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Equity Research

Best stocks to buy.

Stocks/company/script that have the potential to offer smart gains by investing in the share market. Recommendations are provided post adequate research & analysis by our core research team.

TRADING IDEAS

Ntpc limited, graphite india limited, hindustan unilever limited, investing ideas, patel engineerin, south ind.bank, hdfc life insur., one click portfolio, muhurat picks, open free trading account online with icicidirect, quick links.

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Market Commentary

Trending news.

Revenue de-growth continues on decline in exports and lower explosive realisation

Info Edge (India) Ltd Q4FY24: Steady performance

eClerx Q4FY24: Muted growth

Indoco Q4FY24- Another weak quarter

Healthy volume prints in May 2023; 2-W space outshines!

Overall wholesale volume prints for May 2023 came in steady with a sequential recovery witnessed almost across all segments. 

Earnings outperform in Q4F23; Nifty target retained at 21,500

Quarterly earnings in Q4FY23 were positive and 6% ahead of estimates. Incorporating revised PAT numbers for index constituents post Q4FY23, our forward estimates undergo a minor ~1% downgrade. Over FY23-25E, Nifty earnings are seen growing at a CAGR of 16.5%. Rolling over our valuations, we continue to value the Nifty at 21,500 i.e. 20x PE on FY25E EPS of Rs 1080/share. Corresponding target for the Sensex is at 71,600. These are our rolling 12 months’ index target.

Syngene reports well-rounded growth, upbeat guidance - Q4 Review

Syngene reported a strong set of numbers driven by incremental orders from existing clients, new contract executions, reflecting revival signs of the CRAMs ecosystem. 

Reliance Jio - Spells out strong growth outlook!

Reliance Jio reported a muted topline performance in Q4FY23 while margins were better on lower network capex. The key highlight, however, was the strong growth outlook spelt out by the management in the communication business (wireless, broadband and enterprise).

JLR to accelerate EV push, commits 15 billion pound investment over next five years!

In a regulatory exchange filing, Tata Motors said its foreign subsidiary, JLR, is planning to invest £15 billion (~Rs 1.52 lakh crore) over the next five years

Domestic auto sales post decadal high volume growth in FY23!

Siam reported annual wholesale dispatches for the industry for FY23 wherein total domestic wholesales are seen touching 2.1 crore, up 20.4% YoY. Healthy double digit growth was witnessed across segments with exports coming a tad muted partially tracking global uncertainties and were down 15.2% YoY at 47.6 lakh (primary led by 2-W & 3-W space).

With merger consummated, Jio Cinema, Viacom18 seeking to create OTT behemoth!

Viacom18 has announced that following the sanction by NCLT Mumbai, the scheme of merger of Reliance Storage (RIL subsidiary which houses Jio Cinema) with itself has become effective and Viacom18 has allotted shares to Bodhi Tree Systems [a platform of James Murdoch's Lupa Systems and Uday Shankar with Qatar Investment Authority (QIA) as investor], and RIL group entities as consideration for the scheme of merger.

Healthy performance form specialty chemicals, CRAMs expected to sustain - Chemicals Preview

The I-direct chemical universe is likely to witness a mixed quarter with agrochem, pharma and some specific specialty players to maintain their growth tempo while packaging, pigments, dyes and polymer players to remain muted. We expect growth of ~11.5% YoY on the revenue front in Q4FY23E.

EBITDA/tonne of steel companies likely to move north in Q4FY23 - Metal Preview

After witnessing a QoQ increase in EBITDA/tonne in Q3FY23, EBITDA/tonne steel companies is likely to further expand in Q4FY23E.

India narrative upbeat, US can spin positive surprise - Pharmaceuticals Preview

The I-direct pharma universe (13 coverage companies) is likely to witness a decent quarter with ~11% growth YoY. This could be on the back of strong YoY growth in domestic formulations as well as better traction in the US portfolio.

RECENT REPORTS

Deepak nitrite, 05 jun 2023 | 10:13, aia engineering, 30 may 2023 | 09:25, market insights, us fed signals pause in rate increases.

• The US Federal Reserve decided to raise interest rate by 25 bps to a range between 5.0% and 5.25% but signaled that they might be done raising interest rates for now and amplified attention to credit and other economic risk
• Federal Open Market Committee also decided to continue with its balance sheet reduction as announced in May 2022
• US Federal Reserve Chair Jerome Powell pushed back market expectations that FOMC would cut rate this year by saying it would not be appropriate to cut rate this year

Powered by ICICI Securities

Published on 05-May-2023

Resilient corporate earnings, robust capex outlay to propel markets higher

Published on 16-Mar-2023

Market Strategy 2023 - Domestic Themes to hog the limelight

Some of the themes to stand out in CY23 are:

·           Electrification trend accelerating across categories in auto space,

·           Banks poised for next round of re-rating cycle,

·           Capex: Government to the fore with all guns blazing…

Published on 28-Dec-2022

i-Lens A smarter way to access market every day! One go these screeners will help you identify stocks based on pre-defined conditions or trends as per your requirement.

Rapid Result

Jk paper ltd. 16 may 2024 19:16 pm, eldeco housing & industries ltd. 16 may 2024 19:07 pm, akzo nobel india ltd. 16 may 2024 19:00 pm, crompton greaves consumer electricals ltd. 16 may 2024 18:55 pm.

What is Inheritance tax?

Published on 10-May-2024

8-4-3 Investment Rule

Jane Street's $1 billion trade draws attention to Indian Options

Share market outlook of the week: Election outcome led nervousness leading to Index consolidation

New customer onboarding banned for Kotak Mahindra Bank

Published on 06-May-2024

What is the 15-15-15 rule in Mutual Funds?

What is FPO?

Direct Plan v/s Regular Plan de-mystified - Pros and Cons

Daniel Kahneman's view of investing: How do humans make money-related choices?

Published on 03-May-2024

Share market outlook of the week: Nifty set for 23,400 with banking in driver's seat

Go Digit General Insurance IPO

Opening Date 15 May 2024

Closing Date 17 May 2024

Benchmarks nudge lower; Nifty below 22,400

Market Commentary - Mid-Session

Published on 17 May 2022 12:31

Indices may open higher

Market Commentary - Pre-Session

Indices trade with minor losses; metal shares lose sheen

Market continues to trade lower; european mkt decline, nifty slides below 22,200; it shares extend gains for 4th day.

Market Wrap with Pankaj Pandey Feb 17, 2023

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Pharma CRAMs-continues to thrive on orderbook visibility

Bullish bias on commercial vehicle (cv) space tune in to hear analyst, cement sector outlook - by rashes shah, devyani international ltd ipo review, glenmark lifesciences ltd ipo review, zomato ipo review, g r infraprojects ipo review, view on banking sector, ipo review: india pesticides ltd, weekly market wrap.

ICICI Direct offers research reports on the ‘Top Stocks to Buy’ on the Research page. You can view recommendations in “ Investing Ideas ” and get the detailed report by downloading it from here . Also, if you wish to have curated Research baskets according to your needs, ICICI Direct offers – One Click Equity . In case, you want short term trading ideas refer “ Trading ideas ”.

Stocks should be bought basis your holding period view. To know which is the best stock to buy, we have various recommendations for varied holding periods and research reports highlighting the dynamics of the particular company. These will assist you to take your call on the list of stocks to buy now for greater returns. To view the stock-specific research reports, please click here .

The price of the stock and the highest return shares is determined by quantitative techniques and formulas. The highest return shares can help customer maximize their profits. In order to be aware about the latest news with respect to the companies, we have research pages that help you gauge all angles of the organization.

You can decide the best stocks for next 5 years by evaluating the fundamentals of the specific stock. You may also go through the reports that enable you to know the in and out of the organization, its CMP (Current Market Price), our say on it and the projections. To view the detailed report in order to get more insights please click here .

The extremely low price share is generally referred to as penny stocks. They are typically illiquid and have a very small market capitalization. You can sort on CMP (Current Market Price) to find latest low value stock from our Research Desk. Please click here to know more.

The most profitable shares are the ones that give you maximum returns on your invested amount. The trending news section on the Research page, helps you be on the top of all the latest information and invest smartly. Potential upside shows you which shares are giving higher profit. To access profitable bets, please click here .

The best share to invest is determined by a lot of factors such as strong fundamentals of the company, stock having a good value, trends in equity growth, effectiveness of executive leadership, and a lot of other factors. To determine, which is the best share to invest, ICICI Direct offers an exemplary feature – i-lens , that helps you to access the everyday market in a smarter way. The filters enable you refine your requirements and identify the best suited stocks based on pre-defined conditions or trends. You can also visit research page to know more.

The primary steps for the top stock research are:

• Collect all your materials for Stock Research – You should do quantitative research by starting the review of company’s financials.
• Switch to Qualitative Research – Qualitative Research like Management strength, business potential, market study etc. helps you identify more details of the company; thereby providing you with a clear picture of its operations and its leads.
• Putting your research into context – Context is the key. Ensuring that your research fits in well by comparing the calculated numbers makes it a significant part of the research!

Finding it too difficult? Don’t worry! Our research reports by the industry experts will help you attain everything under one roof. Click here to have a direct link to the reports under investing ideas!

You can analyze stocks in two ways – Fundamental and Technical Analysis. These analyses can also include the price valuation, historical data, charts, trends, and fluctuations. All these contribute to a broader aspect of determining the dynamics of the stock. You can avail this information and analyze stocks, just with the help of one click. Please click here to have an overview of the reports.

Stocks should be bought basis your holding period view. To know which is the best stock to buy, we have various recommendations for varied holding periods and research reports highlighting the dynamics of the particular company. These will assist you to take your call on best stocks to buy now for greater returns. To view the stock-specific research reports, please click here .

Price-to-earnings ratio (PE ratio) is always relative. Investors use the price-to-earnings ratio (PE ratio) as a valuation indicator to determine if a stock is overvalued or undervalued. It is not necessary for a good PE ratio to be high or low on its own. Considering that the current market average PE ratio is between 20 and 25, a PE ratio over that range may be negative, while one below that may be advantageous but still it differs for sectors.

The formula for calculating PE ratio is:

Price-to-Earnings (PE ratio) = Stock Price / Earnings Per Share (EPS)

ICICI Direct offers an extensive research on our research page for all the investors that empowers the customers to study/analyze the stock and have a detailed report about it. Investing ideas- You can view the reports just by one single click. Stock Research Reports are essential for evaluating the company’s performance. It also helps users to identify and determine the fundamentals along with some statistics of the organization. These reports help the investors in analyzing their trades.

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CRISIL’s SME Fundamental Research offers evaluation of SMEs from an equity investor’s perspective. This helps small and medium-sized enterprises in accessing equity funding through the SME Exchange.

CRISIL’s IPO Grading is designed to provide investors an independent, reliable and consistent assessment of the fundamentals of new public issues. It includes analysis of business and financial prospects, management quality, and corporate governance.

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CRISIL’s Equity Support Services provides outsourcing services for both buy-side and sell-side firms.

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CRISIL IBX 70:30 CPSE Plus SDL Index - April 2025 goes live

CRISIL rolls out 3 hybrid indices

SME Fundamental Research

Crisil’s sme fundamental research offers evaluation of smes from an equity investor’s perspective and helps small and medium-sized enterprises in accessing equity funding through the sme exchange. in the past decade, crisil has pioneered many solutions for the development of india’s sme sector, and this service offering is another step in that direction., evaluation of smes from an equity investor’s perspective needs a specialised approach, as their characteristics are different from large companies. crisil’s sme fundamental research bridges this gap. the sme exchange, set up by the national stock exchange, provides an exclusive trading platform for smes, facilitating the flow of equity capital to companies on a growth path, but not large enough to list on the main bourses., crisil offers sme fundamental grading services for companies that plan to get listed on the sme exchange. it also offers the sme independent equity research for companies that are already listed on the sme exchange., our offerings include, our sme fundamental grading is an independent opinion on the fundamentals of an sme that is proposed to be listed on the sme exchange. the grading is a relative assessment in relation to other smes in india. the assessment is based on a grading exercise carried out by industry specialists from crisil's research division and comprises an analysis of the following:.

• Industry prospects Assessment of attractiveness of the industry encompassing growth opportunities, degree of competition, regulatory risks and other parameters
• Company prospects The alignment between industry opportunities, the company's strategy and its capabilities
• Financial prospects   A forward looking assessment of key financial indicators relevant for an equity investor.
• Management quality   An assessment of the ability of the management to scale up the business and handle uncertainty.
• Corporate governance   An evaluation of the company's governance architecture to determine if it is structured such that the risks and rewards of business are equally available to all shareholders.  

Our  SME Fundamental Grading is CRISIL's current opinion on the fundamentals of the  graded issue. This opinion is a relative assessment in relation to other SMEs in India. CRISIL SME Fundamental Grading reflects its assessment of the graded company's equity fundamentals as distinct from an assessment of debt fundamentals. A CRISIL SME Fundamental Grade should not be construed to mean a comment on the price of the graded security nor is it a recommendation to invest or not to invest in the graded SME / instrument.

Sme fundamental grading benefits investors and aids companies in fund raising, the sme fundamental grading is particularly useful for investors who are seeking to invest in sme companies and aids companies in fund raising. our sme fundamental grading aids investors to identify fundamentally better sme companies, thereby helping them to make informed investment decisions. an investment decision involves three key components:.

• Analysis of fundamentals
• Analysis of returns 
• Investor preference for the asset class

CRISIL SME Fundamental Grading aims to address the first component - analysis of fundamentals.

Grading list and rationales, sme independent equity research (sme ier) offers an independent and unbiased assessment of a company's fundamentals and valuation. sme ier covers companies which are already listed on the sme exchange. , in contrast to traditional equity research models, crisil sme ier is carried out by an entity that does not have a transactional interest in the stock that is being researched. crisil sme ier also differs from conventional research in not making 'buy', 'hold', or 'sell' recommendations, and instead offers an opinion on the company's fundamentals and valuation. the advent of sme ier makes for a new paradigm in the indian equity market, empowering individual investors to make better-informed investment decisions backed by high-quality research from india's leading research house., benefits of equity research.

• Improved liquidity Consistent research, with detailed initiation reports and quarterly updates, increases liquidity and helps the company to trade at fair prices
• Easy access to capital   Generates awareness among investors and positions the company as a long-term prospect during fund-raising programmes
• Enhanced visibility Positions the company to domestic and international investors
• Eases management bandwidth Frees up the company's top management and investor relations team's bandwidth
• Increased transparency Creates an investor-friendly image for the company and raises transparency levels

The SME Independent Equity Research Reports we offer:

Request sme ier report.

• select-company-name
• K.P. Energy Ltd
• Opal Luxury Time Products Ltd
• Thejo Engineering Ltd
• Veto Switchgears and Cables Ltd
• MITCON Consultancy & Engineering Services Ltd

CRISIL IPO Grading is designed to provide investors an independent, reliable and consistent assessment of the fundamentals of new public issues. It includes an assessment of business and financial prospects, management quality and corporate governance.

Introduced under the aegis of the securities and exchange board of india (sebi) regulation, an ipo grade is particularly useful to retail investors who are seeking to invest in companies unknown in the equity markets., our ipo grading is assigned by a separate equity-focused team (and not by credit rating analysts) to bring the necessary equity orientation to the outcome. it is much more than due diligence - it is an independent view on equity fundamentals. an unmatched track record of independent research and strong domain knowledge in all industries add to our credibility..

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With a universe of about 100 companies under coverage, we are the best equipped to provide both public and private companies with an independent opinion on fair value. Our valuation represents the most likely price around which a deal can happen, if more than one independently acting potential buyer/seller is found after adequate efforts, but within a limited timeframe after our analysis.  The buyer/seller should have similar knowledge of the business being transacted and its environmental factors. They should have no other strategic factors weighing upon their mind as regards potential of this business.

Request a call, crisil limited is registered as a research analyst under sebi (research analysts) regulations, 2014 with registration number inh000007854 for the service. crisil limited also engages in other business activities in the research and analytics domain., equity support services, crisil provides outsourcing services for both buy-side and sell-side firms. the advantages of crisil’s equity support services include:  .

• Cost savings of at least 30%
• Flexible delivery models: both project and full-time employee (FTE) models are offered
• Experienced analysts with sector-specific knowledge
• Refined research processes and proprietary techniques, ensuring high-quality output
• Focused training programmes to ensure analysts are kept abreast with the latest analytical techniques.

If you are an investor, and would like to share grievances, contact [email protected] , or fax us at +91 22 3342 8029

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Indian Equity Strategy

Investment approach, portfolio manager.

The Morgan Stanley Indian Equity Strategy seeks to deliver long term risk adjusted returns by investing in Indian equities. It integrates top down macro-thematic research with bottom-up analysis to build a growth-oriented portfolio.

We believe that an approach integrating macro-thematic research and bottom-up analysis works best in India. Our India portfolio has a growth bias, which we think is a natural outcome of investing in a fast-growing economy like India. We do not compromise on quality of management and corporate governance. Our experience of managing money in India for over two decades has taught us that a fairly concentrated portfolio of 30-40 stocks comprising high conviction names offers the best mix of diversification 1 and activeness.

RISK CONSIDERATIONS

Past performance is not a guarantee of future performance. There can be no assurance that the Strategy will achieve its investment objectives. Portfolios are subject to market risk, which is the possibility that the value of the investments and the income from them can go down as well as up and an investor may not get back the amount invested. Market values can change daily due to economic and other events (e.g. natural disasters, health crises, terrorism, conflicts and social unrest) that affect markets, countries, companies or governments. It is difficult to predict the timing, duration, and potential adverse effects (e.g. portfolio liquidity) of events. Accordingly, you can lose money investing in this strategy. Please be aware that this strategy may be subject to certain additional risks. In general,  equity securities’  values also fluctuate in response to activities specific to a company. Investments in  foreign markets  entail special risks such as currency, political, economic, and market risks. The risks of investing in  emerging market  countries are greater than the risks generally associated with investments in foreign developed countries.  Derivative instruments  can be illiquid, may disproportionately increase losses and may have a potentially large negative impact on the portfolio’s performance. Strategies that specialize in a particular region or market sector are more risky than those which hold a very broad spread of investments. In addition, its value may be substantially affected by economic events in a particular region or industry.

1  Diversification does not eliminate the risk of loss.

2  Source: BSE, NSE.

This communication is only intended for and will be only distributed to persons resident in jurisdictions where such distribution or availability would not be contrary to local laws or regulations.

There is no guarantee that any investment strategy will work under all market conditions, and each investor should evaluate their ability to invest for the long-term, especially during periods of downturn in the market.  Past performance is no guarantee of future results.

A separately managed account may not be appropriate for all investors. Separate accounts managed according to the Strategy include a number of securities and will not necessarily track the performance of any index. Please consider the investment objectives, risks and fees of the Strategy carefully before investing. A minimum asset level is required. For important information about the investment manager, please refer to Form ADV Part 2.

Any views and opinions provided are those of the portfolio management team and are subject to change at any time due to market or economic conditions and may not necessarily come to pass. Furthermore, the views will not be updated or otherwise revised to reflect information that subsequently becomes available or circumstances existing, or changes occurring. The views expressed do not reflect the opinions of all portfolio managers at Morgan Stanley Investment Management (MSIM) or the views of the firm as a whole, and may not be reflected in all the strategies and products that the Firm offers.

All information provided has been prepared solely for information purposes and does not constitute an offer or a recommendation to buy or sell any particular security or to adopt any specific investment strategy. The information herein has not been based on a consideration of any individual investor circumstances and is not investment advice, nor should it be construed in any way as tax, accounting, legal or regulatory advice. To that end, investors should seek independent legal and financial advice, including advice as to tax consequences, before making any investment decision.

This material is a general communication, which is not impartial and all information provided has been prepared solely for informational and educational purposes and does not constitute an offer or a recommendation to buy or sell any particular security or to adopt any specific investment strategy. The information herein has not been based on a consideration of any individual investor circumstances and is not investment advice, nor should it be construed in any way as tax, accounting, legal or regulatory advice. To that end, investors should seek independent legal and financial advice, including advice as to tax consequences, before making any investment decision.

OTHER CONSIDERATIONS

The  MSCI India Index  is a free float-adjusted market capitalization index that is designed to measure the large and mid-cap equity market performance of India. It is not possible to invest directly in an index.

The indexes are unmanaged and do not include any expenses, fees or sales charges. It is not possible to invest directly in an index. Any index referred to herein is the intellectual property (includingregistered trademarks) of the applicable licensor. Any product based on an index is in no way sponsored, endorsed, sold or promoted by the applicable licensor and it shall not have any liability with respect thereto.

The information presented represents how the portfolio management team generally implements its investment process under normal market conditions. Investment team members may change from time to time without notice.

Morgan Stanley Investment Management is the asset management division of Morgan Stanley.

THE RESEARCH HOUSE Helping Serious Investors Make Sustainable Wealth, The Right Way

We aim to be the most honest, reliable equity research organisation in India. Our 15-members research team has nearly 100 years of work experience and a dedicated data & forensic team helps us to control mistakes. We have a track record of delivering data-backed stock ideas, keeping your peace of mind at the forefront. We believe staying rich is more important than being rich.

Who Are We?

Omkara is a team of dedicated investment enthusiasts, composed of experienced professionals in the finance industry. With a deep understanding of the market dynamics and a passion for empowering investors, our team brings together expertise, knowledge, and a commitment to helping serious investors achieve their financial goals.

Why Omkara Research Analyst Services

Only data backed actionable research ideas.

Our endeavour is to create a community which takes educated decisions to invest in the equity market...

NO DISTRIBUTORS OR ANY MIDDLE-MEN

We are happy to talk directly to our clients & pass any benefit to clients rather than distributors....

AN EXPERIENCED & ENERGETIC TEAM

We have collective work experience of nearly 50 years. Driven with passion & integrity, we are on a...

AVOIDING MISTAKES

If we avoid mistakes, wealth will be made consequently. We, with the help of our unique network of m...

We are not driven by daily NAVs or rise in Assets under management/ advisory. We charge a fixed fee...

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We will only provide research on non-fashionable but great companies in a simple language. They may...

EXIT IS AS IMPORTANT AS ENTRY:

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Case Studies

The securities quoted below are ONLY for illustration purposes and are not recommendations.

We like Tata Motors for the strong ongoing business cycle at JLR, improving Indian CV/PV demand, market leadership in Indian Electric 4W and improving margins across segments with accelerated balance-sheet deleveraging. At JLR, a strong product cycle, easing chip constraints should drive strong operating performance (healthy Order Book 185K units). JLR remains on track to deliver 400K vols in FY24 (24% YoY growth), FCF of £2B and nil net debt target in FY25 (current net debt £2.5B). In India, co has more than doubled its PV market share to 14% in 5 years and average monthly volumes have increased from ~15.5k in FY18 to ~45k units in FY23. Company is targeting double-digit EBITDA margin even in PV business (Q1FY24 5.3%). MHCV Industry outlook continues to remain promising (5-10% growth in FY24/25, Tata Motors has 42% market share in CVs). Tata Motors has been a pioneer in the Electric 4W space in India and currently commands ~84% (FY23) market share in the category, targeting 100k EV unit sales in FY24 (double of FY23). By FY25E, company’s EBITDA will be more than 2x of its FY23 EBITDA, EPS to rise to a new high, and auto balance sheet to turn net cash, while stock trades at PE of 11x on FY25e. (DVR shares will be converted to Ordinary Shares, further 4% accretive to EPS/valuations)

We recommend Bharat Forge on account of strong and visionary management team led by Baba Kalyani with focus on to de-risk business model and diversify its product offering like defence, EV, aerospace to reduce the cyclical nature of business. After hard work for many years, these new businesses made their position in the market and are ready to lead the company next leg of future growth. For example, in defence space, Bharat Forge is emerging as an important company in India and globally for its products like artillery guns etc. In FY23 defence revenue was Rs.300+ cr. which we believe increased to Rs.1400+ cr. by FY25E. Like, the defence, company is also gaining the similar traction in other segments also.

SKF India, a leading global bearings company, was recommended due to its over six-decade track record and market leadership in Bearings across Automotive, Industrial sectors and aftermarket. Its global parent company, AB SKF, is a market leader in the global bearings business. It is the only company in the world that supplies Tesla with Hybrid bearings.  Its clientele includes most of the major automotive firms such as Maruti, Hyundai, Tata, and Volkswagen, as well as reputable cement and steel companies for industrial bearings. The results were far superior to our expectations which comprised a revenue and PAT increase of 15% and 26%, respectively. India currently produces around $400 billion in manufacturing goods, a fraction of China's output. However, it is expected to grow at least 3-3.5 times by 2030. 

Gokaldas Exports, is a hold recommendation based on the view that it is a leading apparel manufacturer with a 36 million annual capacity and has seen a 17% revenue CAGR in FY18-23 and a 68% PAT CAGR in FY19-23. India currently exports approximately $4bn worth of apparel to the US market which expected to expand rapidly in the future, and the company's financials have seen a 24% YoY growth in revenue since initiation (FYE22), 32% YoY growth in EBITDA, and 37% YoY growth in PAT, outperforming expectations.The company is incurring a capex and has recently acquired Atraco, allowing it to access duty-free export destinations. The stock is trading at a PE of 23x/18x on FY24e/25e earnings, with proceeds from the capex expected to kick in from FY26. 

We expect the company to do Rs.4000 cr. EBITDA in FY26 (hence 3x EV/EBITDA) and almost debt free. Rs 3200 cr. capex done and more Rs.3900 cr. capex planned (to be completed by FY26E). Co is not only into steel but has added aluminium foil, stainless steel, and others to its portfolio. The game changer for Shyam can be the new stainless-steel business and its shift in focus towards the B2C channel. We believe that the company's fresh capital expenditure will increase its backward integration and new product segment additions such as ductile iron pipe, hot flat products, and parallel flange beams will provide the company with a fresh source of income in the coming year.

Triveni Engineering is a bet on undiscovered engineering business plus ethanol play. It is one of the leading sugar conglomerates with diversified businesses in sugar and ethanol, co-generation, power transmission, including industrial gears & gearboxes and defence and water treatment solutions. The company with ethanol capacity of 660KLPD and with 450KLPD capacity underway, is well poised to capitalize on the E20 ethanol blending program by EY25. It is also one of the most efficient companies in the sugar business with combined crushing capacity of 61,000MW and co-gen capacity of 105MW across its 6 plants. Its power transmission and water businesses have also showcased strong potential with a strong order book, propelling growth CAGR of 15% respectively over the last 5 years. Going forward, we expect EBITDA CAGR of 24% & PAT CAGR of 22% over FY23-25E. The stock currently trades at 12.5x FY25E P/E & 8.6x FY25E EV/EBITDA.

Ion Exchange is one of the most efficient end-to-end water solutions providers with capabilities around constructing the water treatment plant to its O&M to manufacture required water chemicals. Water is already a scarce commodity and opportunity size is not only huge but will keep getting bigger and bigger with time. Company currently has an order book of Rs 3430cr as of FY23 which is a Book to bill of 1.72x which shows growth visibility of almost 2years with an order bid pipeline of Rs 8125cr as of FY23. The company is coming with a new chemical capacity which is going to be commissioned in FY26 with an investment of Rs 400cr. India’s water and wastewater treatment market will likely reach $2.08 billion by 2025 from $1.31 billion in 2020, registering growth at a CAGR of 9%. At the same time, we expect ION Exchange to grow its revenue by a CARG of 20% and its EBITDA at a rate of 20-21% showing outperformance to the industry growth.

Recommendation of Craftsman was done with a view of it being a diversified engineering company with vertically integrated manufacturing capabilities. It operates in three business segments: Automotive Powertrain (52% of revenues), Aluminium Die Casting (25%), and Industrial and Engineering (23%). The company is expected to register a PAT CAGR of 41% over FY23-25e, driven by continued strength in the MHCV Segment, ramp-up operations in the aluminium castings segment, and manufacturing wave in India. The company's financials show a 43% increase in sales, 25% and 61% increase in EBITDA and PAT respectively over FY21-23.

We have recommended Sansera Engineering with a view of it being an engineering-led manufacturer of complex and critical precision engineered components across automotive and non-automotive sectors like Aerospace & Defense. Co has a track record of outperforming Auto Industry growth by +10% historically. It is having healthy order book of Rs. 1,700 cr (53% of order book is Tech Agnostic, EV + Non-Auto segment vs 22% of Revenue share currently from these segments). It expects 50% CAGR in Aerospace Segment, 40% growth in Exports and overall more than 20% CAGR with 20% RoCE going forward. Co is expected to deliver Revenue / PAT CAGR of 20% / 39% over FY23-25e.  Structurally, with ongoing diversification (towards Aerospace, Defense, EV Components), Sansera is set to get re-rated (currently at 17x on FY25e) in line with other auto ancillary majors and become a top quality market cap compounding company

ZFCV was recommended with a view of being the market leader in the domestic CV braking segment, with diversified exposure across OEMs, aftermarket, and exports. The company's content per vehicle is set to rise by 3x, and the parent company is focusing on ZF CV India as a key sourcing hub. The market size is expected to grow by 4x from current levels, with a value addition of around Euro 600/CV in India compared to 1600/unit in Europe. Margin growth was seen in EBITDA from 10% to 14% and rise in revenues and PAT by 35% and 85% respectively. 

We had recommended KPIT with a view that increasing electric vehicle investment by global auto companies (Top 15) would lead to increasing requirement of services of Auto ER&D players like KPIT who provide whole gambit of solutions such as ADAS, Connected device, EV Powertrains etc. Also, KPIT margins were at the lower range of 12%, which we expected to improve going ahead due to better utilization of resources & pick up in the orders inflows. We anticipated that margins would improve to near 20% which would lead to rerating of earnings multiple as it was trading at just 18x on FY23e basis which was significantly discount compared to peers such as Tata Elxsi and LTTS.

We recommended HAL with a view that increased GOI action towards indigenization and manufacturing in India presents HAL with a significant decadal growth runway, with deal pipelines (Helicopters, Aircraft, Engines) worth between $35-40 billion. With a leading ROE and net cash position, HAL's financials exceeded expectations, with revenue and PAT growing by 8% and 28% CAGR respectively.

We recommended ACE with the view, considering that it holds a significant market share in the cranes segment, with 60% market share in Pick and Carry and Tower cranes. The company is expected to maintain growth due to the government's focus on infrastructure investments in roads, metro, high-speed rail, water, renewable power, and airports. The company's investments in agricultural equipment, defense, and exports should mitigate cyclicity risk. The market size is $3.3 billion for cranes, $6.7 billion for construction equipment, and $2.2 billion for tractors.

KSB Ltd, a German multinational firm, manufactures Pumps & Vales for various industries we recommended as the company is a proxy play for water/energy/industrial capex recovery. New product introduction and focus on export and service business should boost earnings in the medium term. KSB is looking at an opportunity of Rs. 3,000 cr in coolant pump, secured by Rs 10 billion (2 orders). The company has registered revenue, EBITDA, and PAT growth of 23%/21%/25% over CY20-22.

Recommendation of Titagarh was based upon the fact that it is a leading freight wagon manufacturing company and the only company in India to be able to manufacture Stainless steel and Aluminium coaches for Metro, it had won the largest order for 24,177 freight wagons from the Indian railway in 2022, worth Rs 7,838cr. With a market size of 30,000cr, the company's financials have seen a 16% CAGR in revenue and a 78% growth in profitability over the same period.

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14 May'24 10:48:52 AM

Target price, entry price, 14 may'24 10:40:46 am, closed | booked part profit, 14 may'24 09:49:35 am, 13 may'24 02:35:36 pm, long term research.

EQUITY RESEARCH REPORT: TCS (NSE)

TCS reported revenues for Q4FY24 at $7.36bn (in-line with our estimates), a growth of 2.2% YoY in cc. In USD terms, reported revenue was up 1.1% QoQ and 2.3% YoY. In INR terms, revenue stood at INR612.4bn, up 1.1% QoQ and 3.5% YoY. For FY24, TCS reported revenues at $29.08bn, up 3.4% YoY in cc and 4.1% YoY in USD terms. In INR terms, revenue stood at INR2,408.9bn, up 6.8% YoY. Q4FY24 order book TCV stood high at $13.2bn, outperforming the management guidance of $9bn-10bn whereas FY24 order book TCV stood all-time high at $42.7bn. Net CFO stood at 100.4% of net income in Q4. 

• Growth led by UK & India geography and Regional Markets vertical: FY24 revenue growth remained broad based on the back of strong 10.1% YoY cc growth in UK and 19.8% YoY cc growth in Regional Markets & Others vertical. Q4 growth was led by Manufacturing vertical (+9.7% YoY cc) and India geography (+37.9% YoY cc). Geographically, management sees growth opportunities in India and MEA. Management expects Regional Markets to grow at a faster pace against major markets. Middle East and Africa grew 10.7% YoY cc, Latin America grew 9.8% YoY cc and Asia Pacific grew 5.2% YoY cc. 
• Fresher hiring to happen in FY25E: LTM attrition stood low at a comfortable band of 12.5% (down 80bps sequentially). There was a net addition of -1,759 employees resulting in workforce strength at 601,546. Company has commenced fresher hiring from campuses and recalibrated hiring, focusing more on utilizing the capacity. Management also mentioned that TTM attrition might go down further by 30-40bps. There has been continuous focus on training employees for GenAI offerings. Company plans to hire 40,000 freshers in FY25E. 
• Margins target band 26%+: Adjusted operating (EBIT) margins came in at robust 26% for the quarter, up 256bps sequentially and 151bps YoY led by reduction in subcontractor expenses. A disciplined approach to operations helped company expand its industry-leading margins to 24.2% for FY24. Margin improvement levers are identified as improving productivity, utilization, realization (pricing) and reducing subcontracting costs. Company aspires the margin band between 26-28% going ahead. Net margin came in at 19.1% for FY24.
• Management Outlook: Management faces no issues in executing non-discretionary and vendor consolidation deals. However, there are delays in global discretionary spending and hence there seems an uncertainty. There was a de-growth in North America geography and BFSI vertical but the management feels it has bottomed out and shall turnaround in coming quarters. Management expects FY25E to be better than FY24 due to short term deal wins of low value.

Valuation: We expect strong deal momentum resulting in a comfortable deal mix of mega, large and small-mid sizes providing visibility for long-term growth. There has been tremendous client interest in GenAI (pipeline doubled) and company is leading the innovation and exploratory efforts for the same. We maintain our rating to BUY with a revised target price of INR4,495 implying a PE of 28x on FY26E EPS of INR160. 

Upside: 12.3%

EQUITY RESEARCH REPORT : HAL (NSE)

• In a significant move to bolster India's defense capabilities, the Defence Acquisition Council recently gave the green light for the procurement of 12 SU-30MKI jets for the Indian Air Force (IAF), a deal long overdue to HAL. Further, collaboration with Fabrica Argentina de Avionics (FAdeA) for MRO and offset requirements in the LATAM region not only strengthens India's defense capabilities but also positions itself as a global player in the aerospace industry. Company continue to focus on export market opportunities to achieve sustainable export growth in coming years. 
• Moreover, the Defence Ministry's approval of a substantial Rs 60,000 crore upgrade for India's Su-30MKI fleet, spearheaded by HAL and supported by DRDO, underscores a strategic effort to modernize and fortify the aircraft with advanced radars, mission control systems, and weaponry.
• HAL is expanding collaborations globally, like the MoU with FAdeA for MRO in LATAM. Exploring armed UAVs, HAL strengthens India's defense and global aerospace presence. Talks for Tejas and ALH-Dhruv exports highlight India's commitment to international partnerships and advanced defense tech showcase.
• In the last quarter, HAL has signed a contract for RD-33 Aero Engines for the MiG-29 aircraft. Furthermore, HAL is in talks with various countries like Egypt and the Philippines, offering Tejas Mk1 with BrahMos-NG combo to the Philippines Air Force and proposing transfer of technology for local assembly of Tejas mk1A fighter jets to Egypt and the Philippines, along with discussions to offer ALH-Dhruv helicopters to the Philippines.

View and valuation: We have a positive outlook on HAL, as the company faces limited competition from the private sector due to the high capital intensity and long gestation periods for developing manufacturing capabilities in the sector supported by:

• Strategic diversification into civilian sector,
• Some big ticket future orders with new orders anticipated for LUH, LCH, Su-30, and HTT-40 in the near to medium term,
• Strategically positioned itself as a sole supplier domestically.
• Make collaboration with foreign giants (Safran, Airbus),
• The company's massive order book stood appx. Rs.840bn which is ~3.1x of FY23 revenue, would support the growth story of the company.

We ascribe “ BUY ” rating on the stock with a TP of Rs.3,878 (33x of FY26E EPS) increasing in the multiple is reflection of winning new order in near term like Tejas MK1A, Sukhoi-30MKI up-gradation, ALH Dhruv Helicopters and various aerospace structures for PSLV and GSLV etc and focus on export opportunity .

Upside: 15.1%

EQUITY RESEARCH REPORT : ADSL (NSE)

Allied Digital Services Ltd. (ADSL) is a global Information Technology consulting and services company established in 1984, headquartered in Mumbai with global presence with branches in Canada, Mexico, Spain, Belgium, Italy, and Germany, along with subsidiaries in the US, Brazil, Ireland, the UK, Singapore, China, Australia, and Japan. ADSL is a dynamic IT company, specialising in digital transformation architecture, global managed IT services, and master systems integration (MSI). It excels in delivering cost-effective solutions allowing clients to maximise return on investments. It has an expertise in Cloud enablement services, Integrated solutions (Smart City), Cybersecurity services, Infrastructure Management services, Software services and Workplace Management services.

Investment Thesis and Strategies

• Strategic Global Partnerships and Geographic expansions: Company has established partnerships with major global players which has expanded its competencies and abilities to offer comprehensive technology services. These collaborations will enable ADSL to leverage global expertise, access new markets, and tap into a wider customer base, driving growth. On the back of these partnerships, ADSL has recently won several large deals for global giants and is in active conversations with clients for more opportunities. Company is actively expanding directly into newer geographies like Mexico, Canada and other nations where they don’t have presence with an idea to increase its margins (by eliminating partner’s margins) and acquire new customers.
• Revenue target of INR10bn in next 2-3 years: ADSL has analyzed future opportunities to set a clear roadmap for the next 2-3 years. Management has set a revenue target of INR10bn in next 2-3 years to be driven by recovery in global business demand in next 4-6 quarters, good traction in Smart/Safe city projects from Government and other large projects in the pipeline. ADSL is on track and is quite confident on achieving the said target by FY27E or earlier on the back of positive communication developments from customers for the large projects. Also, there lies a huge opportunity in entering US and strengthening position in India (for Tier-II cities) as a MSI. 
• ADiTaaS as an EMS platform: ADiTaaS, a comprehensive service management platform, is driving significant value for customers by empowering them with integrated services. ADiTaaS is fast shaping up to be an AIOps platform, which can help clients enhance efficiencies in IT and enterprise operations. It helps in contributing to the topline via implementation service charges, sale of licences and AMC charges. It also helps in improving EBITDA margins as it has a high Gross Margin (>50%). ADiTaaS software is continuing its upward trend, as many large global brands are adopting the low-code/no-code conversational AI based SaaS platform as key enterprise service orchestration software.
• Expansion of EBITDA margins: Management is confident of achieving mid-teen margins in next 4-6 quarters via cost reduction techniques and selling ADiTaaS more. ADSL has completed the implementation phase in most of its projects and is in O&M phase in which it can optimise its margins and maintain the cost. Other driving factor is acquiring more customers for ADiTaaS software as it gives multi-fold margins to the organisation overall. Also, there is a huge scope in entering US as a MSI which has far better margins than in India. 

View and valuation

Although the new business cycle remains elongated, ADSL witnessed augmentation of assignments and expansion of scope by existing logos across both Enterprise and Government customers accompanied by a steady pace of renewals. Enterprise Customers and Governments alike are leveraging next gen technology for digital transformation. While it continues to work with global partners, as the pace of digitization accelerates, it is strategically positioning themselves for opportunities through additional investments in its sales engine for direct outreach. The business environment is improving and the contracts which were deferred earlier in the financial year are exhibiting signs of materializing. The order pipeline remains robust, and the ongoing discussions with clients instill confidence in sustaining the growth momentum. We expect ADSL's Revenue/EBITDA/PAT to grow at a CAGR of 12.1%/14.9%/17.1% over FY23-26E. We assign a multiple of 14x on FY26E EPS, and arrive at the TP of INR217 with an OUTPERFORM rating. 

Upside: 40.7%

EQUITY RESEARCH REPORT : NH (NSE)

In Q3FY24, NH reported earnings slightly below expectations, with revenue reaching INR 12,036 million, a 6.7% YoY increase but a 7.8% QoQ decline due to seasonality. EBITDA grew by 9.6% YoY to INR 2,789 million but decreased by 9.5% QoQ. The EBITDA margin expanded by 62bps YoY but contracted by 43bps QoQ to 23.2%, aligning with estimates. APAT witnessed a 22.3% YoY growth but a 17% QoQ decline to INR 1,881 million. As of December 2023, the company operated 39 healthcare facilities with 5,646 operational beds.

• India Hospitals: India operating revenue was INR 9,590mn vs INR 9,098mn, a growth of 5.4% YoY. The company experienced revenue growth across all regions, with the Eastern Peripheral region (including Jamshedpur, Guwahati, Raipur) leading with a 15% YoY increase. However, the Northern region (including Gurugram, New Delhi, and Jaipur) witnessed a 3% YoY decline, primarily due to underperformance in Gurugram and significant impact in Jaipur related to changes in reimbursement structures. The ARPP (Average Revenue Per Patient) for IP (InPatient) patients was INR 123,000, reflecting a 5.6% YoY growth, and for OP (Out-Patient) patients, it was INR 4,200, showing a 5% YoY growth. The ALOS stood at 4.4 days.
• Cayman Islands: In the Cayman Islands, operating revenue reached INR 2,576mn, up 11.5% YoY from INR 2,309mn. The ARPP for IP decreased by 24.6% YoY to USD 30,700, influenced by unusually high numbers last year. The ARPP for OP grew by 9% YoY to USD 1,200. The unit's capex is nearly complete, with the hospital expected to be commissioned by June 2024.
• Company Gears Up for Health Insurance: The company has successfully acquired an insurance license in early January and is currently in the process of finalizing products, technology, and regulatory policies. The anticipated launch is set for the next year, beginning in Karnataka, particularly in Mysore, with plans for gradual expansion into other regions. The initial investment in the health insurance business is projected to be INR 1,000 million.

Outlook and Valuation: Narayana Hrudayalaya (NH) is poised for strong growth from FY24 to FY26, supported by its diverse presence in India, particularly in Karnataka and Kolkata, and its expansion into new specialties, including ortho spine, neurosciences, GI sciences, and acute care. The company's robust footprint extends to the Cayman Islands, where it anticipates the completion of a new multispecialty center. NH's strategic allocation of high capex towards adding hospitals and clinics further solidifies its growth potential. Valuing the stock at 20x FY26E EBITDA, the target price is set at INR 1,456, maintaining an ADD rating.

Upside: 6.6%

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INDIA: PUSHING THE RIGHT LEVERS

With consistently high rates of economic growth and enormous potential, the Indian economy has truly taken global centre-stage. India’s stupendous rise on the global stage is being driven by a slew of factors - strong institutional infrastructure, favourable demographic profile, skilled workforce, an emerging middle class, a dynamic entrepreneurial culture, rising productivity, a resilient private sector, rapid technological advancement, etc.

In the past few years, a strong reform driven approach by the Government of India has further bolstered economic progress. The government has taken several key initiatives to enhance Ease of Doing Business including Make in India (to boost investment) Merchandise Exports from India and Services Exports from India schemes (to promote exports), Government e-Marketplace to boost procurement. Introduction of the landmark Goods & Services Tax promises a transformational impact in economic growth. Startup India has adopted an institutionalised approach to promoting new enterprise in collaboration with all stakeholders, and this promises to play a disruptive role across sectors of the economy in the coming years. Meanwhile, the country is making great strides as an investment destination as well as a prominent exporter across a number of sectors, including automotive, IT, engineering, food processing, chemicals, renewable energy, pharma and healthcare, services, telecom, textiles, etc.

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How to Find Stock Research Reports of Indian Companies? [For FREE]

by Kritesh Abhishek | Mar 29, 2023 | Investment Basics | 0 comments

Are you looking for the best sites for the stock research reports of Indian companies to analyze? Then you’ve landed in the right place.

In this post, we are going to discuss how and where to find the stock research reports of Indian publically listed companies for FREE. But before we learn where to find the stock research reports, let’s first understand the advantages and disadvantages of reading research reports.

Pros and cons of reading stock research report:

Frequent reading of the research reports of public companies has both advantages and disadvantages. Here are a few common ones–

Pros of reading research reports:

• You can develop analytical skills:  If you continuously read the stock research reports, you can learn the approach that the analyst used to analyze the stock and his/her stock data interpretation techniques. 
• Saves time to collect data: If you are new to the stock market and do not know where to obtain the company data for research, then stock research reports can help you a lot. These reports contain many essential stock data in a customized format.
• You can get an extra opinion: By reading the research report of a company by different analysts, you can get an additional opinion- which can help you avoid confirmation bias .

Cons of reading research reports

• You might get influenced by the opinion of the analyst: It is very common to get influenced by the buy/sell opinion of the analyst after reading the report. And this might not always be profitable for the investors.
• Paralysis by Analysis : Sometimes reading multiple research reports might make your investment decision ‘complex’ and ‘indecisive’. If three analysts are giving a buy call and the other three are arguing to sell, then it might be a little tricky to decide which step to take.

How to make the best use of stock research reports?

The best way to effectively use stock research reports is to read the analysis and ignore the section where the analyst makes his/her recommendation (buy/sell call). Take your own independent intelligent decision after reading the report.

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Moreover, it’s not difficult to make your investment decision- once you get used to reading and understanding the research reports. I f you start reading even 2-3 research reports per week, you can develop good analytical skills within a few months. 

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Best websites to find stock research reports of Indian companies for free:

There are two easy approaches to finding the stock research reports of Indian companies. First, simply google the company whose report you want to study. You will get many useful links to research reports. However, this approach might be a little inefficient for beginners.

The second method is to get the research reports from a few financial websites that collect this information. Th ere are the two best websites where you can easily find the stock research reports of Indian public companies.

1. Trendlyne

Website:  https://trendlyne.com/research-reports/all/

Here are the steps to find the research report on the Trendlyne website:

• Go to trendlyne.
• Select ‘REPORTS’ on the top menu bar.
• Search the stock name whose report you want to read.
• You’ll get a complete list of the research reports by different brokers/analysts.

2. Marketmojo

Website:  https://www.marketsmojo.com/

Here are the steps to find the stock research reports of Indian companies on Market Mojo–

• Go to market mojo and create an account/log in using your email id.
• Select ‘RECOS’ on the top menu bar.
• You will the complete list of research reports and recommendations. 
• Further, for finding a specific stock report, use the search bar on the header.

Also read:  7 Must Know Websites for Indian Stock Market Investors.

One of the most significant skills required to succeed in the stock market is to analyze stocks and make informed decisions. Although, it’s not easy to read a ten-twenty-page stock research report, however, with practice and experience you can improve your analytical skills. Nonetheless, reading the stock research reports of companies can help you a lot to understand the different analysis approaches.

By utilizing the stock screener , stock heatmap , portfolio backtesting , and stock compare tool on the Trade Brains portal, investors gain access to comprehensive tools that enable them to identify the best stocks and also get the latest information about stock market news to make well-informed investment decisions.

Kritesh ( Tweet here ) is the Founder & CEO of Trade Brains & FinGrad . He is an NSE Certified Equity Fundamental Analyst with +7 Years of Experience in Share Market Investing. Kritesh frequently writes about Share Market Investing and IPOs and publishes his personal insights on the market.

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Fundamental Stock Pick:- Epigral Ltd

Fundamental Stock Pick:- Suryoday Small Finance Bank

Presentation April 2024

-Domestic Economy is doing reasonably well -US market has done well in recent past but likely to pause -Corporate result will be mix bag -Liquidity situation in banking system has improved as such can benefit Financials -Domestic liquidity is consistently supporting market. correction in the march month not lasted from even 10 days -Nifty valuation are at upper end of pre-covid range -Market likely to remain rang bound but stock specific can give higher returns

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Private equity targets India’s healthcare sector with record investments

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Buyout funds are piling into Indian hospital chains and medical firms, lured by rising spending on healthcare in the world’s most populous nation, with the sector providing a rare bright spot amid a downturn in overall deal activity.

Private equity and venture capital investment in India’s health and pharmaceutical sector hit a record of about $5.5bn in 2023, a 25 per cent jump on the previous year, according to a report published by Bain & Company on Thursday. Global private equity executives from firms including Bain Capital and Blackstone Group, as well as KKR co-founder Henry Kravis, have visited India in recent months, talking up its economic potential and pledging multibillion-dollar acquisitions.

This year had got “off to a good start”, said Prabhav Kashyap, a New Delhi-based partner at Bain. “Assets are reaching the right scale . . . more are coming to the market.”

KKR made its latest move in India ’s rapidly expanding health sector this week, purchasing medical device manufacturer Healthium Medtech from Apax Partners. Advent International last month said it would invest nearly $300mn in a digital and pharmacy arm of Apollo Hospitals, India’s largest corporate chain.

“Almost all hospitals of size have been invested in by private equity and that trend is not coming down,” said Bhavin Shah, private equity and deals leader at PwC India, who highlighted rising health costs and insurance coverage among the country’s 1.4bn population.

As Indian incomes steadily climb, the spread of non-communicable health issues, such as diabetes, is also on the increase. The medical industry is expanding with the “growing incidence of lifestyle diseases”, according to government agency Invest India , which estimates hospital revenues will hit about $219bn by 2027, more than doubling from 2021.

The tide of money flowing into Indian healthcare also illustrates the widening gulf between the country’s expanding private networks and the parlous state of its underfunded public hospitals.

“Decades of under-investment and mismanagement have resulted in a public healthcare sector that has centres of excellence, but generally low average quality and coverage,” said Radhika Jain, an assistant professor of health economics at University College London.

“The majority of healthcare visits, including a substantial share among poor households, are in the private sector, where people pay the full cost out of pocket.”

With India in the middle of national elections, the incumbent Bharatiya Janata party — led by Prime Minister Narendra Modi — has promised to improve health services. In 2018, his government rolled out a public insurance policy to cover about 120mn low-income households.

But government health expenditure remains among the lowest globally, at just over 1 per cent of GDP . Access to quality care remains patchy, particularly in India’s vast rural hinterland. “Inadequate infrastructure, a shortage of healthcare professionals” and a “lack of trust” in public facilities had driven most Indians to private providers, said Javier Guzman, director of global health policy at the Center for Global Development think-tank in Washington. Yet Modi’s shift to expand insurance to cover private care for poor Indians “is not a panacea” and is “enormously complicated”, Jain said.

“It requires careful pricing, enforcement of insurance rules . . . fraud control, and tying payments in some way to health outcomes,” she added. “It’s unclear how well it has ensured broad-based access to high-quality and affordable healthcare.”

Fund focus on the medical industry stood out in the context of a wider 35 per cent overall contraction in 2023 in private dealmaking in India, to about $39bn. That mirrors worldwide trends affected by globally elevated interest rates and political tensions, according to Bain. The drop was driven by a 60 per cent plunge in venture capital funding,

Capital deployment will probably “remain cautious” this year, but the consultancy noted India’s share of private investment in Asia had climbed from 15 per cent to 20 per cent since 2019.

Given China’s slowdown, most funds “are keen to deploy a large amount of capital in India”, said PwC’s Shah. “Many deals will close this year.”

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It requires a lot of information to make the right investment decision. Sometimes, getting access to some of the information may not be possible. Sometimes, it may be too late. Depending on your investing requirements, Kotak Securities brings to you research reports that focus on fundamental or technical factors for equity investments. Reports catering to the derivatives and currency derivatives segments are also shared with the customers. These reports are available only to the customers through email subscription or on the web. A few of these are also available as SMS alerts. As a Kotak Securities customer, you get exclusive access to the following research reports:

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Is Matthews India Fund (MINDX) a Strong Mutual Fund Pick Right Now?

If you have been looking for Pacific Rim - Equity funds, a place to start could be Matthews India Fund ( MINDX Quick Quote MINDX - Free Report ) . MINDX holds a Zacks Mutual Fund Rank of 2 (Buy), which is based on various forecasting factors like size, cost, and past performance.

MINDX is classified in the Pacific Rim - Equity segment by Zacks, which is an area full of possibilities. Pacific Rim - Equity mutual funds see big investment opportunities in the dominant export-focused markets of Hong Kong, Singapore, Taiwan, and Korea. These funds also invest less than 10% of their assets in Japanese firms, as Japan mutual funds are very popular.

History of Fund/Manager

Matthews Asia is based in San Francisco, CA, and is the manager of MINDX. Matthews India Fund debuted in October of 2005. Since then, MINDX has accumulated assets of about $675.23 million, according to the most recently available information. Peeyush Mittal is the fund's current manager and has held that role since April of 2018.

Performance

Of course, investors look for strong performance in funds. MINDX has a 5-year annualized total return of 9.51% and is in the bottom third among its category peers. But if you are looking for a shorter time frame, it is also worth looking at its 3-year annualized total return of 11.28%, which places it in the top third during this time-frame.

It is important to note that the product's returns may not reflect all its expenses. Any fees not reflected would lower the returns. Total returns do not reflect the fund's [%] sale charge. If sales charges were included, total returns would have been lower.

When looking at a fund's performance, it is also important to note the standard deviation of the returns. The lower the standard deviation, the less volatility the fund experiences. MINDX's standard deviation over the past three years is 12.71% compared to the category average of 14.05%. The standard deviation of the fund over the past 5 years is 20.44% compared to the category average of 17.77%. This makes the fund more volatile than its peers over the past half-decade.

Risk Factors

Investors should not forget about beta, an important way to measure a mutual fund's risk compared to the market as a whole. MINDX has a 5-year beta of 0.7, which means it is likely to be less volatile than the market average. Alpha is an additional metric to take into consideration, since it represents a portfolio's performance on a risk-adjusted basis relative to a benchmark, which in this case, is the S&P 500. Over the past 5 years, the fund has a positive alpha of 0.78. This means that managers in this portfolio are skilled in picking securities that generate better-than-benchmark returns.

As competition heats up in the mutual fund market, costs become increasingly important. Compared to its otherwise identical counterpart, a low-cost product will be an outperformer, all other things being equal. Thus, taking a closer look at cost-related metrics is vital for investors. In terms of fees, MINDX is a no load fund. It has an expense ratio of 1.14% compared to the category average of 1.17%. Looking at the fund from a cost perspective, MINDX is actually cheaper than its peers.

This fund requires a minimum initial investment of $2,500, and each subsequent investment should be at least $100.

Fees charged by investment advisors have not been taken into considiration. Returns would be less if those were included.

Bottom Line

Overall, even with its comparatively weak performance, average downside risk, and lower fees, Matthews India Fund ( MINDX ) has a high Zacks Mutual Fund rank, and therefore looks a great potential choice for investors right now.

Don't stop here for your research on Pacific Rim - Equity funds. We also have plenty more on our site in order to help you find the best possible fund for your portfolio. Make sure to check out www.zacks.com/funds/mutual-funds for more information about the world of funds, and feel free to compare MINDX to its peers as well for additional information. Want to learn even more? We have a full suite of tools on stocks that you can use to find the best choices for your portfolio too, no matter what kind of investor you are.

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