DSIJ3120

CONTENTS Vol. 31 No.
20 • SEPT 5 - 18, 2016
20 Cover Story
SMALL BUT
SIGNIFICANT WHEN
IT COMES TO
OWNING THEM
84
Recommendations Regulars
Analysis
10 Choice Scrip
06
07
Editor’s Keyboard
Company Index
Just Dial
Dial Just Dial to Re-enter
12 Low Priced Scrip
08
16
Market View
Technicals
the Stock
14 Hot Chips
94
98
Query Board
Kerbside
Subscribers can
access the complete
databank consisting 88 Special Report
of more than 3500
companies on our There Is Still Upside In
website www.DSIJ.in
Mid-Cap & Small-Cap Space
4 DALAL STREET INVESTMENT JOURNAL I SEPT 5 - 18, 2016 DSIJ.in
From The Editor’s Keyboard
A Happening August Brings Adequate

Excitement on D-Street
the entire exhaustive report will be a matter of
delight for all of you from investment and
reading prospects. To rightly back up the
small-cap report, we also have featured a
special report on valuation gap.
Small-cap stocks have a great amount of

potential. One has to be careful before
investing in small-caps but once the right
decisions are taken, you can expect getting
handsome returns for your money invested in
this space. While making choices, I will say,
focus should be on dividend distributing
companies which have consistently distributed
dividends for three to four years. Also low debt
small-cap companies with marketable
products should be actively considered. One
should avoid those stocks where the promoters
have pledged their shares.
A
At the time of going to press on August 31,
wonderful finish to win month that we just left Sensex comfortably hovers at 28,500 level and during our
behind—August. Markets have touched their last few editions, we have been talking about Sensex at
16-month high and still have been looking good to 30,000 level by next March, if not much before. The numbers
invest. New policies and promises earlier made by the scripted right now on Dalal Street’s score-board seconds our
government have taken off during the same month and the predictions and expectations from the markets.
long-awaited Goods and Services Tax regime also has
started shaping up in the same month. To make it more Meanwhile, banks are looking good and attractive after
exciting for individual investors, Indian Meteorological first-round of cleansing act internally—in reference to NPAs
Department has observed a ‘satisfactory’ monsoon letting and their dull balance-sheets. I must say, Rajan has done his
further cheer infused on the Dalal Street. A new Governor job and effi ciently. We will look forward to such a fantastic
for the country’s apex bank also has been named in this delivery coming from his successor, Patel, believed to be
August and Urjit Patel is someone who can effi ciently hand-picked by country’s Prime Minister, Narendra Modi.
continue with his predecessor Raghuram Rajan’s regime.
Month of happiness, I must say. By the time you read this, the entire country will be
celebrating Ganesh Chaturthi. I take this opportunity to
Talking micro about equity investments, I find still enough wish you all a very happy and prosperous festive time ahead.
space to put your money in select sectors’ stocks. Carefully
make your choice and put your money in the chosen set of Till then, stay safe and invest wisely.
stocks. To make it easier, in the small-cap space, we have
come up with a list of 400 thriving small-cap stocks and also
our research team has identified five small-cap stocks which
can give you good return over a period of time. I am sure, V B PADODE
Editor-in-Chief

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Vol. 31. No. 20 • SEPT 5 - 18, 2016

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Founder & Editor-In-Chief Subscription & Customer Care
Note of Appreciation
V B Padode Utkarsh Sawale,
Executive Editor Arvind Manor
Joydeep Ray Mohnish Sawant
Assistant Editor Marketing & Sales The recommendations and financial ratios for selecting the shares
Yogesh Supekar G M - Marketing & Sales given in the last magazine was enriching and very much helpful.
Research Farid Khan Would also like to thank for giving informative and latest updates in
Neerja Agarwal Mumbai: every forth nightly magazine. Hope u also add more information on
(Sr. Manager Research) Nitin Zimur GST and its impact on various sectors / equity. In the next edition I
Karan Bhojwani (Sr. Manager - Sales)
(Sr. Research Analyst) would request you to add following parameters in the data bank
Harshad Wadivkar
Abhijeet Gosavi (Manager - Online Sales) 1) EBITDA Margin 2) PAT Margin 3) ROE 4) ROCE also request you
(Research Analyst) add following shares 1) SKS Micro (Bharat Financial) 2) Arvind Infra
Bengaluru:
Lohit Bharambe N K Vishwanatha 3) Kakatiya Cement 4) Revathi CP 5) Sunil Hitech 6) Veto Switch
(Sr. Research Associate) (Sr. Manager - Sales) - Shriram
Rashmi Wankhede
(Research Analyst) Delhi: Editor’s response: Dear Mr Kishore, we are delighted to know your take
Mohamed Rizwan on your favourite investment fortnightly. Your feedback helps us to serve
Bhagyashree Vivarekar (Senior Manager - Media Sales)
(Research Analyst- Editorial) you better. Keep writing to us.
Arshad Hippargi Mutual Funds : Hemant Rustagi
Recommendations
(Research Associate) Tax: Jayesh Dadia
Graphics : Vipin Bendale

Price Page
DSIJ Private Limited Company/Scheme Reco.
(`)
Column
No
Managing Director Aurobindo Pharma Buy 798.00 Technicals 18

Rajesh V Padode Britannia Industries BP 3442.00 Reviews 97
For Customer Service
BS Limited Exit 6.52 QueryBoard 95
020-49072626 OR service@DSIJ.in
Container Corporation Exit 1372.00 Reviews 97
Mumbai Office
419-A, 4th Floor, Arun Chambers, Tardeo,
DCW Buy 30.75 Kerbside 98
Next to AC Market Mumbai - 400034 Delta Corp Buy 163.00 Hot Chips 14
022-43476012/16/17
FIEM Industries Buy 1037.00 Cover Story 28
Pune Office
C-305, 3rd Floor, Trade Center, Hinduja Global Solutions Buy 579.00 Cover Story 29
North Main Road, Near Axis Bank, Opposite Lane no. 6,
Koregaon Park, Pune - 411001 JK Tyre & Industries Buy 133.00 Hot Chips 14
020-49072600
Just Dial Buy 498.00 Analysis 84
Bengaluru
#447, 4th floor, (next to HDFC Bank), Lupin Buy 1510.00 Choice Scrip 10
17th cross, Sector 4, HSR Layout NMDC Buy 108.00 Kerbside 98
Bengaluru - 560034 09448258239
Pokarna Buy 792.00 Cover Story 28
Delhi 08527563649
Rama Steel Tubes Buy 112.00 Cover Story 30
To advertise, mail us on ads@dsij.in Sarla Performance Fiber Buy 57.55 Low Priced Scrip 12
Printer and Publisher: Nitin Sawant, Editor: V B Padode for DSIJ Pvt Ltd. on SRS Exit 6.70 QueryBoard 94
behalf of Achievements Merchandise Pvt Ltd. Printed at Kala Jyothi Process Pvt.
Ltd. Plot No.: W-17&18, M.I.D.C. Industrial Area, Taloja, Dist. Raigad, Navi Surya Roshni Buy 183.00 Cover Story 29
Mmbai. - 410 206. and published from 419-A, 4th Floor, Arun Chambers, Tardeo,
Next to AC Market, Mumbai - 400034 All rights reserved. While all efforts Suzlon Energy Hold 15.90 QueryBoard 95
are made to ensure that the information published is correct and up-to-date, Dalal
Street Investment Journal holds no responsibility for any errors that might occur. Titagarh Wagons Buy 120.00 Kerbside 98
All material contained herein is based on fundamental and technical analysis and
other in-house methods, which though reliable, are not infallible. The information Tvs Motor Company Buy 326.00 Technicals 18
given in the magazine is of an advisory nature. Readers are advised to consult
experts before taking any investment decision and Dalal Street Journal holds no Vascon Engineers Buy 35.60 Kerbside 98
responsibility for any losses that may arise due to investment decisions made on
the basis of information given within the magazine. No reproduction is permitted Zenotech Laboratories Exit 41.60 QueryBoard 94
in whole or part without written consent from Dalal Street Journal All disputes
are subject to the exclusive jurisdiction of competent courts and forums in
Mumbai only. Dalal Street Investment Journal is a member of INS/ABCs. BP - Book Profit • BPP - Book Partial Profits • BL - Book Loss
DSIJ.in SEPT 5 - 18, 2016 I DALAL STREET INVESTMENT JOURNAL 7

Market View Equity
Witness Upward Move From Here But Volatility To May Come Along
B
oth the Dalal Street and Mint Street are going to welcome next governor
of Reserve Bank of India, Urjit Patel on the day of Ganesh Chaturthi.
Urjit Patel and current governor of RBI, Raghuram Rajan belong to the
same school of thought. The Streets have been assured by none other
than country’s Prime Minister, Narendra Modi. Patel’s appointment is
broadly viewed as continuity in tightening inflation target. He is taking over the
reins from Rajan when India’s growth is picking pace and and rupee exchange rate
stands stable.
On the global front, markets were taking cue from the US Federal Reserve Chair
Janet Yellen’s statement on Friday August 26, 2016. She said, better shape of the US
economy is making good case for rate hike in future. Global uncertainty before
Friday, slogged the market downward during the last week of August. The market International Markets
could see a correction and some volatility in short term. 29th Aug 17th Aug Gain/Loss
Indices
2016 2016 (%)
In last fortnight, all global indices were wearing a flattish to down look. All the three Dow Jones Ind 18,502.99 18,573.94 -0.38
US indices i.e. Dow Jones Ind, S&P 500, NASDAQ were flat. London’s FTSE 100 was S&P 500 2,180.38 2,182.22 -0.08
also marginally low by 0.31 per cent. On the Europe front; DAX and CAC 40 were NASDAQ 5,232.33 5,228.66 0.07
steady. On Asian ground, Hang Seng, Nikkei ended on flat notes and Shanghai ended FTSE 100 6,838.05 6,859.15 -0.31
on a negative note down by 1.27 per cent.
DAX 10,544.44 10,537.67 0.06
CAC 40 4,424.25 4,417.68 0.15
Flow into Indian markets is quite strong since past few weeks. Net buy by FIIs stood
Hang Seng 22,821.34 22,799.78 0.09
at Rs 1438 crore in last 15 days while DIIs are still
Nikkei 16,737.49 16,745.64 -0.05
playing on back foot. On Tuesday, August 30,
Both the Dalal Street and
Shanghai 3,070.03 3,109.55 -1.27
2016-Nifty and Sensex- the barometers of Indian
stock markets, made new highs. Nifty reached
Mint Street are going to 16- month high of 8750 by climbing 142 points. Performance Of Indices
Sensex rose by 440 points and ended at 28343. 29th Aug 17th Aug Gain/Loss
Indices
2016 2016 (%)
welcome next governor Before August 30, 2016, all the sectors closed on
flattish to negative note. On August 30, 2016; all
SENSEX
Nifty
27,902.66 28,005.37 -0.37
8,607.45 8,624.05 -0.19
these sector indices ended on green note
of Reserve Bank of India, especially pharma owing to many US FDA
Mid-cap 13,064.33 12,911.61 1.18
Small-Cap 12,498.81 12,280.20 1.78
approvals. We see the positive earning numbers
Urjit Patel on the day of and strong liquidity position across globe kept the
Auto
Bankex
21,540.82 21,454.56 0.40
22,058.97 21,837.38 1.01
indices ticking.
Ganesh Chaturthi. FMCG
IT
8,686.83 8,709.59 -0.26
10,297.84 10,620.42 -3.04
In the previous week, two stocks - Welspun India Metal 9,975.79 10,098.78 -1.22
and J Kumar Infra swayed the market. Welspun Power 2,076.59 2,073.70 0.14
breached lower circuit due to order cancellation by a major client while J Kumar Infra Realty 1,539.82 1,577.47 -2.39
clocked upper circuit as the company was awarded order worth Rs 5012 crore from
Mumbai Metro Rail Corporation Ltd. Net Investment In Equity Markets (`/Cr)
Date FIIs DIIs
On commodity front, oil prices fell nearly 2 per cent on Monday August 29, 2016 on
cautions over galloping Middle East crude output and a stronger dollar which was 29-Aug-16 303.37 17.49
boosted by speculation of the US rate hike by the year end. 26-Aug-16 -305.09 -266.43
25-Aug-16 -32.57 -357.02
Going forward, we see much improvement in the markets as good monsoon 24-Aug-16 6.25 129.18
translates in demand revival and in turn boosts top line of the companies. We also
23-Aug-16 -113.12 -451.87
believe that the markets will take cue from implementation of administrative and
policy changes at both global and domestic front. Overall, we believe markets will 22-Aug-16 543.29 52.50
slowly creep upwards however volatility will remain the flavour of the season. 19-Aug-16 255.29 106.19
18-Aug-16 781.28 -14.42
(Analysis by Rashmi Wankhede) Total 1438.7 -784.38

Recommendations Equity
Lupin expects base business in Japan to
grow at approximately 10 per cent to 15
per cent on a yearly basis in Kyowa
CritiCare (KCC). The company expects
to deliver double-digit growth over the
Lupin remainder of FY2017.
TREAT IT WITH LUPIN

On financial front, Lupin’s top line
increased by 11.26 per cent to `14208
crore in FY16 as compared to the
T
previous financial year. The company’s
operating profit too rose by 3.7 per cent
CHOICE
here is tremendous to `3753 crore in FY16 on yearly basis.
turbulence in Indian However, its bottom line declined by 5.52
P
pharmaceutical industry at per cent to `2271 crore in FY16 as

this time on issues such as compared to same period in previous
R I
non-compliance of USFDA fiscal year. Considering the latest quarter

for manufacturing plants and drugs. The numbers, Lupin’s revenue increased by
C
stocks from the industry has corrected 40.7 per cent to `4439 crore in Q1FY17
and are trading at a discounting level. as compared to the same period in the
S
Buying opportunity is emerging for previous financial year. The company’s

1 Ye a r I n ve st m e n t H o r i zo n stocks like Lupin. EBITDA too rose by 40.7 per cent to
`1391 crore in Q1FY17 on yearly basis.
In North America, Lupin acquired seven Its net profit boosted by 55.1 per cent to
approvals and three new product `882 crore in Q1FY17 as compared to
launches in Q1FY17. It has about 123 same period in previous fiscal year.
products portfolio in the North Ameri-
can market. The company has 336 an On the segmental revenue front, Lupin
Abbreviated New Drug Application has earned 50.74 per cent from North
(ANDA) filings till date of which 187 America; 21.59 per cent from India;
have been approved. Lupin has launched 12.56 per cent from Asia Pacific region;
HERE IS WHY five new divisions to cater to high growth 5.09 per cent from Europe, Middle East
Strong leadership position in pharma industry therapies and 19 SKUs in Q1FY17. and Africa; 2.52 per cent from Latin
America; 0.85 per cent from rest of the
Robust ANDA filings Lupin has completed acquisition of world during Q1FY17. The company also
Attractive valuation among the peers Gavis in March 2016, which added has earned 6.65 per cent from API.
USD 25 million (`168 crore) to the
Best of LAST ONE Year top line for Q1FY17. The company On valuation front, share price of Lupin is
Name of Reco CMP Gain acquired Shionogi branded portfolio trading at TTM PE multiple of 25.95x
Company Price (`) (`) (%) of 21 products for USD 150 million times as compared to industry PE
Yes Bank 797.00 1355.00 70.01 (`1008 crore). Shionogi is the sixth multiple of 27.15x times which is quite
Vakrangee 132.00 197.00 49.24 largest generic company having strong lower. Lupin’s PE is trading attractive as
Aarti Industries 429.00 628.00 46.39
presence in central nervous system, compared to peers like Cipla (37.36x), Dr.
cardiovascular, gastroenterology and Reddys Laboratories (33.93x) and Sun
Techno Electric & Eng. 434.00 635.00 46.31
injectables. Pharmaceutical Industries (29.02x). DS
Shriram Transport Fin. 903.00 1267.00 40.31
(Closing price as of Aug 30, 2016)
Note: The stocks recommended under this section are fundamentally strong stocks. However investors are advised to wait for the
correct opportunity to enter these stocks considering the market sentiment right now.
CMP
Monthly Stock Market Returns Shareholding Pattern Last Five Quarters (`/Cr)
BSE Code: 500257 (`) June-16 Mar-16 Dec-15 Sep-15 Jun-15
CMP: `1510 FV: `2
30/06/2016 Particulars
BSE Volume: 81,296 Total Income 4439.41 4181.16 3555.82 3321.26 3156.06
Promoter 46.76
Date: 30/08/2016 Other Income 82.61 25.43 65.32 41.5 75.68
FII 34.86
Operating Profit 1390.65 1392.84 942.47 713.63 900.51
DII 7.40
Interest 31.98 22.88 9.18 10.15 7.02
Others 10.98 Net Profit 882.55 812.21 531 411.51 566.31
Total 100 Equity 90.18 90.12 90.1 90.04 89.98

It also has manufacturing facilities in
India at Silvassa and Vapi. At Silvassa, the
company produces 250 varieties of
polyester and Nylon yarn with installed
capacity of 11,900 TPA. The company is
Sarla Performance Fiber in process of expansion of Nylon 66
capacity at this facility from current 1.5
TPD to 6 TPD with CAPEX of `10 crore.
SPF WITH STRONG GLOBAL ARM Nylon 66 is one of the growth drivers of
SPFL. Due to high tenacity and lower
S
shrinkage of Nylon 66, it has application
in parachutes, shoes, seat belts and car
arla Performance Fiber airbags, specialised sewing applications in
manufactures polyester yarn and automotive, shoe leather, industrial filters
nylon yarn. The company, a 100 and hose. Growing demand from
per cent export oriented increasing automotive applications is
company has spread over 40 expected to drive the Nylon 66 market. It
countries located in six continents. The can replace metal and reduce weight of
company has branded clientele in its the vehicle to meet vehicle emission
PRICED SCRIP platter like- Hanes Brands, Gildan, Renfro, standards. SPFL also has in-house dying
American & Efird, Delta Galil, Coats & facility at Vapi with an installed capacity
Jockey. SPFL focuses to expand its global of 3,200 TPA.
client base. SPFL has one marketing centre
at Portugal and two distribution centres at The company also generates wind power
Thailand and Vietnam. at Gujarat, Maharashtra and Madhya
1 Year Investment Horizon Pradesh with a total installed capacity of
SPFL enjoys one of its manufacturing 10.25 MW which supplies power
facility at USA in product line of partially in-house and to private entities.
oriented yarn and textured polyester yarn. On the financial front, the company
The US facility caters to apparel and improved EBITDA margin by 25.96 per
HERE IS WHY upholstery market. The US textile cent on YoY basis in 1QFY17 due to
US production facility helps to save import duty industry stands at fourth position after lower raw material costs. Other income
China, India and Germany in export list. of the company has gone up by 146 per
Nylon 66 having varied applications to drive The company plans to increase its capacity cent to `362 crore in Q1FY17 on a YoY
growth from 9,900 TPA to ~18,000 TPA by FY17 basis led by in-house wind power
Capacity expansion to cater to increasing demand and improve utilisation to 100% from business. PAT of the company also
current 30%. The company benefits from increased by 28.38 per cent to `900 crore
Best of LAST ONE Year the duty free exports of goods in Q1FY17 on a yearly basis. On
Name of Reco CMP Gain manufactured inside the US as per valuation front, SPFL has been trading
Company Price (`) (`) (%) NAFTA and CAFTA . CAFTA nullifies all with TTM PE of 10.75x and P/B of 1.78x.
Emmbi Industries 46.00 135.00 193.48 tariffs on over 80 per cent of the US Undervalue valuation number, low debt
Manappuram Finance 35.20 84.65 140.48 manufactured goods. Also, it saves in status (D/E- 1.02 as per FY16) and
V2 Retail 48.20 92.00 90.87
logistics, power and borrowing cost at this positive numbers bring bullish vision on
facility. The strategic location also helps it this scrip. So we recommend our
KEI Industries 67.00 116.00 73.13
to market its products more effectively. reader-investors to BUY this stock. DS
Zenith Fibres 96.00 161.00 67.71
(Closing price as of Aug 30, 2016) Note: The stocks recommended under this section are fundamentally strong stocks. However investors are advised to wait for the
correct opportunity to enter these stocks considering the market sentiment right now.
Monthly Stock Market Returns Shareholding Pattern Last Five Quarters (`/Cr)
31/03/2016 Particulars June-16 Mar-16 Dec-15 Sep-15 Jun-15
Total Income 75.00 70.08 73.84 81.59 79.96
Promoter 55.23
Other Income 3.62 3.24 3.37 3.13 1.48
BSE Code: 526885 FII 14.30
Operating Profit 22.12 9.82 20.75 23.43 18.73
CMP: `57.55 FV: `1
BSE Volume: 3509 DII 21.97
Interest 1.78 1.98 1.64 1.36 1.49
Date: 30/08/2016 Others 8.37 Net Profit 10.04 6.86 15.04 13.20 10.05
Total 99.90 Equity 8.35 8.35 8.35 8.35 8.35

DELTA CORP CMP - `163
BSE CODE Volume Face Value
D
532848 1537049 `2
elta Corporation is a gaming and hospitality company engaged in operation of
three casinos and two hotels in Goa. The company's business segments include
real estate, gaming, hospitality. The company’s share has recently hit its all-time
high at 140-145 mark. On the financial font, the company’s revenue increased by 34.6
C H I P S per cent to `108.66 crore in Q1FY17 as compared to the same period in the previous
financial year. The company’s EBITDA too rose by 78.9 per cent to `41.55 in Q1FY17
on a yearly basis. EBITDA margin saw a gradual growth of 38.2 per cent from 28.5 per
15 Days Investment Horizon cent YoY. Its net profit for Q1FY17 thereby rose to `20.08 crores as against a minimal
profit of `0.1 crore during the corresponding period of last year. The company’s casino
segment revenues increased by 36.5 per cent to `96.28 crores in Q1FY17 on yearly
basis. Its hospitality segment revenues rose by 59.5 per cent to `16.88 crores as
compared to same period in previous financial year.
Last Seven Days’ Volume Table Scrip’s Movement

(No. of Shares)
Days Volume
The scrips in this
22-Aug-16 18,22,864
column have been 23-Aug-16 13,66,369
recommended 24-Aug-16 11,10,911
with a 15-day 25-Aug-16 7,88,472

26-Aug-16 9,99,839
investment horizon 29-Aug-16 20,82,887
in mind and carry 30-Aug-16 15,37,049
high risk. Therefore,

investors are advised to JK TYRE & INDUSTRIES CMP - `133
BSE CODE Volume Face Value
take into account their 531499 783350 `10
T
risk appetite before he company operates 12 plants in India and three plants in Mexico through
investing, tyre, tubes and flaps segment. Recently the tyre companies zoomed on falling
the natural rubber RSS 4 grade to `129/kg from `145 at the beginning of
as fundamentals may August 2016. On financial front, its consolidated revenue rose marginally by 0.8 per
or may not back the cent to `1780.75 crores YoY. JK Tyres’ operating profit margin rose 17.75 per cent as
against 16.46 per cent YoY. The company’s net profits however, dropped 16.7 per cent
recommendations. to `100.26 crores amid considerable expenditure in interest and depreciation. The
company is planning expansion to achieve its production target of 3.5 crore truck
Hot Chips of Last One Month radials in FY18. JK Tyres recently was in talks to enter into civil aviation sector to
expand its business by offering supply parts to aircraft manufacturers.
Reco. Peak Likely
Last Seven Days’ Volume Table Scrip’s Movement
Price After Gain
(`) Reco* (%) (No. of Shares)
Issue No 18 ,Aug 8 - 21,2016 Days Volume
KEC International 145.00 145.00 0.00
22-Aug-16 1,52,715
Crompton Greaves Consumer Electricals 162.00 174.50 7.72
23-Aug-16 1,63,181
Issue No 19 ,Aug 22 - Sept 4, 2016
24-Aug-16 20,60,232
Adani Ports & Special Economic Zone 273.00 276.00 1.10
25-Aug-16 13,46,510
Sybly Industries 12.24 14.50 18.46
26-Aug-16 5,61,107
*Highest price after our recommendations
29-Aug-16 11,98,192
30-Aug-16 7,83,350

Technicals Equity
Nifty Index Chart Analysis
Nifty finds its support for the medium-term at 8470
NIFTY WEEKLY CHART
The week ending August 26, 2016
witnessed moderate correction of over
one per cent on a week-on-week basis.
Nifty index closed at 8572.55. Profit
taking at higher levels clubbed with lack
of positive cues kept the market in
negative domain.
The Nifty Index after moving sideways for

the past three-four weeks ended on a
negative note. Below its important
psychological mark of 8600. On the weekly
time frame the sequence of higher tops and
higher bottoms is intact as per the larger
degree. At present, the correction which we
have witnessed could possibly be termed as
a healthy correction and it could be
processed further by forming of higher from the all-time high levels. On the been turning down from the high of 69
bottom. Now going forward, Nifty has upside, the zone of 8690-8735 would act levels. At present, the RSI is quoting
crucial support placed around 8470 levels. as a resistance zone. If Nifty sustains around 64 levels; the weekly RSI is
As long as Nifty holds level of 8470 on above this zone, it’s likely to scale up to expected to bounce back after testing
weekly basis it would be termed as a healthy levels of 8830-8900. The weekly RSI has 60-58 levels.
correction. However, breach of 8470 levels Here are the key levels to watch out for the medium term
will attract sellers in the market and Nifty Ideas Nifty Levels Action to be Initiated Probable Targets
in that case is likely to correct up to the Close above 8690-8735 on the weekly chart
levels of 8380 and 8240. The level of 8240 is Resistance for the medium term 8690-8735
would give further momentum to the bulls.
8830-8900
a major support which is also 61.8 per cent Close below 8470 on the weekly chart would
Support for the medium term 8470 8380-8240
retracement level of the entire down move trigger sell-off.
NIFTY DAILY CHART

Nifty after registering a swing high of
8728.35 level, entered into a distribution
phase due to lack of any major cue.
Since then, it has moved in a tight band
with bears having an upper hand as it
has been drifting lower. However, it
formed a reversal candlestick pattern
Doji as on August 23 and 24, 2016. But,
a Doji Candlestick pattern needs a
confirmation. Now going forward,
immediate support for the Nifty is
placed around the levels of 8520-8540.
A move below this level will open up for
correction up to levels of 8470. On the
upside, the resistance zone is placed
around the levels of 8690-8740. A close
Here are the key levels to watch out for the medium term
above this zone will open up for up-side
Ideas Nifty Levels Action to be Initiated Probable Targets
up to levels of 8830 and 8900. The daily
Close above 8690-8740 on the daily chart
RSI is quoting around the levels of 49 Resistance for the short term 8690-8740
would give further momentum to the bulls.
8830-8900
and the zone of 45-48 is a reversal zone Close below 8520-8540 on the daily chart
on the RSI. Support for the short term 8520-8540 8470-8380
would trigger panic sell-off.

Technicals Equity
STOCK RECOMMENDATIONS
TVS MOTOR COMPANY ...................... BUY ......................CMP `326

BSE Code : 532343 Target 1 ..... `353 | Target 2 ..... `363 | Stoploss....`300(CLS)
The stock is currently trading at `318. Its 52-week
high/low stands at `340/202 has been clocked on
April 20, 2016 and September 1, 2015. From the last
few trading sessions, the stock consolidates in the
wide range at `291-`310. In the recent sessions, the
stock has seen a technical break out after breaking
the mark of `310. From last nine consecutive months,
the stock has been sustaining above its 200 day EMA
level, which is `291. The stock also managed to cross
its 100 day EMA which is `299, which confirms the
bullish trend in the stock. Since then the stock is
forming 'higher bottom higher tops' pattern in
1-year daily chart and it may continue with the series
of upward momentum. By calculating the all, we
suggest buying in the stock of TVS Motors at current
levels for a near term target of `353-363 with a stop
loss of `300.
AUROBINDO PHARMA ........................ BUY ................... CMP `798

BSE Code : 524804 Target 1 ..... `856 | Target 2 ..... `876 | Stoploss....`736 (CLS)
The stock of Aurobindo Pharma is currently trading
at `792. Its 52 week high/low stands at `891/ `582
and has been clocked on December 30, 2016 and
February 25, 2016. On the 1-year daily time frame,
the stock rebounds as its formed a 'double bottom'
pattern around `730 mark. However from the last
couple of months, the stock has witnessed some
profit booking on the higher side which has been
around the mark of `802-810. Recently the stock
witnessed superb up-move along with the rise in the
volume indicating that the stock may sustain above
the technical level of `800. Moreover, the
momentum oscillator RSI is quoting at 58-60 levels,
which indicates strength. By calculating all these
points, the stock may see bullish move from current
level to touch its major hurdles at `856-876 levels.
Traders can initiate long position with stop loss of
`736 on a closing basis.
*LEGEND: n EMA - Exponential Moving Average. n MACD - Moving Average Convergence Divergence n RMI - Relative Momentum Index
n ROC - Rate of Change n RSI - Relative Strength Index
Disclaimer : Above recommendations are based on various technical parameters and any fundamental input has not been been considered for the recommendations. Follow strict stop loss for the recommendation.

Cover Story Thriving
Small Caps
2016
SMALL BUT
SIGNIFICANT WHEN Yogesh Supekar and
Abhijeet Gosavi
team up with
IT COMES TO
Neerja Agarwal to
bring this
exhaustive report
on the happenings
OWNING THEM
in the world of
small cap for our
reader-investors.
I
nvestors worldwide have about small cap investment because there Inspite of all of the inherent risk that are
always found investing in are multiple anecdotes which suggest typically attached with small cap
small cap space irresistible. many individual investors have seen investing , the reason why these micro
The temptation of investing in their capital getting completely wiped out cap and small capitalisation stocks are
micro cap and small cap is for aggressive capital allocation in small always in fashion is their ability to grow
such that any seasoned cap stocks. at a faster rate due to their lower market
investor having spent capitalisation. On a relative basis, it looks
considerable amount of time The table below highlights the various highly unlikely or almost impossible for
in equity markets may have at least once possibilities of investing into small caps any large company to grow as fast as the
in his or her investing career dabbled depending upon which small cap stocks small cap because the large cap
with a small cap stock thinking that it which you have included in your companies would eventually become
will some day become a mutlibagger. portfolio. Clearly there are some unsustainably large. With small cap
multibaggers’ performance reflected by companies it can double its market cap
Small cap stocks are not always the big small cap stocks and at the same time manifold once it gets its act together
fishes that everyone is aware of. But they there are performances that have literally strategically.
are attractive from investors’ point of wiped out the entire capital in just one
view for its ability to offer great returns year's time. When it comes to small cap investing,
in the long run and not comparable to Historical Returns (One Year)
any other asset class – period. Company Name Returns (%) Company Name Returns (%)
Xchanging Solutions 279.7 ABG Shipyard -80.65
‘Greath growth potential,’ is the single Sudarshan Chemical Industries 245.28 Tilak Ventures -82.84
most important aspect of small cap Pricol 228.11 Castex Technologies -85.98
investing and investors often are clingy Bodal Chemicals 223.49 JRI Industries & Infrastructure -89.71
about such prospects of multiplying Shilpi Cable Technologies 209.17 Tree House Education & Accessories -90.93
wealth faster. Indeed an astronomical Gujarat Narmada Valley Fertilizers & Chemicals 162.72 Trinity Tradelink -91.9
amount of money can be made by Kalyani Steels 157.29 Visagar Polytex -95.48
investing in right small cap stocks. But Bannari Amman Sugars 156.55 Rainbow Papers -96.46
an eternal question remains unanswered Balrampur Chini Mills 148.81 Shrenuj & Company -96.49
what is a right time and stage for a small Minda Industries 129.3 Sunrise Asian -99.1
cap stock to invest in and how to go As on 22nd August, 2016

Small Cap Vs BSE Sensex
(Base is normalised to 100)
choosing the right stock becomes the larger portfolio (number of stocks) to be individual investor.
most critical aspect. Every giant was once diversified, when it comes to small cap Amarjeet Maurya, Sr Research Analyst,
a small fry and no one would know companies, is that small cap stocks tend Angel broking says," I can say that lot of
which small cap stock would be the next to be concentrated in a few sectors. small cap stocks have rallied a lot and many
Infosys size giant. The importance of Taking a long term view will be an of the small cap stocks have outperformed
discipline and diversification becomes essential element in small cap investing the broader markets and large cap stocks.
even greater when small cap investing is and as the small cap universe may not Individual stocks in the small cap space
in play. always be covered by analysts in general, have generated lot of returns and definitely
the responsibility for due deligence and the valuations are stretched at the current
The logic behind the requirement of a information gathering will fall upon the point of time. Most of the small cap stocks

Small Caps
2016
Informed Investors Are Aware Of

Risks Involved In Small Cap Investing
large-cap companies. The biggest risk is the stocks have the ability to generate higher returns
volatility in the stock price of small-cap compared to large caps, and consequently the
companies. Especially, during market necessary alpha for the fund managers’ portfolios.
corrections or panic situations, small-caps, which A capable small-cap company has the potential to
would have run up sharply, are the most achieve faster growth because of low base,
vulnerable to correct. compared to its large-cap peer, where the potential
for aggressive expansion and growth is low due to
If one has to construct a small cap portfolio, high base. Also, despite their high growth
what pointers would you recommend for potential, many small-caps are trading at relatively
Hitesh Agarwal investors to keep in mind?
An investor looking at building a small-cap
affordable valuations, as they are not well
discovered, thus opening up greater scope for
EVP & Head – Retail Research portfolio should more-or-less ensure the following higher returns.
Religare Securities
Are investors focusing to invest in small cap
❝ The informed investors are definitely aware of the risks involved in
investing in small-cap stocks. However, unfortunately, the percentage of
stocks for short term or medium term? this category of investors is still not large. Undoubtedly, while small-cap
Small-cap stocks have always been on investors’
radar with the primary assumption of making a stocks with strong balance sheet and earnings potential can multiply
quick return on investment. However, this trend is investors’ wealth over a period of time, there is also a relatively higher
shifting, though gradually, but surely, towards
investing in small-caps for a period beyond the level of risk attached when compared to large-cap companies. The biggest
near-term. This gradual shift in trend could be risk is the volatility in the stock price of small-cap companies.
attributed to various factors including greater
awareness about advantages of holding a small-cap
❞
stock for some period of time, relatively greater before investing: i) clean management track record In your experience, do retail investors confuse
availability of information regarding small-cap with good transparency, ii) the industry in which between a small cap stock and a penny stock?
companies adding to investor confidence and the company operates offers high growth How will you differentiate between a penny
understanding the risks associated with short-term potential, iii) the company should be capable stock and a small cap stock?
trading. enough to capitalise on the opportunities and Many retail investors do get confused between
deliver faster growth compared to peers. This can penny and small-cap stocks. Penny stocks are
Are investors, in your view aware of the risks be judged from its past financial track record, generally very low priced (mostly low single-digit),
involved when they invest in small cap stocks? market position and brand strength, range and have very small market capitalisation, don’t have
Are there any additional risk attached with small extent of differentiation in product offerings and good fundamentals with little or no transparency
cap investing? client base, iv) sound balance sheet with low and are speculative in nature (news based).
The informed investors are definitely aware of the leverage, high return ratios and consistency in
risks involved in investing in small-cap stocks. generating healthy cash flows. Further, their frequency of financial statements
However, unfortunately, the percentage of this could be inconsistent or non-existent. On the other
category of investors is still not large. Undoubtedly, Are you seeing increasing interest in small cap hand, a capable small-cap stock might be priced
while small-cap stocks with strong balance sheet and stocks from institutional investors? low or have low market capitalisation, but does
earnings potential can multiply investors’ wealth Yes, especially over the last 2 to 3 years, have a noteworthy fundamental / financial track
over a period of time, there is also a relatively institutional investors have been showing interest record and is generally traded on exchanges, even
higher level of risk attached when compared to in investing in small-cap companies, since these though the traded volumes may be low.

strategy. There is no doubt that small cap
Challenges in Small cap investing:- investing can beat large cap investing on
risk adjusted parameters over long term
☛ Small-cap stocks have low equity base as is reflected by historical perfomance;
☛ Prompt exit may be difficult in tough market conditions due to low liquidity trick lies in the execution of the strategy
☛ Many small-cap stocks are young and hence have a short track record and being disciplined.
☛ Judging the performance of small-cap companies is difficult Individual investors lacking either the
☛ Information is not easily available for micro cap and small-cap stocks inclination, motivation or skills to
identify and pick quality micro cap and
☛ Micro cap and small-cap stocks are less researched companies small cap may look at investing in mutual
☛ Small-cap stocks are usually highly volatile and are high beta companies funds that are primarily focused on micro
☛ Small-cap companies are mostly low dividend paying companies cap and or small caps. There will often be
a thin margin of error while constructing
☛ Small companies may not show consistency in performance a small cap portfolio and hence it is of
paramount importance that the investor
concentrates 100 per cent on basics of
are overvalued and stretched in valuations playing out in favour of small and mid portfolio diversification and construction
in our view. cap stocks." as the ultimate objective for any investor
should be to optimise the risk adjusted
But , because the small cap and mid cap CONCLUSION :- returns and not merely chase growth at an
stocks are overvalued at current juncture, Investing in small caps and constructing irrational price which can not only make
it does not mean that investors have a strictly diversified portfolio of high the whole investing game unprofitable but
stopped investing money in these stocks quality micro cap and small cap stocks also a painful waste of time.
and are shifting their portfolio to large without ignoring the valuations can be a
cap stocks. There are certain themes perfectly sustainable market beating Happy and safe investing!

Small Caps
2016
HGS Sales Pipeline Grows Consistently

transformation happening in India? are confident this number will grow faster.
Digitisation is a global trend impacting businesses
and consumers across geographies and industries Across geographies, how is the growth trend
every day. HGS is seeing lot of demand for for your company?
digital-based services from clients, including in Partha: HGS posted a strong performance in Q1 FY
India, as companies begin to focus more on what 2017, growing 23.1 percent y-o-y in revenue and
the consumer wants and how. 212.4 percent y-o-y in PAT. Beyond these
immediate financials, the last few quarters have
Robotic Process Automation (RPA) is a new area of seen significant growth in new business, with both
focus for us. An early adopter in this segment, HGS existing and new clients contributing to the
has developed platform-agnostic solutions that can growth. This has been across our geographies
ensure value maximisation for clients. We are and industry verticals. In fact, our healthcare
Partha De Sarkar already working with five clients in healthcare, BFS
and insurance verticals through gain-share
vertical recorded a growth of 30.4 percent in
Q1, and now contributes 43 percent of HGS’ total
Global CEO commercial models. We believe that this is a big
opportunity for HGS, as evinced by analysts like
revenue.
Hinduja Global Solutions (HGS) Everest Group stating that RPA adoption in BPM is
growing at a CAGR of over 100 percent and is likely
With clients viewing India, Philippines and Jamaica
as popular destinations, we are driving a change in
to impact 30-40 percent of BPM spend in the onshore/ offshore and nearshore mix, that is
What can you tell us about your sales and long run. helping margin growth. The company is also
marketing strategy to grow and how is it
helping HGS improve its revenue and profits?
A couple of years ago, we decided that we would
set up a dedicated sales and marketing team called
GGSM to help drive all market and client-facing
❝ HGS continues to grow its delivery footprint to cater to client demand,
both by expanding in existing centres and setting up new ones. This
activities for us globally. This team works with the expansion also includes adding headcount-we added over 11,000 people and
business units to identify opportunities with both 1,000 people in FY 2016 and Q1 of current fiscal, respectively. We don’t
existing and new clients, and build the right
solution packages for engagements. In the last few provide guidance to revenue growth but we have been growing consistently
months, HGS has launched innovative solutions at a CAGR of over 20 percent in the last few years.
such as Health+CARE, HGS RPA (Robotics
Automation Processing) and DigiCX suite of A few months ago, we launched HGS DigiCX, a suite
❞
focused on expanding our delivery footprint, we
services, which are seeing significant traction in of digital customer experience services that focuses have added three new centres so far this fiscal and
the market. These are creating newer streams of on transforming traditional call center customer will continue to add more based on demand.
revenue generation for us. experiences. Under this umbrella, we have
introduced innovative offerings - DigiWEB, Going forward, what is your company's
Our sales pipeline has grown consistently across DigiCHAT, DigiTEXT, DigiSocial and DigiINSIGHT. We expansion plan and at what rate you see your
geographies even as we added newer sub-verticals expect the DigiCX suite of services to help us company growing in coming years?
like e-commerce and fitness. This has led to more capture new revenue streams in our clients’ HGS continues to grow its delivery footprint to
wins, especially with new logos. In FY 2016, we customer experience journey, by driving improved cater to client demand, both by expanding in
signed 20 new clients, including three major public loyalty and net promoter scores. To share an existing centres and setting up new ones. This
sector clients in the UK and Canada; and in first example, a large media company in India has expansion also includes adding headcount-we
quarter of this year, we added five new clients with engaged HGS to support their customer service added over 11,000 people and 1,000 people in FY
an ACV of about $4.5 million. communications across multi-channels, including 2016 and Q1 of current fiscal, respectively.
social media, email and voice services from We don’t provide guidance to revenue growth but
How is digitisation affecting your business and Mumbai. In FY 2016, HGS signed 21 digital we have been growing consistently at a CAGR of
is your company able to tap on the digitisation engagements and six in Q1 of current fiscal and we over 20 percent in the last few years.

Small Caps
2016
Due To High Beta Nature, Small Caps Are Riskier

Do you think small cap stocks as a group can Perception is that small cap stocks are risky
outperform broader markets in near to investments. Do you agree?
medium term? Small cap stocks tend to outperform broader
Small cap stocks have already outperformed markets during growth phases and tend to sharply
broader markets for the past year. The Nifty under-perform when the tide turns. Due to this
Freefloat Smallcap Index has been up ~24% in the high beta nature, they are relatively more risky as
one year ended August 23 while Nifty was up compared to larger cap stocks. Therefore stock
~10% during the same period. At the same time, picking becomes even more important in case of
valuations of most small cap stocks have peaked as small cap stocks.
earnings have not kept pace with the run up in the
stock prices. As a result, we believe that going What is appropriate allocation to small cap
forward movement/performance in the small caps stocks in a model portfolio in your view
space would be stock specific; specific to those keeping in mind risk profile of investors?
stocks that are able to grow their earnings at a That would depend on the risk profile of the
robust pace given their better quality of business investor and the understanding with their
models and/or growth prospects. investment advisors.
Nitasha Shankar How has been the earnings for the small cap
stocks for the Q1 FY17?
Are you seeing incremental institutional money
(FPI & DII) coming into small cap stocks?
Sr. VP and Head of Research It has been a mixed bag. While most companies
have reported better growth in earnings, however
Institutional activity in small cap stocks has been
very selective. In certain stocks that have shown
YES Securities they have lagged behind in terms of top line
growth which suggests that meaningful in recovery
resilience even during tough times due to their
niche/attractive business models and/or those
in demand is still a while off. with robust growth prospects have attracted
institutional funds in recent times.
Amarjeet Maurya, Sr Research Analyst, Angel Broking

supporting the smaller size companies :- small cap auto ancillary company is dependant
Government Spending, Consumption story, upon the OEM (Two wheelers/three wheelers/Four
Infra Spending wheelers) and if the OEM is slowing down then
these small companies suffer as well. I can say that
For the last two years we have had below average if you invest in quality small cap stocks most of the
rains and the rural theme could not be invested in. risks associated with small cap investing can be
Now with monsoon better than previous 2 years, done away with. Overall economic slowdown is
focus can be shifted back on the rural consumption another factor that needs to be taken care of
story and one should invest in those small and mid before investing in small cap stocks as well.
cap stocks which have rural exposure. Focus on
quality stocks related to the consumption story and Do you think small caps will outperform large
consumer durable story that may benefit from the caps in near to medium term?
7th pay commission can be considered for The quality stocks falling in the space that we
investing opportunities. Bottom line can grow at a discussed with reference to three themes in my
healthy rate for these stocks. previous answer, will report QoQ better profits &
growth and hence will definitely outperform
Is incremental money getting invested in small What in your view are the risks of investing in broader markets in the long run. I will screen for
cap & mid cap space or is it skewed towards small cap stocks? stocks in rural based story and agri based story
large cap stocks? As of now small cap stocks are very small and they where the future looks bright. While looking for
People are still investing in small and mid cap are dependent on larger companies and other lower valuation stocks, focus needs to be on those
stocks as there are essentially three themes industries for business. To cite an example, if a stocks which have not rallied much.

We Recommend Investors To Focus More
On Domestic Economy Linked Stocks
turbulence in the foreign exchange market. and its future plan of action. Consequently,
Furthermore, we also continue to advise that small these stocks are not widely researched and
cap investing is a highly risky composition and hence there are hardly any secondary data
exposure to small cap space warrants a higher risk points available.
appetite.
How much allocation should be given to small
What are the key risks an investor should cap stocks in a portfolio given the various risk
understand before taking exposure to small cap profile of investors’ viz., aggressive, moderate
stocks? and conservative?
Apart from the usual risks associated with We believe a small portion of one’s portfolio could
Pankaj Pandey investing; involving demand scenario, profitability,
leverage, working capital control, cash flows,
be deployed in the small cap companies with good
and scalable business models, dependable
Head of Retail Research return ratios, valuations etc. key risks associated management and sound financials and thus has the
ICICI Securities
S&P BSE Small cap index has outperformed the
❝ While it will be difficult to fathom a guess on small cap index return,
we do continue to advise selective small cap stock picks. We recommend
Sensex over one year period. What is your view investors to focus more on domestic economy linked stocks rather than
on the small cap investing at this juncture? Do
you see the small cap index outperforming the exports given the turbulence in the foreign exchange market.
broader markets? Furthermore, we also continue to advise that small cap investing is a
S&P BSE Small Cap Index has outperformed Sensex
over the last one year by delivering ~18% return highly risky composition and exposure to small cap space warrants a
(~2x of Sensex returns). In the current market higher risk appetite.
scenario wherein there are growth challenges for
the large cap companies amidst a lot of
❞
uncertainties and disruptions both domestically specific with small cap investing are: potential to generate above market returns. The
and globally, we did see a lot of small cap 1. Liquidity - Most of the small cap companies percentage allocation, however, depends on one’s
companies having the potential and management stocks have low liquidity. The low liquidity risks appetite. While for an aggressive investor,
bandwidth to make it big in their respective exposes them to the risk of manipulation by allocation to small cap could be as much as
domain. We believe a small portion of one’s market participants. Another issue emanating ~10-15% of the portfolio, exposure to small caps
portfolio could be deployed in the small cap from lower liquidity is inefficient price stocks for a conservative investor should be
domain as it has the potential to generate above discovery of the small cap stocks. minimal.
market returns. We have a product line named 2. Disclosures - A lot of small cap companies do
“Nano Nivesh” wherein we recommend small cap not adhere to high standards of corporate Are you seeing FIIs interest in small cap stocks
stocks (market cap less than `1000 crore) governance and hence there are limited or is it still predominantly large cap stocks that
companies with good and scalable business models, disclosures to stock exchanges regarding their attracts foreign portfolio money?
dependable management and sound financials. key events. Small cap domain has not really seen any FII/
3. Management access - It is difficult to get foreign portfolio money and it is predominately
While it will be difficult to fathom a guess on small through the management of small cap limited to the large cap domain and mid cap space
cap index return, we do continue to advise companies since lot of them are not to some extent. Few reasons for absence of FII
selective small cap stock picks. We recommend professionally managed and hence as an participation in small caps could be liquidity, lack
investors to focus more on domestic economy investor it would be difficult to know of disclosures and minimum market capitalisation
linked stocks rather than exports given the management’s vision on company’s business mandate of the FIIs.

Small Caps
2016
Following five small-cap stocks can spice up your portfolio. These relatively high beta stocks can
be a part of your broader portfolio and also help improve the portfolio performance.
FIEM Industries
BSE Face Market Cap
CODE 532768 Value `10 CMP `1037 (` Crore) 1192.20
F
IEM Industries (FIEM) is one of the leading Last Five Quarters (`/Cr)
manufacturers of automotive lighting and June-16 Mar-16 Dec-15 Sept-15 June-15
signalling equipments and rear view mirrors in India. Total Income 245.18 288.86 258.59 236.11 203.42
FIEM is among few first companies in India which Other Income 0.14 -0.35 0.59 0.38 0.35
introduced LED lights for two-wheelers. FIEM has Operating Profit 31.41 39.30 34.02 29.67 24.97
diversified its product portfolio by entering into LED Interest 5.47 5.12 4.24 3.29 3.11
segment for indoor and outdoor applications and Integrated Net Profit 11.46 19.45 15.67 12.54 9.52
Passenger Information System for railways and bus Equity 11.96 11.96 11.96 11.96 11.96
fleets. Th e company is fully equipped with world class R&D
and testing facility. It has also developed in-house company’s EBITDA has grown from `38 crore in FY11 to `128
capabilities when it comes to LED technology and crore in FY16 at a 5 year CAGR of 27.60 per cent. Its net profit has
manufacturing. grown from `11 crore in FY11 to `57 crore in FY16 at a 5-year
CAGR of 38.86 per cent.
Th e company generates 94.50 per cent of its revenue from
two- wheeler segment whereas 5.50 per cent of its revenue is Looking at its basket of new products, diversification attempts and
generated from the four wheeler segment. Total Income for high-growth opportunities, FIEM is being considered as one of the
FIEM industries has grown from `428 crore in FY11 to five key small-cap stocks where one can park his money for at least
`989 crore in FY16 at 5 year CAGR of 18.24 per cent. Th e a period of one year.
Pokarna
BSE Face Market Cap
P
okarna is India's largest exporter of granite and quartz Last Five Quarters (`/Cr)
surfaces. Th e company offers vast range of granite June-16 Mar-16 Dec-15 Sept-15 June-15
quarried from over 10 mines and finished at two Total Income 89.84 102.14 97.23 98.60 96.35
factories in Telangana. Pokarna possess the best of Other Income 1.90 1.01 2.23 1.25 0.90
manufacturing technologies from processing granite and Operating Profit 32.13 36.21 39.90 32.73 29.70
manufacturing engineered surfaces. Pokarna exports its
Net Profit 15.57 5.56 20.81 13.05 11.79
products to over 50 countries. Th e company also
manufactures and retails apparel under the brand ‘STANZA.’ Equity 6.20 6.20 6.20 6.20 6.20
Th e company intends to strengthen its Quantra brand stood at `16 crore as against `12 crore, higher by 32 per cent.
primarily through continued investment in R&D, marketing
activities and establishments of long term relationships with Considering its growing opportunities in geographical locations
distribution players in the key markets. Th e EBIDTA margins beyond India, strong brand presence in the segment and also being
for FY15 came at around 26 per cent and jumped to about a large-scale contributor in the rapidly growing unorganised
33.7 per cent a year later. Revenue for the last quarter stood at segment, we have reasons to believe that Pokarna can be a good
`90 crore against the revenue of `96 crore in the quarter of investment instrument at this time and one can stay invested in the
previous year reflecting a de-growth of 6 per cent. Its PAT stock at least for a year from now.

Surya Roshni
BSE Face Market Cap
S
urya Roshni is an interested player when it comes to Last Five Quarters (`/Cr)
massive infrastructure development projects in the Mar-16 Dec-15 Sept-15 June-15 Mar-15
country. Th e company has Asia's largest ribbon glass Total Income 845.44 770.47 721.73 731.23 785.41
plant in Gwalior. Surya Roshni is the only lighting company Other Income 1.13 0.24 0.28 0.20 2.78
with 100 per cent backward integration and it manufactures Operating Profit 67.29 61.91 56.87 56.04 56.26
all its components. Interest 23.55 23.89 24.22 24.77 24.21
Net Profit 20.93 16.58 12.75 11.79 16.46
With presence in more than 44 countries, Surya Roshni offers Equity 43.83 43.83 43.83 43.83 43.83
a vast range of product line - up including tube lights, GLS,
CFL lamps, wide range of LEDs, HPSV / Metal Halide 17.13 per cent to `3544 crore in FY16 as compared to previous
Lamps, street-lighting, high bay lighting and more. It thereby financial year. Th e company’s operating profit too rose by 34.38 per
participates in the growing infrastructure sector. Th e cent to `311 crore in FY16 on yearly basis. Its net profit also
company can expect to witness growth with several new increased by 40.43 per cent to Rs73.46 crore in FY16 as compared
launches in pipeline including home appliances during the to previous fiscal year. Looking at its foray in the vast home
coming quarters. appliances sector and continued practices associated with
backward integration, we find Surya Roshni a good bet when it
On the financial front, Surya Roshni’s revenue increased by comes to making a choice in the small-cap space at this juncture.
Rama Steel Tubes

BSE Face Market Cap
R
ama Steel Tubes has diversified clientele with over 200 Last Five Quarters (`/Cr)
dealers, distributors and association with Reliance June-16 Mar-16 Dec-15 Sept-15 June-15
Industries, DLF, GAIL, Delhi Metro. Th e company has Total Income 65.61 80.67 47.48 62.23 52.90
wide product suite across key sectors in automobiles, Other Income 0.29 0.38 0.53 0.44 0.40
infrastructure, real estate, furniture. It exports regularly to 16 Operating Profit 5.47 6.02 4.69 4.41 2.54
countries and the number is increasing. Interest 1.24 1.47 1.86 1.49 1.36
Net Profit 2.61 2.30 1.63 1.61 0.48
On the financial front, Rama Steel Tubes’ revenue increased Equity 7.47 7.47 1.49 1.49 1.49
by 25.55 per cent to `65.43 crore in Q1FY17 as compared to
the same period in the previous financial year. Th e company’s to the existing capacity. Th e company’s Khopoli plant is
operating profit boosted more than twice to 5.47 crore in strategically located, servicing the key high growing markets of
Q1FY17 on yearly basis. Its net profit also increased by five Maharashtra, South Gujarat, North Karnataka and Madhya
times to `2.61 crore in Q1FY17 as compared to same period Pradesh. Th ese units offer an increased range of diverse and value
in the previous fiscal year. added products and enable to bring down the logistics cost,
positively impacting realizations and profitability.
On yearly front, Rama Steel Tubes top line increased by
25.73 per cent to `242 crore in FY16. Th e company’s Considering GST soon to become a reality, the company is bound
operating profit boosted more than two times to `17.66 crore to save significant chunk of money from logistics expenses. We
in FY16 as compared to previous fiscal year. It posted net also observe its new plant near Mumbai will contribute
profit of `6.02 crore in FY16 against net profit of `69 lakh in significantly when it comes to capturing new markets with
FY15. launches of new range of products. When we look at the numbers
posted by the company and also it plans as shared with share-
Rama Steel Tubes commenced its second production line in holders and stock markets, Rama Steel Tubes may act as a good bet
Khopoli in Maharashtra adding an additional of 36,000 MT when it comes to investing your money in small-cap space.

Small Caps
2016
Hinduja Global Solutions

BSE Face Market Cap
H
induja Global Solutions HGS having operations in Last Five Quarters (`/Cr)
11 countries continues to invest in growth as the June-16 Mar-16 Dec-15 Sept-15 June-15
company approaches `3000 crore mark in annual Total Income 909.50 913.93 882.92 788.99 738.83
revenue. Th e company is recognised as a global market leader Other Income 13.87 10.02 1.06 4.91 11.54
in servicing the telecom, media and healthcare verticals as Operating Profit 120.49 108.10 74.47 85.59 65.99
well as in the digital transformation space. Interest 11.79 10.45 9.07 10.99 9.74
Net Profit 51.85 40.80 17.11 26.93 16.44
Healthcare vertical has been a stand-out performer and Equity 20.73 20.73 20.73 20.73 20.72
reflected a 40 per cent growth in rupee terms year on year.
We observe new acquisitions will help HGS to add new clients and
HGS reported net sales of `28076 million, a growth of 12.1 per augment the company's service capabilities and marquee clients in
cent over 1 year. PAT for the year stood at `1650 million, a the telecom and banking & financial services (BFS) space. Its
decline by 2.7 per cent accounting for higher depreciation earnings from healthcare business activities are expected to boost
charges on account of implementation of suitable provisions of its profitability and return to the individual investors. Reasons are
the Companies Act 2013. HGS Reported EBITDA was `3172 there to believe HGS can be one of the five good small-cap stocks
million with a margin of 11.3 per cent. at this time for investment.
Methodology of Picking up 400 Small-cap Stocks
To emerge with “400 Small-Caps” we have considered four factors. First factor is related to market data i.e. market
capitalization; second and third factor is from profit and loss account that are sales and net profit; fourth is return to investors in
terms of dividend. We ranked every data and then gave equal weight-age of 25 bps points to each parameter so that ranking
does not get tilted towards any one factor. One could wonder why we have taken dividend as one of the parameters. Th is is to
safeguard that investor friendly companies should represent in our “400 Small-Caps” list. For dividends, we also adjusted the
effect of different face value and rebased all to 10. Since we have run the query in second week of August 2016, all the data
available of the companies during that period has been comprised in our study. Th erefore, if any company has its year closing on
December 2016, we have taken financial information of 2015, similar is the case with any company whose financial year ends on
August. Please note that we have made best efforts to flow the data on consolidated basis however in case of non-availability of
consolidated data history, we have used standalone financials.
(All the financial data are sourced from Dion Global Solutions Ltd.)

Financial Snapshot Thriving
Small Caps
2016
Rank Rank
1 Hinduja Global Solutions 2 RSWM
BSE Code: 532859 Price (`): 566.85 Face Value (`): 10 Book Value (`): 566.90 BSE Code: 500350 Price (`): 453.40 Face Value (`): 10 Book Value (`): 202.38
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12 Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12
Net Sales 3347.63 2832.13 2538.86 2016.71 1583.13 Net Sales 2979.25 3022.98 3158.28 2678.17 2159.15
EBITDA 313.03 337.32 355.9 257 212.92 EBITDA 410.34 230.24 413.87 354.72 150.92
Interest 40.07 38.64 38.75 43.66 29.23 Interest 124.38 125.22 136.5 132.77 116.89
Net Profit/Loss 101 165.03 169.55 90.57 106.07 Net Profit/Loss 105.52 84.91 100.66 71.7 -42.72
Basic EPS (`) 48.73 79.65 82.24 43.99 51.52 Basic EPS (`) 45.05 37.3 43.48 30.97 -18.45
Equity 20.73 20.72 20.62 20.59 20.59 Equity 23.15 23.15 23.15 23.15 23.15
Rank Rank
3 Rane Holdings 4 KCP
EBITDA 254.7 243.4 216.48 179.33 234.07 EBITDA 242.24 181.97 147.65 188.08 236.25
Net Profit/Loss 65.54 70.94 43.44 38.38 101.41 Net Profit/Loss 93.35 50.28 34.49 65.24 106.05
Basic EPS (`) 45.9 49.69 30.42 26.88 71.03 Basic EPS (`) 7.24 3.85 2.56 4.89 8.04
Equity 14.28 14.28 14.28 14.28 14.28 Equity 12.89 12.89 12.89 12.89 12.89
Rank Rank
5 Siyaram Silk Mills 6 Gujarat Ambuja Exports
BSE Code: 503811 Price (`):1070.00 Face Value (`): 10 Book Value (`): 557.41 BSE Code: 524226 Price (`): 71.25 Face Value (`): 2 Book Value (`): 67.29
Last Five Year Standalone Financial Results (`/Cr) Last Five Year Standalone Financial Results (`/Cr)
Net Sales 1,619.36 1,510.30 1,303.43 1,041.31 915.54 Net Sales 2746.32 2540.43 3101.9 3014.07 2119.6
EBITDA 143.85 129.28 98.46 78.46 79.5 EBITDA 197.68 173.73 205.03 204.02 111.27
Interest 30.49 30.57 28.71 25.15 24.02 Interest 9.91 15 20.65 21.7 20.89
Equity 9.37 9.37 9.37 9.37 9.37 Equity 27.67 27.67 27.67 27.67 27.67
Rank Rank
7 Deepak Nitrite 8 Bengal & Assam Company
BSE Code: 506401 Price (`): 103.15 Face Value (`): 2 Book Value (`):40.5975 BSE Code: 533095 Price (`): 876.25 Face Value (`): 10 Book Value (`): 1755.99
Last Five Year Standalone Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
EBITDA 169.87 141.76 115.77 82.88 60.5 EBITDA 147.84 160.06 185.91 142.06 105.69
Equity 23.26 20.91 10.45 10.45 10.45 Equity 8.68 8.68 8.68 8.68 8.68
Rank Rank
9 J Kumar Infraprojects 10 Munjal Showa
EBITDA 266.04 263.61 216.63 176.23 156.68 EBITDA 117.27 134.75 111.3 108.87 124.29
Equity 37.83 32.23 27.8 27.8 27.8 Equity 8 8 8 8 8
Note: Book value is in rupees per share Share price data is of Aug 16, 2016

Rank Rank
11 Aarti Drugs 12 Ramco Industries
EBITDA 171.7 169.61 146.37 120.33 80.27 EBITDA 109.62 91.29 74.07 147.98 156.78
Net Profit/Loss 66.29 77.6 61.71 45.24 22.46 Net Profit/Loss 180.53 90.06 -3.08 67.46 76.88
Basic EPS (`) 27.37 32.04 50.97 37.36 18.55 Basic EPS (`) 20.83 10.39 -0.36 7.78 8.87
Equity 24.22 24.22 12.11 12.11 12.11 Equity 8.67 8.67 8.67 8.67 8.67
Rank Rank
13 FIEM Industries 14 Kirloskar Industries
Net Sales 989.13 826.37 721.13 606.78 535.44 Net Sales 1175.18 1421.81 1290.14 - -
EBITDA 127.3 103.65 89.06 70.67 67.98 EBITDA 205.03 198.45 154.39 - -
Interest 15.78 12.05 14.45 12.97 20.78 Interest 23.83 29.8 14.3 - -
Net Profit/Loss 57.33 42.48 37.28 27.72 21.14 Net Profit/Loss 72.29 61.65 58.33 - -
Basic EPS (`) 47.93 35.51 31.16 23.17 17.67 Basic EPS (`) 74.46 63.5 60.08 - -
Equity 11.96 11.96 11.96 11.96 11.96 Equity 9.71 9.71 9.71 - -
Rank Rank
15 Cosmo Films 16 Merck
BSE Code: 508814 Price (`): 317.05 Face Value (`): 10 Book Value (`): 234.01 BSE Code: 500126 Price (`):709.75 Face Value (`): 10 Book Value (`): 356.37
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Standalone Financial Results (`/Cr)
Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12 Particulars Dec-15 Dec-14 Dec-13 Dec-12 Dec-11
EBITDA 196.84 109.31 115.42 106.71 101 EBITDA 106.75 79.24 98.32 125.69 89.4
Interest 30.18 39.88 43.22 29.01 28.46 Interest 0 0 0 0 0.02
Net Profit/Loss 96.24 27.66 -5.5 11.33 31.52 Net Profit/Loss 53.56 43.22 55.88 78.4 63.68
Basic EPS (`) 49.51 14.23 -2.83 5.83 16.21 Basic EPS (`) 32.27 26.04 33.66 47.23 38.36
Equity 19.44 19.44 19.44 19.44 19.44 Equity 16.6 16.6 16.6 16.6 16.6
Rank Rank
17 INEOS Styrolution India 18 Meghmani Organics
EBITDA 95.65 85.7 91.28 106.71 104.93 EBITDA 290.78 209.53 202 198.55 168.75
Interest 9.81 12.65 0.46 0 0 Interest 63.66 74.62 67.61 64.33 71.46
Equity 17.59 17.59 17.59 17.59 17.59 Equity 25.43 25.43 25.43 25.43 25.43
Rank Rank
19 Bodal Chemicals 20 Sanghvi Movers
EBITDA 149.79 188.75 192.49 23.88 4.89 EBITDA 362.31 185.88 141.83 239.95 336.41
Net Profit/Loss 85.99 91.78 30.16 -23.24 -29.78 Net Profit/Loss 116.91 8.06 -14.5 40.93 101.77
Basic EPS (`) 7.88 8.41 2.76 -2.13 -2.73 Basic EPS (`) 27.01 1.86 -3.35 9.45 23.51
Equity 21.82 21.82 21.82 21.82 21.82 Equity 8.66 8.66 8.66 8.66 8.66

Small Caps
2016
Rank Rank
21 KEI Industries 22 LG Balakrishnan & Bros
EBITDA 247.6 195.25 154.32 172.87 151.7 EBITDA 141.6 151.08 130.73 93.17 105.34
Equity 15.45 15.45 14.75 14.05 13.39 Equity 15.7 15.7 7.85 7.85 7.85
Rank Rank
23 Savita Oil Technologies 24 Lumax Industries
EBITDA 97.15 70.51 117.99 129.66 138.21 EBITDA 92.93 64.86 57.82 65.76 49.43
Net Profit/Loss 34.32 -1.27 89.74 103.32 68.03 Net Profit/Loss 37.37 16.57 7.7 13.59 12.81
Basic EPS (`) 23.5 -0.87 61.45 70.76 46.59 Basic EPS (`) 39.98 17.73 8.24 14.53 13.71
Equity 14.61 14.61 14.61 14.61 14.61 Equity 9.35 9.35 9.35 9.35 9.35
Rank Rank
25 Vindhya Telelinks 26 Tata Metaliks
Net Sales 1047.54 712 475.02 375.97 283.16 Net Sales 1302.64 1423.13 1426.21 1030.81 1258.69
EBITDA 203.44 129.5 67.77 45.21 19.95 EBITDA 220.09 206.32 97.39 8.74 -103.5
Net Profit/Loss 94.9 74.57 34.82 21.18 1.9 Net Profit/Loss 122.79 109.14 9.47 -87.11 -113.47
Basic EPS (`) 80.08 62.92 29.39 17.87 1.61 Basic EPS (`) 46.56 43.16 3.75 -34.45 -44.87
Equity 11.84 11.84 11.84 11.84 11.84 Equity 25.29 25.29 25.29 25.29 25.29
Rank Rank
27 Sangam (India) 28 Monte Carlo Fashions
EBITDA 250.93 219.78 201.53 220.93 160.39 EBITDA 137.23 142.54 108.84 82.97 85.06
Equity 39.42 39.42 39.42 39.42 39.42 Equity 21.73 21.73 21.73 21.73 18.86
Rank Rank
29 Balaji Amines 30 Polyplex Corporation
EBITDA 129.49 106.02 93.63 83.94 83.51 EBITDA 353.28 402.07 128.94 251 470.87
Basic EPS (`) 17.78 10.58 10.34 9.62 11 Basic EPS (`) 9.08 11.86 -2.14 6.64 29.38
Equity 6.48 6.48 6.48 6.48 6.48 Equity 32.56 32.56 32.56 32.56 32.56

Rank Rank
31 R Systems International 32 Genus Power Infrastructures
Particulars Dec-15 Dec-14 Dec-13 Dec-12 Dec-11 Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12
Net Sales 614.84 657.57 600.77 470.01 0 Net Sales 871.79 927.36 770.83 661.32 706.58
EBITDA 82.16 99.55 82.74 39.62 0 EBITDA 138.41 135.15 110.21 80.31 99.63
Interest 0.96 0.89 0.75 0.67 0 Interest 28.88 33.24 38.34 25.37 47.45
Net Profit/Loss 97.83 78.13 52.7 18.36 0 Net Profit/Loss 78.45 53.12 60.47 44.57 66.1
Basic EPS (`) 7.71 6.13 41.61 14.67 0 Basic EPS (`) 3.05 2.07 2.36 2.8 4.16
Equity 12.61 12.67 12.59 12.45 0 Equity 25.68 25.67 25.66 15.89 15.89
Rank Rank
33 Garware-Wall Ropes 34 Kothari Products
EBITDA 108.97 83.24 69.73 64.27 64.68 EBITDA 156.89 141.62 126.87 155.45 102.5
Equity 21.88 21.88 21.97 23.71 23.71 Equity 29.85 19.9 6.63 6.63 6.63
Rank Rank
35 Kirloskar Ferrous Industries 36 Automotive Axles
EBITDA 153.42 152.06 106.08 110.8 112.43 EBITDA 97.35 37.89 62.43 55.35 103.22
Equity 68.65 68.65 68.65 68.65 68.65 Equity 15.11 15.11 15.11 15.11 15.11
Rank Rank
37 Dalmia Bharat Sugar and Industries 38 Steel Strips Wheels
EBITDA 226.73 128.88 127.55 166.26 92.71 EBITDA 164.13 128.2 118.66 105.82 103.31
Basic EPS (`) 7.21 0.18 0.38 2.27 0.11 Basic EPS (`) 40.09 25.82 16 16.47 19.38
Equity 16.19 16.19 16.19 16.19 16.19 Equity 15.26 15.26 15.21 15.21 14.84
Rank Rank
39 Mirza International 40 NRB Bearings
EBITDA 173.53 142.63 121.82 115.88 87.82 EBITDA 112.85 126.32 106 108.94 115.33
Interest 31.87 39.29 32 31.57 27.2 Interest 17.01 17.25 18.61 18.62 12.65
Net Profit/Loss 78.09 51.16 43.37 43.44 35.31 Net Profit/Loss 42 53.23 32.98 47.18 49.9
Equity 24.06 18.54 18.54 18.54 18.54 Equity 19.38 19.38 19.38 19.38 19.38

Small Caps
2016
Rank Rank
41 Sagar Cements 42 Puravankara Projects
Net Sales 650 941.84 506.75 584.55 606.83 Net Sales 1567.85 1690.62 1313.3 1248.48 815.46
EBITDA 124.27 422.66 19.13 68.22 124.69 EBITDA 350.26 398.71 478.77 579.44 390.36
Equity 17.39 17.39 17.39 17.39 17.39 Equity 118.58 118.58 118.58 106.71 106.71
Rank Rank
43 Orient Refractories 44 Dredging Corporation Of India
EBITDA 90.56 85.16 83.29 68.99 52.68 EBITDA 190.43 182.03 188.14 113.22 105.51
Interest 0 0.04 0.07 1.94 3.88 Interest 20.43 25.66 10.99 1.47 0
Equity 12.01 12.01 12.01 12.01 12.01 Equity 28 28 28 28 28
Rank Rank
45 Sharda Motor Industries Ltd. 46 Borosil Glass Works
BSE Code: 535602 Price (`):1197.90 Face Value (`): 10 Book Value (`): 415.01 BSE Code: 502219 Price (`):4282.20 Face Value (`): 10 Book Value (`): 2474.42
Net Sales 940.9 884.35 831.53 905.33 757.24 Net Sales 472.88 392 196.71 - -
EBITDA 110.37 101.84 83.89 93.81 70.67 EBITDA 102.42 95.84 50.06 - -
Equity 5.95 5.95 5.95 5.95 5.95 Equity 2.31 3.01 3.01 - -
Rank Rank
47 Venky’s (India) 48 LT Foods
EBITDA 163.83 133.13 96.77 78.58 84.71 EBITDA 362.18 309.02 281.84 238.02 177.23
Net Profit/Loss 29.85 18.7 34.04 24.78 41.06 Net Profit/Loss 72.11 72.49 78.33 56.05 -2.02
Equity 14.09 9.39 9.39 9.39 9.39 Equity 26.66 26.45 26.31 26.17 26.12
Rank Rank
49 Elecon Engineering Company 50 Ramkrishna Forgings
Net Sales 1321.5 1345.51 1308.26 1534.23 1621.2 Net Sales 912.86 756.97 438.82 424.99 -
EBITDA 186.16 186.38 165.04 215.61 216.67 EBITDA 180.29 135.01 60.89 58.87 -
Interest 74.73 80.87 74.04 81.68 66.35 Interest 54.33 31.54 22.88 20.25 -
Net Profit/Loss 38.22 16.34 13.73 17.93 61.1 Net Profit/Loss 54.54 75.41 8.46 8.78 -
Basic EPS (`) 3.51 1.5 1.26 1.93 6.58 Basic EPS (`) 19.52 27.45 3.24 4.16 -
Equity 21.79 21.79 21.79 18.57 18.57 Equity 28.67 27.47 26.1 21.1 -

Rank Rank
51 Sasken Communication Technologies 52 Atul Auto
EBITDA 63.37 54.18 84.92 59.56 102.91 EBITDA 77.59 63.78 48.31 42.06 28.14
Equity 17.72 21.34 21.28 20.96 26.01 Equity 11.2 11.2 11.2 11.2 7.55
Rank Rank
53 Century Enka 54 Rico Auto Industries
EBITDA 146.09 122.69 193.24 147.88 99.5 EBITDA 98.57 118.67 174.6 156.56 151.39
Equity 21.85 21.85 21.85 21.85 21.85 Equity 13.53 13.53 13.53 13.53 13.53
Rank Rank
55 Maithan Alloys 56 Voltamp Transformers
EBITDA 131.25 114.17 53.72 89.72 73.4 EBITDA 65.71 40.91 41.71 54.2 57.18
Equity 29.11 14.56 14.56 14.56 14.56 Equity 10.12 10.12 10.12 10.12 10.12
Rank Rank
57 Orient Paper & Industries 58 Indiabulls Ventures
Net Sales 1837.74 1689 1616.15 1287.19 2512.93 Net Sales 409.53 408.28 303.63 199.44 199.52
EBITDA 116.84 45.34 85.4 10.58 449.08 EBITDA 214.85 267.91 182.64 76.32 32.77
Net Profit/Loss 21.02 -28.65 4.24 -32.23 212.28 Net Profit/Loss 73.84 150.64 101.64 63.3 -10.26
Basic EPS (`) 1.03 -1.4 0.21 -1.57 10.36 Basic EPS (`) 2.53 5.77 4.4 2.74 -0.44
Equity 20.49 20.49 20.49 20.49 20.49 Equity 58.57 52.24 46.22 46.22 46.22
Rank Rank
59 Ushdev International 60 Kirloskar Pneumatic Company
EBITDA 341.61 444.44 444.64 315.74 238.42 EBITDA 68.83 41.45 71.41 82.84 101.72
Equity 33.85 33.85 33.85 33.85 29.43 Equity 12.84 12.84 12.84 12.84 12.84

Small Caps
2016
Rank Rank
61 Tata Sponge Iron 62 Tinplate Company of India
Net Sales 611.25 845.28 817.67 827.32 - Net Sales 851.91 938.71 1084.42 898.55 646
EBITDA 60.05 154.77 180.79 151.62 - EBITDA 184 151.4 173.04 132.83 93.37
Interest 5.38 5.31 13.22 7.91 - Interest 6.05 12.21 21.15 25.28 17.27
Net Profit/Loss 30.88 91.94 101.2 85.36 - Net Profit/Loss 73.38 44.6 62.8 28.23 16.55
Basic EPS (`) 20.05 59.7 65.71 55.43 - Basic EPS (`) 7.01 3.88 5.22 1.84 0.67
Equity 15.4 15.4 15.4 15.4 - Equity 104.8 104.8 104.8 104.8 104.8
Rank Rank
63 HIL 64 Surya Roshni
EBITDA 111.72 135.07 52.39 128.67 115.99 EBITDA 242.11 226.82 237.24 238.26 196.74
Interest 9.17 5.77 10.23 10.61 7.46 Interest 96.43 109 114.47 109.67 93.82
Equity 7.49 7.49 7.49 7.49 7.49 Equity 43.83 43.83 43.83 43.83 43.83
Rank Rank
65 Manaksia 66 PTL Enterprises
EBITDA 180.97 204.2 384.95 376.1 301.41 EBITDA 91.84 77.89 65.61 62.48 62.78
Equity 13.11 13.11 13.11 13.11 13.11 Equity 13.24 13.24 13.24 13.24 13.24
Rank Rank
67 Insecticides (India) 68 Lloyd Electric and Engineering
EBITDA 91.69 111.49 82.22 69.52 56.45 EBITDA 262.8 245.6 214.29 155.86 104.82
Equity 20.67 12.68 12.68 12.68 12.68 Equity 36.21 35.33 35.33 31.01 31.01
Rank Rank
69 Astra Microwave Products 70 Alkyl Amines Chemicals
Net Sales 427.33 639.82 538.97 234.38 - Net Sales 484.7 478.35 448.28 367.23 290.35
EBITDA 104.34 116.8 91.4 68.05 - EBITDA 93.55 88.78 87.04 59.1 43.92
Equity 17.32 16.37 16.37 16.37 - Equity 10.21 10.21 10.21 10.21 10.21

Rank Rank
71 GOCL Corporation 72 MBL Infrastructures
EBITDA 26.42 112.45 222.4 144.63 87.31 EBITDA 258.44 240.05 192.34 145 170.03
Net Profit/Loss 26.94 41.61 67.72 50.2 48.25 Net Profit/Loss 88.3 81.59 77 56.65 72.5
Equity 9.91 9.91 19.83 19.83 19.83 Equity 41.45 20.73 17.51 17.51 17.51
Rank Rank
73 Nahar Spinning Mills 74 Power Mech Projects
EBITDA 239.53 224.56 357.13 324.36 21.11 EBITDA 182.67 172.76 166.19 - -
Net Profit/Loss 49.89 20.37 145.75 78.39 -117.36 Net Profit/Loss 75.53 71.4 68.09 - -
Basic EPS (`) 13.83 5.65 40.41 21.74 -32.54 Basic EPS (`) 54.41 56.75 62.24 - -
Equity 18.05 18.05 18.05 18.05 18.05 Equity 14.71 12.58 10.94 - -
Rank Rank
75 Nectar Lifesciences 76 Seshasayee Paper & Boards
EBITDA 274.66 286.91 300.4 306.2 249.16 EBITDA 111.33 95.13 128.92 110.08 103.53
Interest 122.5 125.59 137.99 115.49 103 Interest 32.29 37.21 38.71 44.46 24.32
Equity 22.43 22.43 22.43 22.43 22.43 Equity 12.61 12.61 12.61 11.25 11.25
Rank Rank
77 Empire Industries 78 Subros
BSE Code: 509525 Price (`):1701.00 Face Value (`): 10 Book Value (`):249.7039 BSE Code: 517168 Price (`): 103.60 Face Value (`): 2 Book Value (`): 55.86
EBITDA 66.03 67.74 66.62 63.24 63.31 EBITDA 154.62 137.68 134.43 133.05 108.06
Equity 6 6 6 6 6 Equity 12 12 12 12 12
Rank Rank
79 Deccan Cements 80 Jayant Agro Organics
EBITDA 116.12 67.46 59.38 67.89 119.07 EBITDA 73.02 64.78 100.56 98.98 94.98
Equity 7 7 7 7 7 Equity 7.5 7.5 7.5 7.5 7.5

Small Caps
2016
Rank Rank
81 Phillips Carbon Black 82 Lumax Auto Technologies
Net Sales 1913.05 2484.39 2299.99 2295.11 2197.99 Net Sales 912 841.33 766.52 769.98 756.26
EBITDA 182.33 165.23 46.76 82.1 218.37 EBITDA 75.23 70.95 64.23 70.78 69.27
Net Profit/Loss 21.44 10.66 -86.56 -21.83 85.61 Net Profit/Loss 31.77 44.98 30.21 41.07 50.73
Basic EPS (`) 6.22 3.09 -25.11 -6.33 24.84 Basic EPS (`) 23.3 33 22.16 30.13 37.21
Equity 34.47 34.47 34.47 34.47 34.47 Equity 13.63 13.63 13.63 13.63 13.63
Rank Rank
83 Pearl Global Industries 84 Rolta India
EBITDA 60.59 73.7 125.14 123.46 123.23 EBITDA 1151.92 1307.34 811.45 912.96 843
Net Profit/Loss 36.66 25.07 38.64 23.79 31.49 Net Profit/Loss 189.11 245.17 283.69 -839.19 242.34
Basic EPS (`) 16.92 11.57 17.84 10.98 14.54 Basic EPS (`) 11.62 15.2 17.58 -52.02 15.02
Equity 21.66 21.66 21.66 21.66 21.66 Equity 162.7 161.33 161.33 161.33 161.33
Rank Rank
85 Nandan Denim 86 Plastiblends India
EBITDA 195.3 168.49 136.67 108.44 83.13 EBITDA 61.65 52.66 50.68 32.78 32.46
Equity 45.55 45.55 45.55 45.55 45.55 Equity 6.5 6.5 6.5 6.5 6.5
Rank Rank
87 Man Industries (India) 88 Everest Industries
EBITDA 119.76 148.84 86 241.48 188.15 EBITDA 95.21 92.42 52.06 - -
Interest 53.53 45.9 41.77 44.21 27 Interest 19.1 18.69 12.57 - -
Equity 28.55 28.55 28.55 29.88 27.64 Equity 15.39 15.29 15.19 - -
Rank Rank
89 TCPL Packaging 90 HBL Power Systems
Net Sales 592.61 497.84 394.92 373.29 283.35 Net Sales 1300.44 1346.68 1290.81 1206.55 1106
EBITDA 100.54 82 61.18 55.8 41.33 EBITDA 143.97 162.05 109.81 151.03 152.65
Basic EPS (`) 44 37 14.37 15.52 8.86 Basic EPS (`) 0.77 0.58 1.78 0.81 0.38
Equity 8.7 8.7 8.7 8.7 8.7 Equity 25.3 25.3 25.3 25.3 25.3

Rank Rank
91 Camlin Fine Sciences 92 Oricon Enterprises
EBITDA 91.79 92.55 71.31 57.23 40.87 EBITDA 125.68 124.77 126.62 157.36 135.86
Equity 9.67 9.59 9.44 9.39 9.36 Equity 31.41 31.41 20.51 20.51 20.51
Rank Rank
93 NOCIL 94 Kolte-Patil Developers
EBITDA 142.91 117.25 73.2 34.33 58.38 EBITDA 184.21 216.08 235.98 228.59 82.84
Equity 160.79 160.79 160.79 160.79 160.79 Equity 75.77 75.77 75.77 75.77 75.77
Rank Rank
95 Indo Rama Synthetics (India) 96 JK Paper
EBITDA 93.23 166.74 262.08 281.47 - EBITDA 408.23 267.35 153.43 149.91 176.16
Interest 51.66 64 49.73 44.52 - Interest 199.77 205.35 128.53 53.76 51.47
Net Profit/Loss 56.14 -20.69 -13.55 40.26 - Net Profit/Loss 72.92 -18.39 -74.72 37.99 48.52
Basic EPS (`) 3.67 -1.36 -0.89 2.65 - Basic EPS (`) 5.1 -1.35 -5.47 2.78 3.55
Equity 151.82 151.82 151.82 151.82 - Equity 148.53 136.62 136.62 136.62 136.62
Rank Rank
97 Ambika Cotton Mills 98 Setco Automotive
EBITDA 94.1 99.41 103.31 86.88 78.67 EBITDA 74.13 68.3 47.16 61.52 78.5
Equity 5.87 5.88 5.88 5.88 5.88 Equity 26.72 26.72 26.68 26.67 17.64
Rank Rank
99 I G Petrochemicals Ltd. 100 India Motor Parts & Accessories Ltd.
EBITDA 116.93 86.93 70.17 61.97 46.15 EBITDA 38.62 44.28 43.21 42.21 46.46
Interest 22.67 38.17 30.36 16.67 14.65 Interest 0 0 0 0 0
Net Profit/Loss 60.36 8.9 3.13 3.08 13.29 Net Profit/Loss 26.71 31 29.55 27.2 32.25
Basic EPS (`) 19.6 2.89 1.02 1 4.32 Basic EPS (`) 32.1 37.27 35.51 32.7 77.54
Equity 30.8 30.8 30.8 30.8 30.8 Equity 8.32 8.32 8.32 8.32 4.16

Small Caps
2016
Rank Rank
101 Sandesh 102 Thirumalai Chemicals
EBITDA 133.09 98.11 84.33 84.47 75.63 EBITDA 96.79 45.73 86.4 139.61 77.24
Net Profit/Loss 80.63 57.04 45.81 57.62 39.15 Net Profit/Loss 32.15 -13.72 11.87 43.81 0.92
Basic EPS (`) 106.52 75.35 60.52 76.13 45.9 Basic EPS (`) 31.4 -13.4 11.59 42.79 0.9
Equity 7.57 7.57 7.57 7.57 8.53 Equity 10.24 10.24 10.24 10.24 10.24
Rank Rank
103 Jay Bharat Maruti 104 Oriental Carbon & Chemicals
EBITDA 121.93 112.78 108.84 97.05 88.45 EBITDA 87.45 81.81 73.95 62.28 -
Equity 10.83 10.83 10.83 10.83 10.83 Equity 10.31 10.31 10.31 10.31 -
Rank Rank
105 Pokarna 106 Intrasoft Technologies
EBITDA 133.15 90.72 47.45 40.04 31.4 EBITDA 9.28 9.07 2.74 9.02 19.13
Net Profit/Loss 51.21 31.36 11.68 -6.64 -30.94 Net Profit/Loss 41.51 5.96 2.06 3.05 10.99
Basic EPS (`) 82.58 50.58 18.83 -10.71 -49.89 Basic EPS (`) 28.18 4.05 1.4 2.07 7.46
Equity 6.2 6.2 6.2 6.2 6.2 Equity 14.73 14.73 14.73 14.73 14.73
Rank Rank
107 SMS Pharmaceuticals 108 TTK Healthcare
BSE Code: 532815 Price (`): 91.00 Face Value (`): 1 Book Value (`):35.0138 BSE Code: 507747 Price (`):1015.00 Face Value (`): 10 Book Value (`): 169.71
EBITDA 92.8 102.58 58.69 -34.46 38.18 EBITDA 46.06 36.12 25.83 26.89 28.47
Equity 8.47 8.47 8.47 10.02 10.02 Equity 7.77 7.77 7.77 7.77 7.77
Rank Rank
109 DIC India 110 SQS India BFSI
EBITDA 62.57 0.84 28.66 46.99 48.71 EBITDA 60.53 38.86 49.9 32.62 22.42
Equity 9.18 9.18 9.18 9.18 9.18 Equity 10.64 10.55 10.27 10.12 10.05

Rank Rank
111 Lycos Internet 112 ITI
BSE Code: 532368 Price (`): 11.86 Face Value (`): 2 Book Value (`): 40.63 BSE Code: 523610 Price (`): 30.95 Face Value (`): 10 Book Value (`): -65.58
EBITDA 674.78 585.89 368.65 121 272.08 EBITDA 312.1 -125.42 -206.77 -252.23 -262.12
Net Profit/Loss 405.05 342.22 220.96 50.99 191.8 Net Profit/Loss 251.19 -297.13 -344.26 -182.06 -369.8
Basic EPS (`) 8.5 7.19 4.64 1.07 4.03 Basic EPS (`) 7.77 -10.32 -11.95 -6.32 -12.84
Equity 95.25 95.25 95.25 95.25 95.25 Equity 288 288 288 288 288
Rank Rank
113 Kovai Medical Center and Hospital 114 Gitanjali Gems
EBITDA 99.74 101.25 77.81 73.81 45.82 EBITDA 735.45 1109.22 811.54 1118.64 955.69
Equity 10.94 10.94 10.94 10.94 10.94 Equity 102.44 98.12 92.07 92.07 91.12
Rank Rank
115 Foseco India 116 Arcotech
EBITDA 52.57 42.56 32.52 37.38 41.81 EBITDA 91.16 86.9 86.18 48.9 38.77
Equity 6.39 6.39 6.39 6.39 6.39 Equity 21 21 21 20 20
Rank Rank
117 Infinite Computer Solutions (India) 118 G M Breweries
EBITDA 191.22 196.96 174.44 208.5 195.4 EBITDA 91.89 37.59 39.98 27.52 27.43
Equity 38.71 40.16 40.44 42.56 42.56 Equity 11.71 11.71 9.37 9.37 9.37
Rank Rank
119 Nelcast 120 Geojit BNP Paribas Financial Services
EBITDA 66.01 46.88 50.99 34.86 - EBITDA 75.95 130.44 79.5 83.04 65.73
Net Profit/Loss 31.87 21.94 22.5 13.91 - Net Profit/Loss 37.61 77.36 -73.25 81.8 19.45
Basic EPS (`) 3.66 2.52 2.59 1.6 - Basic EPS (`) 1.6 3.34 -3.21 3.58 0.85
Equity 17.4 17.4 17.4 17.4 - Equity 23.49 23.14 22.84 22.84 22.84

Small Caps
2016
Rank Rank
121 M M Forgings 122 Kiri Industries
EBITDA 113.42 113.17 80.49 58.29 60.57 EBITDA 116.41 103.62 73.83 25.98 165.92
Net Profit/Loss 50.09 50.55 29.32 24.45 26.75 Net Profit/Loss 195.71 181.52 9.91 -198.6 -72.57
Basic EPS (`) 41.5 41.87 24.29 20.26 22.17 Basic EPS (`) 77.62 79.88 5.22 -104.53 -38.2
Equity 12.07 12.07 12.07 12.07 12.07 Equity 26.55 22.73 19 19 19
Rank Rank
123 West Coast Paper Mills 124 Loyal Textiles Mills
EBITDA 260.48 245.62 214.37 273.41 230.33 EBITDA 154.65 160.84 179.64 142.04 104.49
Net Profit/Loss 8.86 1.12 6.63 18.11 -33.56 Net Profit/Loss 25.97 14.99 19.7 5.04 -1.94
Basic EPS (`) 1.34 0.17 1 2.74 -5.48 Basic EPS (`) 53.93 31.12 40.9 10.46 -4.03
Equity 13.21 13.21 13.21 13.21 12.55 Equity 4.82 4.82 4.82 4.82 4.82
Rank Rank
125 Apcotex Industries Ltd. 126 Mafatlal Industries
EBITDA 44.79 47.05 27.56 23.5 23.08 EBITDA 61.19 49.66 45.95 90.01 -0.56
Interest 2.42 3.24 4.14 2.35 3.98 Interest 21.16 16.84 14.89 32 3.89
Equity 10.41 5.22 5.22 5.22 5.22 Equity 13.91 13.91 13.91 9.81 9.73
Rank Rank
127 Munjal Auto Industries 128 V Mart Retail
EBITDA 49.31 72.76 68.03 59.99 66.1 EBITDA 63.2 65.95 54.5 39.34 28.94
Net Profit/Loss 20.08 38.03 47.66 39.49 44.32 Net Profit/Loss 27.63 37.37 25.16 18 11.04
Equity 10 10 10 10 10 Equity 18.07 18.02 17.96 17.96 7.34
Rank Rank
129 Mandhana Industries 130 DCM Shriram Industries
EBITDA 249.64 278.13 237.37 192.99 185.55 EBITDA 93.55 71.53 108.66 83.79 55.78
Equity 33.12 33.12 33.12 33.12 33.12 Equity 17.4 17.4 17.4 17.4 17.4

Rank Rank
131 Rane Brake Lining 132 Grauer & Weil (India)
EBITDA 57.65 47.57 42.62 36.08 43.76 EBITDA 81.04 76.66 63.6 55.39 61.39
Equity 7.91 7.91 7.91 7.91 7.91 Equity 22.67 22.67 22.67 22.67 22.67
Rank Rank
133 JBM Auto 134 Sunil Hitech Engineers
EBITDA 74.18 74.3 69.8 58.08 47.53 EBITDA 205.93 189.74 162.56 153.81 136.21
Equity 20.4 20.4 10.2 10.2 10.2 Equity 17.33 15.28 13.63 12.28 12.28
Rank Rank
135 Neuland Laboratories 136 Sterling Tools
EBITDA 82.22 67.4 73.14 61.73 49 EBITDA 63.53 48.42 42.22 35.64 38.43
Basic EPS (`) 30.76 17.95 35.02 18.13 4.75 Basic EPS (`) 41.51 31 22.83 15.89 21.56
Equity 8.95 8.95 7.73 7.72 5.47 Equity 6.84 6.84 6.84 6.84 6.84
Rank Rank
137 Goodluck India 138 Harita Seating Systems
Net Sales 1001.87 1103.09 1002.05 - - Net Sales 640.36 583.55 513.77 528.5 567.26
EBITDA 100.14 86.4 70.98 - - EBITDA 54.12 40.69 38.37 42.64 46.6
Interest 39.7 37.9 35.38 - - Interest 1.75 5.66 7.23 8.3 9.29
Net Profit/Loss 32.81 27.88 17.71 - - Net Profit/Loss 25.93 8.88 7.8 11.6 18
Basic EPS (`) 14.91 12.67 8.89 - - Basic EPS (`) 33.37 11.43 10.04 14.93 23.17
Equity 4.4 4.4 3.98 - - Equity 7.77 7.77 7.77 7.77 7.77
Rank Rank
139 Balaji Telefilms 140 Nucleus Software Exports
EBITDA 68.44 22.95 22.66 24.56 19.39 EBITDA 56.72 99.16 91.65 66.59 56.08
Interest 0 0.28 1.19 0.09 0 Interest 0.62 0.54 0.51 0.44 0.33
Equity 15.19 13.04 13.04 13.04 13.04 Equity 32.39 32.39 32.39 32.39 32.4

Small Caps
2016
Rank Rank
141 IFGL Refractories 142 Ashapura Minechem
Net Sales 722.06 793.47 781 675.66 606.49 Net Sales 1784.31 1759.99 1088.88 786.29 663.76
EBITDA 81.11 98.88 112.99 62.67 77.83 EBITDA 238.19 275.65 183.75 136.95 86.9
Net Profit/Loss 41.96 53.1 64.01 28.21 39.83 Net Profit/Loss 162.33 -36.47 174.21 44.14 -33.64
Basic EPS (`) 12.12 15.15 18.28 7.94 11.3 Basic EPS (`) 18.66 -4.19 20.03 5.32 -4.26
Equity 34.61 34.61 34.61 34.61 34.61 Equity 17.4 17.4 17.4 16.6 15.8
Rank Rank
143 63 Moons Technologies 144 Centrum Capital
EBITDA -253.2 -92.2 30.46 399.99 323.91 EBITDA 73.77 117.13 60.25 40.13 4.46
Interest 44.93 26.34 81.77 98 67.18 Interest 27.91 33.19 25.37 28.71 23.96
Net Profit/Loss 243.84 426.72 869.51 227.44 264.05 Net Profit/Loss 26.16 45.61 25 14.35 -30.82
Equity 9.22 9.22 9.22 9.22 9.22 Equity 41.6 41.6 41.6 6.93 6.93
Rank Rank
145 NCL Industries 146 Sarla Performance Fibers
EBITDA 123.83 75.02 33.11 59.59 136.86 EBITDA 61.51 61.31 57.52 47.61 34.51
Interest 30.6 37.12 39.99 36 41.47 Interest 6.48 6.44 4.38 4.35 2.97
Basic EPS (`) 14.56 2.55 -11.68 -3.3 12.67 Basic EPS (`) 5.39 33.46 46.25 40.25 27.22
Equity 36.73 34.94 34.94 34.94 34.94 Equity 8.35 8.35 6.95 6.95 6.95
Rank Rank
147 Alicon Castalloy 148 International Paper APPM
EBITDA 77.58 73.17 57.46 53.2 50.26 EBITDA 137.13 106.16 73.98 138.77 81.46
Interest 22.06 18.02 11.17 11.3 12.89 Interest 40.3 44.6 43.39 55.36 44
Net Profit/Loss 22.28 19.84 19.16 16.88 14.42 Net Profit/Loss 36.89 0.25 -41.61 -23.7 -97.81
Basic EPS (`) 18.18 18.04 17.42 15.34 13.11 Basic EPS (`) 9.28 0.06 -10.46 -5.96 -24.59
Equity 6.13 5.5 5.5 5.5 5.5 Equity 39.77 39.77 39.77 39.77 39.77
Rank Rank
149 Datamatics Global Services 150 Sarda Energy & Minerals
EBITDA 73.27 91.79 97.63 56.76 50.67 EBITDA 195.37 439.89 372.5 338.5 215.45
Equity 29.48 29.47 29.47 29.47 29.47 Equity 35.98 35.95 35.85 35.85 35.85

Rank Rank
151 Vaibhav Global 152 Anuh Pharma
EBITDA 75.27 146.89 177.25 101.56 102.31 EBITDA 40.24 35.18 27.33 19.39 19.87
Net Profit/Loss 39.82 103.16 152.53 -85.61 68.51 Net Profit/Loss 25.8 21.99 17.59 12.54 12.85
Basic EPS (`) 12.25 31.86 47.41 -26.7 21.61 Basic EPS (`) 10.3 26.33 21.06 15.01 15.38
Equity 32.5 32.38 32.18 32.06 31.7 Equity 12.53 4.18 4.18 4.18 4.18
Rank Rank
153 Shreyas Shipping & Logistics 154 Renaissance Jewellery
EBITDA 82.43 124.29 47.33 43.75 25.74 EBITDA 79.92 75.23 62.09 46.26 70.88
Equity 21.96 21.96 21.96 21.96 21.96 Equity 19.08 19.08 19.08 19.08 19.08
Rank Rank
155 Aurionpro Solutions 156 Weizmann Forex
Net Sales 719.67 754.45 674.21 582.16 494.4 Net Sales 4788.97 4476.86 4705 4475.92 4241
EBITDA 92.66 142.01 100.77 91.25 91.53 EBITDA 51.84 46.9 46.05 47.59 48.08
Equity 21.77 19.67 17.84 16.81 15.94 Equity 11.56 11.56 11.56 11.56 11.56
Rank Rank
157 Indraprastha Medical Corporation 158 BGR Energy Systems
EBITDA 78.38 85.83 91.85 79.99 67.71 EBITDA 308.87 296.3 371.63 438.74 481.34
Equity 91.67 91.67 91.67 91.67 91.67 Equity 72.16 72.16 72.16 72.16 72.16
Rank Rank
159 EIH Associated Hotels 160 Vivimed Labs
EBITDA 75.16 67.78 62.76 64.47 57.66 EBITDA 242.89 222.75 213.27 197.62 132.98
Equity 30.47 30.47 30.47 30.47 19.59 Equity 16.2 16.2 16.2 16.06 13.93

Small Caps
2016
Rank Rank
161 Centum Electronics 162 Pneumatic Holdings
Net Sales 412.89 495.23 425.89 283.51 258.54 Net Sales 12.31 0.08 - - -
EBITDA 56.59 106.44 83.28 35.07 32.81 EBITDA 9.29 -0.8 - - -
Interest 4.03 3.16 5.9 4.67 4.73 Interest 0 0 - - -
Net Profit/Loss 26.26 43.35 34.67 9.28 7.19 Net Profit/Loss 7.52 -0.56 - - -
Basic EPS (`) 20.74 34.48 27.9 7.5 5.81 Basic EPS (`) 14.22 -2.81 - - -
Equity 12.66 12.57 12.43 12.37 12.37 Equity 5.29 2 - - -
Rank Rank
163 Ion Exchange (India) 164 Visaka Industries
EBITDA 55.65 50.94 38.94 53.81 40.94 EBITDA 97.96 98.33 62.65 109.22 85.02
Equity 14.12 14.09 14.09 12.98 13.23 Equity 15.92 15.92 15.92 15.92 15.92
Rank Rank
165 Emami Paper Mills 166 Nahar Industrial Enterprises
EBITDA 53.63 59.01 73.84 73.48 69.43 EBITDA 223.67 204.88 331.26 303.5 72.65
Net Profit/Loss 27.92 12.17 18.61 11.55 8.31 Net Profit/Loss 42.9 -28.01 69.25 41.84 -80.76
Basic EPS (`) 3.8 1.3 2.67 1.91 1.37 Basic EPS (`) 10.77 -7.03 17.38 10.5 -20.27
Equity 12.1 12.1 12.1 12.1 12.1 Equity 40.03 40.03 40.03 40.03 40.03
Rank Rank
167 Excel Industries 168 Shemaroo Entertainment
EBITDA 65.43 79.62 43.57 43.32 31.07 EBITDA 109.8 88.16 65.69 58.71 51.65
Equity 6.45 5.95 5.45 5.45 5.45 Equity 27.18 27.18 19.85 19.85 19.85
Rank Rank
169 Sunflag Iron & Steel Company 170 Jindal Drilling & Industries Ltd.
EBITDA 189.64 175.28 152.49 126.28 125.6 EBITDA 62.64 73.87 79.1 104.22 89.38
Equity 180.22 180.22 162.2 162.2 162.2 Equity 14.49 14.49 14.49 12.84 11.47

Rank Rank
171 The Hi-Tech Gears 172 Manali Petrochemicals
EBITDA 59.49 55.09 51.02 54.42 89.75 EBITDA 77.66 77.55 53.21 43.84 67.93
Equity 18.77 18.77 18.77 18.77 18.77 Equity 86.03 86.03 86.03 86.03 86.03
Rank Rank
173 Cheviot Company 174 Banswara Syntex
EBITDA 57.53 48.69 43.71 46.73 43.99 EBITDA 174.61 157.93 182.2 - -
Net Profit/Loss 36.47 34.58 26.8 30.71 28.87 Net Profit/Loss 27.21 8.03 26 - -
Equity 4.51 4.51 4.51 4.51 4.51 Equity 16.93 16.43 15.51 - -
Rank Rank
175 Chembond Chemicals 176 Dhampur Sugar Mills
EBITDA 44.49 28.01 22.03 22.88 26.09 EBITDA 234.96 150.73 134.15 228.68 207.66
Net Profit/Loss 153.65 12.38 7.76 7.08 12.53 Net Profit/Loss 25.88 -12.83 -78.35 22.71 29.63
Basic EPS (`) 229.44 18.59 11.65 10.64 19.7 Basic EPS (`) 4.3 -2.19 -13.74 3.89 5.44
Equity 6.7 6.66 6.66 6.66 6.36 Equity 60.28 58.78 57.28 53.98 53.98
Rank Rank
177 Future Enterprises 178 Cigniti Technologies
Net Sales 6860.47 10368.39 11605.18 7015.43 4117.82 Net Sales 598.25 380.43 260 150.91 33.84
EBITDA 101.06 1142.77 1067.49 804 435.32 EBITDA 98.04 39.61 36.48 8.8 3.1
Net Profit/Loss 14.55 74.06 2.81 273.26 76.66 Net Profit/Loss 49.68 25.35 25.54 5 1.18
Equity 8.7 82.84 46.32 46.32 43.42 Equity 25.5 24.74 20.82 18.85 16.89
Rank Rank
179 MEP Infrastructure Developers 180 D-Link (India) Ltd.
EBITDA 595.54 477.15 354.81 389.3 - EBITDA 35.02 34.57 22.87 20.06 11.85
Net Profit/Loss 26.33 -115.33 -129.18 41.2 - Net Profit/Loss 21.5 21.33 13.58 12.33 7.04
Basic EPS (`) 1.62 -10.34 -12.92 4.12 - Basic EPS (`) 6.06 6.01 4.53 4.11 2.35
Equity 162.57 111.49 100 100 - Equity 7.1 7.1 6 6 6

Small Caps
2016
Rank Rank
181 Bhartiya International 182 Gulshan Polyols
EBITDA 47.25 52.99 40.59 29.51 29.3 EBITDA 65.4 57 48.06 47.1 38.16
Net Profit/Loss 24.71 21 14.52 10.14 11.45 Net Profit/Loss 30.49 25.48 27.12 24.13 17.91
Equity 11.71 11.21 11.06 11.06 10.46 Equity 4.63 4.44 4.22 4.22 4.22
Rank Rank
183 Esab India 184 Mold-Tek Packaging
EBITDA 54.15 61.97 58.71 65.98 82.95 EBITDA 46.51 40.77 30.04 20.29 21.39
Interest 0 0 0 0 0 Interest 0.98 7.25 8.4 5.8 3.8
Equity 15.39 15.39 15.39 15.39 15.39 Equity 13.85 13.84 11.28 11.25 11.22
Rank Rank
185 India Nippon Electricals 186 Pennar Industries
EBITDA 41.64 40.15 32.85 41.74 43.92 EBITDA 147.94 120.86 93.47 118.3 138.57
Equity 11.31 11.31 11.31 11.31 11.31 Equity 60.17 60.17 60.23 61.01 61.01
Rank Rank
187 GMM Pfaudler 188 Rane (Madras)
EBITDA 34.96 38.53 37.04 21.39 21.61 EBITDA 79.7 69.67 69.16 57.84 61.38
Equity 2.92 2.92 2.92 2.92 2.92 Equity 10.51 10.51 10.51 10.16 10.16
Rank Rank
189 Ajmera Realty & Infra India 190 Bannari Amman Spinning Mills
EBITDA 92.07 63.1 32.57 30.16 48.53 EBITDA 96.2 54.55 118.91 114.53 -
Interest 31 23.37 3.69 3.94 1.55 Interest 37.75 37.21 37.86 38.05 -
Equity 35.48 35.48 35.48 35.48 35.48 Equity 15.75 15.75 15.75 15.75 -

Rank Rank
191 Man Infraconstruction 192 Prabhat Dairy
EBITDA 71.88 94.93 61.83 89.26 114.74 EBITDA 47.12 42.61 33.95 21.43 20.78
Equity 49.5 49.5 49.5 49.5 49.5 Equity 97.68 71.43 3 3 0.3
Rank Rank
193 Vardhman Acrylics 194 BS
NSE: VARDHACRLC Price (`): 35.85 Face Value (`): 10 Book Value (`): 37.75 BSE Code: 533276 Price (`): 6.90 Face Value (`): 1 Book Value (`): 15.06
EBITDA 49.6 49.69 71.13 50.12 46.97 EBITDA 354.95 304.45 243.3 200.7 152.93
Equity 93.01 93.01 93.01 94.63 108.53 Equity 44.11 43.98 43.9 21.93 21.88
Rank Rank
195 Indag Rubber 196 Madhucon Projects
BSE Code: 509162 Price (`):170.45 Face Value (`): 2 Book Value (`): 59.86 BSE Code: 531497 Price (`): 48.20 Face Value (`): 1 Book Value (`): -34.01
EBITDA 50.94 44.24 38.73 35.57 30.6 EBITDA 855.73 692.69 375.98 298.91 71.12
Net Profit/Loss 31.97 32.59 27.55 24.97 20.87 Net Profit/Loss 63.98 -3.54 -223.8 -276.74 -304.55
Basic EPS (`) 12.18 62.07 52.47 47.57 39.75 Basic EPS (`) 8.67 -0.48 -30.33 -37.5 -41.27
Equity 5.25 5.25 5.25 5.25 5.25 Equity 7.4 7.4 7.4 7.4 7.4
Rank Rank
197 Saurashtra Cements 198 Precision Wires India
EBITDA 75.87 96.61 63.16 122.42 46.24 EBITDA 53.49 50.59 37.74 41.52 38.53
Net Profit/Loss 43.8 67.61 20.9 183.72 -20.49 Net Profit/Loss 17.03 10.1 14.44 15.95 14.15
Basic EPS (`) 4.86 13.21 4.08 35.89 -4 Basic EPS (`) 7.36 8.74 12.49 13.8 12.23
Equity 60.19 51.19 51.19 51.19 51.19 Equity 11.56 11.56 11.56 11.56 11.56
Rank Rank
199 Gloster 200 Bharat Rasayan
EBITDA 48.84 34.12 33.05 41.69 39.24 EBITDA 81.07 82.24 64.95 25.87 16.02
Equity 5.23 5.23 5.23 2.62 2.62 Equity 4.25 4.25 4.25 4.25 4.25

Small Caps
2016
Rank Rank
201 PDS Multinational Fashions 202 Ador Welding
Net Sales 4308.02 3885.99 3748.07 - - Net Sales 413.62 390.45 376.23 368.76 -
EBITDA 41.56 68.03 61.6 - - EBITDA 46.2 33.32 31.73 37.81 -
Interest 14.16 18.83 16.82 - - Interest 0.87 1.15 2.09 0.98 -
Net Profit/Loss 27.91 21.79 18.37 - - Net Profit/Loss 22.39 31.86 -5.11 16.88 -
Basic EPS (`) 10.71 8.37 3673.46 - - Basic EPS (`) 16.47 23.43 -3.76 12.41 -
Equity 26.05 26.05 0.05 - - Equity 13.6 13.6 13.6 13.6 -
Rank Rank
203 Talwalkars Better Value Fitness 204 Ugar Sugar Works
EBITDA 150.23 125.38 93.79 73.88 55.85 EBITDA 59.26 24.41 31.38 72.95 86.65
Basic EPS (`) 19.03 17.6 13.98 11.48 9.15 Basic EPS (`) 1 -0.29 -2.65 1.55 1.52
Equity 29.7 26.18 26.18 26.18 24.12 Equity 11.25 11.25 11.25 11.25 11.25
Rank Rank
205 Nitin Spinners 206 Automobile Corporation Of Goa
EBITDA 137.76 104.31 94.28 87.52 45.17 EBITDA 31.39 25.24 32.18 28.87 41.65
Equity 45.83 45.83 45.83 45.83 45.83 Equity 6.42 6.42 6.42 6.42 6.42
Rank Rank
207 Panama Petrochem 208 Prakash Industries
EBITDA 48.67 32.99 31.83 23.63 48.29 EBITDA 190.96 417.62 379.18 328.68 368.14
Equity 8.07 8.07 8.07 8.61 8.62 Equity 134.49 134.49 134.49 134.49 134.49
Rank Rank
209 Ucal Fuel Systems 210 Ganesh Housing Corporation
EBITDA 76.64 98.28 73.63 75.85 97.04 EBITDA 204.42 139.83 136.62 104.9 108.63
Basic EPS (`) 7 11.1 3.1 2.71 10.82 Basic EPS (`) 18.6 16.9 15.28 10.51 13.89
Equity 22.11 22.11 22.11 22.11 22.11 Equity 32.67 32.67 32.66 32.66 32.66

Rank Rank
211 Sukhjit Starch & Chemicals 212 Veritas (India)
EBITDA 62.47 65.39 52.29 50.37 45.04 EBITDA 68.17 57.1 39.29 26.53 19.92
Equity 7.38 7.38 7.38 7.38 7.38 Equity 2.68 2.42 2.42 2.42 2.42
Rank Rank
213 Signet Industries 214 Indo National
EBITDA 69.7 63.84 67.96 54.63 32.95 EBITDA 37.75 46.91 25.37 13.75 17.18
Equity 29.19 29.19 29.19 29.19 29.19 Equity 3.75 3.75 3.75 3.75 3.75
Rank Rank
215 Amrutanjan Health Care 216 Ruby Mills
EBITDA 30.66 28.24 24.75 21.68 22.63 EBITDA 82.64 99.62 91.91 86.43 123.49
Equity 2.92 2.92 2.92 2.92 2.92 Equity 8.36 4.18 4.18 4.18 4.18
Rank Rank
217 IL&FS Investment Managers 218 Compuage Infocom
Net Sales 190.76 208.68 222.88 226.93 224.7 Net Sales 3117 2388.89 2361.88 1961.4 1597.76
EBITDA 95.2 115.76 120.48 127.16 122.49 EBITDA 51.36 55.25 53.53 41.65 36.55
Interest 0 0 0.78 2.71 3.88 Interest 34.29 32.6 32.63 26.65 19.22
Equity 62.81 62.81 62.72 41.78 41.66 Equity 11.75 6.66 6.66 6.66 6.66
Rank Rank
219 Shivam Autotech 220 MT Educare
EBITDA 70.8 83.29 80.32 87.34 84.97 EBITDA 57.88 53.67 44.74 33.98 27.07
Interest 21.47 19.97 20.46 24.82 27.05 Interest 3.27 4.02 0.01 0 0.05
Equity 20 10 10 10 10 Equity 39.82 39.79 39.78 39.55 35.17

Small Caps
2016
Rank Rank
221 Southern Petrochemicals Industries Co. 222 Gammon India
EBITDA 79.98 73.88 64 47.79 128.08 EBITDA 1329.17 612.01 -154.69 217.52 621.01
Net Profit/Loss 31.02 10.37 38.97 1099.75 -2.18 Net Profit/Loss 14.64 67.8 -765.91 -445.67 87.04
Basic EPS (`) 1.43 0.51 1.91 54 -0.13 Basic EPS (`) 0.89 4.99 -56.41 -32.82 6.41
Equity 203.64 203.64 203.64 203.64 166.28 Equity 73.28 27.5 27.5 27.5 27.5
Rank Rank
223 BLS International Services 224 Rajapalayam Mills
NSE Code: BLS Price (`): 975.00 Face Value (`): 10 Book Value (`): 11.18 BSE Code: 532503 Price (`): 464.60 Face Value (`): 10 Book Value (`): 225.83
EBITDA 36.73 30.77 24.99 - - EBITDA 77.6 53.15 97.96 88.36 61.84
Net Profit/Loss 30.81 23.58 20.46 - - Net Profit/Loss 23.53 12.04 26.59 23.77 1.32
Equity 10.25 10.25 10.25 - - Equity 7.38 7.38 7.38 7.38 7.38
Rank Rank
225 Mastek 226 Asian Granito India
EBITDA 35.59 72.74 101.3 66.24 35.36 EBITDA 90.83 60.73 65.4 72.28 -
Equity 11.5 11.27 11.08 12.32 13.51 Equity 22.58 22.58 22.58 22.16 -
Rank Rank
227 Ganesha Ecosphere 228 Suryalakshmi Cotton Mills
EBITDA 75.29 64.69 56.3 48.19 43.39 EBITDA 110.52 83.9 80.77 105.02 92.48
Equity 19.18 16.2 15.19 15.19 15.19 Equity 18.45 18.45 16.3 16.3 16.3
Rank Rank
229 Ultramarine & Pigments 230 S P Apparels
EBITDA 42.62 31.16 28.16 24.69 25.48 EBITDA 94.08 76.39 65.64 56.63 63.16
Equity 5.84 5.84 5.84 5.84 5.84 Equity 17.15 16.8 16.8 16.8 16.8

Rank Rank
231 AVT Natural Products 232 DCW
EBITDA 39.77 48.96 73.56 82.34 89.09 EBITDA 153.1 66.53 130.24 251.35 130.58
Basic EPS (`) 1.42 1.73 2.76 6.28 71.94 Basic EPS (`) 0.86 -0.28 1.81 5 1.51
Equity 15.23 15.23 15.23 7.61 7.61 Equity 43.94 42.7 41.96 41.96 40.62
Rank Rank
233 Chaman Lal Setia Exports 234 Shanthi Gears
EBITDA 62.4 38.85 34.47 24.48 18.57 EBITDA 40.17 29.89 51.56 50.93 69.31
Interest 2.4 6.32 4.35 4.17 5.35 Interest 0 0.03 0.02 0.29 0.62
Equity 9.41 9.45 9.43 9.42 9.41 Equity 8.17 8.17 8.17 8.17 8.17
Rank Rank
235 National Peroxide 236 Jindal Worldwide
EBITDA 44.45 28.75 68.47 72.05 49.7 EBITDA 140.16 94.54 73.28 48.41 41.62
Equity 5.75 5.75 5.75 5.75 5.75 Equity 20.05 20.05 20.05 20.05 20.05
Rank Rank
237 Anil 238 PNB Gilts
EBITDA 199.59 173.79 143.43 121.41 118.37 EBITDA 327.56 395.33 333.92 278.12 156.22
Equity 9.77 9.77 9.77 9.77 10.25 Equity 180.01 180.01 180.01 135.01 135.01
Rank Rank
239 Kabra Extrusion Technik 240 Gokaldas Exports
EBITDA 60.52 38.1 25.25 21.46 18.25 EBITDA 37.3 72.06 63.56 -36.43 -55.18
Interest 1.77 3.44 1.84 2.78 1 Interest 31.9 46.88 40 37.61 39.49
Equity 15.95 15.95 15.95 15.95 15.95 Equity 17.39 17.3 17.19 17.19 17.19

Small Caps
2016
Rank Rank
241 Sical Logistics 242 Ramky Infrastructure
Net Sales 850.72 868.06 883 776.2 781.63 Net Sales 2537.44 1706.21 2438 3821.44 3970.87
EBITDA 123.29 124.73 126.95 108.62 85.33 EBITDA 182.25 -105.49 -183.6 585.98 629.08
Basic EPS (`) 2.52 2.94 2.91 1.26 2.81 Basic EPS (`) 3.03 -84.44 -72.53 26.45 42.67
Equity 55.62 55.62 55.62 55.62 55.62 Equity 57.2 57.2 57.2 57.2 57.2
Rank Rank
243 Linc Pen & Plastics 244 KSE
EBITDA 32.13 25.55 22.15 13.99 10.27 EBITDA 17.84 61.74 29.56 14.02 23.88
Equity 14.79 14.79 14.79 14.79 12.79 Equity 3.2 3.2 3.2 3.2 3.2
Rank Rank
245 KCP Sugar & Industries Corporation 246 Thangamayil Jewellery
EBITDA 18.76 -9.18 58.21 76.5 54.36 EBITDA 45.99 4.41 19.59 84.67 118.06
Net Profit/Loss 11.88 -13.93 33.11 40.89 28.5 Net Profit/Loss 10.53 -22.28 -12.57 29.63 59.06
Basic EPS (`) 1.05 -1.23 2.92 3.61 2.51 Basic EPS (`) 7.68 -16.24 -9.16 21.6 43.05
Equity 11.34 11.34 11.34 11.34 11.34 Equity 13.72 13.72 13.72 13.72 13.72
Rank Rank
247 Orient Abrasives 248 Capri Global Capital
BSE Code: 504879 Price (`): 36.70 Face Value (`): 1 Book Value (`): 1 BSE Code: 531595 Price (`): 164.30 Face Value (`): 10 Book Value (`): 314.53
EBITDA 49.44 30.49 25.94 38.59 31.47 EBITDA 70.89 157.58 130.54 110.26 518.42
Equity 11.97 11.97 11.97 11.97 11.97 Equity 35.03 35.03 34.98 34.91 34.89
Rank Rank
249 SRS 250 Oswal Green Tech
EBITDA 141.95 143.03 110.97 - - EBITDA 54.68 60.62 119.32 107.96 143.71
Interest 80.94 70.63 46.18 - - Interest 0.33 3.15 21.06 21 11.33
Net Profit/Loss 39.74 41.32 42.75 - - Net Profit/Loss 37.88 29.17 62.79 -0.9 79.1
Basic EPS (`) 1.43 2.97 3.07 - - Basic EPS (`) 1.47 1.14 2.44 -0.03 3.08
Equity 278.58 139.29 139.29 - - Equity 256.81 256.81 256.81 256.81 256.81

Rank Rank
251 OM Metals Infraprojects 252 Omkar Speciality Chemicals
EBITDA 62.24 74.23 74.02 83.64 - EBITDA 80.83 53.07 46.19 44.22 36.37
Net Profit/Loss 25.14 28.15 32.68 36.74 - Net Profit/Loss 30.61 24.28 13.56 20.56 16
Equity 9.63 9.63 9.63 9.63 - Equity 20.58 20.58 19.63 19.63 19.63
Rank Rank
253 Dwarikesh Sugar Industries 254 Kridhan Infra
EBITDA 116.83 95.87 71.83 96.11 74.95 EBITDA 65.9 76.05 81.98 64.52 7.33
Net Profit/Loss 38.97 -16.75 -19.36 -11.31 -13.16 Net Profit/Loss 20.2 29.08 40.04 34.31 2.26
Basic EPS (`) 23.88 -10.27 -11.87 -6.93 -8.07 Basic EPS (`) 2.75 4.29 32.51 29.28 1.93
Equity 16.31 16.31 16.31 16.31 16.31 Equity 14.82 13.56 12.32 11.72 11.72
Rank Rank
255 AYM Syntex 256 Paul Merchants
EBITDA 108.5 86.87 63.03 49.48 41.52 EBITDA 37.62 31.25 29.7 30.74 29.43
Equity 39.24 39.24 39.24 39.24 23.65 Equity 1.03 1.03 1.03 1.03 1.03
Rank Rank
257 Pincon Spirit 258 Andrew Yule & Company
EBITDA 58.21 35.63 19.14 - - EBITDA 4.96 31.74 42.21 30.37 31.39
Net Profit/Loss 25.5 16.66 10.05 - - Net Profit/Loss 21.76 46.14 35.16 24.43 25.66
Equity 21.04 10.02 10.02 - - Equity 66.73 66.73 65.23 65.23 65.23
Rank Rank
259 SE Investments 260 Stovec Industries
EBITDA 136.78 131.02 150.4 172.55 176.1 EBITDA 38.63 19.98 16.69 - -
Equity 40.57 40.57 40.57 40.57 40.57 Equity 2.09 2.09 2.09 - -

Small Caps
2016
Rank Rank
261 Albert David 262 Noida Toll Bridge Company
EBITDA 33.02 38.38 33.1 27.36 24.45 EBITDA 92.52 94.36 92.43 80.53 74.42
Net Profit/Loss 48 13.7 12.57 8.56 7.63 Net Profit/Loss 82.44 79.76 53.91 41.88 45.53
Basic EPS (`) 84.1 24.01 22.03 15 13.37 Basic EPS (`) 4.43 4.28 2.9 2.25 2.45
Equity 5.71 5.71 5.71 5.71 5.71 Equity 186.2 186.2 186.2 186.2 186.2
Rank Rank
263 Action Construction Equipment 264 Kanoria Chemicals & Industries
EBITDA 30.67 30.66 30.17 34.02 57.34 EBITDA 56.38 41.94 65.52 27.58 42.76
Equity 23.49 19.79 19.79 19.79 19.79 Equity 21.85 21.85 21.85 21.85 28.15
Rank Rank
265 GPT Infraprojects 266 Transpek Industry
EBITDA 74.35 65.86 64.53 64.28 67.21 EBITDA 50.62 43.84 34.97 30.26 3.85
Equity 14.34 14.34 14.54 14.34 14.34 Equity 5.87 5.87 5.87 5.87 5.87
Rank Rank
267 Superhouse 268 RPG Life Sciences
EBITDA 77.03 89.8 92.62 63.61 62.53 EBITDA 24.26 15.08 14.04 17.85 18.84
Net Profit/Loss 29.18 35.69 37.08 22.31 24.42 Net Profit/Loss 11.62 1 53.4 4.41 0.85
Equity 11.42 11.42 11.42 11.42 11.42 Equity 13.23 13.23 13.23 13.23 13.23
Rank Rank
269 Pennar Engineered Building Systems 270 Pratibha Industries
EBITDA 66.59 48.88 39.83 36.98 29.52 EBITDA 486.81 459.42 340.23 308.75 0
Net Profit/Loss 30.16 21.98 17.22 14.76 10.58 Net Profit/Loss 30.16 44.08 15.39 82.7 0
Basic EPS (`) 9.47 7.94 6.89 5.91 4.23 Basic EPS (`) 2.98 4.36 1.52 8.18 0
Equity 34.27 27.67 25 25 25 Equity 20.21 20.21 20.21 20.21 0

Rank Rank
271 Filatex India 272 Xchanging Solutions
EBITDA 98.14 88.57 54.46 47.55 33.74 EBITDA 43.02 24.02 39.83 31.14 0
Net Profit/Loss 26.27 9.6 -8.09 2.36 13.7 Net Profit/Loss 29.2 25.11 30.31 12.25 0
Basic EPS (`) 8.21 3 -2.87 0.98 5.71 Basic EPS (`) 2.62 2.25 2.72 1.1 0
Equity 32 32 28.24 24 24 Equity 111.4 111.4 111.4 111.4 0
Rank Rank
273 Subex 274 Optiemus Infracom
EBITDA 64.2 85.8 72.16 40.25 140.63 EBITDA 82.64 115.46 126.65 82.81 62.43
Equity 502.81 182.92 166.64 166.64 69.31 Equity 85.81 85.81 85.81 85.81 85.81
Rank Rank
275 Gallantt Metal 276 Vadilal Industries
EBITDA 68.42 65.34 44.55 59.5 46.85 EBITDA 58.35 42.64 41.69 44.1 38.54
Equity 81.32 81.32 81.32 81.32 81.32 Equity 7.19 7.19 7.19 7.19 7.19
Rank Rank
277 Tasty Bite Eatables 278 Shirpur Gold Refinery
EBITDA 34.35 26.15 11.93 13.14 5.69 EBITDA 81.86 79.57 57.08 49.46 14.57
Equity 2.57 2.57 2.57 2.57 2.57 Equity 29.14 29.14 29.14 29.14 29.14
Rank Rank
279 Dhunseri Tea & Industries Ltd. 280 Bhansali Engineering Polymers
Net Sales 186.52 167.19 0.01 0 - Net Sales 533.4 602.94 508.11 419.84 415.1
EBITDA 36 30.43 0 0 - EBITDA 40.01 22.66 16.99 15.84 20.93
Interest 2.81 3.59 0 0 - Interest 11.08 8.96 9.82 11.26 13.43
Net Profit/Loss 22.22 17.57 0 0 - Net Profit/Loss 16.69 5.4 1.48 1.19 1.09
Equity 7.01 7.01 0.05 0.05 - Equity 16.59 16.59 16.59 16.59 16.59

Small Caps
2016
Rank Rank
281 Majesco 282 Lincoln Pharmaceuticals
Net Sales 766.23 501.42 - - - Net Sales 407.51 273.26 212.98 199.57 179
EBITDA 9.91 9.76 - - - EBITDA 47.87 32.79 22.57 21.87 16.92
Interest 4.28 1.36 - - - Interest 9.96 8.38 6.97 7.84 7.6
Net Profit/Loss 6.89 -18.78 - - - Net Profit/Loss 23.68 15.01 10.65 9.66 5.12
Basic EPS (`) 3.02 -3755.4 - - - Basic EPS (`) 14.16 9.2 6.53 5.92 3.14
Equity 11.53 0.05 - - - Equity 16.31 16.31 16.31 16.31 16.31
Rank Rank
283 Jocil 284 Butterfly Gandhimathi Appliances
NSE Code: JOCIL Price (`): 192.00 Face Value (`): 10 Book Value (`): 187.13 BSE Code: 517421 Price (`): 140.35 Face Value (`): 10 Book Value (`): 131.19
EBITDA 36.37 27.4 28.3 36.93 31.05 EBITDA 65.2 44.03 56.02 74.92 63.21
Equity 8.88 8.88 8.88 8.88 8.88 Equity 17.88 17.88 17.88 17.9 15.45
Rank Rank
285 Kellton Tech Solutions 286 Deep Industries
EBITDA 49.39 34.32 13.29 6.51 4.34 EBITDA 96.24 56.67 53.32 37.77 29.95
Equity 23.41 21.74 20.69 17.74 17.74 Equity 29.2 29.2 26.25 26.25 24.88
Rank Rank
287 The Byke Hospitality 288 Goldiam International
EBITDA 52.76 37.34 28.71 18.04 5.19 EBITDA 31.02 33.42 29.83 26.98 26.64
Basic EPS (`) 6.47 5 7.93 3.87 1.2 Basic EPS (`) 13.03 8.52 6.84 7.48 6.11
Equity 40.1 40.1 20.05 20.05 20.05 Equity 24.95 24.95 24.95 24.95 24.95
Rank Rank
289 Shaily Engineering Plastics 290 Morepen Laboratories
EBITDA 41.81 28.03 23.27 17.61 22.09 EBITDA 61.56 49.61 50.12 33.83 20.41
Basic EPS (`) 18.62 15.64 9 4.95 7.5 Basic EPS (`) 0.28 0.05 -0.06 -0.46 -0.53
Equity 8.32 8.32 7.32 7.32 7.32 Equity 89.96 89.96 89.96 89.96 89.96

Rank Rank
291 Trigyn Technologies 292 Kuantum Papers
EBITDA 62.42 39.87 47.98 25.2 21.04 EBITDA 65.58 64.81 77.45 60.46 45.15
Equity 29.45 29.42 29.37 29.35 29.35 Equity 8.73 8.73 8.73 8.73 8.73
Rank Rank
293 Hindustan Composites 294 Control Print
EBITDA 53.26 36.19 29.39 18.6 24.93 EBITDA 36.2 28.51 21.1 15.6 9.25
Equity 4.92 4.92 4.92 4.92 4.92 Equity 15.67 9.85 9.07 9.07 8.67
Rank Rank
295 Tanla Solutions 296 Vishnu Chemicals
EBITDA 69.69 81.14 67.38 22.72 -21.52 EBITDA 83.98 78.16 63.43 55.06 56.2
Net Profit/Loss 11.91 2.59 -19.83 -147.49 -157.43 Net Profit/Loss 26.04 21.91 13.12 7.33 8.52
Basic EPS (`) 1.17 0.26 -1.95 -14.53 -15.51 Basic EPS (`) 18.43 18.34 10.98 6.14 7.13
Equity 10.15 10.15 10.15 10.15 10.15 Equity 11.95 11.95 11.95 11.95 11.95
Rank Rank
297 Steel Exchange India 298 Camphor & Allied Products
EBITDA 162.95 187.41 134.55 115.2 162.78 EBITDA 51.94 43.17 48.34 33.15 11.59
Equity 75.98 51.95 51.95 51.95 51.95 Equity 5.13 5.13 5.13 5.13 5.13
Rank Rank
299 AK Capital Services 300 Marathon Nextgen Realty Ltd.
EBITDA 139.21 138.71 111.17 107.8 69.48 EBITDA 110.67 52.83 47.44 51.43 97.33
Equity 6.6 6.6 6.6 6.6 6.6 Equity 28.44 18.96 18.96 18.96 18.96

Small Caps
2016
Rank Rank
301 AXISCADES Engineering Technologies 302 IFB Agro Industries
EBITDA 55.52 43.47 31.33 26.62 24.5 EBITDA 59.18 44.7 48.88 50.72 51.17
Equity 13.61 13.61 10 10 10 Equity 9.37 9.37 9.37 9.01 8.01
Rank Rank
303 Muthoot Capital Services 304 Mac Charles (India)
EBITDA 123.48 112.33 94.82 69.12 43.64 EBITDA 53.33 39.86 20.92 22.52 17.25
Interest 87 76.77 60.45 36.32 20.33 Interest 0.06 0.09 0.12 0.1 0.06
Equity 12.47 12.47 12.47 12.47 12.47 Equity 13.1 13.1 13.1 13.1 13.1
Rank Rank
305 Stampede Capital 306 Indian Terrain Fashions
EBITDA 82.22 21.17 8.04 11.02 1.66 EBITDA 46.23 34.3 24.46 15.77 13.05
Interest 0.01 0 0 0.13 0.25 Interest 6.94 8.63 9.5 9.54 9.9
Net Profit/Loss 66.71 14.53 -0.15 8.1 -1.48 Net Profit/Loss 33.02 17.97 9.88 4.11 1.77
Basic EPS (`) 2.92 6.37 -0.07 3.92 -0.72 Basic EPS (`) 9.16 25.01 17.36 7.33 3.17
Equity 22.81 22.81 21 20.65 20.65 Equity 7.34 7.19 5.69 5.61 5.58
Rank Rank
307 Sakuma Exports 308 CMI
EBITDA 40.05 26.39 25.55 13.19 16.55 EBITDA 34.17 15.91 9.2 8.18 6.45
Net Profit/Loss 32.26 19.58 16.3 6.43 7.36 Net Profit/Loss 17 6.3 1.77 1.66 2.16
Equity 16.43 16.43 16.43 16.43 16.43 Equity 14.08 11.46 3.54 3.54 3.37
Rank Rank
309 Kkalpana lndustries (India) 310 Swelect Energy Systems
EBITDA 109.25 89.81 81.71 67.9 57.88 EBITDA 51.71 34.2 33.02 48.14 57.26
Basic EPS (`) 1.21 2.35 10.36 10.61 12.89 Basic EPS (`) 13.08 -0.37 16.01 515.42 34.41
Equity 18.81 18.81 18.81 18.81 18.81 Equity 10.11 10.11 10.11 10.11 10.11

Rank Rank
311 Nagarjuna Agrichem 312 Tourism Finance Corporation of India
EBITDA 55.94 69.98 29.8 37.76 74.43 EBITDA 166.54 167.83 166.61 162.68 124.08
Equity 15.59 15.59 15.59 14.9 14.9 Equity 80.72 80.72 80.72 80.72 80.72
Rank Rank
313 Sanwaria Agro Oils 314 Alembic
EBITDA 100.44 92.07 86.57 76.52 82.78 EBITDA 34.66 30.33 43.7 26 4.99
Equity 34.81 34.81 34.81 34.81 34.81 Equity 53.41 53.41 53.41 26.7 26.7
Rank Rank
315 Sandur Manganese & Iron Ores 316 Salzer Electronics
EBITDA 2.66 46.69 73.77 48.66 27.16 EBITDA 45.7 36.46 31.15 29.86 29.67
Basic EPS (`) 8.44 29.12 42.07 28.49 -8.84 Basic EPS (`) 12.5 11.65 8.21 6.87 7.97
Equity 8.75 8.75 8.75 8.75 8.75 Equity 13.64 10.28 10.28 10.28 10.28
Rank Rank
317 Balasore Alloys 318 K G Denim
EBITDA 87.68 141.87 131.47 112.45 112.72 EBITDA 82.2 52.03 52.95 62.43 48.55
Equity 40.96 36.96 33.66 33.66 33.66 Equity 25.67 25.67 25.67 25.67 25.67
Rank Rank
319 Panasonic Energy India Company 320 Upper Ganges Sugar & Industries
EBITDA 27.05 28.14 15.72 6.94 7.37 EBITDA 75.62 -0.6 65.07 89.45 73.6
Net Profit/Loss 16.53 17.84 7.43 2.46 1.81 Net Profit/Loss 14.72 -52.67 -18.07 14 -21.43
Basic EPS (`) 22.04 23.78 9.91 3.28 2.41 Basic EPS (`) 8.98 -45.58 -15.63 12.12 -18.54
Equity 7.5 7.5 7.5 7.5 7.5 Equity 11.56 11.56 11.56 11.56 11.56

Small Caps
2016
Rank Rank
321 Poddar Pigments 322 Snowman Logistics
EBITDA 28.15 25.37 23.88 21.94 20.86 EBITDA 53.42 51.67 39.84 25.91 15.7
Equity 10.61 10.61 10.61 10.61 10.61 Equity 167.09 166.68 124.11 102.91 102.91
Rank Rank
323 Dai Ichi Karkaria 324 Bhageria Industries
EBITDA 36.32 29.68 16.26 6.93 6.58 EBITDA 28.44 58.37 24.88 3.95 1.6
Equity 7.45 7.45 7.45 7.45 7.45 Equity 7.96 7.96 7.96 7.96 7.96
Rank Rank
325 Pasupati Acrylon 326 Universal Cables
EBITDA 61.25 40.18 31.95 15.32 2.07 EBITDA 86.18 33.6 5.62 33.5 17.75
Net Profit/Loss 29.93 14.57 7.26 -6.93 -8.7 Net Profit/Loss 19.55 -34.71 -40.06 -4.62 -13.93
Basic EPS (`) 3.36 1.64 0.81 -0.78 -0.98 Basic EPS (`) 5.63 -15.01 -17.32 -2 -6.02
Equity 89.14 89.14 89.14 89.14 89.14 Equity 34.7 23.13 23.13 23.13 23.13
Rank Rank
327 Fedders Lloyd Corporation 328 Max Ventures and Industries
Net Sales 1035.01 1319.12 1166.1 1019.95 906.95 Net Sales 710.73 - - - -
EBITDA 98.02 136.3 151.26 133.64 108.37 EBITDA 80.84 - - - -
Interest 49.04 64.25 72.82 43.94 35.52 Interest 34.39 - - - -
Net Profit/Loss 21.54 40.05 44.85 49.74 44.2 Net Profit/Loss 19.19 - - - -
Basic EPS (`) 7 13.02 14.58 16.16 14.37 Basic EPS (`) 3.59 - - - -
Equity 30.77 30.77 30.77 30.77 30.77 Equity 53.4 - - - -
Rank Rank
329 SPML Infra 330 Lovable Lingerie
EBITDA 215.55 202.51 162.51 154.17 118.28 EBITDA 36.56 30.55 33.61 27.72 29.81
Interest 187 172.12 147.27 133.94 103.08 Interest 1.39 1.11 1.6 0.39 0.59
Equity 7.33 7.33 7.33 7.33 7.33 Equity 16.8 16.8 16.8 16.8 16.8

Rank Rank
331 Hester Biosciences 332 Kakatiya Cement Sugar & Industries
EBITDA 33.8 25.08 25.24 22.1 18.85 EBITDA 33.89 20.75 16.78 31.24 36.81
Equity 8.51 8.51 8.51 8.51 5.67 Equity 7.77 7.77 7.77 7.77 7.77
Rank Rank
333 Tamilnadu Petroproducts 334 Garware Polyester
EBITDA 12.76 -17.55 7.09 -0.35 75.3 EBITDA 81.06 86.56 78.6 77 102.21
Net Profit/Loss 38.15 -53.07 -37.3 -50.56 5.94 Net Profit/Loss 16.5 17.81 10.29 28.33 31.98
Basic EPS (`) 4.24 -5.9 -4.15 -5.62 0.66 Basic EPS (`) 7.08 7.64 4.41 12.15 13.71
Equity 89.97 89.97 89.97 89.97 89.97 Equity 23.25 23.25 23.25 23.25 23.25
Rank Rank
335 Orbit Exports 336 Store One Retail India
EBITDA 41.89 44.71 34.03 24.88 - EBITDA 80.37 42.19 45.39 43.9 25.24
Equity 14.34 14.3 13.85 13.3 - Equity 27.6 27.6 23.2 23.2 20
Rank Rank
337 Saksoft 338 APM Industries
EBITDA 38.35 28.21 24.55 18.03 14.31 EBITDA 35.06 33.58 40.54 40.88 29.27
Equity 10.4 10.36 10.24 10.17 10.17 Equity 4.32 4.32 4.32 4.32 4.32
Rank Rank
339 Kingfa Science & Technology (India) 340 GP Petroleums
EBITDA 27.53 6.58 -3.07 2.69 9.1 EBITDA 29.68 17.24 18.67 18.26 30.81
Net Profit/Loss 10.8 -3.04 -8.48 -5.05 0.02 Net Profit/Loss 13.59 5.03 1.04 -1.26 0.06
Basic EPS (`) 13.55 -4.75 -13.23 -7.88 0.04 Basic EPS (`) 2.67 0.99 0.2 -0.29 0.01
Equity 10.11 6.41 6.41 6.41 6.41 Equity 25.49 25.49 25.49 22 22

Small Caps
2016
Rank Rank
341 Flexituff International 342 Hercules Hoists
EBITDA 161.8 123.36 120.57 133.59 116.22 EBITDA 19.14 20.19 30.13 43.09 46.35
Interest 93.26 68.67 57.55 66.41 49.16 Interest 0.25 0 0 0.1 0.06
Equity 24.88 24.88 24.88 22.98 21.73 Equity 3.2 3.2 3.2 3.2 1.6
Rank Rank
343 Disa India 344 Ujaas Energy
EBITDA 19.38 32.52 34.1 30.51 36.97 EBITDA 64.88 44.49 99.06 50.82 3.42
Equity 1.51 1.51 1.51 1.51 1.51 Equity 20 20 20 20 20
Rank Rank
345 Poddar Housing & Development 346 Kaya
EBITDA 25.55 32.76 13.22 6.78 3.13 EBITDA 25.82 48.19 15.21 -9.61 -2.17
Net Profit/Loss 16.65 21.66 7.89 7.67 -0.82 Net Profit/Loss 8.8 31.77 37.39 -15.83 -0.28
Basic EPS (`) 26.36 34.3 15.15 14.73 -1.58 Basic EPS (`) 6.82 24.63 20.95 -8.87 -0.19
Equity 6.32 6.32 5.2 5.2 5.2 Equity 12.9 12.9 17.85 17.85 14.5
Rank Rank
347 Vidhi Dyestuffs Manufacturing 348 Shiva Texyarn
EBITDA 30.34 29.49 16.44 12.64 9.75 EBITDA 55.13 55.21 73.53 72.75 18.3
Equity 5 5 5 5 5 Equity 21.6 21.6 21.6 21.6 21.6
Rank Rank
349 Wendt India 350 GRP
EBITDA 23.73 25.23 21.96 23.51 32.62 EBITDA 28.77 29.5 37.19 34.27 49.54
Equity 2 2 2 2 2 Equity 1.33 1.33 1.33 1.33 1.33

Rank Rank
351 South India Paper Mills 352 Kokuyo Camlin
EBITDA 36.26 30.03 15.13 27.61 24.61 EBITDA 29.9 25.02 8.44 -4.97 13.54
Equity 15 15 15 15 15 Equity 10.03 10.03 10.03 6.89 6.89
Rank Rank
353 Taj GVK Hotels & Resorts 354 Bharat Seats
EBITDA 65.16 50.72 52.67 62.5 80.02 EBITDA 31.66 34.01 28.78 24.82 17.3
Equity 12.54 12.54 12.54 12.54 12.54 Equity 6.28 6.28 6.28 6.28 6.28
Rank Rank
355 PPAP Automotive 356 Gokul Refoils & Solvent
EBITDA 53.37 44.5 36.27 19.75 33.13 EBITDA 53.18 152.76 138.06 236.88 43.72
Equity 14 14 14 14 14 Equity 26.38 26.38 26.38 26.38 26.38
Rank Rank
357 VLS Finance 358 Gandhi Special Tubes
EBITDA 7.34 8.64 4.86 4.48 5.15 EBITDA 29.91 27.75 34.07 35.1 46.2
Equity 38.78 38.78 38.78 39.92 39.92 Equity 7.35 7.35 7.35 7.35 7.35
Rank Rank
359 Shree Pushkar Chemicals & Fertilisers 360 RPP Infra Projects
EBITDA 34.91 31.84 29.45 23.31 20.29 EBITDA 45.45 39.63 42.62 43.22 45.2
Basic EPS (`) 7.38 9.01 5.04 3.5 2.59 Basic EPS (`) 8.49 7.34 6.02 5.03 10
Equity 30.22 20.71 20.71 20.71 20.71 Equity 22.6 22.6 22.6 22.6 22.6

Small Caps
2016
Rank Rank
361 Som Distilleries & Breweries 362 Reliance Industrial InfraStructure
EBITDA 34.08 31.65 30.47 32.16 29.21 EBITDA 32.86 36.03 43.84 45.54 37.87
Equity 27.52 27.52 27.52 27.52 27.52 Equity 15.1 15.1 15.1 15.1 15.1
Rank Rank
363 Rushil Decor 364 Asahi Songwon Colors
EBITDA 36.19 30.69 29.58 24.91 18.61 EBITDA 42.59 36.81 39.31 25.34 43.93
Equity 14.4 14.4 14.4 14.4 14.4 Equity 12.27 12.27 12.27 12.27 12.27
Rank Rank
365 Mindteck (India) 366 Ruchira Papers
EBITDA 22.92 30.08 29.91 4.09 -1.14 EBITDA 48.63 40.54 50.59 52.61 41.84
Basic EPS (`) 10.47 7.79 7.58 0.43 -2.07 Basic EPS (`) 8.68 5.72 6.82 7.33 3.38
Equity 24.76 24.65 24.56 24.52 24.45 Equity 22.42 22.42 22.42 22.42 22.42
Rank Rank
367 Country Club Hospitality & Holidays 368 Gokul Agro Resources
Net Sales 533.08 500.47 496.95 475.7 372.04 Net Sales 3660.93 - - - -
EBITDA 129.4 121.12 121.1 156.41 118.92 EBITDA 52.76 - - - -
Interest 48.14 49.11 46.69 44.78 24.98 Interest 48.95 - - - -
Net Profit/Loss 27.8 26.77 17.21 56.13 49.58 Net Profit/Loss 9.41 - - - -
Basic EPS (`) 1.76 1.64 1.05 6.27 5.54 Basic EPS (`) 0.71 - - - -
Equity 32.69 32.69 32.69 17.89 17.89 Equity 26.38 - - - -
Rank Rank
369 GeeCee Ventures 370 Phoenix Lamps
EBITDA 33.14 11.03 12.09 13.61 20.8 EBITDA 47.48 47.59 65.18 12.93 44.48
Net Profit/Loss 35.95 13.49 7.29 8 37.41 Net Profit/Loss 22.9 19.57 66.39 -24.07 5.7
Basic EPS (`) 16.55 7.09 3.83 4.2 18.45 Basic EPS (`) 8.17 6.99 23.7 -8.59 2.04
Equity 21.73 19.03 19.03 19.03 20.28 Equity 28.02 28.02 28.02 28.02 28.02

Rank Rank
371 Adi Finechem 372 Menon Bearings
EBITDA 23.34 25.51 33.69 17.63 14.88 EBITDA 29.53 23.23 16.01 13.65 17.19
Equity 13.79 13.79 12.54 11.4 9.5 Equity 4.67 4.67 4.67 4.67 4.67
Rank Rank
373 Vikas Ecotech 374 Vascon Engineers
EBITDA 53.8 20.35 12.08 9.66 11.81 EBITDA 48.43 -80.5 31.01 52.13 43.71
Net Profit/Loss 25.53 3.79 3.32 3.42 8.72 Net Profit/Loss 6.07 -144.05 -43.92 -16.72 13.41
Basic EPS (`) 1 0.15 0.33 3.39 8.63 Basic EPS (`) 0.43 -15.92 -4.87 -1.85 1.49
Equity 25.42 25.42 10.17 10.1 10.1 Equity 161.31 90.48 90.18 90.18 90.14
Rank Rank
375 Orchid Pharma Ltd. 376 Sree Rayalaseema Hi-Strength Hypo
EBITDA 170.79 359.76 150.98 412.81 401.13 EBITDA 45.9 40.54 38.04 41.19 51.12
Net Profit/Loss -279.11 -196.65 -558.03 97.48 156.19 Net Profit/Loss 18.72 19.37 7.44 9.29 18.2
Basic EPS (`) -32.07 -23.06 -79.21 13.84 22.17 Basic EPS (`) 12.72 13.16 5.05 6.53 13.02
Equity 88.96 85.26 70.45 70.44 70.44 Equity 14.72 14.72 14.72 14.22 13.98
Rank Rank
377 Balmer Lawrie Investments 378 Beekay Steel Industries
EBITDA 37.65 37.69 36.09 32.61 29.98 EBITDA 66.81 62.16 61.57 54.16 54.39
Equity 22.2 22.2 22.2 22.2 22.2 Equity 19.09 19.09 19.09 19.09 19.09
Rank Rank
379 Pricol 380 High Ground Enterprise Ltd.
EBITDA 107.46 -5.85 56.6 77.12 90.95 EBITDA 26.14 15.92 6.84 3.74 3.13
Basic EPS (`) 0.13 -3.8 3.94 1.96 7 Basic EPS (`) 1.35 8.96 7.36 4.84 4.87
Equity 9.48 9.48 9.45 9 9 Equity 10.47 9.41 5.5 5.5 5.4

Small Caps
2016
Rank Rank
381 Aksh Optifibre 382 Samkrg Pistons & Rings
EBITDA 65.91 53.32 36.72 39.99 39.37 EBITDA 35.88 34.19 30.06 30.67 32.88
Equity 103.48 97.92 96.43 96.43 93.61 Equity 9.82 9.82 9.82 9.82 9.82
Rank Rank
383 Oudh Sugar Mills 384 National Steel and Agro Industries
BSE Code: 507260 Price (`): 90.00 Face Value (`): 10 Book Value (`): -39.33 BSE Code: 513179 Price (`): 21.75 Face Value (`): 10 Book Value (`): 74.16
EBITDA 139.08 48.04 92.03 161.72 118.52 EBITDA 153.22 186.62 178.67 168.77 151.12
Net Profit/Loss 9.94 -71.43 -53 30.66 -42.98 Net Profit/Loss 25.49 30.15 30.46 28.89 28.73
Basic EPS (`) 1.71 -27.56 -20.45 11.83 -16.58 Basic EPS (`) 6.18 6.28 6.35 6 5.96
Equity 26.04 26.04 26.04 26.04 26.04 Equity 44.5 44.5 44.5 44.5 44.5
Rank Rank
385 Nitta Gelatin India 386 AksharChem (India)
Net Sales 360.89 359.53 289.52 307.96 247.07 Net Sales 189 202.12 145 95.9 51.97
EBITDA 37.93 24.99 15.5 44.06 22.16 EBITDA 33.52 29.51 32.84 6.17 -1.73
Net Profit/Loss 10.73 -1.42 -6.09 10.74 4.69 Net Profit/Loss 16.64 16 20.04 3.79 -3.89
Basic EPS (`) 11.82 -1.56 -6.7 12.79 5.58 Basic EPS (`) 22.75 21.88 40.47 7.66 -7.85
Equity 9.08 9.08 9.08 8.4 8.4 Equity 7.31 7.31 4.95 4.95 4.95
Rank Rank
387 N R Agarwal Industries 388 Indian Acrylics
EBITDA 73.29 36.1 22.53 25.08 36.91 EBITDA 48.37 6.8 45.15 21.7 14.61
Net Profit/Loss 17.83 -33.43 0.45 4.59 14.09 Net Profit/Loss 20.62 -14.98 11.32 4.17 0.32
Basic EPS (`) 10.47 -19.65 0.27 2.7 8.28 Basic EPS (`) 1.52 -1.11 0.84 0.31 0.02
Equity 17.02 17.02 17.02 17.02 17.02 Equity 135.32 135.32 135.32 135.32 135.32
Rank Rank
389 Allsec Technologies 390 Bharat Bijlee
EBITDA 43.92 0.31 -34.52 40.57 4.43 EBITDA 38.18 -2.54 10.62 14.93 60.78
Net Profit/Loss 30.94 -14.06 -25.03 1.95 -16.98 Net Profit/Loss 7.19 -34.05 -11.29 -4.87 53.67
Basic EPS (`) 20.3 -9.23 -16.47 1.28 -11.17 Basic EPS (`) 12.73 -60.25 -19.98 -8.61 94.97
Equity 15.24 15.24 15.24 15.24 15.24 Equity 5.65 5.65 5.65 5.65 5.65

Rank Rank
391 Sree Rayalaseema Alkalies & Allied Chem. 392 Omax Autos
EBITDA 112.21 107.25 97.13 119.1 99.44 EBITDA 58.37 51.14 50.06 79.45 98.13
Equity 82.86 78.76 74.83 71.09 67.54 Equity 21.39 21.39 21.39 21.39 21.39
Rank Rank
393 Nitin Fire Protection Industries 394 Acrysil
EBITDA 49.07 51.15 40.41 41.97 24.32 EBITDA 29.39 24.23 19.2 13.73 8.3
Equity 58.45 58.45 43.84 44.11 44.11 Equity 5.19 4.66 4.51 4.46 2.97
Rank Rank
395 Eimco Elecon (India) Ltd. 396 Rana Sugars
EBITDA 26.46 34.86 33.45 25.8 22.43 EBITDA 139.89 31.79 83.47 111.47 89.87
Net Profit/Loss 16.64 21.52 20.17 15.14 20.33 Net Profit/Loss 16.73 -54.98 -23.94 5.41 -20.44
Basic EPS (`) 28.84 37.3 34.96 26.24 35.24 Basic EPS (`) 1.09 -3.58 -1.56 0.35 -1.33
Equity 5.77 5.77 5.77 5.77 5.77 Equity 153.54 153.54 153.54 153.54 153.54
Rank Rank
397 Morarjee Textiles 398 Anjani Portland Cement
EBITDA 56.12 61.13 75.84 65.34 47.4 EBITDA 81.57 52.36 23.21 53.68 65.81
Equity 25.43 25.43 25.43 25.43 25.43 Equity 18.39 18.39 18.39 18.39 18.39
Rank Rank
399 KDDL 400 Hitech Plast
EBITDA 34.24 41.12 33.62 19.44 30.18 EBITDA 46.35 41.13 29.18 29.51 33.7
Equity 10.17 9.16 9.12 9.12 8.92 Equity 17.18 15.18 13.18 13.18 13.18

Interview Thriving
Small Caps
2016
Monoranjan Roy, CMD, Pincon Spirit
PSL - A Forerunner In
Producing and
Marketing Country
Liquor With A
Corporate
Strategy & Look
With a strong top line growth in Q1FY17 and a rise of at least 34 Lastly, exceptional team work, having set a proper mission and
per cent in net income, alongwith net profits almost rising by 61 vision based on past practicalities, are the factors that have
per cent as compared to Q1FY16, it seems like the company has helped us achieve such good results.
achieved good results in Q1FY17. Can you highlight the things,
which have favoured you in achieving such a terrific result? Company has recorded strong bottom line in Q1FY17. Going
We primarily focused on the disposable income pattern of the forward, what are the growth estimates for Q1FY18?
Indian demography. Devising a quality product range across the Our strategies for expense mitigation and brand consolidation
entire value chain – starting from the entry level to the regular in the market have made an important contribution towards
price segment has enabled us to speedily leave our foot print in achieving a strong bottom line in Q1FY17. We expect to have
the market. Focus on an interactive marketing strategy, coupled greater inputs in Q1FY18.
with logistic support was another growth driver. Practical and
analytical approach towards geographical spread of market base Can you provide a glimpse into the current overall capacity and
has paid off in achieving speedy business expansion across your capital expenditure going ahead in FY18?
different states of the country – propelling us towards becoming Overall capacity in our IMFL segment is 1,00,000 cases
a PAN India company. per month, which is proposed to be increased to 2,00,000
cases per month. For country liquor, it is 1.50 crore bottles
PSL has adopted a lateral strategy of graduating the per month; and is proposed to be enhanced to 3.00 crore
consumer at the bottom-of-the-pyramid to a superior product, bottles per month. For FMCG i.e. edible oil, it is
rather than compete with some of the established brands and 50,000 MT per annum, which is proposed to be increased to
take years to carve out an identity. This has enabled the 1,00,000 MT per annum. Capex outlay for this is close to
company to address a large chunk of Country Liquor `150.00 crore.
consumers to the IMFL (Indian-made foreign liquor) segment,
the ones who were initially attracted by the price-value The company is operational in 4 major segments, of the order
proposition. All these strategies have enabled the company to of IMFL, Indian Made Indian Liquor (IMIL), Retail Chain of
venture beyond enhancing the market share and enter new IMFL / IMIL off & on Shops, Fast Moving Consumer Goods
markets, in addition to tailoring a unique entry in an (FMCG) being Edible Oils of different types. Is the company
unexplored price segment. PSL is the forerunner in producing planning to further enter into any new segment?
and marketing country liquor with a corporate strategy and We are not having any plans of entering into any new
corporate look. segment. However, we intend to introduce new brands in

Robotic unit
PSL has adopted a lateral strategy of graduating

the consumer at the bottom-of-the-pyramid to a
superior product, rather than compete with some CS Factory Packaging Section
of the established brands and take years to carve
out an identity. This has enabled the company to
address a large chunk of Country Liquor
consumers to the IMFL (Indian-made foreign
liquor) segment, the ones who were initially
attracted by the price-value proposition. All
these strategies have enabled the company to
venture beyond enhancing the market share and
enter new markets, in addition to tailoring a
unique entry in an unexplored price segment.
IMFL. We have also set out to enter in single malt whiskey
segment in the price range of `1800/- to `2500/- per 750 ml
pack size. Apart from rolling out our IMFL products in a tetra
pack in Karnataka, we also propose to introduce Sunflower Oil Company has a PAN India presence, has the company entered,
in FMCG segment in Karnataka in the or is it trying to enter the International markets?
current fiscal. We do have plans for entering into the International markets.
As an initiation, we have floated our off shore company
The results being strong reflect a different story, however viz. Orbitol Solutions Pte Ltd., at Singapore through the ODI
being an Indian Brand what are the challenges lying route. We propose to export our Indian Black Rum in the
ahead? ASEAN (Association of Southeast Asian Nation) member
India is one of the fastest growing global economies. There is countries.
ample potential for GDP growth of the country within the
geographical span. I feel that Indian brands have already made GST has been the flavour of the season and we all read it in a
their presence felt globally. The challenges from international particular way, but how do you read GST as far as Liquor
competition could surely be overcome through quality control segment is concerned?
measures and optimal resource utilisation. India has a human In GST - Liquor, Tobacco and Petroleum have not been
resource quality at par with the global standards, if not better. included, and the revenue implies to the respective states
The present scenario makes a stable atmosphere for business exclusively as before. Hence, there would be no impact as far as
growth. the Liquor segment is concerned.

Interview Thriving
Small Caps
2016
Sandeep R Arora
CMD, High Ground Enterprise
Crafting Opportunities
Delivering Growth In
Infrastructure Space
How has government's renewed focus on infrastructure opened there are 70 more such projects under process; and over 30
opportunities for Engineering Procurement and Construction similar projects under consideration, encompassing other
Management (EPCM) entities like High Ground Enterprise Ltd., corridors. In other Infra verticals, our wholly owned subsidiary
(across various sectors)? (HGEL Integrated Pvt. Ltd.) had won a stone quarrying lease for
We are experiencing a renewed thrust on infrastructure, not 10 years in the state of Haryana last year, marking our entry into
only by the government but also by public sector and private the lucrative mining business. It may be recalled that the courts
sector entities alike. One of the verticals which differentiate us and state had banned and made mining very restrictive in
from our peers is Consulting, in which we conduct ‘Third Party Haryana since last 3-4 years. These bans were recently lifted in
Certification’ (TPC) and audits. We are encouraged by the select districts and broken into smaller sized mines to facilitate
increased traction that we are witnessing in this vertical, which the entry of small entrepreneurs.
clearly implies increased industry awareness over cost and
quality controls. While the government has historically been Can you elaborate on your infra business? And the sectors you
investing in strengthening the social infrastructure of the are catering to?
country, very little has been invested into analysing if these We undertake a variety of activities under the Infra division via
initiatives are taking the intended shape. Over the last few years, hardcore EPC work and EPCM as well. For instance, in the
we find a change in this mindset. For instance, HGEL has road segment, we provide earthwork for subbase and allied
carried out audits of school infrastructure under the ‘Sarva activities such as crash barriers and directional signages; in the
Sikhsha Abhiyaan’ initiative, and has carried out water audits ports segment we do installations of electrical units, earthwork,
and audit of rural infrastructure i.e. OHT, pumps, distribution construction management, construction of facilities,
network, hand pumps, checked dams, etc. maintenance of infrastructure, turn-key projects for oil & gas
companies like installation of high mast signages, electricals; in
On the PSU front, HGEL has audited over 17,000 petrol pumps the railways segment we undertake augmenting facilities
managed by Indian Oil Corporation (IOC) over the last 3 years related to water resources on stations. While we are witnessing
and has recently won a contract to audit another 7,294 petrol buoyancy in most of the segments of the Infra business, we are
pumps for IOC. We have also managed to bag a contract from excited about the opportunities in the water resources division
another Oil major, HPCL, for carrying out audits of 43,000 petrol in the medium term.
pumps over a period of 2 years. Likewise, in the water resources
segment, we have successfully completed water management Can you please comment on the revenue growth in the EPCM
pilot projects for two stations based in North Eastern Railways; segment for your company? What are the key challenges faced

We are a small company, but with ambitions in
the exact opposite direction. Our vision is to
be known amongst the leading infra players in
the country. Learning from how this industry
has evolved over the years, we had
consciously focused on keeping our balance
sheet lean and stay as asset light as possible.
We intend maintaining the same going ahead.
by the company in this particular segment? pace at which our EPCM division has grown. That said, we have
Our EPCM division has witnessed a growth of almost 100% taken a lot of steps in the last 12-15 months to invigorate the
over the last 3 years. This division has reported revenues of growth in this division, which should start paying dividends
`1.95 bn in FY16 from a negligible size 4 years back. We are a from this year onwards. We have entered into some small, but
small company but very focused on growth. Our conscious synergistic tie-ups and take-overs, in the previous years -
effort to stay asset light and lean on debt has helped us to do so, Sunflower Advertising, a 20 year old, INS accredited full service
profitably. Most of the projects we undertake (in TPC and EPC) ad agency, and 361 Degree Entertainment will help strengthen
are spread across the country, spanning several towns and cities. our bargaining power in the media buying space and enable the
We proudly declare to have worked in more than 1000 towns company to enjoy better credit periods, thereby impacting us
and cities of India on an IOCL project. Project management positively. Likewise setting up our own boutique post
proves to be quite challenging in such verticals. While we have production studio named Colourbar Pvt. Ltd., (wholly owned
managed these challenges successfully so far, what we are subsidiary) and taking substantial stake in the talent
currently working on is to address the challenges that speedy management & event company, Magnifique Artists &
expansion and the resultant increased complexities throw up. Entertainment, would help us immensely. These strategic tie-ups
and takeovers not only gives us a bargaining edge by
HGEL Integrated Private Limited (HIPL) is expected to complimenting each other’s services, but also cumulatively make
supplement the EPCM sector of the company. Please evaluate a larger bouquet with larger scope for growth.
the subsidiary's performance and please illustrate what are
the new projects expected to be undertaken by the subsidiary How do you explain the presence of un-synergistic businesses
in coming quarters? like media and Infra in the company?
HIPL has bagged a stone mining contract in Karota village of You are right about the non-synergy between the 2 business
Haryana, spread over 9.55 hectares. This is a 10-year contract divisions of the company. This can be attributed to the different
with an annual lease payment structure, payable to the skill sets of the main torch bearers of the company. I have a deep
Haryana government. We have recently obtained the rooted background in the media business, domestically and
environmental clearance from 'The State Environment Impact internationally. However, our CEO-EPCM Division, Manish
Assessment Authority (SEIAA), Haryana'; and also the Mehrotra, who is an IIT Kanpur alumni comes with over 16
Haryana State Pollution Control Board has granted a years of experience in the Oil & Gas industry. That said, we
Certificate to Operate (CTO) the stone mining. Pursuant to acknowledge investors’ perception about the possible lack of
this approval the Company has commenced the mining management focus and the resultant lack of clarity towards the
operations at the site. This division is expected to contribute market. While the management’s time was preoccupied in
meaningfully to overall revenues from FY17 itself. Our growing the business to the point that it now stands, we have
assumptions imply reasonably strong margins, estimating mulled over this subject and are open to hiving off the media
some pre-sales on a contract basis with crushers. These division at an appropriate time (and valuation).
margins could potentially inch higher if we ourselves
commission crushers and sell directly to end users, such as What is your vision for the company going forward?
builders, Railways, construction companies, infra developers, We are a small company, but with ambitions in the exact
etc. We would review the situation as we progress. opposite direction. Our vision is to be known amongst the
leading infra players in the country. Learning from how this
What are various initiatives taken by your company in media industry has evolved over the years, we had consciously focused
sector and can you please comment on the growth trend in the on keeping our balance sheet lean and stay as asset light as
sector? possible. We intend maintaining the same going ahead. This,
Our media division has reported a 3 year CAGR of 39%, along with our size of operations, helps us seize any available
despite witnessing a consolidation phase in FY15. The media synergistic opportunities in the infra space. “Crafting
division contributes 22% to our overall turnover, down from Opportunities – Delivering Growth”, our tagline, had been
+50% a couple of years back, primarily on account of the fast acquired to define the company’s motto.

Interview Thriving
Small Caps
2016
Sunil Hitech
Engineering Banking
On Strong Equipment
Sunil Gutte
Base And Experienced
MD, Sunil Hitech Engineering
& Skill Manpower
Definitely yes. With government opening
up in roads and buildings we have had
our success in the last 3 years. Hitherto
our order book portfolio was 100% in
power sector. Now it stands at 50% in
power sector, 25% in roads and 25% in
institutional buildings.
With your company's presence in several

verticals in Infrastructure space, which
vertical remains your main focus and can
be said to be your cash cow?
We can’t single out a specific vertical. We
are pioneers in BOP segment. With less
opportunity in power sector, competition
is tough. In roads & buildings although
competition is there, opportunities are
plenty, and hence margins are worked out
on a case to case basis.
In which of the several verticals is your

company a market leader?
We can claim that in the BOP space we
rank among the top five companies.
What are the major challenges faced by

your company to grow profitably? How
does the management ensure growth
comes at a reasonable margin across
verticals?
Completing the projects on time or
before time can increase our profitability
to a great extent. In the case of power
Your company has a diversified product We were traditionally a Balance of Plant sector even though we complete the
portfolio and strong financials. What are (BOP) company in power sector. In last project from our side, if it doesn’t
the other key strengths of your three years we have diversified to roads generate electricity we are stuck. In case
company? construction in EPC and institutional of roads and buildings it is totally under
Our key strengths are a strong construction of buildings from our control and some contracts do give
equipment base as well as experienced government. We are at present standing bonuses. If we complete before time we
and skilled manpower. We as an at 10.5% to 11% EBITDA and planning save on overheads and earn bonus to
organisation are also keen on exploring to take it to 13% in 2 to 3 years’ time. The improve EBITDA and PAT.
new avenues and are selective in new verticals are being won due to better
choosing our clients. margins. Real estate sector is going through a
slowdown. Would you agree? What are
Your company has operations in almost Current government has laid a lot of your offerings in the real estate sector
13 states. Can you help us understand emphasis on infrastructure and promises and how will you analyse the demand for
your growth plans in different verticals? to build infrastructure at a historical your commercial offerings versus
Also please explain revenue share from speed in India. How is your company residential offerings?
various verticals and the growth seen in able to gain from the infra push by the We are not in Real estate and we can’t
past few quarters across verticals. current government? comment.

Interview Thriving
Small Caps
2016
Sudhakar Gande
Vice Chairman, AXISCADES
AXISCADES To Leverage It's Excellent Track Record

& World Class Engineering Design Capabilities
Can you explain briefly about AXISCADES? product maintenance too. Adoption and integration of PLM
AXISCADES is a technology company offering engineering systems across all phases of the product lifecycle including
and system integration services to Aerospace, Defence, Heavy in-service performance of the product is experiencing a
Engineering, Automotive and Industrial product sectors. paradigm shift. We are actively pursuing Product Lifecycle
AXISCADES offers engineering solutions from concept Management (PLM) opportunities in our core sectors. This is a
generation phase to manufacturing support; and certification natural extension as the aerospace and defense segment have
and in-service support. We enable OEM’s and their Tier 1 been leading the overall PLM solutions market, accounting for
suppliers to build products that are sustainable, safer and a 25% share in 2015.
smarter, contributing ultimately towards their product
performance improvement goals. We are looking at opportunities in the Medical Electronics
sector where our strong points - excellent track record in a
Further, the acquisition of AXISCADES Aerospace & highly regulated sector like aerospace; and world-class
Technologies has strengthened our defence business and engineering design capabilities for high-technology industries,
positioned us as India Offset Partner (IOP). Our combined would stand us in good stead.
revenues are about $ 81 million. As end customer demands are
rapidly growing, our vision is to become a globally admired To tap market opportunities and improve on market share,
provider of innovative engineering solutions in a complex, what are the various initiatives that are being taken by the
futuristic world. management?
Our three point strategy for this is:
With the global economic scenario not being bullish and • Address the Engineering needs of existing customers
financial performance for several global companies being through expansion of engagement into related scope,
under pressure, do you think global companies will spend ranging from Design and Analysis to Manufacturing and
incrementally on Engineering and Research and Development Engineering support activities across verticals.
(ER&D) services and why? • Strengthen customer engagement through innovative
While economic growth remains sluggish, OEMs are investing business models, partnership approach, value addition
to manage market uncertainty. through matured process implementation and providing
non-linear growth.
At a matured stage, continuous productivity improvement in • Be a strategic partner to the India Defence Program by
engineering, automation and manufacturing operations extending successful engagements and being involved in the
continues to be a key element. Reverse innovation for local global supply chain of OEMs, into new domains.
products is gaining momentum i.e. products being created for
the emerging markets are exported to developed countries. The How is the ER&D spend increasing in Asia? What is the
future of ER&D growth will also depend on bringing more geographic spread of your revenues?
innovation by applying disruptive technologies. Encouraged by OEMs are reorganising their product portfolios and services to
these opportunities AXISCADES is partnering with OEMs to make the best of future opportunities. These future opportunities
build next generation products and improve their customer are driven by localisation and reverse innovation in emerging
reach in new markets. markets including SE Asia and Middle East. As per NASSCOM,
Asia will comprise 45 per cent of global ER&D spend by 2020.
Your company has been servicing three verticals – Aerospace,
Heavy engineering and Automobile and Industrial products. AXISCADES possesses significant experience in setting up
What are the new industries and areas beyond core Global Delivery Centres to reduce the program risk & time to
engineering capabilities that are being looked at currently by reach market. We have 10 delivery centres across the globe
the management for expansion? catering to engineering needs of customers. Our revenues are
Today disruption is not just limited to product development spread equally between NA and Europe and with positive
and automation,but this has been extended to in-service and growth in Asia.

Communication Feature
AMRUTANJAN  HEADACHE PAIN MANAGEMENT
Holds the second position in terms of market share in
A HOUSEHOLD NAME
the Headache Segment,having 3 offerings for headache
space specifically targeting both the urban and the rural
customer:
S
a. The storied “ Amrutanjan Pain Balm Extra Power”(yellow)
ince 1893, Amrutanjan has grown to become a household – Classic Headache Remedy.
name across all social cultures of India. Is is one of India’s b. Amrutanjan Strong Double Power- For strong headache
most trusted brands, and enjoys unanimous loyalty among and backpain
its customers. Known, used and loved by millions across the c. Roll-on – Faster relaxation from headache on-the-move.
county, Amrutanjan enjoys significant market share with its
range of natural and scientific healing products. Today the brand
 BODY PAIN MANAGEMENT
covers the entire gamut of pain and congestion management. The Body portfolio boasts of three brands viz.
 Amrutanjan Back Pain Roll-On
- Bringing high level of focus in terms of capital and  Amrutanjan Body Pain Gel
managerial time in strengthening the core OTC business.  Amrutanjan Joint Muscle Spray.
- Creating organizational capabilities to make new launches

into large sustainable brands within 3 years.
 CONGESTION MANAGEMENT
- Investing a higher amount of Gross profits into the brand Our Amrutanjan Relief brand operates in the Congestion space
Amrutanjan and new launches. with offerings in:  Cough syrup  Lozenges  Rubs  Inhalers.
- Working on increasing distribution expansion strategies in
strong (South and East) as well as developing markets like
 WOMENS HYGIENE
West and North The feminine Hygiene category is one of the largest and fastest
- Developing internal leadership pipelines to ensure projects and growing segments of the OTC industry.
functions are efficiently staffed. The single biggest challenge Amrutanjan Comfy Snug Fit brand sanitary napkin:
facing most companies is access to quality manpower. Features:  80% Better Absorption  Longer Napkin
- Working to make the beverage business self sustainable.  Anti-Leak system  Dry for longer  Bigger wings
- Expanding product development and research infrastructure

to yield new pain relief products.
 OTHER PRODUCTS
- Building a execution focused organization that delivers  Decorn Corn Caps: To remove corns, quick acting and easy to
consistent results. use.  Xpert Dermal Ointment: For itches, cracked heels, skin
These and many initiatives have yielded a CAGR of 12 % and 30 rashes and eczema.
% these past three years in the top and bottom lines respectively.
This year on year performance is vindication that our strategies
 BEVERAGES
are in line with the long-term vision of the company. Fruitnik launched originally in 1958, is India’s first and the
original packaged fruit drink brand. Fruitnik comes in three
We are a company fully focused on fundamentals and wish to be a flavours: Mango, Apple, Lemon
self aware, grounded organization focusing on investing in what is
working and trimming what is not. As we enter our 125th year of Market Reach: Amrutanjan’s distribution network is one of
existence in 2017, the Board and the management team are very India’s largest and most well established. The company enjoys
excited about the future and prospects of our organization. the strategic advantage and combined market strength of over
9,00,000+ retailers and 1,850 stockists, which facilitate product
Our loyal consumers have kept us in business for over a century presence even in the remote villages of India.
and as long as we don’t take that for granted, I am confident we
will continue to thrive. We are also fortunate to have long term International Markets: For decades now, Amrutanjan’s highly
focused shareholders who have been supportive and passionate effective products have benefited customers in international
about their company throughout and the fact that we all have to markets. Besides exports to the Middle East, African and
add value to their investments is never forgotten. Last but not neighbouring countries, plans are ahead to enter the US and
least, giving back to the community is something our founder Europe markets in a big way.
built into the ethos of our organization that is continued today
beyond the mandated CSR activities. Many of the activities Change as a touchstone of excellence: The healing hands
were initiated before the new regulations came into effect. of Amrutanjan has touched every new generation since 1893.
Being a dynamic business organization we have adopted new
 PAIN MANAGEMENT technology changes, yet retained our core vision and
The category of pain management is fast evolving as the fundamental values.
consumers preference towards using specific products for
specific ailments is also aiding this, Amrutanjan has segmented We will definitely be there to relieve that nagging headache our
Pain Business into headache and body ache management. grandchildren would one day feel.
80 DALAL STREET INVESTMENT JOURNAL ISEPT 5 - 18, 2016 DSIJ.in

Jayant Kumar
Director (Finance), NHPC
is in use. Now this base rate system is
going to be replaced by the MCLR
system. What we have found that
although the system is in place, only two
or three banks have come forward with
these changes. SBI and IOB approached
us for that. Initially one has to opt for
changing from base rate to Marginal Cost
and once you opt for marginal cost every
year it will be reset. May be in time to
come, the MCLR rate will differ from the
base rate, but as per the initial proposal
that has come, rates are almost same. In
the case of SBI, as per the proposal the
difference is only 10 to 15 paisa. Even 10
to 15 paisa is a saving so we are going
ahead with this initiative, but I don't
think this will have substantial impact on
our cost of capital. All new term loan will
be necessary under MCLR, so it is only a
formality related to existing cases shifting
or not shifting from base rate system to
MCLR. There is no substantive gain.
❝ For Growth, NHPC To Focus On Hydro Sector ❞ Financing cost for your company has
come down by 9 per cent for FY16 . Is it
What is your take on current NDA environmental clearances of NHPC due to softening interest rates? Can you
government's policy initiatives in Project. However, as a matter of fact the explain how did you manage to bring the
supporting hydro power generation? Any projects are not being started and there is finance cost down?
specific example you can highlight which delay, mainly due to the compliance of YoY basis our capex is not growing and
supports renewable energy sector in FRA- Forest Right Act which is part of loan repayment along with softening
general. the land acquisition process. In interest rate have contributed to lowering
The present NDA government after COP Arunachal or Sikkim, clearances are financing cost. If you look at the bond
21 and climate change conference is available with us, and we have even rate, it is going down. During the year we
committed to the cause of renewable received the pre-investment clearance have raised `1300 to `1400 crore at a very
energy, especially solar and wind. When from PIB. However we are not being able fine rate of 8.5 per cent; whereas our
Government is spending so much on to begin, because of Forest Right Act average rate is 8.75 per cent. So financing
solar and wind power, it requires some clearance which is taking plenty of time. I costs have come down partly due to
source of power which will support the find that not much is being done on that softening of the rate and partly due to
system, because the reliability factor in account. Nevertheless, I
case of solar and wind is not very high, would like to reiterate that
their utilization also depends on the the current Government is
availability of sun and air. So an taking care of stressed
alternative source is required for grid assets.
support and this needs to be done
speedily, so that they can bring the With RBI's initiative, the
energy in the grid. This way the reliability MCLR (Marginal Cost of
of the grid can be maintained. funds based Lending Rate)
rate regime is in place. Do
From that perspective the Government is you see it impacting your
very much active on utilizing hydro as a cost of capital at all and 120 MW Tanakpur Power Station (Uttarakhand)-Barrage
source of energy. We have seen that the how?
NDA Government has cleared pending Presently, Base Rate system
82 DALAL STREET INVESTMENT JOURNAL ISEPT 5 - 18, 2016 DSIJ.in

need another `3,000 crore. So, for the
projects which have been cleared and
are ongoing we need about
`20,000 crore and it will not be a big
challenge.
Debt to equity ratio will not be impacted

as every year profits get added. The
equity base will go up. The debt to equity
ratio will not be dramatically impacted.
Right now the Debt to equity ratio is at
0.6 level, and it will hardly be varying
between 0.6 to 0.7, nothing more. With
profitability intact the reserve will go up
and net-worth will also go up. Ratio
more or less will continue to remain the
same.
45 MW Nimoo Bazgo Power Station (J&K)-Dam Could you please throw some light on
funds required for various initiatives of
NHPC in wind, solar and the thermal
Q1 (2016-17) Financial Highlights: power projects? What percentage of
total capex is allocated on these other
NHPC registered a net profit of `858 crore and sales turnover of business initiatives of NHPC?
`2166 crore in the 1st quarter of the current financial year Unfortunately what has happened is that
all our initiatives in renewables like wind
against net profit of `798 crore and turnover of `1980 crore and solar have not been successful
during corresponding period last year. because of one reason or other. Basically
in the solar segment what has happened
repayment of the loan. We are repaying requested the government to reimburse is that we ordered work in Tamil Nadu,
`1500 crore yearly and the portfolio is some cost. Somehow the government has but in TN they have stopped signing
going down, this being the reason for not provided the funds and the viability new PPA. So we had to cancel that work.
the cost of funds getting lowered. ceased. Normally we make provisioning Similarly in UP we formed a JV , but
only in the last quarter. That is why there there also we faced problems, where
What reasons would you attribute to a has been variation in the profitability in land which was allotted to us was
massive fall in Profitability in Q4 FY16 the last quarter. Bursar Project in J&K is transferred to some other party. Hence
compared to Q4 FY15 ? the one which has been provisioned for, there also it could not click. So far in
If you observe our accounts diligently, and nearly 15 to 20 crore will need wind sector we have invested around
you will realize that profitability has provisioning in coming year. The `200-250 crore. We have not invested
gone down because of provisioning, and provisioning will happen over all the much in the solar sector. Nevertheless
not because of any operational issues. If quarters. we have now planned an MoU with
you look at the operational issues, our Maharashtra government and Kerala
generation has been the highest in the What is the total capex required for government. This year something will
last quarter this year vis-à-vis in the last NHPC after resumption of active come up out of this. Similarly in the
quarter of the previous year. construction work at Subansiri Lower thermal segment we have signed a MoU
Project and several other projects in with Bihar government. The MoU is
Normally what happens in construction pipeline that are already cleared? What signed but we are awaiting clearance
of hydro projects which is basically civil in your view will be the impact on Debt from government on JV. So if you ask
oriented work and there is lot of to Equity ratio once the capex me the percentage, at present it hardly is
probability of it not being viable. In this programme is executed? 2-3 per cent of total capex. Once JV is
particular case, the project where we had Subansiri needs additional `10,000 created for thermal sector in Bihar,
made the provision, basically is a crore. We have spent around ` 8,000 which I am very much hopeful will
nationally relevant and important crore and as per the Revised Cost happen by the end of this year, we will
project. It is not only a hydro project, but Estimate (RCE) the total expenditure require `9,000 crore. Our growth will be
it has got other components also like will be around `17,000 crore. Hence an mainly from the hydro sector. Hydro
irrigation etc. So the overall cost was additional `9,000 crore to `10,000 crore sector is our core area. Hence our focus
turning out to be very high and hence we will be required. For Parbati, we will majorly will be on the hydro sector only.

Analysis Equity
JUST DIAL
DIAL JUST DIAL TO RE-ENTER THE STOCK

So far, the growth prospects have seen eating up the margins. But the latest positive financial growth and a share
J
price bounce from its latest low suggest temporary bottom fishing in Just Dial stock.
ust Dial, is synonymous to an 13.5 Million shares resulting in expenses of the company are incurred in
online multilinguistic directory oversubscription at 12 times despite of employee benefits. During the year
that operates 24x7. Bolloywood’s expensive valuation. In an earlier company increased its employee benefit
most popular face, Amitabh development the IPO had got cancelled in expenses by 22 per cent to `377.41 crores.
Bachchan became its brand 2011! The bubble of its IPO lasted only for Other expenses that mostly includes rent,
ambassador in 2010. To add to it, a year when the stock made its all-time advertisement expenses, communication
Bachchan had also invested about `6 high at `1900 in August 2014. Thereafter costs, internet charges and database and
lakhs in the company and earned jaw the stock has never seen any upside, content charges. Company’s EBITDA
dropping returns of `3.4 crores in the rather has dipped nearly 80 per cent in the stood at `170.59 crores as against `165.66
company in less than 2.5 years. next two years, with mounting crores in FY15. Company’s net profits
competition in the ecommerce industry. rose just 2.2 per cent to `141.85 crores for
Just Dial provides information about a FY16. During the year company’s net
large number of service providers FACTS AND FIGURES worth decreased to `671.57 crores from
registered therein to the clients/callers Just Dial had total of 16.3 million SMEs `673.35 crores. The trade payables have
through text messages or by sharing listing as of March 2016. Just Dial users increased by 41 per cent to `19.28 crores.
information through its website or have contributed nearly 6.39 crores Meanwhile it decreased its short term
applications. It also gets the bookings reviews and ratings for various listings. It provisions by 75 per cent to `5.05 crores.
done for select hotels, airliners, events, had approx. 3.68 lakhs campaigns. The The return on net worth has been
bus services, private hospitals, cabs, owners of the business get an option to list gradually decreasing since FY 13 to 21
movie tickets etc. Just Dial also operates their businesses on Just Dial database for per cent in FY16. All in all, the company’s
in e-Commerce segment through online free. Apart from generating revenues via bigger aims towards growth have hit the
shopping for consumers. On the whole, it search related services, the company has margins badly. As its dividend yield
helps consumers find the relevant entered new revenue streams viz; stands low at 0.43 per cent.
information about the providers of transaction fee, vendor app usage fee, shop
products and services listed in the rentals, ad revenue, subscription fee from Speaking quarterly, the standalone year
database of the company. vendors though the Search Plus model. on year revenues have increased by 6.2
per cent to `176.29 crores in Q1FY17.
The company offers voice and online FINANCIALS During the quarter company’s operating
platform for the companies which get The company so far has only one expenses increased 22.3 per cent to
registered with it. It generates revenues subsidiary Just Dial Inc. USA established `155.99. Meanwhile, other income too
majorly from search related services with in October 1 2014. Hence its standalone rose triple digit to `28.86 crores. Finally,
paid listing services for SMEs, thereby and consolidated numbers reflect more its net profits rose almost 8 per cent to
providing large number of SMEs to create or less same numbers. `38.93 crores. The EPS growth remained
existence in the online world. The search muted for FY16 with just 1.7 per cent rise
service is available to the consumers Revenues (limited to India) for the year to `19.96. Previous year’s growth stood at
across its multiple platforms of internet, ended March 2016 came in at `690.83 14.5 per cent. The stock has witnessed a
telephone and text messages on mobiles. crores with an increase of 17.1 per cent free fall every time it has announced the
from the previous fiscal. Company’s 5 quarterly results for September and
IPO years’ revenues CAGR stands at 21.39 per December 2015 and March 2016 as the
A concept like ‘Google of India’ with no cent but latest 3 years declined to 14.41 company failed to fulfil the rosy picture it
bigger peers around was bought by Just per cent. Company is paid fixed periodic created ahead of the results.
Dial in 1996. The biggest IPO of the fees to carry out advertising campaigns
calendar year 2013, Just Dial could raise on its platforms. Moreover, company has From the company performance chart, we
nearly `1000 crores with an issue price of varied packages like platinum, diamond can see that the company’s ROA, ROE and
`530. Investors had bid for over 50 that decides the priority in search results. ROCE growth numbers are diminishing.
Million shares and company offered just Nearly 68-70 per cent of the direct But 2015-16 fall has narrowed as

Analysis Equity
Company Performance (%)
Just Dial Ltd. oriented products but would require huge
BSE Code 535648 CMP (`) 498 one-time expenses and advertising
Particulars Amonut (` Crore)
expenses. Long term investors need to be
Net Sales 698.50
patient to have any profits generated out of
% Change 11.92%
the said products. The company believed
Operating Profit 231.41
that the growth had decreased because of
% Change 0.70%
compared to previous year. Out of the shortage of staff in the search business and
Net Profit 147.55
total assets of the company 70-75 per cent thereby aims at increasing it to 2000-2500
% Change 0.48%
are the current investments which fetches Equity 69.48
in FY17. The company has around 800
it the regular returns. Company’s reserves EPS (`) 20.92
employees including 600 in sales in recent
and equity have reduced marginally in FV (`) 10.00
quarter is mulling to add more 500-600 in
FY2016. Company is almost debt-free and CMP (`) 505.70
Search Plus. JD Omni had a customer base
hence capital employed is nearly similar to P/E (x) 24.17
of 6000 up to Q1FY17 that brought in
the net worth. Dividend Yield (%) 0.40
`50 million. The company intends to
increase the base to 25000 in the FY17
PEERS Book Value (`) 102.25
(Trailing Four Quarter Data)
Just Dial hardly has any listed peer in its Apart from this, the company has
search business. Amongst the non-listed and investments to back the buyback. The recently integrated business of Ola and
ones it’s competitor askme.in of offer to tender shares and again buy in the Uber for cab booking and IRCTC for
Infomedia18 is likely to shut down its secondary market was feasible as the train booking. Just Dial has enhanced the
operations from the August end. Even, divergence in the prices was huge. The user interface for its Search Plus verticals
Getit, that operates ecommerce under stock had surged nearly 140 per cent in and also Android App. Just Dial has
recently approved the with Just Dial
Deb Mukherjee, CEO, Wisdom Capital Global Private Limited for demerger of
data and information undertaking of
Fundamental View: Just dial is currently trading at an attractive price of 518 and can be the latter.
considered an excellent investment opportunity. Listing price of this share was 612, i.e. we
are getting appx 15% discount. However, June qtr results were not as per the expectation of
GOING FORWARD
the market but continuous improvement in operating margin is a clear signal of positivity in The stock has been used as an arbitrage
the stock. The stock has already fallen over 30 per cent in the last three months and going and reverse arbitrage opportunities
forward sustained momentum in JD Omni-license sales can provide further upside. We are because of variations in its spot and future
expecting that JD Omni to contribute 3-8 per cent of revenues over FY17-19. prices. The stock is mostly traded where it
Technical View : Scrip is in primarily down trend for the last couple of years. But has a trend of giving obvious moves at
simultaneously for the last two quarters downtrend has been arrested with huge volume. times of events or news. Recently, the
This is clearly indicating huge accumulation. On the other hand since August 2014 scrip was open interest in the stock peaked 25 per
moving in a downward channel, which has completed its downward journey in 104 weeks cent from just 11.5 per cent in a week. The
timeframe. In weekly charts there is a clear cut double bottom formation with positive bias. 25 per cent was held by just 4 clients out
of which only one held more than 12 per
(Deb Mukherjee does not have his investment position in this stock)
cent. Each & every time the stock has
AskMe also is to be shut down after it just two months’ post offer. However, the witnessed a bounce from its latest low
failed to offer options to its Mauritius buyback is still pending as the buyback which was around 15-20 per cent.
Based Astro Entertainment Networks has been stayed for now. Considering this fact we suggest
Limited. Another peer sulekha.com temporary bottom fishing at current levels
connects 25 million users with over 5 SEARCH PLUS AND JD OMNI for proportionate upside.
million businesses and operates with Search Plus is an Android app integrates
come big investors around the world. nearly 24 services. It features an updated Moreover, on long term basis the stock
UI and large tiles for each category, voice has been bracing its structure with the
BUY BACK search option and find results on the app. launch of unique products in the online
During February 2016, the company had It allows online shopping also. The market. But the investors ought to have
informed that it had received the company has launched ‘JD Omni’ in Feb patience as to get breakeven in the costs
observation letter from SEBI as an 2016, which is the first cloud hosted and the results the products start
approval to dispatch buyback offer. The solution which handles supply chain of fetching. Tracing the P/E of 23.2 as
short term investors who were stuck in the businesses of people who buy it, like against the industry P/E of 54 and a Book
the free fall of the share price were your own website that helps the SMEs Value of 116, this debt free company
advised to tender the buyback offer as the manage their online and offline sales. seems to be undervalued and has a long
stock seemed to have bottomed out and way to go. We suggest a BUY in the stock
that the company had justifiable reserves Search Plus and JD Omni are growth with reasonable upside at least. DS

Special Report Equity
There Is Still Upside In
Mid-Cap & Small-Cap Space
Lohit Bharambe and Bhagyashree Vivarekar
believe at this juncture, investors should hold
their positions and also start accumulating the
right picks. Here they explain:
V
aluation gap is the difference between an entity’s the outperformance level of the indices over the benchmark.
market value and the value at which the seller
intends to sell the entity. For stock market indices, We are considering Trailing Twelve Months’ (TTM) PE
it’s the difference between the market price and the multiples of various groups like mid, small and Sensex to
Earnings Per Share (EPS). The gap tells us whether understand whether there is valuation gap among them.
the markets have become cheaper or more expensive. Mid-caps are trading at PE multiple of 38.68x times against
Traditionally, large-caps, mid-caps and small-caps are supposed Sensex PE multiple of 19.84x times. Small-caps are trading at
to rally cyclically one after another as they overlap with a PE multiple of 48.1x times against Sensex PE multiple of 19.84x
demand shift. Thereby valuation helps us to understand who has times. From the indicator TTM P/E multiple, it seems that the
been outperforming whom. There are parameters which evaluate mid-caps and small-caps are trading with significant valuation
opportunities to buy the scrips at bargain prices. gap from the last couple of years as compared to the
benchmark.
IS THERE ANY VALUATION GAP?
We have evaluated the valuation of large-caps, mid-caps and
small-caps using the indices, BSE Sensex (30), S&P BSE mid-cap
(82) and S&P BSE small-cap (765) as the indicators. We have
considered the average of ratios of the companies within the
indices.
COMPARISON OF BROADER MARKETS WITH
BENCHMARK TTM P/E MULTIPLE:
The first of its kind is the price earnings ratio (P/E ratio) that tells
how much the investor is willing to pay for the given earnings.
The parameter works the best for comparison. Thus we can know

TTM P/B MULTIPLE: there may be still upside in mid-cap index.
Price to Book is another indicator wherein the market price is
compared with the book value i.e. the net asset value that PB multiple of mid-cap index is trading at 6.21x times which is
suggests stability. Lower the P/B, undervalued is the entity and higher comparing average PB multiple of 5.174x times.
vice-versa. Historically, PB of mid- caps hit all-time high in 2015 and now
it is has been hovering near those levels in 2016.
Now, taking a look at TTM PB multiples of various groups like
mid, small and Sensex to understand whether valuation gap
exists among them. Mid-caps are trading at PB multiple of
6.21x times against Sensex PB multiple of 2.8x times. Small-
caps are trading at PB multiple of 3.96x times against Sensex PE
multiple of 2.8x times. While comparing TTM PB multiples of
mid and small-caps to benchmark, there is significant gap
among them. Indian mid-cap stocks are showing signs of being
overvalued, relative to their smaller peers.
When we see historically, mid-cap stocks have outperformed

benchmark indices in terms of returns, every time and even
after time of year 2009 recession. Meanwhile, small-cap stock
pattern is a mixed one and has started outperforming indices We are now considering another valuation parameter EV/
from the year 2013. EBITDA to understand is there any gap for the mid-cap index.
The EV/EBITDA stood at 37.97x times against average EV/
EBITDA of 64.23x times which is quite lower. It is clearly seen
that from last five years, EV/EBITDA is trading below its
average. Meanwhile, EV/EBITDA of mid-cap increased from
26.2x times in 2015 to 37.97x times in 2016. Lower the EV/
EBITDA, it suggests undervaluation. Historically, during 2008
and 2011 mid cap EV/EBITDA was at 230.24x and 209.17x
respectively. After that, high EV/EBITDA witnessed sharp fall
of mid-caps on bourses.
While taking a first look on the above graph, it appears that

there is significant gap between them.
MID-CAP IN ISOLATION:
We took S&P mid-cap index companies for working out
further valuation basis. This index is trading at 38.68x PE
multiple on above average PE multiple of 33.506x times.
Historically, PE of mid-caps remained only four times on an its
average PE. The mid-caps PE declined in past one year from
45.31x times in 2015 to 38.68x times in 2016. Meanwhile,
mid-cap index has increased by 25.02 per cent in last one year. SMALL-CAP IN ISOLATION:
This clearly suggests that though PE is trading above average, We took small-cap index companies for further valuation basis.

Special Report Equity
This small-cap index is trading at 48.1x PE multiple on above
average PE multiple of 30.716x times. From last three years,
small-cap’s PE is trading on an above average PE multiple.
Dhruv Desai, Director & COO, Tradebulls
Meanwhile, small-cap index surged about 17.43 per cent during
past one year. This clearly suggests that though PE is trading
 If we compare mid cap or small cap with benchmark
indices, mid cap are significantly overvalued relative to both
above its average, there may be still upside in small- cap index. small cap and benchmark indices. Mid cap have performed
spectacularly this year and the valuation gap between mid
Small-cap’s PB multiple stood at of 3.96x times is above cap and small cap is nearly at five year high on basis of price
average PB multiple of 3.494x times in 2016. As far as PB
to book. If we compare mid cap with benchmark indices, the
multiple is concerned, small-caps are slightly overvalued. The
valuation premium is more than 60 percent. Hence a caution
PB multiple decreased from 4.99x times in 2015 to 3.96x times
of degree is warranted when investing in midcaps at this
in 2016.
current juncture. In year 2015 too, mid cap and small cap
valuation continued to trend higher relative to large caps and
this year to the same phenomenon is happening.

Pankaj Pandey, Head of Retail Research, ICICI Securities
 Post the rally in the last two years in the small cap
space, the stock prices have run up ahead of the
fundamentals thereby factoring in all possible positive up to
FY18E-19E and this making valuation justification extremely
difficult. Therefore, the broad based valuations in the small
EV/EBITDA: cap space are on the higher end. Having said that, we
The ratio measures the cost of capital that calculates firm’s value continue to remain selectively positive on some of the
in terms of the operating profitability. pockets where one can find value buys which are reasonable
on valuations front, possess good management and hold
Small-cap’s EV/EBITDA remained at 41.29x times which is
quite lower as compared to average EV/EBITDA of 51.85x
times. This clearly suggests that small-caps are undervalued. So
robust growth potential.

there is still upside in small-caps. Meanwhile, only three times Liquidity to valuation: Conventionally, liquidity and
during past 10 years, EV/EBITDA has remained above the valuations are directly proportional where liquid markets have
normal range. better performance as measured by market to book ratio.
High liquid stocks are supposed to give higher operating returns
on assets and a high shareholders’ equity. Tradability of the stock
is the most important factor in determining the valuation and
performance of the markets. Non-block holder can enter the
markets through liquid stocks which results in better trade by
informed investors improving the investment decisions.
CONCLUSION
After studying various valuation ratios, we could see valuation
gap is existing amongst the indices. While we say so, we also
find that the gap is gradually diminishing where the indicators
of the mid-caps and small-caps are tapering downwards while
Sensex is more or less stable since 2012-13. We cannot say that
FEW OTHER INDICATORS: any of the indices are over/under valued but at the same time,
we do not see any caution (sell-off or avoid signal) for investors
Market capitalisation/revenue: Usually the price to sales for small and mid-caps. The levels of PE, PB and EV/EBITDA
ratio is used to pick up the stocks but for the indices as a whole are justifiable and there is not any turbulence like situation. So
using mcap to revenues is advisable. A detachment between looking at the broader picture we suggest our reader-investors
subjective valuation and the actual performance exists when to hold their positions and start accumulating. On the whole, it
market capitalisation (mcap) falls disproportionately to the shouldn’t matter whether the markets are bullish or bearish,
revenues. The ratio of >1 states that mcap has been inflated, every market situation gives you the opportunity to pick the
while less than 1 suggests lag in mcap. right one-so just get the right stock and sail through. DS

Listing Obligations and Commodity Price Risk Disclosures
attempts to disclose such risks and their company’s securities. Better disclosures
management. can make key stakeholders, such as the
board of directors and shareholders
THE FOCUS ON DISCLOSURE (existing as well as prospective) aware
OF COMMODITY PRICE RISK about the risk inherent in companies’
AND ITS MANAGEMENT business operations and the quantum of
The intent of disclosures on commodity these risks.
exposure and its risk management is
primarily to better inform investors The IOSCO Principles for Periodic Disclosure by
about companies’ market risk exposures Listed Entities (February 2010) state that
“disclosure of the issuer’s exposures to market
risk associated with activities in ... commodity
SEBI notification on disclosure of instruments enable investors to more accurately
commodity price risk and its assess the primary risk of loss to the issuer.”
management
SEBI through a notification dated September 2, BETTER DISCLOSURE =
2015 on SECURITIES AND EXCHANGE BOARD OF INCREASED TRANSPARENCY
INDIA (LISTING OBLIGATIONS AND DISCLOSURE = ENHANCED VALUATION
REQUIREMENTS) REGULATIONS, 2015 instructed
PK Singhal listed companies to maintain a set of disclosures. Evidently, when shareholders are
T
President & Whole Time Director, MCX Amongst the set of disclosures, companies are informed about companies’ commodity
now mandated to disclose their commodity price price risks, they will be more demanding
he annual report season for risk and hedging activities in their annual of the management to hedge those risks.
FY 15-16 is currently in full reports. Companies will, therefore, need to hedge
swing. Most companies have to provide higher shareholder returns. A
either published their study concludes that shareholders
Annual Reports or are in the and their risk management practices. assume that firms with more stable
advanced stages of publishing them. The The extent of risks companies carry may earnings (which result from hedging)
guiding principles for the items that have a significant and tangible impact on have superior managers. Additionally,
listed companies need to provide in their their operational efficiency and, thereby, risk disclosure can make sources of
Annual Reports are carried in the SEBI profitability. The incidence and quantum potential ‘distress’ transparent to
(Listing Obligations and Disclosure of risk is thus material information that shareholders. Distress can lead to erosion
Requirements) Regulations, 2015, apart companies in many countries are of the firm’s value, making it prudent for
from other statutes. These guidelines required to disclose. By evaluating and the firm to hedge against distress risks.
provide the stipulations about the comparing the risk exposure and risk In fact, an empirical study investigated
inclusions in the companies’ Annual management efforts of a company with the reasons for firms to hedge and
Reports, which include, among others, its peers, shareholders will be able to concluded that “firms with greater
the mandate that every listed company appropriately evaluate the company and growth opportunities and tighter
has to disclose its commodity price risk price its securities. financial constraints are more likely to
and hedging activities under the use derivatives.” The study explained this
Corporate Governance section of the Disclosure of risks brings in not only more as an attempt by firms to reduce
Annual Reports. transparency for a listed firm enhancing its fluctuations in cash flows, in order to
corporate governance standards, but also raise capital for growth .
How much has India Inc., complied exposes the company and its efforts to
with these high standards of disclosure? manage its market related risks to be COMMODITY/CURRENCY
With about 11 months gone by since the scrutinised by the analysts community. As RISK DISCLOSURES IN INDIA
publication of the newly amended SEBI a result, it necessitates the company to – 2015-16 ANNUAL REPORTS
listing norms, an attempt was made to address the effect of such risks on its As mentioned above, a study of the 2015-16
study the Annual Reports being released operations. Additionally, disclosure can Annual Reports for 70 companies with
to understand the level of disclosure of increase a company’s access to capital direct or indirect exposure to commodities
commodity risk exposures and markets and enhance the attractiveness of concluded that many have not clearly
commodity risk management. A quick their shares to current and prospective disclosed either their commodity price risk
glance into the Annual Reports of about investors by reducing their costs of or their hedging practices. A similar trend
70 companies that have direct or indirect information gathering. This reduction in has also been observed related to disclosure
exposures to commodity price risks information gathering costs in turn leads of recognising commodity price risk in the
reveals that not many have made to an increase in the liquidity of the first place.

Interestingly, the study reveals that when (OFSI), Canada, provides all federally Even outside U.S., in accordance with the
it comes to disclosure on currency risks regulated financial institutions and bank accounting standard IFRS 7, the potential
and its management, most companies and insurance holding companies with impacts of market risks need to be
have come out with better and more guidance that is consistent with that in disclosed. Aurubis AG, the largest copper
detailed disclosures. Certainly, therefore, IFRS 7. This guideline supplements the producer in Europe and the largest copper
the concept and practice of disclosing on guidance contained in IFRS 7. It includes recycler worldwide, with headquarters in
price risk and its management does exist further disclosure requirements for Hamburg, Germany, has provided
among companies, at least in the case of derivative financial instruments as well sensitivity analysis on commodity price
currency risks in India. The need now is as disclosure requirements for derivative risk as seen in its Annual Report.
to mould this practice for commodity non-financial instruments such as
markets as well. Policy directive to commodities contracts. In addition, it TIME TO IMPROVE UPON
appropriately inculcate these disclosures requires banks, bank holding companies, COMMODITY RISK AND
into lending decision making (by the trust and loan companies, life insurance HEDGING DISCLOSURES
central bank) by all nationalised banks companies and insurance holding The SEBI mandate for disclosure of risk
and private banks can help boost companies to disclose certain derivatives hedging notwithstanding, businesses need
related amounts that are reported to to recognise the value that existence of
GLOBAL BEST PRACTICES OSFI in accordance with the capital robust risk management mechanism
ON COMMODITY PRICE requirement guidelines. within the company brings in. Existence
DISCLOSURES of a comprehensive mechanism for
SEBI’s notification of mandating the THE CASE OF US AND EU identification of financial risks, measuring
disclosure on commodity price risk and DISCLOSURE STANDARDS them and employing efficient ways of
its management is in tune with a While disclosure is mandatory, mitigating the same with market-based
worldwide movement towards better and companies have the discretion to choose financial instruments would not only
harmonised corporate governance among three alternative methods: improve capital raising capability and
standards through higher disclosure. The sensitivity analysis, value-at-risk (VAR), enhance fiscal efficiency but also result in
G-20/OECD Principles of Corporate and the so-called “tabular” method. For enhancement of earning sustainability
Governance (September 2015) and instance, Anadarko Petroleum and would eventually increase the
IOSCO Principles for Periodic Disclosure Corporation (Illustration 1), an company’s corporate governance
by Listed Entities (February 2010) American petroleum and natural gas standards. Measurement and
suggest that risks such as commodity exploration and production company management of commodity related risks
price risks should be disclosed along with headquartered in The Woodlands, Texas through hedging would help them stand
companies’ exposure to derivative has provided sensitivity analysis on out from their competitors and provide
trading. Such disclosures should also commodity price risk exposure and its long-term sustainability of businesses as
include the quantum of risks, the extent management in its 2015 Annual Report. well as provide for global competitiveness
of their likely effect and the measures The annual report had a separate in an increasingly interconnected world
taken by the companies to mitigate the disclosure on derivatives position held unlocking greater value for the
effects of different types of risks. for trading purposes. On the other hand, shareholders. A practice of disclosures on
Microsoft Corporation, a well-known this front would not only remind
In the U.S., under Item 305 of SEC company used VAR methodology in companies of commodity risk they are
(Securities Exchange and Commission) their Annual Reports and Tyco exposed to and their strategies to deal
Regulation S-K, “Quantitative and International, Ltd., a large conglomerate with it, but will also provide shareholders
Qualitative Disclosures about Market Risk,” operating in more than 100 countries material information on sustainability of
companies must disclose in their 10-Ks used tabular presentation in their the business and the risks they are
information (Annual Reports) about their Annual Reports. exposed to.
exposures to fluctuations in variables such
as interest rates, foreign exchange, and Illustration 1: Commodity Risk and its Management Disclosure – Anadarko
commodity prices. Companies are
required to provide separate disclosures
for each type of market exposure. In fact,
the final rules amending SEC Regulation
S-K to include Item 305 were approved
way back in 1997.
Appropriate disclosures of price risks

have been mandated in Canada too. The
revised guidelines issued on Derivatives
Disclosure in July 2010 by the Office of
Superintendent of Financial Institutions

QueryBoard
Investment Horizon
Query-Specific
ZENOTECH LABORATORIES SRS

I am holding 300 Shares of Zenotech Laboratories I have bought 20000 Share of SRS ltd at `8.8
Ltd. It’s going up to 50/= and slipping back to 40/= per share. Any advice whether for long term or short
levels. What should be my strategy for this Stock? term, to hold or to sell would be really helpful.
Please advise. - B S R Murthy - Vinay Nagpal
EXIT EXIT
BSE/NSE Code 532039/ZENOTECH BSE/NSE Code 533569/SRSLTD
Face Value `10 Face Value `10
CMP `41.60 CMP `6.70
52-Week High `61.45 / Low `31.50 52-Week High `27.00/Low `6.50
Your Current --- Your Current ---
Profit/(Loss) Profit/(Loss)
W S
ith a market cap of `135 crores, Zenotech RS Ltd., was incorporated on August 2000 with the prime
Laboratories is an India-based pharmaceutical motive to trade in FMCG goods., however company has
which is engaged in the business of manufacturing diversified its operation in gold and jewellery which
and marketing of pharmaceuticals products. On the financial includes retailing, wholesaling, manufacturing.In the financial
front, company continues its loss making spree. In the financial year 2015-16 company posted a net profit of `39.74 crores
year 2015-16 net sales stood at `2.06 crores, which has which is down by 4 per cent as compared to the financial year
decreased by 50 per cent as compared to the financial year 2014-15. However, revenues of the company grew by 6 per cent
2014-15. On a CAGR basis, the top line of the company over the and stood at 4119.6 crores. EBITDA, for the year stood at
period of 5 years has still managed to grow by 4 per cent, 141.96 crores which has grown by 3 per cent. On a CAGR basis,
however the net profit of the company has not grown in net sales of the company grew by 9 per cent over a period of
proportionate to the top line of the company. Company in the three years. In Q4FY16, company reported a net loss of 17.91
financial year 2015-16 has posted a net loss of `19.11 crores crores which is thing to worry; all eyes of the company will be
which has narrowed by 37 per cent as compared to the previous on Q1FY17 results which should give enough clarity on the
financial year 2014-15, in which the company posted a net loss numbers.
of `30.41 crores. In Q1FY17, the numbers are the same;
company has posted a net loss of `5.53 crores. In the same The company in the last 3 years has a dividend payout ratio of
period, i.e. Q1FY16 the company has posted a net loss of 12.19 per cent of the company’s profit which quite low as
`5.12 crores. Fifty-two week high/low stands at 61.45/31.50. compared to the industry. On the other hand, P/E ratio of the
There are no major prons of the company but the company company is at 11.86 which is quite low as compared to the
has a significant amount of cons. The company has a low industry. Looking at the losses which company posted in
interest coverage ratio. Shares of the company in the last 3 Q4FY16, it looks a bit difficult that the company may turn
months have plunged by 14 per cent, therefore, we suggest you profitable in Q1FY17, therefore we recommend EXIT for the
to EXIT the stock. particular stock at the current levels.
Readers are requested to send only one query at a time so that more readers get a chance. For complaints regarding non-receipt of
dividend, bonus, rights and other matters, investors may write to www.investor.sebi.gov.in
Company Name: DEMOCRATIZING WEALTH CREATION
Vol. No. 31 No. 20

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

BS LIMITED SUZLON ENERGY
I am holding 200 shares in this company, I bought I have 3000 shares of Suzlon energy at 23.8. Should
shares at a price of 8.87, should I hold or exit? I hold?
- Seema - Chauhan
EXIT HOLD
BSE/NSE Code 533276/BSLIMITED BSE/NSE Code 532667/SUZLON
Face Value `1 Face Value `2
CMP `6.52 CMP `15.90
52-Week High `44.00/ Low `5.95 52-Week High `25.25/Low `12.80
Your Current --- Your Current ---
Profit/(Loss) Profit/(Loss)
B S
S Limited is a `306 crore market cap company engaged in uzlon is one of the world’s largest and leading producers
power transmission and distribution (T&D) services. of wind turbines. Company specialises in the
Within power infra segment, the company has a development of wind energy solutions and have forayed
well-diversified portfolio of EPC in transmission and into the solar segment as well. Established in 1995, and
distribution, tower manufacturing, turnkey services and headquartered in Pune today Suzlon is present in 19 countries
BOOM projects. across six continents. Company has installed around 15.5 GW
of wind energy capacity globally. Company has been much in
Its key clientele includes Power Grid Corporation of India, the limelight, as on August 16, 2016 company informed the
Madhya Pradesh Power Transmission Company, Andhra bourses that it has decided to raise up to `2,000 crore through
Pradesh Transco, Rajasthan Rajya Vidyut Prasaran Nigam, issuance of securities. The board of directors of the company, at
NCC, L&T, state utility boards. The company’s order book a meeting held on August 12, 2016, approved issue of
stood at `2600 crores as of March 2015.The stock can be treated securities. However, in order to raise this fund, the company
as a penny stock with a share price of `7.45. The company will a require final approval from its shareholder which the
quotes P/E of 5.17 as against industry P/E of 8.9 and P/B is company will likely get in its annual general meeting which is
hardly 0.5 which suggests that the share price is trading much likely to be held on September 30, 2016. On Aug 17, company
below. Promoters hold 66.82 per cent stake out of which 66.59 bagged an order for a 132 mw project in Andhra Pradesh from
per cent has been pledged. Company’s debt to net worth is more ReNew Power Ventures. This project is capable of providing
than 1. The company has not generated any dividend after power to over 70,000 households and reducing 0.28 million
September 2014. tonnes of CO2 emissions per annum.
On the financial front, the company’s consolidated net sales for On the financial front, the company turned profitable in the
year ended March 2016 increased by 61 per cent to `4294.45 financial year 2015-16, and has posted a net profit of `479.8
crores. However, much higher raw material expenses and huge crores. In the year 2014-15 company had posted a net loss of
stock in trade dragged down the net profits to `75.80 crores `8816.1 crores. Therefore, financial numbers cannot be
which were in line with the previous year. On quarterly basis compared. Moreover, the trailing 12 months’ P/E stands at
March 2016 saw a recovery where net sales grew nearly 12 per 175.05 which is more than the industry P/E which stands at
cent to `631.89 crores and net profits grew 76 per cent to 48.76. The company has a market cap of around `8183.42
`15.69 crores. Its sales 5 year CAGR stands at 30 per cent while crores and the price/BV of 12.69 which is more than its peers.
profit CAGR stood at 23 per cent, down from 92 per cent of 10
years CAGR. ROE growth is 15.5 per cent. Though the valuation of the company is higher as compared to
the industry, but the recent projects bagged by the company are
However, despite positive financial growth in the recent promising and the numbers of Q1FY17 will further give more
quarter, the high debt, pledging and higher direct costs leave clarity on the stocks. However, the price at which you bought
no margin for the shareholders to earn much out of it and and the difference between CMP is high, moreover the long
hence we suggest you to EXIT at bounce to reduce term prospective of the company looks promising and Hence,
further losses. we recommend to HOLD the stock.

Personal Finance
Jayesh Dadia
Chartered Accountant
Simplifying tax laws and rules

Senior tax consultant and chartered accountant, Jayesh Dadia
responds to the tax-related questions raised by the DSIJ
reader-investors
I am working in a private limited I am a trustee of a public charitable trust repayment of loan to bank. Whether
company. My job profile requires me to registered with the Charity Commissioner, processing fees, prepayment charges and
travel extensively outside India. During Mumbai. During the current financial interest paid to friends are eligible for
the financial year 2015-16, I was outside year i.e.2016-17 the trust is likely to deduction under section 24(b) of the
India for more than 220 days. During sell building and likely to earn net capital Income Tax Act.
my stay aboard, I received certain gain of `5 crore. Whether the capital gain  Under section 24(b) of the Income Tax
allowances in the foreign currency. is exempt in case of public charitable trust? Act, if loan is availed either from banks or
I was told that since I have not stayed in If yes; then under what circumstances? from private parties, for the purpose of
India for more than 182 days in the acquisition of house property, then the
 Taxability on transfer of capital asset entire interest paid to them is allowable
financial year 2015-16, I have become a held by a charitable trust is covered deduction. Prepayment charges,
non-resident and therefore the allowance under section 11(1A) of the Income Tax processing fees incurred in connection
I received aboard is not subject to tax. Act. If the trust invests the entire `5 with the borrowed funds for the purpose
Kindly advise me regarding what is crore in purchase of new capital asset, of acquisition of property is also allowable
my status and taxability of foreign then the entire capital gain is not subject deduction under section 24(b) read with
allowance? to tax. However, if the trust invests part definition of interest under section
consideration for purchase of new 2(28A) of the Income Tax Act.
 Even though you were outside capital asset and part on utilizing for the
India for more than 182 days in the charitable object of the trust, then also Is it mandatory to file return of income if I
financial year 2015-16, you are still a capital gain would not be subject to tax. have a PAN and my income is below
resident of India. Since you were In case of the charitable trust, provisions taxable limit?
outside India not on account of of Section 45, which deals with
employment outside India, you have specifically with the taxability of capital  No, it is not mandatory to file return of
to satisfy both the conditioners of gain have no applicability. income if your income is less than
Section 6(1) of the Income Tax Act i.e. maximum limit even if you have been
182 days more in India or for a period I have availed loan from a bank for allotted PAN. However, it is mandatory to
of 365 or more in India in the purchase of house property which is file the return of income if you are resident
preceding four years and 60 days in the give on rent. The bank has charged in India and have any foreign assets located
financial year 2015-16. Since you have abroad or financial interest in any entity
stayed more than 60 days in the
processing fees, besides interest on loan located abroad and have signing authority
financial year 2015-16, you are a resident availed. Subsequently I have repaid the in any bank account located abroad in
of India for the purpose of income tax bank loan before maturity and accordingly view of newly inserted Provision to Section
and accordingly allowance received in the bank has charged prepayment charges. 139(1) of the Income Tax Act.
foreign currency is subject to tax in I have availed loan carrying interest from
India. friends and relatives for the purpose of
(If you have any queries related to your investment and taxation, feel free to write to him on editorial@dsij.in. You
can read his explanations and analysis on the issues exclusively on this column of your favourite magazine.)

Reviews
In this issue, we have reviewed Britannia Industries and Container Corporation of India. We suggest
investors to Book Profit in Britannia Industries and exit in Container Corp. of India.
Change Scrip’s Movement
BRITANNIA INDUSTRIES Book Profit 15 Per Cent
CMP - `3442
BSE CODE Reco. Price Volume Face Value

500825 `2998 13392 `2
W
e recommended Britannia results. Companies net sales grew by 8.5
Industries under choice scrip per cent to `2.1 crore on YoY basis.
in issue no 20, dated Company’s EBITDA expanded by 9.68
September 7- September 20, 2015 when per cent to `316.2 crore on YoY basis in
scrip was trading at `2998 per share. Q1FY17. Britannia’s EBITDA margin was
Britannia is a part of the Wadia Group, a flattish at 14.39 per cent due to flat
major player in the Indian food market adspend and conversion costs. On
with strong position in the domestic standalone basis also EBITDA margin
biscuit market. The company is second experiencing pressure. Standalone operating environment. Company
largest player in the domestic biscuit EBITDA margin was flat to 14.63 per management believes that due to good
market and commands about 30 per cent cent on YoY basis due to higher milk monsoon this year, demand will pick up
in market share. procurement costs in dairy and adverse after two quarter results in double digit
impact of political/terrorist issues in the growth numbers.
Our recommendation is backed by the MENA business in Q1FY17.
factor like strong brand recall, increasing Currently stock is trading at `3447 per
reach, business expansion into snack and Volumes also rise up by 8 per cent on share and trading at 52 weeks high level
food company, improving margins and YoY basis in Q1FY17. As biscuit with upside by ~15 per cent on
attractive valuation. industry had declined in April and May recommended price. So we recommend
2016. Before recovering in June. We can our reader investors to BOOK PROFIT on
Britannia recently announced its Q1FY17 see healthy volume growth in a difficult this script at current level.
Change Scrip’s Movement

CONTAINER CORPORATION EXIT 6 Per Cent
CMP - `1372
BSE CODE Reco. Price Volume Face Value

531344 `. 1466 4440 `10
W
e recommended Container transport and implementation of GST;
Corporation of India under good financial numbers; debt free status;
cover story in issue no 21, dedicated freight corridor (DFC)
dated September 21- October 4, 2015 projects to increase the capacity and
when scrip was trading at `1466 per share. transport speed of cargo by rail; capacity
Container Corporation of India provides expansion plans.
inland transport by rail for containers,
ports, air cargo complexes and cold chain. On financial front, Concor’s standalone
The company has a network of over 60 revenue decline by 5.71 per cent to basis. Company’s EXIM volume is
inland container depots/ container freight `1339 crore in Q1FY17 on yearly basis. improved but revenue numbers were
stations (ICDs/CFSs) in India. CCIL CCIL’s EBITDA shrinked by 8.12 per down. Reason behind this is down of
operates in two division viz. EXIM and cent in Q1FY17 on YoY basis. EBITDA leads. Lower profitability also affected by
domestic divisions. Both EXIM and margins also got affected and empty repositioning costs.
domestic divisions of the company are compressed by 51 bps points to 19.56 per
engaged in handling, transportation and cent in Q1FY17 over last year. The As per our expectation, the stock price
warehousing activities. CCIL is a leader in company’s net profit also down by 13.89 has not moved up due to lower financial
the rail transport services with market per cent `178 crore in Q1FY17 as numbers and pressurised margins. Hence
share of 75 per cent. compared to same period in the previous we recommend our reader investors to
fiscal year. Decline in topline is due to EXIT from the stock at current level as
Our recommendation was backed by the decrease in domestic handling by 4.27 we do not see much improvement in
factors like growing demand for rail per cent though international handling near term. DS
cargo due to cheaper rates than road rise by 2.86 per cent in Q1FY17 on yearly (Closing price as of Aug 30, 2016)

Kerbside
The recommendations provided in this column are taken from various market sources such as
brokers, analysts, dealers and investment strategists, etc. These recommendations may not be
backed by strong fundamentals. Therefore we advise readers to use their own discretion
before investing in these recommendation
NMDC
POTENTIAL MONEY MINER BSE Code: 526371
CMP: `108
A government owned entity and the largest iron ore miner by
market capitalisation in India is also engaged in the exploration
of various minerals, production and sale of sponge iron and
generation of wind power. The company is all set to increase its
production by 14 per cent to 35 million tonnes and aims at
taking it to 50 million tonnes by FY18. The company has shown
significant growth in recent top-line and bottom-line numbers by
12.5 and 28.6 per cent. The company recently made a new 52
weeks high at 111 and gave a pullback from support of 105.
Investors can enter at current levels for reasonable profits.
Market sources say NMDC may jump hereafter looking at its
plans. An entry at this point in this stock, would not be a bad
idea, it is believed.
ON THE WHEELS CHEMICALLY GAIN DCW has generated

Titagarh Wagons DCW great success to
BSE Code: 532966 BSE Code: 500117 emerge as one of
CMP: `120 CMP: `30.75 India’s fastest
growing multi-
Railway sector related stocks have product multi location chemical companies.
been in limelight in the recent DCW is an industry pioneer with a strong
times. As per our reliable sources, presence in the chlor-alkali, synthetic rutile
Titagarh Wagons is one stock and PVC business segments, with a
among the railway stocks which successful record of innovation and in
has seen renewed interest from pioneering new products and processes.
the HNIs and our sources suggest Recently, the Finance Ministry has extended
that the price is likely to move one year validity anti-dumping duty of
upwards in coming trading caustic soda imports from Taiwan (Chinese
sessions. Hence, market Taipei). It may be a good time to buy the
participants can buy this stock for stock, according to grapevine.
short term gains.
Vascon Engineers
AND FINALLY... BSE Code: 533156
CMP: `35.60
Vascon Engineers, a pioneer real estate EPC player, has over two decades of
extensive experience in the construction sector. The company has expertise
spread across all segments, such as residential, commercial, industrial, IT
Parks, hospital, malls and hotels. The company follows an asset light
business model, and has categorised most of its land bank into joint
ventures or joint development agreement to mitigate the burden of land
cost. Stock is likely to move northwards in coming trading sessions, say
market sources and if they are to be believed, investors can sail along
Vascon for sometime. DS

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CONTENTS Vol. 31 No.

20 • SEPT 5 - 18, 2016

A Happening August Brings Adequate

Small-cap stocks have a great amount of

6 DALAL STREET INVESTMENT JOURNAL I SEPT 5 - 18, 2016 DSIJ.in

Vol. 31. No. 20 • SEPT 5 - 18, 2016

Graphics : Vipin Bendale

Managing Director Aurobindo Pharma Buy 798.00 Technicals 18

DSIJ.in SEPT 5 - 18, 2016 I DALAL STREET INVESTMENT JOURNAL 7

8 DALAL STREET INVESTMENT JOURNAL I SEPT 5 - 18, 2016 DSIJ.in

TREAT IT WITH LUPIN

pharmaceutical industry at per cent to `2271 crore in FY16 as

non-compliance of USFDA fiscal year. Considering the latest quarter

Buying opportunity is emerging for previous financial year. The company’s

10 DALAL STREET INVESTMENT JOURNAL I SEPT 5 - 18, 2016 DSIJ.in

12 DALAL STREET INVESTMENT JOURNAL I SEPT 5 - 18, 2016 DSIJ.in

BSE CODE Volume Face Value

Last Seven Days’ Volume Table Scrip’s Movement

with a 15-day 25-Aug-16 7,88,472

high risk. Therefore,

14 DALAL STREET INVESTMENT JOURNAL I SEPT 5 - 18, 2016 DSIJ.in

The Nifty Index after moving sideways for

NIFTY DAILY CHART

16 DALAL STREET INVESTMENT JOURNAL I SEPT 5 - 18, 2016 DSIJ.in

TVS MOTOR COMPANY ...................... BUY ......................CMP `326

AUROBINDO PHARMA ........................ BUY ................... CMP `798

18 DALAL STREET INVESTMENT JOURNAL I SEPT 5 - 18, 2016 DSIJ.in

20 DALAL STREET INVESTMENT JOURNAL I SEPT 5 - 18, 2016 DSIJ.in

(Base is normalised to 100)

DSIJ.in SEPT 5 - 18, 2016 I DALAL STREET INVESTMENT JOURNAL 21

Informed Investors Are Aware Of

22 DALAL STREET INVESTMENT JOURNAL I SEPT 5 - 18, 2016 DSIJ.in

DSIJ.in SEPT 5 - 18, 2016 I DALAL STREET INVESTMENT JOURNAL 23

HGS Sales Pipeline Grows Consistently

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Due To High Beta Nature, Small Caps Are Riskier

Amarjeet Maurya, Sr Research Analyst, Angel Broking

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Rama Steel Tubes

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Hinduja Global Solutions

Methodology of Picking up 400 Small-cap Stocks

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