India | Infrastructure 24 April 2023

Company Update

Hindustan Construction Company

Focus shifts to cleaning house, core biz Rating: Not Rated
We met HCC management recently. The following are key takeaways: CMP: INR 15 (as on 24 April 2023)

Debt restructuring: targets credit rating upgrade by Q3FY24 Key data

HCC (HCC IN) management has set a target to almost halve
Global Markets Research

Bloomberg /Reuters Code HCC IN/HCNS.BO

consolidated debt to INR 38bn by March 2023 from INR 63bn as on Current /Dil Shares O/S (mn) 1513/1513
September 2022 by transferring INR 25bn to Prolific Resolution (PRPL), Mkt Cap (INR bn/USD mn) 22/268
a wholly owned subsidiary. It is also in advanced talks with an investor Daily Volume (3M NSE Avg) 18,487,475
to sell a 51% stake in PRPL along with management control, leaving a Face Value (INR) 1
minority interest of 49%. Debt is set to reduce by INR 3bn every year as 1 USD= INR 81.9
per a planned repayment schedule and reach INR 29bn by FY26, which Note: *as on 24 April 2023; Source: Bloomberg

will lead to a drop in interest burden. Debt repayment is expected to

Price & Volume
take place via: 1) core business ramp-up through new orders, 2)
25 200
monetization of pending land parcels & Steiner AG subsidiary, and 3)
20 150
receipt of arbitration claim money (awards in favor of HCC of INR 17bn
15
and INR 40bn). By Q3FY24, HCC expects a credit rating upgrade. 100
10
Leveraging expertise: targets new orders with 12-16% EBITDA margin 5 50

Banks have released bank guarantees after approving the resolution 0 0

Apr-22 Jul-22 Oct-22 Jan-23 Apr-23
plan and HCC is technically pre-qualified to bid for projects and targets
inflows of INR 50bn for FY24 across railways, roads, metro and urban Vol. in mn (RHS) HCC (LHS)

infrastructure. The current bid pipeline is INR 160bn, which is expected

Source: Bloomberg
to come up for bidding in 3-4 months. In FY23, the JV with Megha
Shareholding (%) Q1FY23 Q2FY23 Q3FY23 Q4FY23
Engineering won an order to build the underground bullet train station
Promoter 32.6 26.0 18.6 18.6
at BKC for INR 36bn from the National High Speed Rail Corporation.
Institutional Investor 25.2 25.4 25.3 24.7
HCC’s share is 34% at INR 12bn and it will work on underground Other Investor 6.8 9.7 10.1 9.2
tunnelling while Megha Engineering will take financial risk and funding General Public 35.4 38.9 46.1 47.5
commitments. HCC has partnered with Cube Highways (private equity) Source: BSE
to bid for NHAI HAM projects. Orderbook as on December 2022 is INR
Price performance (%) 3M 6M 12M
126bn with a book-to-bill visibility of 2.7x and slow-moving projects
Nifty (2.2) 0.3 1.3
form 12% of orderbook. It has a target EBITDA margin of 12-16% for Hindustan Construction
(26.3) 7.0 (14.4)
new orders. Company
Source: Bloomberg
Monetization moves: focus to grow core construction business
HCC has monetized most of its assets and is in talks with investors to sell
pending Steiner AG subsidiary (engaged in real estate development in
Switzerland) and two land parcels at Mumbai. Promoter focus is on
monetization of non-core assets, debt reduction and grow core
construction portfolio.

Cautious outlook: ramp-up in order inflows a key trigger

Investors await ramp-up in order inflows, a key trigger. Given HCC’s
expertise in executing large and challenging projects, bank support for
future projects is necessary. Post the targeted upgrade in credit rating
post debt resolution and regular repayments, management is hopeful
of better times. We are cautious on timelines of conversion of arbitration
awards and claims into cash. Promoter stake as on March 2023 is at
18.5% with 85% pledged. The stock is trading at 5.3x trailing FY22 P/E.
Key consolidated financials
Revenue YoY EBITDA EBITDA Margin Adj PAT YoY Fully DEPS RoE RoCE
YE March (INR mn)
(INR mn) (%) (INR mn) (%) (INR mn) (%) (INR) (%) (%)
FY20 94,443 (10.4) 8,442 8.9 1,970 NA 1.3 NA 19.4
FY21 82,484 (12.7) 3,912 4.7 (6,100) NA (4.0) NA 7.5
FY22 106,697 29.4 11,926 11.2 3,966 NA 2.8 NA 29.9
9MFY23 67,625 (13.2) 2,618 3.9 (2,177) NA (1.4) NA NA
Note: pricing as on 24 April 2023; 9MFY23 growth compared to 9MFY22; Source: Company, Elara Securities Research
Ankita Shah • [email protected] • +91 6164 8516
Ash Shah • [email protected] • +91 6164 8500
Elara Securities (India) Private Limited
 Hindustan Construction Company

Financials (YE March)

Income Statement (INR mn) FY20 FY21 FY22 9MFY23 Revenue & margin growth trend
Net Revenue 94,443 82,484 106,697 67,625
120,000 11.2 12
EBITDA 8,442 3,912 11,926 2,618
100,000 10
Add:- Non operating Income 776 866 1,521 423
OPBIDTA 9,218 4,778 13,448 3,041 80,000 8.9 8

(INR mn)
Less :- Depreciation & Amortization 1,518 1,355 1,383 962

(%)
60,000 6
EBIT 7,700 3,423 12,064 2,079
40,000 4.7 4
Less:- Interest Expenses 8,170 10,011 10,305 7,463 3.9
20,000 2
Less:- Exceptional item 2,212 (2,740) 1,061 2,543
PBT (2,682) (3,847) 698 (7,928) 0 0
FY20 FY21 FY22 9MFY23
Less :- Taxes 1,649 (2,573) 864 (599)
Reported PAT 1,970 (6,100) 3,996 (2,177) Net Revenue EBITDA Margin
Adjusted PAT 1,970 (6,100) 3,996 (2,177)
Source: Company, Elara Securities Research
Balance Sheet (INR mn) FY20 FY21 FY22 H1FY23
Share Capital 1,513 1,513 1,513 1,513
Reserves (9,105) (14,689) (9,360) (8,901)
Net worth (7,592) (13,176) (7,846) (7,388) Adjusted profit growth trend
Borrowings 29,928 45,332 55,584 62,871 5,000 4
Deferred Tax (Net) 0 0 315 420
2,500 2
Other non-current liabilities 17,205 19,135 19,041 18,422
0 0
Total Liabilities 39,542 51,291 67,093 74,326

(INR mn)

(%)
Net Block 7,679 8,621 7,192 6,643 (2,500) (2)
Add:- Capital work in progress 1,784 16 7 0 (5,000) (4)
Goodwill 34 34 34 34 (7,500) (6)
Investments 3,545 4,180 584 426
(10,000) (8)
Cash & bank balances 8,430 12,616 15,424 12,732 FY20 FY21 FY22 9MFY23
Net Working Capital (18,700) 15,085 31,450 3,306
Other Assets 36,770 10,738 12,403 51,185 Adjusted PAT Net Margin

Total Assets 39,542 51,291 67,093 74,326 Source: Company, Elara Securities Research
Cash Flow Statement (INR mn) FY20 FY21 FY22 H1FY23
Cash profit adjusted for non-cash items 9,115 3,644 13,422 6,369
Add/Less:- Working Capital changes 24,294 (34,130) (17,997) 27,443
Operating Cash Flow 33,409 (30,487) (4,575) 33,812
Return ratios
Less:- Capex (3,579) (530) 56 (87) 80
Free Cash Flow 29,830 (31,017) (4,519) 33,726 58.7
60
Financing Cash Flow (8,688) 8,927 3,879 1,903
40
Investing Cash Flow (21,276) 26,276 3,448 (38,321)
20 7.5
Net change in Cash (134) 4,186 2,808 (2,692) 19.4 20.4
Ratio Analysis FY20 FY21 FY22 9MFY23 0

Income Statement Ratios(%) (20)

Revenue Growth (10.4) (12.7) 29.4 (13.2) (40) (22.4)
EBITDA Growth (9.4) (53.7) 204.8 (68.8) (60) (39.9)
PAT Growth NA NA NA NA FY20 FY21 FY22 9MFY23
EBITDA Margin 8.9 4.7 11.2 3.9
ROE (%) ROCE (%)
Net Margin 2.1 (7.4) 3.7 (3.2)
Return & Liquidity Ratios (%) Source: Company, Elara Securities Research
Net Debt/Equity (x) NA NA NA NA
ROE (%) NA NA NA NA
ROCE (%) 19.4 7.5 20.4 NA
Per Share data & Valuation Ratios
Reported EPS (INR) 1.3 (4.0) 2.6 (1.4)
Adjusted EPS (INR) 1.3 (4.0) 2.6 (1.4)
EPS growth (%) NA NA NA NA
Core P/E (x) 11.2 NA 5.5 NA
EV/EBITDA (x) 5.1 14.0 5.2 NA
EV/Sales (x) 0.5 0.7 0.6 NA
Core Price/Book (x) NA NA NA NA
Note: pricing as on 24 April 2023; 9MFY23 growth is compared to 9MFY22; Source: Company, Elara
Securities Research

2 Elara Securities (India) Private Limited

 Hindustan Construction Company

Exhibit 1: 9M revenue down 13.2% over 9MFY22 Exhibit 5: Orderbook spread across pan-India
120,000 40 Tamil Nadu J&K Manipur
13% 8% 7% Rajasthan
100,000 30
4%
(INR mn)

80,000 20 Delhi
Gujarat
1% Assam
15%

(%)
60,000 10 1%
Bhutan
40,000 0 1%
Karnataka
20,000 (10) 1%
Maharashtra Others
0 (20) 16% 3%
FY20 FY21 FY22 9MFY23 Uttarakhand
30%

Infrastructure
Revenue YoY Growth
Source: Company, Elara Securities Research
Source: Company, Elara Securities Research
Exhibit 6: Management targets stronger inflows
Exhibit 2: EBITDA margin to improve on new orders
40,000
14,000 12
12,000 10 30,000
10,000 (INR mn)
(INR mn)

8
8,000 20,000
(%)

6
6,000
4
10,000
4,000
2,000 2 0
FY20 FY21 FY22 9MFY23
0 0
FY20 FY21 FY22 9MFY23 Order inflow

EBITDA EBITDA Margin Source: Company, Elara Securities Research

Source: Company, Elara Securities Research Exhibit 7: Recent inflows for EPC works
Order inflow FY20 FY21 FY22 9MFY23
Exhibit 3: Lower PAT on high interest burden
Delhi Metro DC06 3,670 - - -
6,000 6 Sahibganj Bypass - 4,940 - -
4,000 4 Bhadbut Barrage - 20,420 - -
2,000 2 Rishikesh Karnaprayag
- 8,010 - -
(INR mn)

Tunnel
0 0 Construction of tunnel in
(%)

- 1,300 - -
(2,000) (2) Mizoram in 2 packages
Chennai Metro Phase 2,
(4,000) (4) - - 5,850 -
Corridor - 4
(6,000) (6) Chennai Metro Phase 2,
- - 6,680 -
Corridor - 5
(8,000) (8) Nokha Water Supply - - 3,050 -
FY20 FY21 FY22 9MFY23 Mumbai Ahmedabad High
- - - 12,880
PAT PAT Margin Speed Rail Pkg C1 (L1)
Total 3,670 34,670 15,580 12,880
Source: Company, Elara Securities Research Source: Company, Elara Securities Research

Exhibit 4: Diversified orderbook at INR 126bn as on Exhibit 8: Consolidated debt to reduce post the
December 2022 resolution plan
Water supply 70,000
and Irrigation, 60,000
19%
50,000
(INR mn)

40,000
30,000
Nuclear Transportation,
power, 9% 20,000
47%
10,000
0
FY20

FY21

FY22

Target
1HFY23

FY23

Hydro power,
25%
Source: Company, Elara Securities Research
Source: Company, Elara Securities Research

Elara Securities (India) Private Limited 3

 Elara Securities (India) Private Limited

Disclosures & Confidentiality for non U.S. Investors

The Note is based on our estimates and is being provided to you (herein referred to as the “Recipient”) only for information purposes. The sole purpose of this Note
is to provide preliminary information on the business activities of the company and the projected financial statements in order to assist the recipient in understanding
/ evaluating the Proposal. Nothing in this document should be construed as an advice to buy or sell or solicitation to buy or sell the securities of companies referred
to in this document. Each recipient of this document should make such investigations as it deems necessary to arrive at an independent evaluation of an investment
in the securities of companies referred to in this document (including the merits and risks involved) and should consult its own advisors to determine the merits and
risks of such an investment. Nevertheless, Elara Securities (India) Private Limited or any of its affiliates is committed to provide independent and transparent
recommendation to its client and would be happy to provide any information in response to specific client queries. Elara Securities (India) Private Limited or any of
its affiliates have not independently verified all the information given in this Note and expressly disclaim all liability for any errors and/or omissions, representations
or warranties, expressed or implied as contained in this Note. The user assumes the entire risk of any use made of this information. Elara Securities (India) Private
Limited or any of its affiliates, their directors and the employees may from time to time, effect or have effected an own account transaction in or deal as principal or
agent in or for the securities mentioned in this document. They may perform or seek to perform investment banking or other services for or solicit investment banking
or other business from any company referred to in this Note. Each of these entities functions as a separate, distinct and independent of each other. This Note is
strictly confidential and is being furnished to you solely for your information. This Note should not be reproduced or redistributed or passed on directly or indirectly
in any form to any other person or published, copied, in whole or in part, for any purpose. This Note is not directed or intended for distribution to, or use by, any
person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction, where such distribution, publication, availability or use
would be contrary to law, regulation or which would subject Elara Securities (India) Private Limited or any of its affiliates to any registration or licensing requirements
within such jurisdiction. The distribution of this document in certain jurisdictions may be restricted by law, and persons in whose possession this document comes,
should inform themselves about and observe, any such restrictions. Upon request, the Recipient will promptly return all material received from the company and/or
the Advisors without retaining any copies thereof. The Information given in this document is as of the date of this report and there can be no assurance that future
results or events will be consistent with this information. This Information is subject to change without any prior notice. Elara Securities (India) Private Limited or any
of its affiliates reserves the right to make modifications and alterations to this statement as may be required from time to time. However, Elara Securities (India) Private
Limited is under no obligation to update or keep the information current. Neither Elara Securities (India) Private Limited nor any of its affiliates, group companies,
directors, employees, agents or representatives shall be liable for any damages whether direct, indirect, special or consequential including lost revenue or lost profits
that may arise from or in connection with the use of the information. This Note should not be deemed an indication of the state of affairs of the company nor shall
it constitute an indication that there has been no change in the business or state of affairs of the company since the date of publication of this Note. The disclosures
of interest statements incorporated in this document are provided solely to enhance the transparency and should not be treated as endorsement of the views
expressed in the report. Elara Securities (India) Private Limited generally prohibits its analysts, persons reporting to analysts and their family members from
maintaining a financial interest in the securities or derivatives of any companies that the analysts cover. The analyst for this report certifies that all of the views
expressed in this report accurately reflect his or her personal views about the subject company or companies and its or their securities, and no part of his or her
compensation was, is or will be, directly or indirectly related to specific recommendations or views expressed in this report.

Any clarifications / queries on the proposal as well as any future communication regarding the proposal should be addressed to Elara Securities (India) Private
Limited. It is important to note that any dispute with respect to this research report, would not have access to stock exchange investor redressal forum or arbitration
mechanism.

Elara Securities (India) Private Limited was incorporated in July 2007 as a subsidiary of Elara Capital (India) Private Limited.

Elara Securities (India) Private Limited is a SEBI registered Stock Broker in the Capital Market and Futures & Options Segments of National Stock Exchange of India
Limited [NSE], in the Capital Market Segment of BSE Limited [BSE] and a Depository Participant registered with Central Depository Services (India) Limited [CDSL].

Elara Securities (India) Private Limited’s business, amongst other things, is to undertake all associated activities relating to its broking business.

The activities of Elara Securities (India) Private Limited were neither suspended nor has it defaulted with any stock exchange authority with whom it is registered in
last five years. However, during the routine course of inspection and based on observations, the exchanges have issued advise letters or levied minor penalties on
Elara Securities (India) Private Limited for minor operational deviations in certain cases. Elara Securities (India) Private Limited has not been debarred from doing
business by any Stock Exchange / SEBI or any other authorities; nor has the certificate of registration been cancelled by SEBI at any point of time.

Elara Securities (India) Private Limited offers research services primarily to institutional investors and their employees, directors, fund managers, advisors who are
registered or proposed to be registered.

Details of Associates of Elara Securities (India) Private Limited are available on group company website www.elaracapital.com

Elara Securities (India) Private Limited is maintaining arms-length relationship with its associate entities.

Research Analyst or his/her relative(s) may have financial interest in the subject company. Elara Securities (India) Private Limited does not have any financial interest
in the subject company, whereas its associate entities may have financial interest. Research Analyst or his/her relative does not have actual/beneficial ownership of
1% or more securities of the subject company at the end of the month immediately preceding the date of publication of Research Report. Elara Securities (India)
Private Limited does not have actual/beneficial ownership of 1% or more securities of the subject company at the end of the month immediately preceding the date
of publication of Research Report. Associate entities of Elara Securities (India) Private Limited may have actual/beneficial ownership of 1% or more securities of the
subject company at the end of the month immediately preceding the date of publication of Research Report. Research Analyst or his/her relative or Elara Securities
(India) Private Limited or its associate entities does not have any other material conflict of interest at the time of publication of the Research Report.

Research Analyst or his/her relative(s) has not served as an officer, director or employee of the subject company.

Research analyst or Elara Securities (India) Private Limited have not received any compensation from the subject company in the past twelve months. Associate
entities of Elara Securities (India) Private Limited may have received compensation from the subject company in the past twelve months. Research analyst or Elara
Securities (India) Private Limited or its associate entities have not managed or co-managed public offering of securities for the subject company in the past twelve
months. Research analyst or Elara Securities (India) Private Limited or its associates have not received any compensation for investment banking or merchant banking
or brokerage services from the subject company in the past twelve months. Research analyst or Elara Securities (India) Private Limited or its associate entities may
have received any compensation for products or services other than investment banking or merchant banking or brokerage services from the subject company or
third party in connection with the Research Report in the past twelve months.

Disclaimer & Standard warning

Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or
provide any assurance of returns to investors.
Investment in securities market are subject to market risks. Read all the related documents carefully before investing.

4
 Elara Securities (India) Private Limited

Disclaimer for non U.S. Investors

The information contained in this note is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we
endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will
continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the
particular situation.

Global Markets Research

Disclosures for U.S. Investors
The research analyst did not receive compensation from Hindustan Construction Company Limited.

Elara Capital Inc.’s affiliate did not manage an offering for Hindustan Construction Company Limited.

Elara Capital Inc.’s affiliate did not receive compensation from Hindustan Construction Company Limited in the last 12 months.

Elara Capital Inc.’s affiliate does not expect to receive compensation from Hindustan Construction Company Limited in the next 3 months.

Disclaimer for U.S. Investors

This material is based upon information that we consider to be reliable, but Elara Capital Inc. does not warrant its completeness, accuracy or adequacy and it
should not be relied upon as such.

This material is not intended as an offer or solicitation for the purchase or sale of any security or other financial instrument. Securities, financial instruments or
strategies mentioned herein may not be suitable for all investors. Any opinions expressed herein are given in good faith, are subject to change without notice,
and are only correct as of the stated date of their issue. Prices, values or income from any securities or investments mentioned in this report may fall against the
interests of the investor and the investor may get back less than the amount invested. Where an investment is described as being likely to yield income, please
note that the amount of income that the investor will receive from such an investment may fluctuate. Where an investment or security is denominated in a
different currency to the investor’s currency of reference, changes in rates of exchange may have an adverse effect on the value, price or income of or from that
investment to the investor. The information contained in this report does not constitute advice on the tax consequences of making any particular investment
decision. This material does not take into account your particular investment objectives, financial situations or needs and is not intended as a recommendation of
particular securities, financial instruments or strategies to you. Before acting on any recommendation in this material, you should consider whether it is suitable
for your particular circumstances and, if necessary, seek professional advice.

Certain statements in this report, including any financial projections, may constitute “forward-looking statements.” These “forward-looking statements” are not
guarantees of future performance and are based on numerous current assumptions that are subject to significant uncertainties and contingencies. Actual future
performance could differ materially from these “forward-looking statements” and financial information.

5
 Elara Securities (India) Private Limited

India Europe USA Asia / Pacific

Elara Securities (India) Pvt. Ltd. Elara Capital Plc. Elara Securities Inc. Elara Capital (Asia) Pte.Ltd.
One International Center, Tower 3, 21st Floor, 6th Floor, The Grove, 230 Park Avenue, Suite 2415, New One Marina Boulevard,
Senapati Bapat Marg, Elphinstone Road (West) 248A Marylebone Road, York, NY 10169, USA Level 20,
Mumbai – 400 013, India London, NW1 6JZ, United Kingdom Tel: +1 212 430 5870 Singapore 018989
Tel : +91 22 6164 8500 Tel : +44 20 7486 9733 Fax: +1 212 208 2501 Tel : +65 6978 4047

Harendra Kumar Managing Director [email protected] +91 22 6164 8571

Sales
Ashok Agarwal India [email protected] +91 22 6164 8558
Hitesh Danak India [email protected] +91 22 6164 8543
Karan Rathod India [email protected] +91 22 6164 8570
Lekha Nahar India [email protected] +91 22 6164 8512
Prashin Lalvani India [email protected] +91 22 6164 8544
Shraddha Shrikhande India [email protected] +91 22 6164 8567
Sudhanshu Rajpal India [email protected] +91 22 6164 8508
Joshua Saldanha Asia [email protected] +91 22 6164 8541
Anita Nazareth Corporate Access, Conference & Events [email protected] +91 22 6164 8520
Tina D’souza Corporate Access [email protected] +91 22 6164 8595
Quantitative, Alternatives, Sales Trading & Dealing
Sunil Jain Quantitative & Alternates [email protected] +91 22 6164 8531
Nandish Patel Quantitative & Alternates [email protected] +91 22 6164 8564
Biren Mehta Head - Sales Trading [email protected] +91 22 6164 8500
Kalpesh Parekh India [email protected] +91 22 6164 8555
Manoj Murarka India [email protected] +91 22 6164 8551
Anil Pawar India [email protected] +91 22 6164 8552
Nilesh Chheda India [email protected] +91 22 6164 8554
Nupur Barve India [email protected] +91 22 6164 8532

Research
Amit Purohit Analyst Dairy, FMCG, Paints [email protected] +91 22 6164 8594
Ankita Shah Analyst Infrastructure, Ports & Logistics, Industrials [email protected] +91 22 6164 8516
Bhawana Chhabra, CFA Analyst Strategy [email protected] +91 22 6164 8598
Biju Samuel Analyst Quantitative & Alternate Strategy [email protected] +91 22 6164 8505
Gagan Dixit Analyst Aviation, Chemicals, Oil & Gas [email protected] +91 22 6164 8504
Garima Kapoor Economist [email protected] +91 22 6164 8527
Harshit Kapadia Analyst Capital Goods, Consumer Electronics [email protected] +91 22 6164 8542
Jay Kale, CFA Analyst Auto & Auto Ancillaries [email protected] +91 22 6164 8507
Karan Taurani Analyst Media & Entertainment, Alcobev, QSR, Internet [email protected] +91 22 6164 8513
Prakhar Agarwal Analyst Banking & Financials [email protected] +91 22 6164 8502
Prashant Biyani Analyst Agrochemicals, Fertilisers, Sugar [email protected] +91 22 6164 8581
Prerna Jhunjhunwala Analyst Textiles, Retail [email protected] +91 22 6164 8519
Ravi Sodah Analyst Cement, Building Materials, Metals & Mining [email protected] +91 22 6164 8517
Ruchi Mukhija Analyst IT Services [email protected] +91 22 6164 8583
Rupesh Sankhe Analyst Utilities, Renewables, Capital Goods, Real Estate [email protected] +91 22 6164 8518
Shweta Daptardar Analyst Diversified Financials, Non-Lending Financials [email protected] +91 22 6164 8559
Saurabh Mitra Sr. Associate Cement, Building Materials, Metals & Mining [email protected] +91 22 6164 8546
Aditya Jaiswal Associate Strategy [email protected] +91 22 4204 8683
Amogh Deshpande Associate Aviation, Chemicals, Oil & Gas [email protected] +91 22 4204 8664
Anuja Dighe Associate Banking & Financials [email protected] +91 22 6164 8526
Ash Shah Associate Infrastructure, Ports & Logistics [email protected] +91 22 6164 8500
Bhavi Shah Associate Cement, Building Materials, Metals & Mining [email protected] +91 22 6164 8521
Gaurang Sakare Associate Healthcare, Pharmaceuticals [email protected] +91 22 4204 8618
Heet Van Associate Healthcare, Pharmaceuticals [email protected] +91 22 6164 8545
Himanshu Dhyawala Associate Diversified Financials, Non-Lending Financials [email protected] +91 22 4204 8661
Jayalaxmi Gupta Associate Media & Entertainment, Alcobev, QSR [email protected] +91 22 4204 8681
Kartik Solanki Associate Banking & Financials [email protected] +91 22 4204 8604
Ketul Dalal Associate Auto & Auto Ancillaries [email protected] +91 22 4204 8693
Keval Shah Associate Strategy [email protected] +91 22 4204 8669
Mudit Kabra Associate Capital Goods, Consumer Electronics [email protected] +91 22 4204 8611
Nishant Chowhan, CFA Associate Auto & Auto Ancillaries [email protected] +91 22 4204 8667
Nishit Vora Associate Diversified Financials, Non-Lending Financials [email protected] +91 22 4204 8634
Prachi Kele Associate Economics [email protected] +91 22 4204 8694
Reena Shah Associate Aviation, Chemicals, Oil & Gas [email protected] +91 22 6164 8591
Rohit Harlikar Associate Dairy, FMCG, Paints [email protected] +91 22 6164 8562
Rounak Ray Associate Media & Entertainment, Alcobev, QSR, Internet [email protected] +91 22 4204 8684
Seema Nayak Associate IT Services [email protected] +91 22 4204 8687
Sonali Patwa Associate Utilities, Renewables, Capital Goods [email protected] +91 22 6164 8537
Subhankar Sanyal Associate Economics [email protected] +91 22 4204 8688
Tanvi Tambat Associate Real Estate [email protected] +91 22 6164 8537
Vaibhav Chechani Associate IT Services [email protected] +91 22 4204 8682
Vidhi Puj Associate Dairy, FMCG, Paints [email protected] +91 22 4204 8692
Vishal Panjwani Associate Textiles, Retail [email protected] +91 22 4204 8663
Vinayak Patil Database [email protected] +91 22 6164 8510
Priyanka Sheth Editor [email protected] +91 22 6164 8568
Prakriti Singh Editor [email protected] +91 22 6164 8500
Gurunath Parab Production [email protected] +91 22 6164 8515
Jinesh Bhansali Production [email protected] +91 22 6164 8537

Access our reports on Bloomberg: Type RESP ESEC <GO> Also available on Thomson & Reuters

Elara Securities (India) Private Limited

Registered Office Address: One International Center, Tower 3, 21st Floor, Senapati Bapat Marg,
Elphinstone Road (West) Mumbai – 400 013, India Tel : +91 22 6164 8500
CIN: U74992MH2007PTC172297 | SEBI Research Analyst Registration No.: INH000000933
Member of BSE Limited and National Stock Exchange of India Limited | SEBI REGN. NO.: INZ 000 238236
Member of Central Depository Services (India) Limited | SEBI REGN. NO.: IN-DP-370-2018
Investor Grievance Email ID: [email protected] - Tel. +91 22 6164 8509
Compliance Officer: Mr. Anand Rao - Email ID: [email protected] - Tel. +91 22 6164 8509