The point is we all make mistakes.
However, only those individuals who learn
from their own (as well as others) mistakes
end up reaping the benefits. In a memo
written in 2005, Marks jotted down some of
the recurring mistakes most investors make.
Let’s go through some of them.
The fallacy of perfection
Investors’
failure to spot
the patterns of
excesses and
shortages
makes them
similar to what
Munger
describes as
a “one-legged
man in an
ass-kicking
contest”.
There is no such thing as the perfect
investment. For instance, a company with
good capital efficiency might have given
great returns in the past. But if its
current valuation reflects excessive
optimism, it may not be a good
investment opportunity.
Example: Emami has a strong portfolio of
brands and has more than doubled its net
profit in the last five years. But the stock has
given annualised returns of just 3 per cent.
Why? Because five years ago it was trading at
a hefty P/E of 62 times.
As easy as pie
If you fall for stories that seem too
good to be true, then you are in for a
rough ride!
Example: The share price of EKI Energy jumped
56 times in a year since its listing! Why?
Because it was in the business of carbon credit
trading and clean energy was in vogue. But
once accounting irregularities came to light,
the stock crashed 87 per cent from its peak.
This tree will grow to the sky
No trend can continue without a stoppage.
Something or the other will always play
spoilsport. It could be the entry of new
competitors, a change in the economics
of the product, changes in tastes and
preferences, poor decisions by the
management, etc.
22 Wealth Insight January 2024
Subscription copy of [lokincredibl@gmail.com]. Redistribution prohibited.
Invest with confidence
15 Handpicked Stocks updated monthly
New Recommendations all year
Special coupon for you
17%
WI 17
OFF
Use code
at checkout
Available on WI’s annual subscription only
Purchase with your registered email ID
valueresearchstocks.com
9999322422
C-103, Sector 65, Noida - 201301
support@valueresearchstocks.com
Independent Advisors Private Limited; Registered office: 5, DDA Commercial Complex, Chitra Vihar, New Delhi - 110092; SEBI Registration No: INA100008443; IA-BASL membership No: 1201; CIN: U74140DL2022PTC399760
Contact details: Principal officer: Name: Dhirendra Kumar | Email: principalofficer@valueresearch.in | Mobile No: 9711400789;
Compliance officer: Name: Rahul Rastogi | Email: compliance@valueresearch.in | Mobile No: 9899638444; Grievance cell: Name: Sahib Taneja | Email: support@valueresearchstocks.com | Mobile No: 9999322422.
Warning: Investment in securities market are subject to market risks. Read all the related documents carefully before investing.
Disclaimers: Registration granted by SEBI, membership of BASL (in case of IAs) and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors
Subscription copy of [lokincredibl@gmail.com]. Redistribution prohibited.
INVESTORS’ GUIDE
the IPO of Paytm. Perhaps they thought that it
would replicate the short-term success seen in
Zomato and Nykaa’s IPOs. Little did they
know that the stock would not only list at a
discount of 9 per cent but would not breach its
listing price even after two years of listing.
Example: Specialty chemical stocks were going
through the roof when China decided to cut
down production in 2015. While many thought
that the trend could go on forever, China came
back into the picture giving them a reality
check. Now, many companies in the industry
are experiencing a slowdown in their demand.
I don’t want to miss out
The positives of today will still be
positives of tomorrow
Throw the dog a bone and it will come
running. As long as there is a rosy picture,
investors will flock to the stock like
anything. They will fail to accept or
question whether the business
dynamics can change.
Example: HEG (the world’s third largest
graphite electrode manufacturer) was having
the time of its life back in FY19. Chinese
producers were forced to curtail their
operations due to various reasons. Owing to an
increase in demand and prices, HEG’s revenue
and profit grew rapidly. Its share price jumped
more than 20 times! But when Chinese
producers resumed operations, its financials
took a beating and so did its share price.
Past returns are a good guide to
future returns
Marks says, “The greatest bubbles stem from
the belief that high returns in the past
foretell high returns in the future.”
The concept of regression to the mean
is forgotten when everything is heading up.
Example: Based on five-year stock returns, the
top 10 percentile stocks of FY18 are completely
different from the that of FY23. In fact, several
of the best performers ended up generating
poor returns in the following five years.
Higher risk means higher return
Historically, it has been observed that equity
generates higher returns than bonds. So, if you
bought a 10-year government bond
today and held it till its maturity, you
will get the promised yield. However, if
you invest in Sensex, there is no
guarantee that it will replicate its past returns
over the next 10 years.
Example: Many investors poured money into
Marks says,
“The greatest
bubbles stem
from the belief
that high
returns in the
past foretell
high returns in
the future.”
Do you find it uncomfortable when someone
you know makes a killing in the stock market?
Such investors find it difficult to just
wait on the sidelines and will jump on
board at the first call.
Example: Everyone is aware of the
mouth-watering run-up in the stocks of the
Adani group. Ideally, post the Hindenburg
crash, investors should have stayed away from
the company but the opposite happened. In the
very next quarter, the number of retail
shareholders grew by a double-digit rate.
If it stops working, I’ll get out
Marks writes, “When people invest despite
obvious danger signs, they usually do
so under the belief that they’ll be able
to get out when the market turns
down. They rarely ask how it is that
they’ll know to sell before others do, or
to whom they’ll sell if everyone else figures
it out simultaneously.”
Example: Despite having a poor track record
and being a wealth destroyer, YES Bank has
not shooed away investors. In each of the last
16 quarters, the number of retail shareholders
has witnessed a YoY growth.
Even great investors make mistakes.
Warren Buffett acquired a shoe manufacturer
in 1993 for $433 million and paid for it by
issuing shares of Berkshire Hathaway. Within
a few years, the business’s competitive
advantage had vanished. In his 2007
shareholder letter, he admitted that was the
worst deal he ever made and that the true cost
of the mistake was about $3.5 billion.
So you are not alone when it comes to
making mistakes. But the difference between
successful investors and others is that their
mistakes don’t end up screwing their entire
portfolio. How can you do the same? Let’s find
out in the next section.
24 Wealth Insight January 2024
Subscription copy of [lokincredibl@gmail.com]. Redistribution prohibited.
DON'T FALL FOR
TEMPTATIONS!
THINK. UNDERSTAND. INVEST.
Many influencers are sharing stock tips/
advice and making tall promises while
educating investors about stock market
investment. This may lead to major
financial losses if blindly followed.
Be a smart investor and always do your
own research before investing.
Subscription copy of [lokincredibl@gmail.com]. Redistribution prohibited.
INVESTORS’ GUIDE
“I can see clearly now the rain is gone
I can see all obstacles in my way
Gone are the dark clouds that had me blind
It’s gonna be a bright sunshiny day
Think I can make it now the pain is gone
And all of the bad feelings have disappeared
Here is the rainbow I’ve been praying for
It’s gonna be a bright sunshiny day”
From the song ‘I can see clearly now’ by
Hothouse Flowers (1990)
Still, what almost always
works
Learn what you must do to get rich off the unpredictable markets
26 Wealth Insight January 2024
Subscription copy of [lokincredibl@gmail.com]. Redistribution prohibited.
INVESTORS’ GUIDE
S
o far, we have seen that the markets
can behave as though adrenaline is gushing
through its veins. It can also behave like it has
overdosed on cortisol (the stress hormone).
Further, market participants often make many
mistakes in this constant dance between
excitement and fear. These could range from
short-term fixation to believing that some trees
can grow to the sky.
Where does that leave us, then? If you let the
market control you, everything will go haywire.
You have to remember that it is there to serve
you. And to be served right, you have to ingrain
certain principles. These principles fall under the
framework of value investing.
What almost always works
Combining the experience of
successful investors and the
mistakes of the failed ones, we
have boiled down the principles of
value investing to three things.
1. Look at a stock as an ownership in the business
2. Seek more value than you are paying for
3. The right stuff
Mix all these ingredients, and you will get the
secret elixir. But be forewarned. Ingraining these
principles takes a lot of work. Most investors fail
to do so. Both Charlie Munger and John Kenneth
Galbraith share their view.
“It’s not supposed to be easy.
Anyone who finds it easy is stupid.”
Charlie Munger
“There is nothing reliable to be
learned about making money. If
there were, study would be intense,
and everyone with a positive IQ
would be rich.”
John Kenneth Galbraith
Business-like investing
A stock represents ownership in a business.
When evaluating a company for a potential
investment, analyse as though you are buying
the entire company. That is, you will be
thinking about being the company’s owner:
Who are my customers? Who are my
suppliers? What kind of demand is there for
my product? How do I fare against the
competition? And so on.
To do this job properly, you must stick to
businesses you understand.
Operate within your circle of
competence. For instance,
Buffett was aware of Apple and
its stellar fundamental metrics
for a long time but only chose to
invest in 2016. Why is that? It is because
earlier, he used to think of Apple as a
technology company and dismissed it. But
then he understood Apple to be a consumer
product company with a valuable ecosystem
run by a highly capable management team.
That understanding gave him the conviction
to invest in the company.
So what does ‘understand’ really mean? It
means that you can judge (with confidence)
where the company will be in five or ten
years. This would include understanding
what the company has done right in the past
and what it has to keep doing to maintain or
improve its position.
By understanding the company in this
manner, you can also reduce risk. You need to
understand what to expect, and thus, you take
risks that you didn’t think existed.
It is not akin to forecasting the future. You
are merely anticipating the various future
Business-like investing
z Think as an owner
z Operate within your circle of competence
Let’s look at each of these principles in detail.
z Understanding the company helps visualise where
it is headed and reduces risk
January 2024 Wealth Insight 27
Subscription copy of [lokincredibl@gmail.com]. Redistribution prohibited.
INVESTORS’ GUIDE
don’t worry. Use our approach. At Value
Research, we compare a stock’s current P/E
or P/B with its five-year median. The current
valuation is relatively undervalued if it is
lower than its historical median. Of course,
terms and conditions apply.
outcomes that might unfold based on the
information at hand. Munger puts it here:
“We’re emphasising the knowable by
predicting how certain people and companies
will swim against the current. We’re not
predicting the fluctuation in the current.” It
takes a lot of time and effort to develop this
skill. Thus, it is wise to stick within the
bounds of your competence.
The right stuff
Margin of safety
The idea is simple: seek more value than you
are paying for. You want a wide gulf between
the price and the value you get and profit from
the mispricing.
The margin of safety protects you from
adverse outcomes. For instance, if a company’s
near-term outlook changes for the worse after
your investment, you could still
be better off if you had a large
margin of safety.
The real challenge, however,
lies in calculating the value.
Technically, intrinsic value is the
discounted value of the cash that can be taken
out of a business over its life. But you run into
problems when you try to do that. Multiple
assumptions go into calculating the intrinsic
value and thus, life becomes difficult.
On the other hand, valuation multiples like
the P/E ratio and P/B ratio are a shortcut to
valuing companies. However, remember that
metrics like the P/E ratio are based on a
single year’s profit, whereas the intrinsic
value is calculated from discounting future
cash flows. So, a high P/E ratio for one
company and a low P/E ratio for another
company might not mean that the former is
overvalued and the latter is undervalued. You
will need to grasp the business’s economics to
make that judgement.
If you can calculate the intrinsic value,
then kudos. If you are not able to do that, then
Understanding
a business
and seeking a
margin of safety
is important.
But for
long-term
investment
success, you
need four
important traits
(or the right
stuff).
Think of the first two
principles (business-like
investing and margin of safety)
as two necessary conditions.
They are not sufficient for
investment success. For that, you need four
things. Let’s understand each one of them.
Time: Successful companies are not built in a
day. The same is true for wealth creation.
You need to appreciate the magic of
compounding. You also need to understand
that compounding is difficult to get, and
interrupting it can cause great regret.
Since its inception, Sensex has given an
annual return of 13.5 per cent (or 122 times as
of November 2023). Essentially, over an
average individual’s working lifetime, the
Sensex has been a 100-bagger! That is no
mean feat.
Most investors fail to appreciate that
because of unrealistic return expectations.
All of us would like to generate 100x returns
How do I attain that?
Annualised rate of return required for various combinations
of returns and years
No. of years:
z 5 z 10 z 20 z 30 z 40 z 50
119
10X
z Valuation multiples are a shortcut but know their
shortcomings
151
22
48
14
8
z You want a wide gap between price and value
z Calculating intrinsic value is difficult but important
100X
50X
58
Margin of safety
Figures in %
10
12
26
6
8
5
28 Wealth Insight January 2024
Subscription copy of [lokincredibl@gmail.com]. Redistribution prohibited.
26
58
17
10
12
Subscription copy of [lokincredibl@gmail.com]. Redistribution prohibited.
INVESTORS’ GUIDE
Multiple paths to wealth
The share price may not move in-line with the EPS
z Stock return (times) z EPS growth (times)
APL
Apollo Tubes
Astral
JB Chem
and Pharma
KEI
Industries
SRF
Titan
Phase 1: FY08-13
1
5
2
0
2
5
2
4
2
1
2
5
Phase 2: FY13-18
12
12
4
36
12
4
2
3
2
5
2
2
Phase 3: FY18-23
6
3
6
4
6
3
4
3
3
3
5
3
Overall: FY08-23
87
185
39
29
119
47
15
25
10
7
18
22
within the shortest possible time. But it is a
mammoth task. If you want 100x returns in
10 years, your wealth needs to compound at
58 per cent per annum. For 20 years, the
annualised rate is 26 per cent. It requires
finding companies with such potential, having
the conviction to stay put during bad times,
and not selling out after making 5x or 10x
returns. For compounding to work its magic,
you need to give it time.
Long-term orientation: Look at ‘Multiple paths
to wealth’. Each of these companies has given
superb returns over the last 15 years. But their
paths vary significantly. For a few, the share
price growth has matched the EPS growth.
Whereas for others, that is not the case.
It just shows you that wealth creation is
not linear. There are times when the stock
races ahead of the fundamentals and at
other times, it plays catch up. Businesses
face multiple challenges. Some take a short
time to solve while others might get resolved
over a few years.
Your response to such situations will
determine the returns you will earn. If you
have a long-term orientation, you will be able
to look past the problems and remain invested.
It also means that you focus on how the
business is doing rather than constantly
checking how the stock is performing.
Temperament: Buffett once said, “Success in
investing doesn’t correlate with IQ. Once you
have ordinary intelligence, what you need is
the temperament to control the urges that get
other people in trouble investing”. But what is
temperament? Temperament is how a person
reacts to what is happening around them.
If you have the right temperament, then you
know when to be patient. It means that if the
market is hitting new peaks now and then,
then you won’t develop the fear of missing out.
But temperament isn’t only about being
defensive. It is also about knowing when to be
aggressive. A drastic fall in share price will
not deter you. If your analysis is correct, a
falling share price is your friend and you
ought to bet heavily.
We looked at some of the top wealth
creators of the last 20 years. Each one of them
had witnessed significant drawdowns
multiple times. In the last 20 years, Titan has
multiplied investors’ wealth by 684 times! In
that time, its share price has seen 50 per cent
drawdowns five times. If it scares you, then
you would have missed out on a truly great
compounding machine.
Such drawdowns open up great
opportunities to invest. Investors with
temperament seize such opportunities with
both hands.
Willingness to learn: Buffett reads about
500 pages a day! That is something most of us
Rough ride to wealth
Would you have the nerve to hold on?
M-cap
(` cr)
20Y
return
(% pa)
20Y
median
ROE (%)
Titan
3,10,010
38.6
32.7
13
10
5
ICICI Bank
6,55,708
45.6
13.0
14
8
4
Bajaj Finance
4,40,335
41.1
19.6
14
9
3
Mahindra & Mahindra
2,04,884
37.5
21.1
13
6
3
Siemens
1,30,194
36.4
24.3
12
9
3
Company
No. of drawdowns of at least
-20%
-30%
-50%
For our purposes, we have calculated drawdowns by considering the percentage change in share price
from the 52-week high in a year to the 52-week low in the next year. Median ROE for FY04 to FY23.
Price data as on November 30, 2023.
30 Wealth Insight January 2024
Subscription copy of [lokincredibl@gmail.com]. Redistribution prohibited.
Subscription copy of [lokincredibl@gmail.com]. Redistribution prohibited.
INVESTORS’ GUIDE
The right stuff
z Grasp the power of compounding
z Develop a long-term orientation
z Know when to be patient and when to be aggressive
z You got to keep learning
cannot achieve. In the hustle and bustle of life,
so many things take priority over learning.
But if you want to be a successful investor, you
have to make time for reading and learning.
There is no alternative.
Just like stocks, your knowledge will also
compound as you devote more time. You have
to be curious and passionate about the world
around you. Moreover, the benefit of learning
isn’t in figuring out what’s right. Rather, it is
in identifying what’s wrong. Shunning
unwanted things can make life easier.
As important as it is to learn, it is also
important to unlearn. Getting rid of bad ideas
If you combine
all three
principles of
value investing,
the result
can be similar
to what
Munger calls
lollapalooza
and replacing them with good ones is not easy
but hugely beneficial. Or else you will meet the
same fate as the man with the hammer: “If the
only tool you have is a hammer, you tend to
see every problem as a nail.”
Lollapalooza
That is the term Munger uses to describe, “the
critical mass obtained via a combination of
concentration, curiosity, perseverance and
self-criticism, applied through a prism of
multidisciplinary mental models.”
In a similar vein, if you combine all three
principles of value investing, the result can be
spectacular. It is not an easy process but if you
set your mind to it, then you could do it.
We are there to assist you in your journey.
You can count on us. We have been working on
something along these lines for some time
now. Finally, we are ready to share it with
you. So, turn the page to find out how we are
going to make investing a lot easier for you.
6XEVFULEH1RZ
BUY A NEW
SUBSCRIPTION
Insights into the Indian stock market and companies
DIGITAL
1 year for `1,050
Start my subscription from
6DYH
Name (Mr/Mrs/Ms)
3 year for `2,475
6DYH
Address
PRINT+DIGITAL
1 year for `1,395
6DYH
State
Pin Code
Phone
E-mail
Cheque Number
Date
3 year for `3,600
6DYH
Delivery by courier
Savings calculated with respect
to the single-issue price of `125.
Bank & Branch
Payable to Value Research India Pvt. Ltd., New Delhi
+91-98688 91830
+91-95602 00520
www.vro.in
C-103, Sector 65, Noida - 201301
subscription@valueresearch.in
32 Wealth Insight January 2024
Subscription copy of [lokincredibl@gmail.com]. Redistribution prohibited.
Passive equity funds in retirement
With a significant portion of
your retirement corpus
invested mostly in fixed
deposits and maybe other
fixed-income instruments,
you are confident of making
ends meet. However, don’t
get lulled by the steady
You can feel the wind
in your hair and smell
the Earth beneath
your feet. At last, you
have approached
retirement and it’s
time to reap the
rewards of all those
years of work.
income stream.
You will still have to contend with inflation. In the initial few years, your interest
income might be more than your cost of living. But inflation will soon catch up with you.
Moreover, there could be unforeseen circumstances that can drive up your bills!
To avoid such outcomes in your
golden years, you may allocate a
portion of your retirement savings
to equity as per your risk
appetite. While you will have to
contend with short-term gyrations,
exposure to equity may allow you
to beat inflation blues over the
long term subject to risk factors.
Passive funds
But isn’t stock picking
difficult? Absolutely.
To avoid that
challenge and gain
exposure to equity,
passive
funds can be
of great help.
For instance, the Nifty 50 Index
consists of India’s biggest listed
companies in terms of market
capitalisation. By investing
in passive funds tracking
such an index, you
shall get
exposure to the
stocks which are
part of the index.
simply track an
underlying index and
seek to generate
returns as per that.
They comprise index
funds and exchangetraded funds/fund of
funds.
Securing your golden years through
passive equity funds is as easy as…
The views expressed here constitute only the opinions and do not constitute
any guidelines or recommendation on any course of action to be followed by the
reader. The data/information/opinions are meant for general reading purposes
only and are not meant to serve as a professional guide/investment advice
for the readers. Readers are advised to seek independent professional advice
and arrive at an informed investment decision before making any investments.
An investor education and awareness initiative by Mirae Asset Mutual
Fund. All Mutual Fund investors have to go through a one-time KYC (Know
Your Customer) process. Investors should deal only with Registered Mutual
Funds (RMF). For further information on KYC, RMFs and procedure to lodge a
complaint in case of any grievance, you may refer the Knowledge Center section
available on the website of Mirae Asset Mutual Fund.
Mutual fund investments are subject to market risks, read all scheme related documents carefully.
January 2024 Wealth Insight 33
Subscription copy of [lokincredibl@gmail.com]. Redistribution prohibited.
Introducing
Value Research
Stock R tings
Discover a new way of navigating the markets and stock picking
34 Wealth Insight January 2024
Subscription copy of [lokincredibl@gmail.com]. Redistribution prohibited.
AI generated images
W
ith the promise of untold
riches and the thrill of discovery, equity
investing is akin to treasure hunting. And,
just like the vast seas, it is easy to get lost in
the wide world of equity and end up in the
land of losses.
There are around 4,000 businesses listed
in the BSE and NSE! Using the Value
Research framework, you may narrow
down the number to a less overwhelming
figure. But, even then, navigating the sea
duds to find the next winner remains a
daunting task.
You have to be aware of hundreds of
metrics and learn the intricacies of how to
analyse various industries. Unless you earn
your living studying the market,
incorporating all of this into your schedule
can be exhausting.
So, the question then is, should one give
up the thrills and rewards of equity
investing? Not when we have developed the
perfect compass to navigate the markets.
Enter Value Research Stock Ratings
Value Research Stock Ratings are the
culmination of our three decades of
experience in analysing the Indian equity
January 2024 Wealth Insight 35
Subscription copy of [lokincredibl@gmail.com]. Redistribution prohibited.
markets. It is a data-driven stock rating
methodology to simplify investing and guide
investors to better investing decisions.
Our ratings tackle the perpetual
challenges of equity investing. First, it helps
you narrow down your investible universe
and make it manageable. Second, it
combines various metrics into one for a
holistic view of a company without delving
into countless metrics.
But before we show our three decades of
work in full galore, let’s get into the nittygritty of how our ratings work.
Value Research Stock Ratings:
A five star rating system
Our top-rated stocks vs. the benchmark
Our portfolio underperformed solely during the pandemic period (FY18-23)
5-year return (% pa)
Year
Top rated
Low rated
Top rated
Low rated
FY13-18
14.7
33.6
25.2
18.9
10.5
FY14-19
13.0
22.3
13.2
9.3
0.2
FY15-20
-0.2
3.3
-7.9
3.4
-7.7
FY16-21
14.0
14.1
9.8
0.1
-4.2
FY17-22
13.2
15.2
11.3
2.0
-1.9
FY18-23
10.1
7.8
8.7
-2.3
-1.4
This exercise was done for non-BFSI companies only. We used BSE 500 index as the benchmark index
as our top rated stocks encompass large, mid and small caps.
Why you should use our rating
Our extensive research landed us on the
three key ingredients of long-term wealth
creators: robust quality, fair valuations and
strong growth. We assess every stock on
these three parameters using hundreds of
financial data points and give a score for
each, ranging from one to ten.
Next, we combine these scores and assign
a stock rating, ranging from one star to five
stars, for a more complete overview. Note
that we combine them in specific
proportions (45 per cent weight to quality,
35 per cent to valuation, and 20 per cent to
growth).
For a more descriptive take on how we
arrive at our ratings, head over to vro.in.
Now that you know how our ratings
work, you should also know how they can
give you the edge you were looking for.
Our top-rated banks vs. BSE BANKEX
Our portfolio only underperformed in the FY15-20 period
5-year return (% pa)
Year
Alpha generated (% pt)
Low rated
Top rated
Alpha generated (% pt)
BSE 500
BSE BANKEX
Top rated
Low rated
FY13-18
15.8
35.0
-
19.2
-
FY14-19
18.6
113.2
-49.4
94.6
-67.9
FY15-20
1.1
-35.8
-80.0
-36.9
-81.1
FY16-21
15.3
30.9
-43.7
15.5
-59.0
FY17-22
11.3
53.1
-56.3
41.8
-67.7
FY18-23
11.1
33.9
12.1
22.8
1.0
We have not rated non-banking financial services companies on a historical basis; we have not yet rated
any insurance company. There were no banks with a one and two star rating in FY13.
A stock rating system is only useful if it can
help you put the odds in your favour. It
must help you pick stocks with the highest
potential of beating the benchmark or
generating alpha in the language of the
number-crunchers.
So, does Value Research Stock Ratings
serve the purpose? Indubitably, and our
claim is fully backed by the numbers.
We tested our rating on historical data
going back 10 years. First, we constructed
two equally weighted portfolios comprising
our top-rated (four and five star stock
ratings) and low-rated stocks (one and two
stars), respectively, for each of the last
10 years starting FY13. Next, we checked
how each of these portfolios performed in
the subsequent five years.
The portfolio of our top-rated stocks
outperformed the benchmark index
83 per cent of the time! See table ‘Our toprated stocks vs. the benchmark’.
What sets our rating system apart is its
adaptability. We understand that each
sector has its own nuances, and a one-sizefits-all approach doesn’t cut it. That’s why
our unique rating methodology takes into
account the specific criteria needed to
evaluate stocks across diverse sectors. For
example, we rated banking and financial
services stocks based on parameters unique
to the sector.
We repeated the above exercise for banks.
36 Wealth Insight January 2024
Subscription copy of [lokincredibl@gmail.com]. Redistribution prohibited.
Like before, the portfolio of our top-rated banking
stocks outperformed the BSE BANKEX index
83 per cent of the time! See table ‘Our top-rated
banks vs. BSE BANKEX’.
So, in short, our ratings can help you
make a list of stocks that have a high
probability of creating wealth in the long
run. But don’t let the excitement get to you.
You should first check if our ratings align
with your investment goals.
Who should not use our ratings
Value Research Stock Ratings is based on
A sneak peek into how stock ratings will appear on our website
our long-term investing principles. Our
rating system may not help you gain from
the unpredictable wild movements of some
of our low-rated stocks.
So, if you are trying to make a quick buck,
we are afraid our ratings won’t be of much
help. That is the nature of the markets.
Moreover, our ratings should not be
construed as recommendations. You will
still have to do the due diligence. But for a
far smaller number of companies.
Also, our ratings are not foolproof. While
our top-rated stocks have all the
quantitative ingredients needed for wealth
creation, we have not considered qualitative
factors unique to each business.
How our ratings should be used
Here’s how you can incorporate our ratings Stock Ratings + Stock Screener = Magic!
into your stock picking:
z Use them as a filter to get a manageable
stocks with both a high quality and a high
list of promising stocks.
valuation rating.
z Compare companies effortlessly using our
ratings rather than hundreds of metrics.
For the above, we have already combined
Stock ratings of the top 1,000
our ratings into our existing tools. You
In the following pages, you will find the ratings
can now
of the top 1,000 companies by market cap.
z View the ratings of your holdings in the
The list is arranged alphabetically. For
“My Investments” section on our website.
each company, we have given the stock
z Filter stocks based on our ratings in our
rating, their score on the three constituent
“Stock screener”. We have also created
parameters (quality, growth and valuation)
some pre-defined screens!
and some key financial metrics.
But that’s just the tip of the iceberg!
If your goal is to build long-term wealth,
Depending on your investing style, you
Value Research Stock Ratings should be an
can combine our ratings in the manner you
indispensable part of your investing
desire. For instance, if you are a qualityjourney. Use it wisely, develop the right
focused value investor, you may explore
mindset, and create wealth.
January 2024 Wealth Insight 37
Subscription copy of [lokincredibl@gmail.com]. Redistribution prohibited.
BIG 1000
Company
Industry
Market
capitalisation
(` cr)
Return on equity (%)
FY23
5-year average
(FY18-22)
Debt-to-equity
| Gross NPA
ratio (%)
Quality
score

23.4
20.0
0.00
10
Stock
rating
3M India
Diversified
5Paisa Capital
Financial Services
1,608

10.4
-13.1
0.37
4
63 Moons Technologies
Software & IT Services
2,262

0.5
-1.3
0.00
4
Aarti Drugs
Pharmaceuticals
4,468

14.9
23.5
0.51
5
Aarti Industries
Specialty Chemicals
20,092

11.6
22.6
0.58
5
ABB India
Machinery & Equipments
93,678

15.3
8.3
0.00
8
31.6
27.2
0.00
10
7.4
12.7
0.00
8

43.2
38.6
0.00
10
34,950
Abbott India
Pharmaceuticals
50,494

ACC
Construction Materials
35,232

Accelya Solutions India
Software & IT Services
2,057
Action Construction Equipment
Machinery & Equipments
10,012

20.5
14.6
0.01
10
Adani Energy Solutions
Utilities
97,327

13.6
20.2
2.93
4
Adani Enterprises
Metal Mining & Minerals
2,68,983

10.6
3.1
1.16
3
Adani Green Energy
Power Generation
1,62,918

33.0
0.7
9.23
3
Adani Ports and Spl Economic Zone
Logistics
1,78,319

15.0
16.9
1.11
6
Adani Power
Power Generation
1,66,350

44.2
-76.0
1.41
4
Adani Total Gas
Utilities
77,922

20.4
24.6
0.47
8
ADF Foods
Food Processing
2,348

14.7
17.3
0.00
8
Aditya Birla Capital
Financial Services
43,724

26.8
9.3
4.20
4
Aditya Birla Fashion and Retail
Specialty Retail
21,997

-1.2
-2.5
0.82
2
Aditya Vision
Specialty Retail
3,856

59.7
36.8
2.00
8
Ador Welding
Machinery & Equipments
2,090

19.9
7.9
0.05
5
Advanced Enzyme Technologies
Specialty Chemicals
3,690

9.4
16.7
0.01
9
Aegis Logistics
Energy Equip. & Services
13,050

16.2
16.5
0.28
8
Agarwal Industrial Corporation
Commodity Chemicals
1,403

26.4
17.3
0.34
8
AGI Greenpac
Containers & Packaging
6,268

16.6
5.6
0.46
5
Agro Tech Foods
Food Processing
1,974

3.2
8.6
0.11
6
Ahluwalia Contracts (India)
Construction & Engineering
5,548

17.1
14.3
0.00
8
AIA Engineering
Machinery & Equipments
33,906

20.2
15.1
0.09
9
Price data and Stock Ratings as of November 30, 2023. Financial data as of FY23. *P/B for banks and non-banking financial companies (NBFC).
38 Wealth Insight January 2024
Subscription copy of [lokincredibl@gmail.com]. Redistribution prohibited.
-12%
The three-year annualised returns for
Aarti Drugs (an API manufacturer) as its Growth
score fell from 7.4 in FY21 to 5.1 in FY23.
31times
The returns that civil contractor Ahluwalia
Contracts generated in 10Y, as its Stock Rating
gradually improved from 1 to 4.
5-year per-share growth (% pa)
Revenue | Net
interest income
Profit
after tax
P/E | P/B*
CFO |
Advances
Growth
score
Current
5-year median
Earnings
yield (%)
Valuation
score
Company
7.9
6.9
66.7
7.3
65.2
78.1
1.5
3.2
3M India
48.2
22.1
17.1
6.8
27.2
67.1
3.7
5.6
5Paisa Capital
-2.1
-212.9
26.0
6.6
18.9
13.6
5.3
3.3
63 Moons Technologies
17.3
15.5
14.4
6.2
24.8
18.2
4.0
4.0
Aarti Drugs
9.3
7.2
28.5
5.9
45.0
26.5
2.2
3.2
Aarti Industries
7.1
35.4
-1.3
6.7
77.5
82.1
1.3
2.1
ABB India
10.2
18.8
42.4
6.5
46.7
41.2
2.1
3.3
Abbott India
10.8
-0.9
-195.5
2.0
29.3
26.7
3.4
3.2
ACC
4.2
7.3
3.7
5.8
16.4
19.5
6.1
5.7
Accelya Solutions India
14.4
26.8
24.8
7.6
42.5
32.5
2.4
2.1
Action Construction Equipment
27.1
2.0
11.1
6.0
74.1
47.4
1.3
2.2
Adani Energy Solutions
29.8
45.5
42.0
6.9
110.0
25.2
0.9
3.4
Adani Enterprises
35.5
52.1
57.6
8.5
124.8
562.6
0.8
3.7
Adani Green Energy
12.0
7.0
15.3
6.1
28.1
22.4
3.6
4.6
Adani Ports and Spl Economic Zone
13.8
48.3
10.6
6.7
8.1
17.4
12.4
5.9
Adani Power
49.9
51.1
48.8
7.4
136.5
127.2
0.7
2.3
Adani Total Gas
16.7
24.4
15.0
5.6
36.2
29.0
2.8
5.5
ADF Foods
16.3
44.7
-30.6
4.8
8.4
19.1
12.0
5.4
Aditya Birla Capital
5.9
-1.8
4.7
5.0
-
85.2
-
1.6
Aditya Birla Fashion and Retail
28.4
93.3
21.7
6.1
52.6
26.5
1.9
2.2
Aditya Vision
11.2
26.1
18.8
6.0
41.9
20.7
2.4
3.1
Ador Welding
6.7
2.1
3.9
5.7
29.6
27.8
3.4
4.4
Advanced Enzyme Technologies
11.4
17.8
12.2
6.2
25.6
33.4
3.9
5.3
Aegis Logistics
27.3
43.8
67.7
7.6
14.5
12.2
6.9
4.3
Agarwal Industrial Corporation
2.5
30.0
58.8
7.6
23.3
19.2
4.3
4.0
AGI Greenpac
0.9
-13.7
-18.0
4.8
108.1
45.2
0.9
2.6
Agro Tech Foods
11.5
10.9
30.1
7.2
25.0
22.5
4.0
3.8
Ahluwalia Contracts (India)
19.0
24.2
6.7
27.9
29.3
3.6
4.2
AIA Engineering
15.0
^indicates an increase or decrease in loss. CFO refers to cash flow from operations. For banks and NBFCs, we have used gross NPA ratio and five-year growth in net interest income and advances.
January 2024 Wealth Insight 39
Subscription copy of [lokincredibl@gmail.com]. Redistribution prohibited.
47%
2to 5
The yearly returns generated by Alkyl Amines
(a leader in aliphatic amines) in 10 years.
However, its Valuation score has never been
higher than 5.
Akzo Nobel’s (a coatings manufacturer) Stock
Rating improved from 2 in FY20 to 5 in Nov 2023.
Yet, the stock has returned only 4 per cent pa.
Company
Industry
Ajanta Pharma
Pharmaceuticals
Ajmera Realty & Infra India
Real Estate
Akzo Nobel India
Specialty Chemicals
Alembic
Real Estate
Alembic Pharmaceuticals
Market
capitalisation
(` cr)
24,811
1,549
11,150
Return on equity (%)
Stock
rating



FY23
5-year average
(FY18-22)
Debt-to-equity
| Gross NPA
ratio (%)
Quality
score
17.7
21.9
0.00
10
9.7
9.1
1.09
1
26.0
18.9
0.00
10
2,199

9.4
3.8
0.00
8
Pharmaceuticals
14,662

7.1
21.7
0.15
8
Alicon Castalloy
Auto Ancillaries
1,368

11.0
10.3
0.62
2
Alkem Laboratories
Pharmaceuticals
56,503

12.3
18.7
0.14
8
Alkyl Amines Chemicals
Commodity Chemicals
11,052

21.2
33.4
0.07
10
Allcargo Gati
Logistics
1,778

-1.7
-8.4
0.27
2
Allcargo Logistics
Logistics
6,436

19.9
13.5
0.25
6
Allsec Technologies
Business Services & Supp.
978

22.3
18.0
0.00
10
Amara Raja Energy & Mobility
Auto Ancillaries
12,121

15.1
15.9
0.00
10
Amber Enterprises India
Household Durables
10,265

8.6
9.7
0.78
4
Ambika Cotton Mills
Textiles and Leather
Ambuja Cements
Construction Materials
Amrutanjan Health Care
Pharmaceuticals
1,740

Anant Raj
Real Estate
8,694

Andhra Paper
Other Materials
2,242
Andhra Sugars
Commodity Chemicals
Andrew Yule & Company
Food Processing
Apar Industries
Diversified
Apcotex Industries
Specialty Chemicals
APL Apollo Tubes
Building Products
Apollo Hospitals Enterprise
14.5
16.1
0.00
8
9.0
12.8
0.00
8
14.3
22.3
0.00
9
5.5
1.0
0.39
3

40.2
16.7
0.03
10
1,500

12.9
13.2
0.02
9
1,437

0.3
1.0
0.26
2

32.3
13.1
0.14
9

24.8
16.9
0.32
7
46,844

23.5
23.2
0.29
10
Healthcare & Services
79,515

13.9
9.2
0.44
5
Apollo Micro Systems
Defence & Aerospace
3,567

6.3
7.2
0.42
1
Apollo Pipes
Building Products
2,705

5.5
15.2
0.10
7
Apollo Tyres
Auto Ancillaries
27,151

8.8
5.8
0.43
5
Aptech
Household & Personal Ser.
1,473

29.0
11.8
0.00
9
Arihant Superstructures
Real Estate
1,070

16.2
15.0
1.58
2
Arvind
Apparels & Footwear
5,912

11.2
5.5
0.42
5
Arvind Smartspaces
Real Estate
1,742

5.7
10.4
0.31
8
Asahi India Glass
Auto Ancillaries
13,849

19.0
15.2
0.65
6
Ashapura Minechem
Metal Mining & Minerals
3,312

19.7
8.2
1.15
4
Ashiana Housing
Real Estate
2,542

3.7
0.5
0.24
3
Ashok Leyland
Automobile
53,760

15.1
10.9
3.63
4
Ashoka Buildcon
Construction & Engineering

28.3
26.4
1.09
6
947
87,130
22,262
2,736
3,944


Price data and Stock Ratings as of November 30, 2023. Financial data as of FY23. *P/B for banks and non-banking financial companies (NBFC).
40 Wealth Insight January 2024
Subscription copy of [lokincredibl@gmail.com]. Redistribution prohibited.
3x
67%
The increase in Apar Industries’s (the world’s
largest aluminium and alloy conductor
manufacturer) Quality score, from 3 in FY13 to
9 in November 2023.
The annualised returns generated in five years
by APL Apollo (India’s largest producer of
structural steel tubes). Its Quality score
improved from 6 in FY18 to 10 in Nov 2023.
5-year per-share growth (% pa)
Revenue | Net
interest income
Profit
after tax
P/E | P/B*
CFO |
Advances
Growth
score
Current
5-year
median
Earnings
yield (%)
Valuation
score
Company
3.9
-2.9
14.1
6.2
37.6
26.1
2.7
2.7
Ajanta Pharma
3.1
-3.3
26.0
5.8
22.3
15.4
4.5
3.9
Ajmera Realty & Infra India
7.5
10.8
22.2
6.9
28.1
34.7
3.6
4.4
Akzo Nobel India
1.1
14.9
11.4
5.7
9.6
12.2
10.4
6.2
Alembic
11.6
-4.9
17.3
5.8
27.6
21.7
3.6
3.6
Alembic Pharmaceuticals
2.8
2.0
12.0
5.7
27.8
19.0
3.6
3.8
Alicon Castalloy
12.7
9.5
44.6
7.3
39.4
28.3
2.5
3.3
Alkem Laboratories
22.2
28.8
19.5
5.5
54.9
19.0
1.8
2.5
Alkyl Amines Chemicals
-3.7
-174.7
-17.2
4.3
-
41.2
-
1.7
Allcargo Gati
24.4
30.3
38.7
6.3
17.8
16.6
5.6
4.2
Allcargo Logistics
3.7
-3.9
6.3
5.7
19.0
13.0
5.3
4.8
Allsec Technologies
11.4
8.1
23.5
6.9
15.5
23.8
6.4
5.7
Amara Raja Energy & Mobility
24.9
19.7
18.7
6.6
65.5
57.1
1.5
2.3
Amber Enterprises India
7.7
12.9
-237.5
3.7
12.0
9.5
8.3
4.7
Ambika Cotton Mills
10.5
11.2
-26.5
1.9
31.4
26.8
3.2
3.6
Ambuja Cements
11.5
14.7
1.1
4.3
46.7
38.0
2.1
3.3
Amrutanjan Health Care
12.7
16.9
14.7
5.6
42.2
23.6
2.4
2.8
Anant Raj
10.7
44.5
20.0
6.9
4.1
11.3
24.2
7.6
Andhra Paper
12.6
12.3
7.1
5.8
13.5
7.6
7.4
6.1
Andhra Sugars
0.2
-38.8
21.6
4.5
-
66.5
-
1.8
Andrew Yule & Company
19.8
34.5
25.4
7.7
28.4
15.9
3.5
3.1
Apar Industries
15.5
22.8
17.9
5.8
38.5
24.5
2.6
2.6
Apcotex Industries
21.0
28.3
45.2
6.4
61.0
29.1
1.6
2.3
APL Apollo Tubes
14.3
70.5
19.9
6.2
114.0
60.5
0.9
2.5
Apollo Hospitals Enterprise
-33.0
-37.0
14.4
3.3
161.8
21.8
0.6
1.1
Apollo Micro Systems
22.0
-1.8
30.3
7.0
57.9
34.2
1.7
2.2
Apollo Pipes
8.3
6.6
2.3
6.3
17.1
16.5
5.9
4.8
Apollo Tyres
13.9
14.7
50.3
6.2
20.8
29.0
4.8
6.1
Aptech
15.7
23.8
-196.0
4.7
25.9
20.4
3.9
3.4
Arihant Superstructures
4.1
5.6
9.0
5.5
18.1
17.4
5.5
4.0
Arvind
-1.9
-9.1
8.7
4.9
57.6
19.3
1.7
1.6
Arvind Smartspaces
8.8
15.5
-2.2
5.0
40.3
45.2
2.5
3.0
Asahi India Glass
17.0
27.9
48.3
7.0
14.1
7.4
7.1
3.5
Ashapura Minechem
4.9
-6.1
17.2
6.8
44.1
41.4
2.3
2.9
Ashiana Housing
7.0
-5.6
-225.1
4.7
25.1
31.0
4.0
3.2
Ashok Leyland
38.8
-4.5
6.8
11.2
12.8
9.0
5.0
Ashoka Buildcon
17.6
^indicates an increase or decrease in loss. CFO refers to cash flow from operations. For banks and NBFCs, we have used gross NPA ratio and five-year growth in net interest income and advances.
January 2024 Wealth Insight 41
Subscription copy of [lokincredibl@gmail.com]. Redistribution prohibited.
10/10
9.7
India’s largest paints manufacturer, Asian Paints,
has a Quality score of 10 in each of the last
10 years. It also delivered annualised returns of
20 per cent during the same period.
AU Small Finance Bank’s (India’s largest small
finance bank) Growth score as of November
2023. It is the highest among the companies on
the list.
Company
Industry
Market
capitalisation
(` cr)
Asian Granito India
Building Products
Asian Paints
Specialty Chemicals
2,99,270
Asian Star Company
Fashion Accessories
1,431
Astec Lifesciences
Other Chemicals
Aster DM Healthcare
Return on equity (%)
Stock
rating
FY23
5-year average
(FY18-22)
Debt-to-equity
| Gross NPA
ratio (%)
Quality
score

-6.7
9.8
0.17
2

27.9
25.9
0.06
10

6.1
8.4
0.44
1
2,335

6.3
22.5
0.81
3
Healthcare & Services
19,071

10.1
11.1
0.51
3
Astra Microwave Products
Comm. & Networking
5,471

11.4
7.3
0.29
2
Astral
Building Products
52,312

17.6
20.7
0.03
10
Astrazeneca Pharma India
Pharmaceuticals
11,899

25.4
17.7
0.00
10
Atul Auto
Automobile
1.3
10.2
0.49
3
Atul
Other Chemicals
19,451

11.3
17.3
0.01
9
AU Small Finance Bank
Banks
49,510

15.4
17.1
1.66
7
Aurionpro Solutions
Software & IT Services

21.8
9.2
0.15
5
Aurobindo Pharma
Pharmaceuticals
Aurum Proptech
Software & IT Services
Authum Investment & Infrastructure
Financial Services
Automotive Axles
943
1,708
4,369

61,110

7.5
19.8
0.18
7
946

-14.8
123.7
0.03
7
11,813

7.9
5.1
0.50
8
Auto Ancillaries
3,449

23.5
13.7
0.01
7
Avadh Sugar & Energy
Food Processing
1,638

11.8
19.4
1.20
5
Avantel
Comm. & Networking
2,998

28.0
31.3
0.26
1
Avanti Feeds
Farming
5,340

14.6
30.3
0.00
10
Avenue Supermarts
Food & Staples Retailing

16.0
14.7
0.00
10
AVT Natural Products
Food Processing
1,360

19.4
13.8
0.08
3
Axis Bank
Banks
3,31,286

8.0
7.3
2.02
3
Axiscades Technologies
Business Services & Supp.
2,091

20.6
1.0
0.97
2
Axtel Industries
Machinery & Equipments
1,100

19.6
22.9
0.00
9
Bajaj Auto
Automobile
1,72,310

20.5
21.9
0.00
10
Bajaj Consumer Care
Household & Personal Pro.
3,152

17.4
35.1
0.00
10
Bajaj Electricals
Household Durables

11.9
9.3
0.00
7
2,56,909
11,447
Bajaj Finance
Non-banking Fin. Services

22.1
18.2
1.19
10
Bajaj Healthcare
Pharmaceuticals
1,073

12.4
23.8
1.13
2
Bajaj Hindusthan Sugar
Food Processing
4,033

-4.0
-9.0
0.97
2
Bajaj Holdings & Investment
Investment Management
81,868

11.1
11.4
0.00
10
Balaji Amines
Commodity Chemicals
6,530

23.2
27.2
0.04
7
Balkrishna Industries
Auto Ancillaries

14.6
20.1
0.44
7
Balmer Lawrie & Company
Diversified

10.3
8.2
0.05
6
Balmer Lawrie Investments
Investment Management

10.0
44.6
0.08
8
Balrampur Chini Mills
Food Processing

10.0
20.9
0.65
8
4,40,335
49,853
2,681
954
9,548
Price data and Stock Ratings as of November 30, 2023. Financial data as of FY23. *P/B for banks and non-banking financial companies (NBFC).
42 Wealth Insight January 2024
Subscription copy of [lokincredibl@gmail.com]. Redistribution prohibited.
50%
5
The fall in Axis Bank’s Quality score between
FY18 (6) and November 2023 (3). In the last
five years, its performance worsened compared
to the 10-year performance.
Bajaj Finance (India’s largest NBFC) is the only
5-star-rated company with a perfect Quality score
and Growth score above 9 as of November 2023.
5-year per-share growth (% pa)
P/E | P/B*
Profit
after tax
CFO |
Advances
Growth
score
-20.3
-182.4
-165.9
3.1
-
19.1
-
1.6
Asian Granito India
15.4
15.7
14.7
7.0
59.1
61.7
1.7
3.0
Asian Paints
2.8
-5.3
-19.4
4.8
20.1
14.5
5.0
4.0
Asian Star Company
11.2
-6.2
2.8
5.1
-
34.7
-
1.6
Astec Lifesciences
12.4
11.5
28.1
6.4
67.1
25.3
1.5
2.1
Aster DM Healthcare
17.6
2.7
-167.7
4.3
84.8
21.8
1.2
1.1
Astra Microwave Products
13.1
13.9
8.0
5.6
95.2
70.6
1.1
2.3
Astral
11.9
30.8
46.0
6.6
77.9
107.1
1.3
3.5
Astrazeneca Pharma India
-3.2
-42.6
-190.9
5.4
272.4
21.0
0.4
1.0
Atul Auto
10.6
12.9
14.8
5.6
49.6
25.0
2.0
3.1
Atul
36.3
37.4
34.4
9.7
4.2
5.3
3.3
5.1
AU Small Finance Bank
10.3
-1.6
-20.4
5.2
38.0
9.0
2.6
1.7
Aurionpro Solutions
8.6
-4.5
4.1
5.2
26.3
16.4
3.8
3.2
Aurobindo Pharma
-42.7
-241.4
2.6
4.4
-
25.9
-
0.3
Aurum Proptech
-40.7
22.2
5.4
4.9
1.9
6.2
52.0
6.0
Authum Investment & Infrastructure
8.9
14.5
0.2
6.6
18.7
28.8
5.3
4.8
Automotive Axles
3.7
2.6
17.0
6.3
11.1
8.4
9.0
6.1
Avadh Sugar & Energy
24.5
9.0
-28.8
2.3
74.1
18.9
1.3
2.2
Avantel
8.4
-7.7
9.9
6.2
15.9
17.9
6.3
6.3
Avanti Feeds
22.4
23.2
28.2
7.2
110.2
118.6
0.9
2.6
Avenue Supermarts
12.2
26.2
29.2
5.0
28.7
19.6
3.5
5.0
AVT Natural Products
18.2
127.1
14.0
7.4
2.3
2.2
4.0
4.0
Axis Bank
9.4
6.9
30.9
6.4
94.1
35.0
1.1
3.2
Axiscades Technologies
17.2
23.9
20.7
7.3
36.0
19.3
2.8
2.3
Axtel Industries
8.1
8.0
4.5
6.2
25.2
19.6
4.0
3.7
Bajaj Auto
3.6
-7.5
-10.3
4.8
20.1
21.9
5.0
4.9
Bajaj Consumer Care
0.4
15.3
42.5
5.0
64.5
62.1
1.5
2.8
Bajaj Electricals
24.7
32.9
18.8
9.4
6.4
7.4
3.0
4.2
Bajaj Finance
18.4
23.2
-206.1
3.6
40.1
16.8
2.5
2.6
Bajaj Healthcare
-0.8
12.0
-5.9
5.9
-
9.7
-
2.3
Bajaj Hindusthan Sugar
2.0
13.3
1.2
5.1
14.8
12.4
6.8
4.8
Bajaj Holdings & Investment
22.3
29.1
22.2
6.0
33.1
13.5
3.0
4.6
Balaji Amines
17.0
7.5
14.1
6.1
47.6
22.9
2.1
2.5
Balkrishna Industries
6.1
-8.3
10.1
6.7
13.3
12.1
7.5
6.2
Balmer Lawrie & Company
-
6.5
4.6
4.8
7.3
12.3
13.6
8.7
Balmer Lawrie Investments
7.4
-14.9
5.1
17.7
13.3
5.7
3.4
Balrampur Chini Mills
Revenue | Net
interest income
4.6
Current
5-year
median
Earnings
yield (%)
Valuation
score
Company
^indicates an increase or decrease in loss. CFO refers to cash flow from operations. For banks and NBFCs, we have used gross NPA ratio and five-year growth in net interest income and advances.
January 2024 Wealth Insight 43
Subscription copy of [lokincredibl@gmail.com]. Redistribution prohibited.
-7%
9%
The 10-year annualised return of the Bank of
India. Over this period, its Stock Rating dropped
from 4 in FY13 to 2 in November 2023.
The five-year annualised return of Bata India.
While it has a Quality score above 7 in each of
the last five years, its Growth score has been
over 6 only twice.
Company
Industry
Market
capitalisation
(` cr)
Return on equity (%)
Stock
rating
FY23
5-year average
(FY18-22)
Debt-to-equity
| Gross NPA
ratio (%)
Quality
score
Balu Forge Industries
Metal Processing
2,569

18.3
46.3
0.26
5
Banco Products (India)
Auto Ancillaries
4,043

23.8
13.4
0.29
5
Bandhan Bank
Banks
36,431

11.9
13.6
4.87
8
Bank Of Baroda
Banks
1,02,005

15.3
5.4
3.79
1
Bank Of India
Banks
42,620

7.1
-0.4
7.31
1
Bank Of Maharashtra
Banks
31,123

17.6
-5.0
2.47
2
Bannari Amman Sugars
Food Processing
BASF India
3,103

9.6
7.0
0.37
6
Commodity Chemicals
12,709

15.4
18.7
0.00
8
Bata India
Apparels & Footwear
20,797

19.9
11.0
0.00
10
Bayer CropScience
Other Chemicals
24,158

25.0
19.4
0.00
9
BCL Industries
Food Processing
1,429

15.6
19.6
1.02
4
Beekay Steel Industries
Metal Processing
1,265

14.0
22.6
0.30
6
BEML
Machinery & Equipments
6.6
4.1
0.15
1
Benares Hotels
Hotels, Resorts & Cruise Lines
Berger Paints India
Specialty Chemicals
Best Agrolife
Other Chemicals
BF Investment
10,272


26.3
7.5
0.00
10

20.4
23.3
0.17
9
2,078

44.8
17.4
1.08
6
Investment Management
1,935

5.9
2.0
0.00
9
Bhagiradha Chemicals & Industries
Other Chemicals
1,560

18.4
11.3
0.16
3
Bhansali Engineering Polymers
Other Materials
2,278

13.3
38.3
0.00
8
Bharat Bijlee
Machinery & Equipments
2,142

6.7
5.8
0.21
5
Bharat Dynamics
Defence & Aerospace
21,295

11.3
19.1
0.00
8
Bharat Electronics
Defence & Aerospace
1,06,613

22.8
19.5
0.00
9
Bharat Forge
Auto Ancillaries
52,167

8.7
12.0
1.01
3
Bharat Heavy Electricals
Machinery & Equipments
59,352

1.8
-1.7
0.20
2
Bharat Petroleum Corporation
Oil & Gas
94,547

7.2
24.5
1.14
6
Bharat Rasayan
Other Chemicals
3,746

15.5
30.5
0.03
4
Bharat Wire Ropes
Other Materials
1,923

12.3
-26.8
0.32
6
Bharti Airtel
Telecommunications Services
6,10,157

12.2
-12.2
2.14
4
Bigbloc Construction
Other Materials
1,106

49.6
9.5
1.16
5
Biocon
Biotechnology & R&D
28,628

5.1
12.7
1.01
2
Birla Corporation
Construction Materials
10,428

0.6
9.5
0.86
4
Birlasoft
Software & IT Services
17,364

13.2
14.6
0.00
9
BL Kashyap & Sons
Construction & Engineering
1,452

13.1
-2.5
0.72
2
Black Box
Software & IT Services
4,311

27.3
199.1
1.19
8
Bliss GVS Pharma
Pharmaceuticals
1,479

8.3
13.0
0.11
4
BLS International Services
Software & IT Services
29.6
24.9
0.00
10
906
66,941
10,917

Price data and Stock Ratings as of November 30, 2023. Financial data as of FY23. *P/B for banks and non-banking financial companies (NBFC).
44 Wealth Insight January 2024
Subscription copy of [lokincredibl@gmail.com]. Redistribution prohibited.
5%
7 to 2
The 10-year annualised return generated by
BHEL (a power generation equipment
manufacturer). During this time, its Quality score
fell from 10 in FY13 to 2 in November 2023.
The fall in Biocon’s Quality score in the last five
years. The stock has returned -5 per cent
annually over the same period.
5-year per-share growth (% pa)
Revenue | Net
interest income
Profit
after tax
P/E | P/B*
CFO |
Advances
Growth
score
Current
5-year
median
Earnings
yield (%)
Valuation
score
Company
41.4
14.6
25.9
7.2
38.6
35.9
2.6
4.1
Balu Forge Industries
11.8
15.1
-184.0
4.8
14.2
11.5
7.0
4.7
Banco Products (India)
25.0
10.3
28.7
7.0
1.8
3.0
7.0
6.9
Bandhan Bank
21.7
50.8
17.1
6.4
0.9
0.8
18.0
6.2
Bank Of Baroda
14.1
21.7
7.3
4.7
0.8
0.5
12.6
3.9
Bank Of India
18.0
33.7
14.8
5.7
1.8
0.7
11.0
3.1
Bank Of Maharashtra
11.3
10.4
-3.1
7.0
20.3
24.5
4.9
5.8
Bannari Amman Sugars
19.6
10.3
12.8
6.5
35.8
33.1
2.8
4.0
BASF India
5.6
7.9
31.4
6.9
71.8
48.9
1.4
2.8
Bata India
7.7
14.1
30.8
7.1
28.6
42.8
3.5
4.6
Bayer CropScience
6.7
18.5
16.8
5.1
16.9
9.5
5.9
5.0
BCL Industries
2.9
8.3
53.5
6.7
12.2
6.6
8.2
5.1
Beekay Steel Industries
3.8
4.0
34.1
7.1
51.2
53.9
2.0
2.9
BEML
14.5
29.2
26.1
7.9
31.2
20.7
3.2
3.1
Benares Hotels
15.4
13.3
18.3
6.4
64.8
62.8
1.5
3.1
Berger Paints India
8.5
204.7
8.9
5.0
10.0
29.1
10.0
5.9
Best Agrolife
23.1
55.5
13.9
5.1
6.5
22.6
15.4
6.3
BF Investment
15.5
95.7
18.7
6.1
54.3
27.2
1.8
2.6
Bhagiradha Chemicals & Industries
5.7
6.5
-6.1
4.3
15.5
18.8
6.4
7.3
Bhansali Engineering Polymers
12.9
6.4
24.3
7.3
20.8
19.2
4.8
3.9
Bharat Bijlee
-11.5
-7.8
52.5
6.8
50.1
20.9
2.0
2.4
Bharat Dynamics
-10.7
-7.0
21.2
5.3
32.1
21.3
3.1
3.0
Bharat Electronics
9.1
-7.6
6.0
6.2
78.0
36.9
1.3
2.0
Bharat Forge
-3.1
2.8
-195.4
3.4
832.8
31.7
0.1
1.4
Bharat Heavy Electricals
14.9
-26.3
2.4
4.5
3.4
10.2
29.1
6.0
Bharat Petroleum Corporation
9.7
6.4
49.9
5.8
48.6
22.5
2.1
3.2
Bharat Rasayan
18.8
177.8
11.6
7.6
30.9
29.0
3.2
4.2
Bharat Wire Ropes
2.4
30.4
7.9
6.1
80.8
61.5
1.2
4.2
Bharti Airtel
9.8
32.0
13.9
5.1
41.1
42.0
2.4
2.9
Bigbloc Construction
22.1
7.2
22.8
7.2
57.4
45.8
1.7
3.3
Biocon
8.7
-23.4
0.0
5.4
68.1
19.9
1.5
2.2
Birla Corporation
8.9
4.5
-0.2
6.3
45.9
18.3
2.2
1.7
Birlasoft
0.9
0.5
-30.8
4.8
54.6
32.9
1.8
2.8
BL Kashyap & Sons
7.8
-23.1
-43.3
4.1
49.7
30.7
2.0
3.6
Black Box
-1.8
-3.0
14.0
5.5
16.8
18.7
6.0
3.9
Bliss GVS Pharma
-12.0
3.1
4.0
40.8
27.2
2.5
2.5
BLS International Services
-13.7
^indicates an increase or decrease in loss. CFO refers to cash flow from operations. For banks and NBFCs, we have used gross NPA ratio and five-year growth in net interest income and advances.
January 2024 Wealth Insight 45
Subscription copy of [lokincredibl@gmail.com]. Redistribution prohibited.
50%
-1%
Readymade garment manufacturer Cantabil
Retail’s five-year annualised return. Its Quality
score doubled from 5 to 10, while its Growth
score improved from 4.9 to 7.6.
The 10-year annualised return for the lubricant
manufacturer Castrol India, despite maintaining
a perfect Quality score in each of the last
10 years.
Company
Industry
Market
capitalisation
(` cr)
Return on equity (%)
Stock
rating
Blue Cloud Softech Solutions
Software & IT Services
Blue Dart Express
Logistics
16,809
Blue Star
Machinery & Equipments
20,618
Bodal Chemicals
Specialty Chemicals
Bombay Burmah Trading Corp
Food Processing
9,502
Bombay Super Hybrid Seeds
Food Processing
Borosil Renewables
Energy Equip. & Services
Bosch
Auto Ancillaries
63,682

Brigade Enterprises
Real Estate
18,849

Britannia Industries
Food Processing
BSE
Financial Services
Butterfly Gandhimathi Appliances
Household Durables
1,827

Camlin Fine Sciences
Specialty Chemicals
2,270

FY23
5-year average
(FY18-22)
Debt-to-equity
| Gross NPA
ratio (%)
Quality
score
5.6
0.7
0.02
2

36.1
21.9
0.21
10

19.6
18.1
0.43
6
3.6
13.2
0.71
2

27.1
23.2
1.62
5
2,285

35.0
19.8
0.94
6
5,759

7.6
10.6
0.45
5
13.1
10.9
0.00
10
7.6
3.6
1.41
4
63.9
38.5
0.84
9
6.5
8.3
0.00
7
19.8
6.9
0.00
9
8.3
5.1
1.05
2
1,453
929
1,16,843
24,275




Can Fin Homes
Non-banking Fin. Services
10,423

18.5
18.3
0.55
7
Canara Bank
Banks
73,182

15.2
4.9
5.35
1
Cantabil Retail India
Apparels & Footwear
1,641

35.3
16.4
0.11
10
Capacite Infraprojects
Construction & Engineering
1,857

9.3
8.6
0.35
4
Capital India Finance
Financial Services
1,020

-6.8
8.8
1.56
2
Caplin Point Laboratories
Pharmaceuticals
9,518

22.4
33.3
0.00
8
Carborundum Universal
Other Materials
22,678

15.1
15.2
0.08
9
CARE Ratings
Business Services & Supp.
2,728

12.7
20.0
0.00
5
Carysil
Household Durables
2,454

18.8
18.5
0.73
6
Castrol India
Other Chemicals
13,675

46.2
58.9
0.00
10
CCL Products (India)
Food Processing
8,793

19.7
19.1
0.62
6
Ceat
Auto Ancillaries
8,493

6.6
8.6
0.61
4
Central Bank Of India
Banks
38,214

5.6
-6.0
8.44
1
Central Depository Services (India)
Financial Services
15,693

23.9
21.7
0.00
10
Centrum Capital
Financial Services
1,187

-23.6
1.4
9.32
2
Centum Electronics
Machinery & Equipments
1,875

4.7
-0.5
1.26
1
Century Enka
Textiles and Leather
914

7.0
9.7
0.05
8
Century Plyboards (India)
Construction Materials
14,309

22.1
17.6
0.16
9
Century Textiles & Industries
Other Materials
14,101

3.5
8.4
0.27
6
Cera Sanitaryware
Building Products
11,191

19.6
16.0
0.02
10
CESC
Power Generation
12,881

1.1
13.0
1.29
3
CG Power & Industrial Solutions
Machinery & Equipments
68,744

52.5
-311.8
0.00
10
Chaman Lal Setia Exports
Farming

23.1
21.0
0.23
3
1,179
Price data and Stock Ratings as of November 30, 2023. Financial data as of FY23. *P/B for banks and non-banking financial companies (NBFC).
46 Wealth Insight January 2024
Subscription copy of [lokincredibl@gmail.com]. Redistribution prohibited.
4to 1
1to 4
The fall in the Stock Rating of Centum
Electronics (an electronic systems manufacturer)
in the last five years. However, the stock has
given yearly returns of 32 per cent.
The improvement in the Stock Rating of the
engineering conglomerate CG Power &
Industrial Solutions since FY20. The stock has
given yearly returns of 121 per cent.
5-year per-share growth (% pa)
Revenue | Net
interest income
Profit
after tax
P/E | P/B*
CFO |
Advances
Growth
score
Current
5-year
median
Earnings
yield (%)
Valuation
score
Company
57.1
38.8
149.3
7.5
653.0
671.7
0.2
0.8
Blue Cloud Softech Solutions
13.1
20.7
17.7
5.7
57.5
68.2
1.7
3.0
Blue Dart Express
11.4
22.3
67.2
6.5
47.1
39.3
2.1
3.3
Blue Star
6.0
-21.6
108.2
5.0
106.9
11.6
0.9
2.0
Bodal Chemicals
10.2
-197.1
15.3
6.2
-
20.8
-
4.0
Bombay Burmah Trading Corp
15.3
60.0
-207.1
6.7
110.2
52.8
0.9
1.0
Bombay Super Hybrid Seeds
0.0
0.4
-153.5
1.8
179.6
31.3
0.6
1.1
Borosil Renewables
5.7
1.5
-6.2
5.8
29.9
42.3
3.3
3.6
Bosch
9.9
8.0
77.3
6.9
63.2
20.9
1.6
2.0
Brigade Enterprises
10.4
18.1
15.1
6.9
46.1
51.0
2.2
2.7
Britannia Industries
-13.1
-34.7
12.1
4.2
47.5
29.0
2.1
1.0
BSE
14.3
60.8
40.6
6.7
42.9
39.5
2.3
4.3
Butterfly Gandhimathi Appliances
12.5
26.8
35.4
5.2
77.3
38.9
1.3
3.3
Camlin Fine Sciences
14.6
16.8
14.8
8.8
2.6
2.7
6.3
6.2
Can Fin Homes
20.9
35.2
16.8
5.8
0.9
0.6
19.0
6.2
Canara Bank
23.0
27.5
59.6
6.1
25.8
29.0
3.9
5.9
Cantabil Retail India
6.0
3.9
3.6
5.9
22.3
16.4
4.5
3.5
Capacite Infraprojects
2.4
-207.1
12.5
4.9
53.3
67.6
1.9
1.7
Capital India Finance
22.0
21.0
32.4
6.0
22.8
20.2
4.4
4.2
Caplin Point Laboratories
14.4
14.9
15.0
6.6
49.2
33.3
2.0
2.2
Carborundum Universal
-3.6
-12.2
-9.4
5.1
30.8
22.6
3.2
3.8
CARE Ratings
24.0
33.1
34.6
7.4
47.6
26.1
2.1
2.2
Carysil
-7.8
-10.0
-5.5
5.4
16.8
21.5
6.0
6.0
Castrol India
12.8
12.7
6.4
6.2
31.4
26.3
3.2
2.8
CCL Products (India)
12.5
-4.8
12.4
7.0
16.3
15.6
6.1
4.4
Ceat
12.4
18.2
5.3
4.3
1.4
0.8
5.7
2.0
Central Bank Of India
24.2
21.6
25.7
6.1
61.8
37.4
1.6
1.7
Central Depository Services (India)
-33.2
-234.5
-226.5
3.7
-
56.4
-
2.5
Centrum Capital
1.6
21.2
36.0
6.5
144.1
28.9
0.7
1.2
Centum Electronics
7.9
5.2
31.3
5.0
21.6
7.3
4.6
4.7
Century Enka
12.5
18.2
7.5
6.2
37.6
30.3
2.7
3.3
Century Plyboards (India)
4.3
-1.1
-34.3
5.1
119.8
52.4
0.8
2.5
Century Textiles & Industries
8.8
14.7
16.6
6.8
48.2
36.3
2.1
2.5
Cera Sanitaryware
6.8
8.6
-4.3
5.1
8.9
9.7
11.2
6.1
CESC
-18.6
20.0
0.5
6.7
62.5
31.1
1.6
1.2
CG Power & Industrial Solutions
23.1
22.5
7.2
9.1
8.0
10.9
5.7
Chaman Lal Setia Exports
13.2
^indicates an increase or decrease in loss. CFO refers to cash flow from operations. For banks and NBFCs, we have used gross NPA ratio and five-year growth in net interest income and advances.
January 2024 Wealth Insight 47
Subscription copy of [lokincredibl@gmail.com]. Redistribution prohibited.
7%
10/10
The annualised return Coal India earned over
five years. It has received the highest Stock
Rating four out of five times during the same
period.
Toothpaste manufacturer Colgate has
maintained the perfect Quality score in each of
the last 10 years.
Company
Industry
Market
capitalisation
(` cr)
Return on equity (%)
FY23
5-year average
(FY18-22)
Debt-to-equity
| Gross NPA
ratio (%)
Quality
score

15.4
29.7
0.47
7
Stock
rating
Chambal Fertilisers & Chemicals
Other Chemicals
Chemplast Sanmar
Specialty Chemicals
7,432

13.3
15.7
3.88
7
Chennai Petroleum Corporation
Oil & Gas
9,941

74.6
2.1
0.66
6
Choice International
Financial Services
4,319

13.5
10.5
0.48
3
Cholamandalam Inv and Fin Co
Non-banking Fin. Services
93,743

20.5
18.7
4.60
7
CIE Automotive India
Auto Ancillaries
18,109

14.0
8.5
0.18
7
Cigniti Technologies
Software & IT Services

32.1
68.9
0.05
10
Cipla
Pharmaceuticals
97,811

13.5
11.7
0.02
8
City Union Bank
Banks
10,836

13.4
12.2
4.37
9
Coal India
Metal Mining & Minerals
2,10,919

56.1
48.8
0.07
10
Cochin Shipyard
Machinery & Equipments
15,849
5.5
14.7
0.03
7
Coffee Day Enterprises
Hotels, Resorts & Cruise Lines
-11.2
2.6
0.50
2
Coforge
Software & IT Services
35,483

25.5
21.7
0.11
9
Colgate-Palmolive (India)
Household & Personal Pro.
59,379

61.3
60.8
0.00
10
Confidence Petroleum India
Energy Equip. & Services

12.7
14.1
0.51
3
Container Corporation Of India
Transportation
47,278

10.7
8.6
0.00
9
Control Print
Technology Hardware
1,370

19.0
17.1
0.00
8
Coromandel International
Other Chemicals

28.2
25.9
0.00
10
Cosmo First
Containers & Packaging
1,597

19.6
21.1
0.69
6
Cressanda Solutions
Software & IT Services
1,060

6.9
0.0
0.01
1
Crisil
Business Services & Supp.
31,308

33.5
32.5
0.00
10
Crompton Greaves Cons. Electricals
Household Durables
18,248

18.6
41.0
0.37
9
Cummins India
Machinery & Equipments
52,959

22.8
17.0
0.06
9
Cupid
Household & Personal Pro.
1,131

20.4
26.4
0.04
10
Cyient
Software & IT Services
21,376

17.0
16.3
0.27
8
Dabur India
Household & Personal Pro.
95,380

19.7
24.5
0.11
10
Dalmia Bharat Sugar and Industries
Food Processing
3,713

9.8
12.7
0.17
7
Datamatics Global Services
Software & IT Services
3,744

19.8
13.6
0.00
7
DB Corp
Advertising & Marketing
4,843

8.8
12.9
0.02
8
DB Realty
Real Estate
-33.2
-11.0
1.42
1
DCB Bank
Banks
3,505

10.8
9.8
3.19
6
DCM Shriram Industries
Food Processing
1,439

8.7
13.9
0.69
4
DCM Shriram
Other Chemicals
14,944

15.6
21.4
0.26
9
DCW
Other Chemicals
1,517

15.9
1.4
0.49
6
Deccan Gold Mines
Metal Mining & Minerals
1,979

-2.9
-6.0
0.02
3
Deepak Fert & Petrochem Corp
Commodity Chemicals
7,942

27.0
10.7
0.71
5
13,223
3,128
970
2,798
34,210
10,458



Price data and Stock Ratings as of November 30, 2023. Financial data as of FY23. *P/B for banks and non-banking financial companies (NBFC).
48 Wealth Insight January 2024
Subscription copy of [lokincredibl@gmail.com]. Redistribution prohibited.
23%
5to 3
The 5Y annualised return generated by CRISIL.
It has earned a Quality score of perfect 10 in
each of the last 10 years.
5-year per-share growth (% pa)
Revenue | Net
interest income
Profit
after tax
The fall in Cyient’s (an engineering R&D
company) Stock Rating from FY18 to November
2023. Both Quality and Growth scores have
deteriorated over this period.
P/E | P/B*
CFO |
Advances
Growth
score
Current
5-year
median
Earnings
yield (%)
Valuation
score
Company
29.8
16.0
22.6
7.0
11.6
9.6
8.6
6.9
Chambal Fertilisers & Chemicals
8.5
-9.1
-6.0
3.4
210.5
21.0
0.5
1.7
Chemplast Sanmar
18.7
30.7
15.8
7.2
3.4
4.7
29.3
7.4
Chennai Petroleum Corporation
-11.5
0.1
67.1
6.2
45.3
32.1
2.2
3.3
Choice International
19.6
23.8
19.9
9.4
5.3
3.8
3.2
3.4
Cholamandalam Inv and Fin Co
6.3
14.1
16.8
6.2
60.7
78.1
1.6
4.5
CIE Automotive India
18.9
39.2
35.1
7.2
16.8
15.4
6.0
4.6
Cigniti Technologies
8.4
14.8
17.2
6.7
28.3
32.0
3.5
4.6
Cipla
8.6
9.6
9.1
6.0
1.4
2.1
8.7
7.1
City Union Bank
10.3
32.1
11.2
6.3
7.5
11.4
13.3
7.7
Coal India
0.7
-4.5
25.3
6.5
36.9
9.3
2.7
3.1
Cochin Shipyard
-24.6
-221.2
-20.3
4.8
-
54.1
-
1.4
Coffee Day Enterprises
21.9
19.4
20.1
6.1
51.5
21.7
1.9
2.5
Coforge
4.5
9.2
11.1
5.5
50.6
44.6
2.0
3.0
Colgate-Palmolive (India)
27.1
24.8
-213.7
5.4
24.1
28.3
4.1
3.5
Confidence Petroleum India
4.3
2.1
1.4
5.8
39.9
33.4
2.5
3.8
Container Corporation Of India
11.8
11.0
32.2
6.6
23.6
16.2
4.2
3.3
Control Print
21.6
23.7
17.4
5.2
16.9
18.0
5.9
5.3
Coromandel International
4.2
22.9
33.1
5.1
14.1
7.0
7.1
5.6
Cosmo First
-
260.6
-550.3
2.3
114.0
295.4
0.9
0.3
Cressanda Solutions
10.4
12.7
9.0
6.1
51.6
43.7
1.9
2.6
Crisil
10.7
7.7
11.5
5.2
42.2
40.2
2.4
3.8
Crompton Greaves Cons. Electricals
8.7
11.5
5.3
6.2
36.6
31.2
2.7
2.8
Cummins India
14.6
13.1
57.0
6.4
44.1
13.6
2.3
2.0
Cupid
9.4
5.4
13.7
5.9
32.1
17.6
3.1
2.3
Cyient
8.2
4.5
6.3
5.0
54.3
54.1
1.8
3.3
Dabur India
7.7
13.1
-2.4
6.4
12.6
7.0
8.0
6.2
Dalmia Bharat Sugar and Industries
9.9
21.8
19.9
6.3
17.8
10.2
5.6
4.1
Datamatics Global Services
-1.0
-11.6
-7.1
5.1
18.0
16.0
5.5
4.0
DB Corp
32.1
12.4
29.5
6.7
54.9
31.9
1.8
2.2
DB Realty
11.5
13.7
11.1
7.1
0.8
1.6
14.5
7.2
DCB Bank
6.6
0.7
21.7
6.5
15.9
5.8
6.3
3.7
DCM Shriram Industries
11.8
7.2
10.3
5.1
24.2
10.2
4.1
3.1
DCM Shriram
10.7
55.6
24.2
6.0
15.8
17.9
6.3
6.2
DCW
-
5.5
11.3
4.1
-
-
-
1.1
Deccan Gold Mines
39.1
35.8
5.0
11.8
11.4
8.5
5.3
Deepak Fert & Petrochem Corp
5.7
^indicates an increase or decrease in loss. CFO refers to cash flow from operations. For banks and NBFCs, we have used gross NPA ratio and five-year growth in net interest income and advances.
January 2024 Wealth Insight 49
Subscription copy of [lokincredibl@gmail.com]. Redistribution prohibited.
2x
1to 5
The surge in Deepak Nitrite’s (manufacturer of
chemical intermediates) Quality score, from 5 in
FY13 to 10 in FY23.
Company
Industry
Market
capitalisation
(` cr)
Dhunseri Ventures’ (producer of PET resin)
Stock Rating improved from 1 in FY13 to 5 in
November 2023. Consequently, the stock
generated an annualised return of 25 per cent.
Return on equity (%)
FY23
5-year average
(FY18-22)
Debt-to-equity
| Gross NPA
ratio (%)
Quality
score

22.9
30.1
0.01
8
12.3
6.9
0.00
9
Stock
rating
Deepak Nitrite
Specialty Chemicals
29,970
Delta Corp
Leisure & Recreation
3,820

Den Networks
Media & Entertainment
2,613

7.9
-0.9
0.00
6
Dhampur Sugar Mills
Food Processing
1,817

16.3
15.3
0.70
6
Dhani Services
Financial Services
2,450

-10.8
1.8
0.25
2
Dhanuka Agritech
Other Chemicals
4,305

23.1
22.4
0.00
8
Dhunseri Ventures
Financial Services
1,171

23.1
8.5
0.13
9
Dilip Buildcon
Construction & Engineering
5,786

341.9
12.1
1.66
1
Disa India
Machinery & Equipments
1,981

14.0
18.4
0.00
10
Dishman Carbogen Amcis
Biotechnology & R&D
2,556

0.3
2.1
0.31
2
Divi's Laboratories
Pharmaceuticals

14.9
21.6
0.00
8
Dixon Technologies (India)
Machinery & Equipments

22.4
23.2
0.14
8
DLF
Real Estate
5.5
3.0
0.08
5
D-Link (India)
Comm. & Networking
1,091

25.4
12.7
0.00
6
Dolat Algotech
Financial Services
1,137

19.9
40.4
0.22
8
Dollar Industries
Textiles and Leather
2,472

7.6
18.6
0.23
3
DP Abhushan
Fashion Accessories
1,353

28.4
27.9
0.64
7
DP Wires
Other Materials

23.9
21.3
0.01
6
Dr. Agarwals Eye Hospital
Healthcare & Services
1,297

38.6
22.2
0.39
9
Dr. Lal Pathlabs
Healthcare & Services
22,513

15.1
25.2
0.15
10
Dr. Reddy's Laboratories
Pharmaceuticals
96,540

21.2
11.9
0.06
8
Dredging Corporation Of India
Industrial Services
1,453

0.9
-1.5
0.20
2
Dwarikesh Sugar Industries
Food Processing
1,713

14.8
22.3
0.50
5
Dynamatic Technologies
Auto Ancillaries
2,940

9.3
5.8
1.14
3
eClerx Services
Software & IT Services

29.8
21.2
0.00
10
Edelweiss Financial Services
Financial Services
7,120

38.8
16.8
3.26
7
EFC (I)
Apparels & Footwear
1,385

1.4
3.7
0.83
7
1,00,534
32,942
1,54,893
954
13,184

Eicher Motors
Automobile
1,06,741

21.1
21.9
0.01
10
EID-Parry (India)
Other Chemicals
9,497

16.2
23.2
0.20
9
EIH Associated Hotels
Hotels, Resorts & Cruise Lines
1,337

17.7
6.5
0.00
9
EIH
Hotels, Resorts & Cruise Lines
14,874

12.1
0.7
0.02
8
Eimco Elecon (India)
Machinery & Equipments
5.7
4.5
0.00
4
Elantas Beck India
Specialty Chemicals
Elecon Engineering Company
Machinery & Equipments
Electrosteel Castings
Building Products
Elgi Equipments
Machinery & Equipments
991

6,214

15.8
17.2
0.00
10
10,574

20.4
8.5
0.00
8
7.4
2.3
0.60
3
22.1
13.1
0.37
8
6,959
16,828


Price data and Stock Ratings as of November 30, 2023. Financial data as of FY23. *P/B for banks and non-banking financial companies (NBFC).
50 Wealth Insight January 2024
Subscription copy of [lokincredibl@gmail.com]. Redistribution prohibited.
21%
196%
The rate at which Divi’s Labs (an API
manufacturer) increased its shareholders’
wealth over a 10-year period. It maintained a
Quality score greater than 8 every year.
The annualised return Elecon Engineering
(manufacturer of industrial gears & equipment)
generated in the last three years. At the same
time, its Growth score remained above 6.
5-year per-share growth (% pa)
Revenue | Net
interest income
Profit
after tax
P/E | P/B*
CFO |
Advances
Growth
score
Current
5-year
median
Earnings
yield (%)
Valuation
score
Company
37.0
60.9
28.8
6.4
37.6
21.5
2.7
3.8
Deepak Nitrite
10.9
11.0
-7.6
5.8
14.0
39.7
7.2
6.2
Delta Corp
-18.4
51.1
-20.9
5.1
9.6
11.9
10.4
5.4
Den Networks
-6.0
0.9
-13.8
5.3
11.5
6.4
8.7
5.7
Dhampur Sugar Mills
-11.8
-214.5
17.6
4.3
128.5
24.6
0.8
3.4
Dhani Services
13.7
14.8
1.3
6.4
17.5
19.2
5.7
4.7
Dhanuka Agritech
-24.9
60.1
19.3
5.0
4.4
5.4
22.8
6.6
Dhunseri Ventures
4.6
-129.6
15.4
5.7
48.5
19.2
2.1
2.2
Dilip Buildcon
5.0
12.3
9.9
6.0
54.1
34.1
1.8
1.9
Disa India
7.9
-172.4
0.0
3.9
-
17.8
-
1.7
Dishman Carbogen Amcis
14.8
15.8
26.0
6.2
75.5
32.0
1.3
2.4
Divi's Laboratories
32.5
31.8
59.0
7.8
106.7
102.5
0.9
2.4
Dixon Technologies (India)
-9.4
-28.7
44.7
5.8
69.2
39.2
1.4
2.9
DLF
12.9
46.7
-29.5
5.4
11.8
13.6
8.4
6.2
D-Link (India)
2.1
30.0
0.8
4.2
13.7
12.0
7.3
6.8
Dolat Algotech
8.5
-3.9
44.8
7.1
51.8
19.3
1.9
2.8
Dollar Industries
24.5
40.9
53.0
8.0
31.1
15.4
3.2
4.1
DP Abhushan
42.3
33.1
41.8
7.2
21.4
10.8
4.7
3.9
DP Wires
11.8
40.4
30.3
7.2
30.2
18.5
3.3
2.6
Dr. Agarwals Eye Hospital
13.8
7.0
18.3
6.3
74.7
58.1
1.3
2.7
Dr. Lal Pathlabs
11.5
37.5
26.6
7.3
19.0
30.2
5.3
5.5
Dr. Reddy's Laboratories
14.5
-6.0
0.3
5.0
38.7
30.6
2.6
2.4
Dredging Corporation Of India
8.0
0.7
1.0
5.6
15.8
8.1
6.3
6.0
Dwarikesh Sugar Industries
-2.6
123.3
6.8
5.9
37.7
44.4
2.7
2.4
Dynamatic Technologies
8.9
5.9
4.9
5.4
26.1
16.4
3.8
3.1
eClerx Services
-9.6
76.8
43.9
8.0
1.6
1.5
5.3
7.0
Edelweiss Financial Services
-23.6
-6.4
-215.7
3.4
56.6
186.0
1.8
3.0
EFC (I)
9.9
5.9
2.7
6.4
29.8
44.5
3.4
3.8
Eicher Motors
18.0
28.6
6.6
5.2
9.6
12.9
10.4
5.7
EID-Parry (India)
5.0
11.3
9.9
5.9
21.3
26.7
4.7
5.4
EIH Associated Hotels
2.9
9.6
15.6
7.3
35.1
68.2
2.9
4.0
EIH
4.3
3.5
-7.4
6.5
32.1
13.4
3.1
2.3
Eimco Elecon (India)
11.0
12.2
10.3
7.0
49.0
30.9
2.0
2.3
Elantas Beck India
5.3
99.7
34.5
7.6
36.2
18.7
2.8
2.2
Elecon Engineering Company
14.1
23.7
-9.6
6.7
16.7
10.2
6.0
4.2
Electrosteel Castings
31.2
29.0
7.1
41.9
44.9
2.4
2.8
Elgi Equipments
13.6
^indicates an increase or decrease in loss. CFO refers to cash flow from operations. For banks and NBFCs, we have used gross NPA ratio and five-year growth in net interest income and advances.
January 2024 Wealth Insight 51
Subscription copy of [lokincredibl@gmail.com]. Redistribution prohibited.
39%
33%
The yearly rise in tractor manufacturer Escort
Kubota’s shareholders’ wealth in the last
10 years. Its Quality score also improved from
5 to 8 in the same period.
Gabriel India’s (manufacturer of ride control
products for automobiles) 10-year annualised
return. At the same time, it kept a Quality score
of 7 and above.
Company
Industry
Market
capitalisation
(` cr)
Return on equity (%)
Stock
rating
5-year average
(FY18-22)
Debt-to-equity
| Gross NPA
ratio (%)
3.8
58.4
0.10
9
FY23
Quality
score
Elpro International
Real Estate Services
Emami
Household & Personal Pro.
22,126

29.2
23.1
0.03
10
Endurance Technologies
Auto Ancillaries
23,680

11.8
17.9
0.11
8
Engineers India
Construction & Engineering
8,304

18.6
16.2
0.00
9
Enkei Wheels India
Auto Ancillaries
1,006

1.7
4.5
0.73
2
Entertainment Network India
Media & Entertainment
EPL
Containers & Packaging
Eris Lifesciences
Pharmaceuticals
Esab India
Machinery & Equipments
Escorts Kubota
Automobile
Eveready Industries (India)
Machinery & Equipments
Everest Industries
1,568

915

-0.4
-1.2
0.00
4
6,232

11.9
14.5
0.39
5
12,715

18.6
28.5
0.38
8

53.8
21.0
0.00
10

8.7
17.4
0.00
8
2,459

9.1
1.7
1.17
3
Building Products
1,800

7.5
10.5
0.11
7
Everest Kanto Cylinder
Metal Processing
1,551

10.2
14.6
0.10
5
Excel Industries
Other Chemicals
1,047

6.7
15.9
0.00
8
Exide Industries
Auto Ancillaries
24,191

7.6
11.7
0.03
8
Expleo Solutions
Software & IT Services
2,013

29.0
26.2
0.00
7
Faze Three
Household Durables
1,150

19.0
17.5
0.58
7
FDC
Pharmaceuticals
6,399

9.9
14.4
0.00
9
Federal Mogul Goetze (India)
Auto Ancillaries
2,043

10.9
7.9
0.00
7
Fertilisers & Chemicals Travancore
Other Chemicals
45,842

63.3
28.7
1.04
7
Fiem Industries
Auto Ancillaries
2,620

19.9
12.9
0.00
9
Filatex Fashions
Textiles and Leather
2,344

11.5
1.4
0.81
1
Filatex India
Textiles and Leather
2,180

8.2
23.4
0.27
7
Fine Organic Industries
Specialty Chemicals
12,972

49.4
27.1
0.02
10
Fineotex Chemical
Other Chemicals
4,001

28.9
18.4
0.02
10
Finolex Cables
Machinery & Equipments
14,799

12.2
14.9
0.00
8
Finolex Industries
Building Products
12,804

5.7
19.2
0.11
8
Firstsource Solutions
Business Services & Supp.
12,465

16.1
14.8
0.25
6
Focus Lighting & Fixtures
Machinery & Equipments
1,178

37.7
18.0
0.03
6
Foods & Inns
Food Processing
913

16.5
23.4
1.37
5
Forbes & Company
Machinery & Equipments
1,008

143.8
-78.6
0.69
3
Force Motors
Automobile
5,478

-4.1
1.4
0.51
5
Fortis Healthcare
Healthcare & Services
29,092

7.8
-2.3
0.10
4
Foseco India
Other Chemicals
2,212

20.5
18.2
0.00
10
Gabriel India
Auto Ancillaries
6,068

16.2
14.2
0.00
9
GAIL (India)
Utilities
8.7
15.9
0.25
6
9,110
34,764
86,561

Price data and Stock Ratings as of November 30, 2023. Financial data as of FY23. *P/B for banks and non-banking financial companies (NBFC).
52 Wealth Insight January 2024
Subscription copy of [lokincredibl@gmail.com]. Redistribution prohibited.
7%
< 3
The yearly returns were delivered by Emami
(FMCG giant) in the last 10 years, despite a
Quality score of 10. Further, its Valuation score
largely remained below 5.
5-year per-share growth (% pa)
Enkei Wheels’s Stock Rating was less than 3 in
the last 7Y. Yet, the stock has multiplied
13 times in the last 10Y.
P/E | P/B*
Profit
after tax
CFO |
Advances
Growth
score
5-year
median
Earnings
yield (%)
Valuation
score
11.7
144.0
-214.1
5.3
30.8
46.7
3.2
6.7
16.1
5.6
4.8
Elpro International
5.8
31.7
49.9
3.2
4.2
Emami
6.7
4.2
3.0
5.7
42.1
39.4
2.4
3.3
Endurance Technologies
15.4
0.2
-173.3
4.6
17.6
20.4
5.7
4.1
Engineers India
7.4
-19.2
14.2
2.9
-
64.1
-
1.8
Enkei Wheels India
-3.9
-171.6
-2.7
5.9
110.8
35.0
0.9
3.7
Entertainment Network India
8.5
5.4
11.6
5.9
24.7
25.3
4.0
4.8
EPL
14.8
5.1
4.7
4.9
33.0
23.7
3.0
2.7
Eris Lifesciences
15.7
29.6
34.2
7.4
57.3
38.3
1.7
2.3
Esab India
9.1
11.3
-14.7
6.2
38.2
25.0
2.6
2.8
Escorts Kubota
-1.8
-12.3
-14.7
4.8
59.5
32.1
1.7
1.5
Eveready Industries (India)
5.2
-4.5
-202.4
3.1
60.7
16.0
1.6
0.9
Everest Industries
18.8
22.7
48.2
6.3
23.1
8.5
4.3
3.8
Everest Kanto Cylinder
12.7
1.6
1.0
4.8
36.7
10.6
2.7
4.5
Excel Industries
3.3
3.5
-3.4
6.1
27.8
22.4
3.6
3.7
Exide Industries
28.3
34.3
-0.7
5.5
20.4
20.8
4.9
4.9
Expleo Solutions
18.4
28.2
59.1
6.9
21.2
8.9
4.7
3.8
Faze Three
11.8
3.3
1.7
5.2
25.5
20.3
3.9
3.5
FDC
4.3
2.2
8.8
6.6
17.3
44.1
5.8
5.5
Federal Mogul Goetze (India)
26.3
46.5
19.9
6.5
90.2
18.7
1.1
2.1
Fertilisers & Chemicals Travancore
8.3
21.6
1.0
6.3
17.6
17.7
5.7
4.8
Fiem Industries
20.2
125.0
5.4
5.6
212.7
53.1
0.5
1.7
Filatex Fashions
1.9
-5.9
-3.4
4.2
25.7
10.9
3.9
3.8
Filatex India
28.7
45.3
49.4
6.8
28.3
41.8
3.5
5.0
Fine Organic Industries
29.8
30.3
76.2
8.0
38.1
23.3
2.6
2.7
Fineotex Chemical
9.7
8.8
8.6
5.8
23.0
17.6
4.4
3.5
Finolex Cables
9.9
-2.9
-2.3
4.9
27.9
20.0
3.6
4.1
Finolex Industries
Revenue | Net
interest income
Current
Company
10.9
9.2
20.0
5.9
22.6
12.9
4.4
4.3
Firstsource Solutions
7.2
24.1
-238.1
3.8
35.4
20.3
2.8
3.2
Focus Lighting & Fixtures
23.5
67.6
-235.6
4.8
16.8
24.4
5.9
4.5
Foods & Inns
-31.0
51.3
-20.4
4.4
157.8
77.4
0.6
6.6
Forbes & Company
8.0
-1.9
15.7
7.1
18.7
21.1
5.4
2.4
Force Motors
-1.0
19.8
2.8
5.9
53.1
48.6
1.9
3.3
Fortis Healthcare
2.6
7.8
-2.2
6.3
32.1
28.1
3.1
2.8
Foseco India
10.1
7.0
5.6
6.7
39.8
20.5
2.5
1.8
Gabriel India
-4.4
-24.2
4.5
16.4
12.6
6.1
4.0
GAIL (India)
12.9
^indicates an increase or decrease in loss. CFO refers to cash flow from operations. For banks and NBFCs, we have used gross NPA ratio and five-year growth in net interest income and advances.
January 2024 Wealth Insight 53
Subscription copy of [lokincredibl@gmail.com]. Redistribution prohibited.
5 to 8
9 to 1
The improvement in polyester films
manufacturer Garware Hi-Tech’s Quality score
in the last five years. The stock has returned
43 per cent per annum in the same time.
The fall in power generation and transmission
equipment manufacturer GE Power’s Quality
score since FY13. The stock has generated a
yearly return of -5 per cent.
Company
Industry
Market
capitalisation
(` cr)
Return on equity (%)
Stock
rating

FY23
5-year average
(FY18-22)
Debt-to-equity
| Gross NPA
ratio (%)
Quality
score
22.0
23.2
0.14
9
6.5
10.6
0.24
7
Galaxy Surfactants
Commodity Chemicals
Gallantt Metal
Metal Processing
2,321

Ganesh Benzoplast
Specialty Chemicals
1,159

17.4
36.9
0.06
10
Ganesh Housing Corporation
Real Estate
3,234

10.5
-3.2
0.00
7
Ganesha Ecosphere
Textiles and Leather
2,180

11.9
13.7
0.79
5
Garden Reach Shipbuilders & Engg
Machinery & Equipments
9,698

17.1
13.0
0.21
8
Garware Hi-Tech Films
Specialty Chemicals
3,292

9.3
6.7
0.08
8
Garware Technical Fibres
Textiles and Leather
6,931

17.3
20.3
0.13
9
GE Power India
Construction & Engineering
1,530

-94.7
-1.2
1.25
1
GE T&D India
Machinery & Equipments

0.9
2.3
0.20
4
Genesys International Corporation
Software & IT Services
1,557

6.3
-8.7
0.08
2
Genus Power Infrastructures
Machinery & Equipments
5,700

3.0
8.4
0.36
2
Geojit Financial Services
Financial Services
1,599

13.7
15.2
0.11
7
GFL
Media & Entertainment
1,073

-11.3
-4.0
0.00
9
GHCL
Commodity Chemicals
5,270

29.5
19.7
0.09
9
GIC Housing Finance
Non-banking Fin. Services
1,086

13.3
10.3
4.64
3
Gillette India
Household & Personal Pro.
20,711

38.5
34.6
0.00
10
GKW
Logistics
0.4
5.0
0.00
8
Glaxosmithkline Pharmaceuticals
Pharmaceuticals
28,052

27.6
15.8
0.00
10
Glenmark Pharmaceuticals
Pharmaceuticals
22,003

9.7
14.9
0.46
5
Globus Spirits
Alcoholic Beverages
2,412

14.7
15.6
0.31
7
Gloster
Textiles and Leather
896

5.1
12.5
0.07
7
GM Breweries
Alcoholic Beverages
1,191

15.7
20.9
0.00
10
GMM Pfaudler
Machinery & Equipments
6,704

27.6
19.6
1.00
7
GNA Axles
Auto Ancillaries
1,784

19.9
15.3
0.28
5
GOCL Corporation
Commodity Chemicals
2,657

17.3
7.6
1.25
2
Godawari Power & Ispat
Metal Processing
9,356

22.4
31.6
0.08
10
Godfrey Phillips India
Food Processing
10,490

21.3
14.5
0.01
10
Godrej Agrovet
Food Processing
9,614

13.1
18.6
0.57
6
Godrej Consumer Products
Household & Personal Pro.

13.9
23.9
0.08
9
Godrej Industries
Diversified
21,821

12.9
15.0
2.44
2
Godrej Properties
Real Estate
52,188

6.4
6.7
0.69
3
Gokaldas Exports
Apparels & Footwear
5,974

20.9
8.3
0.04
9
Gokul Agro Resources
Food Processing
1,841

23.6
13.6
0.72
6
Goldiam International
Fashion Accessories
1,940

16.2
13.3
0.00
5
Goodluck India
Building Products
2,482

16.2
10.6
1.00
4
10,086
10,818
919
1,03,064

Price data and Stock Ratings as of November 30, 2023. Financial data as of FY23. *P/B for banks and non-banking financial companies (NBFC).
54 Wealth Insight January 2024
Subscription copy of [lokincredibl@gmail.com]. Redistribution prohibited.
-0.5%
57%
Gillette India’s five-year annualised returns. Its
Valuation score remained lower than 4 in the
last ten years.
The 10Y annual returns of Godawari Power &
Ispat while maintaining a Growth score above 6.
Its Quality score also improved from 6 in
FY13 to 10 in FY23.
5-year per-share growth (% pa)
Revenue | Net
interest income
Profit
after tax
P/E | P/B*
CFO |
Advances
Growth
score
Current
5-year
median
Earnings
yield (%)
Valuation
score
Company
12.8
19.2
31.6
6.8
28.9
27.0
3.5
4.5
Galaxy Surfactants
10.6
-0.8
-21.6
3.9
20.9
7.6
4.8
3.7
Gallantt Metal
14.6
-11.5
-3.9
4.9
19.2
16.6
5.2
3.0
Ganesh Benzoplast
-6.2
3.5
-24.8
5.1
10.3
10.8
9.7
5.3
Ganesh Housing Corporation
5.7
12.8
27.3
5.3
51.0
14.6
2.0
1.8
Ganesha Ecosphere
13.7
19.8
84.9
7.1
35.1
15.1
2.9
3.5
Garden Reach Shipbuilders & Engg
11.5
38.1
10.2
6.4
20.2
13.2
5.0
4.2
Garware Hi-Tech Films
9.6
11.9
48.7
6.6
36.2
21.3
2.8
3.4
Garware Technical Fibres
6.1
-275.3
13.3
5.4
-
33.4
-
0.2
GE Power India
-8.5
-137.2
-151.3
4.0
197.4
61.0
0.5
2.6
GE T&D India
5.5
-6.4
-211.5
3.4
62.9
35.4
1.6
0.5
Genesys International Corporation
-0.7
-18.9
68.2
6.8
68.9
15.9
1.5
1.6
Genus Power Infrastructures
5.5
4.3
-8.6
4.6
14.5
17.8
6.9
6.0
Geojit Financial Services
-75.8
56.6
-15.8
4.8
0.5
22.3
209.8
4.7
GFL
9.7
26.1
8.2
5.7
5.0
6.4
19.9
7.1
GHCL
-2.3
0.7
-1.1
3.8
0.6
1.0
16.6
6.4
GIC Housing Finance
8.1
9.2
14.3
6.0
57.3
72.9
1.7
3.2
Gillette India
0.7
1.1
14.6
5.6
62.2
32.9
1.6
1.0
GKW
2.5
11.6
0.5
5.3
43.3
59.5
2.3
3.3
Glaxosmithkline Pharmaceuticals
7.4
-14.0
-17.6
4.1
-
19.0
-
2.9
Glenmark Pharmaceuticals
19.8
77.0
18.1
5.5
13.6
18.2
7.4
4.2
Globus Spirits
-10.9
-14.0
-15.4
3.0
25.4
11.8
3.9
4.8
Gloster
6.9
6.5
8.8
5.4
11.5
11.9
8.7
5.9
GM Breweries
20.6
10.2
-2.4
5.3
36.6
40.1
2.7
4.8
GMM Pfaudler
18.8
20.7
12.0
6.1
13.7
14.8
7.3
6.3
GNA Axles
13.8
44.0
-246.5
4.2
36.1
24.2
2.8
4.5
GOCL Corporation
17.9
29.9
16.4
6.3
11.9
4.7
8.4
4.9
Godawari Power & Ispat
8.9
34.1
7.4
6.9
13.1
16.8
7.7
6.5
Godfrey Phillips India
12.6
4.7
19.8
6.4
26.8
28.8
3.7
4.7
Godrej Agrovet
6.2
0.8
4.5
6.4
58.9
48.8
1.7
2.9
Godrej Consumer Products
13.0
24.0
-221.1
4.0
24.8
37.1
4.0
3.7
Godrej Industries
1.8
31.4
-214.0
4.7
78.8
69.6
1.3
2.8
Godrej Properties
4.5
39.2
53.3
6.9
41.5
13.1
2.4
2.7
Gokaldas Exports
14.4
51.2
18.6
5.7
13.9
12.4
7.2
4.5
Gokul Agro Resources
-17.5
-0.7
24.7
6.3
22.6
7.5
4.4
4.2
Goldiam International
35.9
-5.6
6.0
22.6
7.3
4.4
3.2
Goodluck India
15.3
^indicates an increase or decrease in loss. CFO refers to cash flow from operations. For banks and NBFCs, we have used gross NPA ratio and five-year growth in net interest income and advances.
January 2024 Wealth Insight 55
Subscription copy of [lokincredibl@gmail.com]. Redistribution prohibited.
8 or above
38%
Goodyear India (a tyre manufacturer for the
farm segment) has maintained a Quality score
of 8 or above in each of the last 10 years.
The annualised return surface finishing products
manufacturer Grauer & Weil generated in the
last 10 years. Its Stock Rating improved from 3
in FY13 to 5 in November 2023.
Company
Industry
Market
capitalisation
(` cr)
Return on equity (%)
Stock
rating
FY23
5-year average
(FY18-22)
Debt-to-equity
| Gross NPA
ratio (%)
Quality
score
Goodyear India
Auto Ancillaries
3,027

18.6
13.7
0.00
9
Granules India
Pharmaceuticals
9,686

19.1
17.5
0.38
6
Graphite India
Machinery & Equipments
9,818

5.1
28.0
0.09
7
Grasim Industries
Construction Materials
1,32,012

8.9
10.2
1.29
4
Grauer & Weil (India)
Other Chemicals
2,832

18.0
16.6
0.03
9
Gravita India
Metal Processing
7,717

41.2
24.7
0.58
5
Greaves Cotton
Auto Ancillaries
3,064

7.9
9.1
0.00
8
Greenlam Industries
Construction Materials
7,420

15.8
17.3
0.59
6
Greenply Industries
Construction Materials
2,431

13.8
12.7
1.08
4
Grindwell Norton
Other Materials

21.5
17.5
0.01
10
GRM Overseas
Farming
1,136

26.1
35.4
1.52
3
GTPL Hathway
Media & Entertainment
2,001

12.3
15.3
0.13
7
Gufic Biosciences
Pharmaceuticals
3,351

25.8
32.9
0.90
6
Gujarat Alkalies & Chemicals
Commodity Chemicals
5,275

6.8
10.5
0.10
7
Gujarat Ambuja Exports
Food Processing
8,527

14.5
19.3
0.09
6
Gujarat Gas
Utilities

24.1
27.7
0.00
10
Gujarat Industries Power Company
Power Generation
6.1
7.8
0.15
6
Gujarat Mineral Development Corp
Metal Mining & Minerals
13,090

22.9
5.6
0.00
9
Gujarat Narmada Valley
Other Chemicals
10,680

17.2
16.1
0.00
10
Gujarat Pipavav Port
Logistics
6,819

15.4
10.8
0.00
9
Gujarat State Fertilizers & Chem
Other Chemicals
7,697

10.6
5.8
0.00
8
Gujarat State Petronet
Utilities
16,275

18.9
39.0
0.00
10
Gujarat Themis Biosyn
Pharmaceuticals
1,391

45.9
52.4
0.00
10
Gulf Oil Lubricants India
Other Chemicals
3,416

20.9
30.4
0.28
9
Gulshan Polyols
Commodity Chemicals
1,308

8.2
11.7
0.43
4
Hampton Sky Realty
Real Estate
1,439

-0.5
13.5
0.09
1
Hardwyn India
Machinery & Equipments
1,459

4.7
8.2
0.01
5
Hathway Cable & Datacom
Telecommunications Services
3,546

1.8
-3.3
0.00
6
Hatsun Agro Products
Food Processing
24,248

13.0
22.0
1.01
6
Havells India
Household Durables
81,696

17.0
20.0
0.00
10
Hawkins Cookers
Household Durables
3,937

38.7
48.5
0.15
9
HBL Power Systems
Machinery & Equipments
9,946

10.7
4.8
0.08
3
HCL Technologies
Software & IT Services

23.3
23.5
0.03
10
HDFC Asset Management Company
Investment Management

24.5
33.4
0.00
10
HDFC Bank
Banks

17.0
16.6
1.12
8
Healthcare Global Enterprises
Healthcare & Services
3.4
-14.1
0.47
3
23,155
29,814
2,397
3,63,713
63,257
11,83,245
5,157


Price data and Stock Ratings as of November 30, 2023. Financial data as of FY23. *P/B for banks and non-banking financial companies (NBFC).
56 Wealth Insight January 2024
Subscription copy of [lokincredibl@gmail.com]. Redistribution prohibited.
24%
5/5
The 10-year annualised return generated by
Havells (a fast-moving electric goods company).
It has maintained a Quality score of 10 since
FY16.
The Stock Rating of HDFC Bank from FY13 to
November 2023, being only one of the two
companies in our universe to have done so.
5-year per-share growth (% pa)
Revenue | Net
interest income
Profit
after tax
P/E | P/B*
CFO |
Advances
Growth
score
Current
5-year
median
Earnings
yield (%)
Valuation
score
Company
12.0
-1.1
-9.3
5.9
22.4
16.9
4.5
3.7
Goodyear India
22.9
36.0
312.4
7.3
24.6
16.8
4.1
4.3
Granules India
-0.5
-28.0
-173.3
4.2
11.5
19.2
8.7
1.9
Graphite India
16.0
24.6
-201.2
4.6
19.9
19.8
5.0
3.8
Grasim Industries
14.6
12.1
9.7
6.9
21.7
17.2
4.6
4.5
Grauer & Weil (India)
22.3
33.6
140.2
7.3
34.5
21.7
2.9
2.4
Gravita India
9.7
-18.3
-187.4
3.5
-
22.5
-
2.8
Greaves Cotton
11.0
13.5
8.9
6.6
49.8
36.4
2.0
1.8
Greenlam Industries
15.1
34.4
-11.4
4.1
39.3
20.8
2.5
1.8
Greenply Industries
12.2
19.1
21.6
6.6
61.2
38.6
1.6
2.4
Grindwell Norton
6.1
37.4
-1.1
5.2
20.7
8.8
4.8
4.1
GRM Overseas
19.5
16.4
7.2
5.9
20.8
12.2
4.8
5.2
GTPL Hathway
12.5
31.0
-219.2
4.8
40.7
30.9
2.5
2.6
Gufic Biosciences
13.0
-5.2
13.3
5.3
63.8
8.0
1.6
3.7
Gujarat Alkalies & Chemicals
7.8
12.9
11.8
2.2
27.9
10.3
3.6
2.8
Gujarat Ambuja Exports
22.1
39.2
24.8
6.7
23.8
27.8
4.2
5.5
Gujarat Gas
0.0
-5.1
4.0
5.5
9.4
7.2
10.6
5.0
Gujarat Industries Power Company
11.3
23.2
31.1
6.0
12.9
9.4
7.7
5.7
Gujarat Mineral Development Corp
11.9
13.1
-5.5
4.5
11.5
6.7
8.7
6.8
Gujarat Narmada Valley
7.2
7.2
3.3
6.0
20.0
23.5
5.0
5.5
Gujarat Pipavav Port
12.7
21.7
20.9
6.6
7.3
7.9
13.7
7.8
Gujarat State Fertilizers & Chem
20.0
19.5
14.9
6.2
10.7
11.8
9.4
7.0
Gujarat State Petronet
30.9
71.9
47.9
5.9
26.9
14.4
3.7
5.6
Gujarat Themis Biosyn
17.9
8.2
20.3
5.9
12.8
19.7
7.8
7.1
Gulf Oil Lubricants India
7.3
13.3
-22.6
3.0
29.0
12.4
3.5
2.5
Gulshan Polyols
8.8
-182.3
7.2^
2.8
-
10.8
-
0.7
Hampton Sky Realty
105.8
266.9
37.1
5.7
156.1
147.7
0.6
5.2
Hardwyn India
-10.7
17.2
-6.2
5.0
62.7
26.2
1.6
3.1
Hathway Cable & Datacom
2.9
4.5
12.8
6.1
105.8
87.6
0.9
2.5
Hatsun Agro Products
15.7
9.7
-12.5
5.2
69.4
54.1
1.4
2.7
Havells India
12.7
14.3
5.9
6.4
40.6
34.7
2.5
3.4
Hawkins Cookers
-3.1
27.2
-5.1
6.5
55.6
31.7
1.8
1.1
HBL Power Systems
15.5
11.8
17.3
6.3
23.5
17.7
4.2
4.8
HCL Technologies
4.0
14.6
12.9
4.5
38.1
40.4
2.6
3.7
HDFC Asset Management Company
16.7
20.3
19.4
7.8
2.8
4.0
4.6
5.6
HDFC Bank
-8.2
9.9
5.9
139.0
122.6
0.7
2.6
Healthcare Global Enterprises
5.0
^indicates an increase or decrease in loss. CFO refers to cash flow from operations. For banks and NBFCs, we have used gross NPA ratio and five-year growth in net interest income and advances.
January 2024 Wealth Insight 57
Subscription copy of [lokincredibl@gmail.com]. Redistribution prohibited.
5%
5/5
Hero MotoCorp’s (world’s largest two-wheeler
manufacturer) five-year annualised return. It had
a perfect Quality score and Stock Rating in
each of the last five years.
Hindustan Zinc’s (the world’s largest zinc mining
company) Stock Rating in each of the last 10
years. Only company other than HDFC Bank to
achieve this feat.
Company
Industry
Market
capitalisation
(` cr)
Return on equity (%)
Stock
rating
FY23
5-year average
(FY18-22)
Debt-to-equity
| Gross NPA
ratio (%)
Quality
score
HEG
Machinery & Equipments
6,322

13.0
39.0
0.17
9
Heidelberg Cement India
Construction Materials
4,354

6.6
18.7
0.12
9
Hercules Hoists
Machinery & Equipments
1,121

2.6
2.8
0.00
9
Heritage Foods
Food Processing
2,209

8.4
7.5
0.19
7
Hero Motocorp
Automobile
17.3
24.5
0.02
10
Hester Biosciences
Pharmaceuticals
1,265

9.9
18.4
0.96
3
Heubach Colorants India
Specialty Chemicals
1,272

6.0
13.2
0.00
3
HFCL
Comm. & Networking
9,521

10.8
15.4
0.30
2
HG Infra Engineering
Construction & Engineering
5,536

29.4
24.5
0.99
9
Hikal
Pharmaceuticals
3,496

7.1
13.7
0.66
4
HIL
Building Products
2,064

8.1
18.4
0.33
6
Himadri Speciality Chemical
Specialty Chemicals
12,035

11.9
11.7
0.38
6
Himatsingka Seide
Household Durables
1,645

-4.4
7.9
1.86
1

76,338
Hind Rectifiers
Machinery & Equipments
1,049
Hindalco Industries
Metal Mining & Minerals
1,15,833
Hinduja Global Solutions
Software & IT Services
Hindustan Aeronautics
Defence & Aerospace
Hindustan Copper
Metal Mining & Minerals
Hindustan Foods

4.0
10.6
0.94
3
11.6
11.3
0.67
5
3.0
6.4
0.07
3

27.2
22.8
0.00
9
16,754

14.8
1.3
0.08
6
Food Processing
6,024

20.9
19.1
1.31
6
Hindustan Oil Exploration Company
Oil & Gas
2,126

24.3
15.4
0.38
6
Hindustan Petroleum Corporation
Oil & Gas
49,273
-19.0
22.5
2.08
4
Hindustan Unilever
Household & Personal Pro.
5,98,370

20.5
57.3
0.00
10
Hindustan Zinc
Metal Mining & Minerals
1,26,633

44.6
24.0
0.94
9
Hi-Tech Pipes
Building Products
1,463

13.1
17.6
0.83
5
HLE Glascoat
Machinery & Equipments
3,653

24.4
40.7
0.76
6
HLV
Hotels, Resorts & Cruise Lines
1,499

2.1
-2.1
0.02
4
Honda India Power Products
Machinery & Equipments
2,441

14.6
11.4
0.00
9
Honeywell Automation India
Software & IT Services
32,407

14.5
19.8
0.01
9
Housing & Urban Dev Corporation
Non-banking Fin. Services
17,176

11.4
12.4
3.42
7
HPL Electric & Power
Machinery & Equipments
1,313

3.9
2.8
0.75
2
Huhtamaki India
Containers & Packaging
2,276

6.7
11.2
0.48
3
ICE Make Refrigeration
Machinery & Equipments
1,001

29.1
13.3
0.04
9
ICICI Bank
Banks
6,55,708

17.2
10.9
2.87
7
ICICI Securities
Financial Services
21,983

42.3
63.9
3.32
9
ICRA
Business Services & Supp.

15.1
14.6
0.00
10
IDBI Bank
Banks
8.4
-13.8
6.38
2
4,685
1,59,322
5,279
67,106




Price data and Stock Ratings as of November 30, 2023. Financial data as of FY23. *P/B for banks and non-banking financial companies (NBFC).
58 Wealth Insight January 2024
Subscription copy of [lokincredibl@gmail.com]. Redistribution prohibited.
<4
21%
In the last 10 years, Hindustan Unilever’s
(India’s largest FMCG player) Valuation score
has never been higher than 4.
ICICI Bank’s annualised return in the last five
years, the highest among private banks. Its
Growth score also improved from 6 in FY19 to
8.6 as of November 2023.
5-year per-share growth (% pa)
P/E | P/B*
Profit
after tax
CFO |
Advances
Growth
score
5-year
median
Earnings
yield (%)
Valuation
score
-1.5
-12.6
-27.7
4.7
14.4
10.8
7.0
3.4
-5.7
-9.7
3.8
HEG
5.2
33.8
24.4
3.0
4.5
Heidelberg Cement India
14.8
60.2
-7.9
5.9
10.4
34.8
9.6
3.9
Hercules Hoists
-7.3
-14.3
-175.8
3.0
31.2
25.8
3.2
3.1
Heritage Foods
1.0
-5.5
-8.2
5.7
23.5
19.9
4.3
4.5
Hero Motocorp
14.4
4.0
-9.1
5.4
49.3
34.4
2.0
3.2
Hester Biosciences
-5.4
-2.4
104.7
6.9
28.4
28.1
3.5
3.4
Heubach Colorants India
5.7
10.7
0.5
5.0
31.2
16.4
3.2
3.7
HFCL
27.1
42.4
-273.9
6.4
10.1
10.5
9.9
5.1
HG Infra Engineering
9.3
0.3
17.8
5.1
42.7
27.9
2.3
3.0
Hikal
21.9
3.5
-7.0
4.2
34.8
12.2
2.9
2.9
HIL
14.8
-3.4
-27.4
4.9
36.7
29.0
2.7
2.3
Himadri Speciality Chemical
3.6
-179.5
78.6
6.2
19.9
13.1
5.0
4.5
Himatsingka Seide
22.5
-236.2
33.1
5.3
179.6
38.3
0.6
0.7
Hind Rectifiers
14.1
10.2
12.0
6.0
13.8
25.2
7.3
5.8
Hindalco Industries
-1.5
2.8
-22.9
3.6
42.9
8.2
2.3
3.9
Hinduja Global Solutions
7.8
24.0
69.1
5.4
26.4
11.9
3.8
4.5
Hindustan Aeronautics
-0.8
28.8
11.6
5.9
52.3
48.0
1.9
2.8
Hindustan Copper
14.6
3.4
34.2
5.9
70.6
91.6
1.4
3.4
Hindustan Foods
62.5
38.5
100.2
8.1
8.4
30.0
11.9
6.8
Hindustan Oil Exploration Company
16.6
-200.8
-180.5
3.6
3.0
6.4
33.8
4.7
Hindustan Petroleum Corporation
9.4
12.3
8.7
5.9
58.2
59.9
1.7
3.2
Hindustan Unilever
9.1
2.5
9.1
5.3
15.0
12.5
6.7
5.4
Hindustan Zinc
-28.0
-31.8
31.3
4.9
30.9
17.6
3.2
5.1
Hi-Tech Pipes
-8.5
-0.3
-34.8
3.6
67.2
30.3
1.5
3.5
HLE Glascoat
3.7
18.3
-29.3
6.4
84.3
105.6
1.2
1.5
HLV
10.2
6.7
23.4
5.8
28.4
24.9
3.5
4.4
Honda India Power Products
5.1
11.9
9.3
6.5
73.1
65.4
1.4
2.9
Honeywell Automation India
6.6
11.0
11.0
5.9
1.1
0.6
10.4
4.5
Housing & Urban Dev Corporation
4.0
1.9
38.4
6.7
37.0
19.0
2.7
2.6
HPL Electric & Power
7.0
-4.8
6.7
6.4
26.9
24.0
3.7
4.4
Huhtamaki India
24.7
25.5
69.3
7.2
39.5
25.1
2.5
2.4
ICE Make Refrigeration
22.0
36.3
14.8
8.6
2.9
2.3
6.1
5.1
ICICI Bank
12.9
15.0
-256.7
5.5
17.8
16.7
5.6
4.9
ICICI Securities
6.0
6.8
10.5
5.8
35.4
35.7
2.8
3.8
ICRA
19.6
-1.1
5.0
1.7
1.0
7.1
4.3
IDBI Bank
Revenue | Net
interest income
15.2
Current
Company
^indicates an increase or decrease in loss. CFO refers to cash flow from operations. For banks and NBFCs, we have used gross NPA ratio and five-year growth in net interest income and advances.
January 2024 Wealth Insight 59
Subscription copy of [lokincredibl@gmail.com]. Redistribution prohibited.
19.8%
52.9%
The yearly returns generated by the ignition
system manufacturer India Nippon Electricals in
the last decade. Its Stock Rating never dropped
below 4.
The annualised return delivered by Indian
Overseas Bank in the last three years. Its
Growth score rose from 1 in FY20 to 4.7 in
November 2023.
Company
Industry
Market
capitalisation
(` cr)
Return on equity (%)
FY23
5-year average
(FY18-22)
Debt-to-equity
| Gross NPA
ratio (%)
Quality
score

10.4
-3.0
2.51
1
Stock
rating
60,214
IDFC First Bank
Banks
IFB Industries
Household Durables
4,129

2.3
6.9
0.31
3
IFGL Refractories
Machinery & Equipments
2,986

8.2
6.4
0.15
5
IG Petrochemicals
Commodity Chemicals
1,375

17.4
21.8
0.20
8
Igarashi Motors India
Auto Ancillaries
1,706

1.2
10.5
0.21
5
Imagicaaworld Entertainment
Leisure & Recreation
2,417

-115.8
-38.9
3.45
4
India Glycols
Other Chemicals
2,228

5.4
14.2
0.58
5
India Motor Parts & Accessories
Auto Ancillaries
1,247

5.8
4.4
0.00
7
India Nippon Electricals
Auto Ancillaries
1,113

9.1
13.1
0.00
9
India Power Corporation
Utilities
1,417

-4.4
1.1
0.54
2
India Tourism Development Corp
Hotels, Resorts & Cruise Lines
3,658

19.0
2.4
0.00
6
Indiabulls Housing Finance
Non-banking Fin. Services
9,978

5.2
10.6
2.90
6
Indiabulls Real Estate
Real Estate
4,492

-16.1
16.9
0.07
2
Indian Bank
Banks
49,481

11.5
7.3
5.95
1
Indian Energy Exchange
Financial Services
12,818

40.7
48.7
0.00
10
Indian Hume Pipe Company
Building Products
1,321

8.3
12.6
0.91
4
Indian Metals & Ferro Alloys
Metal Mining & Minerals
2,829

13.4
11.8
0.17
8
Indian Oil Corporation
Oil & Gas

7.2
15.3
1.00
5
Indian Overseas Bank
Banks

8.7
-11.1
7.44
1
Indo Count Industries
Textiles and Leather
6,122

16.4
14.9
0.47
6
Indo Rama Synthetics (India)
Textiles and Leather
1,309

-4.2
-27.6
1.51
1
Indoco Remedies
Pharmaceuticals
3,340

14.7
8.1
0.31
4
Indraprastha Gas
Utilities
27,230

21.1
22.1
0.00
10
Indraprastha Medical Corporation
Healthcare & Services
1,936

24.4
11.7
0.00
9
Indus Towers
Telecommunications Services
49,681

11.7
22.8
0.22
7
IndusInd Bank
Banks
1,14,024

14.4
11.9
1.98
6
Infibeam Avenues
Software & IT Services
5,554
4.6
3.9
0.00
8
Info Edge (India)
Software & IT Services
59,684

4.4
39.4
0.00
9
InfoBeans Technologies
Software & IT Services
993

14.3
20.5
0.00
9
Infosys
Software & IT Services
6,04,013

32.0
26.1
0.00
10
Ingersoll Rand India
Machinery & Equipments
9,298

32.3
15.8
0.00
10
Inox Wind
Construction & Engineering
9,128

-37.4
-18.0
1.39
1
Insecticides (India)
Other Chemicals
1,955

7.1
14.8
0.17
4
Integra Engineering India
Machinery & Equipments
946

34.4
31.8
0.32
4
Intellect Design Arena
Software & IT Services
10,059

13.8
14.1
0.00
8
IOL Chemicals & Pharmaceuticals
Pharmaceuticals
2,663

9.7
39.1
0.05
9
1,57,551
74,343

Price data and Stock Ratings as of November 30, 2023. Financial data as of FY23. *P/B for banks and non-banking financial companies (NBFC).
60 Wealth Insight January 2024
Subscription copy of [lokincredibl@gmail.com]. Redistribution prohibited.
10/10
`
4.11lakh cr
City gas distributor Indraprastha Gas’s Quality
score from FY13 and November 2023. At the
same time, it maintained a Growth score of
above 6.
The increase Infosys’s market cap saw in the
last 10 years. Its Stock Rating has never
dropped below 4 while its Growth score never
fell below 5.
5-year per-share growth (% pa)
Revenue | Net
interest income
Profit
after tax
P/E | P/B*
CFO |
Advances
Growth
score
Current
5-year
median
Earnings
yield (%)
Valuation
score
Company
47.7
23.2
23.8
6.9
2.0
1.3
4.8
2.6
IDFC First Bank
13.6
-28.4
-3.3
5.8
420.1
47.1
0.2
1.8
IFB Industries
10.7
10.9
-31.3
6.2
26.5
15.5
3.8
2.6
IFGL Refractories
15.5
6.5
3.0
5.2
12.6
9.9
8.0
5.8
IG Petrochemicals
-1.0
-44.3
-18.9
4.4
143.9
32.2
0.7
1.7
Igarashi Motors India
-25.7
20.0
-14.5
6.1
6.4
3.9
15.7
4.9
Imagicaaworld Entertainment
-2.7
7.6
-8.3
6.2
13.9
11.2
7.2
3.8
India Glycols
8.7
19.3
24.1
6.5
16.2
17.8
6.2
6.3
India Motor Parts & Accessories
7.7
-0.8
16.4
6.0
20.4
19.4
4.9
4.9
India Nippon Electricals
-9.3
-3.8
-8.3
4.8
133.3
68.0
0.8
1.8
India Power Corporation
4.5
32.6
-195.3
5.3
50.0
86.6
2.0
3.3
India Tourism Development Corp
-17.1
-23.8
34.0
3.2
0.5
1.7
11.5
5.9
Indiabulls Housing Finance
-35.2
-174.2
10.7
2.8
-
15.8
-
0.9
Indiabulls Real Estate
26.4
33.2
23.5
6.3
1.0
0.6
13.9
4.8
Indian Bank
12.2
17.8
-170.6
4.6
39.1
38.1
2.6
3.4
Indian Energy Exchange
-0.1
-3.4
21.4
4.9
27.8
19.4
3.6
3.3
Indian Hume Pipe Company
8.7
3.9
-12.2
5.0
10.3
9.0
9.7
4.8
Indian Metals & Ferro Alloys
6.6
-18.7
-6.9
4.6
4.1
9.0
24.5
7.4
Indian Oil Corporation
8.6
18.5
6.1
4.7
3.2
0.7
3.2
1.4
Indian Overseas Bank
10.1
17.1
78.4
7.0
19.1
12.6
5.2
4.4
Indo Count Industries
12.6
-21.6^
-223.6
1.7
-
7.1
-
1.2
Indo Rama Synthetics (India)
9.9
28.1
7.8
5.5
29.4
35.2
3.4
4.7
Indoco Remedies
25.5
17.8
20.5
6.6
15.1
23.0
6.6
7.0
Indraprastha Gas
7.9
32.5
24.8
7.4
18.6
14.6
5.4
4.3
Indraprastha Medical Corporation
24.1
-10.9
9.4
5.8
14.9
21.6
6.7
5.3
Indus Towers
18.6
15.4
14.9
7.6
2.0
3.2
7.3
5.7
IndusInd Bank
-1.1
-8.9
-14.0
5.3
39.1
62.6
2.6
2.7
Infibeam Avenues
17.5
-166.8
14.1
5.4
-
59.7
-
2.8
Info Edge (India)
31.9
16.3
54.4
6.0
45.6
20.9
2.2
3.4
InfoBeans Technologies
17.0
9.6
12.3
5.9
24.3
20.5
4.1
4.4
Infosys
13.4
15.5
13.9
7.2
42.6
33.3
2.4
2.6
Ingersoll Rand India
0.9
-184.6
-222.7
3.6
-
10.8
-
0.2
Inox Wind
3.2
-12.1
-152.8
3.1
31.3
15.2
3.2
2.5
Insecticides (India)
24.1
39.7
82.5
7.6
43.9
35.5
2.3
1.9
Integra Engineering India
13.7
34.4
26.7
5.8
31.8
31.3
3.1
3.7
Intellect Design Arena
37.1
-0.3
5.7
15.5
14.4
6.5
4.9
IOL Chemicals & Pharmaceuticals
16.6
^indicates an increase or decrease in loss. CFO refers to cash flow from operations. For banks and NBFCs, we have used gross NPA ratio and five-year growth in net interest income and advances.
January 2024 Wealth Insight 61
Subscription copy of [lokincredibl@gmail.com]. Redistribution prohibited.
`3.05 lakh cr
32.7%
The increase in ITC’s market cap since 2020. It
also boasts a perfect Quality score of 10 every
year, along with a stark improvement in its
Valuation score since FY15.
The 10-year annualised returns delivered by
Telecom turnkey player ITI. Yet, it never posted a
Stock Rating of more than 2 in the same period.
Company
Industry
Market
capitalisation
(` cr)
Return on equity (%)
Stock
rating

FY23
5-year average
(FY18-22)
Debt-to-equity
| Gross NPA
ratio (%)
Quality
score
26.4
28.2
0.06
9
Ion Exchange (India)
Industrial Services
Ipca Laboratories
Pharmaceuticals
28,738

8.3
17.6
0.25
6
IRB Infrastructure Developers
Construction & Engineering
22,423

5.6
9.5
1.18
4
Ircon International
Construction & Engineering
15,603

15.5
11.3
0.29
8
ISGEC Heavy Engineering
Machinery & Equipments
6,817

8.9
10.1
0.52
2
ISMT
Metal Processing
2,843

6.6
-
0.06
8
ITC
Food Processing
5,43,323

29.1
24.3
0.00
10
ITD Cementation India
Construction & Engineering

10.2
6.9
0.59
4
ITI
Comm. & Networking
-14.4
4.3
0.83
1
J Kumar Infraprojects
Construction & Engineering

12.4
9.0
0.22
4
Jagatjit Industries
Alcoholic Beverages

11.2
-30.9
3.60
3
Jagran Prakashan
Advertising & Marketing
2,089

8.1
11.6
0.21
6
Jagsonpal Pharmaceuticals
Pharmaceuticals
1,093

20.7
6.9
0.00
9
Jai Balaji Industries
Metal Processing
9,406

-10.5
-
1.68
3
Jai Corp
Containers & Packaging
5,744

2.6
0.9
0.00
7
Jain Irrigation Systems
Machinery & Equipments
4,816

-5.1
-2.8
0.76
1
Jaiprakash Power Ventures
Power Generation
8,971

0.6
-10.4
0.46
2
Jamna Auto Industries
Auto Ancillaries
4,461

22.9
21.5
0.02
10
Jash Engineering
Machinery & Equipments
1,665

24.3
13.4
0.32
6
Jay Bharat Maruti
Auto Ancillaries
1,147

7.7
10.0
0.65
5
Jayaswal Neco Industries
Metal Processing
4,418

14.3
174.5
1.66
4
JB Chemicals & Pharmaceuticals
Pharmaceuticals
22,580

17.8
17.9
0.23
8
JBM Auto
Auto Ancillaries
14,682

12.9
14.3
1.63
3
Jindal Drilling & Industries
Energy Equip. & Services
2,336

7.7
1.6
0.16
4
Jindal Poly Films
Containers & Packaging
2,728

13.6
17.0
0.97
6
Jindal Saw
Metal Processing
14,643

8.7
6.1
0.59
4
Jindal Stainless
Metal Processing
41,332

19.4
20.3
0.32
8
Jindal Steel & Power
Metal Processing
68,397

13.0
5.4
0.32
8
Jindal Worldwide
Textiles and Leather

19.5
14.2
1.29
2
JK Cement
Construction Materials
28,160
9.5
16.3
1.07
5
JK Lakshmi Cement
Construction Materials
9,665

13.5
13.0
0.66
8
JK Paper
Other Materials
6,223

35.0
18.3
0.68
9
JK Tyre & Industries
Auto Ancillaries
8,702

10.4
7.7
1.41
2
JM Financial
Financial Services
8,009

7.5
15.6
1.96
1
John Cockrill India
Machinery & Equipments
1,480

6.9
4.8
0.00
5
Johnson Controls - Hitachi Air Cond
Machinery & Equipments
3,180

-9.5
11.0
0.22
5
8,555
4,646
25,747
3,249
950
6,728


Price data and Stock Ratings as of November 30, 2023. Financial data as of FY23. *P/B for banks and non-banking financial companies (NBFC).
62 Wealth Insight January 2024
Subscription copy of [lokincredibl@gmail.com]. Redistribution prohibited.
229 times
7.4
The increase in auto ancillary player JBM Auto’s
stock price in the last 10 years. Despite the
increase in value, its Stock Rating has never
exceeded 3.
The Growth score of tyre maker JK Tyre in
November 2023, a substantial improvement
from 1.5 in FY13. It has compounded 27 per
cent annually since 2013.
5-year per-share growth (% pa)
Revenue | Net
interest income
Profit
after tax
P/E | P/B*
CFO |
Advances
Growth
score
Current
5-year
median
Earnings
yield (%)
Valuation
score
Company
13.8
37.4
-6.1
4.9
41.6
14.7
2.4
4.4
Ion Exchange (India)
13.6
15.4
18.6
5.9
58.4
30.8
1.7
2.4
Ipca Laboratories
-42.0
-46.1
-45.5
3.7
44.8
13.7
2.2
3.7
IRB Infrastructure Developers
-23.8
-28.5
14.8
5.1
17.6
9.1
5.7
4.0
Ircon International
11.0
4.1
15.6
7.1
26.3
23.4
3.8
3.5
ISGEC Heavy Engineering
-4.2
16.8
7.5
6.3
22.0
0.8
4.6
4.0
ISMT
9.9
10.7
7.1
5.9
26.9
27.3
3.7
4.1
ITC
19.8
10.5
47.2
3.9
25.8
26.1
3.9
3.4
ITD Cementation India
-5.4
-204.5
-161.4
3.9
-
65.5
-
0.6
ITI
15.4
15.0
-7.1
5.3
11.2
11.1
9.0
4.6
J Kumar Infraprojects
6.7
15.9
9.9
6.2
61.4
67.0
1.6
2.2
Jagatjit Industries
2.9
-2.0
-0.1
5.1
10.8
13.9
9.3
6.1
Jagran Prakashan
13.3
34.0
99.5
7.0
38.6
25.0
2.6
3.2
Jagsonpal Pharmaceuticals
11.2
16.5
26.5
6.2
24.3
11.9
4.1
1.9
Jai Balaji Industries
0.2
-258.7
8.4
4.9
-
41.6
-
1.3
Jai Corp
-9.7
-185.2
-51.0
4.2
5.0
24.0
20.2
1.6
Jain Irrigation Systems
0.8
15.2
-17.7
5.3
-
20.6
-
2.0
Jaiprakash Power Ventures
6.0
6.1
22.2
6.8
23.6
23.9
4.2
4.5
Jamna Auto Industries
17.8
172.9
43.5
8.0
28.4
20.1
3.5
3.5
Jash Engineering
6.3
-8.7
-5.9
5.1
32.5
15.2
3.1
4.7
Jay Bharat Maruti
3.7
18.2
13.4
5.8
-
9.8
-
4.6
Jayaswal Neco Industries
19.2
26.1
40.6
6.3
46.4
17.8
2.2
3.2
JB Chemicals & Pharmaceuticals
15.3
9.8
43.2
6.8
107.3
21.9
0.9
0.9
JBM Auto
28.0
47.7
24.3
6.3
33.7
11.9
3.0
3.4
Jindal Drilling & Industries
-6.1
15.9
-194.8
3.2
-
6.7
-
5.9
Jindal Poly Films
16.0
273.1
23.4
7.6
12.1
7.5
8.2
5.0
Jindal Saw
12.3
28.5
4.4
5.9
15.9
10.4
6.3
4.4
Jindal Stainless
12.8
31.1
-2.2
5.2
16.9
16.3
5.9
5.1
Jindal Steel & Power
4.6
14.5
51.0
5.8
99.3
32.5
1.0
1.3
Jindal Worldwide
12.6
5.8
7.1
6.6
63.4
28.6
1.6
1.9
JK Cement
11.5
53.4
5.2
6.6
27.0
25.1
3.7
3.9
JK Lakshmi Cement
18.6
36.9
26.6
7.0
5.1
9.0
19.6
7.4
JK Paper
9.9
31.1
12.1
7.4
15.3
9.8
6.5
4.3
JK Tyre & Industries
-1.3
-4.5
7.0
5.1
13.2
13.8
7.6
4.9
JM Financial
9.6
13.9
-4.6
6.8
45.6
26.8
2.2
1.9
John Cockrill India
1.8
-196.1
-179.5
4.2
-
58.3
-
1.8
Johnson Controls - Hitachi Air Cond
^indicates an increase or decrease in loss. CFO refers to cash flow from operations. For banks and NBFCs, we have used gross NPA ratio and five-year growth in net interest income and advances.
January 2024 Wealth Insight 63
Subscription copy of [lokincredibl@gmail.com]. Redistribution prohibited.
-75%
686 times
The change JSW Energy saw in its Quality
score between FY15 and November 2023 while
its stock rose by 23 per cent annually in the
past 10 years.
The rise Jyoti Resins’s (a synthetic resin
manufacturer) stock saw in the last decade
while maintaining a Stock Rating of 4 or greater.
Company
Industry
Market
capitalisation
(` cr)
JSW Energy
Power Generation
67,119
JSW Steel
Metal Processing
JTEKT India
Return on equity (%)
Stock
rating
FY23
5-year average
(FY18-22)
Debt-to-equity
| Gross NPA
ratio (%)
Quality
score

7.5
6.6
1.34
2
1,95,539

5.3
23.2
1.21
6
Auto Ancillaries
3,378

12.7
8.6
0.08
6
JTL Industries
Building Products
3,703

30.2
36.3
0.18
5
Jubilant FoodWorks
Hotels, Resorts & Cruise Lines
36,991

17.7
23.5
0.09
9
Jubilant Industries
Other Chemicals
966

30.8
8.7
0.86
4
Jubilant Pharmova
Pharmaceuticals
6,848

-0.1
12.4
0.63
4
Jupiter Wagons
Machinery & Equipments

16.8
128.1
0.36
7
Just Dial
Software & IT Services
4.5
16.6
0.00
9
Jyothy Labs
Household & Personal Pro.
Jyoti Resins & Adhesives
13,868
6,120

15,953

15.6
14.2
0.00
10
Specialty Chemicals
1,920

55.1
46.2
0.00
10
Jyoti Structures
Machinery & Equipments
1,124

-4.6
-
71.13
1
K&R Rail Engineering
Construction & Engineering
1,427

6.9
8.8
0.23
5
K.P.R. Mill
Textiles and Leather
29,582

23.6
23.1
0.36
6
Kabra Extrusiontechnik
Machinery & Equipments
1,475

10.5
8.3
0.19
5
Kajaria Ceramics
Building Products
21,301

15.8
17.2
0.09
9
Kalpataru Projects International
Construction & Engineering
10,750

7.8
14.9
0.78
3
Kalyani Investments Company
Investment Management
1,396

1.0
0.9
0.00
8
Kalyani Steels
Metal Processing
2,062

11.7
16.6
0.34
6
Kama Holdings
Investment Management
9,312

23.8
34.8
0.76
7
Kansai Nerolac Paints
Specialty Chemicals
25,848

10.9
13.4
0.04
6
Karur Vysya Bank
Banks
12,406

13.7
7.0
2.27
8
Kaveri Seed Company
Farming
3,389

20.5
22.8
0.00
9
KCP
Construction Materials
1,911

3.5
15.9
0.45
5
KDDL
Fashion Accessories
3,757

15.1
10.3
0.28
8
KEC International
Diversified
14,857

4.8
19.3
0.85
3
KEI Industries
Machinery & Equipments
25,989

20.2
22.5
0.05
7
Kennametal India
Machinery & Equipments
5,165

13.1
13.5
0.00
9
Kernex Microsystems (India)
Technology Hardware
1,012

-30.4
-14.7
0.13
1
Kesoram Industries
Construction Materials
4,322

-4.3
-474.0
4.09
1
Kewal Kiran Clothing
Apparels & Footwear
4,928

23.1
15.5
0.09
9
Kilburn Engineering
Construction & Engineering
1,076

33.7
-20.9
0.61
6
Kingfa Science & Technology (I)
Commodity Chemicals
2,736

19.1
6.9
0.08
7
KIOCL
Metal Mining & Minerals

-4.7
8.4
0.21
4
Kiri Industries
Specialty Chemicals
1,536

4.1
18.5
0.02
7
Kirloskar Brothers
Machinery & Equipments
7,768

18.5
6.8
0.18
7
18,567
Price data and Stock Ratings as of November 30, 2023. Financial data as of FY23. *P/B for banks and non-banking financial companies (NBFC).
64 Wealth Insight January 2024
Subscription copy of [lokincredibl@gmail.com]. Redistribution prohibited.
8.7
2 to 7
Kama Holdings’s (promoter of SRF) Valuation
score as of November 2023. It is the highest
among the companies on our list.
The improvement in wire and cable
manufacturer KEI Industries’s Quality score in
the last 10 years. Over the same period, the
stock has multiplied nearly 300 times.
5-year per-share growth (% pa)
Revenue | Net
interest income
Profit
after tax
P/E | P/B*
CFO |
Advances
Growth
score
Current
5-year
median
Earnings
yield (%)
Valuation
score
Company
5.1
77.0
-12.0
5.6
42.2
18.0
2.4
2.1
JSW Energy
18.2
-7.5
13.5
5.8
21.1
14.6
4.7
3.6
JSW Steel
1.8
1.3
-15.3
5.1
40.4
42.2
2.5
3.1
JTEKT India
40.2
46.1
20.7
5.0
33.6
26.6
3.0
4.1
JTL Industries
-19.3
-18.5
-12.9
4.5
157.4
78.3
0.6
1.8
Jubilant FoodWorks
20.6
61.0
-22.8
4.4
17.6
18.2
5.7
4.1
Jubilant Industries
-3.5
-163.4
-12.7
4.2
-
15.0
-
2.6
Jubilant Pharmova
24.7
19.9
73.6
6.3
60.6
37.0
1.6
1.9
Jupiter Wagons
-2.9
-1.9
-8.8
6.2
19.5
27.8
5.1
5.5
Just Dial
8.0
5.8
6.1
6.9
48.8
33.8
2.0
2.1
Jyothy Labs
9.9
71.4
-37.4
5.9
34.4
26.4
2.9
3.0
Jyoti Resins & Adhesives
-34.3
14.9
-136.4
5.7
81.9
3.9
1.2
0.5
Jyoti Structures
30.7
170.2
12.2
7.4
104.4
13.3
1.0
1.2
K&R Rail Engineering
17.2
24.8
7.4
5.2
37.5
16.5
2.7
2.4
K.P.R. Mill
18.8
12.1
-178.3
4.9
41.8
14.8
2.4
2.9
Kabra Extrusiontechnik
10.0
8.6
4.4
5.6
53.5
38.7
1.9
2.6
Kajaria Ceramics
12.2
6.8
-0.9
5.1
22.5
16.6
4.4
3.0
Kalpataru Projects International
13.9
17.0
-180.8
5.1
23.3
23.1
4.3
4.4
Kalyani Investments Company
7.1
7.8
-191.9
4.5
8.4
7.7
11.8
5.1
Kalyani Steels
21.9
38.6
33.9
5.8
10.4
11.2
9.6
8.7
Kama Holdings
10.1
-1.8
2.5
5.9
23.1
49.3
4.3
4.1
Kansai Nerolac Paints
7.8
26.2
7.1
7.0
1.4
1.1
11.0
4.7
Karur Vysya Bank
9.1
8.8
18.8
7.0
10.9
14.5
9.1
6.1
Kaveri Seed Company
8.8
-4.3
-180.5
4.2
22.5
19.5
4.4
3.5
KCP
14.3
29.9
21.5
6.9
41.6
31.7
2.4
2.3
KDDL
11.4
-17.4
-1.7
5.6
79.1
20.1
1.3
2.5
KEC International
11.6
23.4
18.5
7.3
49.2
18.3
2.0
1.8
KEI Industries
6.3
10.9
13.0
5.9
70.5
51.6
1.4
2.1
Kennametal India
-24.5
-2.1
-253.3
3.7
-
8.9
-
0.4
Kernex Microsystems (India)
-15.5
13.1
-20.0
4.3
-
10.5
-
0.7
Kesoram Industries
11.1
10.2
6.2
6.5
34.8
26.9
2.9
2.1
Kewal Kiran Clothing
-4.8
27.1
-13.5
5.9
29.1
15.0
3.4
2.9
Kilburn Engineering
18.5
27.0
17.5
6.1
22.5
54.2
4.4
4.2
Kingfa Science & Technology (I)
0.1
-204.6
-204.5
3.9
-
80.4
-
0.8
KIOCL
-13.2
-29.5
-4.1
3.8
175.7
5.6
0.6
3.2
Kiri Industries
37.1
24.6
7.3
25.6
24.7
3.9
3.6
Kirloskar Brothers
6.4
^indicates an increase or decrease in loss. CFO refers to cash flow from operations. For banks and NBFCs, we have used gross NPA ratio and five-year growth in net interest income and advances.
January 2024 Wealth Insight 65
Subscription copy of [lokincredibl@gmail.com]. Redistribution prohibited.
40%
>7
KMC Specialty’s (South-Indian hospital chain)
annual return in last 10 years. During the period,
its Quality score doubled to 8 while its Growth
score never fell below 6.
The Growth score maintained by Kotak
Mahindra Bank since FY20. It is only one of
seven companies to do so while not letting its
Quality score drop below 9.
Company
Industry
Market
capitalisation
(` cr)
Return on equity (%)
Stock
rating
FY23
5-year average
(FY18-22)
Debt-to-equity
| Gross NPA
ratio (%)
Quality
score
23.7
21.7
0.46
6
8.3
13.0
0.32
5
Kirloskar Ferrous Industries
Metal Processing
7,474

Kirloskar Industries
Metal Processing
3,437

Kirloskar Oil Engines
Machinery & Equipments
8,664

15.2
10.5
1.41
4
Kirloskar Pneumatic Company
Machinery & Equipments
3,673

14.9
11.9
0.00
8
Kitex Garments
Apparels & Footwear
1,387

6.7
14.4
0.03
6
KMC Speciality Hospitals (India)
Healthcare & Services
1,322

26.6
25.9
0.39
8
KNR Constructions
Construction & Engineering
8,198

15.4
20.8
0.23
9
Kokuyo Camlin
Business Services & Supp.
1,580

9.7
0.9
0.21
5
Kolte Patil Developers
Real Estate
4,068

10.2
9.7
0.52
7
Kopran
Pharmaceuticals
1,243

6.3
17.8
0.17
3
Kotak Mahindra Bank
Banks

14.0
12.8
1.78
9
Kovai Medical Center & Hospital
Healthcare & Services
3,544

17.4
20.1
0.66
9
KP Energy
Construction & Engineering
1,201

40.7
16.4
0.49
9
KRBL
Food Processing
7,915

16.0
17.6
0.04
4
Krishana Phoschem
Other Chemicals
1,522

11.1
12.6
1.06
2
KSB
Machinery & Equipments

17.0
11.9
0.00
8
Kuantum Papers
Other Materials
1,460

22.2
6.2
0.53
7
L&T Technology Services
Software & IT Services
50,392

25.7
28.9
0.00
10
La Opala RG
Household Durables

16.2
13.3
0.02
10
Lakshmi Machine Works
Machinery & Equipments

17.7
7.5
0.00
9
Lancer Containers Lines
Logistics
1,923

33.8
35.8
1.47
5
Larsen & Toubro
Construction & Engineering
4,27,711

11.3
11.0
0.25
4
Laurus Labs
Pharmaceuticals
20,517

21.2
21.3
0.49
5
Lemon Tree Hotels
Hotels, Resorts & Cruise Lines
9,047

13.6
-5.2
2.04
5
LG Balakrishnan & Brothers
Machinery & Equipments
3,695

18.5
17.2
0.07
9
LIC Housing Finance
Non-banking Fin. Services
26,992

11.2
13.1
4.41
3
Linc
Business Services & Supp.
1,054

23.4
6.3
0.00
8
1,347

15.6
17.9
0.00
6
48,979

17.1
13.9
0.00
8
23.8
2.5
0.25
4
3,48,911
11,865
4,226
14,103
Lincoln Pharmaceuticals
Pharmaceuticals
Linde India
Commodity Chemicals
Lloyds Engineering Works
Machinery & Equipments
5,150

Lloyds Enterprises
Metal Mining & Minerals
4,767

5.9
5.1
0.06
5
Lloyds Metals and Energy
Metal Mining & Minerals
26,256

90.1
19.7
0.00
7
LT Foods
Farming
7,554

16.9
15.0
0.34
5
LTIMindtree
Software & IT Services

28.6
33.2
0.01
10
Lumax Auto Technologies
Auto Ancillaries
2,651

16.6
13.5
0.83
4
Lumax Industries
Auto Ancillaries
2,573

20.2
14.0
0.65
5
1,64,038
Price data and Stock Ratings as of November 30, 2023. Financial data as of FY23. *P/B for banks and non-banking financial companies (NBFC).
66 Wealth Insight January 2024
Subscription copy of [lokincredibl@gmail.com]. Redistribution prohibited.
`
82 times
3.31 lakh cr
The surge in infra giant L&T’s market cap since
2013. But during the same time, its Quality
score tumbled from 8 to 4 in
November 2023.
5-year per-share growth (% pa)
Revenue | Net
interest income
Profit
after tax
The increase in the market cap of the heavy
equipment maker Lloyd Engineering since
2020. Its Growth score jumped from 3.5 in
FY22 to 7 in November 2023 as well.
P/E | P/B*
CFO |
Advances
Growth
score
Current
5-year
median
Earnings
yield (%)
Valuation
score
Company
18.4
55.6
47.3
6.7
20.8
13.8
4.8
4.7
Kirloskar Ferrous Industries
28.8
46.0
47.5
7.9
13.1
12.3
7.7
6.3
Kirloskar Industries
10.4
19.5
-246.5
5.1
23.4
18.0
4.3
2.6
Kirloskar Oil Engines
15.4
16.7
-8.8
4.9
35.6
26.9
2.8
3.4
Kirloskar Pneumatic Company
0.0
-4.1
59.5
5.0
73.9
17.1
1.4
1.7
Kitex Garments
17.1
32.0
21.1
6.3
48.3
41.0
2.1
2.2
KMC Speciality Hospitals (India)
14.4
13.9
40.2
7.0
15.3
14.7
6.6
5.6
KNR Constructions
4.2
20.0
13.7
6.8
39.4
63.4
2.5
2.8
Kokuyo Camlin
1.1
-5.9
-3.5
4.9
36.8
22.6
2.7
3.1
Kolte Patil Developers
9.5
3.6
3.4
6.6
39.4
13.6
2.5
2.5
Kopran
17.7
21.8
13.5
8.8
2.9
4.2
4.9
5.0
Kotak Mahindra Bank
11.5
14.8
24.8
6.9
26.0
17.3
3.8
3.5
Kovai Medical Center & Hospital
29.5
63.5
3.0
5.0
23.7
14.9
4.2
3.6
KP Energy
10.6
10.0
-242.7
3.9
11.8
12.6
8.5
5.0
KRBL
23.1
44.7
-202.1
4.8
34.6
23.2
2.9
3.1
Krishana Phoschem
14.0
20.9
28.5
6.1
56.6
32.3
1.8
1.3
KSB
13.2
13.3
23.4
6.2
6.3
6.4
15.8
6.6
Kuantum Papers
15.7
17.6
25.3
6.9
40.6
27.7
2.5
3.1
L&T Technology Services
11.8
10.9
6.4
5.4
34.2
41.9
2.9
4.0
La Opala RG
13.4
12.9
12.1
5.9
33.9
30.2
2.9
3.5
Lakshmi Machine Works
25.0
23.4
-183.6
3.8
36.3
15.5
2.8
2.9
Lancer Containers Lines
8.2
7.8
19.7
6.1
34.9
25.2
2.9
3.0
Larsen & Toubro
23.7
36.1
23.4
5.8
55.8
31.6
1.8
3.2
Laurus Labs
12.4
57.2
27.2
7.2
69.6
120.4
1.4
2.9
Lemon Tree Hotels
9.2
23.3
5.5
5.5
14.4
11.9
7.0
5.2
LG Balakrishnan & Brothers
12.1
7.6
10.0
6.9
0.9
1.5
15.4
6.8
LIC Housing Finance
7.9
36.5
26.8
6.8
27.3
24.1
3.7
3.9
Linc
7.2
16.0
8.0
5.3
16.7
9.6
6.0
3.9
Lincoln Pharmaceuticals
9.1
101.5
20.1
1.9
117.2
79.1
0.9
1.1
Linde India
18.4
74.4
6.4
7.0
101.3
57.2
1.0
1.4
Lloyds Engineering Works
7.0
54.5
48.4
7.9
64.0
65.6
1.6
2.1
Lloyds Enterprises
53.2
-276.1
-256.9
2.5
23.2
18.9
4.3
1.9
Lloyds Metals and Energy
12.1
21.9
31.6
6.0
14.6
9.1
6.8
4.1
LT Foods
21.4
18.2
16.4
4.8
37.0
27.1
2.7
3.9
LTIMindtree
10.7
14.1
7.6
6.6
29.0
17.2
3.5
3.6
Lumax Auto Technologies
12.2
-5.1
5.6
25.8
21.1
3.9
3.5
Lumax Industries
7.1
^indicates an increase or decrease in loss. CFO refers to cash flow from operations. For banks and NBFCs, we have used gross NPA ratio and five-year growth in net interest income and advances.
January 2024 Wealth Insight 67
Subscription copy of [lokincredibl@gmail.com]. Redistribution prohibited.
7/10
30%
The average Quality score of Mahindra &
Mahindra (Indian automobile manufacturer)
while quadrupling its market cap in the last
10 years.
The annual returns of Man Infra, an EPC player,
with its Growth score improving from 2.4 in
FY15 to 6.5 in November 2023.
Company
Industry
Lupin
Pharmaceuticals
Lux Industries
Market
capitalisation
(` cr)
Return on equity (%)
Stock
rating
FY23
5-year average
(FY18-22)
Debt-to-equity
| Gross NPA
ratio (%)
Quality
score
58,318

3.5
0.1
0.34
3
Textiles and Leather
4,024

10.3
28.5
0.17
2
Madhya Bharat Agro Products
Other Chemicals
2,615

46.5
15.3
0.98
7
Mafatlal Industries
Textiles and Leather
1,017

5.8
-11.4
0.15
2
Magadh Sugar & Energy
Food Processing
1,122

8.1
8.7
0.91
4
Magellanic Cloud
Software & IT Services
5,318

39.5
18.2
0.63
5
Mahanagar Gas
Utilities

20.4
23.2
0.00
10
Maharashtra Scooters
Automobile
0.9
0.8
0.00
8
Maharashtra Seamless
Building Products
12,992

17.5
8.0
0.05
6
Mahindra & Mahindra Fin Services
Non-banking Fin. Services
33,934

12.1
8.9
4.49
7
Mahindra & Mahindra
Automobile
2,04,884

19.6
10.1
0.11
8
Mahindra Holidays & Resorts India
Hotels, Resorts & Cruise Lines
7,954

36.0
54.1
-1.37
2
Mahindra Lifespace Developers
Real Estate
8,199

1.9
1.2
0.15
3
10,289
9,018

Mahindra Logistics
Logistics
2,581

Maithan Alloys
Construction Materials
3,171

4.7
11.0
0.72
3
23.4
28.7
0.01
9
Man Industries (India)
Building Products
1,508

7.0
10.2
0.29
4
Man Infraconstruction
Construction & Engineering
7,321

26.5
12.3
0.19
7
Manali Petrochemicals
Commodity Chemicals
1,138

4.9
24.7
0.01
8
Manappuram Finance
Non-banking Fin. Services
15.0
21.0
1.33
10
Mangalam Cement
Construction Materials
1,397

4.9
8.1
0.81
3
Mangalore Chemicals & Fertilizers
Other Chemicals
1,322

18.1
11.8
1.69
5
Mangalore Refinery & Petrochem
Oil & Gas
21,250

31.1
1.8
1.69
4
Manorama Industries
Food Processing
2,433

10.5
24.7
0.37
5
Marathon Nextgen Realty
Real Estate
2,360

16.9
3.9
1.13
6
Marico
Household & Personal Pro.
69,634

36.4
37.5
0.13
10
Marine Electricals (India)
Industrial Services
8.9
9.3
0.32
3
Marksans Pharma
Pharmaceuticals

18.1
18.9
0.02
7
Maruti Suzuki India
Automobile
3,20,329

14.0
12.9
0.02
9
Mastek
Software & IT Services
7,272

19.5
22.6
0.22
9
Matrimony.Com
Software & IT Services
1,198

16.6
36.2
0.00
10
Mayur Uniquoters
Other Materials
2,380

14.3
17.1
0.03
7
Media Matrix Worldwide
Technology Hardware
2,350

0.8
24.8
0.77
1
Meghmani Organics
Other Chemicals
1,919

14.0
20.2
0.49
1
Mercury Ev-Tech
Automobile
1,628

3.5
-4.7
0.46
1
Minda Corporation
Auto Ancillaries
8,743

19.5
8.5
0.35
6
Mishra Dhatu Nigam
Metal Processing
7,032

12.6
16.7
0.30
3
13,882
999
7,541


Price data and Stock Ratings as of November 30, 2023. Financial data as of FY23. *P/B for banks and non-banking financial companies (NBFC).
68 Wealth Insight January 2024
Subscription copy of [lokincredibl@gmail.com]. Redistribution prohibited.
17%
10 to 2
Marico’s (hair and cooking oil manufacturer)
annual returns in the past decade. Its Stock
Rating never fell below 4 during the same
duration.
The fall in Lupin’s (a generics manufacturer)
Quality score since FY14. The stock has given
an annualised return of 4 per cent in the last
10 years.
5-year per-share growth (% pa)
Revenue | Net
interest income
Profit
after tax
P/E | P/B*
CFO |
Advances
Growth
score
Current
5-year
median
Earnings
yield (%)
Valuation
score
Company
0.9
11.8
1.5
6.4
43.8
36.8
2.3
3.0
Lupin
13.1
8.2
132.0
6.5
39.0
30.5
2.6
4.1
Lux Industries
40.4
64.8
-212.8
5.7
26.6
17.1
3.8
3.4
Madhya Bharat Agro Products
-25.4
16.8
-164.6
3.3
16.7
13.2
6.0
3.9
Mafatlal Industries
5.9
15.1
40.6
7.0
12.8
8.2
7.8
4.8
Magadh Sugar & Energy
-10.6
29.3
35.2
4.0
69.4
41.1
1.4
2.7
Magellanic Cloud
23.0
10.6
8.2
6.5
9.0
15.4
11.2
7.1
Mahanagar Gas
77.4
26.3
214.9
7.5
44.6
31.5
2.2
4.3
Maharashtra Scooters
5.9
13.9
37.5
5.9
13.0
14.0
7.7
5.1
Maharashtra Seamless
11.5
14.4
10.4
6.1
1.8
2.2
5.8
4.9
Mahindra & Mahindra Fin Services
11.8
8.5
5.4
6.2
18.3
21.1
5.5
5.1
Mahindra & Mahindra
1.6
-3.1
4.2
5.7
120.4
34.2
0.8
1.5
Mahindra Holidays & Resorts India
1.3
-0.2
-194.7
3.0
780.9
21.2
0.1
1.2
Mahindra Lifespace Developers
8.2
-16.1
58.1
4.7
-
87.6
-
2.5
Mahindra Logistics
9.0
11.3
27.8
5.6
10.8
6.4
9.2
6.2
Maithan Alloys
5.7
0.3
-196.9
4.7
13.3
6.3
7.5
2.9
Man Industries (India)
23.7
21.2
36.0
6.5
23.0
21.5
4.3
4.1
Man Infraconstruction
9.6
-2.6
9.6
4.7
64.4
7.6
1.6
3.6
Manali Petrochemicals
9.6
12.9
13.8
8.2
1.3
1.8
13.4
6.7
Manappuram Finance
10.1
7.9
9.4
5.7
32.8
17.4
3.1
3.5
Mangalam Cement
6.3
17.3
42.3
7.8
5.1
11.8
19.8
5.8
Mangalore Chemicals & Fertilizers
17.3
8.4
9.9
6.4
5.6
7.1
17.8
6.2
Mangalore Refinery & Petrochem
0.7
14.2
40.1
7.3
65.2
46.3
1.5
2.0
Manorama Industries
59.3
32.0
17.8
7.2
13.8
12.2
7.3
5.6
Marathon Nextgen Realty
9.0
9.8
22.4
6.4
49.4
48.1
2.0
3.1
Marico
-29.7
-31.8
-139.5
4.0
60.1
34.9
1.7
1.1
Marine Electricals (India)
12.9
46.3
33.8
7.1
25.3
16.7
3.9
3.7
Marksans Pharma
8.1
0.8
-4.7
6.3
28.2
32.2
3.5
4.0
Maruti Suzuki India
19.5
28.0
5.2
5.4
27.0
16.5
3.7
4.2
Mastek
6.8
-8.4
-5.2
4.9
24.1
32.5
4.1
5.1
Matrimony.Com
7.0
2.1
7.6
6.2
21.1
20.5
4.7
4.4
Mayur Uniquoters
7.9
15.6
-202.2
6.0
-
79.5
-
0.6
Media Matrix Worldwide
-
-
-
2.2
151.6
8.9
0.7
2.2
Meghmani Organics
-3.9
16.4
-205.8
4.4
613.6
400.3
0.2
0.4
Mercury Ev-Tech
7.7
12.6
37.1
6.8
31.4
22.7
3.2
2.8
Minda Corporation
3.5
-211.8
3.5
51.1
20.7
2.0
1.9
Mishra Dhatu Nigam
5.7
^indicates an increase or decrease in loss. CFO refers to cash flow from operations. For banks and NBFCs, we have used gross NPA ratio and five-year growth in net interest income and advances.
January 2024 Wealth Insight 69
Subscription copy of [lokincredibl@gmail.com]. Redistribution prohibited.
13 times
1
Crucible manufacturer Morganite Crucible’s
10-year annualised return. It had a Stock Rating
over 3 in eight of the last 10 years.
Company
Industry
Market
capitalisation
(` cr)
The Stock Rating of Moschip Technologies
(provides semiconductor and system design
services) in the last six out of seven years. Yet
the stock has jumped 164 times since 2013.
Return on equity (%)
Stock
rating
FY23
5-year average
(FY18-22)
Debt-to-equity
| Gross NPA
ratio (%)
Quality
score
Mishtann Foods
Farming
1,505

39.7
16.4
0.40
1
MM Forgings
Metal Processing
2,113

20.7
16.5
1.12
6
MMTC
Diversified
7,550

22.9
-35.1
0.14
6
Moil
Metal Mining & Minerals
6,031

11.3
12.2
0.00
9
Mold-Tek Packaging
Containers & Packaging
2,888

15.8
18.5
0.08
9
Monarch Networth Capital
Financial Services
1,646

21.8
23.9
0.01
8
Monte Carlo Fashions
Apparels & Footwear
1,451

18.1
13.4
0.26
8
Morepen Laboratories
Pharmaceuticals
2,339

5.8
17.9
0.03
5
Morganite Crucible India
Machinery & Equipments
12.9
16.6
0.00
10
Moschip Technologies
Technology Hardware
6.9
-30.7
0.40
1
Motilal Oswal Financial Services
Financial Services
17,848

15.6
20.4
1.67
4
Mphasis
Software & IT Services
44,441

22.0
19.5
0.03
9
MPS
Software & IT Services
3,043

27.6
17.7
0.00
10
901
1,671


MRF
Auto Ancillaries
47,393
Mukand
Metal Processing
2,546
5.4
10.1
0.16
5
22.6
16.7
1.76
1
Multi Commodity Exchange Of India
Financial Services
16,295

7.4
10.1
0.00
8
Muthoot Finance
Non-banking Fin. Services
59,574

17.6
23.9
3.79
10
NACL Industries
Other Chemicals
1,453

17.9
7.2
1.26
2
Nahar Spinning Mills
Textiles and Leather
1,109

7.3
8.5
0.47
4
Nalwa Sons Investments
Investment Management
1,592

1.1
1.8
0.00
6
Narayana Hrudayalaya
Healthcare & Services
25,067

33.5
9.6
0.36
9
Natco Pharma
Pharmaceuticals
14,187

15.7
15.5
0.03
7
National Aluminium Company
Metal Mining & Minerals
16,899

11.2
13.8
0.00
9
National Fertilizers
Other Chemicals
3,507

19.8
4.7
1.57
3
National Standard (India)
Real Estate
9,200

3.4
5.6
0.00
2
Nava
Diversified
5,559

16.9
11.3
0.51
6
Navin Fluorine International
Commodity Chemicals

18.6
19.7
0.39
8
Navkar Corporation
Logistics
1,413

2.5
3.0
0.02
7
Navneet Education
Publishing
3,112

13.4
14.9
0.24
6
NBCC India
Construction & Engineering
13,694

23.1
15.8
0.00
9
NCC
Construction & Engineering
10,469

10.6
7.7
0.16
6
NCL Industries
Construction Materials
996

5.6
14.6
0.35
6
Nelcast
Metal Processing
1,495

6.4
7.0
0.65
3
Nelco
Telecommunications Services
1,720

20.5
30.8
0.36
6
Nesco
Real Estate Services
5,745

15.9
15.6
0.00
10
Nestle India
Food Processing
108.5
73.0
0.01
10
18,357
2,33,492



Price data and Stock Ratings as of November 30, 2023. Financial data as of FY23. *P/B for banks and non-banking financial companies (NBFC).
70 Wealth Insight January 2024
Subscription copy of [lokincredibl@gmail.com]. Redistribution prohibited.
2to 5
1.84 lakh cr
`
The wealth created by Nestle India since 2013.
Its Quality score has been a perfect 10
throughout this period.
The change in Narayana Hrudayalaya’s (a
hospital chain) Stock Rating since FY21. Its
Quality score improved from 5 to 9 while its
Growth score improved from 3.5 to 7.9.
5-year per-share growth (% pa)
Revenue | Net
interest income
Profit
after tax
P/E | P/B*
CFO |
Advances
Growth
score
Current
5-year
median
Earnings
yield (%)
Valuation
score
Company
-44.6
-22.7
14.8
3.6
42.4
47.3
2.4
2.5
Mishtann Foods
18.0
16.1
108.7
6.9
16.2
16.2
6.2
5.0
MM Forgings
-26.5
110.8
29.6
5.9
43.4
61.4
2.3
3.8
MMTC
5.2
-5.5
-12.7
5.2
22.5
10.5
4.5
3.1
Moil
12.4
16.2
70.1
6.3
45.4
24.5
2.2
3.6
Mold-Tek Packaging
9.6
15.3
-187.6
4.2
22.7
18.7
4.4
3.0
Monarch Networth Capital
15.3
15.4
-174.2
3.5
13.5
11.7
7.4
5.4
Monte Carlo Fashions
15.5
2.7
-204.8
4.2
44.0
34.4
2.3
1.8
Morepen Laboratories
7.2
3.0
13.1
6.2
37.5
22.4
2.7
3.3
Morganite Crucible India
21.1
19.0
20.6
6.5
163.6
193.1
0.6
1.6
Moschip Technologies
8.3
8.0
-264.7
3.7
12.3
26.6
8.1
5.2
Motilal Oswal Financial Services
16.7
14.9
15.7
5.9
27.7
17.6
3.6
4.2
Mphasis
15.3
11.1
9.6
6.2
24.9
15.7
4.0
3.1
MPS
9.0
-7.4
2.7
6.7
28.0
22.1
3.6
3.5
MRF
9.7
-27.0
-35.0
5.4
12.8
18.7
7.8
5.4
Mukand
14.6
6.6
7.3
4.2
363.5
41.2
0.3
1.2
Multi Commodity Exchange Of India
9.3
14.3
6.0
7.8
2.6
2.2
6.7
6.0
Muthoot Finance
14.5
47.6
-191.9
5.2
90.3
28.1
1.1
2.9
NACL Industries
5.6
40.3
35.3
6.3
-
6.0
-
2.8
Nahar Spinning Mills
29.4
61.3
26.4
5.8
32.5
20.7
3.1
4.5
Nalwa Sons Investments
14.7
61.0
42.9
7.9
34.0
52.2
2.9
4.1
Narayana Hrudayalaya
4.6
0.8
13.1
6.8
12.6
32.1
7.9
5.8
Natco Pharma
9.5
2.4
-9.7
4.6
13.3
11.5
7.5
5.5
National Aluminium Company
27.1
16.6
-172.5
5.1
32.0
15.3
3.1
3.8
National Fertilizers
-13.3
-5.8
21.5
6.1
797.3
463.0
0.1
1.6
National Standard (India)
13.1
40.1
49.6
7.7
6.2
6.3
16.2
6.0
Nava
17.8
15.4
-182.1
4.7
50.3
23.6
2.0
2.4
Navin Fluorine International
0.6
-6.3
11.3
5.0
15.7
14.2
6.4
1.0
Navkar Corporation
7.8
10.5
-185.8
3.8
13.3
16.8
7.5
4.2
Navneet Education
0.7
-6.8
-186.5
4.2
41.2
34.8
2.4
3.1
NBCC India
12.1
34.8
12.4
5.8
17.5
17.6
5.7
4.6
NCC
12.9
-1.3
6.1
6.1
13.4
10.5
7.5
5.4
NCL Industries
11.2
-4.7
19.4
6.6
44.5
17.7
2.2
2.9
Nelcast
15.9
10.4
12.6
6.6
77.9
42.4
1.3
1.8
Nelco
11.2
10.2
15.2
6.7
18.0
19.0
5.6
5.3
Nesco
14.3
8.5
6.5
78.6
74.9
1.3
2.8
Nestle India
11.0
^indicates an increase or decrease in loss. CFO refers to cash flow from operations. For banks and NBFCs, we have used gross NPA ratio and five-year growth in net interest income and advances.
January 2024 Wealth Insight 71
Subscription copy of [lokincredibl@gmail.com]. Redistribution prohibited.
412%
16 times
The surge witnessed in news media platform
NDTV’s share price, along with its Quality score
jumping from 1 in FY20 to 7 in November 2023.
The leap that electric bus manufacturer Olectra
Greentech’s market cap saw in the last three
years as its Growth score more than doubled.
Company
Industry
Market
capitalisation
(` cr)
Return on equity (%)
Stock
rating
FY23
5-year average
(FY18-22)
Debt-to-equity
| Gross NPA
ratio (%)
Quality
score
-11.8
41.5
8.61
1
Network 18 Media & Investments
Media & Entertainment
9,058

Neuland Laboratories
Pharmaceuticals
6,992

17.8
5.9
0.12
6
New Delhi Television
Media & Entertainment
1,403

14.8
-28.9
0.01
7
Newgen Software Technologies
Software & IT Services
10,120

19.7
20.6
0.00
10
NGL Fine-Chem
Pharmaceuticals
1,219
9.6
25.4
0.15
7
NHPC
Power Generation
54,625

10.9
10.4
0.80
3
NIBE
Defence & Aerospace
915

10.5
-1.4
0.62
3
NIIT
Software & IT Services
1,538

0.5
24.8
0.00
7
Nilkamal
Other Materials
3,298

10.6
12.1
0.14
6
Nippon Life India AMC
Investment Management

20.7
21.1
0.00
10
Nirlon
Real Estate
3,683

35.9
21.8
2.85
10
Nitin Spinners
Textiles and Leather
2,012

17.3
18.6
0.95
4
NLC India
Power Generation
23,628

24.1
11.3
1.47
2
NMDC
Metal Mining & Minerals
53,161

21.4
21.8
0.02
10
NOCIL
Specialty Chemicals
3,847

10.0
13.1
0.00
6
Novartis India
Pharmaceuticals
1,764

14.1
4.0
0.00
7
NRB Bearings
Machinery & Equipments
2,681

16.6
17.1
0.48
5
NTPC
Power Generation
2,53,374

12.0
11.8
1.50
3
Nucleus Software Exports
Software & IT Services

23.1
14.1
0.00
10
Oberoi Realty
Real Estate

16.8
9.3
0.32
3
Oil & Natural Gas Corporation
Oil & Gas
2,45,064

16.4
12.5
0.46
6
Oil India
Oil & Gas
33,118

25.3
16.4
0.48
8
Olectra Greentech
Machinery & Equipments
9,802

8.1
2.2
0.16
4
Om Infra
Construction & Engineering
1,133

1.9
3.0
0.22
3
Omaxe
Real Estate
1,438

-32.5
-5.4
1.14
1
OnMobile Global
Software & IT Services
1,136

1.8
4.6
0.01
4
Onward Technologies
Software & IT Services
1,313

6.8
15.3
0.00
7
Optiemus Infracom
Technology Hardware
2,692

11.7
-7.9
0.14
3
Oracle Financial Services Software
Software & IT Services
34,745

24.8
28.6
0.00
10
Orchid Pharma
Pharmaceuticals
2,885

3.0
-89.1
0.48
2
Orient Cement
Construction Materials
5,286

7.8
10.8
0.25
7
Orient Electric
Household Durables
4,619

13.5
26.4
0.02
10
Orient Green Power Company
Energy Equip. & Services
2,072

2.5
-3.8
2.05
2
Oriental Aromatics
Specialty Chemicals
1,185

3.2
14.5
0.37
3
Oriental Hotels
Hotels, Resorts & Cruise Lines
1,834

11.1
0.5
0.34
5
Orissa Minerals Development Co
Metal Mining & Minerals
4,368

389.9
-96.0
-13.56
1
26,158
3,907
51,212

Price data and Stock Ratings as of November 30, 2023. Financial data as of FY23. *P/B for banks and non-banking financial companies (NBFC).
72 Wealth Insight January 2024
Subscription copy of [lokincredibl@gmail.com]. Redistribution prohibited.
6/10
2.6%
India’s largest crude oil player ONGC’s Quality
score in November 2023. It had a Quality score
of 10 in FY13. Further, its share price stayed
stagnant in the last decade.
Financial software provider Oracle Financial’s
returns in the last decade. However, its Quality
score remained a perfect 10 at the time.
5-year per-share growth (% pa)
Revenue | Net
interest income
Profit
after tax
P/E | P/B*
CFO |
Advances
Growth
score
Current
5-year
median
Earnings
yield (%)
Valuation
score
Company
27.6
13.8
-299.1
3.8
-
55.5
-
2.1
Network 18 Media & Investments
9.4
56.5
70.9
8.1
26.3
27.9
3.8
3.8
Neuland Laboratories
-1.9
21.2
-179.3
3.8
124.3
10.9
0.8
2.0
New Delhi Television
13.5
19.1
17.5
6.2
49.4
19.9
2.0
1.4
Newgen Software Technologies
19.3
9.8
7.4
6.7
35.0
17.6
2.9
3.0
NGL Fine-Chem
6.9
9.2
0.4
5.6
13.4
10.4
7.5
4.4
NHPC
81.4
120.0
-276.6
4.9
232.3
138.5
0.4
1.7
NIBE
-13.0
50.5
-44.1
3.8
26.3
25.6
3.8
5.0
NIIT
8.1
1.6
9.5
6.3
23.8
20.5
4.2
4.2
Nilkamal
-3.6
9.2
8.8
4.9
29.6
28.4
3.4
4.0
Nippon Life India AMC
14.5
23.2
13.1
6.6
17.9
30.8
5.6
6.3
Nirlon
15.7
25.5
23.6
5.8
15.4
7.1
6.5
4.4
Nitin Spinners
9.6
-4.3
-1.8
5.5
12.4
7.8
8.1
4.0
NLC India
10.4
9.5
-4.6
5.1
9.1
8.1
11.0
5.4
NMDC
10.5
-2.8
22.2
5.6
35.5
14.5
2.8
4.2
NOCIL
-7.7
5.7
-22.6
5.6
23.0
30.9
4.3
6.5
Novartis India
4.3
0.7
-14.6
6.6
27.1
21.0
3.7
3.3
NRB Bearings
15.4
10.7
15.7
6.6
12.2
11.0
8.2
5.2
NTPC
10.8
17.3
-6.8
6.3
19.1
15.7
5.2
3.9
Nucleus Software Exports
25.3
31.1
-255.2
5.8
26.1
26.8
3.8
3.3
Oberoi Realty
14.9
5.1
8.6
6.2
5.7
10.5
17.6
7.9
Oil & Natural Gas Corporation
18.7
20.2
15.1
6.8
5.6
7.3
17.7
8.2
Oil India
32.8
35.7
14.2
6.1
126.4
74.3
0.8
1.4
Olectra Greentech
21.2
-21.5
-22.5
6.1
20.8
15.1
4.8
2.7
Om Infra
-15.9
-232.7
89.7
4.7
-
49.9
-
2.0
Omaxe
-3.8
-9.8
4.9
5.9
56.0
40.2
1.8
2.4
OnMobile Global
4.7
3.6
-24.6
6.0
43.5
31.7
2.3
2.0
Onward Technologies
10.2
24.7
15.4
4.9
60.4
36.6
1.7
1.9
Optiemus Infracom
4.5
7.6
8.5
5.3
18.9
22.4
5.3
5.9
Oracle Financial Services Software
16.3
18.5
34.2
6.1
30.1
38.7
3.3
3.2
Orchid Pharma
5.7
22.7
-16.8
5.3
33.8
19.1
3.0
3.0
Orient Cement
9.5
3.4
15.7
6.6
48.5
51.4
2.1
3.3
Orient Electric
-7.8
20.0
-6.7
5.1
28.3
19.9
3.5
3.8
Orient Green Power Company
10.9
-4.6
-206.8
3.1
863.2
15.8
0.1
1.8
Oriental Aromatics
2.0
143.6
14.8
6.2
38.2
47.8
2.6
3.6
Oriental Hotels
14.1
-9.3
6.1
-
141.3
-
0.8
Orissa Minerals Development Co
-
^indicates an increase or decrease in loss. CFO refers to cash flow from operations. For banks and NBFCs, we have used gross NPA ratio and five-year growth in net interest income and advances.
January 2024 Wealth Insight 73
Subscription copy of [lokincredibl@gmail.com]. Redistribution prohibited.
4x
5to 3
The surge in IT services company Persistent
Systems’s Growth score from FY16 to
November 2023. During this time, its Quality
score never went below 8.
The fall in innerwear manufacturer Page
Industries’s Stock Rating since FY13. Its Growth
score plunged from 6.7 in FY13 to 3.8 in
November 2023.
Company
Industry
Market
capitalisation
(` cr)
Return on equity (%)
FY23
5-year average
(FY18-22)
Debt-to-equity
| Gross NPA
ratio (%)
Quality
score

46.4
46.4
0.18
9

8.3
8.2
0.72
6
27.0
22.1
0.51
9
-15.6
49.2
0.02
4
27.1
19.9
0.00
7
Stock
rating
41,511
3,645
Page Industries
Apparels & Footwear
Paisalo Digital
Non-banking Fin. Services
Pakka
Other Materials
947

Panacea Biotec
Pharmaceuticals
959

Panama Petrochem
Commodity Chemicals
1,873

Parag Milk Foods
Food Processing
2,626

7.8
-6.0
0.73
1
Paramount Communications
Machinery & Equipments
1,806

19.2
17.4
0.63
1
Patanjali Foods
Food Processing
50,759

11.1
7.3
0.15
3
Patel Engineering
Construction & Engineering
3,752

6.4
1.0
0.62
3
Paushak
Other Chemicals
1,849

15.9
18.8
0.00
10
PC Jeweller
Fashion Accessories
1,311

-5.4
1.8
0.99
3
PCBL
Specialty Chemicals
10,250

16.2
19.4
0.33
6
PDS
Apparels & Footwear
7,714

27.5
20.2
0.59
8
Pearl Global Industries
Apparels & Footwear
2,697

20.6
8.4
0.62
5
Peninsula Land
Real Estate
1,428

-184.5
-93.0
35.23
4
Pennar Industries
Metal Processing
1,604

10.0
8.3
0.80
3
Permanent Magnets
Machinery & Equipments
1,204

30.8
36.4
0.05
4
Persistent Systems
Software & IT Services
49,359

25.9
17.4
0.11
9
Petronet LNG
Oil & Gas
30,428

23.0
24.7
0.02
10
Pfizer
Pharmaceuticals
18,690

19.5
17.1
0.00
10
PG Electroplast
Machinery & Equipments

21.9
7.0
1.39
3
PI Industries
Other Chemicals
57,242

18.5
18.5
0.00
10
Piccadily Agro Industries
Food Processing
2,009

10.2
8.0
0.67
5
Pidilite Industries
Specialty Chemicals

18.7
24.1
0.02
10
Pilani Investment & Industries Corp
Investment Management
2.2
0.9
0.07
8
Piramal Enterprises
Non-banking Fin. Services
20,823

59.6
11.7
5.05
8
Pitti Engineering
Machinery & Equipments
2,087

19.0
13.1
0.87
5
Pix Transmissions
Industrial Services
1,827

16.6
17.0
0.16
7
PNB Gilts
Financial Services
1,694

-6.3
15.2
15.27
7
PNB Housing Finance
Non-banking Fin. Services
20,088

10.2
10.9
3.83
5
PNC Infratech
Construction & Engineering
8,674

16.6
18.7
1.46
5
Pokarna
Construction Materials
1,635

13.9
22.0
0.90
5
Polo Queen Industrial & Fintech
Diversified
1,456

1.3
0.4
0.09
5
Poly Medicure
Healthcare Devices & Equip.

15.4
19.7
0.12
8
Polyplex Corporation
Containers & Packaging

10.2
21.9
0.23
7
Power Finance Corporation
Non-banking Fin. Services

20.4
25.7
3.66
6
6,242
1,29,835
2,927
14,648
3,326
1,10,537

Price data and Stock Ratings as of November 30, 2023. Financial data as of FY23. *P/B for banks and non-banking financial companies (NBFC).
74 Wealth Insight January 2024
Subscription copy of [lokincredibl@gmail.com]. Redistribution prohibited.
36%
24%
The annual returns reported by the
agrochemical major PI Industries in the last five
years. What’s more, its Quality score has
consistently remained above 8.
The yearly returns given by Pidilite, India’s
largest adhesive producer, ranking itself among
the best wealth creators in the last 10 years. Its
Quality score has always been 10.
5-year per-share growth (% pa)
Revenue | Net
interest income
Profit
after tax
P/E | P/B*
CFO |
Advances
Growth
score
Current
5-year
median
Earnings
yield (%)
Valuation
score
Company
14.4
10.5
-132.4
3.8
81.3
70.6
1.2
2.6
Page Industries
9.1
11.2
12.1
7.5
2.9
2.2
3.7
2.6
Paisalo Digital
13.6
30.7
1.3
6.8
18.4
11.2
5.4
3.9
Pakka
-4.9
9.3
-229.1
3.3
102.3
15.3
1.0
1.8
Panacea Biotec
11.1
30.7
44.0
5.8
9.7
10.9
10.3
7.2
Panama Petrochem
1.2
-15.2
16.7
6.4
33.6
22.4
3.0
2.6
Parag Milk Foods
6.2
19.1
-16.5
5.8
29.1
12.3
3.4
3.3
Paramount Communications
19.4
16.5
-181.3
4.7
58.0
34.3
1.7
2.5
Patanjali Foods
-27.0
-19.1
-19.0
4.5
19.0
16.4
5.3
4.7
Patel Engineering
16.4
21.2
33.5
6.3
35.7
21.8
2.8
3.7
Paushak
-26.3
-179.7
-25.1
3.9
-
15.6
-
1.2
PC Jeweller
0.6
-2.5
-4.7
5.6
23.8
13.1
4.2
3.0
PCBL
-15.6
25.6
11.7
5.3
35.4
18.8
2.8
3.4
PDS
16.1
46.0
61.2
7.9
15.6
12.8
6.4
4.7
Pearl Global Industries
13.8
17.2
-3.6
4.6
10.6
20.8
9.5
3.8
Peninsula Land
7.9
-5.8
145.4
6.8
18.0
12.8
5.5
3.9
Pennar Industries
14.5
40.6
55.4
7.2
37.6
16.5
2.7
2.0
Permanent Magnets
23.6
24.4
18.9
6.9
50.3
19.8
2.0
2.5
Persistent Systems
14.4
9.5
-3.0
5.2
8.7
15.0
11.5
7.8
Petronet LNG
4.3
11.6
1.4
4.9
35.8
34.8
2.8
4.2
Pfizer
40.2
59.6
1.5
3.5
62.4
47.1
1.6
1.6
PG Electroplast
21.0
24.9
33.7
7.7
38.3
36.4
2.6
3.8
PI Industries
12.7
38.5
-1.7
6.4
60.1
10.5
1.7
1.3
Piccadily Agro Industries
14.2
5.9
14.3
6.8
86.2
61.2
1.2
2.7
Pidilite Industries
55.8
50.6
86.4
6.5
15.4
20.1
6.5
6.2
Pilani Investment & Industries Corp
-1.4
35.9
103.8
4.8
0.7
1.3
18.8
2.0
Piramal Enterprises
22.0
37.2
48.7
7.4
28.4
18.4
3.5
3.6
Pitti Engineering
13.0
23.5
29.1
7.0
27.1
13.6
3.7
3.4
Pix Transmissions
25.0
-322.6
-230.6
4.0
46.6
6.7
2.1
2.3
PNB Gilts
8.9
4.6
0.3
5.1
1.4
1.2
6.4
3.8
PNB Housing Finance
26.8
21.5
-219.7
4.6
14.1
13.1
7.1
4.8
PNC Infratech
16.7
9.3
12.1
6.7
25.6
13.7
3.9
3.6
Pokarna
1.6
18.3
17.5
5.9
961.6
571.0
0.1
1.5
Polo Queen Industrial & Fintech
14.5
18.5
18.5
7.2
62.7
35.9
1.6
2.0
Poly Medicure
16.9
17.2
21.6
6.1
46.8
10.5
2.1
5.4
Polyplex Corporation
22.1
25.0
4.3
1.2
0.5
16.2
4.7
Power Finance Corporation
28.8
^indicates an increase or decrease in loss. CFO refers to cash flow from operations. For banks and NBFCs, we have used gross NPA ratio and five-year growth in net interest income and advances.
January 2024 Wealth Insight 75
Subscription copy of [lokincredibl@gmail.com]. Redistribution prohibited.
9 to 3
16 times
The downgrade in fragrance chemicals
manufacturer Privi Specialty Chemicals’s Quality
score since FY14. Consequently, its Stock Rating
fell from 5-star to 2-star in November 2023.
The growth seen in PTC Industries’s stock value
over the last three years, although its Stock
Rating never crossed 1.
Return on equity (%)
Industry
Market
capitalisation
(` cr)
Power Grid Corporation of India
Utilities
1,94,336
Power Mech Projects
Construction & Engineering
Praj Industries
Machinery & Equipments
Prakash Industries
Metal Processing
2,700

6.6
9.8
0.17
6
Prataap Snacks
Food Processing
2,324

3.1
6.2
0.00
7
Praveg
Advertising & Marketing
1,485

40.6
-83.5
0.00
8
Precision Camshafts
Auto Ancillaries
2,234

6.6
3.5
0.13
5
Precision Wires India
Machinery & Equipments
2,114

15.1
15.2
0.04
6
Premier Explosives
Commodity Chemicals
1,535

3.6
0.5
0.43
2
Prestige Estates Projects
Real Estate
40,208

7.0
17.4
0.81
5
Pricol
Auto Ancillaries
4,212

18.0
-9.2
0.13
6
Prime Focus
Media & Entertainment
3,192

276.4
-29.3
-14.65
1
Primo Chemicals
Commodity Chemicals
1,188

39.9
60.9
0.39
9
Prism Johnson
Construction Materials
8,690

-7.8
5.7
1.22
2
Privi Speciality Chemicals
Specialty Chemicals
4,976

2.7
16.8
1.27
3
Procter & Gamble Health
Pharmaceuticals
8,542

33.6
18.0
0.00
10
P&G Hygiene & Health Care
Household & Personal Pro.
55,810

80.6
60.9
0.00
10
PSP Projects
Construction & Engineering
2,702

17.7
26.9
0.18
7
PTC India Financial Services
Non-banking Fin. Services
2,092

7.5
5.8
13.59
6
PTC India
Power Generation
4,855

9.1
10.0
1.30
2
PTC Industries
Metal Processing
7,447

10.8
6.4
0.66
1
Punjab & Sind Bank
Banks
27,769

9.0
-9.5
6.97
2
Punjab Chem & Crop Protection
Other Chemicals
24.1
28.7
0.33
8
Punjab National Bank
Banks
Puravankara
Real Estate
PVR Inox
Media & Entertainment
Quess Corp
Business Services & Supp.
Quick Heal Technologies
Software & IT Services
1,891

R Systems International
Software & IT Services
5,695

RACL Geartech
Auto Ancillaries
1,279

Radico Khaitan
Alcoholic Beverages
20,146
Raghav Productivity Enhancers
Machinery & Equipments
Rain Industries
Company
6,585
11,818
1,514
FY23
5-year average
(FY18-22)
Debt-to-equity
| Gross NPA
ratio (%)
Quality
score

19.0
18.4
1.53
5

18.1
11.2
0.37
7

24.1
10.5
0.00
9
Stock
rating

85,390

2.6
-2.7
8.74
1
3,716

3.2
4.2
1.47
1
16,860

-7.5
-9.5
0.25
4
7,403

6.8
5.0
0.21
4
1.2
12.4
0.00
6
27.8
19.3
0.00
10
24.9
19.6
1.21
6

10.4
14.2
0.32
7
1,565

21.2
23.9
0.08
7
Specialty Chemicals
4,887

19.8
14.0
1.09
4
Raj Rayon Industries
Textiles and Leather
1,574

-12.1
-
1.20
4
Rajoo Engineers
Machinery & Equipments
1,044

11.1
14.3
0.01
8
Rajratan Global Wire
Other Materials
3,790

25.7
26.1
0.39
6
Price data and Stock Ratings as of November 30, 2023. Financial data as of FY23. *P/B for banks and non-banking financial companies (NBFC).
76 Wealth Insight January 2024
Subscription copy of [lokincredibl@gmail.com]. Redistribution prohibited.
60%
5to 1
Product engineering and IT services provider
R System’s three-year annualised return. Its
Quality score never dipped below 9 while the
Growth score stayed above 6.
The decline in Punjab National Bank’s Stock
Rating since FY13. The stock has returned -4
per cent annually in the last decade.
5-year per-share growth (% pa)
Revenue | Net
interest income
Profit
after tax
P/E | P/B*
CFO |
Advances
Growth
score
Current
5-year
median
Earnings
yield (%)
Valuation
score
Company
8.8
13.4
10.8
6.1
12.4
12.0
8.0
7.4
Power Grid Corporation of India
18.1
17.6
38.1
6.6
28.9
13.3
3.5
2.9
Power Mech Projects
29.6
43.0
9.5
6.6
43.5
29.6
2.3
3.0
Praj Industries
0.6
-15.5
1.5
6.2
7.0
6.5
14.3
4.0
Prakash Industries
10.2
-14.4
-1.0
5.9
42.3
53.1
2.4
3.4
Prataap Snacks
272.5
114.6
104.9
6.5
74.3
22.9
1.3
2.8
Praveg
20.7
8.3
0.0
5.6
53.9
23.4
1.9
1.9
Precision Camshafts
7.5
2.0
-11.7
4.9
34.7
13.7
2.9
2.4
Precision Wires India
-6.2
-3.1
23.5
7.0
66.9
36.0
1.5
1.9
Premier Explosives
7.2
18.6
6.1
5.8
23.5
22.1
4.3
3.8
Prestige Estates Projects
-2.3
31.8
6.3
6.2
34.6
25.6
2.9
3.2
Pricol
15.5
44.8
4.8
5.7
-
25.2
-
1.1
Prime Focus
3.5
77.4
14.2
5.9
39.1
11.2
2.6
4.5
Primo Chemicals
6.0
-224.9
0.2
5.0
56.4
61.4
1.8
1.6
Prism Johnson
8.6
-17.4
-15.1
5.8
183.8
38.5
0.5
1.5
Privi Speciality Chemicals
12.0
30.3
34.5
3.4
36.9
35.5
2.7
4.2
Procter & Gamble Health
9.8
12.6
14.7
6.9
76.0
71.3
1.3
2.7
P&G Hygiene & Health Care
20.9
15.3
-8.3
5.5
17.1
17.1
5.8
5.1
PSP Projects
-8.4
30.3
-10.3
4.8
0.8
0.6
8.1
6.8
PTC India Financial Services
-4.1
25.2
35.0
6.7
9.3
7.4
10.7
6.8
PTC India
16.8
28.2
25.8
2.6
214.5
55.6
0.5
1.2
PTC Industries
5.9
30.4
2.9
3.3
2.0
0.4
4.2
2.0
Punjab & Sind Bank
15.3
28.9
-1.1
6.2
23.9
31.7
4.2
5.1
Punjab Chem & Crop Protection
18.2
17.1
13.9
3.9
0.9
0.6
6.9
3.2
Punjab National Bank
-2.7
-6.2
47.7
5.9
184.7
17.6
0.5
2.1
Puravankara
-5.2
-205.3
-1.6
6.5
-
52.7
-
2.7
PVR Inox
22.3
-6.7
33.3
6.2
30.7
39.0
3.3
4.7
Quess Corp
3.0
-36.6
-15.3
3.5
-
14.8
-
1.5
Quick Heal Technologies
21.8
45.4
22.6
6.9
42.0
16.6
2.4
2.5
R Systems International
19.4
34.4
64.8
7.7
31.6
8.6
3.2
2.4
RACL Geartech
11.4
10.5
-5.5
5.5
85.0
25.2
1.2
0.9
Radico Khaitan
20.5
31.0
21.8
5.8
60.7
38.2
1.6
3.0
Raghav Productivity Enhancers
13.2
14.8
3.6
5.5
18.1
9.4
5.5
4.0
Rain Industries
2.3
13.1
-310.4
5.2
-
2.1
-
1.1
Raj Rayon Industries
2.0
-3.4
-1.8
5.0
90.9
17.1
1.1
1.1
Rajoo Engineers
3.2
-3.5
5.1
51.1
14.3
2.0
2.0
Rajratan Global Wire
-12.3
^indicates an increase or decrease in loss. CFO refers to cash flow from operations. For banks and NBFCs, we have used gross NPA ratio and five-year growth in net interest income and advances.
January 2024 Wealth Insight 77
Subscription copy of [lokincredibl@gmail.com]. Redistribution prohibited.
22 times
`13.32 lakh cr
EPC player Ramky Infra’s return in the last
three years, thanks to a consistent Growth score
of above 5 though the Quality score never
exceeded 2.
The amount by which the conglomerate
Reliance Industries’s market cap surged in the
last decade. Although it never scored above 8
in any category.
Company
Industry
Market
capitalisation
(` cr)
Return on equity (%)
Stock
rating
5-year average
(FY18-22)
Debt-to-equity
| Gross NPA
ratio (%)
Quality
score
5.3
12.8
0.06
5
FY23
Rallis India
Other Chemicals
4,526

Ram Ratna Wires
Machinery & Equipments
1,283

15.4
13.6
0.85
4
Rama Steel Tubes
Metal Processing
1,926

14.2
12.5
0.86
4
Ramco Industries
Building Products
1,848

3.1
2.9
0.08
5
Ramco Systems
Software & IT Services
-37.1
0.9
0.08
3
Ramkrishna Forgings
Metal Processing
20.7
10.9
1.01
4
Ramky Infrastructure
Construction & Engineering
5,036

-16.6
-6.9
1.17
3
Rane (Madras)
Auto Ancillaries
1,351

17.7
-7.7
2.72
2
Rane Holdings
Investment Management
1,867

9.5
0.0
1.06
2
Rashtriya Chemicals & Fertilizers
Other Chemicals
7,103

20.6
9.0
0.41
5
Ratnamani Metals & Tubes
Metal Processing
26,098

21.0
15.8
0.09
7
RattanIndia Enterprises
Diversified
10,695

-51.3
-27.1
2.29
6
Ravindra Energy
Energy Equip. & Services
907

10.2
-130.5
1.21
1
Raymond
Apparels & Footwear
10,005

24.1
3.8
0.72
5
RBL Bank
Banks
14,129

6.7
5.7
3.37
4
Redington
Technology Hardware
12,562

21.9
16.5
0.45
7
Refex Industries
Commodity Chemicals
1,173

37.0
49.6
0.26
8
Relaxo Footwears
Apparels & Footwear

8.5
19.3
0.00
9
Reliance Industrial Infrastructure
Construction & Engineering
1,653

2.2
2.6
0.00
5
Reliance Industries
Oil & Gas
16,07,898

8.9
10.6
0.44
6
Reliance Infrastructure
Construction & Engineering
7,517

-25.4
-7.7
0.82
1
Reliance Power
Power Generation
8,045

-15.2
-8.9
1.84
1
Renaissance Global
Fashion Accessories
Repro India
998
14,470
22,640


962

9.0
11.2
0.45
2
Business Services & Supp.
1,191

3.1
0.3
0.24
2
Responsive Industries
Construction Materials
8,670

2.4
1.9
0.26
4
RHI Magnesita India
Construction Materials
15,794
10.0
25.4
0.52
5
Rico Auto Industries
Auto Ancillaries
7.8
4.5
1.06
2
1,270


Rites
Construction & Engineering

21.3
20.5
0.00
10
Rossell India
Food Processing
1,879

10.4
8.1
0.56
2
Roto Pumps
Machinery & Equipments
1,241

22.3
19.2
0.24
7
RPG Life Sciences
Pharmaceuticals
2,300

24.0
15.0
0.00
10
RSWM
Textiles and Leather
951

9.3
5.4
0.87
2
Rupa & Company
Textiles and Leather
2,126

6.0
18.8
0.27
2
Rushil Decor
Construction Materials
1,014

23.9
11.5
1.17
3
S Chand And Co
Publishing

5.6
-1.2
0.14
3
Sadhana Nitro Chem
Commodity Chemicals

1.6
48.7
0.61
3
11,279
914
2,196
Price data and Stock Ratings as of November 30, 2023. Financial data as of FY23. *P/B for banks and non-banking financial companies (NBFC).
78 Wealth Insight January 2024
Subscription copy of [lokincredibl@gmail.com]. Redistribution prohibited.
577%
56%
Power generation company Reliance Power’s
absolute return in the last three years despite
never having a Stock Rating of more than 2
since FY19.
The annualised return generated by RPG Life
Sciences, a formulations and API manufacturer,
as its Quality score doubled from 5 in FY19 to
10 in November 2023.
5-year per-share growth (% pa)
Revenue | Net
interest income
Profit
after tax
P/E | P/B*
CFO |
Advances
Growth
score
Current
5-year
median
Earnings
yield (%)
Valuation
score
Company
14.6
-8.3
114.4
6.1
46.0
25.5
2.2
2.8
Rallis India
3.1
-3.4
71.9
4.6
25.4
11.7
3.9
3.1
Ram Ratna Wires
-33.7
-39.6
-193.5
3.5
60.2
22.9
1.7
1.1
Rama Steel Tubes
9.3
6.1
-180.8
3.4
19.5
11.6
5.1
3.0
Ramco Industries
-1.9
-273.4
35.4
3.5
-
54.2
-
0.7
Ramco Systems
-15.3
-11.8
3.6
6.1
49.9
22.1
2.0
2.0
Ramkrishna Forgings
-2.2
70.7
38.7
7.9
3.9
11.0
25.8
4.3
Ramky Infrastructure
3.7
-2.4
-0.8
5.9
37.0
25.8
2.7
1.9
Rane (Madras)
8.4
31.9
7.1
5.3
24.7
23.4
4.0
3.7
Rane Holdings
24.2
65.1
-6.1
6.4
13.6
11.1
7.4
6.3
Rashtriya Chemicals & Fertilizers
11.0
17.6
37.1
7.2
41.9
20.2
2.4
2.5
Ratnamani Metals & Tubes
-
9.4
-615.9
3.1
72.4
77.9
1.4
0.7
RattanIndia Enterprises
-11.7
16.1
14.6
5.9
43.2
52.6
2.3
4.4
Ravindra Energy
5.1
27.6
13.4
6.4
6.6
29.3
15.1
6.5
Raymond
20.3
6.8
11.8
6.1
1.0
1.1
8.3
4.1
RBL Bank
14.3
24.9
-277.9
4.3
10.1
10.1
9.9
6.0
Redington
71.5
144.1
44.9
3.1
10.1
7.0
9.9
4.3
Refex Industries
6.8
-1.5
20.2
6.5
116.8
59.1
0.9
2.5
Relaxo Footwears
-5.2
10.1
13.0
5.9
83.1
56.4
1.2
1.8
Reliance Industrial Infrastructure
16.0
13.9
8.5
6.2
23.5
19.6
4.3
4.4
Reliance Industries
-2.9
-209.8
-20.5
3.1
-
7.5
-
1.5
Reliance Infrastructure
-10.0
-179.8
-7.1
4.6
-
10.9
-
2.7
Reliance Power
-24.5
-22.7
27.4
4.2
13.4
7.4
7.5
5.4
Renaissance Global
5.0
-13.6
-20.2
6.0
90.8
29.1
1.1
1.7
Repro India
-4.8
21.2
-45.3
6.1
80.2
115.7
1.2
2.1
Responsive Industries
20.4
-226.0
31.4
5.7
-
26.0
-
2.2
RHI Magnesita India
13.7
-1.5
13.3
5.3
26.5
20.0
3.8
2.9
Rico Auto Industries
13.7
11.6
8.1
6.2
23.4
13.5
4.3
4.7
Rites
11.7
157.0
58.0
4.4
163.5
33.4
0.6
1.9
Rossell India
14.3
31.2
14.4
6.1
30.7
19.0
3.3
3.8
Roto Pumps
8.3
38.1
44.0
7.4
29.7
24.6
3.4
3.5
RPG Life Sciences
-8.4
33.5
-23.1
3.5
108.8
7.5
0.9
3.1
RSWM
0.4
-9.0
65.2
6.3
43.2
26.7
2.3
3.9
Rupa & Company
12.5
13.2
11.2
5.9
21.8
34.8
4.6
5.0
Rushil Decor
-5.2
-12.0
15.7
4.7
23.4
21.9
4.3
4.4
S Chand And Co
-36.6
-201.6
4.0
427.3
22.0
0.2
0.7
Sadhana Nitro Chem
4.7
^indicates an increase or decrease in loss. CFO refers to cash flow from operations. For banks and NBFCs, we have used gross NPA ratio and five-year growth in net interest income and advances.
January 2024 Wealth Insight 79
Subscription copy of [lokincredibl@gmail.com]. Redistribution prohibited.
2 to 9
52.7%
The jump that Saregama, India’s largest music
producer, saw in its Quality score since FY13.
Its market cap increased by 67 times in
that time.
Bearings manufacturer Schaffer’s yearly return
in the last three years. Its Growth score jumped
to 6 in November 2023, all the while maintaining
a Quality score above 8.
Company
Industry
Market
capitalisation
(` cr)
Return on equity (%)
Debt-to-equity
| Gross NPA
ratio (%)
Quality
score
8.8
0.14
6
2.0
6.1
0.90
2
Stock
rating
FY23

34.4
5-year average
(FY18-22)
Safari Industries (India)
Fashion Accessories
Sagar Cements
Construction Materials
3,488

Saint-Gobain Sekurit India
Auto Ancillaries
1,070

16.0
15.7
0.03
9
Saksoft
Software & IT Services
3,582

22.7
20.8
0.00
10
Salasar Techno Engineering
Construction & Engineering
1,582

12.0
15.7
0.68
3
Samvardhana Motherson Int
Auto Ancillaries
62,370

7.4
13.8
0.54
4
Sandhar Technologies
Auto Ancillaries
3,038

8.3
11.3
0.59
4
Sandur Manganese & Iron Ores
Metal Mining & Minerals
4,180

14.0
26.6
0.11
10
Sangam (India)
Textiles and Leather
1,567

19.5
6.8
0.96
3
Sanghi Industries
Construction Materials
3,126

-19.2
4.1
0.98
2
Sanghvi Movers
Industrial Services
3,400

14.2
-2.9
0.22
3
Sanmit Infra
Energy Equip. & Services
1,153

17.5
18.4
0.26
1
Sanofi India
Pharmaceuticals
18,477

27.9
23.8
0.00
10
Sarda Energy & Minerals
Metal Processing
8,429

18.8
16.7
0.41
6
Saregama India
Media & Entertainment
7,173

13.6
19.2
0.00
9
Sasken Technologies
Software & IT Services
1,736

14.5
16.8
0.00
8
Sastasundar Ventures
Healthcare & Services
1,461

-8.4
19.2
0.00
8
Sat Industries
Other Materials
1,327

18.4
10.1
0.40
2
Satia Industries
Other Materials
1,177

30.1
25.5
0.57
8
Saurashtra Cement
Construction Materials

-2.5
9.4
0.08
5
Savita Oil Technologies
Other Chemicals

16.7
18.1
0.00
4
Schaeffler India
Machinery & Equipments

21.8
15.7
0.00
10
Schneider Electric Infrastructure
Utilities
7,945

115.7
48.6
3.39
2
Seamec
Logistics
2,311

4.3
15.3
0.17
6
SEPC
Construction & Engineering
2,701

-15.7
-10.1
0.37
1
Sequent Scientific
Pharmaceuticals
3,086

-8.2
8.7
0.62
1
Servotech Power Systems
Utilities
1,668

16.6
7.8
0.52
3
Seshasayee Paper & Boards
Other Materials
2,094

27.4
15.5
0.00
10
SG Finserve
Financial Services
2,670

6.3
4.0
0.95
2
SG Mart
Power Generation
4,564

1.6
3.2
0.00
9
SH Kelkar & Co
Specialty Chemicals
2,159

7.8
11.4
0.55
3
Shaily Engineering Plastics
Other Materials
1,450

7.9
15.5
0.46
5
Shakti Pumps (India)
Machinery & Equipments
1,840

5.9
13.8
0.18
2
Shalby
Healthcare & Services
3,313

7.5
5.4
0.15
6
Shalimar Paints
Specialty Chemicals
1,409

-10.3
-23.9
0.44
1
Shankara Building Products
Specialty Retail
1,693

10.5
8.2
0.13
4
10,519
951
2,228
44,335
Price data and Stock Ratings as of November 30, 2023. Financial data as of FY23. *P/B for banks and non-banking financial companies (NBFC).
80 Wealth Insight January 2024
Subscription copy of [lokincredibl@gmail.com]. Redistribution prohibited.
38.5%
1
Animal health product manufacturer Sequent
Scientific’s one-year return. Its Quality score
crashed from 5 in FY22 to 1 in November 2023.
5-year per-share growth (% pa)
Revenue | Net
interest income
Profit
after tax
The Stock Rating of Shalimar Paints
(paint maker) since FY18. Yet, the stock has
annualised returns of 33 per cent over the last
three years.
P/E | P/B*
CFO |
Advances
Growth
score
Current
5-year
median
Earnings
yield (%)
Valuation
score
Company
22.1
40.4
24.5
7.4
64.8
64.1
1.5
2.0
Safari Industries (India)
10.9
-24.1
-1.8
6.1
115.0
33.9
0.9
2.6
Sagar Cements
4.9
16.0
15.6
6.7
34.2
39.3
2.9
4.0
Saint-Gobain Sekurit India
-25.4
-19.7
-22.7
4.8
37.6
13.9
2.7
2.4
Saksoft
-29.8
-35.2
14.9
4.4
35.5
20.5
2.8
1.6
Salasar Techno Engineering
-8.2
-19.2
-7.9
5.6
32.6
40.2
3.1
4.7
Samvardhana Motherson Int
8.4
1.5
10.4
6.5
32.8
21.1
3.1
3.0
Sandhar Technologies
2.5
-4.6
-18.5
2.4
14.8
7.4
6.7
4.5
Sandur Manganese & Iron Ores
7.7
31.9
14.7
4.9
22.1
13.1
4.5
3.7
Sangam (India)
-2.5
-227.7
-164.3
2.4
-
22.3
-
0.5
Sanghi Industries
14.8
31.6
15.3
7.4
23.0
18.7
4.3
3.9
Sanghvi Movers
-31.0
-9.0
15.3
5.7
242.0
125.0
0.4
0.9
Sanmit Infra
2.4
13.7
-1.7
5.2
31.0
33.2
3.2
4.3
Sanofi India
14.7
24.8
19.0
4.9
15.0
6.8
6.7
6.3
Sarda Energy & Minerals
-28.5
-10.0
19.6
4.9
38.2
33.5
2.6
3.9
Saregama India
0.2
6.5
0.6
4.3
18.9
11.6
5.3
4.5
Sasken Technologies
45.5
-236.6
-167.6
4.8
-
180.8
-
1.2
Sastasundar Ventures
34.9
42.7
11.1
6.1
5.1
21.8
19.5
6.1
Sat Industries
-21.6
-22.5
-25.1
5.2
4.8
8.8
20.7
7.4
Satia Industries
23.0
-180.9
-15.6
5.2
44.9
8.7
2.2
2.6
Saurashtra Cement
15.3
12.3
-192.1
1.7
13.3
11.9
7.5
4.4
Savita Oil Technologies
-1.5
3.8
-0.1
6.0
48.1
39.8
2.1
2.7
Schaeffler India
6.2
31.4
-9.6
6.6
47.8
82.5
2.1
3.7
Schneider Electric Infrastructure
17.7
101.8
12.7
4.9
547.5
17.7
0.2
1.9
Seamec
-19.6
-22.5
-11.1
5.6
-
33.6
-
1.5
SEPC
10.4
-263.5
-18.3
3.7
-
58.2
-
0.9
Sequent Scientific
-17.7
-14.3
3.8
3.5
97.3
64.6
1.0
2.5
Servotech Power Systems
13.5
25.8
7.9
5.7
5.6
9.4
17.9
7.3
Seshasayee Paper & Boards
39.4
30.7
-479.5
5.0
51.6
71.5
1.9
3.8
SG Finserve
15.8
1.5
99.8
6.3
452.0
107.4
0.2
1.7
SG Mart
11.5
-6.6
14.7
6.4
30.1
24.8
3.3
4.4
SH Kelkar & Co
11.3
2.6
70.6
6.5
37.1
32.4
2.7
4.1
Shaily Engineering Plastics
17.3
-7.1
14.6
6.2
90.4
17.3
1.1
1.6
Shakti Pumps (India)
16.3
11.6
37.2
7.5
42.7
27.4
2.3
2.4
Shalby
-14.0
12.4
-181.1
4.6
-
39.5
-
0.6
Shalimar Paints
-3.1
18.2
6.4
23.8
32.3
4.2
4.6
Shankara Building Products
9.6
^indicates an increase or decrease in loss. CFO refers to cash flow from operations. For banks and NBFCs, we have used gross NPA ratio and five-year growth in net interest income and advances.
January 2024 Wealth Insight 81
Subscription copy of [lokincredibl@gmail.com]. Redistribution prohibited.
4x
`96,389 cr
The leap that exhaust system manufacturer
Sharda Motor saw in its market cap as its
Growth score jumped from 1.4 in FY20 to 5.1 in
November 2023.
The wealth generated by Siemens in the last
five years as its Growth score soared from
2.5 in FY19 to 6 in November 2023.
Company
Industry
Market
capitalisation
(` cr)
Return on equity (%)
Stock
rating
FY23
5-year average
(FY18-22)
Debt-to-equity
| Gross NPA
ratio (%)
Quality
score
23.8
11.0
0.00
10
5.7
2.2
0.04
6
Shanthi Gears
Machinery & Equipments
3,784

Shanti Educational Initiatives
Household & Personal Ser.
1,059

Sharda Cropchem
Other Chemicals
3,635

16.5
16.0
0.00
8
Sharda Motor Industries
Auto Ancillaries
3,926

31.3
21.2
0.00
10
Share India Securities
Financial Services
5,511

45.1
32.8
0.24
9
Sheela Foam
Household Durables
12,479

13.4
21.7
0.29
8
Shilchar Technologies
Machinery & Equipments
1,920

42.9
11.0
0.00
6
Shilpa Medicare
Pharmaceuticals
3,167

-1.8
9.2
0.45
2
Shipping Corporation Of India
Logistics
6,698

13.5
5.8
0.37
4
Shivalik Bimetal Controls
Machinery & Equipments
3,185

34.6
22.0
0.22
6
Shivalik Rasayan
Other Chemicals
1,129

9.2
23.5
0.21
5
Shoppers Stop
Specialty Retail
7,543

83.7
-63.8
0.65
6
Shree Cement
Construction Materials
96,527

7.0
14.3
0.14
8
Shree Digvijay Cement Company
Construction Materials
Shriram Finance
Non-banking Fin. Services
Shriram Pistons & Rings
1,312

18.1
13.3
0.00
9
75,384

17.3
14.7
6.21
8
Auto Ancillaries
4,384

21.1
11.9
0.20
8
Sical Logistics
Logistics
1,835

9.0
-2.0
8.79
1
Siemens
Diversified
11.5
11.7
0.00
8
Sindhu Trade Links
Logistics
4,333

0.0
6.8
1.23
1
SIRCA Paints India
Specialty Chemicals
2,001

18.8
19.2
0.00
7
SIS
Business Services & Supp.
7,089

15.7
19.6
0.66
5
Siyaram Silk Mills
Apparels & Footwear
2,467

24.2
13.5
0.13
6
SJVN
Power Generation
33,356

10.4
11.6
1.01
5
SKF India
Machinery & Equipments
22,740

24.8
18.3
0.00
10
Skipper
Machinery & Equipments
2,576

4.7
7.7
0.63
4
SKM Egg Products Export (India)
Farming
1,016

48.3
6.9
0.45
6
Sky Gold
Fashion Accessories
1,113

21.3
16.3
1.49
6
SML Isuzu
Automobile
2,204

11.7
-17.6
1.45
3
SMS Pharmaceuticals
Pharmaceuticals
1,004

-1.5
14.0
0.55
4
Snowman Logistics
Logistics

3.2
-0.3
0.25
4
Sobha
Real Estate

4.2
8.3
0.80
4
Solar Industries India
Commodity Chemicals

33.5
22.8
0.45
9
Solara Active Pharma Sciences
Pharmaceuticals
1,218

-1.5
6.7
0.67
2
Som Distilleries Brew. & Wineries
Alcoholic Beverages
2,257

18.1
2.8
0.65
4
Somany Ceramics
Building Products
2,873

9.8
10.0
0.62
4
Sonata Software
Software & IT Services
19,055

37.7
34.7
0.38
8
1,30,194
986
8,605
56,577

Price data and Stock Ratings as of November 30, 2023. Financial data as of FY23. *P/B for banks and non-banking financial companies (NBFC).
82 Wealth Insight January 2024
Subscription copy of [lokincredibl@gmail.com]. Redistribution prohibited.
156%
43%
Logistics player Sindhu Trade Links’ three-year
annualised return, though it never had a Stock
Rating higher than 1.
Bearing and seal manufacturer SKF India’s
returns in the last three years, with the Quality
score rising above 8 and the Growth score
soaring above 6 in November 2023.
5-year per-share growth (% pa)
Revenue | Net
interest income
Profit
after tax
P/E | P/B*
CFO |
Advances
Growth
score
Current
5-year
median
Earnings
yield (%)
Valuation
score
Company
17.3
20.1
9.7
7.1
49.7
45.3
2.0
2.3
Shanthi Gears
-45.1
-27.3
-51.1
4.3
221.8
301.3
0.5
1.6
Shanti Educational Initiatives
18.8
12.4
80.9
5.8
19.0
15.7
5.3
4.6
Sharda Cropchem
18.5
21.8
-211.6
5.1
16.1
14.8
6.2
4.0
Sharda Motor Industries
43.8
74.5
-254.5
5.8
14.0
13.0
7.1
5.1
Share India Securities
-6.1
-5.4
-4.5
3.6
64.9
51.5
1.5
3.2
Sheela Foam
26.2
49.0
52.0
7.9
27.9
14.2
3.6
3.9
Shilchar Technologies
4.6
-177.6
36.4
5.9
-
34.4
-
2.3
Shilpa Medicare
10.8
23.2
45.0
6.3
7.5
9.3
13.4
6.0
Shipping Corporation Of India
14.7
27.3
50.7
7.0
39.9
17.1
2.5
2.6
Shivalik Bimetal Controls
1.9
7.3
-47.5
3.6
80.0
47.0
1.2
1.8
Shivalik Rasayan
-4.8
-19.4
7.9
5.6
80.1
82.6
1.2
3.1
Shoppers Stop
11.9
-2.4
5.7
5.8
52.8
51.1
1.9
3.1
Shree Cement
11.3
33.3
-3.8
6.4
22.1
19.9
4.5
6.1
Shree Digvijay Cement Company
17.6
20.3
13.6
6.8
1.6
1.7
8.7
6.0
Shriram Finance
8.9
16.5
18.1
6.2
12.4
15.7
8.1
6.6
Shriram Pistons & Rings
-24.4
-287.8
-45.7
2.1
-
36.3
-
0.0
Sical Logistics
7.8
2.1
11.3
6.0
66.4
56.1
1.5
2.4
Siemens
3.9
-63.4
-192.4
2.3
42.6
48.0
2.3
1.8
Sindhu Trade Links
34.5
28.4
-280.2
4.4
41.3
40.1
2.4
3.5
SIRCA Paints India
14.3
16.4
-4.4
5.5
19.6
21.7
5.1
4.9
SIS
5.2
17.8
57.5
6.1
11.7
11.9
8.6
6.7
Siyaram Silk Mills
5.7
2.1
-0.1
5.2
29.8
8.1
3.4
2.0
SJVN
10.2
13.0
14.3
6.1
47.0
33.9
2.1
3.1
SKF India
-0.9
-22.6
28.7
7.1
37.2
19.1
2.7
2.9
Skipper
15.8
125.5
29.2
7.5
8.4
16.6
11.9
5.7
SKM Egg Products Export (India)
-5.0
21.1
-175.4
5.5
36.7
17.3
2.7
2.2
Sky Gold
9.9
18.5
36.5
7.6
27.7
43.0
3.6
3.0
SML Isuzu
2.3
-37.4
-6.7
4.5
32.3
16.2
3.1
2.6
SMS Pharmaceuticals
16.5
41.9
18.7
7.1
65.1
126.4
1.5
3.0
Snowman Logistics
3.5
-13.6
26.6
5.8
80.1
20.6
1.2
2.9
Sobha
29.3
28.3
20.9
7.1
70.0
43.8
1.4
1.5
Solar Industries India
9.6
-309.6
14.2
6.3
-
21.8
-
2.6
Solara Active Pharma Sciences
-3.0
-2.3
-42.0
5.9
30.1
29.4
3.3
2.3
Som Distilleries Brew. & Wineries
7.6
-3.3
8.2
6.0
35.8
33.1
2.8
3.5
Somany Ceramics
12.0
-7.0
4.8
40.1
14.7
2.5
2.1
Sonata Software
17.9
^indicates an increase or decrease in loss. CFO refers to cash flow from operations. For banks and NBFCs, we have used gross NPA ratio and five-year growth in net interest income and advances.
January 2024 Wealth Insight 83
Subscription copy of [lokincredibl@gmail.com]. Redistribution prohibited.
59 times
7.3
Technical textile and specialty chemicals
manufacturer SRF’s returns in the last 10 years,
while its Growth score never slipped below 5.
SBI’s Growth score as of November 2023. It is
the only public sector bank with a Growth score
over 7.
Company
Industry
Market
capitalisation
(` cr)
Return on equity (%)
Stock
rating
FY23
5-year average
(FY18-22)
Debt-to-equity
| Gross NPA
ratio (%)
Quality
score
Southern Petrochemical Ind Corp
Other Chemicals
1,426

35.8
16.1
0.40
7
SP Apparels
Apparels & Footwear
1,555

12.6
12.2
0.32
6
Spacenet Enterprises India
Software & IT Services
1,292

6.2
-
0.01
2
Speciality Restaurants
Hotels, Resorts & Cruise Lines

42.0
-11.0
0.00
8
Sportking India
Textiles and Leather
1,045

19.5
25.3
0.53
4
SRF
Other Chemicals
70,205

22.9
18.8
0.42
7
Star Cement
Construction Materials

10.8
16.4
0.01
9
State Bank Of India
Banks
5,03,973

16.5
8.7
2.78
4
Steel Authority Of India
Metal Processing
38,092

3.5
8.9
0.56
3
Steel Exchange India
Metal Processing
1,195

-11.7
14.5
1.19
2
Steel Strips Wheels
Auto Ancillaries
4,352

18.6
13.4
0.59
6
Steelcast
Metal Processing
1,262

37.9
17.8
0.11
10
Sterling Tools
Auto Ancillaries
1,250

11.8
13.3
0.33
7
Sterlite Technologies
Machinery & Equipments
5,832

12.1
24.7
1.77
3
Strides Pharma Science
Pharmaceuticals
4,471

-9.0
-0.2
1.27
1
Stylam Industries
Building Products
3,139

26.4
19.2
0.11
7
Styrenix Performance Materials
Other Materials
2,550

23.3
16.3
0.01
9
Subex
Software & IT Services
1,766

-9.4
-4.3
0.00
4
Sudarshan Chemical Industries
Specialty Chemicals
3,156

5.4
21.9
0.99
3
Sun Pharma Adv Research Co
Pharmaceuticals
8,939

-81.8
-91.3
0.00
3
Sun Pharmaceutical Industries
Pharmaceuticals
2,94,434

16.6
7.4
0.11
7
Sun TV Network
Media & Entertainment
26,583

19.6
24.8
0.00
10
Sundram Fasteners
Machinery & Equipments
26,009

17.6
21.4
0.23
8
Sunflag Iron & Steel Company
Metal Processing
3,507

-3.0
13.2
0.16
8
Sunteck Realty
Real Estate
7,300

0.1
4.8
0.25
2
Suprajit Engineering
Auto Ancillaries
5,264

13.2
17.5
0.53
6
Supreme Industries
Other Materials
56,670

21.0
26.2
0.00
10
Surya Roshni
Machinery & Equipments
5,494

19.7
11.5
0.22
3
Sutlej Textiles & Industries
Textiles and Leather
1,039

6.7
7.2
0.86
3
Suven Life Sciences
Pharmaceuticals
1,837

-52.7
-50.0
0.00
5
Suyog Telematics
Construction & Engineering
21.9
28.3
0.43
7
Suzlon Energy
Machinery & Equipments
55,240

-13.6
-
1.73
4
Swan Energy
Textiles and Leather
11,161

-2.2
-3.3
2.20
1
Swaraj Engines
Auto Ancillaries
2,671

41.2
34.0
0.00
10
Symphony
Household Durables
5,948

13.5
21.7
0.22
9
Syncom Formulations (India)
Pharmaceuticals
1,104

8.4
10.7
0.32
3
940
6,671
983

Price data and Stock Ratings as of November 30, 2023. Financial data as of FY23. *P/B for banks and non-banking financial companies (NBFC).
84 Wealth Insight January 2024
Subscription copy of [lokincredibl@gmail.com]. Redistribution prohibited.
44.7%
2to 5
Textile manufacturer Swan Energy’s annual
returns in the last three years despite having a
Stock Rating of just 1 in each of the last four
years.
The improvement in the Stock Rating of
castings manufacturer Steelcast since FY16. Its
Quality score improved from 2 to 10 with the
share price growing 23 times in 10 years.
5-year per-share growth (% pa)
Revenue | Net
interest income
Profit
after tax
P/E | P/B*
CFO |
Advances
Growth
score
Current
5-year
median
Earnings
yield (%)
Valuation
score
Company
0.6
46.0
-158.3
5.6
6.5
7.5
15.4
6.4
Southern Petrochemical Ind Corp
10.3
11.6
184.9
7.0
20.1
13.0
5.0
4.2
SP Apparels
92.5
-45.3
-160.5
3.9
185.2
309.4
0.5
1.5
Spacenet Enterprises India
4.8
33.0
55.6
6.9
11.3
43.0
8.8
6.0
Speciality Restaurants
17.5
49.2
32.1
6.9
12.7
6.2
7.9
5.6
Sportking India
20.8
35.3
32.9
6.5
40.5
23.1
2.5
3.4
SRF
11.7
-5.2
-1.5
5.8
23.6
15.7
4.2
2.9
Star Cement
14.1
50.3
10.6
7.3
1.4
1.3
13.5
6.6
State Bank Of India
12.7
57.6
-197.0
5.0
11.8
11.4
8.5
5.1
Steel Authority Of India
-35.8
14.6
-27.5
4.7
-
7.7
-
2.6
Steel Exchange India
-12.0
-12.5
-21.6
2.7
22.5
15.0
4.5
4.3
Steel Strips Wheels
15.6
27.6
52.2
7.1
16.2
21.0
6.2
5.2
Steelcast
11.3
-0.4
6.0
6.3
26.5
20.5
3.8
3.9
Sterling Tools
17.0
-8.8
-20.8
4.3
28.7
30.6
3.5
4.0
Sterlite Technologies
5.1
-225.2
-25.1
5.9
-
23.3
-
1.9
Strides Pharma Science
22.1
35.7
27.0
7.4
28.4
22.1
3.5
3.7
Stylam Industries
4.6
22.5
9.3
5.8
15.8
17.0
6.3
6.1
Styrenix Performance Materials
-3.0
-219.9
-29.6
4.3
-
14.9
-
1.7
Subex
6.9
-12.0
14.2
6.3
9.9
23.7
10.1
3.5
Sudarshan Chemical Industries
18.7
2.4
11.3
5.5
-
176.1
-
1.3
Sun Pharma Adv Research Co
10.7
27.2
4.9
5.4
34.4
41.8
2.9
4.3
Sun Pharmaceutical Industries
4.9
8.5
8.9
6.0
14.3
16.2
7.0
6.3
Sun TV Network
8.0
5.2
0.5
5.7
51.7
27.7
1.9
2.5
Sundram Fasteners
11.0
54.0
18.8
6.1
21.4
9.4
4.7
4.5
Sunflag Iron & Steel Company
-16.4
-63.7
28.9
4.3
-
30.3
-
2.1
Sunteck Realty
14.2
2.1
2.2
5.5
35.8
30.5
2.8
3.7
Suprajit Engineering
13.1
14.9
11.9
6.9
55.1
29.9
1.8
1.8
Supreme Industries
10.2
25.4
12.6
2.0
14.4
11.9
6.9
5.0
Surya Roshni
4.4
-19.9
4.5
5.1
-
7.7
-
2.1
Sutlej Textiles & Industries
-58.3
-189.0
-197.0
4.0
-
21.0
-
1.0
Suven Life Sciences
10.5
19.4
14.7
6.5
19.2
13.0
5.2
3.6
Suyog Telematics
-20.7
38.9
30.7
5.0
98.4
12.0
1.0
1.4
Suzlon Energy
30.9
-200.7
-248.8
4.7
36.2
358.3
2.8
3.2
Swan Energy
13.0
10.7
8.2
6.1
19.5
20.2
5.1
5.3
Swaraj Engines
8.3
-9.7
3.2
5.8
52.2
56.1
1.9
3.2
Symphony
18.3
53.7
2.3
46.9
18.8
2.1
1.7
Syncom Formulations (India)
7.2
^indicates an increase or decrease in loss. CFO refers to cash flow from operations. For banks and NBFCs, we have used gross NPA ratio and five-year growth in net interest income and advances.
January 2024 Wealth Insight 85
Subscription copy of [lokincredibl@gmail.com]. Redistribution prohibited.
98%
`8.86 lakh cr
The annualised return that Tanla, a messaging
platform provider, generated in the last five
years while the Quality score rose from 5 in
FY18 to 8 in November 2023.
The wealth that TCS created in the last decade,
with a perfect Quality score and a stellar Stock
Rating.
Company
Industry
Market
capitalisation
(` cr)
Return on equity (%)
FY23
5-year average
(FY18-22)
Debt-to-equity
| Gross NPA
ratio (%)
Quality
score

13.4
17.3
0.16
7
993

28.0
50.4
0.00
9
Stock
rating
Syngene International
Pharmaceuticals
TAAL Enterprises
Transportation
Taj GVK Hotels & Resorts
Hotels, Resorts & Cruise Lines
1,379

22.5
2.8
0.21
7
Talbros Automotive Components
Auto Ancillaries
1,813

16.6
10.9
0.24
6
Tamil Nadu Newsprint & Papers
Other Materials
1,855

22.0
1.6
0.96
4
Tanfac Industries
Specialty Chemicals
2,224

35.3
68.6
0.00
10
Tanla Platforms
Software & IT Services
12,323

31.2
14.1
0.00
8
Tasty Bite Eatables
Food Processing

13.1
22.3
0.31
8
Tata Chemicals
Commodity Chemicals

12.3
9.5
0.31
6
Tata Coffee
Food Processing
Tata Communications
Telecommunications Services
Tata Consultancy Services
Software & IT Services
Tata Consumer Products
Food Processing
87,425
Tata Elxsi
Software & IT Services
51,450

41.0
Tata Metaliks
Metal Processing
3,126

5.2
Tata Motors
Automobile
2,34,659

1.7
Tata Power Company
Utilities
85,619

Tata Steel
Metal Processing
1,57,343

TCI Express
Logistics
5,372
TCNS Clothing Co
Apparels & Footwear
TCPL Packaging
30,234
3,854
24,729
5,189

9.2
14.1
0.56
6
48,628

140.5
59.6
4.96
5
46.9
37.4
0.00
10
6.8
6.9
0.07
8
32.8
0.00
10
29.8
0.00
9
-18.2
2.78
2
9.9
13.2
1.70
2
7.9
22.3
0.76
5

24.6
29.1
0.00
10
2,431

-2.8
14.6
0.07
5
Containers & Packaging
2,106

25.2
12.9
1.11
3
TD Power Systems
Machinery & Equipments
4,338

16.9
5.8
0.00
4
TeamLease Services
Business Services & Supp.
4,236

15.1
12.8
0.02
8
Tech Mahindra
Software & IT Services
1,19,132

16.9
20.9
0.06
8
Technocraft Industries India
Building Products

19.1
16.9
0.46
5
Tejas Networks
Comm. & Networking
13,564

-1.5
0.6
0.00
2
Texmaco Infrastructure & Holdings
Real Estate Services
1,310

0.5
-2.0
0.04
7
Texmaco Rail & Engineering
Machinery & Equipments
5,459

1.9
0.6
0.72
3
TGV SRACC
Other Chemicals
1,072

40.5
11.7
0.21
8
Thangamayil Jewellery
Fashion Accessories
3,771

22.4
19.8
1.37
4
The Federal Bank
Banks
35,830

14.9
11.4
2.36
6
The Great Eastern Shipping Co
Logistics
12,490

28.1
4.1
0.35
8
The India Cements
Construction Materials

-4.5
1.6
0.55
2
The Indian Hotels Company
Hotels, Resorts & Cruise Lines
59,884

13.3
-1.2
0.10
6
The Jammu & Kashmir Bank
Banks
11,295

13.3
3.3
6.04
3
The Karnataka Bank
Banks
7,583

15.4
9.3
3.74
7
12,78,253
5,116
7,792


Price data and Stock Ratings as of November 30, 2023. Financial data as of FY23. *P/B for banks and non-banking financial companies (NBFC).
86 Wealth Insight January 2024
Subscription copy of [lokincredibl@gmail.com]. Redistribution prohibited.
4 times
>7
The jump that power generation company Tata
Power saw in the last three years. Contrastingly,
its Quality score fell from 8 in FY18 to 2 in
November 2023.
The Growth score maintained by Federal Bank
since FY17, becoming the only company to
do so.
5-year per-share growth (% pa)
Revenue | Net
interest income
Profit
after tax
P/E | P/B*
CFO |
Advances
Growth
score
Current
5-year
median
Earnings
yield (%)
Valuation
score
Company
17.5
8.7
13.0
6.8
60.7
46.5
1.6
2.6
Syngene International
8.8
11.3
8.5
5.9
26.6
10.3
3.8
2.7
TAAL Enterprises
5.9
30.6
6.0
6.2
19.3
69.6
5.2
5.6
Taj GVK Hotels & Resorts
10.5
28.3
10.7
5.5
26.6
11.6
3.8
4.7
Talbros Automotive Components
10.8
62.1
-0.6
5.4
4.9
7.6
20.2
7.4
Tamil Nadu Newsprint & Papers
18.3
42.1
19.8
6.2
32.5
13.9
3.1
2.1
Tanfac Industries
28.8
81.3
44.9
6.4
23.9
28.7
4.2
4.9
Tanla Platforms
9.9
2.7
23.6
6.0
84.5
72.2
1.2
2.7
Tasty Bite Eatables
10.3
9.5
9.7
6.0
12.0
15.3
8.3
6.4
Tata Chemicals
12.7
11.4
18.7
6.9
28.9
17.8
3.5
4.4
Tata Coffee
1.2
50.5
20.7
5.9
36.8
25.7
2.7
4.1
Tata Communications
13.9
11.3
11.9
6.0
28.6
25.6
3.5
4.3
Tata Consultancy Services
6.6
10.0
22.8
5.9
68.6
37.1
1.5
2.9
Tata Consumer Products
17.8
25.8
19.8
6.6
65.5
31.9
1.5
2.3
Tata Elxsi
6.9
-16.6
-17.7
4.9
23.9
9.7
4.2
3.1
Tata Metaliks
0.6
-21.4
5.2
6.7
15.3
17.7
6.5
4.4
Tata Motors
11.7
3.8
-1.0
5.9
24.0
23.6
4.2
3.8
Tata Power Company
-27.9
-46.1
-23.3
3.2
-
6.3
-
3.0
Tata Steel
7.0
19.0
14.7
6.1
38.6
42.1
2.6
3.5
TCI Express
3.7
-170.8
-125.9
2.7
-
45.1
-
1.4
TCNS Clothing Co
15.5
42.2
20.0
7.3
20.7
13.3
4.8
3.6
TCPL Packaging
-15.6
28.0
55.5
7.7
37.8
29.1
2.6
2.7
TD Power Systems
16.8
8.6
9.8
6.4
39.7
54.0
2.5
4.0
TeamLease Services
11.7
5.2
9.5
5.1
33.1
18.6
3.0
4.2
Tech Mahindra
12.3
19.5
49.4
6.6
18.0
9.4
5.6
3.4
Technocraft Industries India
-7.9
-171.3
-196.9
3.0
-
14.3
-
0.7
Tejas Networks
-2.0
-16.2
-204.2
4.4
500.3
62.4
0.2
2.3
Texmaco Infrastructure & Holdings
6.2
-10.1
9.8
5.4
79.6
61.0
1.3
1.2
Texmaco Rail & Engineering
10.9
60.0
19.3
6.3
6.8
6.1
14.7
6.2
TGV SRACC
18.0
28.4
17.1
5.9
33.7
24.9
3.0
3.3
Thangamayil Jewellery
15.1
27.9
13.7
7.8
1.3
1.3
10.2
6.1
The Federal Bank
14.6
71.7
26.5
7.2
5.0
8.6
20.2
7.3
The Great Eastern Shipping Co
1.1
-219.1
-151.1
3.7
-
38.3
-
1.8
The India Cements
3.5
66.7
22.5
7.5
54.4
65.4
1.8
3.1
The Indian Hotels Company
10.6
42.6
7.7
4.5
1.2
0.5
13.2
3.7
The Jammu & Kashmir Bank
29.4
4.9
6.3
0.8
0.6
17.9
5.3
The Karnataka Bank
11.4
^indicates an increase or decrease in loss. CFO refers to cash flow from operations. For banks and NBFCs, we have used gross NPA ratio and five-year growth in net interest income and advances.
January 2024 Wealth Insight 87
Subscription copy of [lokincredibl@gmail.com]. Redistribution prohibited.
8/10
`95,540 cr
The Quality score reported by Tide Water
(lubricant manufacturer), despite a meagre
five-year return of 4.3 per cent per annum.
The wealth created by Trent, a leading apparel
retailer, despite consistently having a Valuation
score of less than 3.
Company
Industry
Market
capitalisation
(` cr)
Return on equity (%)
Debt-to-equity
| Gross NPA
ratio (%)
Quality
score
7.6
0.51
6
4.7
13.5
0.65
4
Stock
rating
FY23
10.5
5-year average
(FY18-22)
The Phoenix Mills
Real Estate Services
42,343

The Ramco Cements
Construction Materials
23,446

The South Indian Bank
Banks
5,175

12.4
4.2
5.14
3
Themis Medicare
Pharmaceuticals
1,568

18.2
9.7
0.27
5
Thermax
Machinery & Equipments
30,183

12.2
8.8
0.21
5
Thirumalai Chemicals
Other Chemicals
2,047

7.9
20.6
0.37
6
Thomas Cook (India)
Leisure & Recreation
7,078

0.5
13.9
0.34
3
Thyrocare Technologies
Healthcare & Services
2,948

12.4
25.9
0.00
10
Tide Water Oil Company (India)
Other Chemicals
2,319

15.4
15.9
0.01
10
Tilaknagar Industries
Alcoholic Beverages
5,097

23.4
31.7
0.54
7
Time Technoplast
Containers & Packaging
4,010

10.1
10.4
0.36
3
Timex Group India
Fashion Accessories
1,847

122.3
14.1
0.41
4
Timken India
Machinery & Equipments

21.2
15.4
0.01
8
22,101
Tinna Rubber and Infrastructure
Specialty Chemicals
1,024

25.1
2.4
0.61
5
Tinplate Company Of India
Containers & Packaging
4,324

11.7
16.0
0.00
9
Tips Industries
Media & Entertainment
4,637

64.1
27.0
0.00
10
Titagarh Railsystems
Machinery & Equipments

15.4
0.9
0.26
4
Titan
Fashion Accessories

30.7
22.4
0.63
9
Torrent Pharmaceuticals
Pharmaceuticals
71,999

20.5
16.5
0.85
6
Torrent Power
Utilities
46,319

20.2
11.0
0.95
8
Transformers & Rectifiers India
Machinery & Equipments

10.9
2.0
0.84
2
Transpek Industry
Other Chemicals

15.6
15.9
0.13
9
Transport Corporation Of India
Logistics
6,667

20.5
15.2
0.04
8
Trent
Apparels & Footwear
98,996

18.1
2.1
0.19
9
Trident
Textiles and Leather
18,483

11.0
13.4
0.33
7
Triveni Engineering & Industries
Food Processing
8,483

17.1
20.1
0.34
6
Triveni Turbine
Machinery & Equipments

23.8
24.6
0.00
10
12,364
3,10,010
2,624
982
13,729
TTK Healthcare
Pharmaceuticals
7.0
8.9
0.03
7
TTK Prestige
Household Durables
10,689

13.9
19.4
0.02
9
Tube Investments Of India
Auto Ancillaries
65,115

22.3
20.2
0.16
9
Tuticorin Alkali Chem and Fert
Commodity Chemicals
1,178

-72.2
-
0.40
2
TV Today Network
Media & Entertainment
1,218

9.9
16.6
0.00
4
TV18 Broadcast
Media & Entertainment
7,392

2.5
11.5
0.88
3
TVS Holdings
Auto Ancillaries
12,232

14.6
26.4
7.72
4
TVS Motor
Automobile
88,872

26.9
21.4
3.93
5
TVS Srichakra
Auto Ancillaries
3,699

8.3
12.0
0.64
4
1,929

Price data and Stock Ratings as of November 30, 2023. Financial data as of FY23. *P/B for banks and non-banking financial companies (NBFC).
88 Wealth Insight January 2024
Subscription copy of [lokincredibl@gmail.com]. Redistribution prohibited.
5%
27.4%
Kitchenware giant TTK Prestige’s annual
five-year returns, despite its near-perfect Quality
score. Moreover, its Valuation score always
remained below 4.
The yearly returns that TVS Motor, a twowheeler giant, generated in the last five years
although the Quality score fell from 8 in FY18 to
5 in November 2023.
5-year per-share growth (% pa)
Revenue | Net
interest income
Profit
after tax
P/E | P/B*
CFO |
Advances
Growth
score
Current
5-year
median
Earnings
yield (%)
Valuation
score
Company
6.9
42.9
-5.1
6.8
45.8
40.9
2.2
2.7
The Phoenix Mills
12.9
-9.5
4.6
6.1
67.2
29.6
1.5
2.1
The Ramco Cements
8.9
18.3
5.1
6.2
0.7
0.6
17.7
5.5
The South Indian Bank
11.0
45.7
15.4
4.4
30.6
25.2
3.3
4.8
Themis Medicare
12.6
12.0
-2.9
6.8
60.5
45.4
1.7
2.5
Thermax
10.2
-12.0
-7.7
3.8
-
11.5
-
1.8
Thirumalai Chemicals
-18.8
-73.4
32.5
6.5
53.8
101.2
1.9
3.2
Thomas Cook (India)
8.5
-6.9
4.2
5.6
45.4
35.9
2.2
3.8
Thyrocare Technologies
7.8
3.3
1.8
6.0
18.3
16.6
5.5
5.1
Tide Water Oil Company (India)
6.3
21.7
-22.8
5.8
25.8
16.8
3.9
2.3
Tilaknagar Industries
6.7
3.8
4.1
6.4
16.0
12.5
6.3
3.9
Time Technoplast
13.1
44.0
72.1
6.9
59.7
56.4
1.7
2.7
Timex Group India
15.5
30.9
51.2
7.0
61.7
47.8
1.6
2.8
Timken India
24.1
45.1
15.4
6.7
39.2
18.1
2.6
3.6
Tinna Rubber and Infrastructure
15.6
14.3
14.7
5.7
46.4
16.9
2.2
2.8
Tinplate Company Of India
-15.2
22.2
-26.7
3.7
44.1
29.4
2.3
4.5
Tips Industries
16.2
23.6
18.4
6.6
58.0
94.5
1.7
2.0
Titagarh Railsystems
20.3
24.3
95.8
7.4
93.9
68.2
1.1
2.2
Titan
-4.2
-1.7
5.8
5.2
54.0
36.9
1.9
2.9
Torrent Pharmaceuticals
17.4
17.9
4.6
6.0
21.3
15.0
4.7
4.3
Torrent Power
14.0
45.9
17.9
6.2
222.0
30.4
0.5
1.8
Transformers & Rectifiers India
18.0
25.9
72.0
6.5
14.9
14.3
6.7
6.6
Transpek Industry
9.7
25.6
17.8
6.1
19.8
18.8
5.0
4.8
Transport Corporation Of India
29.0
33.4
48.6
7.8
157.3
95.7
0.6
1.6
Trent
6.8
10.7
24.5
7.0
40.3
12.2
2.5
2.3
Trident
14.5
83.7
-5.5
7.3
19.5
7.9
5.1
4.7
Triveni Engineering & Industries
11.5
15.3
17.4
6.0
58.9
36.0
1.7
1.4
Triveni Turbine
4.7
19.7
-200.6
4.8
30.1
37.3
3.3
4.7
TTK Healthcare
8.2
-0.7
9.4
4.6
47.7
45.2
2.1
3.3
TTK Prestige
23.8
48.6
26.9
7.5
63.5
57.8
1.6
2.4
Tube Investments Of India
-14.2
17.9
-27.6
5.8
11.3
7.8
8.9
3.7
Tuticorin Alkali Chem and Fert
4.0
-5.8
-23.2
3.8
24.7
13.9
4.0
5.5
TV Today Network
32.0
70.3
-276.7
4.2
80.1
39.2
1.2
2.7
TV18 Broadcast
13.9
16.2
-266.2
4.8
17.4
32.7
5.7
3.8
TVS Holdings
14.4
14.5
-265.5
4.7
61.0
38.0
1.6
1.0
TVS Motor
-7.9
2.1
5.7
36.3
15.4
2.8
2.4
TVS Srichakra
6.8
^indicates an increase or decrease in loss. CFO refers to cash flow from operations. For banks and NBFCs, we have used gross NPA ratio and five-year growth in net interest income and advances.
January 2024 Wealth Insight 89
Subscription copy of [lokincredibl@gmail.com]. Redistribution prohibited.
8 or above
-10.5%
Inorganic pigments and surfactants manufacturer
Ultramarine & Pigments has maintained a Quality
score of 8 or above since FY13. In the last 10
years, its stock has 9x returns.
Annualised returns of Vakrangee, a business
correspondent service provider, as its Stock
Rating slipped from 4 in FY19 to
1 in November 2023.
Market
capitalisation
(` cr)
Return on equity (%)
Stock
rating
5-year average
(FY18-22)
Debt-to-equity
| Gross NPA
ratio (%)
Quality
score
7.5
-5.5
4.78
1
FY23
Company
Industry
UCO Bank
Banks
Udaipur Cement Works
Construction Materials
1,858

11.2
1.1
3.31
2
UFLEX
Containers & Packaging
3,263

8.9
11.7
0.73
2
Ugar Sugar Works
Food Processing
1,013

60.6
2.9
1.57
4
Ultramarine & Pigments
Specialty Chemicals
1,095

8.3
12.9
0.09
8
Ultratech Cement
Construction Materials

9.7
12.5
0.18
7
Unichem Laboratories
Pharmaceuticals

-6.5
27.1
0.12
5
Union Bank Of India
Banks

11.3
0.8
7.53
1
Uniphos Enterprises
Other Chemicals

1.3
1.2
0.00
8
United Breweries
Alcoholic Beverages
43,544

8.5
12.1
0.00
7
United Spirits
Alcoholic Beverages
76,477

17.5
20.2
0.00
10
Universal Cables
Machinery & Equipments
UNO Minda
Auto Ancillaries
45,253
2,59,837
2,961
79,980
1,055

1,742

8.5
9.8
0.44
3
38,644

17.2
16.9
0.30
7
UPL
Other Chemicals
42,856

15.3
18.9
0.97
3
Usha Martin
Other Materials
10,191

18.8
28.0
0.17
5
Uttam Sugar Mills
Food Processing
1,920

23.8
22.3
1.03
8
VA Tech Wabag
Utilities
3,800

22.7
9.0
0.14
4
Vadilal Industries
Food Processing
1,777

27.7
19.6
0.64
8
Vaibhav Global
Fashion Accessories
7,084

9.0
26.2
0.10
9
Vakrangee
Software & IT Services
1,964

0.8
7.2
0.48
3
Valiant Organics
Specialty Chemicals
1,284

12.9
38.6
0.40
5
Vardhman Holdings
Investment Management
7.8
5.0
0.00
7
Vardhman Special Steels
Metal Processing
Vardhman Textiles
Textiles and Leather
Varroc Engineering
Auto Ancillaries
Varun Beverages
Non-Alcoholic Beverages
Vascon Engineers
Construction & Engineering
962

1,796

16.8
9.3
0.22
5
11,730

9.8
13.2
0.20
6

2.4
1.7
1.67
2

32.6
15.2
0.72
8

11.3
1.3
0.15
2
86,741

20.5
18.5
2.04
5
2,813

5.5
18.4
0.14
7

4.3
5.2
0.10
2

12.3
10.8
0.00
9
8,225
1,43,609
1,707
Vedanta
Metal Mining & Minerals
Venky's (India)
Food Processing
Veritas (India)
Diversified
Vesuvius India
Machinery & Equipments
7,673
V-Guard Industries
Machinery & Equipments
13,080

12.5
19.8
0.27
8
Vidhi Specialty Food Ingredients
Specialty Chemicals
2,170

16.1
28.1
0.20
6
Vimta Labs
Healthcare & Services

18.4
12.4
0.05
8
Vinati Organics
Specialty Chemicals
17,582

22.6
23.7
0.00
10
Vindhya Telelinks
Comm. & Networking
2,764
5.6
6.9
0.21
4
969
924

Price data and Stock Ratings as of November 30, 2023. Financial data as of FY23. *P/B for banks and non-banking financial companies (NBFC).
90 Wealth Insight January 2024
Subscription copy of [lokincredibl@gmail.com]. Redistribution prohibited.
`
1.29 lakh cr
10 to 5
The wealth created by Pepsi bottler Varun
Beverages since 2018, with its Quality and
Growth scores being higher than 6 in all years.
5-year per-share growth (% pa)
Revenue | Net
interest income
Profit
after tax
Vedanta’s Quality score has halved since FY13.
It had a 5-star Stock Rating in FY13.
The stock’s 10-year annualised return is
2.5 per cent.
P/E | P/B*
CFO |
Advances
Growth
score
Current
5-year
median
Earnings
yield (%)
Valuation
score
Company
18.6
19.3
7.7
4.1
1.9
0.7
4.1
2.0
UCO Bank
21.0
22.7
31.5
6.0
50.9
31.6
2.0
3.3
Udaipur Cement Works
16.9
9.0
16.3
5.8
-
5.3
-
3.1
UFLEX
22.5
28.6
60.6
7.1
14.8
12.2
6.8
6.1
Ugar Sugar Works
14.3
8.8
4.5
5.9
17.1
14.1
5.9
5.1
Ultramarine & Pigments
14.2
16.8
17.3
6.6
45.6
36.6
2.2
3.2
Ultratech Cement
-0.6
-160.2
4.5
5.5
-
26.9
-
1.1
Unichem Laboratories
28.6
29.3
21.4
4.1
0.9
0.5
14.9
3.1
Union Bank Of India
-
17.3
9.4
3.6
27.0
27.5
3.7
5.4
Uniphos Enterprises
5.9
-5.0
-173.3
3.9
173.3
87.3
0.6
1.6
United Breweries
4.3
11.5
-7.9
4.7
67.5
69.7
1.5
2.8
United Spirits
13.3
7.4
40.3
6.4
17.2
10.2
5.8
4.2
Universal Cables
-17.5
-19.1
-19.7
4.9
52.1
32.6
1.9
2.7
UNO Minda
25.7
17.2
22.7
5.6
23.1
19.8
4.3
4.7
UPL
9.6
20.7
-22.7
6.5
25.5
14.0
3.9
2.9
Usha Martin
10.6
48.7
25.5
6.4
13.5
8.0
7.4
4.9
Uttam Sugar Mills
-5.5
-41.9
18.6
5.8
82.2
17.7
1.2
4.7
VA Tech Wabag
14.1
43.8
18.9
7.2
13.8
26.4
7.2
5.1
Vadilal Industries
11.1
-1.6
25.2
6.3
58.4
29.7
1.7
2.3
Vaibhav Global
-50.3
-72.8
-160.1
3.9
-
37.3
-
0.7
Vakrangee
26.7
14.8
34.7
5.6
18.8
20.3
5.3
6.2
Valiant Organics
-32.4
57.9
-10.5
5.4
5.4
7.8
18.7
6.0
Vardhman Holdings
12.2
28.7
42.0
5.5
22.7
15.5
4.4
4.9
Vardhman Special Steels
-20.2
-23.0
28.9
4.9
22.1
9.8
4.5
4.2
Vardhman Textiles
-10.0
-40.3
-11.5
5.4
56.1
59.0
1.8
2.3
Varroc Engineering
15.8
35.6
12.8
6.1
71.9
58.3
1.4
2.6
Varun Beverages
8.7
76.5
52.7
7.3
17.3
25.7
5.8
4.4
Vascon Engineers
9.9
1.2
13.7
5.5
16.7
9.4
6.0
5.5
Vedanta
9.5
-18.8
-19.6
5.5
29.5
16.5
3.4
3.7
Venky's (India)
5.2
7.0
-22.0
5.3
8.0
5.5
12.5
5.0
Veritas (India)
8.1
4.3
-7.6
6.5
41.8
26.6
2.4
2.1
Vesuvius India
11.8
6.6
51.5
6.7
60.8
46.2
1.6
2.5
V-Guard Industries
13.7
19.3
23.6
6.0
64.2
19.7
1.6
2.1
Vidhi Specialty Food Ingredients
11.4
23.5
20.9
6.1
22.3
24.6
4.5
5.0
Vimta Labs
23.3
26.1
33.1
6.6
43.1
34.2
2.3
3.9
Vinati Organics
12.6
17.9
5.4
11.8
11.6
8.5
5.2
Vindhya Telelinks
16.7
^indicates an increase or decrease in loss. CFO refers to cash flow from operations. For banks and NBFCs, we have used gross NPA ratio and five-year growth in net interest income and advances.
January 2024 Wealth Insight 91
Subscription copy of [lokincredibl@gmail.com]. Redistribution prohibited.
100 times
1to 4
The growth in market cap of Waaree
Renewables, a power generator, since 2020 as
the Quality score improved from 4 in FY22 to
7 in November 2023.
Company
Industry
Market
capitalisation
(` cr)
The improvement in pump manufacturer WPIL’s
Stock Rating since FY13. Its Quality score
improved from 2 to 7 with the share price
growing 16 times in 10 years.
Return on equity (%)
Stock
rating
FY23
5-year average
(FY18-22)
Debt-to-equity
| Gross NPA
ratio (%)
Quality
score
VIP Industries
Fashion Accessories
8,603

30.7
13.9
0.29
7
Vishnu Chemicals
Commodity Chemicals
2,052

39.5
20.3
0.91
7
V-Mart Retail
Specialty Retail
3,446

-0.9
10.7
0.18
8
Voltamp Transformers
Machinery & Equipments
5,559

19.5
13.4
0.00
7
Voltas
Machinery & Equipments
27,363
6.9
12.5
0.12
5
VRL Logistics
Logistics
6,184

20.4
15.6
0.18
9
VST Industries
Food Processing
5,120

29.0
35.7
0.00
10
VST Tillers Tractors
Machinery & Equipments
3,557

11.7
12.0
0.00
8
Waaree Renewable Technologies
Power Generation
2,983

96.4
-2.5
0.46
7
Wardwizard Innovations & Mobility
Automobile
1,307

10.0
2.8
0.14
7
Welspun Corp
Metal Processing
13,871

4.5
11.1
0.70
5
Welspun Enterprises
Construction & Engineering
4,571

8.3
8.1
0.32
5
Welspun Living
Household Durables
15,267

4.9
15.0
0.58
4

Welspun Specialty Solutions
Metal Processing
2,121

-37.7
-30.2
7.94
4
Wendt (India)
Other Materials
2,789

22.9
11.6
0.00
10
West Coast Paper Mills
Other Materials
4,301

44.8
26.0
0.08
10
Westlife Foodworld
Hotels, Resorts & Cruise Lines
14,026

21.7
-2.9
0.37
7
Wheels India
Auto Ancillaries
1,622

7.8
8.8
1.00
3
Whirlpool Of India
Household Durables
19,899

6.4
18.9
0.00
8
Wipro
Software & IT Services

15.9
18.3
0.19
7
Wockhardt
Pharmaceuticals
4,972

-8.2
-11.2
0.57
1
Wonderla Holidays
Leisure & Recreation
5,564

17.0
2.5
0.00
9
WPIL
Machinery & Equipments
2,969

26.2
21.1
0.28
7
Xchanging Solutions
Software & IT Services
1,045

7.0
10.5
0.00
8
Xpro India
Specialty Chemicals
1,856

22.4
13.5
0.18
8
Yasho Industries
Specialty Chemicals
1,823

31.3
31.5
1.33
4
Yes Bank
Banks

1.9
-18.9
2.17
1
2,15,814
55,650
Yuken India
Machinery & Equipments

3.7
25.9
0.59
3
Zee Entertainment Enterprises
Media & Entertainment
24,292

2.9
12.7
0.00
1
Zee Media Corporation
Media & Entertainment
929

-9.0
-11.6
0.57
1
Zen Technologies
Software & IT Services
6,488

13.7
9.7
0.02
5
Zensar Technologies
Software & IT Services
12,186

11.6
15.7
0.00
9
ZF Comm Vehicle Control Systems
Auto Ancillaries
30,115

14.0
11.5
0.00
9
Zota Health Care
Pharmaceuticals
1,049

-7.4
8.0
0.00
3
Zydus Lifesciences
Pharmaceuticals
64,563

14.8
17.5
0.07
8
Zydus Wellness
Household & Personal Pro.
6.4
8.8
0.06
6
897
9,867

Price data and Stock Ratings as of November 30, 2023. Financial data as of FY23. *P/B for banks and non-banking financial companies (NBFC).
92 Wealth Insight January 2024
Subscription copy of [lokincredibl@gmail.com]. Redistribution prohibited.
74%
8 to 1
The fall in Yes Bank’s share price since 2013, as
both the Quality and Growth scores went from
more than 8 to less than 3 in November 2023.
The plunge seen in media giant Zee
Entertainment’s Quality score since FY18. The
stock also lost around 50 per cent of its value.
5-year per-share growth (% pa)
Revenue | Net
interest income
Profit
after tax
P/E | P/B*
CFO |
Advances
Growth
score
Current
5-year
median
Earnings
yield (%)
Valuation
score
Company
8.1
3.7
15.4
5.5
77.6
40.7
1.3
2.6
VIP Industries
-15.4
13.6
-21.3
4.0
17.1
14.3
5.8
4.8
Vishnu Chemicals
13.0
-162.1
23.4
5.1
-
50.1
-
1.6
V-Mart Retail
16.7
22.2
31.6
7.6
22.5
16.9
4.4
3.9
Voltamp Transformers
8.2
-25.1
-13.3
4.5
137.1
36.4
0.7
3.1
Voltas
7.1
12.9
9.6
5.2
18.2
30.6
5.5
2.9
VRL Logistics
6.4
12.4
-15.5
4.5
16.7
17.8
6.0
5.4
VST Industries
5.7
-3.8
1.8
5.4
27.6
22.2
3.6
3.4
VST Tillers Tractors
164.6
210.8
170.8
6.7
44.7
96.0
2.2
3.7
Waaree Renewable Technologies
-
88.9
-114.1
2.5
155.6
166.9
0.6
2.4
Wardwizard Innovations & Mobility
5.5
-3.3
-171.8
4.0
17.1
18.7
5.8
3.1
Welspun Corp
20.5
56.3
26.0
7.5
6.6
12.7
15.2
5.9
Welspun Enterprises
6.3
-12.4
7.1
6.1
29.0
15.8
3.4
2.9
Welspun Living
-18.3
14.3
31.4
7.0
99.7
9.7
1.0
1.1
Welspun Specialty Solutions
7.5
25.0
7.0
5.7
68.3
38.7
1.5
1.7
Wendt (India)
23.5
37.3
30.6
7.3
4.4
8.9
22.7
7.2
West Coast Paper Mills
14.9
54.0
20.5
7.0
130.3
172.2
0.8
2.1
Westlife Foodworld
12.7
-5.9
23.2
5.6
32.3
30.0
3.1
4.7
Wheels India
6.7
-8.6
-6.8
5.2
100.1
47.3
1.0
2.7
Whirlpool Of India
12.8
9.3
11.2
5.9
18.5
17.5
5.4
5.1
Wipro
-12.4
5.1
11.4
4.6
-
37.7
-
1.1
Wockhardt
9.6
31.0
18.0
7.0
32.3
30.7
3.1
3.2
Wonderla Holidays
16.1
43.7
0.6
7.1
14.3
12.5
7.0
5.1
WPIL
-1.3
7.3
3.0
5.6
45.8
22.4
2.2
3.9
Xchanging Solutions
1.5
22.9
9.5
5.5
58.9
23.6
1.7
2.4
Xpro India
20.7
50.5
52.5
6.4
34.7
26.3
2.9
3.2
Yasho Industries
0.5
-29.9
0.0
2.1
1.4
1.7
1.5
2.5
Yes Bank
6.8
5.9
20.2
5.7
117.0
52.6
0.9
2.0
Yuken India
3.9
-29.8
-25.3
4.1
-
34.1
-
2.5
Zee Entertainment Enterprises
-1.3
-209.8
13.0
3.7
-
49.4
-
1.7
Zee Media Corporation
41.2
156.8
43.6
4.1
70.5
60.4
1.4
2.0
Zen Technologies
9.2
5.7
28.1
6.7
23.2
16.4
4.3
4.1
Zensar Technologies
6.0
3.1
-0.8
6.6
76.8
66.9
1.3
2.1
ZF Comm Vehicle Control Systems
11.6
-2.4
-176.9
3.4
-
117.7
-
0.9
Zota Health Care
7.9
2.8
24.2
6.8
23.0
23.8
4.3
4.6
Zydus Lifesciences
6.9
-4.0
4.9
35.1
33.8
2.8
4.4
Zydus Wellness
22.0
^indicates an increase or decrease in loss. CFO refers to cash flow from operations. For banks and NBFCs, we have used gross NPA ratio and five-year growth in net interest income and advances.
January 2024 Wealth Insight 93
Subscription copy of [lokincredibl@gmail.com]. Redistribution prohibited.
How to build a
portfolio using our
Stock R tings?
Our Stock Screener helps you pick the right stocks based on
your investing style
I
n our day-to-day salon
conversations about investing, we generally
talk about stocks. More often than not, we
talk about which stocks made us richer and
which burned us.
However, this preoccupation with
winning and losing stocks does us more
harm than good. Instead of focusing on the
94 Wealth Insight January 2024
Subscription copy of [lokincredibl@gmail.com]. Redistribution prohibited.
AI generated image
performance of individual stocks, we should
concentrate more on the performance of our
overall portfolio.
Here is how you can go about it. Consider
your portfolio as an individual company.
Find the rate at which its revenue and profit
are growing. Calculate the capital efficiency
and the debt burden. Check whether this
company generates sufficient cash flows.
Finally, evaluate whether this company
looks promising.
You can determine your next course of
action by thinking along these lines. Before
analysing a new company, assess it against
the ‘portfolio company’. If the new company
you are analysing is not better than what
you already own, it will not improve your
portfolio. Similarly, if an existing stock in
your portfolio is performing poorly, you
should reconsider keeping it.
To become a successful stock investor, a
‘portfolio approach’ is required. And this is
where Value Research Stock Ratings come in
handy. We have integrated the stock ratings
with our ‘Stock Screener’ tool. Depending on
your investing style, you can choose the
parameters for the Stock Rating and its
various components (quality, growth and
valuation) to get a list of companies.
We have created five screens to guide you
based on different investing styles. For each
screen, we slimmed down the list from 988
companies to 25 companies. Assuming an
equal-weighted portfolio, the returns were
calculated from April 2018 till November 2023.
However, remember that these stock
ratings should not be your sole investment
trigger. While it is a good way to save time,
due diligence is still required before
investing.
We will now go through each of the
screens one by one.
January 2024 Wealth Insight 95
Subscription copy of [lokincredibl@gmail.com]. Redistribution prohibited.
Growth at a reasonable price
Finding fast-growing stocks with ease
P
following filters on 988 rated companies in our
database as of FY18:
z Growth score greater than or equal to seven
z Valuation score greater than or equal to four
z Quality score greater than five
We were left with 39 companies. To trim the
list further, we segregated the companies based
on their Stock Ratings and picked the top 25.
If you had invested `10,000 in each of these
stocks on April 2, 2018, your portfolio would be
worth `5.33 lakh as of November 30, 2023. A
similar investment in the BSE 500 index would
be worth `5.02 lakh. Keep in mind that the
returns do not include dividends.
opularised by the legendary fund
manager Peter Lynch, the growth at a
reasonable price (GARP) strategy aims to
combine the best of both worlds - growth and
value. Investors following this approach seek to
find fast-growing companies at relatively
attractive valuations.
Such companies expand at a faster rate than
the overall economic growth. This does not
mean they are overvalued. But they are not
undervalued either. Investors buy stocks of
these companies at a reasonable valuation with
the anticipation that their growth will continue.
To find such companies, we applied the
FY18
M-cap (` cr)
Stock rating
(Nov ‘23)
Stock rating
Tata Elxsi
51,450

Sonata Software
19,055
Company
Quality score
Growth score
Valuation score
Share price
return (% pa)

10
7.1
4.8
45.1


8
7.2
5.8
36.1
Voltamp Transformers
5,559


6
7.4
6.6
33.0
Sandur Manganese & Iron Ores
4,180


10
8.0
6.0
26.9
Nucleus Software Exports
3,907


9
7.1
5.3
25.1
JK Paper
6,223


7
7.6
6.7
18.5


7
7.7
5.1
15.2
Adani Ports and SEZ
1,78,319
DCM Shriram
14,944


8
7.7
6.4
14.3
Ajanta Pharma
24,811


10
7.7
4.7
14.0


9
7.6
6.8
12.7


9
7.7
6.1
10.5


9
9.2
4.5
8.8
Allsec Technologies
978
Aurobindo Pharma
61,110
HDFC Bank
11,83,245
Pasupati Acrylon
330


9
8.0
6.2
7.0
Panasonic Energy India
334


9
7.3
5.0
4.4
Vardhman Acrylics
435


10
7.2
6.6
3.1


10
7.1
4.0
2.8


9
7.2
6.6
0.7


10
7.1
4.7
0.4


7
7.1
7.9
-0.3


9
7.2
5.2
-1.4
1,14,024


7
9.4
4.4
-3.6
3,505


6
9.0
5.9
-6.5


10
7.1
4.9
-6.7


9
7.6
4.7
-7.2


9
7.2
4.8
-9.0
NOCIL
3,847
Star Paper Mills
342
Natco Pharma
14,187
Indian Oil Corporation
1,57,551
City Union Bank
10,836
IndusInd Bank
DCB Bank
Castrol India
13,675
IG Petrochemicals
1,375
KSE
507
Price data as of November 30, 2023. Share price return is calculated over April 2018 to November 2023.
96 Wealth Insight January 2024
Subscription copy of [lokincredibl@gmail.com]. Redistribution prohibited.
High quality at a reasonable price
Are high-quality stocks worth the hype?
A
Below are the filters we applied to the
universe of 988 companies in FY18:
z Quality score greater than or equal to eight
z Valuation score greater than or equal to five
z Growth score greater than six
We then had 53 companies. To create our
portfolio, we further sorted the list using the
Growth score and chose the top 25 stocks.
Assuming you had invested `10,000 in each
of these companies on April 2, 2018, your
portfolio would grow to `6.79 lakh as of
November 30, 2023. A similar investment in the
BSE 500 index would be worth `5.02 lakh. These
returns do not include dividends.
high-quality company can do wonders
for your portfolio. Not only do they
have the ability to deal with setbacks,
but they can quickly find opportunities to
reinvest and grow.
But the issue isn’t that investors cannot
identify such companies. It lies in how they
price it. Given that the quality of these firms is
well-known and appreciated by the market,
their valuations often skyrocket.
Hence, it doesn’t make much sense to invest
in these companies, regardless of their quality.
We created our second screen with that very
factor in mind.
Company
Stock rating
Quality score
Growth score
Valuation score
Share price
return (% pa)
3,582


9
6.1
6.7
61.0
49,359


10
6.3
5.8
48.4


9
6.6
5.8
34.1
M-cap (` cr)
Saksoft
Persistent Systems
Mold-Tek Technologies
FY18
Stock rating
(Nov ‘23)
729
Cupid
1,131


10
6.7
5.9
28.9
Sandur Manganese & Iron Ores
4,180


10
8.0
6.0
26.9


10
6.4
5.9
22.5


10
6.5
6.1
19.0


10
6.0
5.0
18.0
Gujarat Mineral Development
Expleo Solutions
13,090
2,013
Infosys
6,04,013
Tata Coffee
5,189


9
6.5
6.2
15.7
Grauer & Weil
2,832


10
6.7
5.4
13.7
Allsec Technologies
978


9
7.6
6.8
12.7
Advani Hotels & Resorts
479


10
6.7
5.1
11.5


9
7.7
6.1
10.5


9
6.9
6.0
9.3


9
6.3
5.8
8.3
330


9
8.0
6.2
7.0
1,095


10
6.4
5.5
4.2
Vardhman Acrylics
435


10
7.2
6.6
3.1
Star Paper Mills
342


9
7.2
6.6
0.7
1,26,633


10
6.1
7.1
-0.2
757


10
6.2
5.7
-0.4


10
6.0
5.2
-9.8


9
6.6
6.1
-10.0


10
6.2
5.5
-10.1


10
6.1
6.5
-16.3
Aurobindo Pharma
61,110
Shreyans Industries
341
Gujarat Industries Power
Pasupati Acrylon
Ultramarine & Pigments
Hindustan Zinc
Sandesh
Jagran Prakashan
2,397
2,089
Bodal Chemicals
929
Indus Towers
49,681
Hindustan Media Ventures
603
Price data as of November 30, 2023. Share price return is calculated over April 2018 to November 2023.
January 2024 Wealth Insight 97
Subscription copy of [lokincredibl@gmail.com]. Redistribution prohibited.
Fast-growing mid and small caps
Do mid and small caps deserve a place in your portfolio?
T
cap companies. Here are the filters we
applied to hunker down on the fast-growing
mid and small caps:
z Growth score greater than or equal to seven
z Valuation score greater than or equal to four
The list then trickled down to 33 companies.
We further screened it based on the Quality
score and picked the top 25 stocks.
Let’s say you had invested `10,000 in each of
these companies on April 2, 2018. Your portfolio
would then be around `5.66 lakh as of November
30, 2023. On the other hand, a similar investment
in the BSE 500 index would be worth `5.02 lakh.
These returns do not include dividends.
his screen is similar to the growth at a
reasonable price (GARP), but only for midand small-cap companies. Proliferating,
these companies grow their shareholders’ wealth
more quickly than their larger counterparts.
But, unlike the large caps, most mid- and
small-cap firms can’t deal with market
fluctuations easily. It is an even bigger
problem for small cyclical companies. As
long as the wind is on their back, everything
runs smoothly. However, as soon as the
tailwind becomes a headwind, such
companies gradually dwindle.
As of FY18, there were 749 mid- and small-
Company
M-cap (` cr)
Tata Elxsi
Dalmia Bharat Sugar and Inds.
Sonata Software
Stock rating
(Nov ‘23)
FY18
Stock rating
Quality score
Growth score
Valuation score
Share price
return (% pa)
51,450


10
7.1
4.8
45.1
3,713


6
7.1
7.5
40.3


8
7.2
5.8
36.1
19,055
Paushak
1,849


9
7.1
4.5
30.7
Sandur Manganese & Iron Ores
4,180


10
8.0
6.0
26.9
Nucleus Software Exports
3,907


9
7.1
5.3
25.1
JK Paper
6,223


7
7.6
6.7
18.5
Vindhya Telelinks
2,764


7
7.4
6.4
14.7
DCM Shriram
14,944


8
7.7
6.4
14.3
Ajanta Pharma
24,811


10
7.7
4.7
14.0
Allsec Technologies
978


9
7.6
6.8
12.7
Eldeco Housing & Industries
705


9
7.2
4.2
11.8
Associated Alcohols & Breweries
821


8
7.5
4.5
9.6
Vardhman Acrylics
435


10
7.2
6.6
3.1


10
7.1
4.0
2.8


7
7.0
5.8
1.2
NOCIL
3,847
Deep Energy Resources
520
Natco Pharma
14,187


10
7.1
4.7
0.4
City Union Bank
10,836


9
7.2
5.2
-1.4
Indian Hume Pipe
1,321


7
7.1
5.4
-4.0
Bliss GVS Pharma
1,479


8
7.2
5.2
-5.8


10
7.1
4.9
-6.7


9
7.6
4.7
-7.2
Castrol India
13,675
IG Petrochemicals
1,375
KSE
507


9
7.2
4.8
-9.0
PPAP Automotive
328


7
7.5
4.2
-14.2
1,311


7
7.1
4.3
-34.6
PC Jeweller
Price data as of November 30, 2023. Share price return is calculated over April 2018 to November 2023.
98 Wealth Insight January 2024
Subscription copy of [lokincredibl@gmail.com]. Redistribution prohibited.
Small caps high on quality and growth
High growth or profitability: What should you choose?
T
Now, valuations are an essential factor.
However, for the sake of this screen, we choose
to be a bit reckless!
As of FY18, there were 574 small-cap
companies. We applied the following filters and
got a list of 25 companies:
z Quality score greater than or equal to eight
z Growth score greater than or equal to seven
If you had invested `10,000 in each of these
companies on April 2, 2018, your portfolio would
be worth `5.15 lakh as of November 30, 2023. But,
a similar investment in the BSE 500 index would
only be worth `5.02 lakh. The returns do not
include dividends.
here is nothing like the joy of earning big
bucks by investing in small-cap
companies. Their explosive growth is a
delight to behold. Moreover, if a small-cap stock
has a large room to grow, it is like an icing on
the cake!
But high growth alone wouldn’t cut it. If the
growth comes at the expense of profitability,
then it is a value-destroying proposition. So, the
key is looking for small caps that are profitable.
That is, identifying companies that make
judicious use of their capital and reinvest it in
thriving ventures. In common parlance, such a
trait is deemed ‘high-quality’.
Company
M-cap (` cr)
FY18
Stock rating
(Nov ‘23)
Stock rating
Quality score
Growth score
Valuation score
Share price
return (% pa)
K.P.R. Mill
29,582


8
7.2
3.4
40.4
Sonata Software
19,055


8
7.2
5.8
36.1
Paushak
1,849


9
7.1
4.5
30.7
Sandur Manganese & Iron Ores
4,180


10
8.0
6.0
26.9
Nucleus Software Exports
3,907


9
7.1
5.3
25.1
Apcotex Industries
2,736


8
7.0
2.2
18.2
Kuantum Papers
1,460


9
7.0
2.5
15.9
LG Balakrishnan & Brothers
3,695


9
7.2
3.2
14.5
KNR Constructions
8,198


8
7.2
3.4
13.5
Allsec Technologies
978


9
7.6
6.8
12.7
Eldeco Housing & Industries
705


9
7.2
4.2
11.8
Associated Alcohols & Breweries
821


8
7.5
4.5
9.6
IST
842


9
7.0
2.7
8.6
4,226


10
7.4
3.6
4.6


10
7.2
6.6
3.1
3,847


10
7.1
4.0
2.8
725


9
8.1
3.9
2.6
Thirumalai Chemicals
2,047


9
7.0
3.7
0.8
Hester Biosciences
1,265


9
7.3
2.6
-1.4
V-Mart Retail
3,446


9
7.4
2.5
-1.8
Bhansali Engineering Polymers
2,278


8
8.1
3.2
-4.6
Bliss GVS Pharma
1,479


8
7.2
5.2
-5.8
IG Petrochemicals
1,375


9
7.6
4.7
-7.2
507


9
7.2
4.8
-9.0
1,218


9
7.8
4.0
-14.3
La Opala RG
Vardhman Acrylics
435
NOCIL
Bhageria Industries
KSE
TV Today Network
Price data as of November 30, 2023. Share price return is calculated over April 2018 to November 2023.
January 2024 Wealth Insight 99
Subscription copy of [lokincredibl@gmail.com]. Redistribution prohibited.
Old-school value investor
Looking for profits in underpriced stocks
A
To find these ‘undervalued’ companies,
here are the filters we applied:
z Valuation score greater than six
z Quality score greater than or equal to six
We were left with 51 companies. Then, we
selected the top 25 companies based on their
Stock Ratings.
Suppose you had invested `10,000 in each
of these companies on April 2, 2018; your
portfolio would be worth `6.10 lakh as of
November 30, 2023. However, if you had
invested `10,000 in the BSE 500 index, the
investment would only be worth `5.02 lakh.
Remember, the returns exclude dividends.
nd how can we forget about our value
brethren? These are investors who
wouldn’t bulge beyond their
comfortable P/E zone. The companies in this
screen are undervalued for a reason,
whether good or bad. It is your job to
determine if these stocks have it in them to
deliver decent profits in the next three to
five years.
Buffett called it ‘cigar-butt investing’. In
his words, “A cigar butt found on the street
that has only one puff left in it may not offer
much of a smoke, but the ‘bargain purchase’
will make that puff all profit.”
FY18
M-cap (` cr)
Stock rating
(Nov ‘23)
Stock rating
Quality score
Growth score
Valuation score
Share price
return (% pa)
Saksoft
3,582


9
6.1
6.7
61.0
Balrampur Chini Mills
9,548


8
6.3
8.6
37.3
Datamatics Global Services
3,744


7
6.7
7.0
37.2
Indo Count Industries
6,122


8
6.6
6.7
23.5
Expleo Solutions
2,013


10
6.5
6.1
19.0


9
5.6
7.4
17.9
Company
SJVN
33,356
Tata Coffee
5,189


9
6.5
6.2
15.7
Indian Metals & Ferro Alloys
2,829


8
6.7
7.9
15.6
14,944


8
7.7
6.4
14.3


9
7.6
6.8
12.7
DCM Shriram
Allsec Technologies
978
Aurobindo Pharma


9
7.7
6.1
10.5
Competent Automobiles
61,110
280


8
6.9
7.1
10.3
PTL Enterprises
551


10
5.1
6.8
9.9
Shreyans Industries
341


9
6.9
6.0
9.3
Pasupati Acrylon
330


9
8.0
6.2
7.0
KCP Sugar & Industries
421


8
6.1
7.6
6.4
Vardhman Acrylics
435


10
7.2
6.6
3.1
Star Paper Mills
342


9
7.2
6.6
0.7
Hindustan Zinc
1,26,633


10
6.1
7.1
-0.2
Indian Oil Corporation
1,57,551


7
7.1
7.9
-0.3


10
5.6
6.2
-4.5
Vardhman Holdings
962
Kiri Industries
1,536


9
5.9
6.9
-6.6
Heritage Foods
2,209


10
5.6
6.2
-7.0
Bodal Chemicals
929


9
6.6
6.1
-10.0
Hindustan Media Ventures
603


10
6.1
6.5
-16.3
Price data as of November 30, 2023. Share price return is calculated over April 2018 to November 2023.
100 Wealth Insight January 2024
Subscription copy of [lokincredibl@gmail.com]. Redistribution prohibited.
STOCK ADVISOR
Curb Your
Enthusiasm
A framework to navigate the current
market highs
by
Dhirendra
Kumar
D
o market highs excite you? Like many serious
investment analysts, I often find myself torn
about new peaks in equity indexes. As a
logical, data-focused analyst and investor, I
understand that a new high or a round number on
any index doesn’t hold significant meaning. However,
at the same time, I can’t deny the excitement that
comes with these milestones.
There’s a rush of optimism, the rekindled sense of
possibilities, and the thrill of witnessing a recordsetting event that is undeniably exhilarating for any
investor, no matter their level of experience or
expertise. At their core, equity investors are
optimists, sometimes to an almost irrational degree.
It’s the symbolism that resonates; the allure of a new
high lies more in its symbolic significance than its
actual value. The great Benjamin Graham famously
said, “In the short run, the market is a voting
machine, but in the long run, it is a weighing
machine.” We have been seeing a string of new
market highs recently, which is the voting machine
aspect dominating.
However, Graham’s insight reveals a deeper truth
in these thrilling numbers. Equity investors are
acutely aware that, over time, these numbers indicate
the direction of a country’s economic health. Whether
we reach a slight peak today merely reflects
investors’ current preferences, but the overall trend
is what truly matters. Nonetheless, we must
constantly remind ourselves not to be swept up in the
euphoria, to look beyond the surface of headlines, and
to scrutinise the fundamentals supporting these
figures. Striking a balance between analytical rigour
and the market’s contagious enthusiasm is
challenging but invaluable for anyone who can
manage it.
One way to do so is to follow a system of investing
dispassionately. Feel the thrill of the high for a while
and then set it aside when the time comes to invest.
In practical terms, a market high is more likely to be
a dangerous time for investors than a good one –
unless you are extra careful with your investment
decisions. Remaining disciplined and cautious is key,
especially when market highs often lead to overly
optimistic projections and risky investment
behaviours. The history of the stock market teaches
us that corrections or even significant downturns
frequently follow peaks. Therefore, while it is natural
to be excited by new highs, it’s crucial for investors to
temper their enthusiasm with a healthy dose of
scepticism and a focus on long-term strategies. This
approach ensures that when the market’s voting
machine becomes overly exuberant, you are not
carried away by the crowd but are instead guided by
the weighing machine of solid, fundamental analysis.
The crucial thing is that stocks don’t become good
investments because the market is in a certain state
or because of one or two factors. Investors have to
look at a lot of things. You can look at the valuation of
a stock, you can look at its dividend yield, you can
compare its price to its book value, you can look for
stable earnings, you can look for high growth, you
can look for turnarounds that have just happened as
well as turnarounds that may be about to happen, you
can look for businesses that are opening up new
technologies and markets, you can look simply for
companies that have some kind of investor
momentum behind them, and you can look for
companies that have some combination of these
factors. Finally, on top of all this, companies whose
management has a track record of competent
execution are another layer of selection. Underlying
all this is the bedrock of the country’s larger
economic direction.
The question is, how do investors curb their
enthusiasm and keep doing sensible things? That’s
where Value Research comes in. Despite market
highs, or rather, especially during market highs, we
provide a system for making sane and sensible
January 2024 Wealth Insight 101
Subscription copy of [lokincredibl@gmail.com]. Redistribution prohibited.
STOCK ADVISOR
Illustration: ANAND
decisions. Investors tend to change their system of
thinking when markets are zooming up. We think
that’s exactly when they should NOT change it, and
the best way to do so is to become a member of Value
Research Stock Advisor.
So, what exactly does Value Research Stock
Advisor get you? You get:
z Access to all our stock picks
z A set of starter stocks was selected from our
recommendations. Use this set to start building your
portfolio right away!
z The complete investment thesis for all
recommended stocks so that you understand why you
are investing
z New recommendations as soon as they are released
z Continuous updates and analysis on all
recommended stocks straight from our dedicated
analyst team
z Tools and data to research and analyse any other
stock
Our Value Research Stock Advisor system is
designed to prioritise fundamental analysis and longterm value creation. It’s not just about getting excited
and buying stocks but understanding the ‘why’
behind each choice or each rejection. Our approach is
grounded in thorough research and a tried and true
framework, ensuring that our recommendations are
not just reactions to current market trends but are
based on sustainable business models and real
wealth-creation potential.
One of the key strengths of our service is our
commitment to transparency and education. We
believe that an informed investor is a successful
investor. Therefore, we not only provide
recommendations but also offer detailed analysis and
updates on these picks. This ensures that our
members are not just blindly following advice but are
equipped to understand the reasoning behind each
investment decision.
Value Research Stock Advisor is a premium service where
you get promising stocks along with their full
analyses. We also actively track the underlying
companies for you and keep you posted on the major
developments in them, including when to sell a stock.
Additionally, members get
exclusive access to a range of tools
and data which they can use to
study any other stock.
You can subscribe to the service
at www.valueresearchstocks.com
or scan the QR code.
102 Wealth Insight January 2024
Subscription copy of [lokincredibl@gmail.com]. Redistribution prohibited.
Subscription copy of [lokincredibl@gmail.com]. Redistribution prohibited.
>2ISKOMETERISASON.OVEMBER 'PMMPXVTPO
.VUVBM'VOEJOWFTUNFOUTBSFTVCKFDUUPNBSLFUSJTLT
SFBEBMMTDIFNFSFMBUFEEPDVNFOUTDBSFGVMMZ
Subscription copy of [lokincredibl@gmail.com].
Redistribution prohibited.
Subscription copy of [lokincredibl@gmail.com]. Redistribution prohibited.
Subscription copy of [lokincredibl@gmail.com]. Redistribution prohibited.