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AI Tailwind in IT Stocks:
Time to Reboot Your Tech Portfolio?
Recommendations

10 Choice Scrip

12 Low Priced Scrip

14 Hot Chips

45 Cover Story Regulars

19 Analysis
06
07
Editor’s Keyboard
Company Index

FSN E-Commerce Ventures Ltd 08 Market Watch

Gen Z: High Conviction Story, 16 Technicals

but Priced to Perfection? 53 Kerbside

22 Special Report
Data Bank

Capital Markets 2.0: From a

Banyan Tree to Billion-Dollar
26
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India Inc’s Q1 FY26: Spotlight sections are advertorials
A Tale of Resilience and provided by the company & carried
Reckoning on “as is” basis.

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The Valuation Illusion - Time for

Indian Markets to Get Real
T
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he Indian equity markets, after brushing against fresh highs, appear to be losing momentum
once again. This despite encouraging macroeconomic signals - consumer inflation at a
6.5-year low and a steady unemployment rate for June. Yet, as we trace the market’s journey
from the April lows, the mood seems far from gloomy. Is this resilience warranted, or are we
merely ignoring the red flags in our pursuit of perpetual returns?
In recent months, valuations have continued to surge and currently Indian equities are still among
the priciest globally, with a PE ratio of 23.3 times, exceeding historical averages even as earnings
growth across sectors has started to taper. While most companies are yet to report their quarterly
numbers, early disclosures from index heavyweights suggest all is not well. Two major sectors - IT
and Oil & Gas - have fallen short of expectations, with Reliance Industries playing a significant role in
this underperformance. Meanwhile, marquee consumer-facing companies, once lauded for brand
strength and distribution muscle, are now grappling with declining brand equity, intensifying
competition, and sluggish revenue growth. Yet, many of these names continue to command lofty P/E
multiples - some north of 50.
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This disconnect raises an uncomfortable question: If growth is slowing and margins are under
pressure, can such premium valuations still be justified? The answer lies not just in fundamentals, but
in investor psychology. Post-Covid gains have cultivated a belief among retail investors that equities
will deliver - no matter the price. Record-breaking SIP flows into mutual funds reflect this sentiment.
But not all inflows are grounded in reason. Much of what we see is momentum cloaked as
confidence. Let’s also not forget, markets don’t rise on inflows alone. Every buyer needs a seller. What
truly drives prices is expectation - and increasingly, those expectations seem divorced from economic
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reality. Midcaps, smallcaps, and thematic bets like defence and quick commerce are enjoying frenzied
buying, even as private capex stagnates and government infrastructure spends begin to plateau.
To be clear, growth isn’t absent. Segments like healthcare services, premium consumption, and
electronics manufacturing show promise. Banks and NBFCs, supported by stable ROEs and
reasonable valuations, also remain fundamentally strong. The latest results from India’s top two
private lenders reinforce this view. But applying a blanket optimism across the board is a flawed
strategy. Handing out 50x P/Es to companies growing at 2-3 per cent isn’t optimism - it’s denial.
Structural risks remain. India’s job creation engine hasn’t fired at the required pace, and private
investment appetite remains subdued. Traditional capex-heavy sectors, once led by bold
entrepreneurs, are now marked by hesitation and caution. If growth continues to moderate and
earnings fail to rebound, the current rally may run out of steam.
It’s time to recalibrate. The investing playbook is changing. Brand loyalty, pricing power, and
traditional moats are eroding across sectors. Long-term investing today demands agility,
discernment, and an honest view of fundamentals. Markets may run on narratives in the short term,
but in the long term, they bow to mathematics - and math doesn’t lie.
This month’s cover story takes a closer look at the IT sector - where legacy giants have
underwhelmed, but the broader industry is undergoing a generational shift. We decode what this
means for investors and how to approach the sector with a fresh lens. We also bring you an early
pulse check on June quarter earnings and what they reveal about corporate India’s trajectory. We
hope this edition helps sharpen your investment thinking and guides you towards more profitable
decisions.

RAJESH V PADODE
Managing Director & Editor

6 DALAL STREET INVESTMENT JOURNAL I JULY 28 - AUG 10, 2025 dsij.in

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Recommendations
Mumbai Office
419-A, 4th Floor, Arun Chambers, Tardeo,
Next to AC Market, Mumbai - 400034
Pune Office Company/Scheme Reco. Price (`) Column Page No
Office No. 409, 4th Floor, Solitaire Business Hub,
Kalyani Nagar, Pune - 411006 ELGI Equipments l Buy 533.80 Technicals 18
020-66663-800 / 801 FIEM Industries l Buy 2,026.90 Choice Scrip 10
FSN E-Commerce Ventures l Hold 219.95 Analysis 19
To advertise, mail us on [email protected] Hitachi Energy India l Buy 20,133.50 Hot Chips 14
Publisher : Nitin Sawant
Editor : Rajesh V. Padode
Jai Balaji Industries l Buy 120.10 Low Priced Scrip 12
On behalf of : DSIJ Pvt. Ltd. for Achievements Merchandise Pvt. Ltd. Kellton Tech Solutions l Buy 142.80 Hot Chips 14
Printer : Sarfaraz Ilyaz Qureshi
Printed at : Printrade Issues (India) Pvt. Ltd., Plot No. EL-179, TTC Industrial Area, Pitti Engineering l Buy 1,037.45 Kerbside 53
Electronic Zone, Near Mahape Telephone Exchange, Mahape, Navi Mumbai - 400710
Published from : 419-A, 4th Floor, Arun Chambers, Next to Air-Conditioned Market, Shanthi Gears l Buy 560.85 Technicals 18
Tardeo, Mumbai - 400034
Disclaimer : Every effort has been made to ensure the accuracy and timeliness of the Shree Cement l Buy 32,293.80 Kerbside 53
published information. However, Dalal Street Investment Journal is not liable for any
potential errors. The content is based on fundamental and technical analysis, along with
Thomas Cook l Buy 186.25 Kerbside 53
reliable in-house methods, but these are not infallible. Readers are advised to consult UPL l Buy 722.95 Kerbside 53
experts before making investment decisions. Dalal Street Investment Journal cannot be
held responsible for any losses arising from decisions based on the content. No part of
this publication may be reproduced without prior written consent from Dalal Street
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Investment Journal.
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dsij.in JULY 28 - AUG 10, 2025 I DALAL STREET INVESTMENT JOURNAL 7

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Market Watch
Inflation eased, rate
cut hopes rose, and
Inflation Drops, But So Do Indices volatility dipped, yet

T
he Indian equity market top laggards as investors weighed the markets stayed
navigated a largely negative implications of a rate cut on margins.
trajectory during the last
fortnight, with benchmark
The information technology sector
emerged as the weakest performer
cautious amid
indices coming under
sustained pressure amid global
during the fortnight, with the BSE IT
Index plunging nearly 5 per cent. The
bleeding in IT and
uncertainty, sector-specific concerns,
and profit booking. The BSE Sensex and
decline was triggered by TCS’s Q1FY26
results, which showed a modest 1.3 per banking sectors
Nifty 50 both tumbled around 2 per cent, cent year-on-year revenue growth;
marking a period of consolidation after a missing Street estimates. Foreign Institutional Investors (FIIs)
strong run in the previous months. continued to be net sellers, offloading
Other IT majors also reported muted more than `11,000 crore, while Domestic
Broader market participation remained numbers, leading to a cautious tone for Institutional Investors (DIIs) remained
selective. The BSE Mid-cap Index ended the sector in the near term. On the supportive with `17,800 crore in net
with marginal losses, while the BSE liquidity front, the RBI conducted a inflows.
Small-cap Index posted a muted gain of 7-day Variable Rate Reverse Repo
nearly 1 per cent, suggesting that (VRRR) auction, which was The outcome of the India-U.S. trade deal
investors stayed cautious and focused on oversubscribed, indicating ample will be a crucial growth trigger or
stock-specific opportunities rather than
More Newspaper liquidity
and Magazines and join
Telegram Channel strong
Search participation. potential drag for the markets in the near
https://t.me/Magazines_8890050582 (@Magazines_8890050582)
taking broad exposure across segments. Meanwhile, India VIX dropped to a term, though its direction remains
A key positive during the fortnight came 15-month low, reflecting reduced uncertain at the time of writing. Stay
from macroeconomic data. volatility expectations. tuned for further updates! DS

India’s retail inflation for June 2025 eased

notably to 2.10 per cent, the lowest level
in six years and the weakest reading
since January 2019. The easing price
pressure sparked hopes of a potential
rate cut by the Reserve Bank of India
(RBI) in its upcoming August policy
review. Rate-sensitive sectors such as
FMCG and real estate responded
positively to the improving outlook.

In the FMCG space, Hindustan Unilever

Ltd (HUL) made headlines with its Performance Of Indices
Net Investment In Equity Markets (`/Cr)
shares rallying nearly 5 per cent in a July 07, July 18, Gain/Loss Date FIIs DIIs
single day, following the announcement Indices 2025 2025 (%) 18 Jul 25 374.74 2,103.51
of Priya Nair as the company’s new FMCG 20,175.83 20,835.33 3.27 17 Jul 25 -3,694.31 2,820.77
Managing Director & CEO. Her Realty 7,540.28 7,758.61 2.90
16 Jul 25 -1,858.15 1,223.55
appointment, viewed as a strategic shift Small-Cap 54,830.34 55,285.44 0.83
15 Jul 25 120.47 1,555.03
Healthcare 44,895.66 45,128.54 0.52
with potential to drive innovation and
Power 6,847.59 6,874.58 0.39 14 Jul 25 -1,614.32 1,787.68
growth, received a strong thumbs-up Mid-Cap 46,814.34 46,775.77 -0.08 11 Jul 25 -5,104.22 3,558.63
from the Street. In contrast, the banking Auto 53,618.71 53,475.69 -0.27
and financial services sector witnessed 10 Jul 25 221.06 591.33
Metal 31,854.71 31,459.91 -1.24
heavy profit booking. Bankex 63,661.83 62,741.65 -1.45 9 Jul 25 77.00 920.83
Oil & Gas 28,356.53 27,895.17 -1.63 8 Jul 25 -26.12 1,366.82
Nifty 25,461.00 24,968.40 -1.93
Stocks such as Axis Bank, HDFC Bank, Sensex 83,432.89 81,757.73 -2.01
7 Jul 25 321.16 1,853.39
and Shriram Finance were among the IT 38,317.07 36,554.45 -4.60 Total -11,182.69 17,781.54

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Recommendations Equity
reaching `204.96 crore, an increase of
FIEM INDUSTRIES LTD 23.60 per cent YoY.

LEADING THE CHARGE IN AUTOMOTIVE LED LIGHTING

Fiem Industries continues to
demonstrate strong growth momentum,
outperforming the Indian two-wheeler
market, which grew by 11 per cent in
FY25, by achieving a robust 20 per cent
HERE IS WHY growth. The company is steadily
PAT crosses `200 crore milestone for the first time advancing its technological edge with a
Strong base of 50 OEMs 100 per cent LED based new product
pipeline. LED products offer at least
Gen-next tech focus backed by strong R&D

I
twice the realization compared to
conventional halogen lamps, and in
ndia has become the fastest- some cases, even higher. During FY25,
growing major economy in the Fiem undertook a capital expenditure of
world in recent years, which has `138.28 crore. Looking ahead, the
led to significant demand for company has outlined a capex plan of
automobiles, including auto approximately `200 crore over the next
components. India's automotive lighting three years for routine operations, and
market size reached USD 1.8 billion in an additional `200 crore could be
2024. Looking forward, IMARC Group invested in the four-wheeler business
expects the market to reach USD 2.9 over the next three to four years.
billion by 2033, exhibiting a growth rate
(CAGR) of 5.3 per cent during 2025- OEMs, with the remaining coming from The company’s expansion into the
2033. Considering this, we recommend the replacement market and exports. four-wheeler segment is gathering pace,
Fiem Industries Ltd for our choice
More scrip
Newspaper During
and Magazines the same
Telegram Channel period,
join Search 97.18 per cent of (@Magazines_8890050582)
https://t.me/Magazines_8890050582 supported by a strong order pipeline.
recommendation for this issue of the revenue was generated from the two- Fiem is currently developing over 100
magazine. wheeler segment, while the four-wheeler projects using modern platforms like
segment contributed the remaining 2.82 CAN-based systems, software integration,
Fiem Industries is one of the leading per cent. On the product mix front, in and animated lighting. The request for
manufacturers of Automotive Lighting & FY25, 43.39 per cent of the revenue came quotation pipeline for the passenger
Signalling Equipment and Rear View from Automotive LED Lighting, 29.79 per vehicle business alone stands at around
Mirrors in India. Fiem is among the first cent from Automotive Lighting, 11.11 per `700 crore. The company’s management
companies in India introducing LED cent from Rear View Mirrors, 9.84 per has guided for a 15–20 per cent topline
lights in two-wheelers. Fiem Industries cent from Plastic Moulded Parts, and the growth over the next 3–5 years.
has diversified its product portfolio by remaining 5.87 per cent from other
entering into LED luminaires for indoor products. On the valuation front, the shares of the
and outdoor applications and Integrated company are trading at a PE of 26.4x,
Passenger Information System for In Q4FY25, on a consolidated basis, below the industry PE of 28.4x and above
Railways & Buses. revenue increased by 14.31 per cent YoY its three-year median PE of 18.9x;
to `634.15 crore compared to `554.79 however, the PEG ratio is below one. The
The company has a strong base of 50 crore from the previous year’s same company's three-year sales growth and
OEMs, including Honda, TVS, Yamaha, quarter. Net profit stood at `58.88 crore profit growth stand at 15.5 per cent and
Suzuki, Royal Enfield, and others. In compared to `46.33 crore, a YoY increase 29 per cent, respectively. Fiem Industries
FY25, 92.99 per cent of the company’s of 27.08 per cent. In FY25, the company’s is well positioned to capitalise on the
revenue was derived from domestic PAT crossed `200 crore for the first time, market; hence, we recommend a BUY. DS

Monthly Stock Market Returns Shareholding Pattern (%) Last Five Quarters (`/Cr) (Consolidated)
BSE Code: 532768 CMP: `2,026.90 as of March 2025 Particulars Mar-25 Dec-24 Sept-24 June -24 Mar-24
FV: `10 BSE Volume: 1,654 Net Sales 634.15 590.12 607.48 573.62 554.79
Date: 22 July, 2025 Promoters 58.96
Other Income 5.32 3.85 3.6 3.35 3.51
Institutions 13.20 Operating Profit 90.69 81.41 84.32 81.9 78.44
Interest 0.39 0.39 0.39 0.38 0.38
Public 27.84
Net Profit 58.88 47.02 50.18 48.89 46.33
Total 100 Equity 26.32 26.32 26.32 26.32 26.32

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Recommendations Equity
Q1FY27, and TMT bar capacity has
Jai Balaji Industries Ltd risen to 3 lakh tons, alongside
expansions in hot metal and sinter

RIDING WATER INFRA BOOM WITH VALUE-ADDED GROWTH

capacities.

In FY25, Jai Balaji Industries reported a

muted performance, largely due to a
slowdown in government orders
HERE IS WHY post-elections, as funding was
Strong policy push from Jal Jeevan Mission temporarily redirected toward social
Rising share of value-added products schemes, delaying disbursements.
Despite this, management remains
Capacity ramp-up across DI pipes and alloys

I
optimistic about a rebound in
government ordering post-Budget,
ndia faces growing water scarcity, expecting a robust order pipeline ahead.
intensified by rapid urbanisation,
population growth, and the critical The company’s revenue declined
need for safe drinking water. This marginally by 1 per cent YoY to
has created a pressing need to `6,350.8 crore (from `6,413.8 crore in
transport water efficiently from resource- PRICED SCRIP FY24). Adjusted EBITDA fell 11 per cent
rich to water-deficient regions. YoY to `872.1 crore, with margins
Government-led programmes such as narrowing to 14 per cent from 15 per
the Jal Jeevan Mission and Atal Mission cent. Profit after tax (PAT) declined 37
for Rejuvenation and Urban water infrastructure initiatives, supplying per cent YoY to `557.9 crore, down from
Transformation (AMRUT) are DI pipes for major projects like Jal Jeevan `879.6 crore, mainly due to a sharp drop
addressing this challenge, driving Mission and AMRUT. Internationally, it in other income and higher tax expenses.
demand for reliable, long-lasting water
More Newspaper exports
and Magazines ferro join
Telegram Channel alloys tohttps://t.me/Magazines_8890050582
Search over 40 countries Consequently, PAT margin fell to 9 per
(@Magazines_8890050582)
transport solutions. Ductile Iron (DI) and holds a Three Star Export House cent in FY25 from 14 per cent in FY24,
pipes, known for their strength, certification. In FY 2024–25, 55 per cent reflecting margin pressures despite
corrosion resistance, and 100+ year of its revenue came from value-added relatively steady revenue.
lifespan, have emerged as the preferred and specialised products.
solution. The Indian DI pipe market, Jai Balaji Industries Ltd trades at a
valued at USD 3.19 billion in 2024, is Looking forward, Jai Balaji anticipates 25 Price-to-Earnings (P/E) ratio of 20.0x, at
projected to grow to USD 9.22 billion by per cent–30 per cent YoY revenue a discount compared to the industry
2032, supported by sustainable growth, with EBITDA margins expected average of 22.3x. The company has
infrastructure investments and the use of to improve to 16 per cent–17 per cent in reported a healthy Return on Equity
recyclable materials. FY26 from 14 per cent in FY25, driven (ROE) of 26 per cent and a Return on
by increased value-added output and Capital Employed (ROCE) of 33.0 per
Jai Balaji Industries Limited, established operational efficiencies. DI pipe cent. Backed by a strong growth
in 1999, is a leading manufacturer of DI production is set to grow from 2.82 lakh trajectory, the company has posted a
pipes and specialised ferro alloys with a tons in FY25 to 4 lakh tons in FY26, with three-year sales growth of 10.6 per cent
strong presence in Eastern India. It total capacity reaching 6 lakh tons. and an impressive three-year profit
operates four manufacturing units across growth of 126.0 per cent. Given the
West Bengal and Chhattisgarh, making it The company plans to repay a large positive industry outlook, robust
one of the largest private-sector portion of its `221 crore term debt in capacity expansion, backward-integrated
producers of value-added products. Jai FY26. Ferro alloy capacity will expand capabilities, and strong profit growth, we
Balaji significantly contributes to India’s from 1.66 lakh tons to 1.9 lakh tons by recommend a BUY on the stock. DS

CMP
Monthly Stock Market Returns Last Five Quarters (`/Cr) (Consolidated)
Shareholding Pattern (%)
(`) Particulars Mar-25 Dec-24 Sept-24 June-24 Mar-24
as of March 2025
Net Sales 1,589.53 1,486.39 1,556.57 1,718.31 1,845.60
Promoters 64.84
Other Income 18.70 17.51 21.95 9.50 156.23
Institutions 3.67 Operating Profit 151.60 207.41 250.14 325.29 397.04
BSE Code: 532976 Interest 17.08 14.86 14.95 15.77 17.61
CMP: `120.10 Public 31.49
FV: `2 BSE Volume: 2,92,813 Net Profit 75.48 120.42 153.16 208.82 272.98
Date: 22 July, 2025 Total 100.00 Equity Capital 182.45 182.45 182.45 177.45 163.65

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Recommendations Equity
Hitachi Energy India Ltd CMP - `20,133.50

BSE CODE Volume Face Value Target Stoploss

H
543187 8,046 `2 `21,745 - `22,145 `18,725 (CLS)
itachi Energy India Ltd (formerly Scrip’s Movement
ABB Power Products and Systems
India Ltd) is a global technology
leader driving the transition towards a
sustainable energy future. With a legacy of
over 100 years, the company plays a pivotal
role in electrification through its expertise
in high-voltage technologies, transformers,
automation, and power electronics, placing
digital innovation at the core. It addresses 2025

one of the most pressing global challenges: Last Seven Days’ Volume Table
meeting rising electricity demand while
(No. of Shares)
enabling power system decarbonisation.
Days Volume
In FY25, the company reported robust
performance with revenue growing by Jul 15, 2025 2,152
22 per cent year-on-year to `6,385 crore. Jul 16, 2025 2,957
Net profit soared by an impressive 134 per Jul 17, 2025 17,956
cent to `384 crore from `164 crore in FY24. Jul 18, 2025 3,889
After a steady rally driven by fundamentals, Jul 21, 2025 3,647
Jul 22, 2025 8,046
the stock recently saw renewed buying
The scrips in this interest ahead of its upcoming board returns in the past year
meeting on July 30, 2025, to consider and strong growth visibility, we
column have beenMore Newspaper and MagazinesQ1FY26 results.
Telegram Channel With
join Search nearly 80 per cent (@Magazines_8890050582)
https://t.me/Magazines_8890050582 recommend BUY.
recommended
with a 15-day investment Kellton Tech Solutions Ltd CMP - `142.80
horizon in mind and
BSE CODE Volume Face Value Target Stoploss
carry high risk. Therefore, 519602 1,40,373 `5 `154 - `157 `133 (CLS)

T
investors are advised to
Scrip’s Movement he company is a fast-growing global
take into account their risk IT services and digital transformation
appetite before investing, company. With a strong presence
as fundamentals may across India, the U.S., and Europe, the
company delivers cutting-edge solutions
or may not back the across cloud computing, AI/ML, ERP, SAP,
recommendations. IoT, and product engineering. It is actively
harnessing the power of artificial intelligence
to drive large-scale digital transformation
2025
across key sectors such as healthcare,
banking, manufacturing, logistics, retail, and
Last Seven Days’ Volume Table
oil & gas. In FY25, the company delivered
(No. of Shares)
impressive financial results. Revenue gained
Days Volume by 12 per cent year-on-year to `1,098 crore,
Jul 15, 2025 55,966 while net profit grew nearly 25 per cent to
Jul 16, 2025 3,21,597 `79.72 crore from `64.01 crore in FY24,
Jul 17, 2025 1,91,986 driven by better cost management and
Jul 18, 2025 86,421 business execution. The stock has recently
Jul 21, 2025 97,182 come into focus after the company fixed July
Jul 22, 2025 1,40,373 25, 2025 as the record date for determining
shareholder eligibility for the proposed stock split, subdividing each fully paid-up
equity share of `5 into five shares of Re 1 each. Backed by strong fundamentals, rising
investor interest, and promising upside potential, we recommend BUY. DS

(Closing price as of July 22, 2025)

14 DALAL STREET INVESTMENT JOURNAL I JULY 28 - AUG 10, 2025 dsij.in

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Spotlight
J&K Bank’s Next Leap: Growth, Diversification & Digital Transformation
This will be driven by better credit delivery, enhanced operational
efficiency, and continued focus on asset quality. Our efforts around
centralising operations, strengthening treasury performance, and
advancing digital transformation are expected to further support
these return ratios. On the asset quality front, we are confident of
maintaining our steady improvement. By FY26, our aim is to bring
Gross NPA below 3 per cent. We’re doing this through prudent
lending, robust recovery mechanisms, and proactive monitoring
using early warning systems and digital tools like our NPA tracker.

While the overall portfolio remains largely stable, we are closely

watching exposures in the hotel and transport sectors. However, given
their limited share of just about 1-2 per cent of total advances and our
ongoing monitoring, we don’t see any significant stress building up in
these or other sectors.

Given that approximately 65 per cent of your loan book is

concentrated in the Jammu & Kashmir region, where loan
Amitava Chatterjee growth is currently in mid-single digits, what steps is the
MD & CEO, Jammu and Kashmir Bank Ltd bank taking to diversify its loan portfolio geographically?
Jammu & Kashmir continues to be our core market, where the loan
Can you share your guidance for FY26 with respect to credit portfolio is largely retail-focused and low-risk in nature. That said, we
growth, deposit growth, and net interest margin (NIM)? Are are actively working to diversify and expand our footprint across the
there any internal targets or directional trends you can rest of India. We are taking various steps for expanding our Rest of
India loan book, be it opening of branches at strategic commercial
highlight based on the Q4 FY25 performance? centres, builder tie-ups,(@Magazines_8890050582)
More Newspaper and Magazines Telegram Channel join Search https://t.me/Magazines_8890050582 and partnerships with DSAs. And the results
J&K Bank has delivered its highest-ever profits for the third are showing with our loan growth in ROI being at 23 per cent for FY
consecutive year, and we are determined to carry this strong 2024-25.
performance forward into FY26. Building on the momentum of FY25
and keeping in view the evolving macroeconomic conditions and In markets outside J&K and Ladakh, besides high-quality borrowers,
recent policy changes by the RBI, we are optimistic about sustaining including investment-grade corporates, PSUs, and well-rated mid-
our growth trajectory. For the current financial year, we are aiming for sized companies, we will be targeting housing loans and car loans in
credit growth of around 12 per cent, supported by a healthy balance the retail segment. Back home, we continue to support critical sectors
between retail, SME, and corporate segments. On the deposit front, we like agriculture, horticulture, tourism, and allied services, and are
expect to grow at around 10 per cent, with a focus on deepening our working closely with the J&K Government to promote
existing customer relationships and stepping up new customer entrepreneurship and employment. Pertinently, in the first week of
acquisition through focused deposit mobilisation drives. July, we launched a focused and time-bound campaign titled ‘YUVA
Udaan’ across all our zones in Jammu & Kashmir, aimed towards
Though the business growth might appear a bit moderate, it takes into empowering youth and strengthening the implementation of ‘Mission
consideration the downward revision in India’s growth forecast for FY YUVA’ – J&K Government’s flagship entrepreneurship/employment
2025-26 by the World Bank and is in alignment with the broad growth initiative.
predictions for India’s banking sector in FY2026. In terms of margins,
there will definitely be a squeeze given that we have had a cumulative What is the strategic roadmap for J&K Bank over the next 3
rate cut of 100 bps till date and considering the lag in repricing of
deposits. However, with repricing of deposits and CRR cuts taking
to 5 years? Are there specific goals in terms of size,
effect, the margins will improve in the second half of this financial profitability, diversification, or technology transformation
year. We also expect a contraction in our NIM within the broad range that you are aiming to achieve?
of 10-25 bps as has been forecast by various rating agencies across We have laid out a clear long-term (5-year) vision for the bank, with
banks. Our focus remains clear - strong fundamentals, sustainable defined milestones. Over the next five years, our goal is to double our
growth, and delivering long-term value for all stakeholders. business and accomplish the milestone of `5 lakh crore business, with
an annual profit of `5,000 crore. While achieving these milestones, we
What are the return ratios, specifically Return on Assets (ROA) also intend to diversify our business geographically, with a greater
and Return on Equity (ROE), you are targeting over the next business contribution from ROI, while continuing to serve the people
in the regions of J&K and Ladakh. Technological and operational
1–2 years? Additionally, what is your outlook on asset quality, transformation will continue, and we will keep evolving in this
and are there any specific areas of stress or improvement? dynamic business environment. Our aim is to offer seamless, secure,
In the short term, with the contraction of NIM, our aim is to try and and best-in-class banking services to our customers across domains
sustain ROA at around current levels with ROE above 16 per cent. and regions.

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Recommendations Equity
NIFTY Index Chart Analysis
Nifty Struggles to Find Direction, Remains Range-Bound

T
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he benchmark index Nifty 50 Roadmap for the Next 15 Days
continued to decline for the Ideas Nifty Levels Action to be Initiated Probable Targets
third consecutive week, as Resistance for the medium-term 25,255
Close above the level of 25,255 would be positive
25,800 — 25,900
selling pressure in large-cap for Nifty
stocks intensified. IT and Financials Any slip below 24,880 — 24,910 on a closing
Support for the medium-term 24,880 — 24,910 24,800 — 24,600
played spoilsport—Axis Bank’s earnings basis would result into resumption of down move.
disappointed the Street; however,
sentiment was later lifted by stronger- low of that bullish candle, indicating that bodes well for the next leg of the
than-expected results from ICICI Bank the ongoing decline is likely a routine uptrend.
and HDFC Bank. On the other hand, correction rather than a structural
earnings from Reliance Industries, an breakdown. A decisive close above last week’s high of
index heavyweight, did not provide much 25,255 would likely open the gates
support. Interestingly, during the correction that toward 25,800 in the coming month.
Additionally, Nifty has shown a positive
hidden divergence—while price formed
a higher low, the RSI printed a lower
low—indicating a potential bounce from
current levels. Major support is seen in
the 24,800–24,600 zone, with immediate
support around the 24,880–24,910 range.

With the US-Japan trade deal concluded,

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market attention now shifts to the
outcome of the US-India bilateral trade
negotiations, especially with the August
1 deadline approaching. Meanwhile,
India VIX continues to hover near its
April lows, signaling a phase of extreme
complacency among market
participants.

Historically, such low implied volatility

levels have preceded sharp spikes—often
followed by swift, directional market
moves. While the exact timing of such
An interesting observation related to FII began in September last year, the index an inflection point is uncertain, traders
activity. While Foreign Institutional had posted four consecutive bearish and investors should be prepared for
Investors were net buyers to the tune of candles. Hence, the price action in the heightened activity. A sudden spike in
Rs 24,011 crore in the cash market current week will be crucial. As long as the VIX could serve as a precursor to a
between March and June 2025, they the index holds above the low of the strong directional breakout,
turned net sellers in July 2025, offloading sizable bullish candle, there is no underscoring the need to remain vigilant
Rs 22,186 crore worth of equities as of significant reason for panic. and well-positioned.
July 22.
Structurally, since April, intermediate In conclusion, the 24,800–24,600 zone
Technically, the Nifty 50 has formed a corrections have been shallow—limited remains a key support area. As long as
“Three Black Crows” pattern on the to around 3 per cent—while the index the index holds above this range, a move
weekly chart, signaling a three-week has consistently sustained above its toward 25,800 in the coming months
losing streak. However, context is key. 50-day EMA. Over the past 16 sessions, remains likely. Investors should use this
Prior to this bearish formation, the index the Nifty has retraced 61.80 per cent of correction as an opportunity to
had printed a sizable bullish candle. the preceding 11-day, 5 per cent rally. accumulate quality stocks on dips—
Despite the subsequent three bearish The slower pace of this retracement preferably those backed by strong
candles, the index has not breached the suggests a robust price structure, which earnings.

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Recommendations Equity
STOCK RECOMMENDATIONS

ELGI EQUIPMENTS .............................. BUY .......................... CMP `553.80

BSE Code : 522074 Target 1 .... `612 | Target 2 ..... `630 | Stoploss....`532 (CLS)

E lgi Equipments is one of India's leading manufacturers

of air compressors. On a consolidated basis, the
company derives approximately 50% of its revenue from
the domestic market, with the remainder coming from
international markets. It produces a range of reciprocating
compressors, screw compressors, centrifugal compressors,
and also supplies garage equipment for the automotive
segment through its subsidiary, ATS Elgi Ltd.

On July 9, 2025, the stock formed a green candle with an

upper shadow, accompanied by the highest single-day
volume recorded in over three months. Since then, the
price has been trading within the high and low of that
candle—a classic sign of accumulation. Why do we say
this? The stock has consistently held the support of a rising
trendline drawn from the lows of April and subsequent major swing lows. Additionally, it has managed to sustain above the
20-DMA. On the weekly time frame, the stock has formed an inside bar and is approaching a key resistance level at `563, defined
by the 50-week moving average. Meanwhile, the weekly MACD is trending upwards and remains above its nine-period average,
reinforcing a positive bias. On the daily chart, the trend strength indicator—ADX—is above 25, and the +DMI is above the -DMI,
suggesting strong trend momentum with the bulls holding the upper hand. Based on the above technical indicators, we
recommend buying the stock above and
More Newspaper `563–565 for a target
Magazines Telegram of `Search
Channel join 612–630, with a stop loss at(@Magazines_8890050582)
https://t.me/Magazines_8890050582 `532.
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SHANTHI GEARS .................................. BUY ......................... CMP `560.85

BSE Code : 522034 Target 1 ...... `635 | Target 2 ..... `660 | Stoploss.....`533 (CLS)

S hanthi Gears Limited (SGL), a subsidiary of Tube

Investments of India Ltd, has been a pioneer in
industrial gearbox manufacturing for over five decades,
with a strong specialization in customized solutions. With a
firm focus on innovation and diversification, SGL serves a
broad spectrum of industries including Steel, Cement,
Power (Thermal & Wind), Mining, Transportation, and
Construction. Notably, SGL is the first Indian gear
manufacturer to earn AS-9100D and IRIS (ISO/TS
22163:2017) certifications, underscoring its capabilities in
the Aerospace and Railway sectors.

The stock recently witnessed a breakout from a

consolidation pattern, supported by robust volume and a
sizable bullish candle. It recorded the highest single-day
volume in a year, indicating strong participation in the direction of the breakout. Trading near an 8-month high, the stock is now
positioned above all its key short- and long-term moving averages, which are aligned in the ideal sequence. The daily MACD is
trending upwards and remains above its nine-period average, confirming a bullish bias. Additionally, the daily RSI has entered
bullish territory and continues on an upward trajectory, further supporting the positive momentum. Considering the above
technical setup, we recommend buying the stock for a target of `635–660, with a stop loss at `533. DS

*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 (Closing price as of July 22, 2025)
Disclaimer : Above recommendations are based on various technical parameters and any fundamental input has not been considered for the recommendations. Follow strict stop loss for the recommendation.

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 Analysis Equity

FSN E-Commerce Ventures Ltd

Gen Z: High Conviction Story, but Priced to Perfection?
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From skincare routines to fashion trends, Gen Z is transforming how India consumes. This digital-first
generation doesn’t just buy; they curate experiences, demand personalization, and look for authenticity in
every swipe and scroll. As India’s 440-million-strong Gen Z cohort begins to dominate discretionary
spending, platforms built to speak their language stand to gain immensely. Nykaa, India’s leading
content-led, lifestyle retail platform, is at the forefront of this generational shift
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Company Overview: A Digital Lifestyle per cent by the end of the decade. These categories also make
Powerhouse up around 25 per cent of discretionary spending, which in
turn contributes 53 per cent of total retail expenditure-
Founded in 2012, FSN E-Commerce Ventures Ltd (Nykaa) is a underlining their structural importance in the Indian
digitally native consumer-tech platform offering beauty, consumption story.
personal care, and fashion products across online and offline
channels. The company operates a differentiated, content-led At the heart of Nykaa’s business is the online BPC segment,
model, allowing for deep brand discovery and consumer which has shown exceptional growth-delivering a 40-42 per
engagement. Today, Nykaa serves over 42 million customers cent CAGR between 2020-2025, and expected to continue at a
across India under its “One Nykaa” ecosystem, integrating 23-25 per cent CAGR through 2030. Online fashion, Nykaa’s
platforms, verticals, and supply chains across Beauty & second key vertical, is also on a similar growth trajectory. What
Personal Care (BPC), fashion, owned brands, and eB2B makes Nykaa particularly well-positioned is its strategic focus
distribution. on the premium-to-luxury segment, where the addressable
market is projected to triple by 2030, growing at a 25-30 per
Industry Overview cent CAGR. This higher-end positioning not only supports
Nykaa operates at the intersection of beauty and fashion, two of superior margins but also aligns well with rising consumer
the most vibrant and fast-growing verticals in India’s aspirations.
discretionary consumption and e-commerce landscape. The
Indian e-commerce market, currently valued at USD 60 billion, A significant long-term growth enabler for Nykaa is the
is expected to grow nearly 3x to USD 170-190 billion by ongoing transition from unorganised to organised retail,
2030. Beauty and fashion together already account for 23 particularly in BPC and fashion. Organised penetration in BPC
per cent of total online spending-a figure projected to reach 33 is expected to rise from 48 per cent to over 60 per cent, while in

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Analysis Equity
fashion, the shift is even more pronounced-from 39 per cent to million, offering products from over 200 brands cementing its
60 per cent. This evolution is driven by increasing digital position as a nationwide beauty and fashion retail leader.
adoption, a growing preference for trusted brands, and a rising
focus on quality and curation-all areas where Nykaa already has Financials
strong execution capabilities. As consumers shift online and FSN E-Commerce Ventures Limited, posted a strong financial
seek reliable retail experiences, Nykaa stands to gain share performance in FY25. The company recorded a Gross
through both product breadth and trusted engagement. Merchandise Value (GMV) of `15,600 crore, growing 25 per
cent YoY. Over the last five years, One Nykaa’s GMV grew at a
The biggest long-term catalyst for Nykaa is the changing face of 42 per cent CAGR-much faster than the 20 per cent CAGR of
the Indian consumer. Gen Z, which comprises 26 per cent of the overall Indian e-commerce market. Net revenue stood at
the population today, is expected to drive nearly 50 per cent of `7,950 crore, up 24 per cent YoY. On the profitability front,
India’s total consumption by 2030. While just 23 per cent of EBITDA rose 37 per cent to `474 crore, with margins
their spending is currently direct (with their own income), this improving to 6 per cent. Profit before tax jumped 85 per cent to
is expected to rise to 53 per cent-significantly expanding their `127 crore, and profit after tax grew 81 per cent to `72 crore.
purchasing power. Their influence on household spending is Margins improved slightly across the board-PBT margin at 1.6
already material. With strong brand resonance among Gen Z per cent and PAT margin at 0.9 per cent.
and millennials, an omnichannel presence, and a tech-first
retail experience, Nykaa is structurally positioned to ride this The company’s return ratio also improved. Return on Capital
demographic consumption wave-offering investors a high- Employed (ROCE) rose to 11.3 per cent from 7.5 per cent last
conviction, long-duration growth story in India's evolving year, showing better returns on investments. Net worth
consumer economy. increased by `62 crore to `1,343 crore. Working capital days
reduced to 34 days, improving by 10 days YoY, which indicates
Business Segments better inventory and receivables management. Overall, Nykaa
Nykaa operates through multiple business segments under its continues to grow steadily in both topline and bottomline while
broader ecosystem known as One Nykaa, which brings together maintaining cost discipline.
various platforms, channels, and verticals across beauty,
fashion, and lifestyle. The company's GMV(@Magazines_8890050582)
More Newspaper and Magazines Telegram Channel join Search https://t.me/Magazines_8890050582 mix was led by its core BPC Online
n Beauty Multi-brand Retail (BPC): This is Nykaa’s core segment, contributing 59 per cent, followed by Fashion at 20
segment, offering a wide range of beauty and personal per cent. The House of Nykaa - Beauty and Fashion segments
care products through both online platforms and offline accounted for 11 per cent and 3 per cent respectively, while
stores across India. BPC Offline and Superstore each contributed 6 per cent. New
n Fashion: Nykaa Fashion caters to premium online businesses made up less than 1 per cent of the GMV. It is
shoppers, targeting young, trend-focused consumers with important to note that the total exceeds 100 per cent due to the
a curated selection of apparel, footwear, and accessories. overlap of House of Nykaa GMV with other omnichannel
n House of Nykaa (Owned Brands): This segment verticals.
includes Nykaa’s in-house brands across beauty and Quarter On Quarter (` in Crores)
fashion. It plays a key role in driving innovation and Particulars Mar - 25 Dec - 24 Q on Q Var % Mar - 24 Y on Y Var %
building a direct connection with consumers. Net Sales 2,061.76 2,267.21 -9.06 1,667.98 23.61
n eB2B - Superstore by Nykaa: This platform serves
Total Expenditure 1,928.41 2,126.43 -9.31 1,574.7 22.46
small retailers in the beauty and personal care space, PBIDT (Excl. OI) 133.35 140.78 -5.28 93.28 42.96
offering tech-driven supply solutions to the largely PAT 19.05 26.97 -29.37 9.74 95.59
underserved retail market. PBIDTM% (Excl. OI) 6.47 6.21 4.19 5.59 15.74
PBIDTM% 6.9 6.45 6.98 6.02 14.62
Nykaa’s GMV was primarily driven by BPC Online at 59 per PATM% 0.92 1.19 -22.69 0.58 58.62
cent, followed by Fashion at 20 per cent. House of Nykaa Adj. EPS(Rs) 0.07 0.09 -22.22 0.02 250
(Beauty and Fashion) contributed 11 per cent and 3 per cent
respectively, while BPC Offline and Superstore each added 6
per cent; new businesses made up less than 1 per cent, with Business Segments Outlook
overlaps causing the total to exceed 100 per cent. Nykaa’s Beauty Multi-brand Retail segment is projected to grow
its GMV at a mid-20 per cent CAGR, with the beauty customer
Pan-India Presence and Distribution base expected to reach 33 million by FY30. Growth will be
Network driven by offline expansion to 500+ stores across 100+ cities,
Nykaa’s reach spans 99 per cent of Indian pincodes via its online deeper penetration into Tier 2 and 3 markets, and
platform, with 237 physical stores across 79 cities and 44 premiumisation through curated beauty regimens and
warehouses supporting fulfillment. Its Superstore B2B vertical marketing. Enhanced convenience via local warehousing
serves over 1,100 cities and operates through 16 dedicated and adoption of AI-led beauty tech will further support this
warehouses. Cumulatively, Nykaa has a customer base of 42 growth.

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Nykaa Fashion is positioning itself in the premium segment intelligence platform).
with a best-in-class average order value about 2x the industry
average. Around 85 per cent of its customers are Gen-Z and Valuation & Outlook:
young millennials, with over 70 per cent of traffic from iOS and We believe Nykaa is well placed to deliver strong growth, led by
premium Android devices. The segment targets 3-4x GMV its core Beauty & Personal Care (BPC) segment, which
growth over the next five years from its FY25 base of `3,800 contributes nearly 60 per cent of total GMV. As a result, we
crore, driven by new customer acquisition, brand expansion, project consolidated revenue to grow at 25-30 per cent CAGR
and improved personalisation. Management expects EBITDA over FY26-FY28E. With Fashion and eB2B segments expected
breakeven in FY26 and ~10 per cent steady-state margin by to scale 3-4x over the next five years, and the House of Nykaa
FY30, supported by lower marketing spends (from 29.4 per portfolio targeting a 30 per cent CAGR till FY30, the company
cent to ~15 per cent of NSV), a stronger repeat base, higher has multiple levers for value creation in the medium term.
own-brand mix, and operating leverage. Given the structural tailwinds in BPC, with the category
expected to reach a market size of $40-45 billion by 2030, we
House of Nykaa (Owned Brands) aims to scale its portfolio to a see strong visibility on growth and margin expansion over the
GMV of `6,000 crore by FY30, growing at a 30 per cent CAGR, medium period.
with a long-term EBITDA margin target of around 30 per cent.
The company has built a portfolio of 12 consumer brands EBITDA margins are expected to expand from the current 6
across beauty and fashion, which generated `2,100 crore GMV per cent to higher single digits over FY26-FY28E, driven by
in FY25—`1,700 crore from beauty and `400 crore from scale benefits and improving profitability in the Fashion and
fashion. Growth will be led by deeper play in categories like eB2B segments. Additionally, the high-margin nature of the
fragrances, bath & body, and clean beauty, supported by House of Nykaa portfolio-targeting ~30 per cent EBITDA at
increased offline reach and selective global expansion. steady state-will play a key role in lifting overall margins. As
these segments mature and contribute more meaningfully to
Key brands include Dot & Key, which scaled 12x in three years the revenue mix.
and leads in sunscreens and eye creams with 20,000+ offline
points; Kay Beauty, amongMore
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Newspaper brands
and Magazines on Nykaa,
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(@Magazines_8890050582)
now launched in the UK via Space NK; and Nykaa Cosmetics, a building warehousing and tech infrastructure, Nykaa’s capital
mass-premium brand with 8 million+ customers and over spending is expected to return to more sustainable levels. The
38,000 distribution points. focus now shifts towards funding expansion of retail stores and
scaling AI capabilities. With major infrastructure investments
Going forward, the company plans to enter high-growth largely behind, the company is unlikely to face material balance
adjacencies, grow fashion-owned brands in lingerie, Indian sheet pressure. Growth going ahead is expected to be supported
wear, and athleisure, and improve profitability as the brand mix by internal accruals, with free cash flow generation likely to
shifts toward higher-margin owned products. gain momentum post FY26.

Superstore by Nykaa aims to scale 3x and expand to over 3,200 Nykaa operates in a fast-growing beauty and personal care
cities and 19,000+ pincodes, with plans to quadruple its size market, with a Total Addressable Market (TAM) projected to
and achieve EBITDA break-even at that level. Growth will be reach `15.3 lakh crore by FY30. Assuming 47.5 per cent of this
driven by deeper presence in beauty and wellness categories becomes organized (~`7.27 lakh crore), and Nykaa captures a
and improved unit economics. Between FY23 and FY25, mid-range 17.5 per cent market share (given its premium
fulfillment, warehouse, and S&D costs per order were reduced positioning), its potential revenue opportunity stands at `1.27
by 60 per cent, 40 per cent, and 50 per cent respectively, while lakh crore by FY30. Against FY25 sales of `7,950 crore, this
gross profit per order improved 1.5x. Further gains are expected implies an extremely aggressive 5-year revenue CAGR of ~70
through scale, zonal warehousing, lower returns, and tech- per cent, which is unlikely to occur linearly. At the current
driven efficiency. market cap of `61,523 crore, P/E of 931, and PEG of 21.5, the
stock is implicitly pricing in ~43 per cent annual earnings
Increasing Efficiency through AI growth-still significantly below the revenue CAGR required to
For FY26, Nykaa plans to launch 40+ GenAI initiatives across justify full TAM capture.
consumer, partner, and internal teams to enhance efficiency
and scale. It aims for 50 per cent of developer code to be Currently, the company is working on a very thin margin of less
AI-generated and expects AI bots to handle 70 per cent of than one per cent. While we estimate more realistic revenue
customer service load, building on its NyNaa voicebot. The growth of 25–30 per cent CAGR over the next five years, the
company is targeting a 30 per cent productivity gain by valuation suggests a substantial portion of future growth is
embedding AI across key functions. Key AI tools include already priced in, leaving limited upside unless Nykaa
Semantic Search for beauty, GenAI-powered content, Nykaa materially exceeds expectations. We recommend a HOLD rating
Muse (AI Fashion Stylist), and Nykaa Pulse (AI brand on the stock at current levels. DS

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Special Report
Capital Markets 2.0: From a Banyan
Tree to Billion-Dollar Trades
From open street gatherings to today’s tech-driven markets handling crores in daily
turnover, India’s capital markets have truly come a long way. But the transformation isn’t
over yet. In this story, Mandar Wagh explores the next wave of evolution reshaping India’s
financial landscape, highlighting SEBI’s progressive reforms, the rise of a strong digital
backbone, and the key companies positioned to benefit from this structural shift

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L
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ong before towering terminals and lightning-fast settlement, India’s capital markets have travelled a remarkable
trading algorithms defined India’s financial journey. And now, something even more interesting is
landscape, the heart of Indian capital markets beat happening: India is no longer just a compelling domestic story,
under the open sky. On a dusty stretch of road, but is becoming a global magnet.
what we now know as ‘Dalal Street’, indigenous
brokers huddled beneath banyan trees, shouting When a firm like Jane Street, known for its hyper-efficient,
bids and striking deals in a swirl of paper slips and hand signals. quantitative trading models, sets its sights on India, the
There were no screens, no structured regulations, just a chaotic implications are noteworthy. These are institutions that operate
but spirited bazaar of commerce. on razor-thin margins and demand seamless execution,
minimal latency, and ultra-reliable post-trade systems. Their
Over the decades, this informal street-level hustle transformed presence signals trust; not just in the markets, but in the
into a full-fledged marketplace for wealth creation. From the ecosystem that supports those markets.
founding of the Bombay Stock Exchange in 1875, the oldest in
Asia, to the digital revolution that now enables same-day And this interest is not limited to Jane Street alone. Over the

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last few years, India has quietly become a testing ground for Building the Digital Spine of Indian
global trading strategies. It's no longer just about scale; it’s about
sophistication, stability, and transparency. For Indian investors, Markets
both institutional and retail, this development opens up a range What makes these reforms more than just paperwork is the
of new opportunities and challenges. Let’s explore this further. digital infrastructure backing them. India’s capital markets now
rest on a tech-first foundation, designed for scale, speed, and
SEBI’s Silent Revolution in Indian security. Today’s retail participant does not need to understand
the technicalities of order books or settlement cycles to get
Capital Markets started. Thanks to the rise of tech-savvy brokerage firms and
If India’s capital markets are today drawing the attention of the app-based platforms, investing in equities, mutual funds, ETFs,
world, a large part of the credit goes to the Securities and IPOs, and even sovereign bonds is now as simple as a few taps
Exchange Board of India (SEBI). Over the last few years, SEBI on a smartphone.
has shifted gears from being a reactive regulator to a forward-
thinking facilitator of market modernization. Its actions have
not only strengthened investor protection but also made the
entire ecosystem far more agile, transparent, and globally
competitive. One of the most pathbreaking moves has been the
introduction of the T+1 settlement cycle, positioning India as
the fastest major market in terms of clearing and settlement.

While several developed markets still operate on a T+2 or

longer timeline, India is already running pilot programs to test
T+0 same-day settlement, an ambitious step that reflects both
intent and capability. Another noteworthy reform is platform
interoperability, allowing trading members to route
transactions through any More
clearing corporation
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This has broken monopolistic dependencies and reduced
systemic risks, while also lowering transaction costs, a win for
both brokers and investors. SEBI has also brought stricter
surveillance and transparency norms, leveraging real-time data
analytics to monitor trading behaviour, prevent manipulation,
and boost market integrity.

Additionally, it has introduced frameworks to govern

execution-only platforms, algo trading, finfluencer
accountability, and compliance automation, making the market
not just faster, but fairer. Transparency has long been a
cornerstone of investor trust, and SEBI has taken deliberate
steps to ensure that listed companies uphold the highest
standards in disclosures and governance. In recent years, the
regulator has tightened rules around timely and material
disclosures, compelling companies to report critical
information such as board decisions, financial results,
acquisitions, and credit ratings within strict timelines.
Leading discount brokers and full-service platforms have
Further, SEBI now mandates quantitative thresholds for invested heavily in creating user-friendly interfaces, offering
determining materiality, reducing subjectivity and enhancing seamless onboarding, instant KYC, and zero-paper
consistency across companies. This move is particularly transactions. Features such as real-time portfolio tracking,
significant in an era where information travels fast, and the line goal-based investing, AI-driven advisory, and educational
between price-sensitive news and speculation is often blurred. content have turned these platforms into comprehensive
To improve accountability, SEBI has also issued guidelines on financial ecosystems. This democratization of investing has
disclosure of ESG-related data, sustainability reporting under helped bring millions of Indians into the fold of formal finance,
BRSR (Business Responsibility and Sustainability Reporting), significantly deepening market participation and creating a
and cybersecurity incidents, acknowledging that today’s strong foundation for sustainable capital formation.
investor is not only interested in profits but also in resilience,
ethics, and long-term value. Dematerialisation is now the default, and the number of demat

dsij.in JULY 28 - AUG 10, 2025 I DALAL STREET INVESTMENT JOURNAL 23

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Special Report
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accounts in India has crossed 19 crore, growing at an

unprecedented pace. Central Depository Services Limited Stock Performance of India’s Capital Market Leaders
(CDSL) and National Securities Depository Limited (NSDL), Returns (%)
Company Name
the two central depositories, have ensured that millions of 3 Years 1 Year
investors can access, hold, and transact securities with minimal BSE Ltd. 1,041.56 222.27
friction. The trading architecture itself has gone through a silent Motilal Oswal Financial Services Ltd. 368.9 69.7
but substantial overhaul. Stock exchanges like NSE and BSE IIFL Capital Services Ltd. 363.71 72.98
have invested heavily in latency reduction, server co-location,
Central Depository Services (India) Ltd. 212.72 46.92
and data dissemination systems, enabling seamless trading
Angel One Ltd. 111.11 22.31
across asset classes.
Computer Age Management Services Ltd. 82.6 -0.76
Registrar and transfer agents such as Computer Age KFin Technologies Ltd. - 64.52
Management Services Ltd (CAMS) and KFin Technologies Ltd Nuvama Wealth Management Ltd. - 57.77
have built robust back-end systems that support mutual fund
transactions, corporate actions, investor communications, and This was primarily due to increased competitive intensity and
recordkeeping at scale. These are not just support functions; elevated marketing and tech spends. Investor confidence in the
they are the core infrastructure allowing asset management and sector has been robust, mirroring the solid fundamentals of
corporate governance to operate smoothly in a digital-first capital market companies. Buoyed by sustained buying interest,
environment. Moreover, SEBI’s encouragement of innovation a majority of these stocks have delivered triple-digit returns
through regulatory sandboxes and direct market access for over the past three years.
institutions reflects a willingness to let technology shape the
next leg of growth responsibly. BSE Ltd stood out as the star performer, delivering an eye-
popping 1,000 per cent return, capturing the market’s attention
Strong Fundamentals, Stellar Returns and reinforcing the sector’s long-term potential.

Earnings Overview of Leading Capital Market Companies in India

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Latest Market Cap. Net Sales Net Sales Y-o-Y Growth Net Profit Net Profit Y-o-Y Growth
Company Name (` Crore) (FY25) (FY24) (%) (FY25) (FY24) (%)
BSE Ltd. 1,02,750.66 2,957.34 1,371.04 115.70 1,234.47 696.88 77.14
Motilal Oswal Financial Services Ltd. 56,159.16 8,339.05 7,104.71 17.37 2,508.18 2,445.62 2.56
Central Depository Services (India) Ltd. 35,979.35 1,082.21 812.26 33.23 523.69 420.64 24.50
Nuvama Wealth Management Ltd. 26,996.09 4,158.26 3,155.82 31.76 977.68 622.70 57.01
Angel One Ltd. 24,585.44 5,238.38 4,271.68 22.63 1,172.08 1,125.53 4.14
KFin Technologies Ltd. 22,070.17 1,090.75 837.53 30.23 332.63 248.46 33.88
Computer Age Management Services Ltd. 20,810.08 1,422.48 1,136.52 25.16 464.70 350.98 32.40
IIFL Capital Services Ltd. 10,198.38 2,405.02 2,161.28 11.28 712.88 513.35 38.87

The financial performance of India’s leading capital market

players including stock exchanges, depositories, transfer agents, Challenges on the Road Ahead
brokers, and service providers has remained robust across India’s ambition to become a global capital market powerhouse
varying market conditions, whether bullish or cautious. Over is not without its set of challenges. While regulatory reforms
the past several quarters, these companies have consistently and digital infrastructure have made impressive strides,
outperformed the broader corporate earnings landscape. In execution consistency, cybersecurity preparedness, and investor
FY25, the sector posted an impressive 28 per cent year-on-year grievance redressal continue to demand close attention. The
revenue growth, while net profits surged 23 per cent, reflecting increasing reliance on technology means that any lapse, be it a
the underlying strength of the capital market ecosystem. system glitch, data breach, or platform downtime can shake
investor confidence, particularly when millions are transacting
BSE Ltd. led from the front, delivering a stellar 116 per cent simultaneously.
surge in revenue and a 77 per cent jump in net profit, supported
by higher transaction volumes, new services offerings, and Additionally, as India attracts global trading firms and deep-
increased investor participation. While most companies saw pocketed institutions, it must ensure equitable access for
strong growth on both the topline and bottom-line, a few domestic investors and guard against market concentration
broking firms, including Motilal Oswal Financial Services risks. The rise of algorithmic and high-frequency trading also
Ltd. and Angel One Ltd., reported modest single-digit profit raises questions around market fairness, latency arbitrage, and
growth. the role of regulations in ensuring a level playing field.

24 DALAL STREET INVESTMENT JOURNAL I JULY 28 - AUG 10, 2025 dsij.in

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Compliance complexity for companies, particularly smaller in the world. The growing interest from global market-makers
firms, has also increased as disclosure norms tighten. While is not a coincidence; it’s a recognition of India’s preparedness
this improves transparency, it can at times be burdensome for and potential. Whether it is T+0 settlements, real-time
businesses navigating both growth and governance disclosures, or frictionless investing, India is setting new
expectations. benchmarks.
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However, these are the growing pains of a maturing ecosystem. Yes, challenges remain, from cybersecurity to compliance, but
What sets India apart is its proactive regulatory approach, they are not roadblocks; they are signposts on the path to
willingness to adapt, and a thriving investor base that continues progress. For investors, this is more than a regulatory or
to evolve. With strong institutional intent, continuous technological story. It is a structural opportunity to participate
digital innovation, and a collective push towards financial in the very foundation of India’s financial future. As capital
literacy and participation, India is well on its way to building markets evolve from being mere enablers to engines of growth,
not just a bigger market but a better one. The journey may be those who understand and invest in this ecosystem today will
complex, but the direction is clear, and the momentum is be well-positioned to benefit from its future.
unmistakable. More Newspaper and Magazines Telegram Channel join Search https://t.me/Magazines_8890050582 (@Magazines_8890050582)
Market infrastructure companies may lack the glamour of
Looking Ahead unicorn tech stocks or high-growth banks, but they are the rails
India’s capital markets are no longer just a reflection of on which the next phase of India’s capital market story will run.
economic activity; they are becoming a driving force behind it. With rising volumes, digitization, and global validation, these
With SEBI laying down a strong regulatory framework, companies could quietly deliver compounding returns with
exchanges and depositories embracing technology, and brokers stability and scale. Hence for investors, the message is clear:
simplifying access for millions, India now boasts one of the Don’t just invest in what the markets trade; invest in what
most efficient, inclusive, and transparent market infrastructures makes the markets work. DS

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Databank Updated Information
Updated as on July 21, 2025

Key To
Subscribers can access the complete databank consisting of
Databank Updated Information
more than 3500 companies on our website www.dsij.in
* All financial data are taken on standalone basis  NoShold: Indicates the Number of Share Holders of the Co.. (In Thousands)
 Face Value: Actual cost of the stock assigned by the security issuer and shown in the certificate.  Market Cap: Current market price multiply no.of equity shares.
 Year: First two digits shows Year while last two digits show month of calender, eg. 1103 shows  Price: Current Market Price.
March’2011 results.  52 Week H/L: High/Low range is taken for the market prices during the 52 week H/L.
 CEqt.: Current paid up capital of the Co..  Enterprise Value : Current Market Cap Plus Debt Minus Cash and Bank Balances.
 B.V: Book Value Per Share: Equity capital plus reserves to the number of equity shares.  Trail.P/E Ratio: Current market price to Trailing 12 months EPS.
 Sales: Sales figures includes Excise duty.  Ticker: BSE Scrip Code
 NP: Net Profit : Profit after tax but before investment allowance reserves.  U: Unaudited.
 EPS: Earnings Per Share: Ratio of net profit less preference dividend to the number of equity  Companies with an (“) following their equity capital have increased their capital after the
shares (Annualised). last financial year.
 Div (Rs.): Indicates the dividend per share.  Companies with an (*) Before the name of the Co., indicates new addition/
 D/E Ratio : A measure of a Co.’s financial leverage calculated by dividing its total updation/correction made during the fortnight.
Debt by stockholders’ equity.  CB: Cum-Bonus XB: Ex-Bonus.
 RONW (%): Net Profit Divided by Total NetWorth.  EX: Ex-Rights wherever the price is indicated a Ex-bonus or Ex-rights, the
corresponding figures for equity. Reserves, Book value and EPS are adjusted
 Latest Quarter: Indicates the recent quarterly filing of the Co. with the stock as per the bonus or the Rights ratio.
exchange.
Notes: (A) The Profit figure reflects the performance of the current year. We have
 YearToDate : Latest Results (qtr,half or Nine) of the Co.. made the necessary adjustments for the prior year’s entries in P/L .A/c to reflect the
 Sales Growth % : Indicates the % growth of sales on year-on-year basis. true performance of the current year. Thus our figures may not be comparable with those
 NP Growth % : Indicates the % growth of Net profit (NP) on year-on-yearbasis. published elsewhere unless they represent the same thing. (B) Source of information is
Co. press releases and Annual Reports.
 Promoter Holding: Indicates the % of equity holding with the promoters of the Co..
 Promoters pledged shares % :Indicates the % of shares Pledged by promoters.
You will find blank spaces under YEAR TO DATE column. This is for those
Institutional Holding: Indicates the % of equity holdings in the Co. held by Financial *companies that are yet to announce their June 2025 quarterly results.
Institutions, Banks,Insurance companies,MF’s and FIIs.

AUDITED ANNUAL LATEST QTR. YEAR TO DATE SHAREHOLDINGS MARKET RELATED DATA
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Inst. Stake (%)

Trailing P/E Ratio

Sales Growth (%)

No. of Shareholder
Prom. Stake (%)
Latest Qtr. Year

Pledged (%)

Entprise Value
NP Growth (%)
Year / Months

Year / Months

(21/07/25)
Sales (` Cr)
CEqt. (` Cr)

Market Cap
Face Value

RONW (%)

Co. Name
Bk Val (`)

High/Low
NP (` Cr)
NP (` Cr)

52-Week
DERatio

CMP (`)
EPS (`)

(in’ 000)
Div (`)

(` Cr)

(` Cr)

(` Cr)

(` Cr)

(` Cr)
Sales

Sales
NP

1 Abrasives 74.4 5565 682

Carborundum Universal Ltd 1 2503 19 132.5 4894 254 16.9 4 0 13.4 2503 1217.1 18.7 -- -- -- -- -- 39.8 0 41 19 18881 985.5 1740/832 18792 82.2
Grindwell Norton Ltd. 5 2503 55.4 200.9 2812 370 32.6 17 0 16.9 2503 709.5 92.6 -- -- -- -- -- 58 0 25 11.1 19881 1781.8 2678/1407 19621 73.4
114 Agriculture 39.3 2937 473
Jubilant Agri And Consume 10 2503 15.1 213.7 1561 88 58.9 0 0.6 12.2 2503 398.3 16 -- -- -- -- -- 74.8 0 0.2 1.5 3029 2062.8 2010/1089 3080 85.7
Kaveri Seed Company Ltd. 2 2503 10.3 286.7 1205 282 51.6 0 0 22.5 2503 90.3 -22.9 -- -- -- -- -- 60.5 0 23.2 5.1 5783 1117.5 1568/819 5767 0
Bombay Burmah Trading Cor 2 2503 13.9 27.1 18298 2051 17.1 17 1.8 -1.8 2503 4518.8 583.7 -- -- -- -- -- 74 0 10.8 7 13646 1954.8 2886/1638 13931 123.1
3 Air Conditioners 231.2 34293 1514
EPACK Durable Ltd. 10 2503 96 102.2 2171 58 6.1 0 0.4 6.2 2506 662.4 23.2 2506Q 662 -14 23.9 1.3 48 7.5 8.2 9.6 3402 365.1 642/233 3727 59.9
Amber Enterprises India L 10 2503 33.8 546.2 9973 281 40 0 0.8 7.7 2503 3753.7 131.1 -- -- -- -- -- 39.6 0 46.4 3.4 25318 7443.2 8066/4067 26060 279.9
Johnson Controls - Hitach 10 2503 27.2 235.7 2756 59 21.6 0 0 9.6 2503 932.6 56.1 -- -- -- -- -- 74.3 24 7.7 2.7 4748 1746.2 2597/1622 4611 209.3
Voltas Ltd. 1 2503 33.1 245.8 15413 960 23.5 7 0.1 9.9 2503 4767.6 267.7 -- -- -- -- -- 30.3 0 55.2 33.1 45859 1353.4 1928/1206 45936 102.3
Blue Star Ltd. 2 2503 41.1 138.7 11968 593 23.6 9 0.1 18.1 2503 4019 194.4 -- -- -- -- -- 36.5 0 40.1 20.6 37392 1780 2336/1531 37405 108
4 Airlines 1799.8 86087 7311
Interglobe Aviation Ltd. 10 2503 386.4 240.8 80803 7258 187.7 10 1 0 2503 22151.9 3067.5 -- -- -- -- -- 49.3 0 45.8 38.6 227223 5920 5976/3850 210163 50.5
SpiceJet Ltd. 10 2503 1413.4 4.8 5326 62 0.4 0 -0.4 0 2503 1465.6 341.7 -- -- -- -- -- 33.5 14.1 18.8 141.3 5405 38.2 77/38 6053 0
173 Airport Management Services 1055.9 1263 -191
GMR Airports Ltd. 1 2503 1055.9 51.2 10414 -1002 -0.2 0 0.1 -1.3 2503 2863.3 -290.5 -- -- -- -- -- 66.2 11.8 19.2 1055.9 98716 92.4 101/69 107311 0
6 Aluminium & Aluminium Products 918.3 16788 5325
National Aluminium Compan 5 2503 918.3 98.3 16788 5325 29 8 0 14.8 2503 5267.8 2078.4 -- -- -- -- -- 51.3 0 30.8 183.7 35814 197.3 256/143 30512 7.7
7 Amusement Parks/Recreation/Club 629.2 869 187
Imagicaaworld Entertainme 10 2503 565.8 23.1 410 77 1.4 0 0.3 105.2 2503 94.4 15.7 -- -- -- -- -- 74 0 3 56.6 3780 67 101/58 3895 329.5
Wonderla Holidays Ltd. 10 2503 63.4 271.8 459 109 17.2 2 0 15.5 2503 96.8 11 -- -- -- -- -- 62.3 0 19 6.3 4146 676.2 930/607 3723 89.7
172 Animal Feed 205.9 11442 995
Godrej Agrovet Ltd. 10 2503 192.3 133.6 9383 350 26.1 11 0.2 20.8 2503 2133.6 53.8 -- -- -- -- -- 67.6 0 13 19.2 15515 809.5 860/664 16015 42.5
Avanti Feeds Ltd. 1 2503 13.6 175 5612 557 36.1 9 0 22.5 2503 1385.1 157.3 -- -- -- -- -- 43.2 0 14.3 13.6 10131 749.8 933/549 9373 27.1
10 Auto Ancillary 3060.1 151855 13819
Belrise Industries Ltd. 5 2503 325.5 53.1 8291 355 5.1 0 1 14 2503 2274.3 110 -- -- -- -- -- 73 0 13.9 89 11083 127.5 124/92 13632 75.3
Shriram Pistons & Rings L 10 2503 44 544.7 3550 516 113 10 0.1 22.9 2503 988.4 151.5 -- -- -- -- -- 43.8 0 18.4 4.4 10760 2457.6 2590/1680 10147 28.2
Carraro India Ltd. 10 2503 56.9 82.9 1808 88 15.2 4.5 0.6 16.6 2503 444.3 23.7 -- -- -- -- -- 68.8 0 20.3 5.7 2768 481.1 662/254 2883 46.5
Sundaram-Clayton Ltd. 5 2503 11 646 2259 -11 117 4.8 0.8 23.2 2503 586.9 143.5 -- -- -- -- -- 61.9 0 20.1 2.2 4393 1987.1 2893/1690 5448 18.1
ASK Automotive Ltd. 2 2503 39.4 53.6 3601 241 10.8 1.5 0 22.1 2503 849.7 54.9 -- -- -- -- -- 79 0 14.9 19.7 10283 519.3 548/339 10288 64.5
SJS Enterprises Ltd. 10 2503 31.3 193.9 760 119 29.4 2.5 0 16.4 2503 200.5 33.7 -- -- -- -- -- 21.6 0.9 45.8 3.1 3842 1234.2 1303/816 3835 52.6
Sansera Engineering Ltd. 2 2503 12.4 444.1 3017 216 33.3 3.3 0.5 15.1 2503 781.6 58.8 -- -- -- -- -- 30.3 0 56.5 6.2 8401 1350.2 1723/1027 8179 51.2
Sona BLW Precision Forgin 10 2503 621.7 86.1 3546 600 9.3 3.2 0 14.7 2503 864.8 163.7 -- -- -- -- -- 28 0 64.3 62.2 30390 477.3 749/406 29178 69.8
Craftsman Automation Ltd. 5 2503 11.9 1173.5 5690 200 39.3 5 0.6 4.3 2503 1749.3 66.5 -- -- -- -- -- 48.7 0 38.5 2.4 15580 6550 6608/3928 17181 254.6
NDR Auto Components Ltd. 10 2503 23.8 101.1 713 44 18.9 2.8 0 20.5 2503 192 12.9 -- -- -- -- -- 73.1 0 0.2 2.4 2784 1141.2 1170/485 2721 76.4
Varroc Engineering Ltd. 1 2503 15.3 117 8154 66 18.1 1 1.4 48.8 2503 2099.2 22.7 -- -- -- -- -- 75 0 17 15.3 8462 553.1 647/399 9217 42.6
Sandhar Technologies Ltd. 10 2503 60.2 190.5 3885 132 23.2 3.5 0.2 11.5 2503 1014.1 39.9 -- -- -- -- -- 70.4 0 16.4 6 2966 487.6 682/341 3190 25.5

26 DALAL STREET INVESTMENT JOURNAL I JULY 28 - AUG 10, 2025 dsij.in

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 AUDITED ANNUAL LATEST QTR. YEAR TO DATE SHAREHOLDINGS MARKET RELATED DATA

Inst. Stake (%)

Trailing P/E Ratio

Sales Growth (%)

No. of Shareholder
Prom. Stake (%)
Latest Qtr. Year

Pledged (%)

Entprise Value
NP Growth (%)
Year / Months

Year / Months

(21/07/25)
Sales (` Cr)
CEqt. (` Cr)

Market Cap
Face Value

RONW (%)
Company Name
Bk Val (`)

High/Low
NP (` Cr)
NP (` Cr)

52-Week
DERatio

CMP (`)
EPS (`)

(in’ 000)
Div (`)

(` Cr)

(` Cr)

(` Cr)

(` Cr)

(` Cr)
Sales

Sales
NP
Tube Investments of India 1 2503 19.4 268.2 19465 1055 67 3.5 0 28.4 2503 5150 158.2 -- -- -- -- -- 44.1 0 43.5 19.4 56871 2972.9 4726/2464 56880 50.4
Pricol Ltd. 1 2503 12.2 77.9 2692 167 11.7 0 0 16.3 2503 769.4 35 -- -- -- -- -- 38.5 0 31.6 12.2 5392 436.9 575/397 5425 50.2
Endurance Technologies Lt 10 2503 140.7 309.1 11561 836 48.3 10 0 16.6 2503 2963.5 245.1 -- -- -- -- -- 75 0 23.1 14.1 36968 2626.8 2885/1712 36876 71.6
Minda Corporation Ltd. 2 2503 47.8 79.9 5056 239 8.6 1.4 0.2 12.1 2503 1321.3 41.7 -- -- -- -- -- 64.8 0 27 23.9 12417 517 632/466 13789 80.1
Sharda Motor Industries L 2 2503 5.7 188.9 2837 312 108.9 32.5 0 32.6 2503 749.9 82.5 -- -- -- -- -- 64.3 0 13.8 2.9 6253 1188.9 1389/725 6052 14.4
ZF Commercial Vehicle Con 5 2503 9.5 1692.8 3831 461 241.8 19 0 15.6 2503 1011.9 126.7 -- -- -- -- -- 60 0 32.1 1.9 25065 13141.1 17209/9879 23600 69.3
Lumax Auto Technologies L 2 2503 13.6 104.9 3637 229 10.8 5.5 0.6 14.8 2503 1132.9 79.7 -- -- -- -- -- 56 0 23.4 6.8 7787 1141 1177/474 8168 133.2
Fiem Industries Ltd. 10 2503 26.3 393.4 2423 205 77.6 30 0 21.3 2503 639.4 58.9 -- -- -- -- -- 59 0 13.2 2.6 5321 2010 2021/1277 5025 34.1
CIE Automotive India Ltd. 10 2412 379.4 146.3 8964 825 15.4 7 0 11.4 2506 2369 202.8 2506H 2368 3 345.3 0.5 65.7 0 25.7 37.9 16265 424.1 599/376 16120 27.5
JBM Auto Ltd. 1 2503 23.6 49 5472 250 5.7 0.8 1.2 6 2503 1645.7 84 -- -- -- -- -- 67.5 0 2.4 23.6 15218 637.6 1051/493 16346 93.8
UNO Minda Ltd. 2 2503 114.8 82.8 16775 840 13.9 2.3 0.4 18.7 2503 4528.3 234.6 -- -- -- -- -- 68.7 0 25.4 57.5 61994 1070.6 1173/803 63772 100.5
Suprajit Engineering Ltd. 1 2503 13.7 100.7 3277 99 18.4 3 0.2 19.8 2503 876.9 27.2 -- -- -- -- -- 45.1 0 23.8 13.7 6272 454.6 619/364 6579 30.9
Shanthi Gears Ltd. 1 2503 7.7 52.5 605 96 12.5 5 0 25.7 2503 153.2 22.5 -- -- -- -- -- 70.5 0 3.7 7.7 4088 552 653/407 4023 56.9
JTEKT India Ltd. 1 2503 25.4 34.6 2044 87 3 0.7 0.2 8.8 2503 583.9 30.2 2309H 1061 2 48.8 6.9 75 0 11.2 25.4 3617 146.1 213/111 3754 61.5
TVS Holdings Ltd. 5 2503 10.1 796.3 44993 2484 174 93 0.4 31.4 2503 11800.3 660.1 -- -- -- -- -- 74.5 17.2 12.9 2 24375 12170 14752/8005 24057 72.6
Jamna Auto Industries Ltd 1 2503 39.9 26.5 2270 180 5.3 2.1 0.2 29.4 2503 637.7 50.3 -- -- -- -- -- 49.9 0.8 8.3 39.9 3829 96.5 146/70 3846 23.9
Samvardhana Motherson Int 1 2503 703.6 35.9 113663 3618 2.2 0.8 0.1 3 2503 29316.8 983.3 -- -- -- -- -- 58.1 1.4 33.4 703.6 106389 98.6 215/100 110677 49.2
Lumax Industries Ltd. 10 2503 9.3 640.6 3400 65 97.9 35 1.1 16.9 2503 923.4 24.8 -- -- -- -- -- 75 0 6.9 0.9 3602 3933.4 3925/2086 4367 51.4
Subros Ltd. 2 2503 13.1 167.7 3368 150 23.1 2.6 0 10.7 2503 908.5 46.2 -- -- -- -- -- 36.8 0 44.2 6.5 5773 886.1 1031/541 5696 50.1
Steel Strips Wheels Ltd. 1 2503 15.7 95.9 4429 195 13.4 1.3 0.8 18.6 2503 1233.9 60.8 -- -- -- -- -- 61.2 0 11.8 15.7 3966 246.1 274/171 4790 23.6
Federal-Mogul Goetze (Ind 10 2503 55.6 214.8 1800 170 28.7 0 0 12.8 2503 458.8 61.4 -- -- -- -- -- 75 0 0.8 5.6 3224 589.1 585/317 2718 26
Gabriel India Ltd. 1 2503 14.4 80.5 4063 245 14.8 4.7 0 19.7 2503 1073.2 64.4 -- -- -- -- -- 55 0 21 14.4 14084 1029 1111/397 14046 92
Automotive Axles Ltd. 10 2503 15.1 649.8 2078 156 102.9 30.5 0 16.7 2503 559.6 45.9 -- -- -- -- -- 71 0 14.3 1.5 2680 1779.6 2079/1550 2641 22.1
Bosch Ltd. 10 2503 29.5 4685 18087 2013 682.5 512 0 15.6 2503 4910.6 553.6 -- -- -- -- -- 70.5 0 22.2 3 113305 37576 38781/26185 112797 71.6
LG Balakrishnan & Bros Lt 10 2503 31.9 507.5 2578 302 91.1 20 0.1 18.3 2503 669.2 84 -- -- -- -- -- 34.8 0 19.8 3.2 4135 1294.5 1494/1103 3837 18.5
Banco Products (India) Lt 2 2503 28.6 59.4 3213 392 18.6 11 0 34.7 2503 874.6 153.5 -- -- -- -- -- 67.9 0 4.3 14.3 9390 662 674/308 9285 34.3
11 Automobile Two & Three Wheelers 4834.3 147727 18899
Ather Energy Ltd. 1 2503 29.1 93.2 2255 -812 -27.9 0 0.7 -225.9 2503 676.1 -234.4 -- -- -- -- -- 42.1 0 30.4 37.3 12541 337.1 350/299 12620 0
OLA Electric Mobility Ltd 10 2503 4411 24.9 4514 -2276 -0.1 0 0 -1.1 2506 828 -428 2506Q 1 0 -11 0 36.8 2.4 5.8 441.1 17974 40.8 146/39 16652 0
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Bajaj Auto Ltd. 10 2503 279.3 1147.6 50995 8240 291.9 210 0 28.7 2503 12646.3 2137 -- -- -- -- -- 55 0 22.4 27.9 235678 8322.6 12682/7309 235277 37.7
TVS Motor Company Ltd. 1 2503 47.5 209.2 44089 2454 57 10 0.2 30.2 2503 11542 713.6 -- -- -- -- -- 50.3 0 41.2 47.5 134704 2791.6 2945/2177 135880 62.2
Eicher Motors Ltd. 1 2503 27.4 674.6 18870 4035 156.1 70 0 26.4 2503 5241.1 1114.2 -- -- -- -- -- 49.1 0 41.6 27.4 152454 5474.5 5809/4588 152477 47
Hero MotoCorp Ltd. 2 2503 40 988.1 40923 4537 230.5 165 0 24.4 2503 9969.8 1097.7 -- -- -- -- -- 34.7 0 55.3 20 88201 4366.4 6190/3492 87848 25
151 Automobiles - Dealers & Distributors 47.4 238 74
CarTrade Tech Ltd. 10 2503 47.4 452.8 641 145 15.7 0 0 2.4 2503 169.5 46.1 -- -- -- -- -- 0 0 76.3 4.7 9129 1941.5 1985/828 9121 149.4
12 Automobiles - Passenger Cars 1570.1 338178 31302
Hyundai Motor India Ltd. 10 2503 812.5 194 69193 5640 67.6 0 0.1 39.6 2503 17940.3 1614.3 -- -- -- -- -- 82.5 0 14.8 81.3 173425 2114.2 2240/1580 166081 42.5
Maruti Suzuki India Ltd. 5 2503 157.2 2991.3 152913 14256 443.9 135 0 18.3 2503 40920.1 3839.2 -- -- -- -- -- 58.3 0 38.5 31.4 389931 12498.5 13497/10735 389485 38.1
Mahindra & Mahindra Ltd. 5 2503 600.4 492.9 159211 12536 98.7 25.3 0 20.9 2503 42599.3 3102.5 -- -- -- -- -- 18.4 0 68.2 124.3 403699 3245 3246/2490 394044 42.1
13 Automobiles-Tractors 120.5 11182 1345
V.S.T. Tillers Tractors L 10 2503 8.6 1161.3 995 94 109.3 20 0 13.9 2503 301.4 25 -- -- -- -- -- 55.6 0 23.1 0.9 3835 4385.9 5272/3174 3761 52.9
Escorts Kubota Ltd. 10 2503 111.9 927.4 10244 1266 99.2 28 0 11.2 2503 2444.9 318.7 -- -- -- -- -- 68 0 16.6 11.2 38349 3440 4373/2870 37235 44.4
14 Automobiles-Trucks/Lcv 1090.1 120405 9816
Olectra Greentech Ltd. 4 2503 32.8 128.6 1802 136 17 0.4 0.1 8.3 2503 448.9 23.4 -- -- -- -- -- 50 0 6.1 8.2 10395 1271 1755/1015 10435 87.8
SML Isuzu Ltd. 10 2503 14.5 264.4 2399 122 84 18 1.5 46.5 2503 771.4 53 -- -- -- -- -- 44 0 15.3 1.4 4835 3312.1 3341/1053 5137 63.7
Tata Motors Ltd. 2 2503 736 90.6 439695 27862 14.8 6 0.3 17.2 2503 119503 8442 -- -- -- -- -- 42.6 0 35 368.1 253044 678 1162/579 260051 76.5
Ashok Leyland Ltd. 1 2503 293.6 20 48535 3351 11.3 6.3 0.1 32.6 2503 14695.5 1234.4 -- -- -- -- -- 51.5 21 37.6 293.6 73266 124.6 262/122 71996 13.2
Force Motors Ltd. 10 2503 13.2 2355.5 8072 800 607 40 0.2 18.9 2503 2356 429.7 -- -- -- -- -- 61.6 0 11.4 1.3 22673 17380 17207/6209 22190 33.7
15 Bank - Private 37193.3 941970 192574
Karur Vysya Bank Ltd. 2 2503 161 148.2 9678 1942 24.1 2.6 0.3 17.2 2503 2515.9 513.4 -- -- -- -- -- 2.1 0.1 54.9 80.5 21724 271.5 274/186 18614 14.7
Jana Small Finance Bank L 10 2503 105.1 389 4710 501 47.7 0 1.5 26.4 2503 1199.3 123.5 -- -- -- -- -- 21.9 0 16.3 10.5 5242 496.9 694/366 9428 15.7
Tamilnad Mercantile Bank 10 2503 158.3 568.9 5291 1183 74.7 11 0.1 14 2503 1341.7 291.9 -- -- -- -- -- 0 0 6.5 15.8 7225 456 502/407 5074 8.1
Equitas Small Finance Ban 10 2503 1139.9 53.3 6312 147 1.3 0 0.3 14.4 2503 1644 42.1 -- -- -- -- -- 0 0 63.4 114 7187 62.9 89/54 5474 59.1
Ujjivan Small Finance Ban 10 2503 1935 31 6354 726 3.8 0 0.5 14.3 2503 1573.4 83.4 -- -- -- -- -- 0 0 36.4 193.5 9266 47.2 51/31 8978 21.5
CSB Bank Ltd. 10 2503 173.5 249.2 3597 594 34.2 0 0.5 17.1 2503 980.9 190.4 -- -- -- -- -- 40 0 29.9 17.4 7328 427.9 431/275 5996 15.4
Bandhan Bank Ltd. 10 2503 1611 153.5 21948 2745 17 1.5 0.8 10.8 2506 5475.6 372 2506Q 5476 -1 372 -65 40.9 0 40.9 161.1 29360 181.2 219/130 30339 14.2
AU Small Finance Bank Ltd 10 2503 744.5 236.4 16064 2106 28.3 1 0.7 14.3 2506 4378.4 580.9 2506Q 4378 16 580.9 15.6 22.9 0 62.8 74.5 56148 729.8 836/492 59203 24.9
RBL Bank Ltd. 10 2503 607.9 259.5 14041 717 11.4 1 1 8.3 2506 3441.2 214.2 2506Q 3441 -2 200.3 -46.1 0 0 52.3 60.9 15897 257 269/149 18010 29.8
IDFC First Bank Ltd. 10 2503 7322.1 51.7 36502 1490 2.1 0.3 1 4.3 2503 9412.9 295.6 -- -- -- -- -- 0 0 54.1 732.2 54286 73 77/52 79238 63.6
DCB Bank Ltd. 10 2503 314.3 171.9 6471 615 19.6 1.4 1.7 12.1 2503 1741.9 177.1 -- -- -- -- -- 14.7 0 43.5 31.4 4602 144 149/101 11210 9.3
The Karnataka Bank Ltd. 10 2503 377.9 306.7 9014 1273 33.7 5 0.4 14.5 2503 2258.5 252.6 -- -- -- -- -- 0 0 32.7 37.8 7229 190.7 240/164 3972 8.3
Yes Bank Ltd. 2 2503 6270.8 15.5 30919 2447 0.8 0 1.9 3.1 2506 7604.6 808.7 2506Q 7596 -2 801.1 59.4 0 0 66.3 3135.4 63239 20.1 26/16 125041 23.3
The South Indian Bank Ltd 1 2503 261.6 39.8 9413 1303 5 0.4 0.4 13.8 2506 2362.4 322.2 2506Q 2362 2 321.9 9.5 0 0 22.4 261.6 7611 29.4 31/22 4863 5.8
Axis Bank Ltd. 2 2503 619.5 595.8 127374 28112 85.2 0 1 16 2506 32348.3 6260.2 2506Q 31064 3 5806.1 -3.8 8.2 0 85 310.1 341183 1102.2 1283/947 451691 13.1
City Union Bank Ltd. 1 2503 74.1 127.8 5834 1124 15.2 2 0.6 12.8 2503 1532.7 288 -- -- -- -- -- 0 0 62.6 74.1 15735 211.9 230/146 15844 18.3
The Jammu & Kashmir Bank 1 2503 110.1 129.4 12541 2086 18.9 2.1 0.3 18 2503 3213.4 584.9 -- -- -- -- -- 59.4 0 13.9 110.1 12344 110.9 116/88 7979 7.3
IndusInd Bank Ltd. 10 2503 779 824.1 48668 2575 33.9 0 0.8 15.3 2503 10633.8 -2328.9 -- -- -- -- -- 15.8 7.7 67.3 77.9 66890 848.1 1479/637 95944 134.6
ICICI Bank Ltd. 2 2503 1424.6 426 186331 54419 66.3 11 0.5 19 2506 49080 14393.8 2506Q 42947 10 12768.2 15.4 0 0 90.8 712.2 1046746 1.48E+03 1465/1162 1082000 21.4
The Federal Bank Ltd. 2 2503 491.2 136 28106 4201 16.5 1.2 0.6 14.7 2503 7107.9 1108.3 -- -- -- -- -- 0 0 75.3 245.6 52244 213.9 218/176 58777 17.3
Kotak Mahindra Bank Ltd. 5 2503 994.1 589.1 65669 21946 82.7 2.5 0.4 15.4 2503 16771.9 4908.9 -- -- -- -- -- 25.9 0 60.3 198.8 430417 2155 2267/1688 437160 42
HDFC Bank Ltd. 1 2503 765.2 676.3 336367 73440 88 22 1.1 14.4 2506 87371.9 17090.4 2506Q 77470 6 18155.2 12.2 0 0 84.8 766.8 1533736 2.01E+03 2023/1601 1937310 22.2
IDBI Bank Ltd. 10 2503 10752.4 46.3 28917 7589 7 2.1 0.4 16.4 2506 7026.6 2023.9 2506Q 7021 5 2007.4 16.8 94.7 0 0.7 1075.2 104567 96.8 104/66 103155 13.3

dsij.in JULY 28 - AUG 10, 2025 I DALAL STREET INVESTMENT JOURNAL 27

This is a personal copy of Subscriber : 1251588582
Databank Updated Information Updated as on July 21, 2025

AUDITED ANNUAL LATEST QTR. YEAR TO DATE SHAREHOLDINGS MARKET RELATED DATA

Inst. Stake (%)

Trailing P/E Ratio

Sales Growth (%)

No. of Shareholder
Prom. Stake (%)
Latest Qtr. Year

Pledged (%)

Entprise Value
NP Growth (%)
Year / Months

Year / Months

(21/07/25)
Sales (` Cr)
CEqt. (` Cr)

Market Cap
Face Value

RONW (%)
Company Name
Bk Val (`)

High/Low
NP (` Cr)
NP (` Cr)

52-Week
DERatio

CMP (`)
EPS (`)

(in’ 000)
Div (`)

(` Cr)

(` Cr)

(` Cr)

(` Cr)

(` Cr)
Sales

Sales
NP
16 Bank - Public 75209.4 1189290 178364
Punjab & Sind Bank 10 2503 7095.6 17.8 11481 1016 1.4 0.1 1.2 7.6 2506 2910.7 269.2 2506Q 2911 10 269.2 48.3 93.8 0 4.3 709.6 22692 31.7 68/25 28127 19.9
Central Bank Of India 10 2503 9051.4 37 33797 3818 4.2 0.2 0.7 12.5 2506 8623.4 1260.5 2506Q 8589 3 1168.7 32.8 89.3 0 6 905.1 34531 38 64/33 33192 8.3
Indian Bank 10 2503 1347 461.1 62039 10995 81.1 16.3 0.7 19.1 2503 15859.6 2961.4 -- -- -- -- -- 73.8 0 22.6 134.7 85525 629.3 651/475 95086 9.9
Bank Of Maharashtra 10 2503 7691.6 36.8 24948 5521 7.2 1.5 0.9 24.6 2506 7054 1593.1 2506Q 7054 20 1592.8 23.1 79.6 0 12.3 769.2 43557 56.6 67/43 29417 7.3
UCO Bank 10 2503 12539.6 22.3 25067 2445 1.9 0.4 1 9.3 2506 6744.6 652.4 2506Q 6436 7 607.4 10.3 91 0 4.9 1254 39826 31.8 57/28 58154 15.6
Canara Bank 2 2503 1814.1 103 121601 17336 18.8 4 1 19.9 2503 31495.6 5097.4 -- -- -- -- -- 62.9 0 22.8 907.1 101591 109.3 117/80 101258 7.5
Union Bank Of India 10 2503 7633.6 144.1 108417 17921 23.6 4.8 0.3 18.2 2506 27474.9 4136.6 2506Q 27296 4 4115.5 11.9 74.8 0 19.6 763.4 108970 143.4 155/101 46808 5.9
Punjab National Bank 2 2503 2298.6 103.6 124010 17440 14.5 2.9 0.7 15.3 2503 32523.1 4642.9 -- -- -- -- -- 70.1 0 20.6 1149.3 129353 110.5 125/87 148825 9.5
Indian Overseas Bank 10 2503 19256.6 15.8 28144 3396 1.7 0 1.4 12.3 2506 7387.5 1111.7 2506Q 7386 13 1111 75.6 94.6 0 2.5 1925.7 76718 39.5 67/34 100830 19.8
Bank Of India 10 2503 4553.4 154.5 71308 9339 20.3 4 1.8 13.9 2503 18479 2647.6 -- -- -- -- -- 73.4 0 19.5 455.3 52242 113.6 129/90 124368 6.9
Bank Of Baroda 2 2503 1035.5 264.8 127945 20459 37.8 8.3 0.9 15.7 2503 32345 5307 -- -- -- -- -- 64 0 27.1 517.1 125871 241.4 264/195 193519 8.3
State Bank Of India 1 2503 892.5 463.7 490938 79017 79.4 15.9 1.4 18.6 2503 126997 19941.4 -- -- -- -- -- 57.4 0 35 892.5 735567 8.19E+02 878/688 1071920 13.6
17 Batteries 167.4 32283 2391
Eveready Industries India 5 2503 36.3 63 1345 82 11.3 1.5 0.6 19.6 2503 299 10.4 -- -- -- -- -- 43.2 0 7.5 7.3 2879 402.4 481/276 3166 55.1
HBL Engineering Ltd. 1 2503 27.7 52.6 1967 263 9.7 1 0 24.4 2503 475.6 52.3 -- -- -- -- -- 59.1 0 5.2 27.7 16521 596.8 703/406 16430 85.6
Exide Industries Ltd. 1 2503 85 169.9 17238 800 12.7 2 0 7.8 2503 4335.4 187.4 -- -- -- -- -- 46 0 28.9 85 33082 394.7 553/333 32966 42.1
Amara Raja Energy & Mobil 1 2503 18.3 403.1 12846 945 52.7 10.5 0 13.6 2503 3060.1 161.6 -- -- -- -- -- 32.9 0 33.4 18.3 18366 998.1 1681/942 18345 25.4
18 Bearings 202.5 18376 2224
Rolex Rings Ltd 10 2503 27.2 393.7 1155 174 63.9 0 0 19 2503 283.9 54.6 -- -- -- -- -- 53.4 0 39.1 2.7 4069 1508 2650/1229 4016 33.1
NRB Bearings Ltd. 2 2503 19.4 90.7 1199 82 6.1 0 0.1 33.7 2503 329.3 -1.3 -- -- -- -- -- 51.2 33.7 27.4 9.7 2928 304.9 330/195 2957 71.8
Timken India Ltd. 10 2503 75.2 378.2 3148 447 59.5 36 0 17.6 2503 939.8 186.8 -- -- -- -- -- 51 0 37.1 7.5 26257 3480.1 4269/2269 25860 74.6
Schaeffler India Ltd. 2 2412 31.3 361.4 8232 939 62.5 28 0 19.2 2503 2174.4 251.6 2503Q 2110 14 265.4 16.6 74.1 0 20.6 15.6 66970 4322.6 4315/2926 65620 88.7
SKF India Ltd. 10 2503 49.4 525.5 4920 566 114.4 14.5 0 21.4 2503 1213.4 202.7 -- -- -- -- -- 52.6 0 34.2 4.9 24475 4951.9 5653/3640 23756 60.2
149 BPO/ITeS 1154.6 25417 1899
Inventurus Knowledge Solu 1 2503 17 71.5 2664 486 19.5 0 0.2 46.5 2503 724 147.8 -- -- -- -- -- 63.7 0 10.8 17.2 27242 1577.5 2144/1333 27157 146.9
Protean e-Gov Technologie 10 2503 40.5 247.8 841 92 23.2 10 0 11.3 2503 222.2 20.4 -- -- -- -- -- 0 0 35.6 4 3169 784.5 2190/781 3039 43.9
Affle 3i Ltd. 2 2503 28.1 133.7 2266 382 8.2 0 0 5.8 2503 602.3 103.1 -- -- -- -- -- 55 0 32.2 14.1 26774 1893.8 2041/1370 26015 304.3
Quess Corp Ltd. 10 2503 148.9 62.4
More14967
Newspaper46 and 8.1 10 Telegram
Magazines 0.1 13.7 2503 join
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https://t.me/Magazines_8890050582 -- 57 0 23.3 14.9 4617 310.4 864/298 4449 27.1
eClerx Services Ltd. 10 2503 47 285.1 3366 541 76.5 1 0 27.2 2503 898.3 152.5 -- -- -- -- -- 53.8 0 36.2 4.8 17659 3753.5 3835/2386 17452 61
Hinduja Global Solutions 10 2503 46.5 589.1 4404 101 -69.4 0 0.2 -0.8 2503 1161.1 -1.7 -- -- -- -- -- 68 0 11.8 4.7 2788 592.5 926/454 3114 0
Firstsource Solutions Ltd 10 2503 697 35.1 7980 594 6.1 4 0.1 17.7 2503 2161.5 160.7 -- -- -- -- -- 53.7 0 33.5 69.7 24916 350.4 406/240 25133 73.5
Info Edge (India) Ltd. 2 2503 129.6 427.5 2850 1433 59.7 30 0 4.6 2503 749.6 693.6 -- -- -- -- -- 37.6 0 52.1 13 90881 1448.5 1810/1276 90777 34.7
19 Breweries & Distilleries 612.2 79902 2971
Allied Blenders And Disti 2 2503 55.9 56.3 8073 195 7.2 3.6 0.6 20 2503 1934.7 78.6 -- -- -- -- -- 80.9 0 6.8 28 13184 482.6 497/286 13962 71.8
Globus Spirits Ltd. 10 2503 28.9 342.6 3519 22 8.6 2.8 0.3 10.4 2503 875.4 4.9 -- -- -- -- -- 50.9 0 12.1 2.9 3220 1129.8 1331/762 3670 380.4
Radico Khaitan Ltd. 2 2503 26.8 200.5 17099 345 25.8 4 0.4 13.7 2503 4485.4 90.6 -- -- -- -- -- 40.2 0 43.7 13.4 36504 2747.7 2749/1649 37430 136.7
United Breweries Ltd. 1 2503 26.4 164.6 19409 442 16.7 10 0.1 10.3 2503 4427.1 97.8 -- -- -- -- -- 70.8 8.8 24.3 26.4 53463 2054.1 2239/1828 53596 202.7
United Spirits Ltd. 2 2503 145 108.3 27276 1589 21.5 12 0 20.3 2503 6634 422 -- -- -- -- -- 56.7 0.7 29.6 72.7 99378 1350.1 1688/1285 97605 77.8
Piccadily Agro Industries 10 2503 94.3 77.1 886 103 11.1 0 0.5 39.3 2503 271.6 39.8 -- -- -- -- -- 71 0 0.7 9.4 5609 602.8 1012/493 5870 62.9
Som Distilleries And Brew 2 2503 41.2 31.7 2831 105 2.8 0 0.1 11.2 2503 682.8 23.7 -- -- -- -- -- 39.4 0 1.5 20.8 3388 162 170/97 3419 96.6
Tilaknagar Industries Ltd 10 2503 193.6 46.6 3175 230 12.4 1 0.2 25.9 2503 881.2 77.3 -- -- -- -- -- 40 0 16.6 19.4 8117 450 453/219 8057 43.7
167 Business Support 5644.7 12127 2128
International Gemmologica 2 2412 86.4 53.8 1053 427 10.2 2.4 0 32.5 2503 304.8 140.7 2503Q 234 0 139.1 0 76.5 0 15.6 43.2 17120 394.1 615/296 16812 67.9
Sagility India Ltd. 10 2503 4679.3 21.7 5570 539 0.6 0 0.1 1.4 2503 1568.5 182.6 -- -- -- -- -- 82.4 82.4 10.9 468.1 20514 43.5 53/28 21241 76.8
Awfis Space Solutions Ltd 10 2503 71 64.1 1208 68 9.2 0 0.1 0 2503 339.7 11.2 -- -- -- -- -- 20.4 0 46.2 7.1 4598 637 900/573 4540 70.6
Indegene Ltd. 2 2503 47.9 77.2 2839 407 7.6 2 0 13.1 2503 755.6 117.6 -- -- -- -- -- 0 0 10.2 24 13473 553 733/503 13309 88.8
Medi Assist Healthcare Se 5 2503 35.3 32.6 723 92 4.7 0 0 11.7 2503 188.9 21.6 -- -- -- -- -- 20.6 0 56.2 7 3843 547.7 692/420 3817 157.3
CMS Info Systems Ltd. 10 2503 164.4 131.7 2425 372 20 3.3 0 21.5 2503 619.1 97.6 -- -- -- -- -- 0 0 64.3 16.4 8787 524.8 604/417 8522 34.8
Latent View Analytics Ltd 1 2503 20.6 57.5 848 174 4 0 0 7.2 2506 236 50.6 2506Q 96 21 33.9 21.7 65.2 0 5.4 20.7 8941 445.9 543/348 8929 103.8
Syngene International Ltd 10 2503 402.5 114.5 3642 496 11.6 1.3 0 10.7 2503 1018 183.3 -- -- -- -- -- 52.7 0 40.5 40.3 27063 682.7 947/610 26513 69.7
Just Dial Ltd. 10 2503 85 560.4 1043 363 68.7 0 0 9.5 2506 270.3 115.7 2506Q 298 6 159.7 13.1 74.2 10.3 15.5 8.5 7403 867 1355/791 7093 12.2
Sun Pharma Advanced Resea 1 2503 32.5 -6.8 72 -343 -10.6 0 -1.2 0 2503 27.2 -59.8 -- -- -- -- -- 65.7 0 2.6 32.5 5230 159 232/111 5487 0
EFC (I) Ltd. 2 2503 19.9 39.1 657 141 1.9 0 0 1.2 2503 211 48 -- -- -- -- -- 45.4 0 9.4 10 3442 343.7 350/190 3342 132.3
20 Cable 425.2 51953 3562
RR Kabel Ltd. 5 2503 56.5 189.9 7618 310 27.4 6 0.1 15.6 2503 2217.8 127.7 -- -- -- -- -- 61.8 0 22.2 11.3 16208 1429.4 1799/859 16202 65.8
Polycab India Ltd. 10 2503 150.4 679.6 22408 2046 133.1 35 0 22.6 2506 5906 599.7 2506Q 5704 24 567.8 46.5 63 0 22 15 105965 6996.8 7543/4673 105265 48.2
Sterlite Technologies Ltd 2 2503 98 29.1 3996 -123 -2.6 0 1.4 -8 2503 1052 -40 -- -- -- -- -- 44.2 0 18.9 48.8 5704 120.3 147/58 6606 0
Precision Wires India Ltd 1 2503 17.9 32.3 4036 90 5 1.1 0.1 16.6 2503 210.1 5 -- -- -- -- -- 57.9 0 0.5 17.9 3376 190.3 216/127 3397 50.1
Diamond Power Infrastruct 1 2503 52.7 -17.8 1115 35 0.7 0 -0.3 0 2503 333.8 7.7 -- -- -- -- -- 90 0 0 52.7 8887 166.6 186/83 9335 162
KEI Industries Ltd. 2 2503 19.1 604.5 9736 696 72.9 4 0 15.6 2503 2914.8 226.6 -- -- -- -- -- 35 0 49.3 9.6 37943 3998.8 4708/2509 36206 68.8
Finolex Cables Ltd. 2 2503 30.6 300.7 5319 469 35.6 8 0 14.4 2503 1594.6 142.9 -- -- -- -- -- 35.9 0 26.2 15.3 14036 922.4 1577/787 13891 33.4
21 Carbon Black 87.1 10500 1009
PCBL Chemical Ltd. 1 2503 37.8 99.2 8404 435 11.9 5.5 0.9 17.5 2503 2087.5 100.2 -- -- -- -- -- 51.4 0 15.8 37.8 15923 418.9 578/276 18963 47.2
Himadri Speciality Chemic 1 2503 49.4 75.8 4613 555 11.3 0.6 0.1 17.1 2506 1118.3 179.4 2506Q 1100 -8 182.6 47.9 51.6 0 10 49.4 25189 513.2 667/399 24827 41.1
22 Castings/Forgings 33.6 3728 1057
PTC Industries Ltd. 10 2503 15 887.9 308 61 23.4 0 0.2 5.5 2503 121.9 24.6 -- -- -- -- -- 59.8 0 10.8 1.5 21780 14480 17396/10110 21447 672.4
AIA Engineering Ltd. 2 2503 18.7 718.6 4287 1048 109.5 16 0.1 18.9 2503 1157 279.6 -- -- -- -- -- 58.5 0 39 9.3 31206 3340.5 4816/3084 31552 40.2
23 Cement & Construction Materials 2783.1 191103 15063
KCP Ltd. 1 2503 12.9 55 2529 253 -0.2 0.3 0.3 6.4 2503 634.8 72.4 -- -- -- -- -- 44.3 0 4.1 12.9 2800 227.8 271/171 2992 1280.8
Nuvoco Vistas Corporation 10 2503 357.2 259.4 10357 22 1.1 0 0.3 0.4 2506 2872.7 133.2 2506Q 2404 9 91.2 320.7 72 0 22.9 35.7 14265 405.5 399/288 16692 131.7
Dalmia Bharat Ltd. 2 2503 38 417.9 13980 699 10 9 0 2.4 2503 4091 439 -- -- -- -- -- 55.8 0 25.7 18.8 42454 2332.6 2263/1606 42448 471.5

28 DALAL STREET INVESTMENT JOURNAL I JULY 28 - AUG 10, 2025 dsij.in

This is a personal copy of Subscriber : 1251588582
 AUDITED ANNUAL LATEST QTR. YEAR TO DATE SHAREHOLDINGS MARKET RELATED DATA

Inst. Stake (%)

Trailing P/E Ratio

Sales Growth (%)

No. of Shareholder
Prom. Stake (%)
Latest Qtr. Year

Pledged (%)

Entprise Value
NP Growth (%)
Year / Months

Year / Months

(21/07/25)
Sales (` Cr)
CEqt. (` Cr)

Market Cap
Face Value

RONW (%)
Company Name
Bk Val (`)

High/Low
NP (` Cr)
NP (` Cr)

52-Week
DERatio

CMP (`)
EPS (`)

(in’ 000)
Div (`)

(` Cr)

(` Cr)

(` Cr)

(` Cr)

(` Cr)
Sales

Sales
NP
Star Cement Ltd. 1 2503 40.4 40.2 3163 169 -1.4 0 0.1 14 2503 1052.1 123.1 -- -- -- -- -- 57.7 0.8 7.2 40.4 9326 237 237/172 9709 0
Orient Cement Ltd. 1 2503 20.5 87.9 2709 91 4.5 0.5 0 5.1 2503 825.2 42.1 -- -- -- -- -- 37.9 0 21.7 20.5 4869 245.2 360/222 4853 92.2
JK Cement Ltd. 10 2503 77.3 828.4 11879 872 112.6 15 1 15.2 2506 3352.5 324.2 2506Q 3150 19 335.6 65.6 45.7 0 40.6 7.7 49580 6502.9 6509/3921 54130 50.1
Ultratech Cement Ltd. 10 2503 294.7 2364.5 75955 6050 210.2 77.5 0.1 12.3 2506 21275.5 2225.2 2506Q 19635 12 2231.8 30.6 59.2 0 32 29.5 370540 12405.4 12574/10114 389200 50.8
The India Cements Ltd. 10 2503 309.9 310.1 4149 -132 -21.5 0 0.5 -4 2506 1024.7 -131.4 2506Q 1025 5 -13.8 -124 81.5 0 8.6 31 10629 366.6 380/246 11714 0
Sagar Cements Ltd. 2 2503 26.1 123.3 2258 -217 -6.5 0 0.3 -5.2 2506 670.7 7.5 2506Q 436 11 11.4 0 48.3 0 20.5 13.1 3521 263 269/170 3873 0
Ambuja Cements Ltd. 2 2503 492.6 197.3 35045 5145 15.2 2 0 9.1 2503 9888.6 1277.6 -- -- -- -- -- 67.6 0 25.9 246.3 151113 621.5 691/465 146949 48
ACC Ltd. 10 2503 188 973 21762 2399 129 7.5 0 14.1 2503 6066.5 749.2 -- -- -- -- -- 56.7 0 29.9 18.8 37157 1975.9 2643/1808 35640 18.1
Shree Cement Ltd. 10 2503 36.1 5878.9 19283 1124 331.6 110 0 5.8 2503 5532 575 -- -- -- -- -- 62.5 0 24.9 3.6 113743 32331.2 31627/23936 114329 132.8
JK Lakshmi Cement Ltd. 5 2503 58.9 287.9 6193 303 30.7 6.5 0.2 14.6 2503 1897.6 185.8 -- -- -- -- -- 46.3 0 37.3 11.8 11708 1011.7 1001/673 12555 58
Prism Johnson Ltd. 10 2503 503.4 29.6 7310 26 2 0 0.9 7.1 2503 2102.3 114.4 -- -- -- -- -- 74.9 0 9 50.3 8039 162.5 231/111 8928 79.7
Birla Corporation Ltd. 10 2503 77 750.1 9214 295 16.8 10 0.2 4.5 2503 2814.9 256.6 -- -- -- -- -- 62.9 0 21.9 7.7 10698 1466 1545/935 11368 81.6
Heidelberg Cement India L 10 2503 226.6 61.6 2149 107 4.7 7 0.1 11.4 2503 612.5 50.5 -- -- -- -- -- 69.4 0 15.7 22.7 4853 214.6 237/185 4440 72.8
The Ramco Cements Ltd. 1 2503 23.6 317.1 8518 268 17.7 2 0.6 5.7 2503 2397.3 24.8 -- -- -- -- -- 42.6 1.5 39.7 23.6 27185 1191 1175/780 31630 73.7
24 Ceramics/Marble/Granite/Sanitaryware 257.3 6475 -292
Nitco Ltd. 10 2503 228.7 11.4 314 -741 -32.2 0 -1.9 0 2503 93.5 -2.9 -- -- -- -- -- 16.2 14.2 2.3 22.9 3296 142.4 160/70 3417 0
Pokarna Ltd. 2 2503 6.2 35.9 930 188 -2.2 0.6 0.3 -2.6 2503 262.7 58.9 -- -- -- -- -- 56.7 0 21.1 3.1 3190 1040.3 1430/718 3228 0
Cera Sanitaryware Ltd. 5 2503 6.5 1044.6 1926 249 191.1 65 0 18.3 2503 580.5 86.3 -- -- -- -- -- 54.4 0 29.1 1.3 8901 6886.3 10402/5081 8890 44.5
Kajaria Ceramics Ltd. 1 2503 15.9 163.7 4635 299 12.8 9 0 15.7 2503 1221.8 36.2 -- -- -- -- -- 47.5 0 39.9 15.9 19962 1247.3 1547/779 19396 169
25 Chemicals 2577.2 140910 13151
Archean Chemical Industri 2 2503 24.7 152.1 1041 162 15 1.5 0 10.3 2503 345.6 53.7 -- -- -- -- -- 53.4 3.7 33.9 12.3 8650 696.9 821/417 8655 63
Aether Industries Ltd. 10 2503 132.6 167.8 839 158 11.5 0 0.1 5.3 2503 240.2 50.3 -- -- -- -- -- 75 0 18.4 13.3 10853 814.4 1059/732 10733 88.6
Chemplast Sanmar Ltd. 5 2503 79.1 173.2 4346 -110 -4.2 0 0.4 -2.4 2503 1150.9 -54.2 -- -- -- -- -- 55 0 39.1 15.8 7383 466.9 558/388 7919 0
Epigral Ltd. 10 2503 43.1 441.2 2550 357 82.7 6 0.3 22.6 2503 627.6 86.6 -- -- -- -- -- 69 0 7.7 4.3 7720 1788.1 2343/1469 8283 28.2
Clean Science And Technol 1 2503 10.6 144.3 967 264 27.5 6 0 22.2 2506 242.9 70.1 2506Q 220 1 76.6 6.1 75 0 12.1 10.6 13572 1298 1649/1143 13557 46.5
Laxmi Organic Industries 2 2503 55.4 68.3 2985 114 4.3 0.5 0.1 6.4 2503 709.7 21.8 -- -- -- -- -- 69.4 0 5.9 27.7 5432 195.6 318/165 5591 48
Anupam Rasayan India Ltd. 10 2503 109.9 278.9 1437 160 6.6 0 0.4 4.7 2503 500.2 62.9 -- -- -- -- -- 61.2 10.7 7.2 11 13208 1156.6 1165/628 14388 178.4
Jubilant Ingrevia Ltd. 1 2503 15.9 153.2 4178 251 16.5 5 0.4 7.4 2503 1051.3 74 -- -- -- -- -- 51.5 1.4 23 15.9 13162 820.3 858/556 13897 56.6
Rossari Biotech Ltd. 2 2503 11.1 198.9 2080 135 20.7 0.5 0 11.3 2506 543.7 33.1 2506Q 366 22 26.2 7.8 68.2 0 21.3 5.5 3906 724 942/598 3920 34.4
More Newspaper and Magazines Telegram Channel join Search https://t.me/Magazines_8890050582 (@Magazines_8890050582)
Gujarat Fluorochemicals L 1 2503 11 588.4 4737 546 52.3 3 0.3 7.3 2503 1225 191 -- -- -- -- -- 62.6 0 15.7 11 39221 3587.9 4713/3158 41012 85.1
Neogen Chemicals Ltd. 10 2503 26.4 306.6 778 35 18.4 1 0.5 7.1 2503 202.8 2.4 -- -- -- -- -- 51.2 0 30.5 2.6 4111 1574.8 2349/1435 4554 127.3
Fine Organic Industries L 5 2503 15.3 723.4 2269 411 127.1 11 0 21.7 2503 606.8 97 -- -- -- -- -- 75 0 16.8 3.1 16030 5333.6 5875/3501 15139 56.3
SH Kelkar And Company Ltd 10 2503 138.4 53 2123 74 -1 1 0.4 -1.8 2503 567.4 102.3 -- -- -- -- -- 55.5 3.1 10.7 13.8 3538 261 327/162 3833 46.2
Fineotex Chemical Ltd. 2 2503 22.9 54.9 533 109 8.5 0.8 0 35.3 2503 119.8 20.1 -- -- -- -- -- 62.9 0 5.7 11.5 3160 275.5 422/214 3134 42.2
Camlin Fine Sciences Ltd. 1 2503 18.8 45.9 1667 -159 -4.1 0 0.7 -7.7 2503 437.5 -1.7 -- -- -- -- -- 49.1 0 7 18.8 5414 289.4 326/96 5771 0
Solar Industries India Lt 2 2503 18.1 338.9 7540 1282 88.7 10 0.1 29.7 2503 2166.6 348.7 -- -- -- -- -- 73.2 1.1 20.4 9.1 135229 15019.9 17588/8607 135228 223.2
Navin Fluorine Internatio 2 2503 9.9 629.6 2349 289 48.8 12 0 10.2 2503 700.9 95 -- -- -- -- -- 28 0.3 50.3 5 25450 4967.3 5110/3214 25478 128.4
Balaji Amines Ltd. 2 2503 6.5 510.9 1397 159 48.2 11 0 9.8 2503 352.7 40.4 -- -- -- -- -- 54.6 0 6.6 3.2 5669 1743 2499/1138 5425 48.8
Privi Speciality Chemical 10 2503 39.1 281.9 2101 185 48.5 0 0.8 18.7 2503 613.5 64 -- -- -- -- -- 69.9 0 5.4 3.9 9574 2433.7 2567/1406 10378 60.5
Gujarat Alkalies And Chem 10 2503 73.4 820.6 4073 16 2.1 15.8 0.1 -2.1 2503 1075.5 21.4 -- -- -- -- -- 46.3 0 5.4 7.3 4322 612.8 875/498 4740 111.1
Premier Explosives Ltd. 2 2503 10.8 45.7 417 29 5.3 0.5 0.3 13.5 2503 74.1 3.8 -- -- -- -- -- 41.3 0 8.8 5.4 2761 513.5 716/312 2704 129.8
Fischer Medical Ventures 10 2503 63.8 47.6 111 2 0.1 0 0 1 2503 49.2 1.4 -- -- -- -- -- 61.8 0 7 6.5 6076 930.3 950/600 6075 0
Aarti Industries Ltd. 5 2503 181 155 7271 331 9.4 1 0.6 8.2 2503 1949 96 -- -- -- -- -- 42.2 1.5 26.3 36.3 16027 426.4 753/355 19522 76.4
Vinati Organics Ltd. 1 2503 10.4 270.8 2248 405 40 7.5 0 14.3 2503 648.5 123 -- -- -- -- -- 74.3 0 13.1 10.4 20203 1940 2281/1448 20262 61.1
Vishnu Chemicals Ltd. 2 2503 13.5 116.7 1447 127 11.9 0.3 0.3 19.3 2503 392.6 38.9 -- -- -- -- -- 69.2 0 8.2 6.7 3391 499.2 568/363 3571 61.1
Tanfac Industries Ltd. 10 2503 10 332.2 557 88 88.4 9 0 25.3 2506 176 19.4 2506Q 176 85 19.4 71.4 51.8 0 0.5 1 4673 4550 4881/1931 4677 47.2
Alkyl Amines Chemicals Lt 2 2503 10.2 273.5 993 197 36.4 10 0 14 2503 234.8 49.2 -- -- -- -- -- 72 0 5.9 5.1 11436 2230 2408/1571 11236 83.1
Deepak Nitrite Ltd. 2 2503 27.3 229.2 8282 697 20.3 7.5 0 15.5 2503 2179.7 202.5 -- -- -- -- -- 49.3 0 29.3 13.6 26410 1931 3101/1806 26421 123.4
Styrenix Performance Mate 10 2503 17.6 483.7 2982 235 132 0 0 24.1 2503 939.7 56.2 -- -- -- -- -- 46.2 0 14.8 1.8 5567 3152.2 3465/2317 5529 32.4
Grauer & Weil (India) Ltd 1 2503 45.3 20.7 1134 157 3.5 0.5 0 19.4 2503 340.1 25.7 -- -- -- -- -- 69 0 0.8 45.3 4722 104.3 116/79 4264 44.5
SRF Ltd. 10 2503 296.4 389.3 14693 1251 42.8 0 0.3 11.5 2503 4313.3 526.1 -- -- -- -- -- 50.3 0 37.1 29.6 92803 3120 3286/2142 95728 90.8
Tata Chemicals Ltd. 10 2503 255 714.2 14887 233 20.6 11 0.1 2.8 2503 3509 -73 -- -- -- -- -- 38 0 35.3 25.5 23951 954 1184/777 26059 90.8
Nocil Ltd. 10 2503 167 104.5 1393 103 6.4 2 0 6.3 2503 339.7 20.8 -- -- -- -- -- 33.8 3.5 11.8 16.7 3255 195 330/165 3229 40.5
Gujarat Narmada Valley Fe 10 2503 147 575.2 7892 585 39.8 18 0 5.6 2503 2055 210 -- -- -- -- -- 41.3 0 23.1 14.7 8033 545 713/466 5823 17.1
Deepak Fertilisers And Pe 10 2503 126.2 275 10274 945 32.7 10 0.1 10.2 2503 2667.3 277.9 -- -- -- -- -- 45.6 0 22.1 12.6 20588 1599 1745/775 20862 59.1
Thirumalai Chemicals Ltd. 1 2503 10.2 108.1 2050 -46 8 0 0.5 7.9 2503 523.1 -14.1 -- -- -- -- -- 41.9 0 3 10.2 3164 305.9 385/212 3618 57.9
Pidilite Industries Ltd. 1 2503 50.9 188.4 13140 2099 40.8 20 0 23.1 2503 3141.1 428.3 -- -- -- -- -- 69.4 0 21.3 50.9 150953 2946.9 3361/2657 150738 98.5
India Glycols Ltd. 10 2503 31 604.3 9039 185 58.3 10 0.8 9.2 2503 2188.7 52.6 -- -- -- -- -- 61 0 4.8 3.1 5659 1802.2 2112/1041 7386 41.8
GHCL Ltd. 10 2503 95.8 361.3 3183 624 65.4 12 0 19.5 2503 781.5 150.3 -- -- -- -- -- 19 0.2 36.7 9.6 5805 605.7 758/533 5456 12.2
Godrej Industries Ltd. 1 2503 33.7 50.5 19657 1484 5.6 0 5.9 11.8 2503 5779.7 341.4 -- -- -- -- -- 71 0 8.2 33.7 38236 1138.5 1359/801 48039 454.4
Foseco India Ltd. 10 2412 6.4 569.4 525 73 114.3 25 0 23.3 2503 148.5 21.7 2503Q 149 21 21.7 36.7 75 0 0.7 0.6 3188 4928.6 5190/3309 2930 52.2
Elantas Beck India Ltd. 10 2412 7.9 1135.3 749 140 176 7.5 0 17.5 2503 206.1 32.9 2503Q 206 17 32.9 -10.9 75 0 12.2 0.8 10985 13700 14493/8242 10832 115.9
Bhansali Engineering Poly 1 2503 24.9 40.2 1398 179 7.2 4 0 18.1 2503 344.9 39.2 -- -- -- -- -- 57.5 0 1.6 24.9 2835 114.3 172/98 2430 22.4
BASF India Ltd. 10 2503 43.3 844.2 15260 479 115.3 20 0 14.5 2503 3286.7 27 -- -- -- -- -- 73.3 0 10.5 4.3 21712 5062.3 8550/4143 20905 78.7
Atul Ltd. 10 2503 29.4 1914.2 5583 488 155 25 0 8.6 2506 1478 130.5 2506Q 1305 8 97.7 -10.5 45.2 0 33.8 2.9 20117 6903.6 8036/5175 20121 45.7
26 Cigarettes/Tobacco 1431.7 82804 36529
VST Industries Ltd. 10 2503 169.9 77.8 475 62 17.1 10 0 22.6 2503 454 53 -- -- -- -- -- 32.2 0 7.8 17 4976 285.8 482/247 4959 20.5
ITC Ltd. 1 2503 1251.4 53.9 81613 34942 16.1 14.3 0 28.9 2503 20376.4 19709.5 -- -- -- -- -- 0 0 84.9 1251.8 526115 417.6 522/394 522933 34
Godfrey Phillips India Lt 2 2503 10.4 848 6767 863 216.1 95 0 25.1 2503 1887.8 207.4 -- -- -- -- -- 72.6 0 13.2 5.2 47843 9516 9361/3990 47856 59.3
27 Compressors / Pumps 273.7 16018 2151
Oswal Pumps Ltd. 1 2503 9.9 157.1 1430 279 23.2 0 0.4 71.3 2503 364.6 62.9 -- -- -- -- -- 8453 758 741/620 8710 156.1
Shakti Pumps (India) Ltd. 10 2503 120.2 109.8 2516 408 32.8 1 0.1 22.6 2503 665.3 110.2 -- -- -- -- -- 51.6 0 9.9 12 11367 916.7 1284/662 11343 14.2
Elgi Equipments Ltd. 1 2503 31.7 54.3 3510 345 11 2.2 0 22 2503 992.9 100.9 -- -- -- -- -- 31.2 0.2 34.1 31.7 17509 555.3 737/402 16789 63.5

dsij.in JULY 28 - AUG 10, 2025 I DALAL STREET INVESTMENT JOURNAL 29

This is a personal copy of Subscriber : 1251588582
Databank Updated Information Updated as on July 21, 2025

AUDITED ANNUAL LATEST QTR. YEAR TO DATE SHAREHOLDINGS MARKET RELATED DATA

Inst. Stake (%)

Trailing P/E Ratio

Sales Growth (%)

No. of Shareholder
Prom. Stake (%)
Latest Qtr. Year

Pledged (%)

Entprise Value
NP Growth (%)
Year / Months

Year / Months

(21/07/25)
Sales (` Cr)
CEqt. (` Cr)

Market Cap
Face Value

RONW (%)
Company Name
Bk Val (`)

High/Low
NP (` Cr)
NP (` Cr)

52-Week
DERatio

CMP (`)
EPS (`)

(in’ 000)
Div (`)

(` Cr)

(` Cr)

(` Cr)

(` Cr)

(` Cr)
Sales

Sales
NP
WPIL Ltd. 1 2503 9.8 90.5 1807 118 14.7 2 0.3 17.5 2503 571.9 -23.8 -- -- -- -- -- 70.8 0 8.1 9.8 4307 443.4 742/356 4515 38.3
Kirloskar Pneumatic Compa 2 2503 13 167.8 1640 211 32.5 10 0 21 2503 591.6 80.1 -- -- -- -- -- 38.9 0 36.9 6.5 9618 1481.8 1771/981 9551 52.2
Dynamatic Technologies Lt 10 2503 6.8 947.7 1404 43 74.6 5 0.6 17 2503 380.7 16.1 -- -- -- -- -- 41.9 0 26.8 0.7 4899 7224.7 8756/5733 5246 118.5
KSB Ltd. 2 2412 34.8 84.7 2533 234 13.8 4 0 18 2503 595.4 48.1 2503Q 595 9 49 13.7 69.8 0 15.9 17.4 15114 860.3 1001/598 14790 84
Kirloskar Brothers Ltd. 2 2503 15.9 209.4 4492 403 33 7 0 16.8 2503 1281.3 123.6 -- -- -- -- -- 66 0 16.1 7.9 16603 2092.8 2437/1478 16516 75.2
Ingersoll-Rand (India) Lt 10 2503 31.6 192.1 1336 268 84.7 80 0 45.2 2503 322.3 67.7 -- -- -- -- -- 75 0 9.5 3.2 12943 4065.9 4655/3171 12731 62.4
29 Construction - Real Estate 6246.3 74893 10781
Kalpataru Ltd. 10 2503 167.5 202.4 2222 26 1.4 0 2.7 7.4 2503 596.9 20.4 -- -- -- -- -- 8495 414.9 433/412 10898 427.2
Arkade Developers Ltd. 10 2503 185.7 47.6 683 156 8.4 0 0.2 47 2503 131.4 33.4 -- -- -- -- -- 71.1 0 1.3 18.6 3838 208.6 206/129 3817 30.6
Max Estates Ltd. 10 2503 161 144.3 160 26 17.4 0 0.1 2 2503 39.8 14 -- -- -- -- -- 45.3 0 33.7 16.1 8773 542.1 686/344 8456 31.9
Signatureglobal (India) L 1 2503 14.1 66.1 2498 101 4.5 0 1.4 3.9 2503 520.4 61.1 -- -- -- -- -- 69.6 0 15.5 14.1 17357 1222.6 1609/1015 18532 226.3
Keystone Realtors Ltd 10 2503 126 201 2004 199 7.4 0 0.5 7.1 2503 584.9 69.8 -- -- -- -- -- 78.3 0 19.1 12.6 7929 628.5 772/496 7736 112.8
Lodha Developers Ltd. 10 2503 997.6 185.8 13780 2768 21.9 4.3 0.4 12.5 2503 4224.3 923.5 -- -- -- -- -- 71.9 0 27 99.8 144578 1437.5 1515/1053 150639 83.1
TARC Ltd. 2 2503 59 42.7 34 -231 -3.6 0 1.1 1 2503 11.8 -104.6 -- -- -- -- -- 65.1 0 7.7 29.5 5704 196.3 264/103 6854 0
Hemisphere Properties Ind 10 2503 285 14 1 -8 -0.3 0 0.2 -2.7 2503 0.2 -1.1 -- -- -- -- -- 51.1 0 1 28.5 3862 135.5 220/114 3872 0
Capacit'e Infraprojects L 10 2503 84.6 200.3 2350 187 21.4 0 0.2 11.3 2503 671.3 51 -- -- -- -- -- 31.7 10.6 21.1 8.5 2844 331 454/286 3166 21.9
PSP Projects Ltd. 10 2503 39.6 304.9 2512 58 14.2 0 0.5 14.4 2503 672.9 6.5 -- -- -- -- -- 60.1 0 15.8 4 3206 810.7 833/590 3270 144.9
Dilip Buildcon Ltd. 10 2503 146.2 337.9 11317 840 21.3 0 0.4 8.7 2503 3096.1 276.6 -- -- -- -- -- 63.1 8.9 8.6 16.2 7943 488.1 576/377 9621 27.1
Arvind Smartspaces Ltd. 10 2503 45.6 124.4 713 119 3 6 0.3 2.4 2503 163.1 21.8 -- -- -- -- -- 50.3 0 14.7 4.6 2986 643.5 1009/618 3156 406.5
NBCC (India) Ltd. 1 2503 270 8.6 12039 557 1.8 0.7 0 17 2503 4642.6 183.1 -- -- -- -- -- 61.8 0 16.2 270 31131 114.8 130/72 27918 68.7
Prestige Estates Projects 10 2503 430.7 275.3 7349 660 4.3 1.8 0.6 3.6 2503 1528.4 55.2 -- -- -- -- -- 60.9 0 36.3 43.1 77842 1796.4 1918/1061 79942 462.5
Oberoi Realty Ltd. 10 2503 363.6 396.5 5286 2218 48.6 8 0.2 12.9 2506 987.5 414.5 2506Q 775 -34 308.8 -32.8 67.7 0 30.2 36.4 66739 1826.7 2323/1481 69209 41
Valor Estate Ltd. 10 2503 538.5 103.3 1133 -122 -3.5 0 0.1 18.4 2503 645.1 -4.3 -- -- -- -- -- 47.4 15.9 5 53.9 10455 200 248/117 10682 0
Godrej Properties Ltd. 5 2503 150.6 578.8 4923 1508 33.6 0 0.7 7.2 2503 2121.7 413.8 -- -- -- -- -- 46.7 0 39.6 30.1 72392 2363 3326/1926 80081 132.6
Brigade Enterprises Ltd. 10 2503 244.4 250.2 5074 680 18.6 2.5 0.4 7.8 2503 1460.4 249.3 -- -- -- -- -- 41.1 0 42.8 24.4 26922 1086.2 1431/898 26644 68.1
Kolte-Patil Developers Lt 10 2503 76 135.8 1717 104 9 0 1.4 -9 2503 718.7 65.3 -- -- -- -- -- 69.5 0 9.7 7.6 3976 452.1 492/249 5044 31.6
Puravankara Ltd. 5 2503 118.6 62.8 2014 -189 -8.4 0 1.1 1.9 2503 541.6 -88 -- -- -- -- -- 75 0 17.9 23.7 6779 285 494/218 8507 0
DLF Ltd. 2 2503 495.1 118.8 7994 2695 6.4 6 0.1 5.4 2503 3127.6 871.4 -- -- -- -- -- 74.1 0 21 247.5 211057 847.9 924/608 211755 133.2
Embassy Developments Ltd. 2 2503 244.4 86.2 2180 203 2.2 0 0.1 -71.4 2503 889.3 123 -- -- -- -- -- 43.4 0 18.8 122.3 16144 118.3 156/91 18619 0
Ahluwalia Contracts (Indi 2 2503 13.4 268.7
More 4099 202 and30.1
Newspaper 0.6 Telegram
Magazines 0 26.5 2503 join
Channel 1215.8 83.2
Search -- -- -- -- (@Magazines_8890050582)
https://t.me/Magazines_8890050582 -- 55.3 0 36.7 6.7 7232 1082.3 1429/635 6282 42.4
Hubtown Ltd. 10 2503 135.6 191.4 408 55 5.6 0 0.3 0.4 2503 96.8 4.2 -- -- -- -- -- 32.1 8.6 3.7 13.6 4022 299.5 327/165 4240 59.8
Sobha Ltd. 10 2503 106.9 413.4 4039 95 10.5 3 0.3 3.3 2503 1240.6 40.9 -- -- -- -- -- 52.9 0 32.7 10.7 18150 1694.6 2043/1094 17536 170.4
Welspun Enterprises Ltd. 10 2503 136.7 194.4 3584 356 22.5 3 0.1 11.7 2503 1021.5 107.5 -- -- -- -- -- 55.3 0 10.3 13.8 7146 510.9 652/415 6780 31.9
Mahindra Lifespace Develo 10 2503 155.1 142.8 372 -125 3.3 2.8 0.9 3.3 2503 9.2 -18.1 -- -- -- -- -- 51.1 0 29.6 15.5 8192 385.7 625/285 9375 79.7
Ganesh Housing Corporatio 10 2503 83.4 180.3 960 598 45.6 5 0 24.9 2506 150.8 93.1 2506Q 4 -97 -10.4 -117.7 73.1 0 1.1 8.3 7860 931.7 1479/782 7803 25
Ashiana Housing Ltd. 2 2503 20.1 76.1 529 18 1.8 0 0.2 10.4 2503 217.9 20.3 -- -- -- -- -- 61.1 0 15.5 10.1 3267 324.8 414/251 3167 137.3
Anant Raj Ltd. 2 2503 68.7 107.8 2060 422 6.4 0.7 0.1 6.2 2503 540.6 118.1 -- -- -- -- -- 60.1 0 16.8 34.3 20007 573.1 904/415 20161 111
Ajmera Realty & Infra Ind 10 2503 39.4 278.7 738 126 28.4 4.5 0.9 11.5 2503 151.4 24.2 -- -- -- -- -- 68.2 0.8 3 3.9 3655 934.9 1171/616 4094 40.6
Sunteck Realty Ltd. 1 2503 14.7 169.9 853 148 10.9 1.5 0.1 3 2506 188.3 33.4 2506Q 53 -82 -2 -110.9 63.3 0 27.6 14.7 6306 443.5 627/354 6586 46.4
National Standard (India) 10 2503 20 136.7 22 13 6.6 0 0 5.8 2506 0 1 -- -- -- -- -- 73.9 0 0 2 5043 2492.1 5508/2502 5043 431.8
Marathon Nextgen Realty L 5 2503 25.6 294.9 580 162 21 1 0.4 15.3 2503 148.6 48.2 -- -- -- -- -- 55.9 0 26.6 6.7 5084 742.4 760/358 5323 42.6
The Phoenix Mills Ltd. 2 2503 71.5 148.7 3814 1302 9.4 2.5 0.1 5.7 2503 1016.3 346.5 -- -- -- -- -- 47.3 0 49 35.8 53416 1469.9 1895/1398 54142 217.8
Aditya Birla Real Estate 10 2503 111.7 389.8 1219 -144 -1.4 2 0.9 -0.3 2503 394.8 -129.6 -- -- -- -- -- 50.2 0 25.9 11.2 24012 2160.1 3052/1714 27544 0
164 Construction Vehicles 65.5 7343 698
Action Construction Equip 2 2503 23.8 134.1 3327 409 33.9 2 0 30.8 2503 961 118.6 -- -- -- -- -- 65.4 0 13.5 11.9 13541 1142 1558/1026 13515 42.5
BEML Ltd. 10 2503 41.6 685.3 4022 293 70.7 20 0 11.2 2503 1652.5 287.6 -- -- -- -- -- 53.9 0 24.4 4.2 18212 4366 4786/2417 18426 49.9
30 Consumer Durables - Domestic Appliances 566.8 32230 1869
Eureka Forbes Ltd. 10 2503 193.5 226.6 2437 164 8.4 0 0 2.2 2503 612.6 49.5 -- -- -- -- -- 62.6 33.6 20.4 19.4 10849 559 643/449 10624 81.8
Borosil Ltd. 1 2503 11.9 67.1 1108 74 6.2 0 0.1 10.8 2503 270.2 11.1 -- -- -- -- -- 64.7 0 6.6 11.9 3999 342.4 500/308 4075 63
Orient Electric Ltd. 1 2503 21.3 32.3 3094 83 3.9 1.5 0 12.6 2503 861.9 31.3 -- -- -- -- -- 38.3 0 35.1 21.3 4748 221.2 290/196 4711 68.5
Crompton Greaves Consumer 2 2503 128.8 54.8 7864 564 8.8 3 0.1 16.9 2503 2060.6 171.7 -- -- -- -- -- 0 0 88.1 64.4 21962 333.4 476/320 21923 52.9
PG Electroplast Ltd. 1 2503 28.3 89.3 4870 291 3 0.3 0.1 12.2 2503 1909.9 146.4 -- -- -- -- -- 43.7 0 31.1 28.3 22892 800.5 1022/369 22117 333.6
TTK Prestige Ltd. 1 2503 13.7 137.7 2715 108 11.9 6 0 8.3 2503 649.6 -42.4 -- -- -- -- -- 70.5 0 21.8 13.7 8669 635 1012/586 8095 75.1
Symphony Ltd. 2 2503 14 112.2 1576 213 25.1 13 0 22.8 2503 488 79 -- -- -- -- -- 73.4 0 15.1 6.9 7948 1170.3 1841/1064 7926 76.6
Hawkins Cookers Ltd. 10 2503 5.3 724.8 1116 115 216.8 130 0.1 32 2503 306.7 34.4 -- -- -- -- -- 56 0 18.2 0.5 5046 9580 9686/7208 4879 56.5
Whirlpool Of India Ltd. 10 2503 126.9 275 7919 363 24.7 5 0 5.4 2503 2004.7 119.5 -- -- -- -- -- 51 0 38.9 12.7 18159 1441.3 2412/924 15897 102
Bajaj Electricals Ltd. 2 2503 23.1 132.4 4828 133 11.6 3 0 9.1 2503 1265.5 59 -- -- -- -- -- 62.7 0 23.5 11.5 7720 655.9 1009/509 7600 71.8
31 Consumer Durables - Electronics 62.1 14533 1218
Dixon Technologies (India 2 2503 12.1 360.8 38860 1215 93.9 8 0.1 14.7 2503 10292.5 461.2 -- -- -- -- -- 32.3 0 44.9 6 98495 16225 18934/10914 98633 181.2
Honeywell Automation Indi 10 2503 8.8 4545.3 4190 524 595 105 0 13.8 2503 1114.5 139.9 -- -- -- -- -- 75 0 14.9 0.9 35791 40330 54675/32715 32516 91.7
IFB Industries Ltd. 10 2503 41.3 211.5 5092 137 31.2 0 0.1 16.3 2503 1333.7 23.8 -- -- -- -- -- 75 0 7.4 4 5598 1377 2280/1071 5604 63.2
32 Consumer Food 1637.2 103704 10195
Gopal Snacks Ltd. 1 2503 12.5 32.5 1468 19 1.5 0 0.2 29.2 2503 317.5 -39.5 -- -- -- -- -- 81.5 0 8.4 12.5 4438 354.2 514/258 4504 0
Bikaji Foods Internationa 1 2503 25.1 57.1 2622 194 8.5 1 0.1 24.9 2503 613.6 39.9 -- -- -- -- -- 74.9 0 20 25.1 18796 763.5 979/567 18735 125.9
Sapphire Foods India Ltd. 2 2503 64.2 37.9 2882 17 -0.2 0 0 -0.5 2503 711.3 2 -- -- -- -- -- 26.1 0 68.9 32.1 10745 333.6 381/286 10687 0
Devyani International Ltd 1 2503 120.6 12.3 4951 -7 0.2 0 0.3 2.2 2503 1212.6 -16.5 -- -- -- -- -- 62.7 0 27.3 120.6 21670 175.3 221/141 22018 0
Dodla Dairy Ltd 10 2503 60.3 212.5 3720 260 40.9 5 0 21.3 2506 1006.9 62.9 2506Q 901 9 62.4 15 59.7 0 29.2 6 8068 1333 1461/992 8023 31.5
Mrs. Bectors Food Special 10 2503 61.4 177.8 1874 143 19.7 6 0.4 22 2503 446.1 34.3 -- -- -- -- -- 49 0 35.8 6.1 9427 1546.6 2095/1295 9370 105.1
Varun Beverages Ltd. 2 2412 676.3 50.9 20481 2636 6.9 0.5 0.1 19.7 2503 5680 731.9 2503Q 4053 18 678.1 44.5 59.8 0 32.4 338.2 165460 485.1 670/435 164233 117.3
Parag Milk Foods Ltd. 10 2503 119.2 87.1 3432 119 10.4 1 0.6 10.6 2503 918.3 26.2 -- -- -- -- -- 42.6 0 15.3 11.9 3027 243.1 255/141 3557 30
Jubilant FoodWorks Ltd. 2 2503 132 34.4 8142 222 2.9 1.2 0.1 10.8 2503 2103.2 48.7 -- -- -- -- -- 41.9 2.1 51.8 66 44813 666.5 766/560 45036 308.5
LT Foods Ltd. 1 2503 34.7 51.9 8681 583 6.1 2.5 0 9.8 2503 2228.4 155.3 -- -- -- -- -- 51 0 17.4 34.7 17449 500.8 508/285 17473 107.7
Hatsun Agro Product Ltd. 1 2503 22.3 84 8700 279 12.8 0 1.4 17.7 2506 2590.3 135.2 2506Q 2535 7 148.1 13.4 73.2 0 13.6 22.3 21669 969 1342/867 23704 71.3

30 DALAL STREET INVESTMENT JOURNAL I JULY 28 - AUG 10, 2025 dsij.in

This is a personal copy of Subscriber : 1251588582
 AUDITED ANNUAL LATEST QTR. YEAR TO DATE SHAREHOLDINGS MARKET RELATED DATA

Inst. Stake (%)

Trailing P/E Ratio

Sales Growth (%)

No. of Shareholder
Prom. Stake (%)
Latest Qtr. Year

Pledged (%)

Entprise Value
NP Growth (%)
Year / Months

Year / Months

(21/07/25)
Sales (` Cr)
CEqt. (` Cr)

Market Cap
Face Value

RONW (%)
Company Name
Bk Val (`)

High/Low
NP (` Cr)
NP (` Cr)

52-Week
DERatio

CMP (`)
EPS (`)

(in’ 000)
Div (`)

(` Cr)

(` Cr)

(` Cr)

(` Cr)

(` Cr)
Sales

Sales
NP
Zydus Wellness Ltd. 10 2503 63.6 634.1 2709 347 4.8 6 0 0.8 2503 913.1 171.9 -- -- -- -- -- 69.6 0 23 6.4 13320 2080.9 2393/1535 13446 542.4
KRBL Ltd. 1 2503 22.9 228.5 5594 476 20.8 3.5 0.1 12.5 2503 1442.3 154.2 -- -- -- -- -- 60.2 0 13.6 22.9 9476 415.8 414/248 9392 24.4
Heritage Foods Ltd. 5 2503 46.4 105.8 4135 195 18.1 2.5 0.1 19.3 2506 1136.8 41.9 2506Q 1119 10 37.8 -34.9 41.3 0 10.3 9.3 4497 481.3 643/361 4563 30.2
ADF Foods Ltd. 2 2503 22 46.5 590 69 7.3 1.2 0 16.7 2503 159.1 16.4 -- -- -- -- -- 36.1 1.6 19 11 2968 270.4 348/215 2922 47.1
Vadilal Industries Ltd. 10 2503 7.2 583.9 1238 150 158.4 21 0.4 36.8 2503 274.5 22 -- -- -- -- -- 64.7 4.9 1.2 0.7 3948 5606 7342/3452 4020 79.3
Hindustan Foods Ltd. 2 2503 23.5 80.4 3564 110 8.8 0 0.9 16.9 2503 933.4 30.8 -- -- -- -- -- 62.2 0 19.8 11.8 6859 571 675/475 7316 79.9
Tasty Bite Eatables Ltd. 10 2503 2.6 1213.2 554 26 99.8 2 0.1 8.6 2503 133.7 6.2 -- -- -- -- -- 74.2 0 4.3 0.3 2791 10955 14736/7789 2802 95.9
Britannia Industries Ltd. 1 2503 24.1 161.4 17943 2189 88.5 75 0.3 57.5 2503 4432.2 563.8 -- -- -- -- -- 50.5 0 34.2 24.1 136836 5692.6 6446/4575 137947 84.2
Nestle India Ltd. 1 2503 96.4 42.7 20202 3232 34.4 27 0.2 88.9 2503 5503.9 885.9 -- -- -- -- -- 62.8 0 21.5 96.4 238422 2450.4 2753/2148 239079 92
33 Courier Services 98.3 13973 357
Delhivery Ltd. 1 2503 74.6 132 8932 155 1.5 0 0 -1.9 2503 2191.6 55.6 -- -- -- -- -- 0 0 82.5 74.6 32324 435.6 438/241 32110 795.2
Blue Dart Express Ltd. 10 2503 23.7 684.1 5720 252 103.1 25 0 21.4 2503 1417.3 55.1 -- -- -- -- -- 75 0 18.6 2.4 16129 6750 9245/5674 15964 83
156 Defence 1424.8 62404 14963
Unimech Aerospace and Man 5 2503 25.4 102.9 243 84 3.8 0 0.1 9.7 2503 68.4 29.3 -- -- -- -- -- 79.8 0 6.6 5.1 6051 1221 1456/860 5910 563.1
DCX Systems Ltd. 2 2503 22.3 103.6 1084 39 3.2 0 0.2 8.1 2503 550 20.7 -- -- -- -- -- 52.2 0 5.3 11.1 3135 277 392/217 2222 99
Data Patterns (India) Ltd 2 2503 11.2 269.4 708 222 39.6 7.9 0 15.7 2503 396.2 114.1 -- -- -- -- -- 42.4 0 20.1 5.6 15271 2794.9 3391/1411 15145 82.8
Paras Defence And Space T 5 2503 40.3 74.7 365 61 16.1 0 0.1 8.8 2503 108.2 20.8 -- -- -- -- -- 57 0 6.8 4 6239 806.7 933/417 6134 65.4
Hindustan Aeronautics Ltd 5 2503 334.4 521 30981 8323 124.4 25 0 28.9 2503 13699.9 3959.5 -- -- -- -- -- 71.6 0 20.6 66.9 317685 4769.9 5126/3086 279514 46.4
Bharat Dynamics Ltd. 5 2503 183.3 109.4 3345 550 15 4.7 0 18 2503 1777 272.8 -- -- -- -- -- 74.9 0 13.9 36.7 63047 1729.5 2015/926 58857 116.9
Zen Technologies Ltd. 1 2503 9 187.1 974 299 29.1 2 0 33.7 2503 325 113.8 -- -- -- -- -- 49 0 14.8 9 17191 1877.5 2576/971 16404 89.8
Astra Microwave Products 2 2503 19 114.8 1051 144 15.1 2.2 0.2 13.9 2503 407.9 74.6 -- -- -- -- -- 6.5 0 20.8 9.5 9295 982.9 1179/605 9620 67.5
Avantel Ltd. 2 2503 49 11.9 249 56 2.5 0.2 0.1 29.9 2503 49.3 6.1 -- -- -- -- -- 37.1 0 0.7 26.5 3839 148.8 210/101 3853 70.1
Bharat Electronics Ltd. 1 2503 731 26.9 23769 5287 7.2 2.4 0 27.1 2503 9149.6 2121 -- -- -- -- -- 51.1 0 39.2 731 292464 401.7 432/244 283067 65.1
171 Depository Services 221.5 2389 767
KFin Technologies Ltd. 10 2503 172.1 81.3 1091 333 18.9 7.5 0 24.7 2503 282.7 85 -- -- -- -- -- 22.9 0 51.5 17.2 21938 1278.8 1589/729 21788 85.2
Computer Age Management S 10 2503 49.4 199.9 1422 465 89.2 72.5 0 48.5 2503 356.2 112.8 -- -- -- -- -- 0 0 69.3 5 21014 4223.8 5274/3134 20805 61.5
35 Diamond & Jewellery 2089.1 102146 5187
D.P. Abhushan Ltd. 10 2503 22.7 177.1 1731 41 49.7 0 0.7 29.5 2503 439.7 9.7 -- -- -- -- -- 74.9 0 0.2 2.3 3811 1676.1 1833/1198 3953 43.3
Senco Gold Ltd. 5 2503 81.8 121.2 6328 159and10.1
More Newspaper 1 Telegram
Magazines 1.1 16.3 2503 join
Channel 1377.7
Search62.4 -- -- -- -- (@Magazines_8890050582)
https://t.me/Magazines_8890050582 -- 64.4 0 19.5 16.4 5960 363.9 739/237 7136 45.6
Kalyan Jewellers India Lt 10 2503 1031.4 46.3 25045 714 6.7 1.5 0.5 14.2 2503 6181.5 187.6 -- -- -- -- -- 62.8 15.6 30.2 103.2 60980 587.9 787/407 61225 115.8
Sky Gold and Diamonds Ltd 10 2503 146.7 59 3548 133 7.6 0 1.3 24 2503 1058.2 38.2 -- -- -- -- -- 58.2 0 7.5 14.7 5034 341.9 488/196 5397 11.4
PC Jeweller Ltd. 1 2503 635.5 9.6 2245 578 0.9 0 1.4 -20.2 2503 699 94.8 -- -- -- -- -- 40.1 0 13.9 657.5 10225 15.6 19/Jul 12228 3.7
Thangamayil Jewellery Ltd 10 2503 31.1 354.7 4916 119 38.2 12.5 0.7 14.9 2503 1380.7 31.4 -- -- -- -- -- 61.5 0 19.3 3.1 5906 1892 2596/1551 6387 88.8
Rajesh Exports Ltd. 1 2403 29.5 171.9 280676 336 0.6 0 0.1 0.3 2412 96630.5 35.5 2412N 5112 25 40 -49.4 54.5 0 25.8 29.5 5935 200.7 318/151 5932 225
Goldiam International Ltd 2 2503 21.4 30.9 781 117 5.9 1 0 21.4 2503 198.6 23.2 -- -- -- -- -- 62.1 0 2 10.7 3898 353.3 542/169 3825 74.1
Titan Company Ltd. 1 2503 89 188.6 60456 3336 37.5 11 0.9 21.4 2503 14916 871 -- -- -- -- -- 52.9 0 30.3 88.8 304804 3484 3821/2986 318618 120.9
36 Diesel Engines 114.1 14009 2258
Greaves Cotton Ltd. 2 2503 46.5 62.2 2918 -6 8 2 0 13.5 2503 822.8 1.5 -- -- -- -- -- 55.9 0 6.2 23.3 4793 204 297/154 4683 31.8
Cummins India Ltd. 2 2503 55.4 253.2 10391 1733 68.8 51.5 0 28.9 2503 2470.4 439.1 -- -- -- -- -- 51 0 40.1 27.7 100297 3601 3875/2692 97786 67.2
Swaraj Engines Ltd. 10 2503 12.2 385.9 1682 166 136.6 104.5 0 42.2 2506 484.1 50 2506Q 484 16 50 15.7 52.1 0 12.6 1.2 5228 4282.1 4615/2596 5054 30.1
37 Diversified 349.7 50945 1488
3M India Ltd. 10 2503 11.3 1639.1 4189 583 422.6 695 0 24.8 2503 1046.6 157.2 2406Q 1047 0 157.2 21.6 75 0 11.8 1.1 33995 31079.1 39589/25971 33058 109.8
DCM Shriram Ltd. 2 2503 31.4 450.2 12741 604 36.1 9 0.3 8.3 2506 3455.2 113.8 2506Q 3349 11 96.7 3.3 66.5 0 11.9 15.6 21646 1390 1423/926 23150 38.1
Balmer Lawrie & Company L 10 2503 171 89.3 2516 195 13.6 0 0 14.6 2503 608.2 58.8 -- -- -- -- -- 0 0 4.1 17.1 3782 221.9 294/149 3324 20.4
Grasim Industries Ltd. 2 2503 136.1 799.3 148478 7460 3.1 10 0.2 1.9 2503 44267.3 2804.8 -- -- -- -- -- 43.1 0 31.7 68.1 186227 2726.9 2876/2288 197155 678.9
38 Dyes & Pigments 69.5 2797 340
Kiri Industries Ltd. 10 2503 55.6 129.5 740 -108 0.8 0 0.3 -21.1 2503 205 -63.8 -- -- -- -- -- 31.7 0.1 25 5.6 3233 577.1 727/317 3376 696.4
Sudarshan Chemical Indust 2 2403 13.8 282.6 2539 357 48.4 4.6 0.3 35.1 2412 666.4 0.5 2412N 1830 20 118.6 -60.3 16.4 0 32 7.9 9901 1255.8 1283/831 10313 112.2
155 e-Commerce 1585.8 21624 183
Swiggy Ltd. 1 2503 228.7 48.2 15227 -3114 -11.1 0 0 0 2503 4410 -1079 -- -- -- -- -- 0 0 20.9 249.4 98624 407.8 597/305 96003 0
Brainbees Solutions Ltd. 2 2503 104.3 115.9 7660 -265 1.1 0 0 -1.8 2503 1930.3 -111.5 -- -- -- -- -- 0 0 25.6 52.2 19232 367.1 722/317 18019 319.9
FSN E-Commerce Ventures L 1 2503 285.9 5.8 7950 74 0.3 0 0.1 7.7 2503 2061.8 19.1 -- -- -- -- -- 52.1 0 35.3 286 61581 219.1 226/159 61628 1134.1
Eternal Ltd. 1 2503 907 35.4 20243 527 2.2 0 0 6.6 2506 7167 25 2506Q 2413 18 602 28.1 0 0 68.9 965 261718 301.6 303/201 259919 129.7
Indiamart Intermesh Ltd. 10 2503 60 400.6 1388 600 101.2 50 0 30.6 2506 372.1 167.6 2506Q 346 10 166 33.9 49.2 0 34.4 6 15607 2551.7 3146/1928 15538 23.6
161 Edible Oil 398.2 121325 4148
AWL Agri Business Ltd. 1 2503 129.5 73.8 63672 1163 9.4 0 0.2 13.8 2506 17058.7 231.8 2506Q 16746 22 224.7 -30.6 74.4 0 13.2 130 36235 280.6 393/236 35845 32.6
Gokul Agro Resources Ltd. 2 2503 29.5 58.1 19551 246 13.6 0 0.7 17.4 2503 5462.1 48.8 -- -- -- -- -- 73.7 0 1.4 14.8 4808 321.9 373/166 5074 29.9
Marico Ltd. 1 2503 129 36.1 10831 1658 11.9 10.5 0 37.6 2503 2730 345 -- -- -- -- -- 59 1.2 36.3 129.6 93085 719 740/587 93097 75.4
Patanjali Foods Ltd. 2 2503 72.4 313.7 34157 1301 35.9 10 0.1 7.6 2503 9692.2 358.5 -- -- -- -- -- 68.8 0 24.2 36.3 70377 1956.5 2002/1606 70883 68.2
Sundrop Brands Ltd. 10 2503 37.7 381.3 899 -110 -29.4 0 0.1 2 2503 303.9 -114 -- -- -- -- -- 33.9 0 5.7 3.8 3506 926.6 1081/747 3482 0
39 Electric Equipment 5638.6 144646 15398
Quality Power Electrical 10 2503 77.4 43 337 100 3.9 1 0.2 20.6 2503 108.3 30.5 -- -- -- -- -- 73.9 0 12 7.7 6398 854.6 885/273 6286 402
Transrail Lighting Ltd. 2 2503 26.9 142.7 5308 324 24.9 0.8 0.6 24.1 2503 1946 125.2 -- -- -- -- -- 71.1 0 14.5 13.4 9764 709.9 781/441 9788 33.5
Waaree Energies Ltd. 10 2503 287.3 327.5 14445 1928 62 0 0.1 38.5 2503 4003.9 644.5 -- -- -- -- -- 64.3 0 5.5 28.7 88684 3114.7 3633/2091 82577 62.1
Hitachi Energy India Ltd. 2 2503 8.9 945.5 6385 384 86.1 6 0.1 12.7 2503 1883.7 183.9 -- -- -- -- -- 71.3 0 17.5 4.5 85826 19948 19983/9614 82020 232.1
HPL Electric & Power Ltd. 10 2503 64.3 139.9 1700 94 13.5 1 0.7 5.1 2503 492.5 37.3 -- -- -- -- -- 72.7 0 1 6.4 3831 595 671/356 4392 54.6
Inox Wind Ltd. 10 2503 1624.1 27.8 3557 438 2.4 0 1.2 -10.4 2503 1274.8 190.3 -- -- -- -- -- 48.3 0.9 25 130.4 27099 165.2 253/134 28006 76.5
Schneider Electric Infras 2 2503 47.8 23.5 2637 268 11.2 0 1.7 81.8 2503 586.9 54.6 -- -- -- -- -- 75 0 6.1 23.9 21944 920 917/551 22113 100.3
Ujaas Energy Ltd. 1 2503 10.7 7.7 334 17 0.8 0 0.2 41.7 2503 7.8 0.3 -- -- -- -- -- 90 0 0 11.1 3041 273.6 393/141 3063 579.8
TD Power Systems Ltd. 2 2503 31.2 53.5 1279 175 9.8 0.7 0 20 2503 348.2 53 -- -- -- -- -- 26.9 0 49 15.6 7732 494.6 540/304 7596 63.4
V-Guard Industries Ltd. 1 2503 43.6 44.8 5578 314 6 1.5 0 14.1 2503 1538.1 91.1 -- -- -- -- -- 54.3 0 34.2 43.6 17658 402.8 524/308 17638 98.3
Transformers & Rectifiers 1 2503 30 40.3 2019 216 6.3 0.2 0.2 21.4 2503 676.5 94.2 -- -- -- -- -- 64.4 14.1 18.6 30 15371 507 623/303 15465 58.1

dsij.in JULY 28 - AUG 10, 2025 I DALAL STREET INVESTMENT JOURNAL 31

This is a personal copy of Subscriber : 1251588582
Databank Updated Information Updated as on July 21, 2025

AUDITED ANNUAL LATEST QTR. YEAR TO DATE SHAREHOLDINGS MARKET RELATED DATA

Inst. Stake (%)

Trailing P/E Ratio

Sales Growth (%)

No. of Shareholder
Prom. Stake (%)
Latest Qtr. Year

Pledged (%)

Entprise Value
NP Growth (%)
Year / Months

Year / Months

(21/07/25)
Sales (` Cr)
CEqt. (` Cr)

Market Cap
Face Value

RONW (%)
Company Name
Bk Val (`)

High/Low
NP (` Cr)
NP (` Cr)

52-Week
DERatio

CMP (`)
EPS (`)

(in’ 000)
Div (`)

(` Cr)

(` Cr)

(` Cr)

(` Cr)

(` Cr)
Sales

Sales
NP
Voltamp Transformers Ltd. 10 2503 10.1 1569.2 1934 325 321.6 100 0 22.1 2503 624.8 96.8 -- -- -- -- -- 37.8 0 46.7 1 9661 9455.1 14461/6106 9622 38.9
Suzlon Energy Ltd. 2 2503 2731.8 4 10890 2072 1.5 0 0.2 3.7 2503 3789.9 1181 -- -- -- -- -- 11.7 0 33.2 1369.9 90995 65.9 84/49 89998 61.7
Apar Industries Ltd. 10 2503 40.2 1067.9 18581 821 197.6 51 0.1 19.9 2503 5209.8 250 -- -- -- -- -- 57.8 0 30.5 4 37181 9267.5 11665/4802 36937 62.2
Shilchar Technologies Ltd 10 2503 7.6 306.5 623 147 192.5 12.5 0 52.8 2503 231.9 55.4 -- -- -- -- -- 64 0 2.3 1.1 5991 5180 6007/2993 5954 32.1
Genus Power Infrastructur 1 2503 30.4 60.8 2442 300 9.6 0 0.4 5.9 2503 936.8 119 -- -- -- -- -- 39.4 1.1 24.1 30.4 11030 367.9 466/243 11634 43.9
GE Vernova T&D India Ltd. 2 2503 51.2 69.3 4037 187 23.8 0 0 15.6 2503 1152.5 186.5 -- -- -- -- -- 51 0 41.2 25.6 62404 2464.6 2441/1296 61931 133.2
Honda India Power Product 10 2503 10.1 851.4 794 80 78.8 31.5 0 11.9 2503 268.7 36.2 -- -- -- -- -- 66.7 0 19.4 1 3041 2988.9 4362/1897 2499 47.5
Marsons Ltd. 1 2503 17.2 7.1 168 28 1.6 0 0.6 7.3 2503 55.8 9 -- -- -- -- -- 53.6 1.7 0 17.2 3598 210.3 349/39 3599 158.9
Havells India Ltd. 1 2503 62.7 132.6 21778 1470 23.8 10 0 18.9 2506 5455.4 347.5 2506Q 5438 -6 352.3 -14.3 59.4 0 34.9 62.7 96091 1545.3 2082/1407 92739 67.8
Bharat Bijlee Ltd. 5 2503 5.7 1717.4 1902 134 118.3 35 0.1 8.1 2503 619.1 50.3 -- -- -- -- -- 33.7 0 21.1 1.1 3695 3287.5 5395/2480 3375 33.9
Siemens Ltd. 2 2409 71.2 344.2 22240 2718 74.9 12 0 18.9 2503 4259 582.5 2503H 6983 -28 1237.2 -9 75 5 15.5 35.6 112347 3130 7983/2716 106769 69.9
CG Power and Industrial S 2 2503 305.8 44.7 9909 973 6.4 1.3 0 26.9 2503 2752.8 274.3 -- -- -- -- -- 56.4 0 29 157.4 107155 683.5 857/540 106362 140.8
ABB India Ltd. 2 2412 42.4 356.3 7610 141 88.5 44.2 0 28.8 2503 2097.8 145.7 2503Q 3160 3 474.6 3.3 75 0 16.9 21.2 123675 5777 8780/4931 118167 84.6
40 Electrodes & Welding Equipment 93 5946 729
HEG Ltd. 2 2503 38.6 215.5 2160 98 5.3 1.8 0.1 2.4 2503 542.3 -63.1 -- -- -- -- -- 55.8 0 18.8 19.3 10382 540 598/340 10849 105.6
Graphite India Ltd. 2 2503 39 285.7 2560 458 23.2 11 0 8.3 2503 666 49 -- -- -- -- -- 65.3 0 15.1 19.5 11278 572.3 609/375 11192 45.2
Esab India Ltd. 10 2503 15.4 234.7 343 54 114 90 0 52.6 2503 367.7 47.4 -- -- -- -- -- 73.7 0 14.2 1.5 8789 5740 6505/4325 8710 67.5
41 Electronics - Components 467.3 9046 791
Premier Energies Ltd. 1 2503 45.1 40.3 6519 936 2.4 0.5 0.1 1.5 2503 1620.8 277.9 -- -- -- -- -- 64.3 0 17.3 45.1 47462 1042.9 1373/842 47117 409.7
Cyient DLM Ltd. 10 2503 79.3 119.1 1520 68 9.7 0 0.1 8.3 2503 428.1 31 -- -- -- -- -- 52.2 0 31 7.9 3769 474.9 824/392 3638 57
Avalon Technologies Ltd. 2 2503 13.2 109.2 1098 63 7.6 0 0 6.4 2503 342.8 24.3 -- -- -- -- -- 50.6 0 24.4 6.6 5795 860.4 1011/459 5778 130.5
Kaynes Technology India L 10 2503 64.1 633.6 2722 293 32.8 0 0.1 7.5 2503 984.5 116.2 -- -- -- -- -- 53.5 0 33.1 6.7 39503 5797.3 7598/3918 39104 230.6
Syrma SGS Technology Ltd. 10 2503 178.1 84.1 3787 184 4.5 1.5 0.3 1.4 2503 924.4 71.5 -- -- -- -- -- 46.5 0 13.9 17.8 12630 710.5 714/379 12907 164.2
Apollo Micro Systems Ltd. 1 2503 30.6 27.5 562 56 1.9 0 0.4 7.5 2503 161.8 14 -- -- -- -- -- 50.6 19.6 8.8 33.4 6022 182.9 214/91 6290 115.3
Centum Electronics Ltd. 10 2503 14.7 380 1155 -2 35.9 6 0.2 12.2 2503 368.7 21.5 -- -- -- -- -- 51.5 0 15.9 1.5 3384 2339.9 2651/1157 3371 67.6
Websol Energy System Ltd. 10 2503 42.2 65.9 575 155 36.7 0 1.7 -80.9 2503 173 48.3 -- -- -- -- -- 27.7 25.4 4.3 4.2 6014 1431.8 1834/542 6079 45.9
42 Engineering 352.6 6329 736
MTAR Technologies Ltd. 10 2503 30.8 237.6 676 53 17.5 0 0.3 8.7 2503 183.1 13.7 -- -- -- -- -- 31.6 3 31.1 3.1 4696 1533.2 1916/1227 4857 95.6
Engineers India Ltd. 5 2503 281 46.6More 3088 472 and 8.3
Newspaper 4 Telegram
Magazines 0 16.2 2503 join
Channel 1010.2 242.3
Search -- -- -- -- (@Magazines_8890050582)
https://t.me/Magazines_8890050582 -- 51.3 0 21.5 56.2 13219 240.7 268/146 11977 33
Pitti Engineering Ltd. 5 2503 18.8 234.7 1705 122 28.4 1.5 1.3 24 2503 468.8 36.1 -- -- -- -- -- 54.2 0 19.7 3.8 3729 1027 1460/874 4199 43.8
Kennametal India Ltd. 10 2406 22 366 991 114 50.2 0 0 15.6 2503 267.3 31.5 2503N 847 6 71.6 -10.8 75 0 14.7 2.2 5104 2320 3453/2005 4897 71.3
43 Engineering - Construction 5592.3 332771 27986
Enviro Infra Engineers Lt 10 2503 175.5 56.8 1066 177 9.9 0 0.6 53.8 2503 392.9 74.1 -- -- -- -- -- 70.1 0 3 17.6 4976 278.9 380/192 4573 32.7
Afcons Infrastructure Ltd 10 2503 367.8 131.2 12548 487 15.9 2.5 0.5 14.8 2503 3223.3 110.9 -- -- -- -- -- 50.2 26.8 30.3 36.8 15401 431 545/405 17009 32.1
Interarch Building Soluti 10 2503 16.6 451.6 1454 108 64.8 12.5 0 20.4 2503 463.5 38.7 -- -- -- -- -- 59.9 0 12.6 1.7 3821 2315 2328/1132 3640 44
Ceigall India Ltd. 5 2503 87.1 103.3 3437 287 15.5 0 0.6 37.1 2503 1011.6 72.4 -- -- -- -- -- 82.1 0 9.7 17.4 4718 270.9 404/239 4814 23.5
Bajel Projects Ltd. 2 2503 23.1 50.6 2598 15 1.3 0 0.2 1.5 2503 801.4 4.8 -- -- -- -- -- 62.6 1.6 9.9 11.6 2930 251 297/150 2784 291.9
EMS Ltd. 10 2503 55.5 173.1 966 184 32.8 1.5 0 23.7 2503 265.8 46.9 -- -- -- -- -- 69.7 7.9 0.6 5.5 3589 635.1 970/566 3444 24.3
Inox Green Energy Service 10 2503 367 51.4 236 22 1.1 0 0.1 1 2503 68.4 6.4 -- -- -- -- -- 56 0 8.5 36.7 6069 167.5 220/104 6148 167.8
GR Infraprojects Ltd. 5 2503 48.4 815.4 7395 806 83.4 0 0.1 31.9 2503 2275.6 338.9 -- -- -- -- -- 74.7 0 22 9.7 12246 1270.6 1777/907 12173 18.8
Sterling and Wilson Renew 1 2503 23.4 132.1 6302 86 13.6 0 0.2 4.5 2506 1761.6 38.7 2506Q 1363 54 78.4 6.6 45.7 12.6 15.9 23.4 7206 309.5 741/219 7639 22.4
Rail Vikas Nigam Ltd. 10 2503 2085 41.4 19923 1186 5.7 1.7 0.8 20.4 2503 6426.9 406.7 -- -- -- -- -- 72.8 0 11.3 208.5 78835 374.4 623/323 80460 80.4
KPI Green Energy Ltd. 5 2503 98.5 101.3 1735 325 12.8 0.6 1.1 21.2 2503 569.4 104.2 -- -- -- -- -- 48.8 22.2 9.6 19.7 10784 542 731/317 11522 41.6
Techno Electric & Enginee 2 2503 23.3 323.9 2269 423 33 9 0 13.1 2503 815.8 134.7 -- -- -- -- -- 56.9 0 33 11.6 17950 1525.7 1779/897 17824 54.1
Ircon International Ltd. 2 2503 188.1 66.3 10760 668 7.8 2.6 0 15.8 2503 3412.1 219 -- -- -- -- -- 65.2 0 6.5 94 17936 189 319/138 13812 31.7
H.G. Infra Engineering Lt 10 2503 65.2 442.6 5056 504 88.5 2 0.2 26.6 2503 1360.9 146.9 -- -- -- -- -- 71.8 0 14.9 6.5 7105 1087 1738/966 8038 16.2
KP Energy Ltd. 5 2503 33.3 44.6 939 116 16.8 0.2 0.8 38.4 2503 401.2 45.9 -- -- -- -- -- 45 0 1.7 6.7 3601 535.5 661/342 3784 38.2
Power Mech Projects Ltd. 10 2503 31.6 665.9 5234 350 95 1.3 0.2 15.9 2503 1853.3 131.6 -- -- -- -- -- 58.3 0 28.4 3.2 10146 3227.3 3506/1801 10258 33.2
PNC Infratech Ltd. 2 2503 51.3 213.4 6769 815 27.5 0.6 0.1 19.5 2503 1704.1 75.4 -- -- -- -- -- 56.1 0 33.4 25.6 8084 314.3 513/246 7801 28.3
Ashoka Buildcon Ltd. 5 2503 140.4 142.8 10037 1733 7 0 0.4 12.3 2503 2694.4 451.2 -- -- -- -- -- 54.5 0 21.4 28.1 5687 203.5 313/165 7506 36.6
Ramky Infrastructure Ltd. 10 2503 69.2 220.1 2045 210 38.3 0 0.3 33.4 2503 488.9 -3.3 -- -- -- -- -- 69.8 17.9 1.8 6.9 4227 611.5 764/410 4515 23.7
Man InfraConstruction Ltd 2 2503 75.1 40.6 1108 336 4.2 0 0 10.9 2503 293.8 94.6 -- -- -- -- -- 66.7 0 6 37.5 7184 180 255/136 6895 62.4
ISGEC Heavy Engineering L 1 2503 7.3 328.7 6422 264 40 5 0 11.3 2503 1744.4 78 -- -- -- -- -- 62.4 0 14.2 7.3 8496 1159 1611/909 8676 41.5
IRB Infrastructure Develo 1 2503 603.9 24.3 7613 6618 9.3 0.3 1 8.3 2503 2149.2 214.7 -- -- -- -- -- 30.4 0.1 53.8 603.9 29301 47.9 67/42 36972 5.3
KNR Constructions Ltd. 2 2503 56.3 140.3 4753 1021 25.8 0.3 0 16.6 2503 975.2 7.3 -- -- -- -- -- 48.8 0 32.2 28.1 6297 224.8 409/206 6153 10.7
J Kumar Infraprojects Ltd 5 2503 37.8 397.1 5693 390 51.6 4 0.2 13.2 2503 1632.7 114.1 -- -- -- -- -- 46.6 10.6 28 7.6 5564 740.5 870/629 5391 18.4
KEC International Ltd. 2 2503 53.2 191.5 21847 571 12.2 5.5 0.6 7.1 2503 6872.1 268.2 -- -- -- -- -- 50.1 0 38.6 26.6 23322 878.5 1250/657 25913 80.2
Patel Engineering Ltd. 1 2503 84.4 44.9 5093 236 3.1 0 0.6 9.5 2503 1611.9 34.7 -- -- -- -- -- 36.1 32 9.7 84.4 3321 39.2 61/38 4471 17
Kalpataru Projects Intern 2 2503 34.2 420.7 22316 567 37.9 9 0.5 10 2503 7066.8 218.2 -- -- -- -- -- 33.5 8.2 56.6 17.1 20232 1189.1 1405/840 22036 37.7
ITD Cementation India Ltd 1 2503 17.2 106.7 9097 374 21.7 2 0.5 22.4 2503 2479.7 115.1 -- -- -- -- -- 46.6 0 19.8 17.2 14052 810.3 934/473 14304 51.1
Larsen & Toubro Ltd. 2 2503 275 521.8 255734 17687 79 34 0.3 16 2503 74392.3 6133.4 -- -- -- -- -- 0 0 63 137.5 481754 3460 3947/3059 499342 60.1
Nirlon Ltd. 10 2503 90.1 39.6 636 218 24.2 26 3.1 53.1 2503 158 53.5 -- -- -- -- -- 67.7 0 15.7 9 4708 522 550/410 5680 27.9
NCC Ltd. 2 2503 125.6 118.5 22199 859 12.1 2.2 0.1 9.6 2503 6130.9 266.1 -- -- -- -- -- 22.1 0 30.2 62.8 14287 227.4 357/175 14433 25.5
Hindustan Construction Co 1 2503 181.9 10.5 5603 272 0.5 0 1.9 21.8 2503 1373.7 231.1 -- -- -- -- -- 16.7 13.2 16.6 181.9 5134 28.1 55/22 5972 77.2
44 Engineering - Industrial Equipments 2038.3 64005 4747
Jash Engineering Ltd. 2 2503 12.6 62.4 735 87 11 2 0.2 17.8 2503 300.4 35.9 -- -- -- -- -- 43.4 0 2.9 6.3 3829 611 611/537 3846 64.7
Ajax Engineering Ltd. 1 2503 11.4 101.1 2074 260 22.7 0 0 27.7 2503 755.8 91 -- -- -- -- -- 80 0 13.9 11.4 7945 695.2 738/581 7878 50
Standard Glass Lining Tec 10 2503 199.5 29.9 614 69 1.4 0 0.1 11.8 2503 166.3 16.5 -- -- -- -- -- 60.4 0 4.8 19.9 3645 179.5 199/125 3553 220.7
KRN Heat Exchanger And Re 10 2503 62.2 79.9 430 53 8.1 0 0.5 41.9 2503 131.5 14.9 -- -- -- -- -- 70.8 0 8.4 6.2 5164 843.6 971/422 5164 136.1
Jyoti CNC Automation Ltd. 2 2503 45.5 90.8 1818 316 13.6 0 0.1 12.5 2503 575.7 109 -- -- -- -- -- 62.5 2.6 17.8 22.7 24453 1060.4 1440/769 24534 89.7
Azad Engineering Ltd. 2 2503 12.9 219.5 457 87 13.7 0 0.1 13.8 2503 126.9 24.8 -- -- -- -- -- 60.3 0.5 22.5 6.5 10453 1611.1 1884/1196 9995 137.7
Inox India Ltd. 2 2503 18.1 98.6 1306 226 24.8 0 0 28.8 2503 369.4 65.5 -- -- -- -- -- 75 0 13.1 9.1 11116 1216.7 1319/890 11144 64.3

32 DALAL STREET INVESTMENT JOURNAL I JULY 28 - AUG 10, 2025 dsij.in

This is a personal copy of Subscriber : 1251588582
 AUDITED ANNUAL LATEST QTR. YEAR TO DATE SHAREHOLDINGS MARKET RELATED DATA

Inst. Stake (%)

Trailing P/E Ratio

Sales Growth (%)

No. of Shareholder
Prom. Stake (%)
Latest Qtr. Year

Pledged (%)

Entprise Value
NP Growth (%)
Year / Months

Year / Months

(21/07/25)
Sales (` Cr)
CEqt. (` Cr)

Market Cap
Face Value

RONW (%)
Company Name
Bk Val (`)

High/Low
NP (` Cr)
NP (` Cr)

52-Week
DERatio

CMP (`)
EPS (`)

(in’ 000)
Div (`)

(` Cr)

(` Cr)

(` Cr)

(` Cr)

(` Cr)
Sales

Sales
NP
Harsha Engineers Internat 10 2503 91 139.4 1408 89 3.9 1 0.1 10.7 2503 373 -2.4 -- -- -- -- -- 74.7 0 12.7 9.1 3724 409.7 571/357 3681 0
Tega Industries Ltd. 10 2503 66.5 196.6 1639 196 26.4 2 0.1 11.6 2503 536.1 101.1 -- -- -- -- -- 74.8 0 20.1 6.7 13299 1984.5 2197/1268 13397 105.5
The Anup Engineering Ltd. 10 2503 20 304.9 733 118 58.4 17 0 21.7 2503 221.7 31.5 -- -- -- -- -- 41 0 19.6 2 5579 2773.9 3739/1690 5595 59.7
Lloyds Engineering Works 1 2503 116.5 11.1 846 108 0.9 0 0.1 27.1 2503 232 22.5 -- -- -- -- -- 56.2 7.6 2.8 116.5 11640 78.5 91/48 11543 115.7
Skipper Ltd. 1 2503 11.3 104.8 4624 146 12.9 0.1 0.7 9 2503 1287.8 44.4 -- -- -- -- -- 66.5 0 5.7 11.3 5433 478.6 638/345 6014 46.3
Triveni Turbine Ltd. 1 2503 31.8 32.5 2006 359 11.8 4 0 30.1 2503 538 94.6 -- -- -- -- -- 55.8 0 37.6 31.8 21152 660.9 835/477 20947 68.9
Kirloskar Oil Engines Ltd 2 2503 29 204.1 6349 475 29.8 6.5 0 15.5 2503 1752.9 126.6 -- -- -- -- -- 41.1 0 35.7 14.5 13366 913 1372/576 13190 44.6
Balu Forge Industries Ltd 10 2503 110.8 85.5 924 204 12.1 0.1 0.1 19.5 2503 269.6 62.7 -- -- -- -- -- 54.9 0 13.1 11.4 7466 656 854/387 7407 65.4
HLE Glascoat Ltd. 2 2503 13.7 52.1 1028 62 2.4 1.1 1 9 2503 333.7 31.6 -- -- -- -- -- 66.8 0 8 6.8 2785 410.9 472/222 3081 187.6
Praj Industries Ltd. 2 2503 36.8 76.9 3228 219 14.4 6 0 19.8 2503 859.7 39.8 -- -- -- -- -- 32.8 0 34.3 18.4 9192 494.4 845/451 9080 52.7
Windsor Machines Ltd. 2 2503 16.9 86.3 369 -3 -3 0 0.1 1.1 2503 120.8 -4.1 -- -- -- -- -- 44.5 3.5 1.8 8.4 3010 351.5 427/154 2939 0
Elecon Engineering Compan 1 2503 22.4 84.3 2227 407 15.2 2 0 22.7 2506 490.6 174.8 2506Q 410 40 238.9 333.6 59.3 0 13.4 22.4 13460 598.6 731/387 13299 25.7
Nesco Ltd. 2 2503 14.1 373.2 732 375 53.3 6.5 0 15.2 2503 192 88.6 -- -- -- -- -- 68.5 0 8 7 8962 1275.3 1292/836 8944 29.4
GMM Pfaudler Ltd. 2 2503 9 173.1 3199 49 9.4 2 0.3 5.5 2503 806.6 -27.9 -- -- -- -- -- 25.2 0 36.2 4.5 5892 1312 1466/1002 6103 169.9
Thermax Ltd. 2 2503 23.8 332.5 10389 627 48 14 0 15.3 2503 3084.9 204.8 -- -- -- -- -- 62 0 28.1 11.9 46523 3902.3 5430/3070 46487 95.6
Kirloskar Industries Ltd. 10 2503 10.4 4903.8 6608 308 74.6 13 0 1.7 2503 1747.8 97.1 -- -- -- -- -- 72.6 0 2.5 1 4722 4534.4 6085/2874 4623 64.9
HMT Ltd. 10 2403 355.6 11 163 2551 0.7 0 1.5 5.5 2412 29.2 -51.3 2412N 19 -41 18 73.9 93.7 0 5.6 120.4 7494 62.8 97/47 7995 324.7
Bharat Heavy Electricals 2 2503 696.4 72.1 28339 475 1.5 0.5 0.3 1.1 2503 8993.4 494.5 -- -- -- -- -- 63.2 0 24.8 348.2 88671 251.9 317/178 89853 120.9
165 Engineering Consultancy 480.6 2095 380
Rites Ltd. 10 2503 480.6 52.7 2218 411 7.9 6.3 0 18.1 2503 615.4 137.6 -- -- -- -- -- 72.2 0 12.1 48.1 13243 275.3 377/198 9948 42
168 Environmental Services 27.1 5414 486
VA Tech Wabag Ltd. 2 2503 12.4 286.7 3294 293 43.8 4 0.1 17.1 2503 1156.2 97.7 -- -- -- -- -- 19.1 0 21.6 6.2 9447 1566 1906/1212 8842 44
Ion Exchange (India) Ltd. 1 2503 14.7 86.6 2737 207 14.6 1.5 0 20.8 2503 834.6 63.3 -- -- -- -- -- 25.7 0 19.4 14.7 8024 548.2 730/454 7827 47.7
46 Fasteners 21 5210 517
Sundram Fasteners Ltd. 1 2503 21 173.5 5955 542 24.6 7.2 0.2 14.9 2503 1530.6 124.5 -- -- -- -- -- 47 0 33.8 21 21270 1009.6 1467/847 21850 55
144 Ferro & Silica Manganese 83.1 4384 1018
Maithan Alloys Ltd. 10 2503 29.1 1265.7 1806 631 219.9 16 0 12.1 2503 435.2 -58.2 -- -- -- -- -- 75 0 1.3 2.9 3295 1137.4 1236/851 3805 18.3
Indian Metals & Ferro All 10 2503 54 430.4 2565 379 70.1 15 0.2 17.2 2503 567.1 47.4 -- -- -- -- -- 58.7 0 3.6 5.4 4109 777.6 984/570 4460 15.8
47 Fertilizers 3179.3 108157 5210 and Magazines Telegram Channel join Search https://t.me/Magazines_8890050582 (@Magazines_8890050582)
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The Fertilisers And Chemi 10 2503 647.1 21.2 4051 41 0.6 0 0.9 11 2503 1053.3 70.7 -- -- -- -- -- 90 0 9.2 64.7 62067 956 1082/586 61060 688.1
Paradeep Phosphates Ltd. 10 2503 815.2 50 13820 553 6.8 1 1.1 2.8 2503 3494 160 -- -- -- -- -- 56 8 31.6 81.5 15039 188.2 184/82 18476 28.1
Mangalore Chemicals & Fer 10 2503 118.5 89.8 3332 144 12.1 1.5 1.1 17.8 2503 773.8 16 -- -- -- -- -- 60.6 28.1 9.7 11.8 3587 304.8 302/121 4178 36.2
Rashtriya Chemicals and F 10 2503 551.7 86.2 16934 242 4.4 1.3 0.7 4.9 2503 3729.7 72.7 -- -- -- -- -- 75 0 2.6 55.2 8582 155 235/114 10298 37
National Fertilizers Ltd. 10 2503 490.6 56.3 19795 76 1.6 0 1.5 2.4 2503 4456.5 97.3 -- -- -- -- -- 74.7 0 6.7 49.1 4822 98.2 160/74 6785 41
Kothari Industrial Corpor 5 2503 46.4 17.4 14 32 -1.7 0 -2.4 0 2503 25.1 -3.5 2412N 60 494 -3.1 -105.6 47.3 0 2.5 9.4 4081 426.7 501/10 4063 0
Coromandel International 1 2503 29.5 372.5 24085 2108 65.9 15 0 19.1 2503 4988.4 595.1 -- -- -- -- -- 57 0 29.6 29.5 69011 2349 2502/1564 65531 43
Gujarat State Fertilizers 2 2503 79.7 301.3 9534 579 14.4 5 0 4.3 2503 1922.2 67.5 -- -- -- -- -- 37.8 0 24.6 39.9 8005 202.5 247/167 6148 16.8
Chambal Fertilisers and C 10 2503 400.6 213 16646 1518 41.4 10 0.3 19 2503 2448.7 99.6 -- -- -- -- -- 60.4 11.5 24.8 40.1 22104 550 725/444 21881 19.9
54 Film Production, Distribution & Entertainment 160.3 6802 279
Prime Focus Ltd. 1 2503 30 56.7 3599 -458 6.2 0 0.1 0 2503 978.9 -251.6 -- -- -- -- -- 67.6 0 10.2 31 5283 165.9 174/89 5481 0
PVR Inox Ltd. 10 2503 98.2 720 5780 -281 -28.2 0 0.2 -0.5 2503 1249.8 -125.1 -- -- -- -- -- 27.5 2.8 56.2 9.8 10112 1011.4 1739/847 11151 0
Tips Music Ltd. 1 2503 12.8 16.4 311 167 13 7 0 85.6 2503 78.5 30.6 -- -- -- -- -- 64.2 0 12.2 12.8 8106 641.3 934/542 8065 66.6
Saregama India Ltd. 1 2503 19.3 81.7 1171 204 10.5 4.5 0 15.9 2503 240.8 59.9 -- -- -- -- -- 59.6 0 21.1 19.3 9785 508.4 673/444 9275 59
160 Finance - Asset Management 1013.8 8672 5292
Aditya Birla Sun Life AMC 5 2503 144.2 125.5 1685 931 32 24 0 27.7 2503 428.8 228.1 -- -- -- -- -- 74.9 0 16.3 28.9 25611 896.5 887/590 25592 37.4
UTI Asset Management Comp 10 2503 128 291.2 1851 813 51.1 48 0 17.8 2503 375.9 102 -- -- -- -- -- 0 0 67.6 12.8 18842 1479.5 1471/917 18839 40.4
HDFC Asset Management Com 5 2503 106.9 407.9 3498 2460 115.1 90 0 33 2506 968.1 747.5 2506Q 968 25 747.9 23.8 52.4 0 38.6 21.4 120335 5591.2 5624/3629 120322 45.9
Nippon Life India Asset M 10 2503 634.7 61.2 2231 1286 19.7 18 0 33 2503 566.5 298.3 -- -- -- -- -- 72.3 0 21.1 63.5 54911 852.8 869/513 54700 57.8
48 Finance - Housing 11637.6 78194 17310
Bajaj Housing Finance Ltd 10 2503 8328.1 23.9 9576 2163 2.6 0 4.1 13.4 2503 2508 586.7 -- -- -- -- -- 88.7 0 1.6 833.2 101155 121.7 181/105 183127 60.3
Aadhar Housing Finance Lt 10 2503 431.4 146.8 3108 912 21.1 0 2.6 16.9 2503 832.6 244.8 -- -- -- -- -- 75.5 0 14 43.2 22318 523.3 516/364 36981 31.6
India Shelter Finance Cor 5 2503 54 248.3 1166 378 35 5 1.9 15.2 2503 327.3 108.1 -- -- -- -- -- 47.9 0 25.5 10.8 10840 992.6 1003/612 15497 36.4
Aptus Value Housing Finan 2 2503 100 75.6 1750 751 11.5 4.5 1.2 14.8 2503 484 207 -- -- -- -- -- 40.4 0 46.5 50 17615 347.9 388/270 21063 38.8
Home First Finance Compan 2 2503 18 359.7 1530 382 42.4 3.7 3.9 16.8 2503 414.7 104.7 -- -- -- -- -- 12.4 0 59.1 10.3 14168 1397.7 1470/884 22780 42.6
Aavas Financiers Ltd. 10 2503 79.2 550.9 2018 491 72.5 0 3.3 14.1 2503 546 142.5 -- -- -- -- -- 26.5 0 40.4 7.9 15244 1910.3 2218/1627 25807 33.8
Housing & Urban Developme 10 2503 2001.9 89.8 10311 2709 13.5 4.2 4.5 13.2 2503 2845 727.7 -- -- -- -- -- 75 0 12.2 200.2 45553 225.8 323/165 96878 21
PNB Housing Finance Ltd. 10 2503 259.9 647.1 7665 1936 75 5 3.7 11.8 2506 2076.1 533.5 2506Q 2064 14 531.7 21.2 28.1 0 62.2 26 28234 1095 1135/757 60323 13.9
Sammaan Capital Ltd. 2 2503 165.9 274.2 8623 -1807 11.4 0 2.4 5.9 2503 2107.4 324 -- -- -- -- -- 0 0 30.3 83.1 11373 137.3 176/102 28637 15.5
Repco Home Finance Ltd. 10 2503 62.6 529.6 1685 436 70.2 4 3.7 14.6 2503 426.1 114.9 -- -- -- -- -- 37.1 0 34.4 6.3 2771 438.1 557/311 13773 8.2
Can Fin Homes Ltd. 2 2503 26.6 397.4 3878 857 64.4 12 7.3 18.8 2506 1020.3 223.9 2506Q 1020 10 223.9 12.1 30 0 36.6 13.3 10822 811.4 931/575 34529 12.3
LIC Housing Finance Ltd. 2 2503 110.1 659.1 28110 5440 98.6 10 8 16.3 2503 7305.5 1374.8 -- -- -- -- -- 45.2 0 42.5 55 34299 624.7 793/496 131821 8.3
49 Finance - Investment 789.3 11286 7598
Pilani Investment And Ind 10 2503 11.113618.2 302 152 153 15 0.1 1.2 2503 56.6 18.3 -- -- -- -- -- 58 0 1 1.1 5872 5308.4 7318/3322 7792 42.1
Authum Investment & Infra 1 2503 17 916.2 4578 4241 250.2 0.5 0.1 44 2506 1215.1 943 2506Q 1210 -14 941.3 -13.9 75 0 8.1 17 49011 2878 2885/992 49267 11.9
Bajaj Finserv Ltd. 1 2503 159.6 48.8 133821 17540 9.8 1 0 22.4 2503 36595.4 4747.3 -- -- -- -- -- 60.6 0 16.5 159.7 328143 2027.5 2105/1529 328125 349.4
Religare Enterprises Ltd. 10 2503 330.6 63.2 7354 183 -1.1 0 0.1 -3.1 2503 2028.4 151.3 -- -- -- -- -- 25.7 0 20 33.1 9010 289.4 308/206 9037 0
JSW Holdings Ltd. 10 2503 11.1 27435 248 175 157.4 0 0 0.6 2503 29.5 19.1 -- -- -- -- -- 66.3 0 22.8 1.1 24400 22050 26509/6487 24397 156.1
Kama Holdings Ltd. 10 2503 32.1 265 14828 1254 32.9 0 0 12.4 2503 4350 527.1 -- -- -- -- -- 75 0 0.3 3.2 9918 3075.1 3180/2401 9859 93.1
Nalwa Sons Investments Lt 10 2503 5.131836.2 125 45 72 0 0 0.5 2503 12.3 -26.8 -- -- -- -- -- 55.6 0 5.6 0.5 3695 7191.6 9390/4163 3659 248.4
Capri Global Capital Ltd. 1 2503 82.5 62 3248 479 5 0.2 2 5.8 2503 957.3 177.7 -- -- -- -- -- 60 0 25.1 96.2 17492 183.2 214/151 27488 42.9
JM Financial Ltd. 1 2503 95.6 46.6 4378 772 5.6 2.7 0 12.6 2503 1003.9 235 -- -- -- -- -- 56.5 0 24.6 95.6 16183 168.3 172/84 16104 31.9
Cholamandalam Financial H 1 2503 18.8 72 33125 4734 3.4 1.3 0 4.9 2503 8913.4 1360 -- -- -- -- -- 46.4 0 40.2 18.8 39845 2101.3 2165/1396 39780 626.3

dsij.in JULY 28 - AUG 10, 2025 I DALAL STREET INVESTMENT JOURNAL 33

This is a personal copy of Subscriber : 1251588582
Databank Updated Information Updated as on July 21, 2025

AUDITED ANNUAL LATEST QTR. YEAR TO DATE SHAREHOLDINGS MARKET RELATED DATA

Inst. Stake (%)

Trailing P/E Ratio

Sales Growth (%)

No. of Shareholder
Prom. Stake (%)
Latest Qtr. Year

Pledged (%)

Entprise Value
NP Growth (%)
Year / Months

Year / Months

(21/07/25)
Sales (` Cr)
CEqt. (` Cr)

Market Cap
Face Value

RONW (%)
Company Name
Bk Val (`)

High/Low
NP (` Cr)
NP (` Cr)

52-Week
DERatio

CMP (`)
EPS (`)

(in’ 000)
Div (`)

(` Cr)

(` Cr)

(` Cr)

(` Cr)

(` Cr)
Sales

Sales
NP
RRP Semiconductor Ltd. 10 2503 14.1 12 32 8 6 0 -1 0 2503 6 -1.6 -- -- -- -- -- 1.3 0 0 1.4 3710 2723 2723/22 3720 566.9
Elcid Investments Ltd. 10 2503 0.2318425 211 153 5048.6 25 0 1.4 2503 -17.5 -19.5 -- -- -- -- -- 75 0 0.1 0 2768 137800330473/126596 2767 199.5
Maharashtra Scooters Ltd. 10 2503 11.4 27005 183 214 187.5 170 0 0.7 2503 6.7 51.6 -- -- -- -- -- 51 0 9.4 1.1 16992 14883.9 15314/8712 16984 82.5
50 Finance - NBFC 19547.3 264471 54245
Sundaram Finance Ltd. 10 2503 111.1 1002.6 8486 1813 138.8 35 4.3 16.9 2503 2259.1 553.5 -- -- -- -- -- 37.2 0 26.6 11.1 58136 5183.2 5369/3807 78293 46.6
Northern ARC Capital Ltd. 10 2503 161.4 211.1 2342 303 21.2 0 4.1 14.1 2503 602.5 38.9 -- -- -- -- -- 0 0 27.7 16.1 4356 267.8 323/166 12096 16.6
Muthoot Microfin Ltd. 10 2503 170.5 153.5 2562 -223 -13.1 0 3 -8.2 2503 555 -401.1 -- -- -- -- -- 55.5 0 25.9 17.1 2839 165.6 245/121 9715 0
Fedbank Financial Service 10 2503 372.7 68.3 2036 225 6 0 3.6 13.6 2503 523.2 71.7 -- -- -- -- -- 61 0 21.3 37.3 4684 125.5 126/82 13142 30.2
Indian Renewable Energy D 10 2503 2687.8 44.6 6743 1698 6.3 0 6.3 18.1 2506 1947.6 246.9 2506Q 1947 29 246.7 -35.7 71.8 0 5 280.9 44175 157.1 269/138 108269 27.2
SBFC Finance Ltd. 10 2503 1085.2 28.9 1306 345 3.2 0 1.7 11.7 2503 360.7 93.9 -- -- -- -- -- 53.2 0 24.1 108.9 12488 116.7 119/78 17354 47.3
JIO Financial Services Lt 10 2503 6353.1 39.4 2043 1220 0.9 0.5 0 1.8 2506 612.5 293.2 2506Q 134 0 71.5 -0.4 47.1 0 26 635.3 201590 312.8 358/200 201032 362.2
Five-Star Business Financ 1 2503 29.4 214.1 2848 1072 36.4 0 1.2 17.8 2503 752.3 279.1 -- -- -- -- -- 21.5 0 67.6 29.4 21558 724 901/630 26543 25.9
Fusion Finance Ltd. 10 2503 100.7 148.9 2320 -1225 -121.7 0 4 -55.1 2503 466.1 -164.6 -- -- -- -- -- 57.7 3.7 18.6 10.1 3050 184.1 438/132 8622 0
SBI Cards And Payment Ser 10 2503 951.4 144.8 18072 1916 20.1 2.5 3.3 22 2503 4673.9 534.2 -- -- -- -- -- 68.6 0 27.7 95.2 85642 899.9 1017/664 121367 64.8
CreditAccess Grameen Ltd. 10 2503 159.7 432.4 5752 531 33.3 10 3 7.9 2503 1406.6 47.2 -- -- -- -- -- 66.4 0 24.9 16 20663 1273.5 1327/813 39766 151.8
Indostar Capital Finance 10 2503 136.1 250.7 1404 121 3.9 0 2 2.4 2503 372.6 36.2 -- -- -- -- -- 73.3 0 5 13.6 4302 309.5 362/214 7009 100.8
Aditya Birla Capital Ltd. 10 2503 2607 96.5 40590 2993 11.3 0 0 6 2503 12214 691.4 -- -- -- -- -- 68.8 0 17.6 260.7 70676 270.9 280/152 138160 66
L&T Finance Ltd. 10 2503 2494.9 103.6 15924 2643 10.5 2.8 3.7 10.8 2506 4259.6 700.8 2506Q 4257 13 694.1 2.2 66.2 0 20.3 249.8 52602 206.8 210/130 134389 19.6
Muthoot Finance Ltd. 10 2503 401.5 708.3 20214 5352 129.5 26 2.4 17.9 2503 5621.8 1443.9 -- -- -- -- -- 73.3 0 22.8 40.1 107734 2671.8 2683/1733 166803 26
Bengal & Assam Company Lt 10 2503 11.3 1017 2128 299 101.4 50 0.1 11.1 2503 521.1 67.1 -- -- -- -- -- 73 0 4.6 1.1 9358 8220 10377/6444 9357 82.4
Edelweiss Financial Servi 1 2503 92.1 58.4 9081 536 -0.6 1.5 0.6 11 2503 2222.8 158.3 -- -- -- -- -- 32.7 0 31.4 94.6 10912 114.3 142/60 10907 287.7
Paisalo Digital Ltd. 1 2503 90.2 16.8 771 200 2.2 0.1 1.9 14.4 2506 218.7 47.2 2506Q 210 19 46.7 13.6 48.2 9.7 18.4 90.2 2797 33.3 70/29 5071 14.8
Mahindra & Mahindra Finan 2 2503 247 164 18463 2196 19 6.5 5.7 12.4 2503 4885.6 440.3 -- -- -- -- -- 52.5 0 41.7 139 36549 260.9 340/244 143978 17.6
IIFL Finance Ltd. 2 2503 84.9 151.2 10211 578 -9.7 0 3.8 -6.8 2503 2591.3 251.4 -- -- -- -- -- 24.9 0 34.7 42.5 22789 529 536/283 45953 0
Manappuram Finance Ltd. 2 2503 169.3 139.3 10041 1204 21.1 3.5 2.2 17.2 2503 2359.7 -203.2 -- -- -- -- -- 35.3 0 38.3 84.6 22883 272.5 279/139 40764 17.2
Poonawalla Fincorp Ltd. 2 2503 154.6 102.6 4190 -98 -1.3 0 3.2 -1.2 2503 1166.3 62.3 -- -- -- -- -- 62.5 0 20.1 77.8 35764 457.1 472/273 61612 0
Cholamandalam Investment 2 2503 168.3 278.3 25846 4260 50.6 0.7 7.5 19.9 2503 7045.6 1259.1 -- -- -- -- -- 49.9 0 43.7 84.1 132406 1564.9 1663/1171 300326 39.7
Shriram Finance Ltd. 2 2503 376.1 299 41834 9564 51.9 9.9 4.2 18.6 2503 11454.2 2139.4 -- -- -- -- -- 25.4 0 69 188.1 123275 645.2 725/511 336504 7.5
Tata Investment Corporati 10 2503 50.6 6085.5 305 209 55.8 27 0 0.9 2503 16.4 8.5 -- -- -- -- -- 73.4 0 3.5 5.1 34199 6778.1 7372/5233 34191 202
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Bajaj Holdings & Investme 10 2503 111.3 1740.6 684 494 116.1 93 0 6.8 2503 145.3 142.8 -- -- -- -- -- 51.5 0 17.9 11.1 156386 14100 14409/9121 156305 128
Piramal Enterprises Ltd. 2 2503 45.1 964.1 10270 349 22.3 11 0.4 2.3 2503 2853.6 12.2 -- -- -- -- -- 46.4 0 30.5 22.6 29507 1292 1338/872 36799 105.7
Bajaj Finance Ltd. 1 2503 124.2 140.9 69684 16762 268.4 56 3.2 21.1 2503 18456.8 4536.8 -- -- -- -- -- 54.7 0 36.3 62.1 589537 949.8 960/646 852301 4.4
157 Finance - Others 206.5 3481 1375
Nuvama Wealth Management 10 2503 36 531.8 4158 978 166.2 69 0.4 6.1 2503 1119.8 251.5 -- -- -- -- -- 54.8 34.4 22.4 3.6 27465 7772.4 8298/4741 27251 50.5
Prudent Corporate Advisor 5 2503 20.7 126.8 1104 196 37.8 2.5 0 34.7 2503 283 51.7 -- -- -- -- -- 55.3 0 38.2 4.1 12443 3015.3 3117/1618 12270 104.8
Anand Rathi Wealth Ltd. 5 2503 41.5 95.8 939 301 35.6 14 0 42.7 2506 274 93.9 2506Q 265 15 92.2 27.7 42.7 0 13.3 8.3 21751 2638 2619/1679 21750 47
360 One Wam Ltd. 1 2503 39.3 167.7 3295 1015 8.5 8.5 0.4 28.9 2506 911.5 284.7 2506Q 23 82 112 319.7 14.2 6.3 75.7 39.3 49362 1137.8 1296/808 49220 104
Max Financial Services Lt 2 2503 69 195.4 46469 403 -0.3 0 0 -0.2 2503 12375.8 38.3 -- -- -- -- -- 1.7 0 92 34.5 53281 1554.3 1654/987 53227 0
51 Finance - Stock Broking 868.3 20149 5669
Angel One Ltd. 10 2503 90.3 617.1 5238 1172 134.7 48 0.6 29.1 2506 1140.5 114.5 2506Q 1117 -20 133.9 -55 29 0 31.1 9.1 24504 2749.2 3430/1952 20309 23.6
IIFL Capital Services Ltd 2 2503 62 71.6 2405 713 19.4 3 0.6 39.1 2503 537.1 128 -- -- -- -- -- 30.7 0 23.3 31 9927 318.3 444/185 6829 23.6
ICICI Securities Ltd. 5 2403 161.7 164.9 5049 1697 52.4 29 4.4 51.5 2412 1586 504.5 2412N 4932 41 1557.5 34.4 74.3 0 19.7 32.5 29132 895.7 898/740 15892 28.2
Share India Securities Lt 2 2503 43.6 89.6 1449 328 11.3 1.4 0.2 30.6 2503 239.4 18.6 -- -- -- -- -- 48.7 25.7 2.3 21.8 3835 175 339/145 1947 22
Multi Commodity Exchange 10 2503 51 377.9 1113 558 81.3 30 0 3.3 2503 291.3 134.7 -- -- -- -- -- 0 0 80.8 5.1 42110 8178.1 9060/3805 42065 124.7
Dhani Services Ltd. 2 2503 121.6 94.7 395 -68 -0.8 0 0.1 -0.3 2503 89.8 6.3 -- -- -- -- -- 29.1 0 23.8 61.2 3896 64.8 108/47 4319 0
Motilal Oswal Financial S 1 2503 59.9 116.7 8339 2508 23.2 0 1.3 21.7 2503 1190.3 -63.2 -- -- -- -- -- 68.4 0 11.7 59.9 55949 929.7 1028/533 56011 63.8
Choice International Ltd. 10 2503 199.7 14.2 910 163 0.4 0 0.1 0.5 2506 233.9 48 2506Q 7 -6 1.6 -47.8 58.1 8 13.8 20 15660 765 761/371 15671 2224.5
Monarch Networth Capital 10 2503 78.5 97.2 327 149 18.4 1 0.4 44.9 2503 61 24.7 -- -- -- -- -- 52.8 1.6 2.2 7.8 2958 388.4 479/262 2374 28.5
53 Finance Term Lending 21877.6 138361 39917
Indian Railway Finance Co 10 2503 13068.5 40.3 27153 6502 5 1.6 8.4 13.7 2503 6723.2 1681.9 -- -- -- -- -- 86.4 0 2.4 1306.8 175641 131.8 204/111 332796 35
MAS Financial Services Lt 10 2503 181.4 142.5 1596 314 16.9 1.7 4 15.1 2503 437.6 83.4 -- -- -- -- -- 66.6 0 23.3 18.1 6136 334.3 346/230 11962 25.8
REC Ltd. 10 2503 2633.2 294.8 56367 15884 59.7 18 6.5 22.4 2503 15333.5 4310 -- -- -- -- -- 52.6 0 34.7 263.3 105000 399.1 643/360 297550 8.6
Power Finance Corporation 10 2503 3300.1 275.6 106502 30515 52.6 15.8 5.1 19.5 2503 29265 8358.1 -- -- -- -- -- 56 0 35 330 138687 419.4 559/364 284047 10.2
IFCI Ltd. 10 2503 2694.3 6.5 1876 349 0.2 0 7.6 27.3 2503 413.6 260.4 -- -- -- -- -- 72.6 0 6.6 269.4 16408 60.5 87/39 12877 86
162 Fintech 434.6 9385 -616
One97 Communications Ltd. 1 2503 63.8 201.7 6900 -666 -12.4 0 0 -15.8 2503 1911.5 -544.3 -- -- -- -- -- 0 0 70.6 63.8 64994 1048.5 1021/453 57593 1829.3
PB Fintech Ltd. 2 2503 91.8 173.3 4977 353 0.3 0 0 0.6 2503 1507.9 170.9 -- -- -- -- -- 0 0 70 45.9 82859 1824.8 2214/1327 82282 23215.7
Infibeam Avenues Ltd. 1 2503 278.9 11.6 3993 230 0.6 0 0 4.9 2503 1160.5 57.3 -- -- -- -- -- 27.4 0 7.9 278.9 5562 16.2 33/15 5310 36.4
158 Footwear 241.8 7871 620
Campus Activewear Ltd. 5 2503 152.7 24.8 1194 108 4 1 0 15 2503 337.7 28.7 2206Q 338 0 28.7 0 72.1 0 18.4 30.6 9014 289.6 366/228 8990 92.3
Relaxo Footwears Ltd. 1 2503 24.9 84.3 2790 170 6.8 3 0 10.4 2503 695.1 56.2 -- -- -- -- -- 71.3 0 12.8 24.9 12387 499.1 870/399 12345 98.6
Bata India Ltd. 5 2503 64.3 121.8 3489 331 25.6 19 0 21.3 2503 788.2 45.9 -- -- -- -- -- 50.2 0 36.2 12.8 15544 1210.3 1620/1182 14920 101
56 Forgings 150.7 13887 1992
Happy Forgings Ltd. 2 2503 18.9 195.1 1409 267 28.4 3 0.1 15.5 2503 352 67.6 -- -- -- -- -- 78.5 0 19.1 9.4 8950 947.2 1269/761 9041 43.8
Ramkrishna Forgings Ltd. 2 2503 36.2 166.1 4034 416 22.2 2 0.3 16.5 2503 947.2 200.1 -- -- -- -- -- 43.1 2.5 30.5 18.1 11584 635.1 1047/565 13155 23.4
Bharat Forge Ltd. 2 2503 95.6 229.3 15123 917 27.6 8.5 0.4 13.5 2503 3852.6 284.9 -- -- -- -- -- 44.1 0 45.8 47.8 58413 1213.8 1743/952 61447 54.6
145 Gas Transmission/Marketing 1190.7 47750 5114
Adani Total Gas Ltd. 1 2503 110 38 5412 639 5.9 0.3 0.4 16.7 2503 1453.4 148.4 -- -- -- -- -- 74.8 0 19.4 110 72335 652.2 908/546 73621 152.3
Mahanagar Gas Ltd. 10 2503 98.8 596.2 7979 1041 105.8 30 0 27.8 2503 2152.4 247.9 -- -- -- -- -- 32.5 0 58 9.9 14948 1509.3 1964/1125 14633 19.6
Gujarat Gas Ltd. 2 2503 137.7 122.8 17185 1144 16.6 5.8 0 15.6 2503 4289 287.2 -- -- -- -- -- 60.9 0 25.9 68.8 32155 474.4 678/369 31795 40
Gujarat State Petronet Lt 10 2503 564.2 191.1 18068 1698 14.3 5 0 13.2 2503 4477.5 359.3 -- -- -- -- -- 37.6 0 42.8 56.4 18599 336.6 460/267 16669 31.9
Indraprastha Gas Ltd. 2 2503 280 66.3 16467 1352 10.5 7 0 22.4 2503 4340.8 345.1 -- -- -- -- -- 45 0 45.8 140 29855 214.3 279/155 27598 16.8

34 DALAL STREET INVESTMENT JOURNAL I JULY 28 - AUG 10, 2025 dsij.in

This is a personal copy of Subscriber : 1251588582
 AUDITED ANNUAL LATEST QTR. YEAR TO DATE SHAREHOLDINGS MARKET RELATED DATA

Inst. Stake (%)

Trailing P/E Ratio

Sales Growth (%)

No. of Shareholder
Prom. Stake (%)
Latest Qtr. Year

Pledged (%)

Entprise Value
NP Growth (%)
Year / Months

Year / Months

(21/07/25)
Sales (` Cr)
CEqt. (` Cr)

Market Cap
Face Value

RONW (%)
Company Name
Bk Val (`)

High/Low
NP (` Cr)
NP (` Cr)

52-Week
DERatio

CMP (`)
EPS (`)

(in’ 000)
Div (`)

(` Cr)

(` Cr)

(` Cr)

(` Cr)

(` Cr)
Sales

Sales
NP
57 Glass 59.8 5753 519
La Opala RG Ltd. 2 2503 22.2 74.3 332 97 8.7 7.5 0 15.7 2503 77.1 25.7 -- -- -- -- -- 65.8 0 20.7 11.1 2932 266.6 383/203 2941 40.6
Asahi India Glass Ltd. 1 2503 24.3 113 4594 365 16 2 0.8 14.8 2503 1179.8 91.4 -- -- -- -- -- 54.1 1.9 5.5 24.3 20277 839.2 873/578 22678 65.3
Borosil Renewables Ltd. 1 2503 13.3 84.2 1479 -87 2.5 0 0.4 -1.9 2503 373.5 -29.4 -- -- -- -- -- 62.2 0 5.7 13.3 8393 622 630/411 8633 221.7
59 Hospital & Healthcare Services 3360.8 37254 11390
Dr. Agarwal's Health Care 1 2503 31.6 61.2 1711 110 0.7 0 0.3 2.7 2503 460.2 42.5 -- -- -- -- -- 32.4 0 45.6 31.6 14037 450.1 453/334 13989 414.4
Jupiter Life Line Hospita 10 2503 65.6 217 1262 194 28.2 1 0.1 13.8 2503 326.7 44.9 -- -- -- -- -- 40.9 0 22.3 6.6 9661 1470 1696/1272 9248 66.9
Yatharth Hospital & Traum 10 2503 96.3 158.3 880 131 9.1 0 0 16.6 2503 231.8 38.7 -- -- -- -- -- 61.6 8.5 16.4 9.6 6200 637.8 686/359 5901 91.7
Global Health Ltd. 2 2503 53.7 130.1 3692 481 17.2 0.5 0 13.6 2503 931.3 101.4 -- -- -- -- -- 33 0 23.7 26.9 34927 1287.7 1344/966 34014 116.4
Rainbow Children's Medica 10 2503 101.5 146.4 1516 244 23.4 3 0 17.2 2503 370.1 56.5 -- -- -- -- -- 49.9 0 39 10.2 15266 1513.4 1675/1104 15249 77.3
Vijaya Diagnostic Centre 1 2503 10.3 76.3 681 144 13.2 2 0 19.2 2503 173.2 34.9 -- -- -- -- -- 52.6 0 43.6 10.3 10391 1014.5 1241/761 10350 98.1
Krsnaa Diagnostics Ltd. 5 2503 16.1 275.4 717 78 25.6 2.8 0.2 7.5 2503 186.1 20.7 -- -- -- -- -- 27.1 0 17.6 3.2 2732 855.9 1023/633 2829 42.8
Krishna Institute of Medi 2 2503 80 54.2 3035 415 7.6 0 0.2 13.5 2503 796.9 106.1 -- -- -- -- -- 34.1 0 47.2 40 29870 744.2 760/417 30549 122.9
Max Healthcare Institute 10 2503 972.1 84 7028 1076 7.2 1.5 0.1 8.9 2503 1909.7 319 -- -- -- -- -- 23.7 0 72.2 97.2 118476 1221.2 1301/853 118561 217.1
Artemis Medicare Services 1 2503 13.8 55.4 937 82 6.1 0.5 0.3 14.6 2503 239.9 22.9 -- -- -- -- -- 67.2 29.9 12.4 13.8 3393 244.7 340/216 3236 50.6
Metropolis Healthcare Ltd 2 2503 10.4 240.2 1331 146 24.1 0 0 11.9 2503 345.3 29.2 -- -- -- -- -- 48.9 0.6 45.6 5.2 10034 1968.5 2288/1486 10009 108.2
Aster DM Healthcare Ltd. 10 2503 499.5 80.8 4138 5427 124.3 0 0.1 5.7 2503 1000.3 95.5 -- -- -- -- -- 41.9 17 46.2 50 30510 600 648/321 29598 149.3
Thyrocare Technologies Lt 10 2503 53 100.5 687 92 18.1 21 0 18.4 2503 187.2 22.2 -- -- -- -- -- 71.1 71.1 17.8 5.3 6307 1196.3 1198/642 6255 89.7
Healthcare Global Enterpr 10 2503 139.4 85.5 2223 48 0.3 0 0.3 3 2503 585.2 6.9 -- -- -- -- -- 62.5 3.6 15.4 13.9 7913 565.8 626/348 8300 0
Narayana Hrudayalaya Ltd. 10 2503 204.4 107 5483 791 21.1 4.5 0.5 25.7 2503 1475.4 197.3 -- -- -- -- -- 63.9 0 18.6 20.4 39191 1978 2270/1179 40281 117.3
Dr. Lal Pathlabs Ltd. 10 2503 83.6 248 2461 492 59.5 24 0 26 2503 602.6 155.5 -- -- -- -- -- 53.8 0 39.5 8.4 24822 3011.2 3601/2309 24055 63.2
Fortis Healthcare Ltd. 10 2503 755 120.2 7783 798 0.8 1 0.2 0.7 2503 2007.2 183.4 -- -- -- -- -- 31.2 0 57 75.5 60563 814.6 810/481 62292 1664.2
Indraprastha Medical Corp 10 2503 91.7 65.1 1356 161 17.6 4.5 0 28.9 2503 333.8 41 -- -- -- -- -- 51 0 6.3 9.2 4365 475.1 565/238 4043 37.5
Kovai Medical Center & Ho 10 2503 10.9 992.6 592 58 191 10 0.3 22.4 2503 357 54.7 -- -- -- -- -- 56.5 0 5.8 1.1 6579 6000 6461/4225 6687 40.2
Apollo Hospitals Enterpri 5 2503 71.9 607.5 21794 1472 90.2 19 0.3 13.8 2503 5592.2 404 -- -- -- -- -- 29.3 0 65.1 14.4 104316 7261.8 7615/6052 105505 100
60 Hotel, Resort & Restaurants 2093 17600 3877
ITC Hotels Ltd. 1 2503 208.1 53.7 3560 622 3.4 0 0 12.6 2506 815.5 129.7 2506Q 744 0 149.7 0 39.9 0 47 208.1 52366 248.1 254/160 50866 124.2
Ventive Hospitality Ltd. 1 2503 23.4 192.6 1605 181 5.7 0 1.2 66.2 2503 697.9 151.1 -- -- -- -- -- 89 6.8 7.9 23.4 19069 808.3 825/556 19853 218.1
Juniper Hotels Ltd. 10 2503 222.5 121.3 944 71 3.6 0 0.3 0.6 2503 277.6 55 -- -- -- -- -- 77.5 0 18.1 22.3 7115 320 429/233 8016 108.7
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Apeejay Surrendra Park Ho 1 2503 21.3 60 631 84 4 0 0 7.5 2503 177.3 26.6 -- -- -- -- -- 68.1 0 15.5 21.3 3420 158.8 203/134 3473 39.1
Samhi Hotels Ltd. 1 2503 22.1 128.2 1130 86 0.9 0 0.1 0.7 2503 318.8 45.9 -- -- -- -- -- 0 0 65.9 22.1 5509 249.1 249/137 5897 269.1
Chalet Hotels Ltd. 10 2503 218.5 140.4 1718 142 7.8 0 0.8 7 2503 522 123.8 -- -- -- -- -- 67.4 21.5 29.2 21.9 20364 924.8 1014/667 22528 192.8
Lemon Tree Hotels Ltd. 10 2503 791.9 15.9 1286 243 1.3 0 0.3 8.8 2503 378.5 108.8 -- -- -- -- -- 22.3 0 41.3 79.2 12383 155.8 159/113 12598 147.2
Mahindra Holidays & Resor 10 2503 201.6 13.2 2781 127 9.9 0 0 121 2503 778.8 73 -- -- -- -- -- 66.7 0 15.4 20.2 7225 361.7 476/285 6995 47
Taj GVK Hotels & Resorts 2 2503 12.5 100 450 95 15.1 2 0.1 14.6 2503 124.8 28.6 -- -- -- -- -- 75 0 4.5 6.3 2642 419.5 515/287 2571 32
India Tourism Development 10 2503 85.8 46.8 570 81 9.7 2.9 0 18.2 2503 199.9 24.8 -- -- -- -- -- 87 0 1.8 8.6 5184 602.9 857/475 4966 72.6
The Indian Hotels Company 1 2503 142.3 80.8 8335 1961 9.9 2.3 0 13.2 2506 2041.1 319.4 2506Q 1045 12 244.6 17.1 38.1 0 46.1 142.3 109804 758.6 888/596 108069 74.5
EIH Ltd. 2 2503 125.1 67.9 2743 711 12 1.5 0 19.2 2503 827.5 234.9 -- -- -- -- -- 32.9 0 19.7 62.5 23864 381.1 440/314 23067 35.8
Oriental Hotels Ltd. 1 2503 17.9 24.9 440 42 2.5 0.5 0.3 10.8 2506 107.7 9.3 2506Q 107 31 8.7 139.3 67.5 0.1 3.1 17.9 2751 150 197/127 2893 54
61 Household & Personal Products 855.7 108951 17645
Galaxy Surfactants Ltd. 10 2503 35.5 404.7 4224 305 49 22 0.1 12.2 2503 1144.9 75.9 -- -- -- -- -- 70.9 0 17 3.5 9027 2584.4 3337/2049 9141 66.3
Sheela Foam Ltd. 5 2503 54.4 256.2 3439 96 10.3 0 0.3 4.1 2503 849.6 21.4 -- -- -- -- -- 65.7 0 25.8 10.9 7362 671.3 1039/623 8235 91.2
Bajaj Consumer Care Ltd. 1 2503 13.7 57.5 965 125 9.5 0 0 18.9 2503 250.5 30.5 -- -- -- -- -- 41 0 29.1 13.7 3363 240.3 280/155 3256 35.7
Jyothy Labs Ltd. 1 2503 36.7 37.6 2847 370 10.1 3.5 0 36.6 2503 667 76.3 -- -- -- -- -- 62.9 0 29.4 36.7 12627 341.9 578/315 12484 46.6
Godrej Consumer Products 1 2503 102.3 81.4 14364 1852 13.2 20 0.3 15.1 2503 3597.9 411.9 -- -- -- -- -- 53.1 0 31.8 102.3 126657 1239.5 1518/989 129082 129
Emami Ltd. 1 2503 43.6 65.7 3809 815 19.7 10 0 29.8 2503 963 162.8 -- -- -- -- -- 54.8 7.3 35.8 43.6 25734 586.7 838/521 25553 37.5
Cupid Ltd. 1 2503 26.9 12.8 184 41 1.5 0 0.1 21.5 2503 56.5 11.5 -- -- -- -- -- 42.5 0 1.1 26.8 3917 147.1 146/57 3861 120.8
Safari Industries (India) 2 2503 9.8 183.4 1772 143 24 3 0 13.9 2503 421.1 37.6 -- -- -- -- -- 45.4 0 36.8 4.9 10515 2140.3 2726/1881 10296 129.5
VIP Industries Ltd. 2 2503 28.4 38.7 2178 -69 -5.7 0 0.7 4.7 2503 494.2 -27.4 -- -- -- -- -- 51.7 0 20.4 14.2 6527 461.8 580/259 6826 0
Gillette India Ltd. 10 2406 32.6 314 2633 412 126.3 130 0 42.9 2503 767.5 158.7 2503N 2235 12 417.7 41.2 75 0 14.4 3.3 35704 11111.2 11251/7580 35285 86.7
Colgate-Palmolive (India) 1 2503 27.2 61.7 2033 436 52.8 51 0 80.8 2503 1462.5 355 -- -- -- -- -- 51 0 30 27.2 65077 2378.7 3839/2350 63982 60.3
Hindustan Unilever Ltd. 1 2503 235 209.2 63121 10679 45.3 53 0 21.3 2503 15670 2476 -- -- -- -- -- 61.9 0 26.2 235 579104 2472 3027/2155 571811 71.7
Procter & Gamble Hygiene 10 2406 32.5 227 4206 675 207.9 255 0 83.6 2503 991.6 156.1 2503N 3374 3 636.6 7.2 70.6 0 16.9 3.3 42724 13159.9 17316/12879 42244 67.1
Dabur India Ltd. 1 2503 177.2 41.3 12563 1740 7.9 8 0 19.8 2503 2830.1 312.7 -- -- -- -- -- 66.2 0 28.1 177.4 91274 512.3 667/451 91426 91
62 Industrial Gases & Fuels 8186.2 193183 15876
Refex Industries Ltd. 2 2503 25.8 84.7 2468 158 14.7 0 0.1 24.2 2503 627.8 47.9 -- -- -- -- -- 53.4 5.5 2.1 12.9 5544 426.9 573/225 5330 35.3
Petronet LNG Ltd. 10 2503 1500 129.2 50982 3884 26.2 10 0 22.2 2503 12315.8 1067.6 -- -- -- -- -- 50 0 39.9 150 45630 303.9 381/276 36531 16.4
GAIL (India) Ltd. 10 2503 6575.1 96.2 142291 10960 17.2 7.5 0.3 14.8 2503 36551.2 2225.9 -- -- -- -- -- 51.9 0 41.5 657.5 121080 184.1 241/153 133553 14.1
Linde India Ltd. 10 2503 85.3 443.1 2485 448 52.5 12 0 13 2503 591.9 117.9 -- -- -- -- -- 75 0 9.1 8.5 56993 6648.4 8682/5551 56847 168.6
143 Insurance 16460.2 808144 65038
Niva Bupa Health Insuranc 10 2503 1827 16.7 4894 214 1.2 0 0 8.4 2503 1527.4 206.1 -- -- -- -- -- 56 0 18.6 182.7 16375 88.1 99/70 16155 69
Go Digit General Insuranc 10 2503 923 43.7 8046 425 4.6 0 0.1 13 2503 2246.9 115.6 -- -- -- -- -- 73.1 0 23.1 92.3 32758 351.9 398/278 32869 100.3
Life Insurance Corporatio 10 2503 6325 199.9 489775 43514 76.1 12 0 63.6 2503 147917 17616.3 -- -- -- -- -- 96.5 0 1.4 632.5 587150 924.5 1187/729 524849 15.5
Star Health and Allied In 10 2503 587.8 119.6 14822 646 11 0 0.1 14.4 2503 3798.3 0.5 -- -- -- -- -- 58 0 35 58.8 25969 438.7 637/343 25771 78.8
HDFC Life Insurance Compa 10 2503 2153 79 69837 1811 8.4 2.1 0.2 12.1 2506 14539.4 548.4 2506Q 14466 16 546.5 14.4 50.3 0 39.3 215.5 162130 760.5 814/594 164513 87.5
The New India Assurance C 5 2503 824 132.8 35537 972 6 1.8 0 5.5 2503 9352.5 321.6 -- -- -- -- -- 85.4 0 12.2 164.8 30356 183.8 292/142 34155 39.3
General Insurance Corpora 5 2503 877.2 255.4 36712 6974 38.2 10 0 18.2 2503 9250 2363.9 -- -- -- -- -- 82.4 0 15.4 175.4 66895 387.8 502/349 82377 12
SBI Life Insurance Compan 10 2503 1002.1 167.5 84060 2413 24.1 2.7 0 13.8 2503 23860.7 813.5 -- -- -- -- -- 55.4 0 40.6 100.2 180889 1809.6 1926/1386 180634 95.8
ICICI Lombard General Ins 10 2503 495.7 298.4 19800 2508 50.6 12.5 0 19.1 2506 5136.1 747.1 2506Q 5136 14 747.1 28.7 51.5 0 41.5 49.7 97054 1963 2272/1637 96404 36.4
ICICI Prudential Life Ins 10 2503 1445.3 86.5 47259 1186 8.2 0.8 0.2 10.6 2506 8503.2 301 2506Q 8503 8 302.1 34 73 0 22 144.5 91828 629.4 790/535 99168 71.9
64 IT - Hardware 11.3 1149 114
Netweb Technologies India 2 2503 11.3 93.6 1149 114 20.2 2.5 0 30 2503 414.6 43 -- -- -- -- -- 71 0 13.8 5.7 10740 1892 2961/1340 10562 107.9

dsij.in JULY 28 - AUG 10, 2025 I DALAL STREET INVESTMENT JOURNAL 35

This is a personal copy of Subscriber : 1251588582
Databank Updated Information Updated as on July 21, 2025

AUDITED ANNUAL LATEST QTR. YEAR TO DATE SHAREHOLDINGS MARKET RELATED DATA

Inst. Stake (%)

Trailing P/E Ratio

Sales Growth (%)

No. of Shareholder
Prom. Stake (%)
Latest Qtr. Year

Pledged (%)

Entprise Value
NP Growth (%)
Year / Months

Year / Months

(21/07/25)
Sales (` Cr)
CEqt. (` Cr)

Market Cap
Face Value

RONW (%)
Company Name
Bk Val (`)

High/Low
NP (` Cr)
NP (` Cr)

52-Week
DERatio

CMP (`)
EPS (`)

(in’ 000)
Div (`)

(` Cr)

(` Cr)

(` Cr)

(` Cr)

(` Cr)
Sales

Sales
NP
65 IT - Software 8107.6 634466 120381
Saksoft Ltd. 1 2503 13.3 25.1 883 109 4.6 0.8 0.1 23.6 2503 239.9 30 -- -- -- -- -- 66.7 0 2.8 13.3 3047 228.7 298/138 2994 90.6
Digitide Solutions Ltd. 10 2503 148.9 3269 138 6.3 0 2503 732.5 -1.4 -- -- -- -- -- 57 0 22 14.9 3804 277.6 255/193 0
Network People Services T 10 2503 19.4 53.4 173 45 23.3 0 0 63.7 2503 26.4 6 -- -- -- -- -- 67.6 0 0.6 1.9 3623 1864.8 2308/1868 3537 324.7
Hexaware Technologies Ltd 1 2412 60.8 198 11974 1174 12.9 0 0 26.5 2503 3207.9 327.1 2503Q 1764 0 239.2 0 74.7 0 19.6 60.8 52086 861 890/631 51299 120
Tata Technologies Ltd. 2 2503 81.1 47.4 5168 673 20.9 11.7 0 59.8 2506 1244.3 165.5 2506Q 741 3 279.5 -41.7 55.2 0 5.4 40.6 29059 716.4 1120/608 28915 44.8
Zaggle Prepaid Ocean Serv 1 2503 13.4 92.9 1304 88 6.5 0 0.1 14.8 2503 412.1 31.1 -- -- -- -- -- 44.2 0 20 13.4 5435 405.3 582/299 4787 75
NIIT Learning Systems Ltd 2 2503 27.2 51.3 1653 228 9.5 3 0 20.3 2503 429.7 48.7 -- -- -- -- -- 34.5 0 39.4 13.6 4577 336.9 536/328 4572 41.5
eMudhra Ltd. 5 2503 41.4 64.5 519 87 2.3 1.3 0 3.5 2503 146.9 24.3 -- -- -- -- -- 54.4 0 20.2 8.3 6849 819.4 989/671 6824 409.9
CE Info Systems Ltd. 2 2503 10.9 142.6 463 152 27.6 3.5 0 21.2 2503 143.6 52 -- -- -- -- -- 51.6 0 13.3 5.4 9954 1854.3 2455/1538 9822 89.5
RateGain Travel Technolog 1 2503 11.8 116.2 1077 209 6.1 0 0 4.6 2503 260.7 54.8 -- -- -- -- -- 48.2 0 29.1 11.8 5438 459.3 834/426 5414 93.6
Nazara Technologies Ltd. 4 2503 35 342.9 1624 59 3.2 0 0 -7.8 2503 520.2 9.5 -- -- -- -- -- 8.8 0 24.6 8.8 13114 1413.8 1431/855 13040 610.5
Route Mobile Ltd. 10 2503 63 214.7 4576 334 20.8 11 0 11.2 2506 1050.8 58.8 2506Q 183 -12 30.4 7.8 74.9 0 11.5 6.3 5909 941 1766/912 5258 44.5
Happiest Minds Technologi 2 2503 30 101.9 2061 185 11.2 6 0.7 11.2 2503 544.6 34 -- -- -- -- -- 44.2 0.8 15.9 15.2 9414 621.1 827/543 9541 74.7
KPIT Technologies Ltd. 10 2503 271.7 68 5842 837 17.7 8.5 0 28.1 2503 1528.3 230.6 -- -- -- -- -- 39.5 0 37.9 27.4 34692 1255 1858/1071 34518 83.8
RPSG Ventures Ltd. 10 2503 33.1 863.8 9608 102 44.8 0 0.1 5.2 2503 2541.3 -43 -- -- -- -- -- 63.5 0 5.5 3.3 3106 928.3 1242/697 3241 21.5
Newgen Software Technolog 10 2503 140.2 98.7 1487 315 20.9 5 0 23.9 2506 320.7 49.7 2506Q 281 -1 48.7 14.9 53.8 0 28.6 14.2 12993 908.4 1753/840 12746 42.5
L&T Technology Services L 2 2503 21.2 562.8 10670 1264 115.2 55 0 23 2506 2866 316.1 2506Q 2424 8 307.8 -1.5 73.7 0 18.9 10.6 46270 4340 5812/4083 45003 37.8
LTIMindtree Ltd. 1 2503 29.6 772.5 38008 4602 150.2 65 0 21.9 2506 9840.6 1254.6 2506Q 9421 6 1297.4 17.3 68.6 0 22.6 29.6 152745 5176 6737/4065 149780 33
Magellanic Cloud Ltd. 2 2503 116.9 3.5 597 103 0.3 0 0.9 9.8 2506 164 27.8 2506Q 30 88 5.2 49.8 58.3 7.9 0.4 58.4 4917 85.8 139/44 5142 311.7
Intellect Design Arena Lt 5 2503 69.4 132 2500 338 14 7 0 11.2 2503 725.9 138.7 -- -- -- -- -- 29.9 0 35 13.9 16263 1170.1 1228/610 16188 109.1
Ceinsys Tech Ltd. 10 2503 17.4 226.8 418 53 46.7 3.5 0.1 13.7 2503 142.4 19.6 -- -- -- -- -- 51.9 7.6 5.7 1.7 2639 1476 2011/522 2525 42.5
Cigniti Technologies Ltd. 10 2503 27.4 237.9 2014 200 44.6 0 0.1 20.2 2503 530.3 73.2 -- -- -- -- -- 55.2 0 20.3 2.7 4835 1740.2 1945/1163 4718 36.8
Persistent Systems Ltd. 5 2503 77.9 364.2 11939 1400 74.1 35 0 22.7 2503 3242.1 395.8 -- -- -- -- -- 30.6 0 52 15.6 89235 5779 6682/4402 88561 99.3
Tanla Platforms Ltd. 1 2503 13.5 52.9 4028 507 23.4 12 0.2 49.1 2503 1024.4 117.3 -- -- -- -- -- 45.5 0 8.3 13.5 9085 675.1 992/422 9128 30.6
Tech Mahindra Ltd. 5 2503 489.5 238.8 52988 4244 35.8 45 0 15.6 2506 13351.2 1128.3 2506Q 11595 9 1178.4 88.6 35 0 55.2 97.9 151146 1549.4 1796/1272 149469 37.5
R Systems International L 1 2412 11.8 43.8 1742 131 12.6 0 0 30.8 2503 442.5 38.6 2503Q 244 17 34.7 9.8 51.9 0 12.6 11.8 5259 452.4 546/292 5228 48.4
Aurionpro Solutions Ltd. 10 2503 53.7 188.9 1173 188 15.8 4 0.1 9 2503 326.9 50.5 -- -- -- -- -- 26.9 0 16.4 5.5 8567 1544.8 1951/1279 8321 120.2
Coforge Ltd. 2 2503 66.9 171.4 12051 936 78.8 76 0.1 34.2 2503 3409.9 307.3 -- -- -- -- -- 0 0 90.1 6.7 62723 1852 1966/1169 63032 27.7
Tata Consultancy Services 1 2503 362 241.5
More255324 48797 and
Newspaper 132.8 126 Telegram
Magazines 0 65.6Channel
2506 join
63437 12819
Search 2506Q 52788 0 12552
https://t.me/Magazines_8890050582 3.6 71.8 0 23.6 361.8 1142737
(@Magazines_8890050582) 3.16E+03 4551/3158 1135590 23.6
Datamatics Global Service 5 2503 29.6 144.5 1723 206 9.4 5 0 10.9 2503 497.1 44.9 -- -- -- -- -- 66.3 0 1.3 5.9 4570 785.2 773/518 4517 92.4
Oracle Financial Services 5 2503 43.4 851.9 6847 2380 386 265 0 49.8 2503 1716.3 643.9 -- -- -- -- -- 72.6 0 17.1 8.7 76640 8700 12991/7295 71831 26.8
Moschip Technologies Ltd. 2 2503 38.2 17.1 467 33 1.5 0 0.2 3.5 2503 134.7 8.7 -- -- -- -- -- 44.3 0 1 19.2 3246 173.4 283/139 3199 128.3
Birlasoft Ltd. 2 2503 55.6 55.5 5375 517 10.7 6.5 0 20.4 2503 1316.9 122.1 -- -- -- -- -- 40.6 0 36.2 27.8 11582 408.8 727/347 11419 59.6
Axiscades Technologies Lt 5 2503 21.3 92.3 1052 75 9.6 0 0.8 -1.6 2503 271.9 31.5 -- -- -- -- -- 59.5 8.4 2.7 4.3 5788 1372 1482/431 5952 230.1
Brightcom Group Ltd. 2 2503 403.7 7.8 5147 710 0 0 0.1 0.1 2503 987.5 120.7 -- -- -- -- -- 18.4 0 8 201.8 3203 15.1 20/Jun 3315 0
HCL Technologies Ltd. 2 2503 543 139.4 117055 17399 45.2 60 0 29.4 2506 30349 3844 2506Q 13073 11 2888 16.5 60.8 0 34.6 271.4 415272 1529.4 1995/1375 410859 32.8
Sonata Software Ltd. 1 2503 27.8 28.1 10157 425 7.7 4.4 0 28.9 2503 2617.2 107.5 -- -- -- -- -- 28.2 0 35.2 28 12290 428.1 751/301 12206 63
Cyient Ltd. 5 2503 55.5 333.1 7360 653 101.3 26 0 34.2 2503 1909.2 190.6 -- -- -- -- -- 23.3 0 58 11.1 14259 1270.5 2147/1122 13606 13.5
Nucleus Software Exports 10 2503 26.3 297.6 832 163 61.4 12.5 0 21.1 2503 229 64.8 -- -- -- -- -- 73.6 0 6.3 2.6 2850 1085 1539/773 2759 21.9
63 Moons Technologies Ltd. 2 2503 9.2 623.4 47 -48 -0.4 1.2 0 9.8 2503 13.6 10.5 -- -- -- -- -- 45.6 0 2.2 4.6 4927 1075.3 1100/324 3316 301.7
ASM Technologies Ltd. 10 2503 11.9 160.1 289 25 22.1 0 0.3 3.4 2503 114.5 15.4 -- -- -- -- -- 57.1 3.2 0.2 1.2 4380 3181.1 3120/1074 4438 147.7
Mphasis Ltd. 10 2503 190.1 318.8 14230 1702 80.6 57 0 26.6 2503 3710 446.5 -- -- -- -- -- 40.1 0 55.5 19 53355 2798.9 3197/2102 52665 47.5
Mastek Ltd. 5 2503 15.5 308.4 3455 376 39 23 0.1 14.6 2506 914.7 92 2506Q 229 100 41.9 191.5 36 0 21.6 3.1 8271 2693.6 3275/1966 8266 56.2
Wipro Ltd. 2 2503 2094.4 62.9 89088 13193 10.3 6 0.1 18.1 2506 22134.6 3331.5 2506Q 17195 4 3696.1 55.6 72.7 0 15.9 1048.2 272972 259.7 320/234 274714 18.3
Zensar Technologies Ltd. 2 2503 45.4 134 5281 650 26.2 13 0 20.9 2503 1358.9 176.4 -- -- -- -- -- 49.1 0 35.1 22.7 19195 833.4 923/627 18735 45.5
Tata Elxsi Ltd. 10 2503 62.3 479.2 849 102 126 75 0 29.4 2506 231.3 29.8 2506Q 892 -4 144.4 -21.6 43.9 0 21.3 6.2 38568 6196 8970/4752 36961 51.8
Infosys Ltd. 5 2503 2076 207.7 162990 26750 61.6 43 0 30.7 2503 40925 7038 -- -- -- -- -- 14.6 0 71.4 415.3 658286 1577.8 1999/1397 644021 33.1
66 Laminates/Decoratives 34 3232 234
Greenlam Industries Ltd. 1 2503 25.5 44.6 2569 68 4.4 0 0.4 10.3 2503 681.8 1.5 -- -- -- -- -- 51 0 16.9 25.5 6223 246.3 301/206 6661 45.1
Stylam Industries Ltd. 5 2503 8.5 388 1025 122 71.9 0 0 27.1 2503 265.3 29.6 -- -- -- -- -- 52.2 0 15.1 1.7 2970 1744.6 2656/1506 2956 31.6
68 Logistics 1434.6 31941 2934
Zinka Logistics Solutions 1 2503 17.7 69 427 -9 -2.2 0 1.1 -116.4 2503 121.8 280.2 -- -- -- -- -- 27.4 0 34 17.9 7744 429.4 533/252 7082 0
TVS Supply Chain Solution 1 2503 44.1 59.8 9996 -15 1.6 0 0.1 2.7 2503 2498.8 -4.8 -- -- -- -- -- 43 7.9 6.5 44.1 5868 133.1 215/110 5885 96.3
Gateway Distriparks Ltd. 10 2503 499.6 40.6 1681 373 4.8 2 0.2 13.5 2503 534.9 -191 -- -- -- -- -- 32.3 0 47.8 50 3262 64.8 111/58 3482 16.8
Mahindra Logistics Ltd. 10 2503 72.1 96.8 6105 -30 6 0 0.2 6.4 2506 1624.6 -9.4 2506Q 1346 16 6.4 -37 58 0 19.1 7.2 2895 410.2 535/241 3001 74.5
TCI Express Ltd. 2 2503 7.7 199.1 1208 86 23.6 8 0 12.4 2503 307.3 19.4 -- -- -- -- -- 69.5 0 10.6 3.8 2797 729 1214/612 2783 41.4
VRL Logistics Ltd. 10 2503 87.5 124 3161 183 20.9 15 0.4 18 2503 809 74.3 -- -- -- -- -- 60.2 0 28.5 8.8 5534 630.5 644/441 5927 32.5
Allcargo Logistics Ltd. 2 2503 196.6 11.2 16022 37 0.8 2.1 0.4 17.9 2503 3952.4 -4.9 -- -- -- -- -- 63.3 0 11.1 98.3 3547 35.8 71/27 4087 44.8
Transport Corporation Of 2 2503 15.3 256.7 4492 327 51.8 0 0.1 20.8 2503 1178.8 93.3 -- -- -- -- -- 68.7 0 15.6 7.7 9474 1244.8 1268/904 9510 32.7
Sindhu Trade Links Ltd. 1 2503 154.2 6 1731 116 0.3 0 0.4 6.5 2503 297.4 -64.9 -- -- -- -- -- 75 0 0.1 154.2 4840 31.4 35/13 5170 221.9
Container Corporation Of 5 2503 304.6 163.2 8887 1260 20.9 11.5 0 10.7 2503 2287.8 287.7 -- -- -- -- -- 54.8 0 38.7 76.2 46744 608 838/498 43182 36.4
Aegis Logistics Ltd. 1 2503 35.1 79.7 6764 787 15.1 8 0 18.1 2503 1705 317.8 -- -- -- -- -- 58.1 0 23.2 35.1 26539 758.6 970/635 25214 73.2
69 Lubricants 521.5 14260 1538
Veedol Corporation Ltd. 2 2503 3.4 430.2 1970 141 73.5 54 0 15.8 2503 531.9 53.3 -- -- -- -- -- 62.4 0 2.3 1.7 2946 1688.8 2728/1358 2931 29.3
Gulf Oil Lubricants India 2 2503 9.9 297 3631 357 73.5 48 0.3 25.1 2503 952.7 92.8 -- -- -- -- -- 67.1 0 17.3 4.9 6026 1232 1477/972 5412 22.1
Savita Oil Technologies L 2 2503 13.7 244.4 3814 113 18.1 4 0 13.3 2503 1005.6 29.2 -- -- -- -- -- 68.9 0 13.8 6.9 2764 407.6 636/355 2690 34.3
Castrol India Ltd. 5 2412 494.6 24.4 5365 927 9.4 13 0 43.9 2503 1422 233.5 2503Q 1422 7 233.5 8 51 0 25.2 98.9 21756 220 275/169 20357 30.6
70 Medical Equipment/Supplies/Accessories 61.6 1773 357
Laxmi Dental Ltd. 2 2503 11 40.5 239 25 3.4 0 0.6 34.1 2503 60.7 3.5 -- -- -- -- -- 41.7 0 47.1 5.5 2742 483 535/327 2634 474.1
Poly Medicure Ltd. 5 2503 50.7 270.8 1670 333 32.7 3.5 0.1 18.7 2503 440.8 89.6 -- -- -- -- -- 62.4 0 23.4 10.1 21155 2050.1 3002/1815 21181 80.2
72 Metal - Non Ferrous 2003.9 212955 35466
Gravita India Ltd. 2 2503 14.8 216.1 3869 313 26.3 6.3 0.6 47 2503 1037.1 94.9 -- -- -- -- -- 55.9 0 19.5 7.4 12655 1711.2 2666/1450 12384 78

36 DALAL STREET INVESTMENT JOURNAL I JULY 28 - AUG 10, 2025 dsij.in

This is a personal copy of Subscriber : 1251588582
 AUDITED ANNUAL LATEST QTR. YEAR TO DATE SHAREHOLDINGS MARKET RELATED DATA

Inst. Stake (%)

Trailing P/E Ratio

Sales Growth (%)

No. of Shareholder
Prom. Stake (%)
Latest Qtr. Year

Pledged (%)

Entprise Value
NP Growth (%)
Year / Months

Year / Months

(21/07/25)
Sales (` Cr)
CEqt. (` Cr)

Market Cap
Face Value

RONW (%)
Company Name
Bk Val (`)

High/Low
NP (` Cr)
NP (` Cr)

52-Week
DERatio

CMP (`)
EPS (`)

(in’ 000)
Div (`)

(` Cr)

(` Cr)

(` Cr)

(` Cr)

(` Cr)
Sales

Sales
NP
Pondy Oxides & Chemicals 5 2503 14.1 212.9 2057 58 23.1 3.5 0.3 13.4 2503 523.7 16.6 -- -- -- -- -- 40.6 0 7 2.8 2694 959.1 1151/463 2758 38.1
Ram Ratna Wires Ltd. 5 2503 22 105 3677 71 16.3 2.5 0.3 14.3 2503 956.8 19.2 -- -- -- -- -- 73 0 0.5 4.4 3281 709.6 742/412 3537 63.8
Hindustan Copper Ltd. 5 2503 483.5 27.6 2071 467 4.8 0 0.1 13.5 2503 731.4 189.5 -- -- -- -- -- 66.1 0 11.9 96.7 26487 276.6 348/187 26585 75.3
Shivalik Bimetal Controls 2 2503 11.5 67.3 508 75 12.6 2.7 0.1 27.8 2503 132.4 20.5 -- -- -- -- -- 33.2 0 24.7 5.8 3279 566.4 716/385 3217 58
Hindalco Industries Ltd. 1 2503 222 312.4 238496 15999 28.8 5 0.2 6 2503 64890 5284 -- -- -- -- -- 34.6 0 53.1 224.7 153373 689.3 761/562 163460 31.1
Vedanta Ltd. 1 2503 391 192.3 152968 20534 45.9 43.5 0.8 25.5 2503 40455 4960 -- -- -- -- -- 56.4 0 27 391 177453 454.2 522/370 229136 12.9
Hindustan Zinc Ltd. 2 2503 845 36.7 34083 10353 24.3 29 0.6 55.3 2506 7771 2234 2506Q 7723 -5 2204 -6.5 61.8 7 34.1 422.5 187879 444.8 651/387 198355 18.6
73 Mining & Minerals 8144.4 32779 25084
The Orissa Minerals Devel 1 2503 0.6 -84.9 65 -40 -67 0 0 0 2503 6.7 -31.4 -- -- -- -- -- 50 0 13.3 0.6 3096 5307.1 9327/4477 3211 0
KIOCL Ltd. 10 2503 607.8 28.2 591 -205 -3.4 0 0 -4.3 2503 246.5 -36.9 -- -- -- -- -- 99 0 0.1 60.8 18576 312.1 458/220 17846 0
Raghav Productivity Enhan 10 2503 45.9 38.9 200 37 4.7 1 0 17.2 2506 58.4 11.7 2506Q 32 10 6.7 24.6 62.9 0 0.1 4.6 3065 671.3 842/442 3059 112.6
MOIL Ltd. 10 2503 203.5 129.6 1038 248 18.8 5.6 0 12.5 2503 267.7 51.4 2012N 727 -8 60.6 -74.2 64.7 0 12.8 20.4 7772 392.9 496/287 6872 34.9
Coal India Ltd. 10 2503 6162.7 29.3 143369 34840 27.6 26.5 0 92.7 2503 37824.5 9423.8 -- -- -- -- -- 63.1 0 30.9 616.3 238344 387.6 538/354 236861 14.1
Gujarat Mineral Developme 2 2503 63.6 200.4 2851 687 21.6 10.1 0 10.4 2503 786.3 226 -- -- -- -- -- 74 0 3 31.8 13865 460.4 436/238 13406 29.1
Ashapura Minechem Ltd. 2 2503 19.1 32.8 2739 263 8.8 1 0.2 154.9 2503 555.2 75.7 -- -- -- -- -- 47.8 0 16.6 9.6 5353 571.3 567/216 5402 90.1
NMDC Ltd. 1 2503 879.2 33.6 23906 6539 7.6 3.3 0.1 23.6 2503 7004.6 1483.2 -- -- -- -- -- 60.8 0 26.7 879.2 63213 72.4 81/60 56953 8.8
Sandur Manganese & Iron O 10 2503 162 159.5 3135 475 27.4 1.3 0.1 11.6 2503 1321.3 157.1 -- -- -- -- -- 74.2 0 2.5 16.2 7694 477 582/345 8681 25.9
74 Miscellaneous 1002.5 520 107
Aegis Vopak Terminals Ltd 10 2503 988.8 38 621 127 1.1 0 4.8 8.8 2503 156.9 41.3 -- -- -- -- -- 32364 281.9 292/235 34215 787.8
Prabha Energy Ltd. 1 2503 13.7 31.9 4 -1 -0.1 0 0.3 -0.4 2503 1 -0.9 -- -- -- -- -- 80.2 0 0.6 13.7 3920 288 308/168 4040 0
75 Oil Exploration 7948.8 160441 41855
Deep Industries Ltd. 5 2503 32 214.2 576 -79 20.4 3 0.1 8.6 2503 167.2 -206.7 -- -- -- -- -- 63.5 0 3.3 6.4 2978 468.4 614/297 3138 30
Oil India Ltd. 10 2503 1626.6 279.3 36164 7098 37.6 11.5 0.3 14.2 2503 9587.8 1769.4 -- -- -- -- -- 56.7 0 36.4 162.7 73726 450.4 740/341 81650 15.8
Oil & Natural Gas Corpora 5 2503 6290.1 251.4 663262 37293 28.3 12.3 0 14.3 2503 170812 8217.1 -- -- -- -- -- 58.9 0 37.2 1258 308280 246 341/219 301192 11.6
76 Packaging 158.1 13273 888
TCPL Packaging Ltd. 10 2503 9.1 712.7 1770 143 155.2 30 0.9 24 2503 422.4 38 -- -- -- -- -- 55.7 0 12.6 0.9 3386 3750.3 4666/2437 3936 31.2
AGI Greenpac Ltd. 2 2503 12.9 285.7 2529 322 49.8 7 0.3 14.7 2506 687.7 88.8 2506Q 688 21 88.8 40.5 60.2 0 9.1 6.5 5484 942.3 1282/631 5673 17.5
Uflex Ltd. 10 2503 72.2 449.7 15036 158 29.7 3 1.1 6.8 2503 3814.3 171.5 -- -- -- -- -- 44.6 0 8.1 7.2 4367 605.8 843/446 7246 26.3
EPL Ltd. 2 2503 63.9 32.1More 4213 362 and 6.6
Newspaper 5 Telegram
Magazines 0.2 19.8 2503 join
Channel 1105.4 111.5
Search -- -- -- -- (@Magazines_8890050582)
https://t.me/Magazines_8890050582 -- 51.3 0 27.5 32 7448 231.7 285/181 7647 43.1
77 Paints 386.5 52587 6256
Indigo Paints Ltd. 10 2503 47.6 220 1341 142 30.2 3.5 0 17.8 2503 387.6 57.4 -- -- -- -- -- 53.9 0 29.1 4.8 5714 1201.1 1683/930 5677 48.7
Berger Paints India Ltd. 1 2503 116.6 48.7 11545 1148 9.2 3.8 0 21.9 2503 2704 253.6 -- -- -- -- -- 75 0 16 116.6 65990 570.3 624/441 65624 86.1
Asian Paints Ltd. 1 2503 95.9 197.3 33906 3569 37.4 24.8 0 19.3 2503 8358.9 677.8 -- -- -- -- -- 52.6 4.9 27.8 95.9 227915 2368.8 3382/2132 227752 94.5
Akzo Nobel India Ltd. 10 2503 45.5 291.5 4091 430 94.2 100 0 32.3 2503 1022.1 108.4 -- -- -- -- -- 74.8 0 12.3 4.5 16776 3775 4393/2804 16476 54.7
Kansai Nerolac Paints Ltd 1 2503 80.8 78.6 7823 1109 12.6 3.8 0 17 2503 1816.7 102.4 -- -- -- -- -- 75 0 15.6 80.8 20006 246.8 316/221 19746 25.6
78 Paper & Paper Products 289.6 8255 650
String Metaverse Ltd. 10 2503 107 10.4 407 35 0 0 0 1 2503 153.8 12.9 -- -- -- -- -- 89 0 0 10.7 3403 292.3 292/23 3397 0
JK Paper Ltd. 10 2503 169.4 285.6 6718 412 21.6 5 0.4 21.7 2503 1689.5 77 -- -- -- -- -- 49.6 0 17 16.9 6492 382.1 567/285 7955 25.3
West Coast Paper Mills Lt 2 2503 13.2 409.5 4062 336 43.1 5 0.1 21.1 2503 1041.3 46.1 -- -- -- -- -- 56.5 0 15.5 6.6 3706 565 651/391 3835 19.5
2 Pesticides & Agrochemicals 902.8 34688 6790
Bharat Rasayan Ltd. 10 2503 4.2 2662.9 1173 125 301.1 1.5 0.1 8.7 2503 306.5 28.5 -- -- -- -- -- 75 0 3.3 0.4 4624 11366.5 13742/8886 4653 48
Sumitomo Chemical India L 10 2503 499.1 58 3149 506 10.1 1.2 0 18.8 2503 679.4 99.8 -- -- -- -- -- 75 0 11.8 49.9 29193 593.6 614/460 29157 79.3
Sharda Cropchem Ltd. 10 2503 90.2 258.4 4320 304 30.3 9 0 12.3 2503 1828.5 203.6 -- -- -- -- -- 74.8 0 14.9 9 7836 874.3 918/456 7678 30.8
Insecticides (India) Ltd. 10 2503 29.1 371.8 2000 141 48 0 0.1 13.4 2503 358.9 13.9 -- -- -- -- -- 72.3 0 14.4 2.9 2934 1007.1 1010/557 2976 32.7
Bhagiradha Chemicals & In 1 2503 13 53.9 440 14 2.1 0.1 0.2 6.3 2503 122.6 -0.9 -- -- -- -- -- 19.7 0 2.9 13 3876 302.1 428/273 3931 188.4
NACL Industries Ltd. 1 2503 20.1 22.9 1235 -92 -3.6 0 1.2 -8.6 2503 201.4 -50.3 -- -- -- -- -- 63.1 0 0.1 20.1 6359 323.9 315/49 6578 0
PI Industries Ltd. 1 2503 15.2 679.1 7978 1656 122.8 16 0 21.9 2503 1787.1 329.2 -- -- -- -- -- 46.1 0 46.3 15.2 63383 4106.7 4731/2986 61094 45.6
UPL Ltd. 2 2503 159 142.5 46637 1292 33.3 0 0.1 27 2503 15573 1106 -- -- -- -- -- 33.5 0 53 84.4 60284 729.2 713/498 60716 21.8
Dhanuka Agritech Ltd. 2 2503 9 307.8 2035 297 65.9 2 0 22.3 2503 442 75.5 -- -- -- -- -- 69.9 0 20.3 4.5 8020 1760.8 1847/1117 8061 32
Bayer CropScience Ltd. 10 2503 44.9 634.3 5473 568 126.5 125 0 26.6 2503 1046.4 143.3 -- -- -- -- -- 71.4 0 15 4.5 28206 6275 6960/4489 27312 89.8
Rallis India Ltd. 1 2503 19 102.8 2604 164 6.6 2.5 0 6.7 2506 507.5 -14.2 2506Q 957 22 95 97.9 55.1 0 25.6 19.4 7052 363.8 368/202 7022 40.2
79 Petrochemicals 104.9 6165 429
Supreme Petrochem Ltd. 2 2503 37.6 118.7 6023 391 20.8 10 0 18.4 2503 1539 106.9 -- -- -- -- -- 64.2 0 7.4 18.8 15152 806.3 893/534 14691 56.5
Rain Industries Ltd. 2 2412 67.3 27.5 15374 -452 1.2 0 0.2 4.2 2503 3768 -115.1 2503Q 37 37 -2.7 0 41.2 0 16 33.6 5156 154.7 193/121 5306 120.9
80 Pharmaceuticals & Drugs 5066.9 264710 56056
Senores Pharmaceuticals L 10 2503 46 153.7 398 58 0.8 0 0.6 0.8 2503 114.2 18 -- -- -- -- -- 45.8 0 13.2 4.6 2803 615.3 629/446 2537 919.8
Sai Life Sciences Ltd. 1 2503 20.8 103.9 1695 170 8.3 0 0.7 10 2503 579.5 88.3 -- -- -- -- -- 35.1 0 36.2 20.9 16817 809 823/640 16488 119.5
Onesource Specialty Pharm 1 2503 11.4 517.2 1445 -18 1.8 0 1.4 -62.4 2503 425.9 98.5 -- -- -- -- -- 34.3 6.9 36.4 11.4 22897 1980 2195/1236 23441 0
Sanofi Consumer Healthcar 10 2412 23 139.8 725 181 78.7 55 0 79.3 2503 172.6 50 2503Q 173 0 50 0 60.4 0 29.4 2.3 11626 5118 5695/4552 11299 84.5
Akums Drugs & Pharmaceuti 2 2503 30.6 146.5 4118 344 10.5 0 0 13.2 2503 1055.5 149.6 -- -- -- -- -- 75.3 0 13.1 15.7 8576 538 1118/421 8224 69.2
Emcure Pharmaceuticals Lt 10 2503 189.5 159.6 7896 707 16.7 3 0.7 8.6 2503 2116.2 197.2 -- -- -- -- -- 77.9 0 6.5 18.9 25727 1425.4 1526/905 26369 97.5
Innova Captab Ltd. 10 2503 57.2 142.1 1244 128 15.6 0 0.4 11.6 2503 314.7 29.6 -- -- -- -- -- 50.9 0 19.9 5.7 5175 904 1244/560 5435 77.1
Blue Jet Healthcare Ltd. 2 2503 34.7 65.3 1030 305 17.6 0 0 21.4 2503 340.4 110.1 -- -- -- -- -- 86 0 2.9 17.4 17465 1005 1012/417 17345 65.2
Concord Biotech Ltd. 1 2503 10.5 173.3 1200 373 35.6 10.7 0 21.6 2503 429.9 141.9 -- -- -- -- -- 44.1 0 17.9 10.5 20036 1902.5 2596/1388 20035 63.2
Mankind Pharma Ltd. 1 2503 41.3 353.7 12207 1999 45.7 0 0.5 15.5 2503 3079.4 422.3 -- -- -- -- -- 72.7 0 24.5 41.3 109235 2672.2 3001/1990 115995 77.7
Aarti Pharmalabs Ltd. 5 2503 45.3 203.4 2115 272 28.4 5 0.1 13.1 2503 563.8 88.3 -- -- -- -- -- 43.7 0 15.2 9.1 8618 937 964/563 9009 40.4
Piramal Pharma Ltd. 10 2503 1324.3 55.6 9151 18 5.2 0.1 0.2 9.8 2503 2754.1 137.3 -- -- -- -- -- 34.9 0 45.1 132.9 28140 207.5 293/151 29184 45.3
Supriya Lifescience Ltd. 2 2503 16.1 123.8 696 188 23.4 1 0 15.7 2503 184.1 50.4 -- -- -- -- -- 68.3 0 11.4 8.1 5615 699.1 804/380 5536 39.3
Medplus Health Services L 2 2503 23.9 103.7 6136 150 3.4 0 0 0.8 2503 1509.6 51.3 -- -- -- -- -- 40.3 23.9 41.8 12 10863 909.2 977/635 10806 349.9
Acutaas Chemicals Ltd. 5 2503 40.9 160.2 1007 160 19.5 1.5 0.3 6.9 2503 308.5 62.7 -- -- -- -- -- 36 0 34.8 4.1 9745 1190.3 1311/610 9510 42.6
Alivus Life Sciences Ltd. 2 2503 24.5 229.8 2387 486 39.6 5 0 21.1 2503 649.5 141.9 -- -- -- -- -- 75 0 11.8 12.3 12950 1053.5 1308/850 12879 34.5
Gland Pharma Ltd. 1 2503 16.5 592.1 5617 699 66.1 18 0 12.3 2503 1424.9 186.5 -- -- -- -- -- 51.8 0 40.3 16.5 33151 1966.7 2143/1393 30721 37.4

dsij.in JULY 28 - AUG 10, 2025 I DALAL STREET INVESTMENT JOURNAL 37

This is a personal copy of Subscriber : 1251588582
Databank Updated Information Updated as on July 21, 2025

AUDITED ANNUAL LATEST QTR. YEAR TO DATE SHAREHOLDINGS MARKET RELATED DATA

Inst. Stake (%)

Trailing P/E Ratio

Sales Growth (%)

No. of Shareholder
Prom. Stake (%)
Latest Qtr. Year

Pledged (%)

Entprise Value
NP Growth (%)
Year / Months

Year / Months

(21/07/25)
Sales (` Cr)
CEqt. (` Cr)

Market Cap
Face Value

RONW (%)
Company Name
Bk Val (`)

High/Low
NP (` Cr)
NP (` Cr)

52-Week
DERatio

CMP (`)
EPS (`)

(in’ 000)
Div (`)

(` Cr)

(` Cr)

(` Cr)

(` Cr)

(` Cr)
Sales

Sales
NP
Cohance Lifesciences Ltd. 1 2503 25.5 60.9 1198 265 10.7 0 0 16 2503 402 38.7 -- -- -- -- -- 50.1 0 27.7 25.5 40988 1067 1333/848 41036 131.2
Solara Active Pharma Scie 10 2503 40.3 229.3 1284 1 -0.3 0 1.1 -46.5 2503 273 -2.1 -- -- -- -- -- 37.9 13.1 17.2 4.8 3254 678.5 852/450 4026 242.8
Dishman Carbogen Amcis Lt 2 2503 31.4 257.1 2712 3 -0.6 0 0.1 -1.9 2503 716.3 43.1 -- -- -- -- -- 59.3 0 10.7 15.7 4051 259.9 301/159 4642 0
Eris Lifesciences Ltd. 1 2503 13.6 183.9 2894 375 5.7 7.3 0.9 3.1 2503 705.3 102.3 -- -- -- -- -- 54.8 9.3 26.6 13.6 24055 1772.3 1856/1014 26176 399.8
Laurus Labs Ltd. 2 2503 107.8 84.1 5554 354 7 1.2 0.5 8.7 2503 1720.3 233.9 -- -- -- -- -- 27.6 0.7 37.6 54 44758 821 829/419 47032 125.9
Advanced Enzyme Technolog 2 2503 22.4 55.8 637 134 9.2 1.2 0 17 2503 167.2 26.7 -- -- -- -- -- 43.1 0 31.9 11.2 3732 336.3 549/259 3727 106.4
Alkem Laboratories Ltd. 2 2503 23.9 1030.6 12965 2216 174.8 45 0.1 17.6 2503 3143.8 323 -- -- -- -- -- 53 0 30.9 12 59763 4978.1 6362/4566 59078 37.2
Alembic Pharmaceuticals L 2 2503 39.3 264.3 6672 581 25.6 11 0.2 10 2503 1769.6 157.3 -- -- -- -- -- 69.7 0 20.4 19.7 20168 1020.5 1248/743 21290 61.4
RPG Life Sciences Ltd. 8 2503 13.2 320.8 653 183 110.8 24 0 40.5 2503 143.1 117.3 -- -- -- -- -- 73 0 5.6 1.6 4264 2569.3 2829/1836 4124 27.1
Indoco Remedies Ltd. 2 2503 18.4 119.6 1665 -78 -0.9 0.2 0.4 10.8 2503 390.2 -41.3 -- -- -- -- -- 58.9 0 20 9.2 2920 316.5 379/198 3646 0
Strides Pharma Science Lt 10 2503 92.2 346.4 4565 3596 6.4 4 0.4 1.8 2503 1190.4 82.5 -- -- -- -- -- 28.3 14.7 42 9.2 8199 879 1642/570 9325 174.6
Biocon Ltd. 5 2503 600.3 119 15262 1429 5.1 0.5 0.3 5.5 2503 4417 459.4 -- -- -- -- -- 60.6 0 21.4 120.1 52743 392 398/302 55364 77.4
Divi's Laboratories Ltd. 2 2503 53 561.1 9360 2191 83.4 30 0 15.6 2503 2585 662 -- -- -- -- -- 51.9 0 38.8 26.6 177609 6629.3 6991/4519 173915 98.8
Granules India Ltd. 1 2503 24.3 139.7 4482 502 13.2 1.5 0.2 9.8 2503 1197.4 152 -- -- -- -- -- 38.8 0 36.8 24.3 11991 481.9 717/431 12629 51.8
Ajanta Pharma Ltd. 2 2503 25.1 289.8 4648 920 73.2 0 0 26.1 2503 1170.4 225.3 -- -- -- -- -- 66.3 9.4 26.4 12.5 34678 2745.7 3424/2291 34628 50.5
Zydus Lifesciences Ltd. 1 2503 100.6 210.6 23242 4615 57.4 11 0.4 31.3 2503 6527.9 1248.8 -- -- -- -- -- 75 0 18.3 100.6 97580 963.2 1301/822 105774 23.8
Wockhardt Ltd. 5 2503 81 169.4 3012 -57 -0.7 0 0.6 -0.5 2503 743 -45 -- -- -- -- -- 49.1 7.7 18.3 16.3 28205 1726 1832/817 29619 0
Glenmark Pharmaceuticals 1 2503 28.2 868.3 13322 1047 57.1 2.5 0 25.3 2503 3256.2 4.4 -- -- -- -- -- 46.6 0 38.3 28.2 61621 2158.7 2226/1278 62187 52.7
FDC Ltd. 1 2503 16.3 140.5 2108 267 16.8 0 0 15.1 2503 491.9 38.7 -- -- -- -- -- 69.7 0 8.9 16.3 7930 491.1 612/381 7889 50.4
Shilpa Medicare Ltd. 1 2503 9.8 276.2 1286 80 7.1 1 0.1 1.3 2503 330.8 12.2 -- -- -- -- -- 44.2 3.5 18.6 9.8 8953 920 986/603 9056 217
Suven Life Sciences Ltd. 1 2503 21.8 40.6 7 -161 -2.2 0 0 -0.9 2503 1.5 -44 -- -- -- -- -- 70.3 0 0.3 21.8 6528 289.5 297/105 6508 0
Jubilant Pharmova Ltd. 1 2503 15.9 145.5 7235 837 1.2 5 0.1 1.3 2503 1928.8 151.4 -- -- -- -- -- 50.7 0 24.3 15.9 19477 1213.6 1256/721 19770 656.4
Natco Pharma Ltd. 2 2503 35.8 409.5 4430 1883 103.4 6 0.1 25.4 2503 1221 406 -- -- -- -- -- 49.6 0 21.2 17.9 18174 1032.3 1592/746 16590 15.2
Aurobindo Pharma Ltd. 1 2503 58.1 353.6 31724 3515 30.1 0 0.1 10.1 2503 8382.1 935 -- -- -- -- -- 51.8 8.8 41.3 58.1 66121 1109.7 1574/1051 70448 45.5
Caplin Point Laboratories 2 2503 15.2 223.8 1937 541 44.7 3 0 22.7 2503 502.4 145.2 -- -- -- -- -- 70.6 0 8.4 7.6 15958 2086.7 2596/1477 15743 59.4
Hikal Ltd. 2 2503 24.7 102.4 1860 91 7.4 1.4 0.7 6 2503 552.4 50.2 -- -- -- -- -- 68.8 0 9.4 12.3 4169 335 445/312 4913 48.3
Sun Pharmaceutical Indust 1 2503 239.9 101.4 52578 10980 17.9 16 0.5 17.8 2503 12958.8 2160.6 -- -- -- -- -- 54.5 0.5 36.7 239.9 405872 1680.4 1948/1567 415915 99.7
Neuland Laboratories Ltd. 10 2503 12.9 1182.3 1477 260 201.1 12 0.1 18.6 2503 328.4 27.8 -- -- -- -- -- 32.7 0 33.7 1.3 18155 13926.5 17808/8020 18034 111.5
Ipca Laboratories Ltd. 1 2503 25.4 271.6 8940 788 25.6 0 0.1 9.8 2503 2246.7 65.8 -- -- -- -- -- 44.7 0 46.9 25.4 37203 1458.3 1743/1214 37910 82.8
Marksans Pharma Ltd. 1 2503 More2623
45.3 30.5 Newspaper
383 and4.2
Magazines
0.8 Telegram
0 14.4Channel
2503 join Search
708.5 https://t.me/Magazines_8890050582
90.7 -- -- -- -- (@Magazines_8890050582)
-- 43.9 0 25.4 45.3 11209 244.2 353/187 10940 70.8
Orchid Pharma Ltd. 10 2503 50.7 261.1 922 96 21 0 0.1 9.7 2503 237.5 19.1 -- -- -- -- -- 69.8 0 22.8 5.1 3651 717.9 1982/630 3660 47
Aarti Drugs Ltd. 10 2503 91.3 142.4 2387 168 17.2 1 0.4 12.4 2506 590.5 54 2506Q 521 6 48.6 80.8 55.2 0 12.2 9.1 4969 539.5 606/321 5478 27.5
IOL Chemicals And Pharmac 2 2503 58.7 57.5 2079 101 3.4 0 0 8.7 2503 527.8 31.4 -- -- -- -- -- 52.6 0 1.5 29.4 2873 96.6 103/59 2782 12.3
Sequent Scientific Ltd. 2 2503 50.1 41.8 1551 32 0.6 0 0 1.5 2503 401.7 10.4 -- -- -- -- -- 52.6 0 18.9 25 4698 188.1 232/126 4742 416.1
Gufic Biosciences Ltd. 1 2503 10 60 820 70 7 0.1 0.6 19.6 2503 205 7.7 -- -- -- -- -- 72.5 0 3.7 10 3835 381.2 487/310 4117 77.9
JB Chemicals & Pharmaceut 1 2503 15.6 205.5 3918 660 41.9 15.5 0 21.9 2503 949.5 145.7 -- -- -- -- -- 47.8 0 37 15.6 26310 1673.7 1969/1503 26220 54.3
Gujarat Themis Biosyn Ltd 1 2503 10.9 22.8 151 49 4.5 0.7 0 33.8 2503 37.7 12 -- -- -- -- -- 70.9 0 3.7 10.9 3960 355 383/212 3978 108.9
Astrazeneca Pharma India 2 2503 5 308.1 1716 116 46.3 32 0 24.9 2503 480.5 58.3 -- -- -- -- -- 75 0 7.5 2.5 22821 9110.5 10524/6243 22285 178.6
Unichem Laboratories Ltd. 2 2503 14.1 348.6 2111 138 23.1 0 0.1 6.9 2503 587.2 53 -- -- -- -- -- 70.2 0 12.3 7 4397 628.3 900/525 4420 31.3
Alembic Ltd. 2 2503 51.4 33.2 222 145 5.5 2.4 0 17.1 2503 60.3 23.8 -- -- -- -- -- 70.9 0 1.5 25.7 3029 118.3 164/89 3039 24.3
Pfizer Ltd. 10 2503 45.8 921.9 797 137 167.8 165 0 19.6 2503 591.9 330.9 -- -- -- -- -- 63.9 0 19.6 4.6 24408 5288.8 6321/3907 21609 39.2
Sanofi India Ltd. 10 2412 23 395.4 2013 413 136.4 117 0 36.1 2503 514.9 91.3 2503Q 536 -27 119.5 -12.5 60.4 0 28.7 2.3 13616 5902.1 7426/4996 13321 46.3
Glaxosmithkline Pharmaceu 10 2503 169.4 115.9 3749 928 54.3 54 0 48.9 2503 974.4 262.9 -- -- -- -- -- 75 0 12.6 16.9 52809 3103 3459/1960 51408 71.3
Abbott India Ltd. 10 2503 21.3 1978.5 6409 1414 665.6 475 0 36 2503 1604.6 367 -- -- -- -- -- 75 0 9.3 2.1 72368 34134.7 35637/25476 70740 66.8
Torrent Pharmaceuticals L 5 2503 169.2 224.3 11516 1911 55.8 32 0.3 26.2 2503 2959 498 -- -- -- -- -- 68.3 0 24.7 33.8 119277 3494.6 3558/2930 121714 83.3
Morepen Laboratories Ltd. 2 2503 109.6 21.6 1812 118 1.9 0.2 0 13.3 2503 465.9 20.3 -- -- -- -- -- 35.6 0 3.2 54.8 3393 61.8 96/42 3426 50.9
Lupin Ltd. 2 2503 91.3 531.5 22708 3306 87 12 0 17.8 2503 5667.1 782.4 -- -- -- -- -- 46.9 0 46.8 45.7 87769 1897.7 2396/1799 87310 28.1
Procter & Gamble Health L 10 2406 16.6 323.5 1151 201 121.1 260 0 31.6 2503 311 61.2 2503N 934 8 234.4 27.3 51.8 0 21.1 1.7 9773 5848.1 5956/4990 9585 41.4
Dr. Reddy's Laboratories 1 2503 83.4 344 32644 5704 64.1 8 0.1 20.3 2503 8528.4 1581.2 -- -- -- -- -- 26.6 0 52.1 83.5 105116 1244 1411/1088 107632 9.1
Cipla Ltd. 2 2503 161.5 396.8 27548 5291 63.9 16 0 17.2 2503 6729.7 1225 -- -- -- -- -- 29.2 0 54.4 80.8 119184 1468.3 1681/1384 118905 28.9
82 Plastic Products 652.7 41344 3784
Xpro India Ltd. 10 2503 22.3 287.4 535 38 19.6 2 0.2 8.1 2503 158.2 6.6 -- -- -- -- -- 42.4 0 17 2.2 2803 1209 1638/970 2780 90
Ddev Plastiks Industries 1 2503 10.3 80.7 2603 186 17.9 1.8 0.1 31.5 2503 736.8 51.7 -- -- -- -- -- 75 0 0.9 10.3 3272 314.4 435/218 3271 22.8
Prince Pipes and Fittings 10 2503 110.6 142.6 2524 43 3.9 0.5 0.1 12.6 2503 719.6 24.2 -- -- -- -- -- 60.9 0 19.5 11.1 3830 345.6 677/240 4012 207
Time Technoplast Ltd. 1 2503 22.7 83.6 5457 394 7.7 2.5 0.4 9.4 2503 1468.7 111.8 -- -- -- -- -- 51.6 0 21.2 22.7 10701 475.5 501/304 11256 78.9
Astral Ltd. 1 2503 26.9 133.8 5832 519 21.1 3.8 0 19 2503 1681.4 178 -- -- -- -- -- 54.1 0 34.9 26.9 40319 1483.3 2256/1237 39816 91.1
Polyplex Corporation Ltd. 10 2503 31.4 227.1 6885 358 24.6 13.5 0.2 -1.3 2503 1739.6 -8.7 -- -- -- -- -- 26.7 0 10.1 3.1 3538 1124.8 1464/1025 3642 50
Kingfa Science & Technolo 10 2503 12.1 601.6 1745 153 126.2 0 0.1 23.2 2503 469.6 41.9 -- -- -- -- -- 75 0 6.5 1.2 4221 3598.6 3838/2480 4237 38.3
Supreme Industries Ltd. 2 2503 25.4 392.5 10446 841 70.6 34 0 18.9 2503 3027.1 261.2 -- -- -- -- -- 48.9 0 36.5 12.7 53387 4106 5692/3114 52435 79
Cosmo First Ltd. 10 2503 26.3 466.2 2895 133 33.5 4 1.1 7.4 2503 745.9 27.1 -- -- -- -- -- 41 0 4.2 2.6 2939 1118 1263/537 4243 40.8
Responsive Industries Ltd 1 2503 26.7 35.7 1418 199 1.2 0.1 0.2 3.5 2503 380.7 54.3 -- -- -- -- -- 58.6 1.2 35.1 26.7 6428 243.6 294/177 6668 266.1
Shaily Engineering Plasti 2 2503 9.2 108 787 93 15.4 2 0.5 8.8 2503 217.8 28.6 -- -- -- -- -- 43.7 0 23.9 4.6 7689 1657.5 2017/826 7869 124.6
Finolex Industries Ltd. 2 2503 123.7 96.4 4142 760 12.6 3.6 0.1 8.8 2503 1171.8 144.2 -- -- -- -- -- 52.5 0 17.4 62 12785 203 326/167 12881 46
Garware Hi-Tech Films Ltd 10 2503 23.2 994.8 2109 331 145.9 12 0 9.5 2503 547.9 77.8 -- -- -- -- -- 60.7 0 8.3 2.3 8514 3678.7 5291/2333 8485 36.4
Jindal Poly Films Ltd. 10 2403 43.8 1402.8 3926 72 71.3 5.5 0.1 5.5 2412 1371.2 4.1 2412N 497 26 379.3 34.9 74.5 0 3.1 4.4 2699 616 1071/593 3255 14.8
Jain Irrigation Systems L 2 2503 138.2 71.4 5779 24 0.4 0 0.5 1.2 2503 1748.7 28 -- -- -- -- -- 25.9 11.6 12.8 67.2 3810 53.6 80/48 6151 203.9
110 Port 1330.2 9418 3248
JSW Infrastructure Ltd. 2 2503 414.7 23.7 4476 1521 1.9 0.8 0.7 8.2 2503 1283.2 515.6 -- -- -- -- -- 85.6 0 7.5 210 66528 317.5 352/225 68318 224.7
Gujarat Pipavav Port Ltd. 10 2503 483.4 43.8 988 380 8.3 8.2 0 17 2503 251.8 108.5 -- -- -- -- -- 44 0 36.5 48.3 7945 162.4 237/125 6876 26.7
Adani Ports and Special E 2 2503 432 140.1 30475 10920 11.4 7 1.7 8.3 2503 8488.4 2854.3 -- -- -- -- -- 65.9 0 28.2 216 313307 1440.3 1587/1052 363136 185.1
83 Power Generation/Distribution 69852.5 396147 65190
NTPC Green Energy Ltd. 10 2503 8426.3 21.9 2210 475 0.6 0 1.3 6.6 2503 622.3 233.1 -- -- -- -- -- 89 0 6.5 842.6 92310 108.8 148/87 96921 311.3
Acme Solar Holdings Ltd. 2 2503 121 75.3 1405 251 3.1 0 0.6 16.8 2503 486.9 122.1 -- -- -- -- -- 83.4 0 11.8 60.5 17348 285.1 295/174 18221 393.6

38 DALAL STREET INVESTMENT JOURNAL I JULY 28 - AUG 10, 2025 dsij.in

This is a personal copy of Subscriber : 1251588582
 AUDITED ANNUAL LATEST QTR. YEAR TO DATE SHAREHOLDINGS MARKET RELATED DATA

Inst. Stake (%)

Trailing P/E Ratio

Sales Growth (%)

No. of Shareholder
Prom. Stake (%)
Latest Qtr. Year

Pledged (%)

Entprise Value
NP Growth (%)
Year / Months

Year / Months

(21/07/25)
Sales (` Cr)
CEqt. (` Cr)

Market Cap
Face Value

RONW (%)
Company Name
Bk Val (`)

High/Low
NP (` Cr)
NP (` Cr)

52-Week
DERatio

CMP (`)
EPS (`)

(in’ 000)
Div (`)

(` Cr)

(` Cr)

(` Cr)

(` Cr)

(` Cr)
Sales

Sales
NP
GMR Power and Urban Infra 5 2503 357.4 23.1 6344 1686 10.4 0 7.5 139.9 2503 1737.4 139.2 -- -- -- -- -- 50.5 38.1 7.3 71.5 8278 116.3 162/90 9997 8.7
Adani Green Energy Ltd. 10 2503 1584 77.9 11223 1557 4.1 0 4 13.7 2503 3064 292 -- -- -- -- -- 60.9 0 14.8 158.4 170738 1028 2069/768 190210 220.3
Indian Energy Exchange Lt 1 2503 89.1 12.3 537 415 4.7 3 0 40.2 2503 142.3 112.9 -- -- -- -- -- 0 0 52.6 89.2 17495 196.3 239/152 17382 54.4
Adani Energy Solutions Lt 10 2503 1201.3 164 23767 922 5.1 0 0.4 4 2503 6374.6 713.7 -- -- -- -- -- 69.9 0.6 23.9 120.1 104854 870.3 1261/601 111658 193.2
Waaree Renewable Technolo 2 2503 20.9 52.1 1598 229 22 0 0 80.9 2506 603.2 86.4 2506Q 603 155 86.5 204 74.4 0 1.1 10.4 11597 1109 1990/763 11431 40.2
SJVN Ltd. 10 2503 3929.8 36.3 3072 812 2.5 1.5 0.7 6.5 2503 504.4 -130.4 -- -- -- -- -- 81.8 0 6.6 393 38925 99.2 150/82 47784 61.4
JSW Energy Ltd. 10 2503 1745.3 126.8 11745 1960 7 2 0.4 6.6 2503 3189.4 409.1 -- -- -- -- -- 69.3 7.7 24.4 174.8 92964 531.9 791/437 101655 96
RattanIndia Power Ltd. 10 2503 5370.1 8.9 3284 222 0.4 0 0.8 -20.2 2503 936.3 125.9 -- -- -- -- -- 44.1 26 11.6 537 8103 15.1 17/Aug 11281 65.3
NHPC Ltd. 10 2503 10045 38.2 10380 3409 2.9 1.9 0.8 10.3 2503 2347 919.5 -- -- -- -- -- 67.4 0 21.1 1004.5 87864 86.8 107/72 123031 43.8
Adani Power Ltd. 10 2503 3856.9 120.4 56203 12750 30 0 0.8 26.7 2503 14237.4 2599.2 -- -- -- -- -- 75 0 14.2 385.7 230182 593.8 734/437 260674 31.3
Reliance Power Ltd. 10 2503 4017 24.4 7583 2948 -0.2 0 0.5 0.5 2506 1885.6 44.7 2506Q 1 0 1.9 -7.8 23.3 0 16.5 401.7 26225 61.6 71/26 32481 0
Power Grid Corporation Of 10 2503 9300.6 99.2 45792 15632 16.2 9 1.4 18.1 2503 12275.4 4172.4 -- -- -- -- -- 51.3 0 45 930.1 276181 297.8 365/250 400727 23.9
Torrent Power Ltd. 10 2503 503.9 346.4 29165 3059 56.6 19 0.4 19.3 2503 6456.3 1077.2 -- -- -- -- -- 51.1 0 39.6 50.4 68899 1350.3 1972/1235 74957 34.5
Jaiprakash Power Ventures 10 2503 6853.5 12.4 5462 814 1.2 0 0.3 10.1 2503 1340.9 155.7 -- -- -- -- -- 24 17.5 23.6 685.4 14749 21.6 27/13 16959 32.1
NTPC Ltd. 10 2503 9696.7 166.7 188138 21739 16.9 8.3 1.2 12.5 2503 49833.7 7264.6 -- -- -- -- -- 51.1 0 45.1 969.7 331141 341.6 443/298 511606 29.5
PTC India Ltd. 10 2503 296 161 16241 974 28.9 11.7 0 19.2 2503 3006.3 371.4 -- -- -- -- -- 16.2 0 39 29.6 5649 191.8 242/128 3589 7.6
BF Utilities Ltd. 5 2503 18.8 43.6 969 304 4.2 0 0.1 7 2503 209.8 83.9 2412N 629 -14 254.3 13.7 56.7 0 1.7 3.8 3045 810.1 1111/586 3021 0
Gujarat Industries Power 10 2503 155.2 227 1407 255 13.6 4.1 0.1 6.2 2503 338.3 69.7 -- -- -- -- -- 56.6 0 17 15.5 3240 210.1 258/155 4587 22.4
NLC India Ltd. 10 2503 1386.6 126 15283 2713 13.7 3 0.5 12.1 2503 3836 468.4 -- -- -- -- -- 72.2 0 21.5 138.7 31913 240.9 293/194 39149 23.8
Nava Ltd. 1 2503 28.3 127.5 3984 1434 14.9 8 0 6.1 2503 1018.2 302.8 -- -- -- -- -- 50.1 0 9.9 28.3 17202 612 658/364 17097 40.5
Tata Power Company Ltd. 1 2503 319.6 57.4 65478 3982 9.8 2.3 0.9 18.4 2503 17095.9 1223.4 -- -- -- -- -- 46.9 0 25.6 319.5 128389 399.9 485/337 143828 53.4
Reliance Infrastructure L 10 2503 396.2 146.1 23592 8490 -28 0 0.5 -28.3 2503 4108 8231.7 -- -- -- -- -- 16.5 0 12.7 39.6 15677 380.5 417/175 15957 0
CESC Ltd. 1 2503 133 74.6 17001 1428 6 4.5 1 7.8 2503 3877 385 -- -- -- -- -- 52.1 0 36.1 132.6 23681 178 208/122 34238 38.9
85 Printing & Stationery 113.4 2658 302
DOMS Industries Ltd. 10 2503 60.7 158.9 1913 214 31.3 3.1 0.1 26.2 2503 508.7 51.3 -- -- -- -- -- 70.4 0 25.7 6.1 14422 2375.1 3070/2210 14324 102.5
Flair Writing Industries 5 2503 52.7 95 1080 119 10.6 1 0 18 2503 298 30.8 -- -- -- -- -- 78.6 0 10.3 10.5 3441 323.4 335/197 3348 39.4
112 Printing And Publishing 239.5 4423 1281
D.B. Corp Ltd. 10 2503 178.2 129.5 2339 371 20.8 0 0 20.4 2506 559.5 80.8 2506Q 559 -5 80.8 -31.4 73 0 17.1 17.8 5042 283.6 366/203 4096 15.2
MPS Ltd. 10 2503 17.1 221.7 727 149 64.3 83 0 29.5 2506 186.3 35.2 2506Q 100 23 28.8 5.9 68.3 0 2.9
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1.7 4124 2445.9 2911/1863 4106 37.5
Navneet Education Ltd. 2 2503 44.2 88.4 1786 804 36.2 1.5 0.2 14.4 2503 433.8 47.5 -- -- -- -- -- 63.4 0 17 22.1 3236 150 173/129 3303 56.9
169 Professional Services 406.6 15492 354
SIS Ltd. 5 2503 72.2 68.5 13189 -14 8.9 0 0.8 12.2 2503 3427.9 -229.6 -- -- -- -- -- 72.1 0 18.3 14.1 5319 384.4 449/290 5668 55.2
BLS International Service 1 2503 41.2 2.6 2193 540 0.5 1 0 45 2503 692.8 145.2 -- -- -- -- -- 70.4 0 12.2 41.2 15586 379.1 504/325 15539 760.9
TeamLease Services Ltd. 10 2503 16.8 513 11156 110 57.3 0 0 13.8 2503 2857.9 37.7 -- -- -- -- -- 31.6 0.5 57.9 1.7 3274 1959.7 3479/1696 3107 47.3
RattanIndia Enterprises L 2 2503 276.4 7.6 6866 81 0.8 0 0.7 74 2503 1504.6 -358.5 -- -- -- -- -- 74.9 9.5 6.1 138.2 8313 60.6 83/38 8951 0
111 Railways Wagons 491.4 11970 849
Texmaco Rail & Engineerin 1 2503 40 66.9 5107 226 4.3 0.8 0.3 5.9 2503 1346.4 35.5 -- -- -- -- -- 48.3 0 16 40 6441 159.9 276/124 7118 48.5
Jupiter Wagons Ltd. 10 2503 424.5 64.8 3963 392 8.8 0 0.2 27.4 2503 1044.5 108.3 -- -- -- -- -- 68.1 0 5.8 42.5 15662 367.1 646/284 15638 54.9
Titagarh Rail Systems Ltd 2 2503 26.9 187.1 3868 299 22.5 1 0 18.6 2503 1005.6 73.3 -- -- -- -- -- 40.5 0 21.2 13.5 12630 932.6 1682/674 12700 54.1
86 Ratings 46.9 2288 912
Care Ratings Ltd. 10 2503 29.9 284.4 402 140 49.4 18 0 18.4 2503 109.7 43.4 -- -- -- -- -- 0 0 54.4 3 5368 1824.2 1938/938 5341 44
ICRA Ltd. 10 2503 9.7 828.7 498 171 153.6 60 0 19.3 2503 136.2 56 -- -- -- -- -- 51.9 0 33 1 6542 6791.4 7299/5188 6368 53.1
CRISIL Ltd. 1 2412 7.3 258 3260 684 84.3 56 0 38.3 2503 813.2 159.8 2503Q 401 1 130.1 62.1 66.6 0 20.1 7.3 42579 5802.9 6684/4134 42483 78.9
146 Refineries 35955.2 2525350 69088
Indian Oil Corporation Lt 10 2503 14121.2 126.8 859363 12028 9.2 3 0.7 25.4 2503 221360 8088 -- -- -- -- -- 51.5 0 37.3 1412.1 213231 151.3 183/113 347180 20.7
Bharat Petroleum Corporat 10 2503 4272.6 186.8 500517 12014 31.1 10 0.3 42.1 2503 126916 4034.4 -- -- -- -- -- 53 0 37.8 433.9 148679 340.6 369/237 162574 14.2
Reliance Industries Ltd. 10 2503 13532 414.6 980136 80787 26.1 5.5 0.4 8.5 2506 248660 30681 2506Q 121369 -10 17904 135.2 50.1 0 38.6 1353.2 1932708 1.41E+03 1541/1161 2049050 35.9
Chennai Petroleum Corpora 10 2503 148.9 533.1 71050 155 11.7 0 0.3 36.5 2503 20580.7 450 -- -- -- -- -- 67.3 0 11.2 14.9 11605 779.5 1030/451 14331 0
Mangalore Refinery And Pe 10 2503 1752.6 72.3 109277 28 0.3 0 0.9 31.1 2506 20988 -272 2506Q 20988 -23 -272 -514.8 88.6 0 2.7 175.3 24405 142 220/101 37240 0
Hindustan Petroleum Corpo 10 2503 2127.8 216 466724 6855 34.6 10.5 1.5 42.8 2503 118474 3066.6 -- -- -- -- -- 54.9 0 36.7 212.8 91954 429.5 452/294 155110 13
87 Refractories 41 4760 488
RHI Magnesita India Ltd. 1 2503 20.6 197.4 3674 203 10.8 2.5 0 -1.6 2503 918 36.2 -- -- -- -- -- 56.1 0 17.5 20.6 9964 521 638/383 9890 76.1
Vesuvius India Ltd. 1 2412 20.3 73.4 1869 265 130.3 14.5 0 20.2 2503 482.2 59.3 2503Q 482 6 59.3 -13.8 55.6 0 25.1 20.3 10775 536.6 619/360 10293 5.8
166 Restaurants 613.3 1969 -87
Restaurant Brands Asia Lt 10 2503 582.1 38.8 2551 -233 -1.5 0 0 -3.7 2503 632.5 -60.4 -- -- -- -- -- 11.3 0 60.8 58.2 4850 86.6 113/59 4454 0
Westlife Foodworld Ltd 2 2503 31.2 32.4 2491 12 0.1 0 0 12.1 2503 603.1 1.5 -- -- -- -- -- 56.3 0 35.3 15.6 11840 754.8 943/664 11840 12212.8
88 Retailing 7558.4 120350 6409
Vishal Mega Mart Ltd. 10 2503 4597.4 13.4 10716 632 1 0 0 5.9 2503 2547.9 115.1 -- -- -- -- -- 54.2 0 40.2 466.1 65096 141.8 139/99 64944 272.4
PN Gadgil Jewellers Ltd. 10 2503 135.7 115.6 7693 218 15.8 0 0.7 34.7 2503 1588.2 62 -- -- -- -- -- 83.1 0 6 13.6 8201 604.3 806/493 8479 45.6
Redtape Ltd. 2 2503 110.6 14.3 2020 170 3.3 2.3 0.3 30.9 2503 505.2 41.5 -- -- -- -- -- 71.8 0 13.8 55.3 7457 134.3 241/125 7812 16.4
Electronics Mart India Lt 10 2503 384.8 39.8 6965 160 4.2 0 0.5 14.4 2503 1719 31.5 -- -- -- -- -- 65.2 0 24.4 38.5 5306 137.9 237/113 6260 60.6
Ethos Ltd. 10 2503 24.5 519.5 1252 98 40.1 0 0 10.7 2503 311.3 24.1 -- -- -- -- -- 50.6 0 31.3 2.5 7694 2897.4 3440/2265 7484 94.2
Metro Brands Ltd. 5 2503 136.1 61.7 2507 353 12.8 20 0 25.2 2503 642.8 94.9 -- -- -- -- -- 71.9 0 11 27.2 32893 1201.3 1382/1012 32800 127.1
Go Fashion (India) Ltd. 10 2503 54 129.1 848 94 17.3 0 0 14.7 2503 204.8 19.9 -- -- -- -- -- 52.8 11.3 45 5.4 4760 885.3 1388/673 4521 73.7
Arvind Fashions Ltd. 4 2503 53.3 174.7 4620 33 2.8 1.6 0.1 -0.5 2503 1189.1 -72.5 -- -- -- -- -- 35.2 2.9 31.4 13.3 6592 492.9 633/362 6645 156
Avenue Supermarts Ltd. 10 2503 650.7 354.4 59358 2707 45 0 0 14.1 2506 16359.7 772.8 2506Q 15932 16 829.7 2.1 74.7 0 17.3 65.1 261923 4047 5393/3403 261592 89.4
Aditya Vision Ltd. 1 2503 12.9 44.5 2260 105 8.2 1.1 0.5 20.1 2503 486.7 16 -- -- -- -- -- 53.2 0 26.5 12.9 4946 392.2 555/338 5103 96.2
Aditya Birla Fashion and 10 2503 1220.3 68 7355 -438 -2.5 0 0.7 -4.3 2503 1719.5 -18.1 -- -- -- -- -- 46.6 0 36.8 122 9169 75.2 352/72 9193 0
V-Mart Retail Ltd. 10 2503 19.8 106.8 3254 46 23.1 0 0.2 6 2503 780.1 18.5 -- -- -- -- -- 44.3 0 50.4 2 6152 760.3 1118/693 6262 44.8
V2 Retail Ltd. 10 2503 34.6 99.7 1885 72 20.5 0 0.3 10.5 2503 498.5 6.4 -- -- -- -- -- 54.2 0 9.2 3.5 6529 1858.7 2032/755 6629 116.8
Shoppers Stop Ltd. 5 2503 55 28 4628 11 0.6 0 0.8 2.1 2506 1161.1 -15.7 2506Q 1094 6 -17.9 0 65.5 6.4 28.6 11 6059 546.4 913/481 6308 528.9
Vaibhav Global Ltd. 2 2503 33.2 41 3380 153 11.1 6 0.2 29.3 2503 849.8 34.1 -- -- -- -- -- 57.3 0 19.4 16.6 3994 238.3 341/200 4041 22.9

dsij.in JULY 28 - AUG 10, 2025 I DALAL STREET INVESTMENT JOURNAL 39

This is a personal copy of Subscriber : 1251588582
Databank Updated Information Updated as on July 21, 2025

AUDITED ANNUAL LATEST QTR. YEAR TO DATE SHAREHOLDINGS MARKET RELATED DATA

Inst. Stake (%)

Trailing P/E Ratio

Sales Growth (%)

No. of Shareholder
Prom. Stake (%)
Latest Qtr. Year

Pledged (%)

Entprise Value
NP Growth (%)
Year / Months

Year / Months

(21/07/25)
Sales (` Cr)
CEqt. (` Cr)

Market Cap
Face Value

RONW (%)
Company Name
Bk Val (`)

High/Low
NP (` Cr)
NP (` Cr)

52-Week
DERatio

CMP (`)
EPS (`)

(in’ 000)
Div (`)

(` Cr)

(` Cr)

(` Cr)

(` Cr)

(` Cr)
Sales

Sales
NP
Trent Ltd. 1 2503 35.5 166.4 17135 1448 44.6 5 0.1 30.6 2503 4216.9 312.7 -- -- -- -- -- 37 0 36.9 35.5 191092 5380 8238/4621 191269 153.9
115 Ship Building 447.8 21035 3695
Mazagon Dock Shipbuilders 5 2503 201.7 178 11432 2277 57.6 17.3 0 37.9 2503 3174.4 290.4 -- -- -- -- -- 81.2 0 7.8 40.3 119098 2960.1 3749/1944 102948 53.7
Garden Reach Shipbuilders 10 2503 114.5 181.5 5076 527 46 13.8 0 23.1 2503 1642 244.3 -- -- -- -- -- 74.5 0 7.1 11.5 29616 2623.5 3492/1213 25884 68.3
Cochin Shipyard Ltd. 5 2503 131.5 213.3 4820 827 32 9.8 0 17.2 2503 1757.7 287.2 -- -- -- -- -- 67.9 0 10.2 26.3 49403 1849 2679/1217 46404 73.5
90 Shipping 608.6 9422 2980
Shipping Corporation Of I 10 2503 465.8 166.3 5606 813 17.5 6.6 0.4 9.2 2503 1325.2 172.3 -- -- -- -- -- 63.8 0 8.7 46.6 10180 217.9 318/143 11564 19.3
The Great Eastern Shippin 10 2503 142.8 840 5323 2344 151.7 29.7 0.1 19.4 2503 1223 363.1 -- -- -- -- -- 30.1 0 39.7 14.3 14133 990.1 1388/810 11213 9.4
91 Solvent Extraction 57.8 5383 363
Manorama Industries Ltd. 2 2503 11.9 77.5 771 110 18.8 0.6 1 12.7 2503 232.8 40 -- -- -- -- -- 54.4 0 8 6 9301 1567.4 1608/624 9686 94.8
Gujarat Ambuja Exports Lt 1 2503 45.9 65.5 4613 249 5.5 0.3 0.1 13.3 2503 1266.6 31.9 -- -- -- -- -- 63.8 0 2.4 45.9 5043 109.8 147/101 5249 28.9
92 Steel & Iron Products 12529.5 550094 33323
Sambhv Steel Tubes Ltd. 10 2503 241 34.8 1511 57 2.4 0 0.8 25.4 2503 495.3 16.6 -- -- -- -- -- 56.1 0 10.4 29.5 3797 139.5 128/99 4313 204.3
Bansal Wire Industries Lt 5 2503 78.3 75.6 3507 146 8 0 1.7 21.5 2506 939 39.3 2506Q 908 34 30.3 16.7 78 0 18.5 15.7 6539 410.6 487/330 7070 49.6
Aeroflex Industries Ltd. 2 2503 25.9 26.4 376 53 4 0.3 0 16.3 2503 91.7 11.2 -- -- -- -- -- 67 0 4.2 12.9 2665 213.2 264/148 2640 69.8
NMDC Steel Ltd. 10 2503 2930.6 44.8 8503 -2374 -8.1 0 0.4 -9.6 2503 2838.3 -473.4 -- -- -- -- -- 60.8 0 20.6 293.1 11681 39.6 58/33 16671 0
Venus Pipes & Tubes Ltd. 10 2503 20.4 264.4 959 93 45.5 1 0.4 23.6 2503 258.1 23.7 -- -- -- -- -- 48.1 0 20.3 2 3294 1633.3 2430/1146 3472 51
Motherson Sumi Wiring Ind 1 2503 442.1 2.9 9320 606 1.4 0.8 0 42.5 2503 2509.5 164.9 -- -- -- -- -- 61.7 0 26.4 442.1 29080 42.9 75/43 28852 41.5
Shyam Metalics And Energy 10 2503 278.2 214.5 15138 909 17.6 4.5 0 7.4 2503 4139.4 220.1 -- -- -- -- -- 74.6 0 11.9 27.9 25711 932.2 941/671 25883 79.3
Mishra Dhatu Nigam Ltd. 10 2503 187.3 75.5 1074 110 5.9 0.8 0.3 7 2503 410.6 56.1 -- -- -- -- -- 74 0 10.4 18.7 7881 421.2 500/233 8064 75.2
JTL Industries Ltd 1 2503 39.3 31.4 1916 99 2.5 0.1 0 26.4 2506 543.9 16.6 2506Q 504 -2 15.9 -48.3 48.9 0 7.8 39.3 3044 79 120/60 3029 28.1
APL Apollo Tubes Ltd. 2 2503 55.5 111.2 20690 757 12.1 5.8 0.1 16.6 2503 5508.6 293.1 -- -- -- -- -- 28.3 0 48.5 27.8 47029 1666.5 1921/1302 47285 190.2
Technocraft Industries (I 10 2503 22.7 631.2 2596 263 107.8 20 0.3 13.4 2503 702.3 66.4 -- -- -- -- -- 74.8 0 7.1 2.3 7463 3360.8 3890/2210 7841 42
Godawari Power And Ispat 1 2503 64.7 69.6 5376 801 11.9 0 0 22.7 2503 1468.1 214.2 -- -- -- -- -- 63.5 0 9 66.9 12923 193.8 235/150 12500 11.3
Gallantt Ispat Ltd. 10 2503 241.3 117.8 4293 401 16.6 1.3 0.2 9.6 2503 1072.2 116.3 -- -- -- -- -- 68.9 0 0 24.1 15267 621.5 632/293 15387 53.8
Jindal Stainless Ltd. 2 2503 164.7 196.6 39312 2543 32.9 3 0.3 20.1 2503 10198.3 617.9 -- -- -- -- -- 60.9 0 28.3 82.4 57483 693.2 790/512 59979 26.8
Welspun Corp Ltd. 5 2503 131.2 162 13978 1293 32.1 5 0.1 21.6 2503 3925 648 -- -- -- -- -- 49.8 0 26.6 26.3 24513 921.6 967/629 24581 33.2
Goodluck India Ltd. 2 2503 6.5 371.1 3936 166 49.4 4 0.6 16.3 2503 1104.6 41.9 -- -- -- -- -- 56.5 0 3.3 3.3 3884 1160.9 1299/619 4696 29.9
Jayaswal Neco Industries 10 2503 More2633
971 25.4 Newspaper
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0 55.1 55.1 0 97.1 3653 36.4 53/29 6185 14.9
Ratnamani Metals & Tubes 2 2503 14 529.1 5186 542 82.5 14 0 20.6 2503 1715.1 203.2 -- -- -- -- -- 59.8 0 30.5 7 19785 2817.8 3861/2406 19565 41.8
Usha Martin Ltd. 1 2503 30.5 50.2 3474 389 9.9 3 0.1 21.2 2503 896.1 96.7 -- -- -- -- -- 43.9 0 23.3 30.5 11681 383.8 441/289 11657 50.2
Man Industries (India) Lt 5 2503 32.4 217.8 3505 153 21.2 0 0.2 9.7 2503 1218.5 68.2 -- -- -- -- -- 46.2 10 4.4 6.5 2923 430.1 468/210 2988 24.6
Pennar Industries Ltd. 5 2503 67.5 65 3227 120 6.8 0 0.9 7.8 2503 905.8 36.3 -- -- -- -- -- 39.7 0 8 13.5 3272 248.4 247/143 3982 45.8
Prakash Industries Ltd. 10 2503 179.1 185.3 3007 386 19.9 1.5 0.1 11.7 2503 844.6 90.8 -- -- -- -- -- 44.4 3.5 4.4 17.9 3289 183.4 231/138 3439 12.4
Sarda Energy & Minerals L 1 2503 35.2 165.1 4643 681 17.3 1.5 0 14.1 2503 1238.8 94.5 -- -- -- -- -- 73.2 0 7.6 35.2 15760 451.7 556/245 16770 37.3
Tata Steel Ltd. 1 2503 1248.6 128 218543 2983 11.2 3.6 0.4 9 2503 56218.1 1124.1 -- -- -- -- -- 33.2 0 43 1248.3 203418 163.8 168/122 258955 19.2
Sunflag Iron And Steel Co 10 2503 180.2 466.8 3536 162 9 0.8 0.1 3.7 2503 883.1 42.8 -- -- -- -- -- 51.2 0 0.8 18 5379 301.1 316/195 5788 40.4
Jindal Saw Ltd. 1 2503 64 186.1 20829 1432 29.3 2 0.3 17 2503 5046.6 80.1 -- -- -- -- -- 63.3 0 21.4 64 14626 226 373/201 17043 10.1
Surya Roshni Ltd. 5 2503 108.8 113.2 7436 347 16 5.5 0 16.5 2503 2145.8 130.1 -- -- -- -- -- 62.5 0 6.4 21.8 7111 327 366/213 6818 18.6
Maharashtra Seamless Ltd. 5 2503 67 468.1 5269 791 59.2 10 0 18.9 2503 1417.8 242.6 -- -- -- -- -- 68.9 0 14.5 13.4 9440 706.3 786/569 9400 14.4
Kirloskar Ferrous Industr 5 2503 82.3 209.6 6564 294 19.3 5.5 0.4 9.5 2503 1737 92.3 -- -- -- -- -- 50.9 0 12.6 16.5 9533 578.1 818/433 10741 39.4
Kalyani Steels Ltd. 5 2503 21.9 436.3 1982 256 57.9 10 0.3 15.6 2503 544.3 80.2 -- -- -- -- -- 64.7 0 12.3 4.4 4088 925.4 1252/689 3821 20.1
JSW Steel Ltd. 1 2503 305 333.4 168824 3802 19.1 2.8 0.8 7.6 2506 43147 2309 2506Q 31613 -3 2178 80.8 45.3 5.6 36.9 244.6 252848 1036.3 1062/863 308082 41.2
Electrosteel Castings Ltd 1 2503 61.8 91.2 7320 710 11.5 1.4 0.4 15.9 2503 1700.7 168.3 -- -- -- -- -- 46.2 5.3 20.7 61.8 7196 114.6 230/88 8848 14.2
Steel Authority Of India 10 2503 4130.5 134.7 102479 1885 5.2 1.6 0.7 5.1 2503 29316.1 1157.5 -- -- -- -- -- 65 0 19 413.1 56588 137.3 152/100 85494 26.5
93 Steel/Sponge Iron/Pig Iron 335.9 61890 5630
Jai Balaji Industries Ltd 2 2503 182.4 23.3 6351 558 6.1 0 0.3 88.2 2503 1589.5 75.5 -- -- -- -- -- 64.8 16.9 3.6 91.2 11175 119.5 230/100 11607 11.3
Jindal Steel & Power Ltd. 1 2503 101.2 487.8 49765 2855 35.8 2 0.2 12.3 2503 13183.1 -294.4 -- -- -- -- -- 62.2 7.1 27.3 102 97944 971.5 1052/786 101297 45.4
Lloyds Metals & Energy Lt 1 2503 52.3 102.4 6721 1450 27.7 1 0.1 35.7 2503 1193.3 201.9 -- -- -- -- -- 63.4 10.7 4.3 52.3 80038 1550 1590/698 80046 90.7
94 Sugar 429.1 36601 404
Shree Renuka Sugars Ltd. 1 2503 212.8 -6.2 10914 -300 -1.2 0 -4.2 0 2503 2691.3 93.1 -- -- -- -- -- 62.5 0 13.5 212.8 6681 31.7 54/26 11091 0
Triveni Engineering & Ind 1 2503 21.9 141.9 6808 238 11.3 2.5 0.5 14.1 2503 1925.3 187.1 -- -- -- -- -- 61 0 15.1 21.9 8067 377.3 507/348 9724 38
E.I.D. - Parry (India) Lt 1 2503 17.8 142.5 31609 1826 -24.1 9 0.5 -15.7 2503 6811.1 556 -- -- -- -- -- 41.5 0 27.1 17.8 20757 1175.3 1167/659 21859 0
Dalmia Bharat Sugar And I 2 2503 16.2 399.6 2899 272 47.8 6 0.3 12.5 2503 841.3 59.5 2412N 2728 367 180.4 177.9 74.9 0 1 8.1 3194 393.9 570/297 3881 9.1
Bannari Amman Sugars Ltd. 10 2503 12.5 1418.6 1793 105 83.5 12.5 0.3 9.4 2503 493.9 35.2 -- -- -- -- -- 58.7 0 0.3 1.3 4682 3783.8 4341/3056 4830 48.3
Balrampur Chini Mills Ltd 1 2503 20.2 177.4 5415 402 17 3 0.6 14.1 2503 1503.7 218.6 -- -- -- -- -- 42.9 0 39.1 20.2 12373 617 679/429 14995 44.6
Bajaj Hindusthan Sugar Lt 1 2503 127.7 34.2 5575 -25 0 0 0.8 -2 2503 1553.7 220.1 -- -- -- -- -- 24.9 24.9 10.3 127.7 3298 26.1 45/17 6727 67.2
95 Tea/Coffee 125.6 14520 1347
CCL Products (India) Ltd. 2 2503 26.6 89 3106 310 6.9 5 0.7 8.8 2503 835.9 101.9 -- -- -- -- -- 46.1 0 31.9 13.3 11591 846.8 895/550 12432 167.9
Tata Consumer Products Lt 1 2503 99 171.7 17618 1380 12.7 8.3 0 8.2 2503 4608.2 407.1 -- -- -- -- -- 33.8 0 43.5 99 107894 1080.6 1256/889 107714 100
170 Telecom-Infrastructure 144.2 3795 195
HFCL Ltd. 1 2503 144.2 27.5 4065 173 1.4 0.1 0.2 9.1 2503 800.7 -82.2 -- -- -- -- -- 34.4 17.1 18.6 144.3 11797 80.8 161/74 12434 144.3
96 Telecommunication - Equipment 1174.3 12909 229
Tejas Networks Ltd. 10 2503 179.6 198.8 8923 447 25.1 2.5 0.9 13.1 2506 202 -193.9 2506Q 202 -87 -193.9 -342.8 53.8 0 11.9 17.6 11134 628.8 1409/630 14070 61.3
ITI Ltd. 10 2503 960.9 16.4 3616 -233 -2.4 0 1 -28.6 2503 1045.7 -4.8 -- -- -- -- -- 90 0 7.9 96.3 30230 313.9 545/211 31288 0
Black Box Ltd. 2 2503 33.9 27.6 5967 204 0.7 0 0 -4.7 2503 1544.6 60.1 -- -- -- -- -- 70.5 0 4.9 16.9 8891 519 704/326 8870 608.5
97 Telecommunication - Service Provider 80726.1 204066 4307
Bharti Hexacom Ltd. 5 2503 250 118.6 8548 1494 29.9 10 1 11.4 2503 2289 468.4 -- -- -- -- -- 70 0 14.1 50 91153 1815.8 2006/1082 94895 92.4
Railtel Corporation Of In 10 2503 320.9 62.3 1964 189 9.3 0 0 14.2 2503 467.6 38.4 2306Q 468 24 38.4 48.5 72.8 0 4.5 32.1 12988 403.4 523/275 12462 51.5
Indus Towers Ltd. 10 2503 2638.1 123.3 30123 9932 37.6 0 0.2 25.1 2503 7727.1 1779.1 -- -- -- -- -- 50 0 44.8 263.8 106621 399 458/317 107028 13.2
Hathway Cable & Datacom L 2 2503 354 26.7 2040 76 0.5 0 0 1.9 2506 530.5 27 2506Q 147 -3 21.4 33.5 75 0 1.1 177 2811 15.8 24/Dec 2738 32.9

40 DALAL STREET INVESTMENT JOURNAL I JULY 28 - AUG 10, 2025 dsij.in

This is a personal copy of Subscriber : 1251588582
 AUDITED ANNUAL LATEST QTR. YEAR TO DATE SHAREHOLDINGS MARKET RELATED DATA

Inst. Stake (%)

Trailing P/E Ratio

Sales Growth (%)

No. of Shareholder
Prom. Stake (%)
Latest Qtr. Year

Pledged (%)

Entprise Value
NP Growth (%)
Year / Months

Year / Months

(21/07/25)
Sales (` Cr)
CEqt. (` Cr)

Market Cap
Face Value

RONW (%)
Company Name
Bk Val (`)

High/Low
NP (` Cr)
NP (` Cr)

52-Week
DERatio

CMP (`)
EPS (`)

(in’ 000)
Div (`)

(` Cr)

(` Cr)

(` Cr)

(` Cr)

(` Cr)
Sales

Sales
NP
Vodafone Idea Ltd. 10 2503 71393 -6.4 43571 -27385 -3.8 0 -2 0 2503 11013.5 -7168.1 -- -- -- -- -- 38.8 0 37.6 7139.3 82774 7.5 16/Jun 268713 0
Bharti Airtel Ltd. 5 2503 2900.1 229.8 172985 33778 40.5 16 0.8 19.5 2503 47876.2 12418.1 -- -- -- -- -- 52.4 0 44.8 609.4 1163267 1.90E+03 2032/1441 1273400 52.5
Tata Teleservices (Mahara 10 2503 1954.9 -100.1 2303 80 -6.5 0 -1 0 2503 308.3 -306.4 -- -- -- -- -- 74.4 0 2.7 195.5 12297 63 106/53 32596 0
Tata Communications Ltd. 10 2503 285 370.3 23109 1794 36.9 25 0.3 10.3 2506 5959.9 183.6 2506Q 1823 1 136.3 -60.1 58.9 0 31.5 28.5 50542 1747.1 2157/1317 53504 58.9
Mahanagar Telephone Nigam 10 2503 630 -428.4 698 -3330 -52.8 0 -1.3 0 2503 169.9 -828 -- -- -- -- -- 56.3 0 14 63 3166 50 97/39 35371 0
98 Textile 1451.3 61917 4349
Raymond Lifestyle Ltd. 2 2503 12.2 1554.6 6177 38 -1.5 0 0.1 -0.1 2503 1494.2 -45 -- -- -- -- -- 54.7 14.3 18.4 6.1 7311 1170.1 2707/918 7879 477
Vedant Fashions Ltd. 1 2503 24.3 73.5 1368 414 16 8 0 27.9 2503 267.9 66.9 2409H 508 -4 129.4 -8 75 0 21 24.3 19256 794 1433/722 19239 59.3
Lux Industries Ltd. 2 2503 6.3 580.7 2583 165 53.1 2 0.1 8.8 2503 817.7 48 -- -- -- -- -- 74.2 0 5.8 3 4411 1451.3 2416/1215 4631 34.5
K.P.R. Mill Ltd. 1 2503 34.2 112.8 6388 815 19.1 5 0.1 18.1 2503 1769 204.6 -- -- -- -- -- 67.5 0 25.5 34.2 40608 1184.4 1320/785 40569 81
Page Industries Ltd. 10 2503 11.2 1261.6 4935 729 653.7 900 0 48.5 2503 1098.1 164 -- -- -- -- -- 42.9 0 52.5 1.1 52119 46636.4 49495/39794 51648 92.2
Pearl Global Industries L 5 2503 23 119.4 4506 231 11.9 11.5 0.5 12 2503 1229 65 -- -- -- -- -- 62.8 0 18.9 4.6 7149 1534.2 1691/814 7189 180.6
Kewal Kiran Clothing Ltd. 10 2503 61.6 132.6 1003 149 22.9 0 0 25.3 2503 288.1 30.3 -- -- -- -- -- 74.3 0 11.1 6.2 3398 555.6 684/430 3381 29.6
Gokaldas Exports Ltd. 5 2503 35.7 293 3864 159 26.8 0 0.1 15.2 2503 1015.3 52.9 -- -- -- -- -- 9.2 0 62.1 7.3 6881 925.5 1251/752 6874 42.7
Jindal Worldwide Ltd. 1 2503 100.3 7.8 2288 76 0.7 0 0.9 10.3 2503 605.5 22 -- -- -- -- -- 59.8 7.4 0.2 100.3 4330 41.5 89/41 4636 20.9
Kitex Garments Ltd. 1 2503 19.9 55.4 983 136 7.7 0.5 0.1 7.3 2503 300.2 31.8 -- -- -- -- -- 56.7 0 1.8 19.9 5402 261.5 308/70 5503 18
Alok Industries Ltd. 1 2503 496.5 -38.4 3709 -815 -1.6 0 -1.4 0 2506 932.5 -171.3 2506Q 885 -9 -176.5 0 75 0 2.8 496.5 10194 20.4 29/14 34576 0
Indo Count Industries Ltd 2 2503 39.6 112.9 4151 246 12 2 0.5 16.8 2503 1022.6 11.2 -- -- -- -- -- 58.7 0 15.1 19.8 5893 295.6 425/249 6816 37
Welspun Living Ltd. 1 2503 95.9 40.7 10545 644 5.3 1.7 0.5 16.7 2503 2645.9 133 -- -- -- -- -- 66.2 0 14.3 95.9 13663 140.2 207/107 15123 37.2
Garware Technical Fibres 10 2503 99.3 122.9 1540 232 21.6 1.5 0.1 17.4 2503 432.6 71.1 -- -- -- -- -- 53 0 20.9 9.9 9132 933.8 972/698 9186 15.9
Swan Energy Ltd. 1 2503 31.4 145.8 4938 874 0.3 0.1 0.1 0.1 2503 855.8 -22.5 -- -- -- -- -- 54 4.5 22.6 31.4 15862 507.4 787/383 16181 2740.9
Vardhman Textiles Ltd. 2 2503 56.9 331.1 9785 839 30.9 5 0.2 7.1 2503 2508.6 225.2 -- -- -- -- -- 64.2 0 22.6 28.9 14484 495.4 558/364 15638 22
Arvind Ltd. 10 2503 261.8 136.7 8329 369 9.2 3.8 0.4 6.8 2503 2220.7 155.6 -- -- -- -- -- 39.6 2.9 36.8 26.2 8931 340 448/312 10243 44.4
Bombay Dyeing And Manufac 2 2503 41.3 113.4 1605 490 23.7 1.2 0 23.4 2503 359 11.5 -- -- -- -- -- 53.6 0 2.1 20.6 3410 165.6 249/123 3315 7.2
99 Textile - Machinery 10.7 2909 238
LMW Ltd. 10 2503 10.7 2711.1 3012 103 223.1 30 0 8.6 2506 694.1 11.5 2506Q 685 4 24.5 95.9 30.8 0 15.7 1.1 16733 15849.5 18428/13646 15441 67.7
100 Textile - Manmade Fibres 25.5 984 75
Ganesha Ecosphere Ltd. 10 2503 25.5 484.6 1466 103 29.6 4.5 0 7.3 2503 344.4 23.8 -- -- -- -- -- 36.1 0 32.5 2.5 4049 1518.2 2398/1294 4046 70.7
101 Textile - Spinning 594 More9963 541 and Magazines Telegram Channel join Search https://t.me/Magazines_8890050582 (@Magazines_8890050582)
Newspaper
Sanathan Textiles Ltd. 10 2503 84.4 216.9 2999 160 20.7 0 0.1 11.2 2503 732.2 43.6 -- -- -- -- -- 78.6 0 14.5 8.4 4612 544.5 553/300 4683 35.8
Trident Ltd. 1 2503 509.6 9.1 6987 371 0.7 0.5 0.5 9.2 2503 1864.3 133.4 -- -- -- -- -- 73.7 0 3.1 509.6 16093 31.4 40/24 17003 54.6
102 Textile - Weaving 160.5 2227 9207
LS Industries Ltd. 1 2503 84.9 0.5 0 -21 -0.2 0 0 -5.3 2503 0.3 -0.8 -- -- -- -- -- 74.3 0 1.3 84.9 2879 34 254/23 2876 1558.7
Siyaram Silk Mills Ltd. 2 2503 9.1 284 2222 197 43.8 12 0.2 16.4 2503 736.2 72 -- -- -- -- -- 67.4 0 5.1 4.5 3286 713.6 1134/469 3515 17.3
Raymond Ltd. 10 2503 66.5 495.5 1947 7681 5.4 0 0 1.2 2503 557.5 147.8 -- -- -- -- -- 48.9 5.5 22.5 6.7 4919 723.4 2111/556 4642 33.7
104 Trading 1445.3 86800 8376
Entero Healthcare Solutio 10 2503 43.5 379.3 5096 107 4.4 0 0 5 2503 1339.1 31.4 -- -- -- -- -- 52.4 0 27.4 4.3 5223 1206.8 1544/1115 5053 0
Honasa Consumer Ltd. 10 2503 325.2 36.9 2067 73 2 0 0 0 2503 533.6 25 -- -- -- -- -- 35 0 35 32.5 9146 282.1 541/200 8851 313
Cello World Ltd. 5 2503 110.4 67.5 2136 365 4.5 1.5 0 8.9 2503 588.8 96.2 -- -- -- -- -- 75 0 20 22.1 13542 611.6 968/517 13502 165.5
MSTC Ltd. 10 2503 70.4 106.8 311 413 57.2 40.5 0.2 27.3 2503 88.8 77.1 -- -- -- -- -- 64.8 0 6.7 7 3731 523.9 955/428 2517 10.2
Elitecon International Lt 1 2503 159.8 1.3 549 70 2 0 -2 0 2503 313.2 43 -- -- -- -- -- 59.5 0 38.3 159.8 20980 137.8 131/1 20978 1.1
PDS Ltd. 2 2503 28.2 47.9 12578 242 5.2 3.4 0.1 16.1 2503 3525.8 74.3 -- -- -- -- -- 61.4 0 10.7 14.1 5490 379.8 648/369 5362 229.4
Redington Ltd. 2 2503 156.3 58.7 99334 1821 18.5 6.8 0.3 35.2 2503 26439.7 917.7 -- -- -- -- -- 0 0 79.3 78.2 23750 308.6 329/160 25042 18.7
Optiemus Infracom Ltd. 10 2503 87.3 67 1890 60 2.5 0 0 6 2503 449.3 22.8 -- -- -- -- -- 73.7 2.1 3.2 8.7 5284 599.2 850/386 5251 294.1
Blue Pearl Agriventures L 1 2503 60.3 1 35 1 0 0 -2.2 0 2503 11.5 -0.3 -- -- -- -- -- 0.1 0 23.2 60.3 4134 70 68/4 4133 2.4
MMTC Ltd. 1 2503 150 9.7 3 70 0.5 0 0 5.2 2503 0.2 0.3 -- -- -- -- -- 89.9 0 2 150 10625 71.7 121/48 9286 283.4
Adani Enterprises Ltd. 1 2503 115.4 231.3 97895 7497 52.4 1.3 0.5 27.9 2503 26965.9 3974.6 -- -- -- -- -- 74 0.7 18.6 115.4 302240 2605.3 3186/2093 313742 55.1
Lloyds Enterprises Ltd. 1 2503 127.2 36.6 1488 126 0.1 0.1 0 2.6 2503 489.3 27.2 -- -- -- -- -- 73.9 0 0.5 127.2 10471 81 93/35 10700 665.4
SG Mart Ltd. 1 2503 11.2 635.5 5856 103 8.3 0 0.2 12.1 2503 1595 33.1 -- -- -- -- -- 36.3 0 6.6 12.6 4694 378 455/291 4362 63.7
105 Travel Services 611.3 8638 1644
Le Travenues Technology L 1 2503 39 16.4 914 69 1.6 0 0.1 14.7 2506 314.5 21.3 2506Q 311 71 22.2 101.7 0 0 69.2 39 8633 228.8 221/125 8390 119.3
TBO Tek Ltd. 1 2503 10.9 69.1 1737 230 5.2 0 0 10.8 2503 446.1 58.9 -- -- -- -- -- 44.4 0 49.3 10.9 15077 1424.8 1924/1015 14367 461.5
Easy Trip Planners Ltd. 1 2503 354.4 2.1 587 109 0.3 0 0 23.3 2503 139.5 13.9 -- -- -- -- -- 49 5.1 6.6 354.4 3879 10.5 21/Oct 3778 39
Indian Railway Catering A 2 2503 160 45.8 4675 1315 16.4 8 0 38.9 2503 1268.5 358.2 -- -- -- -- -- 62.4 0 21.4 80 61648 762.2 1006/671 59511 60.5
Thomas Cook (India) Ltd. 1 2503 47 41.2 8140 255 2.3 0.5 0 5.6 2503 1968.9 63.3 -- -- -- -- -- 63.8 0 12.7 47 8335 185 261/119 7821 145.9
106 TV Broadcasting & Software Production 1064.1 13487 5569
Network 18 Media & Invest 5 2503 771 33.6 6888 -2001 20.8 0 0.6 109.5 2506 467.9 78.5 2506Q 430 668 516.2 0 56.9 0 7.2 154.2 9206 59 99/40 11991 2.4
Sun TV Network Ltd. 5 2503 197 289.7 4015 1709 42 17.5 0 19.2 2503 940.6 386.1 -- -- -- -- -- 75 0 17.3 39.4 23322 590.8 914/558 22956 21
Zee Entertainment Enterpr 1 2503 96.1 111 8294 679 7.3 2.4 0 3.1 2503 2184.1 188.3 -- -- -- -- -- 4 0.2 38.6 96 13630 139.8 150/90 13075 22.8
107 Tyres & Allied 201.7 79600 4948
JK Tyre & Industries Ltd. 2 2503 54.8 152.9 14693 516 14.1 3 0.6 9.5 2503 3758.6 102.4 -- -- -- -- -- 50.5 0 22 27.4 9830 354.6 447/253 11928 40.1
Balkrishna Industries Ltd 2 2503 38.7 537.1 10447 1655 84.2 16 0.3 16.9 2503 2752.4 368.6 -- -- -- -- -- 58.3 0 35.3 19.3 53607 2755.3 3323/2274 56757 46.3
Ceat Ltd. 10 2503 40.5 1093 13218 450 119.2 30 0.4 17.9 2506 3529.4 113.8 2506Q 3521 11 135.3 -9.3 47.2 0 37.5 4 14567 3544.3 3907/2385 16452 30.6
Apollo Tyres Ltd. 1 2503 63.5 168 26123 1121 9.9 5 0.3 6 2503 6423.6 184.3 -- -- -- -- -- 37.4 0.4 41.5 63.5 28599 449.6 561/374 31082 65.3
MRF Ltd. 10 2503 4.242856.1 28153 1869 4298.5 235 0.1 10.5 2503 7074.8 512.1 -- -- -- -- -- 27.8 0 30.3 0.4 62900 149158152492/102626 64234 50.2
108 Watches & Accessories 12.3 370 49
KDDL Ltd. 10 2503 12.3 269.4 1648 142 40 5 0.2 67.7 2503 419.6 31.6 -- -- -- -- -- 50.4 0 11 1.2 3423 2782.4 3586/2129 3508 86.7
109 Wood & Wood Products 47 7405 462
Greenpanel Industries Ltd 1 2503 12.3 113 1567 143 5.9 0 0.3 5.3 2503 396.6 29.8 -- -- -- -- -- 53.1 0 31.5 12.3 3578 291.9 417/217 3863 63.5
Century Plyboards (India) 1 2503 22.3 109.7 4528 186 12.8 1 0.2 15.5 2503 1198.3 53.1 -- -- -- -- -- 72.6 0 22.2 22.2 16219 726.4 916/666 16936 76.7
Greenply Industries Ltd. 1 2503 12.5 66.4 2488 126 8.4 0.5 0.1 14.3 2503 648.8 38.2 -- -- -- -- -- 51.7 0 36.2 12.5 4082 329.5 404/257 4114 54.4

dsij.in JULY 28 - AUG 10, 2025 I DALAL STREET INVESTMENT JOURNAL 41

This is a personal copy of Subscriber : 1251588582
Databank Company Index
Ticker Company Ind. NSE Ticker Company Ind. NSE Ticker Company Ind. NSE Ticker Company Ind. NSE
Code Code Code Code Code Code Code Code
542772 360 One Wam 157 360ONE 540611 AU Small Finance Bank 15 AUBANK 543333 CarTrade Tech 151 CARTRADE 500840 EIH 60 EIHOTEL
523395 3M India 37 3MINDIA 532668 Aurionpro Solutions 65 AURIONPRO 500870 Castrol India 69 CASTROLIND 500123 Elantas Beck India 25 DRBECK
526881 63 Moons Technologies 65 63MOONS 524804 Aurobindo Pharma 80 AUROPHARMA 519600 CCL Products (India) 95 CCL 503681 Elcid Investments 49 NULL
544176 Aadhar Housing Finance 48 AADHARHFC 539177 Authum Investment & Infrastructure 49 AIIL 543425 CE Info Systems 65 MAPMYINDIA 505700 Elecon Engineering Co. 44 ELECON
524348 Aarti Drugs 80 AARTIDRUGS 505010 Automotive Axles 10 AUTOAXLES 500878 Ceat 107 CEATLTD 543626 Electronics Mart India 88 EMIL
524208 Aarti Industries 25 AARTIIND 543896 Avalon Technologies 41 AVALON 544223 Ceigall India 43 CEIGALL 500128 Electrosteel Castings 92 ELECTCAST
543748 Aarti Pharmalabs 80 AARTIPHARM 532406 Avantel 156 AVANTEL 538734 Ceinsys Tech 65 NULL 522074 Elgi Equipments 27 ELGIEQUIP
541988 Aavas Financiers 48 AAVAS 512573 Avanti Feeds 172 AVANTIFEED 544012 Cello World 104 CELLO 539533 Elitecon International 104 NULL
500002 ABB India 39 ABB 540376 Avenue Supermarts 88 DMART 532885 Central Bank Of India 16 CENTRALBK 531162 Emami 61 EMAMILTD
500488 Abbott India 80 ABBOTINDIA 544181 Awfis Space Solutions 167 AWFIS 517544 Centum Electronics 41 CENTUM 532832 Embassy Developments 29 EMBDL
500410 ACC 23 ACC 543458 AWL Agri Business 161 AWL 532548 Century Plyboards (India) 109 CENTURYPLY 544210 Emcure Pharmaceuticals 80 EMCURE
544283 Acme Solar Holdings 83 ACMESOLAR 532215 Axis Bank 15 AXISBANK 532443 Cera Sanitaryware 24 CERA 543983 EMS 43 EMSLIMITED
532762 Action Construction Equipment 164 ACE 532395 Axiscades Technologies 65 AXISCADES 500084 CESC 83 CESC 543533 eMudhra 65 EMUDHRA
543349 Acutaas Chemicals 80 ACUTAAS 544061 Azad Engineering 44 AZAD 500093 CG Power and Industrial Solutions 39 CGPOWER 540153 Endurance Technologies 10 ENDURANCE
539254 Adani Energy Solutions 83 ADANIENSOL 532977 Bajaj Auto 11 BAJAJ-AUTO 542399 Chalet Hotels 60 CHALET 532178 Engineers India 42 ENGINERSIN
512599 Adani Enterprises 104 ADANIENT 533229 Bajaj Consumer Care 61 BAJAJCON 500085 Chambal Fertilisers and Chemicals 47 CHAMBLFERT 544122 Entero Healthcare Solutions 104 ENTERO
541450 Adani Green Energy 83 ADANIGREEN 500031 Bajaj Electricals 30 BAJAJELEC 543336 Chemplast Sanmar 25 CHEMPLASTS 544290 Enviro Infra Engineers 43 EIEL
532921 Adani Ports and Special Eco. Zone 110 ADANIPORTS 500034 Bajaj Finance 50 BAJFINANCE 500110 Chennai Petroleum Corp. 146 CHENNPETRO 544095 EPACK Durable 3 EPACK
533096 Adani Power 83 ADANIPOWER 532978 Bajaj Finserv 49 BAJAJFINSV 531358 Choice International 51 CHOICEIN 543332 Epigral 25 EPIGRAL
542066 Adani Total Gas 145 ATGL 500032 Bajaj Hindusthan Sugar 94 BAJAJHIND 504973 Cholamandalam Financial Holdings 49 CHOLAHLDNG 500135 EPL 76 EPL
519183 ADF Foods 32 ADFFOODS 500490 Bajaj Holdings & Investment 50 BAJAJHLDNG 511243 Cholamandalam Invest. and Fin. 50 CHOLAFIN 543243 Equitas Small Finance Bank 15 EQUITASBNK
540691 Aditya Birla Capital 50 ABCAPITAL 544252 Bajaj Housing Finance 48 BAJAJHFL 532756 CIE Automotive India 10 CIEINDIA 540596 Eris Lifesciences 80 ERIS
535755 Aditya Birla Fashion and Retail 88 ABFRL 544042 Bajel Projects 43 BAJEL 534758 Cigniti Technologies 65 CIGNITITEC 500133 Esab India 40 ESABINDIA
500040 Aditya Birla Real Estate 29 ABREL 530999 Balaji Amines 25 BALAMINES 500087 Cipla 80 CIPLA 500495 Escorts Kubota 13 ESCORTS
543374 Aditya Birla Sun Life AMC 160 ABSLAMC 502355 Balkrishna Industries 107 BALKRISIND 532210 City Union Bank 15 CUB 543320 Eternal 155 ETERNAL
540205 Aditya Vision 88 AVL 523319 Balmer Lawrie & Co. 37 BALMLAWRIE 543318 Clean Science And Technology 25 CLEAN 543532 Ethos 88 ETHOSLTD
540025 Advanced Enzyme Technologies 80 ADVENZYMES 500038 Balrampur Chini Mills 94 BALRAMCHIN 543441 CMS Info Systems 167 CMSINFO 543482 Eureka Forbes 30 EUREKAFORB
500003 Aegis Logistics 68 AEGISLOG 531112 Balu Forge Industries 44 BALUFORGE 533278 Coal India 73 COALINDIA 531508 Eveready Industries India 17 EVEREADY
544407 Aegis Vopak Terminals 74 AEGISVOPAK 500039 Banco Products (India) 10 BANCOINDIA 540678 Cochin Shipyard 115 COCHINSHIP 500086 Exide Industries 17 EXIDEIND
543972 Aeroflex Industries 92 AEROFLEX 541153 Bandhan Bank 15 BANDHANBNK 532541 Coforge 65 COFORGE 531599 FDC 80 FDC
543534 Aether Industries 25 AETHER 532134 Bank Of Baroda 16 BANKBARODA 543064 Cohance Lifesciences 80 COHANCE 544027 Fedbank Financial Services Ltd 50 FEDFINA
544280 Afcons Infrastructure 43 AFCONS 532149 Bank Of India 16 BANKINDIA 500830 Colgate-Palmolive (India) 61 COLPAL 505744 Federal-Mogul Goetze (India) 10 FMGOETZE
542752 Affle 3i 149 AFFLE 532525 Bank Of Maharashtra 16 MAHABANK 543232 Computer Age Management Services 171 CAMS 532768 Fiem Industries 10 FIEMIND
500187 AGI Greenpac 76 AGI 500041 Bannari Amman Sugars 94 BANARISUG 543960 Concord Biotech 80 CONCORDBIO 541557 Fine Organic Industries 25 FINEORG
532811 Ahluwalia Contracts (India) 29 AHLUCONT 544209 Bansal Wire Industries 92 BANSALWIRE 531344 Container Corp. Of India 68 CONCOR 533333 Fineotex Chemical 25 FCL
532683 AIA Engineering 22 AIAENG 500042 BASF India 25 BASF 506395 Coromandel International 47 COROMANDEL 500144 Finolex Cables 20 FINCABLES
532331 Ajanta Pharma 80 AJANTPHARM 500043 Bata India 158 BATAINDIA 508814 Cosmo First 82 COSMOFIRST 500940 Finolex Industries 82 FINPIPE
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544356 Ajax Engineering 44 AJAXENGG 506285 Bayer CropScience 2 BAYERCROP 543276 Craftsman Automation 10 CRAFTSMAN 532809 Firstsource Solutions 149 FSL
513349 Ajmera Realty & Infra India 29 AJMERA 544405 Belrise Industries 10 BELRISE 541770 CreditAccess Grameen 50 CREDITACC 524743 Fischer Medical Ventures 25 FISCHER
544222 Akums Drugs & Pharmaceuticals 80 AKUMS 500048 BEML 164 BEML 500092 CRISIL 86 CRISIL 543663 Five-Star Business Finance 50 FIVESTAR
500710 Akzo Nobel India 77 AKZOINDIA 533095 Bengal & Assam Co. 50 NULL 539876 Crompton Greaves Consumer Ele. 30 CROMPTON 544030 Flair Writing Industries 85 FLAIR
506235 Alembic 80 ALEMBICLTD 509480 Berger Paints India 77 BERGEPAINT 542867 CSB Bank 15 CSBBANK 500033 Force Motors 14 FORCEMOT
533573 Alembic Pharmaceuticals 80 APLLTD 532430 BF Utilities 83 BFUTILITIE 500480 Cummins India 36 CUMMINSIND 532843 Fortis Healthcare 59 FORTIS
543322 Alivus Life Sciences 80 ALIVUS 531719 Bhagiradha Chemicals & Industries 2 BHAGCHEM 530843 Cupid 61 CUPID 500150 Foseco India 25 FOSECOIND
539523 Alkem Laboratories 80 ALKEM 500052 Bhansali Engineering Polymers 25 BEPL 543933 Cyient DLM 41 CYIENTDLM 543384 FSN E-Commerce Ventures 155 NYKAA
506767 Alkyl Amines Chemicals 25 ALKYLAMINE 503960 Bharat Bijlee 39 BBL 532175 Cyient 65 CYIENT 543652 Fusion Finance 50 FUSION
532749 Allcargo Logistics 68 ALLCARGO 541143 Bharat Dynamics 156 BDL 533151 D.B. Corp 112 DBCORP 505714 Gabriel India 10 GABRIEL
544203 Allied Blenders And Distillers 19 ABDL 500049 Bharat Electronics 156 BEL 544161 D.P. Abhushan 35 DPABHUSHAN 532155 GAIL (India) 62 GAIL
521070 Alok Industries 98 ALOKINDS 500493 Bharat Forge 56 BHARATFORG 500096 Dabur India 61 DABUR 540935 Galaxy Surfactants 61 GALAXYSURF
500008 Amara Raja Energy & Mobility 17 ARE&M 500103 Bharat Heavy Electricals 44 BHEL 542216 Dalmia Bharat 23 DALBHARAT 532726 Gallantt Ispat 92 GALLANTT
540902 Amber Enterprises India 3 AMBER 500547 Bharat Petroleum Corp. 146 BPCL 500097 Dalmia Bharat Sugar And Industries 94 DALMIASUG 526367 Ganesh Housing Corp. 29 GANESHHOUC
500425 Ambuja Cements 23 AMBUJACEM 590021 Bharat Rasayan 2 BHARATRAS 543428 Data Patterns (India) 156 DATAPATTNS 514167 Ganesha Ecosphere 100 GANECOS
543415 Anand Rathi Wealth 157 ANANDRATHI 532454 Bharti Airtel 97 BHARTIARTL 532528 Datamatics Global Services 65 DATAMATICS 542011 Garden Reach Shipbuilders & Engg. 115 GRSE
515055 Anant Raj 29 ANANTRAJ 544162 Bharti Hexacom 97 BHARTIHEXA 532772 DCB Bank 15 DCBBANK 500655 Garware Hi-Tech Films 82 GRWRHITECH
543235 Angel One 51 ANGELONE 543653 Bikaji Foods International 32 BIKAJI 523367 DCM Shriram 37 DCMSHRIRAM 509557 Garware Technical Fibres 98 GARFIBRES
543275 Anupam Rasayan India 25 ANURAS 532523 Biocon 80 BIOCON 543650 DCX Systems 156 DCXINDIA 543489 Gateway Distriparks 68 GATEWAY
532259 Apar Industries 39 APARINDS 500335 Birla Corp. 23 BIRLACORPN 543547 Ddev Plastiks Industries 82 DDEVPLSTIK 522275 GE Vernova T&D India 39 GVT&D
544111 Apeejay Surrendra Park Hotels 60 PARKHOTELS 532400 Birlasoft 65 BSOFT 543288 Deep Industries 75 DEEPINDS 540755 General Insurance Corp. of India 143 GICRE
533758 APL Apollo Tubes 92 APLAPOLLO 500463 Black Box 96 BBOX 500645 Deepak Fertilisers & Petro. Corp. 25 DEEPAKFERT 530343 Genus Power Infrastructures 39 GENUSPOWER
508869 Apollo Hospitals Enterprise 59 APOLLOHOSP 540073 BLS International Services 169 BLS 506401 Deepak Nitrite 25 DEEPAKNTR 500171 GHCL 25 GHCL
540879 Apollo Micro Systems 41 APOLLO 526612 Blue Dart Express 33 BLUEDART 543529 Delhivery 33 DELHIVERY 507815 Gillette India 61 GILLETTE
500877 Apollo Tyres 107 APOLLOTYRE 544009 Blue Jet Healthcare 80 BLUEJET 543330 Devyani International 32 DEVYANI 543245 Gland Pharma 80 GLAND
543335 Aptus Value Housing Finance India 48 APTUS 514440 Blue Pearl Agriventures 104 NULL 532960 Dhani Services 51 DHANI 500660 Glaxosmithkline Pharmaceuticals 80 GLAXO
543657 Archean Chemical Industries 25 ACI 500067 Blue Star 3 BLUESTARCO 507717 Dhanuka Agritech 2 DHANUKA 532296 Glenmark Pharmaceuticals 80 GLENMARK
544261 Arkade Developers 29 ARKADE 501425 Bombay Burmah Trading Corp. 114 BBTC 522163 Diamond Power Infrastructure 20 DIACABS 543654 Global Health 59 MEDANTA
542919 Artemis Medicare Services 59 ARTEMISMED 500020 Bombay Dyeing And Man. Co. 98 BOMDYEING 544413 Digitide Solutions 65 DIGITIDE 533104 Globus Spirits 19 GLOBUSSPR
542484 Arvind Fashions 88 ARVINDFASN 543212 Borosil 30 BOROLTD 540047 Dilip Buildcon 29 DBL 505255 GMM Pfaudler 44 GMMPFAUDLR
500101 Arvind 98 ARVIND 502219 Borosil Renewables 57 BORORENEW 540701 Dishman Carbogen Amcis 80 DCAL 532754 GMR Airports 173 GMRAIRPORT
539301 Arvind Smartspaces 29 ARVSMART 500530 Bosch 10 BOSCHLTD 532488 Divi's Laboratories 80 DIVISLAB 543490 GMR Power and Urban Infra 83 GMRP&UI
515030 Asahi India Glass 57 ASAHIINDIA 544226 Brainbees Solutions 155 FIRSTCRY 540699 Dixon Technologies (India) 31 DIXON 544179 Go Digit General Insurance 143 GODIGIT
527001 Ashapura Minechem 73 ASHAPURMIN 532929 Brigade Enterprises 29 BRIGADE 532868 DLF 29 DLF 543401 Go Fashion (India) 88 GOCOLORS
523716 Ashiana Housing 29 ASHIANA 532368 Brightcom Group 65 BCG 543306 Dodla Dairy Ltd 32 DODLA 532734 Godawari Power And Ispat 92 GPIL
500477 Ashok Leyland 14 ASHOKLEY 500825 Britannia Industries 32 BRITANNIA 544045 DOMS Industries 85 DOMS 500163 Godfrey Phillips India 26 GODFRYPHLP
533271 Ashoka Buildcon 43 ASHOKA 532834 Camlin Fine Sciences 25 CAMLINFINE 544350 Dr. Agarwal's Health Care 59 AGARWALEYE 540743 Godrej Agrovet 172 GODREJAGRO
500820 Asian Paints 77 ASIANPAINT 543523 Campus Activewear 158 CAMPUS 539524 Dr. Lal Pathlabs 59 LALPATHLAB 532424 Godrej Consumer Products 61 GODREJCP
544022 ASK Automotive 10 ASKAUTOLTD 511196 Can Fin Homes 48 CANFINHOME 500124 Dr. Reddy's Laboratories 80 DRREDDY 500164 Godrej Industries 25 GODREJIND
526433 ASM Technologies 65 NULL 532483 Canara Bank 16 CANBK 505242 Dynamatic Technologies 27 DYNAMATECH 533150 Godrej Properties 29 GODREJPROP
540975 Aster DM Healthcare 59 ASTERDM 540710 Capacit'e Infraprojects 29 CAPACITE 500125 E.I.D. - Parry (India) 94 EIDPARRY 532630 Gokaldas Exports 98 GOKEX
532493 Astra Microwave Products 156 ASTRAMICRO 524742 Caplin Point Laboratories 80 CAPLIPOINT 543272 Easy Trip Planners 105 EASEMYTRIP 539725 Gokul Agro Resources 161 GOKULAGRO
532830 Astral 82 ASTRAL 531595 Capri Global Capital 49 CGCL 532927 eClerx Services 149 ECLERX 526729 Goldiam International 35 GOLDIAM
506820 Astrazeneca Pharma India 80 ASTRAZEN 513375 Carborundum Universal 1 CARBORUNIV 532922 Edelweiss Financial Services 50 EDELWEISS 530655 Goodluck India 92 GOODLUCK
544397 Ather Energy 11 ATHERENERG 534804 Care Ratings 86 CARERATING 512008 EFC (I) 167 NULL 544140 Gopal Snacks 32 GOPAL
500027 Atul 25 ATUL 544320 Carraro India 10 CARRARO 505200 Eicher Motors 11 EICHERMOT 543317 GR Infraprojects 43 GRINFRA

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 Ticker Company Ind. NSE Ticker Company Ind. NSE Ticker Company Ind. NSE Ticker Company Ind. NSE
Code Code Code Code Code Code Code Code
532482 Granules India 80 GRANULES 532814 Indian Bank 16 INDIANB 543278 Kalyan Jewellers India 35 KALYANKJIL 524404 Marksans Pharma 80 MARKSANS
509488 Graphite India 40 GRAPHITE 540750 Indian Energy Exchange 83 IEX 500235 Kalyani Steels 92 KSL 517467 Marsons 39 NULL
500300 Grasim Industries 37 GRASIM 533047 Indian Metals & Ferro Alloys 144 IMFA 532468 Kama Holdings 49 NULL 532500 Maruti Suzuki India 12 MARUTI
505710 Grauer & Weil (India) 25 GRAUWEIL 530965 Indian Oil Corp. 146 IOC 500165 Kansai Nerolac Paints 77 KANSAINER 540749 MAS Financial Services 53 MASFIN
533282 Gravita India 72 GRAVITA 532388 Indian Overseas Bank 16 IOB 590003 Karur Vysya Bank 15 KARURVYSYA 523704 Mastek 65 MASTEK
501455 Greaves Cotton 36 GREAVESCOT 542830 Indian Railway Catering & Tourism 105 IRCTC 532899 Kaveri Seed Co. 114 KSCL 544008 Max Estates 29 MAXESTATES
538979 Greenlam Industries 66 GREENLAM 543257 Indian Railway Finance Corp. 53 IRFC 543664 Kaynes Technology India 41 KAYNES 500271 Max Financial Services 157 MFSL
542857 Greenpanel Industries 109 GREENPANEL 544026 Indian Renewable Energy Devp. 50 IREDA 590066 KCP 23 KCP 543220 Max Healthcare Institute 59 MAXHEALTH
526797 Greenply Industries 109 GREENPLY 543258 Indigo Paints 77 INDIGOPNTS 532054 KDDL 108 KDDL 543237 Mazagon Dock Shipbuilders 115 MAZDOCK
506076 Grindwell Norton 1 GRINDWELL 521016 Indo Count Industries 98 ICIL 532714 KEC International 43 KEC 544088 Medi Assist Healthcare Services 167 MEDIASSIST
509079 Gufic Biosciences 80 GUFICBIO 532612 Indoco Remedies 80 INDOCO 517569 KEI Industries 20 KEI 543427 Medplus Health Services 80 MEDPLUS
530001 Gujarat Alkalies And Chemicals 25 GUJALKALI 541336 Indostar Capital Finance 50 INDOSTAR 505890 Kennametal India 42 KENNAMET 543426 Metro Brands 88 METROBRAND
524226 Gujarat Ambuja Exports 91 GAEL 532514 Indraprastha Gas 145 IGL 532732 Kewal Kiran Clothing 98 KKCL 542650 Metropolis Healthcare 59 METROPOLIS
542812 Gujarat Fluorochemicals 25 FLUOROCHEM 532150 Indraprastha Medical Corp. 59 INDRAMEDCO 543669 Keystone Realtors Ltd 29 RUSTOMJEE 538962 Minda Corp. 10 MINDACORP
539336 Gujarat Gas 145 GUJGASLTD 534816 Indus Towers 97 INDUSTOWER 543720 KFin Technologies 171 KFINTECH 541195 Mishra Dhatu Nigam 92 MIDHANI
517300 Gujarat Industries Power Co. 83 GIPCL 532187 IndusInd Bank 15 INDUSINDBK 524019 Kingfa Science & Technology (India) 82 KINGFA 513377 MMTC 104 MMTC
532181 Gujarat Mineral Development Corp. 73 GMDCLTD 539807 Infibeam Avenues 162 INFIBEAM 540680 KIOCL 73 KIOCL 533286 MOIL 73 MOIL
500670 Gujarat Narmada Valley 25 GNFC 532777 Info Edge (India) 149 NAUKRI 532967 Kiri Industries 38 KIRIINDUS 511551 Monarch Networth Capital 51 MONARCH
533248 Gujarat Pipavav Port 110 GPPL 500209 Infosys 65 INFY 500241 Kirloskar Brothers 27 KIRLOSBROS 500288 Morepen Laboratories 80 MOREPENLAB
500690 Gujarat State Fertilizers & Chem. 47 GSFC 500210 Ingersoll-Rand (India) 27 INGERRAND 500245 Kirloskar Ferrous Industries 92 KIRLFER 532407 Moschip Technologies 65 MOSCHIP
532702 Gujarat State Petronet 145 GSPL 544067 Innova Captab 80 INNOVACAP 500243 Kirloskar Industries 44 KIRLOSIND 543498 Motherson Sumi Wiring India 92 MSUMI
506879 Gujarat Themis Biosyn 80 GUJTHEM 543667 Inox Green Energy Services 43 INOXGREEN 533293 Kirloskar Oil Engines 44 KIRLOSENG 532892 Motilal Oswal Financial Services 51 MOTILALOFS
538567 Gulf Oil Lubricants India 69 GULFOILLUB 544046 Inox India 44 INOXINDIA 505283 Kirloskar Pneumatic Co. 27 KIRLPNU 526299 Mphasis 65 MPHASIS
541019 H.G. Infra Engineering 43 HGINFRA 539083 Inox Wind 39 INOXWIND 521248 Kitex Garments 98 KITEX 532440 MPS 112 MPSLTD
543227 Happiest Minds Technologies 65 HAPPSTMNDS 532851 Insecticides (India) 2 INSECTICID 532942 KNR Constructions 43 KNRCON 500290 MRF 107 MRF
544057 Happy Forgings 56 HAPPYFORGE 538835 Intellect Design Arena 65 INTELLECT 532924 Kolte-Patil Developers 29 KOLTEPATIL 543253 Mrs. Bectors Food Specialities 32 BECTORFOOD
543600 Harsha Engineers International 44 HARSHA 544232 Interarch Building Solutions 43 INTERARCH 500247 Kotak Mahindra Bank 15 KOTAKBANK 542597 MSTC 104 MSTCLTD
533162 Hathway Cable & Datacom 97 HATHWAY 539448 Interglobe Aviation 4 INDIGO 509732 Kothari Industrial Corp. 47 KOTHARINDL 543270 MTAR Technologies 42 MTARTECH
531531 Hatsun Agro Product 32 HATSUN 544311 International Gemmological Ins. (I) 167 IGIL 523323 Kovai Medical Center & Hospital 59 KOVAI 534091 Multi Commodity Exchange Of India 51 MCX
517354 Havells India 39 HAVELLS 544309 Inventurus Knowledge Solutions 149 IKS 539686 KP Energy 43 KPEL 533398 Muthoot Finance 50 MUTHOOTFIN
508486 Hawkins Cookers 30 HAWKINCOOK 524164 IOL Chemicals And Pharma. 80 IOLCP 542323 KPI Green Energy 43 KPIGREEN 544055 Muthoot Microfin 50 MUTHOOTMF
517271 HBL Engineering 17 HBLENGINE 500214 Ion Exchange (India) 168 IONEXCHANG 542651 KPIT Technologies 65 KPITTECH 524709 NACL Industries 2 NACLIND
532281 HCL Technologies 65 HCLTECH 524494 Ipca Laboratories 80 IPCALAB 530813 KRBL 32 KRBL 532256 Nalwa Sons Investments 49 NSIL
541729 HDFC Asset Management Co. 160 HDFCAMC 532947 IRB Infrastructure Developers 43 IRB 543308 Krishna Institute of Medical 59 KIMS 539551 Narayana Hrudayalaya 59 NH
500180 HDFC Bank 15 HDFCBANK 541956 Ircon International 43 IRCON 544263 KRN Heat Exchanger And Refrig. 44 KRN 524816 Natco Pharma 80 NATCOPHARM
540777 HDFC Life Insurance Co. 143 HDFCLIFE 533033 ISGEC Heavy Engineering 43 ISGEC 543328 Krsnaa Diagnostics 59 KRSNAA 532234 National Aluminium Co. 6 NATIONALUM
539787 Healthcare Global Enterprises 59 HCG 544325 ITC Hotels 60 ITCHOTELS 500249 KSB 27 KSB 523630 National Fertilizers 47 NFL
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509631 HEG 40 HEG 500875 ITC 26 ITC 533519 L&T Finance 50 LTF 504882 National Standard (India) 29 NULL
500292 Heidelberg Cement India 23 HEIDELBERG 509496 ITD Cementation India 43 ITDCEM 540115 L&T Technology Services 65 LTTS 513023 Nava 83 NAVA
543242 Hemisphere Properties India 29 HEMIPROP 523610 ITI 96 ITI 526947 La Opala RG 57 LAOPALA 532504 Navin Fluorine International 25 NAVINFLUOR
519552 Heritage Foods 32 HERITGFOOD 532940 J Kumar Infraprojects 43 JKIL 500510 Larsen & Toubro 43 LT 508989 Navneet Education 112 NAVNETEDUL
500182 Hero MotoCorp 11 HEROMOTOCO 532976 Jai Balaji Industries 93 JAIBALAJI 543398 Latent View Analytics 167 LATENTVIEW 543280 Nazara Technologies 65 NAZARA
544362 Hexaware Technologies 65 HEXT 500219 Jain Irrigation Systems 82 JISLJALEQS 540222 Laurus Labs 80 LAURUSLABS 534309 NBCC (India) 29 NBCC
500183 HFCL 170 HFCL 532627 Jaiprakash Power Ventures 83 JPPOWER 544339 Laxmi Dental 70 LAXMIDENTL 500294 NCC 43 NCC
524735 Hikal 80 HIKAL 520051 Jamna Auto Industries 10 JAMNAAUTO 543277 Laxmi Organic Industries 25 LXCHEM 543214 NDR Auto Components 10 NDRAUTO
500184 Himadri Speciality Chemical 21 HSCL 544118 Jana Small Finance Bank 15 JSFB 544192 Le Travenues Technology 105 IXIGO 542665 Neogen Chemicals 25 NEOGEN
500440 Hindalco Industries 72 HINDALCO 544402 Jash Engineering 44 JASH 541233 Lemon Tree Hotels 60 LEMONTREE 505355 Nesco 44 NESCO
532859 Hinduja Global Solutions 149 HGS 522285 Jayaswal Neco Industries 92 JAYNECOIND 500250 LG Balakrishnan & Bros 10 LGBBROSLTD 500790 Nestle India 32 NESTLEIND
541154 Hindustan Aeronautics 156 HAL 506943 JB Chemicals & Pharmaceuticals 80 JBCHEPHARM 500253 LIC Housing Finance 48 LICHSGFIN 543945 Netweb Technologies India 64 NETWEB
500185 Hindustan Construction Co. 43 HCC 532605 JBM Auto 10 JBMA 543526 Life Insurance Corp. of India 143 LICI 532798 Network 18 Media & Investments 106 NETWORK18
513599 Hindustan Copper 72 HINDCOPPER 500227 Jindal Poly Films 82 JINDALPOLY 523457 Linde India 62 LINDEINDIA 544396 Network People Services Tech.+ 65 NPST
519126 Hindustan Foods 32 HNDFDS 500378 Jindal Saw 92 JINDALSAW 539992 Lloyds Engineering Works 44 LLOYDSENGG 524558 Neuland Laboratories 80 NEULANDLAB
500104 Hindustan Petroleum Corp. 146 HINDPETRO 532508 Jindal Stainless 92 JSL 512463 Lloyds Enterprises 104 LLOYDSENT 540900 Newgen Software Technologies 65 NEWGEN
500696 Hindustan Unilever 61 HINDUNILVR 532286 Jindal Steel & Power 93 JINDALSTEL 512455 Lloyds Metals & Energy 93 LLOYDSME 533098 NHPC 83 NHPC
500188 Hindustan Zinc 72 HINDZINC 531543 Jindal Worldwide 98 JINDWORLD 500252 LMW 99 LMW 543952 NIIT Learning Systems 65 NIITMTS
543187 Hitachi Energy India 39 POWERINDIA 543940 JIO Financial Services 50 JIOFIN 543287 Lodha Developers 29 LODHA 540767 Nippon Life India Asset Mgmt. 160 NAM-INDIA
522215 HLE Glascoat 44 HLEGLAS 532644 JK Cement 23 JKCEMENT 514446 LS Industries 102 NULL 500307 Nirlon 43 NIRLON
500191 HMT 44 HMT 500380 JK Lakshmi Cement 23 JKLAKSHMI 532783 LT Foods 32 LTFOODS 532722 Nitco 24 NITCO
543259 Home First Finance Co. India 48 HOMEFIRST 532162 JK Paper 78 JKPAPER 540005 LTIMindtree 65 LTIM 544286 Niva Bupa Health Insurance Co. 143 NIVABUPA
544014 Honasa Consumer 104 HONASA 530007 JK Tyre & Industries 107 JKTYRE 532796 Lumax Auto Technologies 10 LUMAXTECH 513683 NLC India 83 NLCINDIA
522064 Honda India Power Products 39 HONDAPOWER 523405 JM Financial 49 JMFINANCIL 517206 Lumax Industries 10 LUMAXIND 526371 NMDC 73 NMDC
517174 Honeywell Automation India 31 HONAUT 523398 Johnson Controls - 500257 Lupin 80 LUPIN 543768 NMDC Steel 92 NSLNISP
540530 Housing & Urban Devp. Corp. 48 HUDCO Hitachi Air Conditioning India 3 JCHAC 539542 Lux Industries 98 LUXIND 500730 Nocil 25 NOCIL
540136 HPL Electric & Power 39 HPL 533148 JSW Energy 83 JSWENERGY 538891 Magellanic Cloud 65 MCLOUD 544260 Northern ARC Capital 50 NORTHARC
532799 Hubtown 29 HUBTOWN 532642 JSW Holdings 49 JSWHL 539957 Mahanagar Gas 145 MGL 530367 NRB Bearings 18 NRBBEARING
544274 Hyundai Motor India 12 HYUNDAI 543994 JSW Infrastructure 110 JSWINFRA 500108 Mahanagar Telephone Nigam 97 MTNL 544289 NTPC Green Energy 83 NTPCGREEN
532174 ICICI Bank 15 ICICIBANK 500228 JSW Steel 92 JSWSTEEL 500266 Maharashtra Scooters 49 MAHSCOOTER 532555 NTPC 83 NTPC
540716 ICICI Lombard General Ins. Co. 143 ICICIGI 520057 JTEKT India 10 JTEKTINDIA 500265 Maharashtra Seamless 92 MAHSEAMLES 531209 Nucleus Software Exports 65 NUCLEUS
540133 ICICI Prudential Life Ins. Co. 143 ICICIPRULI 534600 JTL Industries Ltd 92 JTLIND 532720 Mahindra & Mahindra Fin. Serv. 50 M&MFIN 543988 Nuvama Wealth Management 157 NUVAMA
541179 ICICI Securities 51 ISEC 544355 Jubilant Agri And Con. Products 114 JUBLCPL 500520 Mahindra & Mahindra 12 M&M 543334 Nuvoco Vistas Corp. 23 NUVOCO
532835 ICRA 86 ICRA 533155 Jubilant FoodWorks 32 JUBLFOOD 533088 Mahindra Holidays & Resorts India 60 MHRIL 533273 Oberoi Realty 29 OBEROIRLTY
500116 IDBI Bank 15 IDBI 543271 Jubilant Ingrevia 25 JUBLINGREA 532313 Mahindra Lifespace Developers 29 MAHLIFE 500312 Oil & Natural Gas Corp. 75 ONGC
539437 IDFC First Bank 15 IDFCFIRSTB 530019 Jubilant Pharmova 80 JUBLPHARMA 540768 Mahindra Logistics 68 MAHLOG 533106 Oil India 75 OIL
505726 IFB Industries 31 IFBIND 544129 Juniper Hotels 60 JUNIPER 590078 Maithan Alloys 144 MAITHANALL 544225 OLA Electric Mobility 11 OLAELEC
500106 IFCI 53 IFCI 543980 Jupiter Life Line Hospitals 59 JLHL 513269 Man Industries (India) 92 MANINDS 532439 Olectra Greentech 14 OLECTRA
542773 IIFL Capital Services 51 IIFLCAPS 533272 Jupiter Wagons 111 JWL 533169 Man InfraConstruction 43 MANINFRA 543396 One97 Communications 162 PAYTM
532636 IIFL Finance 50 IIFL 535648 Just Dial 167 JUSTDIAL 531213 Manappuram Finance 50 MANAPPURAM 544292 Onesource Specialty Pharma 80 ONESOURCE
539056 Imagicaaworld Entertainment 7 IMAGICAA 532926 Jyothy Labs 61 JYOTHYLAB 530011 Mangalore Chemicals & Fertilizers 47 MANGCHEFER 530135 Optiemus Infracom 104 OPTIEMUS
544172 Indegene 167 INDGN 544081 Jyoti CNC Automation 44 JYOTICNC 500109 Mangalore Refinery And Petro. 146 MRPL 532466 Oracle Financial Services Software 65 OFSS
500201 India Glycols 25 INDIAGLYCO 532889 K.P.R. Mill 98 KPRMILL 543904 Mankind Pharma 80 MANKIND 524372 Orchid Pharma 80 ORCHPHARMA
544044 India Shelter Finance Corp. 48 INDIASHLTR 500233 Kajaria Ceramics 24 KAJARIACER 541974 Manorama Industries 91 MANORAMA 535754 Orient Cement 23 ORIENTCEM
532189 India Tourism Development Corp. 60 ITDC 544423 Kalpataru 29 KALPATARU 503101 Marathon Nextgen Realty 29 MARATHON 541301 Orient Electric 30 ORIENTELEC
542726 Indiamart Intermesh 155 INDIAMART 522287 Kalpataru Projects International 43 KPIL 531642 Marico 161 MARICO 500314 Oriental Hotels 60 ORIENTHOT

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Databank Company Index
Ticker Company Ind. NSE Ticker Company Ind. NSE Ticker Company Ind. NSE Ticker Company Ind. NSE
Code Code Code Code Code Code Code Code
544418 Oswal Pumps 27 OSWALPUMPS 543957 Redtape 88 REDTAPE 544333 Standard Glass Lining Technology 44 SGLTL 532856 Time Technoplast 82 TIMETECHNO
532827 Page Industries 98 PAGEIND 532884 Refex Industries 62 REFEX 540575 Star Cement 23 STARCEMENT 522113 Timken India 18 TIMKEN
532900 Paisalo Digital 50 PAISALO 530517 Relaxo Footwears 158 RELAXO 543412 Star Health and Allied Ins.Co. 143 STARHEALTH 532375 Tips Music 54 TIPSMUSIC
543530 Paradeep Phosphates 47 PARADEEP 500325 Reliance Industries 146 RELIANCE 500112 State Bank Of India 16 SBIN 532966 Titagarh Rail Systems 111 TITAGARH
539889 Parag Milk Foods 32 PARAGMILK 500390 Reliance Infrastructure 83 RELINFRA 500113 Steel Authority Of India 92 SAIL 500114 Titan Co. 35 TITAN
543367 Paras Defence And Space Tech. 156 PARAS 532939 Reliance Power 83 RPOWER 513262 Steel Strips Wheels 10 SSWL 500420 Torrent Pharmaceuticals 80 TORNTPHARM
500368 Patanjali Foods 161 PATANJALI 532915 Religare Enterprises 49 RELIGARE 542760 Sterling and Wilson Renewable 43 SWSOLAR 532779 Torrent Power 83 TORNTPOWER
531120 Patel Engineering 43 PATELENG 535322 Repco Home Finance 48 REPCOHOME 532374 Sterlite Technologies 20 STLTECH 532928 Transformers & Rectifiers (India) 39 TARIL
543390 PB Fintech 162 POLICYBZR 505509 Responsive Industries 82 RESPONIND 532531 Strides Pharma Science 80 STAR 532349 Transport Corp. Of India 68 TCI
534809 PC Jeweller 35 PCJEWELLER 543248 Restaurant Brands Asia 166 RBA 534535 String Metaverse 78 NULL 544317 Transrail Lighting 39 TRANSRAILL
506590 PCBL Chemical 21 PCBL 534076 RHI Magnesita India 87 RHIM 526951 Stylam Industries 66 STYLAMIND 500251 Trent 88 TRENT
538730 PDS 104 PDSL 541556 Rites 165 RITES 506222 Styrenix Performance Materials 25 STYRENIX 521064 Trident 101 TRIDENT
532808 Pearl Global Industries 98 PGIL 543325 Rolex Rings Ltd 18 ROLEXRINGS 517168 Subros 10 SUBROS 532356 Triveni Engineering & Industries 94 TRIVENI
513228 Pennar Industries 92 PENIND 543213 Rossari Biotech 25 ROSSARI 506655 Sudarshan Chemical Industries 38 SUDARSCHEM 533655 Triveni Turbine 44 TRITURBINE
533179 Persistent Systems 65 PERSISTENT 543228 Route Mobile 65 ROUTE 542920 Sumitomo Chemical India 2 SUMICHEM 517506 TTK Prestige 30 TTKPRESTIG
532522 Petronet LNG 62 PETRONET 532983 RPG Life Sciences 80 RPGLIFE 532872 Sun Pharma Adv. Research Co. 167 SPARC 540762 Tube Investments of India 10 TIINDIA
500680 Pfizer 80 PFIZER 542333 RPSG Ventures 65 RPSGVENT 524715 Sun Pharmaceutical Industries 80 SUNPHARMA 520056 TVS Holdings 10 TVSHLTD
533581 PG Electroplast 30 PGEL 543981 RR Kabel 20 RRKABEL 532733 Sun TV Network 106 SUNTV 532343 TVS Motor Co. 11 TVSMOTOR
523642 PI Industries 2 PIIND 504346 RRP Semiconductor 49 NULL 590071 Sundaram Finance 50 SUNDARMFIN 543965 TVS Supply Chain Solutions 68 TVSSCS
530305 Piccadily Agro Industries 19 PICCADIL 523025 Safari Industries (India) 61 SAFARI 544066 Sundaram-Clayton 10 SUNCLAY 532505 UCO Bank 16 UCOBANK
500331 Pidilite Industries 25 PIDILITIND 502090 Sagar Cements 23 SAGCEM 500403 Sundram Fasteners 46 SUNDRMFAST 500148 Uflex 76 UFLEX
539883 Pilani Investment And Ind. Corp. 49 PILANIINVS 544282 Sagility India 167 SAGILITY 500215 Sundrop Brands 161 SUNDROP 533644 Ujaas Energy 39 UEL
500302 Piramal Enterprises 50 PEL 544306 Sai Life Sciences 80 SAILIFE 500404 Sunflag Iron And Steel Co. 92 SUNFLAG 542904 Ujjivan Small Finance Bank 15 UJJIVANSFB
543635 Piramal Pharma 80 PPLPHARMA 590051 Saksoft 65 SAKSOFT 512179 Sunteck Realty 29 SUNTECK 532538 Ultratech Cement 23 ULTRACEMCO
513519 Pitti Engineering 42 PITTIENG 544430 Sambhv Steel Tubes 92 SAMBHV 532509 Suprajit Engineering 10 SUPRAJIT 506690 Unichem Laboratories 80 UNICHEMLAB
544256 PN Gadgil Jewellers 88 PNGJL 543984 Samhi Hotels 60 SAMHI 509930 Supreme Industries 82 SUPREMEIND 544322 Unimech Aerospace and Manu. 156 UNIMECH
540173 PNB Housing Finance 48 PNBHOUSING 535789 Sammaan Capital 48 SAMMAANCAP 500405 Supreme Petrochem 79 SPLPETRO 532477 Union Bank Of India 16 UNIONBANK
539150 PNC Infratech 43 PNCINFRA 517334 Samvardhana Motherson Interna. 10 MOTHERSON 543434 Supriya Lifescience 80 SUPRIYA 532478 United Breweries 19 UBL
532486 Pokarna 24 POKARNA 544314 Sanathan Textiles 101 SANATHAN 500336 Surya Roshni 92 SURYAROSNI 532432 United Spirits 19 UNITDSPR
531768 Poly Medicure 70 POLYMED 541163 Sandhar Technologies 10 SANDHAR 530239 Suven Life Sciences 80 SUVEN 532539 UNO Minda 10 UNOMINDA
542652 Polycab India 20 POLYCAB 504918 Sandur Manganese & Iron Ores 73 SANDUMA 532667 Suzlon Energy 39 SUZLON 512070 UPL 2 UPL
524051 Polyplex Corp. 82 POLYPLEX 544250 Sanofi Consumer Healthcare India 80 SANOFICONR 503310 Swan Energy 98 SWANENERGY 517146 Usha Martin 92 USHAMART
532626 Pondy Oxides & Chemicals 72 POCL 500674 Sanofi India 80 SANOFI 500407 Swaraj Engines 36 SWARAJENG 543238 UTI Asset Management Co. 160 UTIAMC
524000 Poonawalla Fincorp 50 POONAWALLA 543358 Sansera Engineering 10 SANSERA 544285 Swiggy 155 SWIGGY 531266 V.S.T. Tillers Tractors 13 VSTTILLERS

532810 Power Finance Corp. 53 PFC 543397 Sapphire Foods India 32 SAPPHIRE 517385 Symphony 30 SYMPHONY 532867 V2 Retail 88 V2RETAIL
533269 VA Tech Wabag 168 WABAG
532898 Power Grid Corp. Of India 83 POWERGRID 504614 Sarda Energy & Minerals 92 SARDAEN 539268 Syngene International 167 SYNGENE
519156 Vadilal Industries 32 VADILALIND
539302 Power Mech Projects 43 POWERMECH 532163 Saregama India 54 SAREGAMA 543573 Syrma SGS Technology 41 SYRMA
532156 Vaibhav Global 88 VAIBHAVGBL
544379 Prabha Energy 74 PRABHA 524667 Savita
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533160 Valor Estate 29 DBREALTY
522205 Praj Industries 44 PRAJIND 543959 SBFC Finance 50 SBFC 543596 Tamilnad Mercantile Bank 15 TMB
502986 Vardhman Textiles 98 VTL
506022 Prakash Industries 92 PRAKASH 543066 SBI Cards And Payment Services 50 SBICARD 506854 Tanfac Industries 25 TANFACIND
541578 Varroc Engineering 10 VARROC
523539 Precision Wires India 20 PRECWIRE 540719 SBI Life Insurance Co. 143 SBILIFE 532790 Tanla Platforms 65 TANLA
540180 Varun Beverages 32 VBL
544238 Premier Energies 41 PREMIERENE 505790 Schaeffler India 18 SCHAEFFLER 543249 TARC 29 TARC
543463 Vedant Fashions 98 MANYAVAR
526247 Premier Explosives 25 PREMEXPLN 534139 Schneider Electric Infrastructure 39 SCHNEIDER 519091 Tasty Bite Eatables 32 TASTYBITE
500295 Vedanta 72 VEDL
533274 Prestige Estates Projects 29 PRESTIGE 543936 Senco Gold 35 SENCO 500770 Tata Chemicals 25 TATACHEM
590005 Veedol Corp. 69 VEEDOL
540293 Pricol 10 PRICOLLTD 544319 Senores Pharmaceuticals 80 SENORES 500483 Tata Communications 97 TATACOMM
544321 Ventive Hospitality 60 VENTIVE
532748 Prime Focus 54 PFOCUS 512529 Sequent Scientific 80 SEQUENT 532540 Tata Consultancy Services 65 TCS
543528 Venus Pipes & Tubes 92 VENUSPIPES
542907 Prince Pipes and Fittings 82 PRINCEPIPE 512329 SG Mart 104 NULL 500800 Tata Consumer Products 95 TATACONSUM
520113 Vesuvius India 87 VESUVIUS
500338 Prism Johnson 23 PRSMJOHNSN 539450 SH Kelkar And Co. 25 SHK 500408 Tata Elxsi 65 TATAELXSI
532953 V-Guard Industries 39 VGUARD
530117 Privi Speciality Chemicals 25 PRIVISCL 501423 Shaily Engineering Plastics 82 SHAILY 501301 Tata Investment Corp. 50 TATAINVEST
543350 Vijaya Diagnostic Centre 59 VIJAYA
500126 Procter & Gamble Health 80 PGHL 531431 Shakti Pumps (India) 27 SHAKTIPUMP 500570 Tata Motors 14 TATAMOTORS
524200 Vinati Organics 25 VINATIORGA
500459 Procter & Gamble Hygiene 61 PGHH 522034 Shanthi Gears 10 SHANTIGEAR 500400 Tata Power Co. 83 TATAPOWER
507880 VIP Industries 61 VIPIND
544021 Protean e-Gov Technologies 149 PROTEAN 538666 Sharda Cropchem 2 SHARDACROP 500470 Tata Steel 92 TATASTEEL
544307 Vishal Mega Mart 88 VMM
543527 Prudent Corporate Adv. Services 157 PRUDENT 535602 Sharda Motor Industries 10 SHARDAMOTR 544028 Tata Technologies 65 TATATECH
516072 Vishnu Chemicals 25 VISHNU
540544 PSP Projects 29 PSPPROJECT 540725 Share India Securities 51 SHAREINDIA 532371 Tata Teleservices (Maharashtra) 97 TTML
534976 V-Mart Retail 88 VMART
532524 PTC India 83 PTC 540203 Sheela Foam 61 SFL 544174 TBO Tek 105 TBOTEK
532822 Vodafone Idea 97 IDEA
539006 PTC Industries 22 PTCIL 531201 Shilchar Technologies 39 NULL 540212 TCI Express 68 TCIEXP
532757 Voltamp Transformers 39 VOLTAMP
533295 Punjab & Sind Bank 16 PSB 530549 Shilpa Medicare 80 SHILPAMED 523301 TCPL Packaging 76 TCPLPACK
500575 Voltas 3 VOLTAS
532461 Punjab National Bank 16 PNB 523598 Shipping Corp. Of India 90 SCI 533553 TD Power Systems 39 TDPOWERSYS
539118 VRL Logistics 68 VRLLOG
532891 Puravankara 29 PURVA 513097 Shivalik Bimetal Controls 72 SBCL 539658 TeamLease Services 169 TEAMLEASE
509966 VST Industries 26 VSTIND
532689 PVR Inox 54 PVRINOX 532638 Shoppers Stop 88 SHOPERSTOP 532755 Tech Mahindra 65 TECHM
544277 Waaree Energies 39 WAAREEENER
544367 Quality Power Electrical Equip. 39 QPOWER 500387 Shree Cement 23 SHREECEM 542141 Techno Electric & Engineering Co. 43 TECHNOE
534618 Waaree Renewable Technologies 83 WAAREERTL
539978 Quess Corp 149 QUESS 532670 Shree Renuka Sugars 94 RENUKA 532804 Technocraft Industries (India) 92 TIIL
517498 Websol Energy System 41 WEBELSOLAR
532735 R Systems International 65 RSYSTEMS 511218 Shriram Finance 50 SHRIRAMFIN 543413 Tega Industries 44 TEGA
532144 Welspun Corp 92 WELCORP
532497 Radico Khaitan 19 RADICO 544344 Shriram Pistons & Rings Ltd 10 SHRIPISTON 540595 Tejas Networks 96 TEJASNET
532553 Welspun Enterprises 29 WELENT
539837 Raghav Productivity Enhancers 73 RPEL 543299 Shyam Metalics And Energy 92 SHYAMMETL 533326 Texmaco Rail & Engineering 111 TEXRAIL
514162 Welspun Living 98 WELSPUNLIV
542649 Rail Vikas Nigam 43 RVNL 500550 Siemens 39 SIEMENS 533158 Thangamayil Jewellery 35 THANGAMAYL
500444 West Coast Paper Mills 78 WSTCSTPAPR
543265 Railtel Corp. Of India 97 RAILTEL 543990 Signatureglobal (India) 29 SIGNATURE 542460 The Anup Engineering 44 ANUP
505533 Westlife Foodworld Ltd 166 WESTLIFE
500339 Rain Industries 79 RAIN 532029 Sindhu Trade Links 68 SINDHUTRAD 500469 The Federal Bank 15 FEDERALBNK
500238 Whirlpool Of India 30 WHIRLPOOL
543524 Rainbow Children's Medicare 59 RAINBOW 540673 SIS 169 SIS 590024 The Fertilisers & Chem. Travancore 47 FACT
522029 Windsor Machines 44 WINDMACHIN
531500 Rajesh Exports 35 RAJESHEXPO 503811 Siyaram Silk Mills 102 SIYSIL 500620 The Great Eastern Shipping Co. 90 GESHIP
507685 Wipro 65 WIPRO
500355 Rallis India 2 RALLIS 543387 SJS Enterprises 10 SJS 530005 The India Cements 23 INDIACEM 532300 Wockhardt 80 WOCKPHARMA
522281 Ram Ratna Wires 72 RAMRAT 533206 SJVN 83 SJVN 500850 The Indian Hotels Co. 60 INDHOTEL 538268 Wonderla Holidays 7 WONDERLA
532527 Ramkrishna Forgings 56 RKFORGE 500472 SKF India 18 SKFINDIA 532209 The Jammu & Kashmir Bank 15 J&KBANK 505872 WPIL 27 NULL
533262 Ramky Infrastructure 43 RAMKY 538562 Skipper 44 SKIPPER 532652 The Karnataka Bank 15 KTKBANK 590013 Xpro India 82 XPROINDIA
524230 Rashtriya Chemicals and Fertilizers 47 RCF 541967 Sky Gold and Diamonds 35 SKYGOLD 540769 The New India Assurance Co. 143 NIACL 543950 Yatharth Hospital & Trauma Care 59 YATHARTH
543417 RateGain Travel Technologies 65 RATEGAIN 505192 SML Isuzu 14 SMLISUZU 590086 The Orissa Minerals Development Co. 73 ORISSAMINE 532648 Yes Bank 15 YESBANK
520111 Ratnamani Metals & Tubes 92 RATNAMANI 532784 Sobha 29 SOBHA 503100 The Phoenix Mills 29 PHOENIXLTD 543985 Zaggle Prepaid Ocean Services 65 ZAGGLE
534597 RattanIndia Enterprises 169 RTNINDIA 532725 Solar Industries India 25 SOLARINDS 500260 The Ramco Cements 23 RAMCOCEM 505537 Zee Entertainment Enterprises 106 ZEEL
533122 RattanIndia Power 83 RTNPOWER 541540 Solara Active Pharma Sciences 80 SOLARA 532218 The South Indian Bank 15 SOUTHBANK 533339 Zen Technologies 156 ZENTEC
544240 Raymond Lifestyle 98 RAYMONDLSL 507514 Som Distilleries And Breweries 19 SDBL 500411 Thermax 44 THERMAX 504067 Zensar Technologies 65 ZENSARTECH
500330 Raymond 102 RAYMOND 543300 Sona BLW Precision Forgings 10 SONACOMS 500412 Thirumalai Chemicals 25 TIRUMALCHM 533023 ZF Commercial Vehicle Control 10 ZFCVINDIA
540065 RBL Bank 15 RBLBANK 532221 Sonata Software 65 SONATSOFTW 500413 Thomas Cook (India) 105 THOMASCOOK 544288 Zinka Logistics Solutions 68 BLACKBUCK
532955 REC 53 RECLTD 500285 SpiceJet 4 SPICEJET 539871 Thyrocare Technologies 59 THYROCARE 532321 Zydus Lifesciences 80 ZYDUSLIFE
532805 Redington 104 REDINGTON 503806 SRF 25 SRF 507205 Tilaknagar Industries 19 TI 531335 Zydus Wellness 32 ZYDUSWELL

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Cover Story
AI Tailwind in IT Stocks: Time
to Reboot Your Tech Portfolio?
After one year of sectoral underperformance, Indian IT is quietly undergoing its most radical
overhaul since the cloud revolution, this time led by AI. The shift isn't cosmetic; it's
existential. GenAI is reshaping services, rewarding agile midcaps and prompting investors to
rethink legacy bets. The future of tech belongs to the AI-ready, Abhishek Wani writes

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Introduction: From Slowdown to Artificial Intelligence. No longer a buzzword tossed around in

Structural Shift earnings calls, AI, particularly Generative AI (GenAI), is
redefining how IT services are built, priced, and delivered.
The Indian IT sector, long considered a rock-solid bet in
investor portfolios, has seen a prolonged lull, with NIFTY IT For Indian IT, this could be the biggest pivot since the cloud
delivering a negative 7.54 per cent return over the past year boom. The real question now isn’t whether the sector is back,
ending July 18, 2025. Post-COVID, demand for digital services but whether your tech portfolio is ready for what's coming.
surged, lifting tech stocks, until FY24 brought slower global
growth, cautious enterprise tech spending, and muted hiring, This is a story of sectoral reinvention. It’s about companies big
leading to a sharp valuation correction and widespread and small, racing to stay relevant in an AI-powered world. And
pessimism. for equity investors, especially retail ones heavily invested in
large-cap tech, it might be time to take another hard look at the
Yet beneath the surface, a quiet revolution is taking shape, tech corner of their portfolio. The next winners may not look
driven not by cost-cutting or generic digitization, but by like the old ones.

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NIFTY 50 Vs NIFTY IT (July 2024 to July 2025) incremental revenue for top firms over the next 3–5 years,
many believe the next growth cycle is just getting started.

The AI Shift: Disruption or the Next

Growth Wave?
Let’s break it down: what exactly is happening with AI that’s
making everyone, from top CEOs to retail investors, sit up and
pay attention?

The simplest way to think of this is: AI is doing to Indian IT

what the internet did to global businesses in the 2000s—it’s
changing the rules of engagement.

Global AI revenues are expected to grow from $28 billion in

(Source: Tradingview.com, as of July 18, 2025) 2022 to over $420 billion by 2027, a 15x leap. While India may
not be building foundational models like OpenAI or
Sector Snapshot: Recovery Meets Anthropic, its IT companies are emerging as key enablers—
integrating, customizing, and scaling AI for enterprise clients.
Reinvention
It’s been a slow grind for the Indian IT sector over the last few The opportunity is twofold:
quarters. Revenue and profit growth have fallen to single digits, 1. AI Implementation: Indian firms are building domain-
largely dragged down by global macro uncertainty. U.S.-based specific copilots, fine-tuning language models, and
enterprises, which make up a large chunk of the client base for offering AI-powered decision systems tailored for BFSI,
Indian IT firms, have been in a cautious mode, delaying healthcare, and retail.
contracts, holding back on discretionary tech spends, and 2. Legacy Modernization: GenAI is being used to wrap
waiting for inflation and recession clouds
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and longer client tenures.
That’s the bad news. The good news? We’re beginning to see
early green shoots. The $3.3 billion WNS-Capgemini deal underscores this shift.
Capgemini isn’t buying WNS for outsourcing—it’s acquiring
TCS recently announced that it’s ramping up deal pipelines capabilities to build AI-powered operations. WNS, which
tied specifically to AI platform integration. Infosys is realigning currently derives just 5 per cent revenue from AI, now has a
its entire services suite around GenAI with domain-specific major runway for growth. While some large-caps like Infosys
copilots and consulting. Clients aren’t on the fence anymore. and Wipro face internal hurdles—leadership changes,
As one Infosys executive put it during a last earnings call: retraining needs—midcaps are outpacing them with faster
‘Clients are no longer asking if they should invest in AI, but GenAI deployment across verticals. Think of this like a
how fast they can implement it.’ chessboard being reset. Past winners won’t automatically stay
in the lead. The companies that adapt fast, building IP, forming
The shift is visible even beyond the top-tier firms. Midcap IT AI alliances, focusing on enterprise implementation—will
companies like Persistent Systems, LTTS, and Coforge are emerge as the new champions. And for investors? This isn’t just
racing ahead with AI-led offerings. They’re embedding another trend. It’s a structural shift that could define portfolio
machine learning in everything from healthcare analytics to performance for the next decade.
predictive maintenance for industrial equipment. These firms
are agile, digital-heavy, and less bogged down by legacy Despite the excitement around AI, institutional sentiment
contracts, making them prime contenders in the AI era. towards Indian IT remains cautious. Most mutual funds
maintain neutral or underweight positions in large-cap names
In other words, the sector is moving from a cost-saving model like Infosys, Wipro, and Tech Mahindra—primarily due to
to a value-creation model, where AI drives efficiency, high valuations and uneven global demand. However, there’s a
productivity, and client ROI. And that’s a huge leap. Think of it shift underway. Funds have selectively increased exposure to
like the digital transformation phase from 2015 to 2020, but TCS and midcap players like Persistent Systems, drawn by their
this time, it’s happening faster, with sharper winners and losers. execution track records and AI-readiness. FIIs, too, have
shown lumpy interest. After net selling through most of FY24,
Still, challenges remain. High valuations have made investment they turned modest buyers in Q2CY25, betting that the worst
managers wary. Earnings visibility is patchy, and margin of the earnings downgrades is behind. But a full-fledged
pressure hasn’t completely gone away. But with AI-led services rerating will likely require one thing: tangible revenue growth
potentially contributing solid double-digit growth in from GenAI.

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Midcap IT’s Edge: Digital Natives Are investing is over. It’s not just Persistent, Coforge, or Tata Elxsi
Scaling Faster with GenAI driving this momentum. Affle is leveraging AI in digital
marketing; Cyient in aerospace and rail; Happiest Minds in
A quiet revolution is reshaping the Indian IT landscape and it’s enterprise automation. Hexaware, LTIMindtree, and LTTS are
not being led by the usual heavyweights. While large-cap firms scaling non-linear AI growth across sectors, while even niche
offer scale and stability, a new class of agile, digital-first midcap players like OFSS, RateGain, and Zensar are embedding AI
IT companies is emerging as the sector’s true growth engine in into industry-specific platforms. What unites these firms is not
the GenAI era. size, but clarity of execution. They’re building IP, training
talent, signing transformational deals—and doing it faster than
Persistent Systems exemplifies this shift. Once a niche player, it the giants.
has repositioned itself as a market leader in AI-led cloud
modernization. With over 60 per cent of revenue from digital The message is clear: This is not a fleeting trend. The GenAI
services and minimal exposure to legacy contracts, Persistent is wave is accelerating faster than past tech cycles. And as
built for the next tech wave. In FY25, it secured multiple multi- competitive dynamics shift, the firms that move decisively will
million-dollar deals in BFSI and healthcare—fuelled not just by see sharp valuation re-ratings.
partnerships with Google Cloud and Microsoft Azure, but by its
ability to deliver AI-powered business outcomes swiftly. Valuation-wise, while the broader NIFTY Midcap 150 index
trades at a PE of 35.3x, the mid-cap IT stocks listed in the below
Coforge has also stepped into the spotlight. Renowned for its table have a slightly lower median PE of 33.45x, still elevated
domain strength in travel, logistics, and insurance, Coforge has but below last year’s levels, reflecting some degree of
rolled out over 200 AI use cases via its proprietary Quasar AI rationalisation. This is notable considering the NIFTY IT index
Marketplace. From enhancing airline call centre insights to trades at 27.3x, marginally below its 5-year average of 28.8x,
boosting insurance operations by 30 per cent, the execution is signalling a mild de-rating in large-cap IT. Meanwhile,
real. With 94 per cent of its workforce trained in AI and over large-cap IT stocks currently trade at a median PE of 24.6x,
half using GitHub Copilot, Coforge recently outcompeted modestly above the NIFTY 50 benchmark PE of 22.6x,
global giants to win a key Sabre deal—underscoring its rising highlighting that mid-cap IT continues to command a
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visibility.
Then there’s Tata Elxsi. Unlike traditional IT firms, it blends
engineering design with IP-led innovation. It’s integrating AI Midcap IT is proving that you don’t need deep pockets to lead
into products across automotive, healthcare, and media— the AI race, just sharp focus, vertical depth, and speed. They’re
reimagining how clients innovate. Its niche capabilities and no longer the underdogs. In an AI-first economy, they’re
deep technical strength have made it a favourite among setting the pace. For investors, the biggest mindset shift is this:
institutional and innovation-focused investors. So what’s Midcap IT is no longer a risk you take. It’s the future you
fueling this midcap surge? It comes down to three things: invest in.

1. Agility – Leaner structures allow faster AI adoption. How Fund Managers Are Recalibrating
2. Digital - First DNA – Many matured in the cloud-native
era, giving them intuitive implementation skills. Tech Portfolios
3. Deep Vertical Focus – They solve real problems with IT sector funds are mandated to maintain a core exposure,
domain-specific AI. typically at least 75 per cent to traditional IT services. To
navigate volatility and performance constraints within this
Investors have noticed. These firms aren’t just promising a framework, fund managers are increasingly diversifying across
GenAI future, they’re delivering it. And they’re trading at the broader tech ecosystem. This includes selective allocations
premium valuations, backed by strong deal pipelines and to telecom, digital platforms, and domestic infrastructure
margin visibility. Far from being high-beta bets on large-cap enablers—segments that are less dependent on global
moves, midcaps are becoming the strategic core of future-ready enterprise tech spending cycles. The focus is now on striking a
portfolios. This shift challenges investors relying on legacy fine balance between mandate compliance and risk-adjusted
exposure or passive Nifty IT allocations. Many large-caps returns.
continue to struggle with leadership churn, slow GenAI
adoption, and generic offerings. They may survive the As one fund manager notes: ‘In diversified funds, we can go
transition—but are unlikely to lead it. underweight when the sector weakens. But in an IT-focused
fund, we stay within the mandate—so while 75 per cent
For investors willing to realign, this is an inflection point. The remains in legacy IT, the rest is rotated into India-centric
time to move beyond the top five IT names is now. Actively digital platforms, telecom, and infra plays. These aren’t
managed funds and PMS strategies are gaining an edge as traditional IT firms, but they help buffer downside during
dispersion within IT widens. The blanket approach to tech global downcycles.’

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Cover Story
plays in adjacent tech areas like cybersecurity, digital
Watching for Landmines telecom, and cloud infrastructure. Firms such as Affle,
Despite the long-term potential of GenAI and digital Route Mobile, Happiest Minds, and Cyient are riding
transformation, fund managers remain cautious of several these high-growth trends.
immediate risks. Chief among them is the lag in monetising AI
investments. While companies are pouring capital into GenAI, Rebalancing the Playbook: The Investor Action Plan
legacy business lines are declining faster than anticipated— In this evolving landscape, having a structured investment
creating a temporary revenue gap. approach is critical. Fund managers suggest:
n 30 per cent allocation to AI-driven midcaps to capture
Macroeconomic headwinds in the U.S. may further compress vertical innovation and faster GenAI adoption.
discretionary tech spending from key clients. Leadership churn n 35 per cent allocation to large-cap transformers for
is another concern: firms like Wipro and Tech Mahindra have stability, execution scale, and balance sheet strength.
faced execution challenges due to top-level transitions, n 15 per cent allocation to cloud/data/telecom
particularly in aligning strategy with AI-led positioning. Lastly, infrastructure players—the digital backbone of the AI
there is a valuation overhang. If GenAI adoption fails to scale as revolution.
quickly as expected, many tech stocks could appear overpriced.
As Kotak Institutional Equities cautions, ‘FY2026 is likely to Portfolios should be reviewed every 6 to 12 months, with close
deliver another year of low single-digit growth, especially for attention to AI-led deal wins, leadership continuity, and
incumbents, amid potential deflationary GenAI risks.’ margin resilience. The goal is to shift from defensive holdings
to future-ready, AI-aligned businesses.
What Should Investors Do Right Now? Investor Playbook: From Defensive to Disruptive
Segment Allocation Rationale Sample Picks
AI: From Buzzword to Bedrock
Fast, vertical AI Persistent, Coforge,
Artificial Intelligence, especially Generative AI, is no longer a AI-Driven Midcaps 30%
deployment LTIMindtree
speculative trend; it’s now a foundational pillar of IT services
Large-Cap Enterprise scale & TCS, Infosys, HCLTech,
strategy. Nearly every large deal today includes an AI 35%
Transformers balance sheet comfort TechM
component. While large-cap firms are
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Backbone of the AI Route Mobile, Cyient,
enhance operational efficiency, midcaps are treating AI as a Cloud/Data Enablers 15%
revolution Affle
core product and growth engine.
Note: Sample picks are not investment advice.
This shift is strategic and irreversible. Companies that fail to Review Frequency: Every 6–12 months based on AI traction,
restructure their business models around AI risk obsolescence, client wins, leadership execution, and margin sustainability.
not just underperformance. For investors, it’s essential to go
beyond headlines and investor decks. Evaluate how deeply Among large-cap IT firms, TCS, Infosys, and HCLTech are
AI is embedded in a company’s DNA; look for management spearheading AI integration. TCS’s Ignio, Infosys’s Topaz
vision, deal wins, AI-related R&D spend, and execution clarity. (with 300+ AI patents), and HCLTech’s infra-focused
initiatives highlight their push. Yet, GenAI contributes less
Constructing Resilient Tech Portfolios with a Layered than 5 per cent of topline, indicating early-stage monetisation.
Rotation Strategy
With the IT sector undergoing structural shifts—and Midcaps, however, are moving faster. Persistent Systems
Generative AI (GenAI) emerging as a core driver of generates over 50 per cent of revenue from digital services, with
transformation—retail investors, especially active ones, must strong AI traction in BFSI and healthcare. Coforge is advancing
reassess their tech exposure. A tiered ‘core-satellite’ strategy is in travel and insurance automation, while Hexaware and
increasingly being adopted as a pragmatic way to balance Mphasis are betting on agentic AI and data engineering. These
stability with growth. firms offer deeper vertical integration and faster execution—
n The core layer (35 per cent) should consist of large-cap key advantages in an AI-driven world.
stalwarts such as TCS, Infosys, and HCLTech—firms
with robust balance sheets, scalable AI capabilities, and Large Cap. IT Stocks – Return Performance
consistent delivery models. These serve as the portfolio’s
anchor in uncertain markets. Stock 6 Mth. 1 Year 2 Year 3 Year
n The satellite layer (30 per cent) is geared toward alpha HCL Tech. -14.40% -3.97% 14.45% 19.84%
generation, comprising agile midcaps like Persistent Infosys -12.93% -10.09% 3.52% 2.12%
Systems, Coforge, LTIMindtree, and Zensar TCS -22.26% -25.70% -3.88% 1.41%
Technologies. These companies are integrating GenAI Tech Mahindra -6.96% 0.35% 11.40% 15.30%
rapidly, innovating across verticals, and often outpacing
Wipro -5.16% -6.70% 13.12% 9.65%
their larger peers.
n An additional 15 per cent allocation can target thematic (Source – Tijori, as of July 18, 2025)

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 Mid Cap. IT Stocks – Return Performance automation and intelligent value creation, such firms risk
Stock 6 Mth. 1 Year 2 Year 3 Year structural irrelevance rather than just cyclical
Coforge 8.27% 56.00% 38.52% 39.97% underperformance.
Birlasoft -20.04% -43.19% 4.02% 9.11%
Cyient -27.04% -30.77% -7.17% 18.83%
Why Rebalancing Matters
IT still carries substantial weight in mutual fund portfolios,
LTIMindtree -13.50% -11.50% 1.04% 5.73% impacting lakhs of retail investors. While FY24 was muted,
Indiamart Intermesh 14.08% -10.80% -4.80% 8.23% analysts expect margin recovery and valuation re-rating
Oracle Finl. Services -12.97% -20.25% 48.50% 39.19% between FY25–28 as GenAI boosts productivity. Large-caps
Persistent Systems -9.01% 10.78% 45.29% 48.27% offer strong balance sheets and cash flows, providing downside
Mphasis 0.47% -0.10% 14.21% 9.65% protection, but midcaps may drive future growth. Selective, not
passive, exposure is the way forward.
Tata Elxsi -1.00% -12.57% -9.80% -8.69%
Zen Technologies -15.19% 33.43% 74.47% 122.60% Increase in DII Holdings in Mid-Cap. IT Stocks (March 2024 vs March 2025)
eClerx Services 16.28% 50.40% 44.19% 37.71% Company March - 24 March - 24 Change (%)
Mphasis 24.63% 34.91% 10.28
(Source – Tijori, as of July 18, 2025)
Cyient 25.91% 34.13% 8.22
Happiest Minds 2.57% 10.58% 8.01
IT Product/Platform (Cloud/Data Enablers) – Return Performance
Birlasoft 18.61% 24.53% 5.92
Stock 6 Mth. 1 Yth. 2 Year 3 Year Zen Technologies 3.31% 8.76% 5.45
Affle 3i 21.64% 37.68% 33.63% 21.86% Tata Elxsi 6.06% 8.54% 2.48
CE Info Systems 7.64% -25.17% 10.50% 6.95% eClerx Services 22.75% 25.12% 2.37
CarTrade Tech 28.77% 128.40% 92.41% 41.15% LTIMindtree 13.48% 15.51% 2.03
Data Patterns (India) 25.00% -9.55% 17.87% 56.42% Persistent Systems 25.88% 26.85% 0.97
Eternal Systems 3.54% 16.76% 82.14% 68.39%
FSN E-Commerce (Nykaa) 24.65% 19.27% 21.41% -2.52% Reality Check: What’s Holding Back the
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IRCTC -1.63% -24.13% 10.70% 8.04%

Next Bull Run?
Indiamart Intermesh 14.58% -10.41% -4.59% 8.39%
Infibeam Avenues -26.64% -39.27% 8.19% 10.42%
Despite GenAI optimism, headwinds persist. One market
expert warns: ‘IT stocks may stay range-bound due to U.S.
Info Edge -12.17% -1.83% 20.60% 18.12%
macro weakness and rupee strength. A bull run seems unlikely
Just Dial -2.50% -28.30% 5.49% 16.02% in the near term.’ Cautious positioning is warranted—avoid
Latent View Analytics -3.29% -19.41% 6.57% 6.11% blanket optimism. The March quarter brought mixed signals.
Matrimony.com -16.65% -7.82% -8.18% -11.40% For the first time since June 2020, all large IT firms posted
Medplus Health Services 14.52% 33.51% -0.78% 6.22% sequential revenue declines in constant currency terms. In
contrast, midcaps outperformed, driven by niche verticals and
Nazara Technologies 37.89% 52.04% 45.79% 34.91%
lower exposure to pricing pressure. EBIT margins improved
One97 Communications 10.35% 123.07% 8.60% 10.44% across most companies (except TCS), aided by cost control and
PB Fintech 1.25% 20.03% 53.07% 49.04% rupee depreciation.
Route Mobile -25.49% -46.94% -19.32% -10.39%
(Source – Tijori, as of July 18, 2025) The AI Wave Is Real—But Only for the
Large-cap IT stocks remain under pressure, weighed down by Ready
muted global tech spending and weak earnings visibility. In Artificial Intelligence isn't here to replace coders overnight
contrast, mid-cap IT names are showing a mixed trend, with but it is rewriting the way IT services are built, priced,
select players like Coforge and Persistent delivering strong and delivered. For investors, the time to reposition from
multi-year gains, while others struggle. The most impressive legacy IT firms towards AI-aligned enablers is now. The
performance comes from cloud, data, and platform enablers, GenAI transformation is a multi-decade phenomenon—
where new-age digital firms like CarTrade Tech, One97 missing it could mean missing the next wave of tech wealth
Communications, and Nazara have generated strong alpha over creation. ‘The 2001 IT boom minted tech millionaires. Those
1–3 years. who stayed invested earned 10x to 20x returns. The AI wave
could be equally transformative,’ says a veteran fund manager.
What to Avoid So the question isn’t whether AI will reshape the industry, it
Investors should consciously avoid companies heavily already is. The real question is: Is your portfolio prepared to
dependent on low-margin legacy services or those lacking a ride the next decade of intelligent innovation? If not, it’s time
defined AI roadmap. In a market rapidly shifting towards to reboot with purpose. DS

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Special Report
India Inc’s Q1 FY26:
A Tale of Resilience and Reckoning
Q1FY26 has revealed a corporate India that's adapting smartly to shifting global currents
while drawing strength from domestic policy support. With RBI’s timely rate cuts cushioning
demand, sectors like banking and insurance have surged ahead, even as IT and consumer
segments navigate headwinds. Early results from 200+ companies suggest a story of
selective strength and strategic resilience. The rest of the earnings season could either
cement this momentum—or test it

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A
s June quarter results for FY26 roll in, Indian global GDP slowdown to 2.8 per cent. Banking and insurance led
companies are presenting a dynamic picture of the charge, buoyed by RBI’s timely moves and strong domestic
resilience and adaptation amid global demand, with 124 companies posting positive results compared to
economic and geopolitical headwinds, 75 facing setbacks. However, a 4.16 per cent dip in operating profit
supported by domestic policy tailwinds. The margins revealed underlying pressures, particularly in IT and
Reserve Bank of India’s strategic rate cuts in consumer goods due to weak global demand.
early 2025 have fuelled optimism, with sectors like banking,
insurance, and metals outperforming, while IT and consumer With over 3,700 companies yet to report, the stage is set for a
goods faced challenges. potential blockbuster finale—will India Inc. sustain its
momentum, or will global challenges dampen the outlook?
Indian companies reported a robust 10.41 per cent year-on-year The following graph shows the performance at a glance of
revenue growth and an even stronger 14.13 per cent surge in net almost 200 companies posting their June ending result as of
profits, demonstrating their ability to thrive despite a projected July 20, 2025.

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 Operational Profit and EBIT Growth:
Solid but Slightly Lagging
Operating profit grew by 9.035 per cent YoY, slightly trailing
revenue growth, while EBIT (earnings before interest and taxes)
grew at a healthier 12.46 per cent. The solid EBIT growth
suggests companies maintained strong core earnings, though
operating profit growth was more modest, possibly due to
rising input costs or sector-specific pressures.

Sectors like metals (e.g., JSW Steel, Hindustan Zinc) and

hospitality (e.g., Oriental Hotels with 15 per cent YoY revenue
growth) likely supported operating profit growth through stable
commodity prices and domestic demand.

However, IT companies faced margin pressures due to deferred

orders, and NBFCs like HDB Financial saw a 62 per cent
Revenue Growth: A Steady Climb surge in credit costs, which may have weighed on operating
India Inc. reported a robust year-on-year (YoY) revenue growth margins.
of 10.41 per cent, signalling strong top-line performance across
the companies that have announced results. This growth Company Performance: More Winners
reflects resilience in domestic demand as most of the
contributions were from domestic-facing companies as Than Losers
export-oriented sectors did not perform better till now. Of the companies that announced results, 124 reported positive
outcomes in terms of profit growth, while 75 posted negative
Sectors like banking (e.g.,More
Bank of Maharashtra’s
Newspaper 17.6Channel
and Magazines Telegram per cent results, yielding a positive-to-negative
join Search https://t.me/Magazines_8890050582 (@Magazines_8890050582)ratio of approximately
net interest income growth) and insurance (e.g., ICICI 1.65:1. This indicates a broadly favourable performance, though
Lombard’s 16.1 per cent premium income growth) likely drove challenges persist for a significant minority.
this figure, supported by RBI’s rate cuts in February and April
2025, which lowered borrowing costs and spurred economic Strong performers included banks (e.g., Central Bank of India,
activity. However, sectors like IT (-3.7 per cent YoY revenue Bank of Maharashtra), insurance firms (e.g., ICICI Lombard),
decline) and certain consumer goods segments (-10.8 per cent and metals companies, driven by domestic demand and policy
YoY for some brands) may have tempered the overall growth support. Negative results were concentrated in IT (e.g., revenue
rate. declines in North America and India markets).

The double-digit revenue growth underscores India Inc.’s Out of 124 companies that came out with the results so far,
ability to navigate global uncertainties, such as a projected banks and IT form the majority of numbers. Also, since they
global GDP slowdown to 2.8 per cent in 2025, while are index heavyweights, we will analyse them in the following
capitalising on domestic policy support and selective global section.
demand.

Net Profit Growth: Outpacing Revenue IT Sector: Navigating Headwinds While

Net profit growth of 14.125 per cent YoY outpaced revenue Betting on AI-Led Growth
growth, indicating improved profitability and operational Despite weak discretionary IT spending globally, large-cap
efficiency for many companies. This strong bottom-line Indian IT firms benefitted from AI-focused transformation
performance suggests effective cost management and deals and ongoing cost-optimisation efforts. While Q1FY26
favourable market conditions in key sectors. revenue growth remained subdued, profitability held firm due
to strict cost discipline, favourable currency movements, and
Companies like Reliance Industries (36 per cent YoY PAT early monetisation of GenAI contracts. However, in July so far,
growth aided by one-time profit due to the sale of a stake in the Nifty 50 has slipped 2.2 per cent, with the Nifty IT index
Asian Paints), Central Bank of India (30 per cent YoY PAT underperforming with a 4.4 per cent decline, as weak global
growth), and ICICI Lombard (29 per cent YoY PAT growth) cues and profit booking in IT stocks weighed on market
likely contributed significantly to this metric. However, sentiment.
challenges in IT remain, where profits were pressured by global
demand slowdowns and deferred orders, which may have The following chart shows the performance of some of
limited even higher growth. the prominent IT companies

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Special Report
added pressure. Reflecting the cautious tone in the markets, the
Nifty 50 index has declined by 2.2 per cent in July so far, while
the Nifty Bank index is down 0.9 per cent, indicating investors'
interest towards the sector.

Among individual players, private sector banks led in absolute

earnings, while public sector banks (PSBs) outperformed in
terms of growth rates. Union Bank emerged as a standout
performer with a 22 per cent year-on-year (YoY) increase in net
profit, supported by 4 per cent revenue growth, showcasing
operational strength. ICICI Bank delivered consistent results
with 16 per cent growth in net profit and a 10 per cent revenue
rise, backed by stable asset quality. AU Small Finance Bank
impressed with strong revenue growth and a 10 per cent
positive EPS surprise, reflecting efficient execution. In contrast,
HDFC Bank reported 7 per cent revenue growth but a 1 per
cent dip in net profit even after one-time adjustments, while
Operationally, IT companies saw attrition drop to multi-year Axis Bank saw a 3 per cent decline in net profit despite 4 per
lows, helping improve workforce stability. However, hiring cent revenue growth, due to higher provisions.
stayed limited as firms focused on better employee utilisation
and keeping costs in check. Currency movements, especially
the weakening of the euro and pound, hurt companies with
large European exposure, even though the U.S. dollar gains
provided some relief.

Looking ahead, the sector’s performance will depend on how

quickly new deals pick upMore
in Newspaper
the second half ofTelegram
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A large
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part of the current deal pipeline—around 70 per cent—is
focused on AI, cloud services, and cybersecurity. But some
challenges remain, like currency swings, tougher visa rules, and
weak demand from Europe.

The June-quarter results show that the IT sector is going

through a transition. While revenue growth is slow, profits are
holding up, and AI-related orders are growing.

The double-digit revenue growth The sector continues to operate in a mixed macro environment.
underscores India Inc.’s ability to navigate While subdued demand weighs on growth, regulatory support
in the form of surplus liquidity and upcoming CRR cuts
global uncertainties, such as a projected provides a cushion. The outlook remains cautiously optimistic.
Continued investment in digital transformation, a growing
global GDP slowdown to 2.8 per cent in focus on secured lending, and efforts to diversify product
offerings position the sector well to capture future growth
2025, while capitalising on domestic policy as the broader economy gradually recovers in the second half
support and selective global demand. of FY26.

Conclusion
Banking Sector Q1FY26 has laid a strong foundation for India Inc.’s resilience
The Indian banking sector delivered a mixed performance in narrative, with double-digit growth in both revenue and net
Q1 FY26 (April–June 2025), demonstrating resilience in profit despite margin pressures. While banks and insurance
profitability despite facing substantial headwinds. The quarter firms thrived on domestic strength and policy support, IT
was marked by the sharpest slowdown in credit expansion seen companies demonstrated strategic adaptation through AI-led
in recent years, as banks grappled with softening loan demand, deals and cost optimisation. With over 3,700 results still
narrowing interest margins, and regulatory measures impacting pending, the rest of FY26 holds significant promise—and risk.
unsecured lending. While most major banks reported healthy The key question now: can India Inc. convert this early
profit growth, monetary policy easing and margin compression momentum into sustained growth amid global volatility? DS

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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

WHEN PRECISION MEETS PROFIT

FY25 marked a turning point for Pitti
Pitti Engineering Engineering with two acquisitions and
BSE Code: 513519 a merger under its belt. The company
CMP: `1,037.45 ended the year on a high, with
lamination volumes rising 49.43 per
cent to 63,215 metric tons. Known for manufacturing value-
added components like motor cores, rotors, and steel castings,
Pitti saw broad-based growth across operations.

The company is expected to announce its Q1FY26 results on

August 7. According to sources, numbers could surprise on the
upside, as lower costs and better efficiency start reflecting in
margins. What’s catching attention now is its machine
components business, which is on course to hit `750 crore in the
next 18–24 months. From here, all eyes will be on execution
— but with momentum on its side, Pitti seems ready to build on
a solid foundation.
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UP TREND SPOTTED UPL, the flagship of the UPL

BUILDING WEALTH Shree Cement, a
UPL Group,
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heavyweight in the
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BSE Code: 512070 defensive in agri-tech — it’s BSE Code: 500387 cement space, is
CMP: `722.95 building an ecosystem. With CMP: `32,293.80 quietly drawing
a wide portfolio that attention on Dalal
stretches from crop protection and seeds to Street. Not one, but multiple technical analysts
BioSolutions, post-harvest care, and specialty have turned bullish — and not just for the short
chemicals, the company is firmly entrenched across haul. The charts are doing the talking. A recent
the value chain. In FY25, UPL ticked all three financial surge in volumes hints at steady accumulation
boxes — revenue, EBITDA, and operating free cash flow by informed hands. Both short- and long-term
— meeting every benchmark it set. With over 2,700 setups look constructive, suggesting this isn’t a
patents under its belt and 30 per cent protected by flash in the pan. Despite market volatility, the
intellectual property, the company’s innovation engine stock has managed to hold its ground — and
is clearly firing. Looking ahead, UPL seems poised to now, it’s starting to look like one of those quiet
build on this momentum. If execution holds steady, climbers. With sentiment building and the
FY26 could be another solid year — especially with the technicals aligning, Shree Cement could be
global focus sharpening on sustainable agri-solutions. laying the groundwork for a strong upside.

SOMETHING’S COOKING Thomas Cook (India), backed by the Fairfax group

Thomas Cook with a 63.83 per cent stake, is more than just a
BSE Code: 500413 legacy travel brand. It’s a well-integrated play in
CMP: `186.25 travel and forex — and if the Street buzz is any-
thing to go by, something may be brewing beneath
the surface. There’s no official word yet, but the murmurs are getting
louder. Whispers of a potential announcement have traders on alert — and
the price action suggests someone’s positioning early. It’s one of those
setups where the chart starts moving before the headline hits.
DS

(Closing price as of July 22, 2025)

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 MF Page - 01

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Beyond the Shine: Avoiding the Decoding Beta: Measuring Risk in

Mutual Fund Investments
Most Common Mutual Fund Mistakes

W
I often come across the term 'Beta' in the context of mutual fund
hen most of you step into the world of mutual investments. Could you please explain what Beta means and
fund investing, you are tempted by the glitter why it is important?
of recent returns. It’s a familiar story: the - Rachit G.
top-performing fund catches the eye, and you
rush in hoping for a repeat. But history rarely repeats so Editor Responds : Beta is a measure of a mutual fund's volatility
neatly—especially when that stellar performance was powered or systematic risk compared to the overall market, typically
by one-off events or high-risk bets. represented by a benchmark index like the Nifty 50. A Beta of 1
indicates the fund moves in line with the market. A Beta greater
Equally problematic is choosing the wrong type of fund for than 1 means the fund is more volatile, likely to rise or fall more
the wrong goal—such as using a liquid fund for a long-term than the market. Conversely, a Beta less than 1 suggests lower
objective or an equity fund for a short-term need—resulting volatility and relatively stable performance during market
in poor outcomes. First-time investors are particularly prone swings. Understanding Beta helps investors assess a fund's risk
to getting lured by sectoral or thematic funds flaunting flashy profile. For example, aggressive investors may prefer high-Beta
short-term gains, without fully understanding the underlying funds for potential higher returns, while conservative investors
risks. A recent example is the sharp 33 per cent drop in may choose low-Beta funds to minimize downside during
defence sector funds during the second half of 2024, corrections. However, Beta only measures market-related risk
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compared to just a 4.5 per cent drawdown in the Nifty, and not company-specific or unsystematic risks. It should be
underscoring the danger of chasing trends. used alongside other metrics like Alpha, Standard Deviation, and
Sharpe Ratio for better investment decisions.
Another overlooked factor is the market cycle. Evaluating a
fund purely on its bull market performance is misleading; a
fund that hasn’t proven its strength across both bullish and
bearish phases hasn’t been truly tested. A strong fund should
not only outperform its benchmark but also show consistent
performance against its peers and demonstrate resilience
across varied market conditions. Unfortunately, most
investors also ignore risk-adjusted performance. Metrics like
Cover Story MF Page
02
the Sharpe ratio, Sortino ratio, and Alpha are critical in EMI vs SIP :
evaluating whether the returns justify the risks taken, yet they
often get sidelined due to their complexity. Finding the Financial Sweet Spot
A practical workaround is to rely on risk-adjusted fund
ratings from credible sources that distil this complexity into
friendly scores for you. Ultimately, the goal should not be to
Financial Planning MF Page
07
find the ‘best’ fund at any given time, but to stay invested in a
set of suitable, well-diversified, and reasonably performing
funds that align with long-term goals.
Special Report MF Page
08
Active Momentum Funds
Regular portfolio reviews, a focus on suitability over
popularity, and tuning out the noise from frequent NFOs and Timing the Market or Tapping the Trend?
trendy themes are far more effective strategies for wealth
creation in the long run.
Interview MF Page
13
Shashikant Singh Satish Ramanathan
Executive Editor CIO – Equity, JM Financial Asset Management Ltd

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 Cover story
MF Page - 02

EMI vs SIP : Finding the

Financial Sweet Spot
With rising home loan interest rates and evolving tax rules, many individuals face a critical choice—
should surplus funds go toward prepaying their loan or building long-term wealth through SIPs? This
piece compares both strategies across scenarios, helping you make an informed decision based on
savings, returns, risk, and time horizon

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S
anjay Mahajan sat at his dining table, laptop else. The idea of being debt-free faster was tempting. But so was
open, two tabs side by side—one showing an the possibility of compounding returns if he invested instead.
online SIP calculator, the other his home loan He’d read a dozen articles, watched YouTube videos, even asked
amortisation schedule. His wife passed him a cup his banker friend—only to end up more confused than ever.
of tea, but he barely noticed. The numbers just Like many Indians juggling aspirations, Excel sheets, and
wouldn’t line up. 'Should I throw this year’s WhatsApp forwards full of financial wisdom, Sanjay was stuck.
bonus at the prepayment of home loan, increase The idea of knocking years off his loan was appealing. So was
the EMI a bit off the raise he got, or finally start that SIP I’ve the vision of sipping margaritas someday, funded by mutual
been putting off?' he muttered, more to himself than anyone fund returns.

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 MF Page - 03

For millions of Indians, a home loan is the bridge between Key Strategies with Home Loan and
aspiration and ownership—but it comes at a steep cost, not just
in principal but also in interest. With current home loan Prepayment and Investment
interest rates ranging between 7.25 per cent and 9.5 per cent (as Lumpsum Prepayment: Making extra payments reduces the
of July 2025) and property prices continuing to rise, borrowers loan tenure and total interest. In case you choose to prepay the
today face a crucial financial decision: Should they prepay the loan as and when you have the comfort of liquidity, it will
loan, increase their equated monthly instalments (EMI) to reduce both your tenure and interest burden considering you
reduce the tenure, or channel surplus funds into mutual funds are not reducing your EMIs. Assuming that you are prepaying
via systematic investment plans (SIPs) to build long-term `1,00,000 at the start of years 4, 5, and 6 (total `3,00,000), this
wealth? This question has become even more relevant with the reduces the loan tenure from 20 years to ~18.43 years, saving
new tax regime, where home loan interest is no longer eligible `7.57 lakh in interest. This is a guaranteed saving, as it directly
for deduction, and the exemption limit of tax has been raised to reduces the interest paid to the lender. Now instead of
`12 lakh. The tax benefits that once justified holding on to a prepaying the loan, you are investing `1,00,000 at the start of
home loan have significantly diminished for those opting for years 4, 5, and 6 (total `3,00,000) in a mutual fund scheme, that
the new regime. As a result, the decision is now more generates a return of 12 per cent p.a. and grows to `16.5 lakh by
straightforward—but no less significant. year 20. Compare this with a prepayment of the same amount
from your home loan that results in a saving of just `7.57 lakh.
Choosing the right strategy can help save lakhs in interest or The prepayment strategy yields a negative financial outcome of
unlock substantial wealth over time. By balancing disciplined `8.9 lakh (`16.5 lakh gained against `7.57 lakh saved). Hence,
loan repayments with smart investments like SIPs, borrowers prepayment of principal may not work as the better option in
can manage debt efficiently while laying the foundation for a this scenario.
strong financial future.

Home Loan Strategy: Offset Interest

with Smart EMI and SIP Investments
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In India’s dynamic real estate market, home loans are a
cornerstone of financial planning for millions of retail
borrowers and investors. With property prices soaring and
interest rates fluctuating, managing a home loan while building
wealth is a pressing concern. A strategic approach combining
disciplined EMI payments with SIPs in mutual funds can help
borrowers reduce their loan burden while creating a robust
investment portfolio. This article explores how to align EMI
payments with SIP investments to offset home loan interest,
save lakhs, and achieve long-term financial goals.

Home Loan Basics & Interest Dynamics

A home loan is a long-term loan secured against the property
being purchased, typically spanning 15–30 years. The total cost
includes the principal amount borrowed and the interest,
calculated using the reducing balance method, where interest is
applied to the outstanding principal, which decreases with each
EMI. For instance, a `50 lakh home loan at 8.5 per cent annual
interest over 20 years results in a monthly EMI of If you seek guaranteed savings and want to reduce the loan
approximately `43,391. The total repayment would be around tenure, go for prepayment, otherwise MF investment is
`1.04 crore, with `54.14 lakh as interest—over half the total preferable. It’s not always possible to do a prepayment of a large
cost. The table below illustrates the EMI breakdown over time: amount, hence a more practical strategy is to increase the EMI,
which is the second strategy an investor can use and compare it
Principal Paid Interest Paid Outstanding Balance with SIP.
Year
(`) (`) (`)
1 99,511 4,21,182 49,00,489 SIP as a Wealth-Building Tool
5 1,51,984 3,68,710 42,54,375 SIPs allow investors to contribute a fixed amount regularly into
10 2,32,125 2,88,569 32,67,566 mutual funds, leveraging compounding and rupee-cost
20 4,97,492 23,202 0 averaging. Over time, this disciplined approach can build a
substantial corpus to offset home loan interest or fund other

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 Cover story
MF Page - 04

goals. Equity mutual funds have historically delivered 12-15 balancing home loan repayment with long-term investment
per cent annualised returns over the long term, though past planning. While servicing regular EMIs ensures credit
performance is not indicative of future results, however, if one discipline, it is equally crucial to invest any surplus funds to
remains invested for a longer duration, they can expect returns build wealth and maintain financial liquidity. Opting for a
in the range of 10-12 per cent. shorter loan tenure can help reduce overall interest outflow,
although it increases monthly EMIs. This approach may be
For example, investing `4,000 monthly (about 10 per cent of ideal for individuals with stable cash flows and a low-risk
the EMI for a `50 lakh loan) in an equity fund at 12 per cent tolerance. On the other hand, investors who retain their
p.a. could grow to `39.57 lakh in 20 years, enough to cover investments—such as mutual fund SIPs—for extended periods
most of the `54.14 lakh interest cost. Continuing with the (typically 5 to 7 years or more) stand to benefit from superior
above example of a `50 lakh home loan at 8.5 per cent annual compounding returns, which could be compromised if funds
interest over 20 years. If one has a `10,000 surplus, borrowers are redirected to aggressively prepay debt. Ultimately, the
face a critical decision: increase the EMI by `10,000 per month choice between loan prepayment and wealth creation should
to reduce the loan burden or invest that `10,000 monthly align with one's financial resources, goals, and risk appetite. A
through SIP at an assumed 11 per cent annual return while blended strategy—continuing EMIs while deploying surplus
continuing the original EMI for the full tenure. into long-term investments—can optimise both interest
savings and wealth accumulation.
Increasing the EMI from `43,391.94 to `53,391.94 shortens the
loan tenure from 20 years to approximately 12.67 years, Mutual Fund Categories To Invest
resulting in interest savings of `34.16 lakh. This approach offers There are three basic mutual fund categories you can choose to
guaranteed savings and frees up cash flow sooner, making it invest. Equity Funds, which again has different sub-categories,
ideal for those prioritising debt freedom and risk aversion. offers a higher return in the range of 10-15 per cent in the long
Alternatively, investing `10,000 monthly in an SIP at 11 per cent run. Nevertheless, they are volatile and returns can be negative
p.a. generates a corpus of `91.98 lakh after 20 years. After for some period and hence, are suitable for long-term
offsetting the loan’s total interest of `54.14 lakh, this strategy investment. This means that you have to start investing earlier
yields a net gain of `37.84 lakh, surpassing the interest savings in relation to your home loan tenure to get the most out of this
from the EMI increase. However, SIPand
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market volatility, introducing risk compared to the certainty of — equity and debt. These funds aim to strike a balance between
prepayment savings. The SIP approach suits those with a growth and stability by investing in a mix of stocks and bonds.
long-term horizon and comfort with market fluctuations, The equity portion provides the potential for higher returns,
aiming to not only offset interest but also build wealth. while the debt portion helps reduce overall risk. Returns
typically range between 8–12 per cent over the long term,
depending on the sub-category you have chosen. While not as
volatile as pure equity funds, they do experience some short-
term fluctuations. Hence, they are ideal for investors seeking
moderate growth with a bit of cushion against market ups and
downs — especially if your investment horizon is medium to
long-term and you're not yet ready for the full risk of equities.

Debt Funds, on the other hand, invest primarily in fixed-

income instruments like government securities, corporate
bonds, and money market instruments. These are low-risk,
low-return funds, generally offering returns in the range of 5–8
per cent. The risk of capital loss is minimal, especially if held
for the intended duration, making them ideal for short to
A hybrid strategy—such as allocating ` 5,000 to EMI increase medium-term goals or for parking funds with some liquidity.
and `5,000 to SIP—could balance guaranteed savings with This is suitable for someone who is nearing the closure of the
growth potential. Ultimately, the choice depends on risk home loan or is 5-7 years away from the closure of the home
tolerance, financial goals, and liquidity needs, and consulting a loan.
financial advisor is recommended due to the market risks
associated with SIPs. The 'good EMI' strategy, where a parallel Who Should Use This Strategy?
SIP offsets interest costs over time, is gaining traction. This strategy is ideal for homeowners who have a stable
income, a long-term perspective, and a willingness to take
Balancing Debt Repayment with Long- calculated risks. Recommended investment allocation would
be 30-50 per cent of disposable income towards SIP
Term Wealth Creation investments and 20-30 per cent towards EMI payments.
Financial experts emphasise the importance of strategically Homeowners who are nearing retirement or have a short-term

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financial goal may consider allocating a larger portion of their This translates to a corpus of around `22.10 lakhs in 10 years.
income towards loan repayments. On the other hand, young By prepaying `21.60 lakhs, he can reduce the loan tenure by
homeowners with a long-term perspective may consider 5.25 years and save interest costs around `5.36 lakhs. So, he has
allocating a larger portion of their income towards SIP total savings of around `28 lakhs.
investments.
Conclusion
Case Study 1: Young Homeowner In conclusion, by adopting a dual strategy of managing home
Continuing the above example, let's consider an example of a loan EMIs and leveraging SIP investments, homeowners can
30-year-old homeowner who takes a `50 lakh loan at 8.5 per offset interest costs and build wealth over the long term. By
cent interest for 20 years. He has a surplus income of `10,000 understanding how to align EMI payments with financial goals,
per month and wants to allocate 50 per cent towards EMI selecting the right mutual funds, and exploring disciplined
payments and 50 per cent towards SIP investments. By investing repayment strategies, readers can make informed decisions and
`5,000 per month in a diversified equity mutual fund, they can potentially save lakhs in interest while building a robust
expect returns around 12 per cent per annum over the long investment portfolio. By following this strategy, homeowners
term. This translates to a corpus of around `49.96 lakhs in 20 can achieve their long-term financial goals and create a
years. By increasing EMI by `5,000 every month, they can wealth-building asset that can help them navigate financial
reduce the loan tenure by 4.42 years and save interest costs uncertainties. With discipline, patience, and the right
around `13.35 lakhs. This translates into total savings of around investment strategy, homeowners can offset home loan interest
`63.5 lakhs. This amount is much lower than what he would and build a secure financial future.
gain by investing only in equities through SIP.
Months later, Sanjay Mahajan sat once again at his dining
table—same laptop, new clarity. He hadn’t chosen one extreme
over the other. Instead, he decided to increase his EMI
modestly and channel the rest of his surplus into a mutual fund
SIP. The confusion had lifted when he realised the question
wasn't ‘either/or’—it was about balance. He no longer stressed
over the amortisation (@Magazines_8890050582)
More Newspaper and Magazines Telegram Channel join Search https://t.me/Magazines_8890050582 schedule or market charts. What
mattered now was the quiet confidence of knowing that his
home loan was reducing steadily while his investments were
compounding silently in the background. Sanjay’s story is every
Indian homeowner’s reality—caught between the desire to be
debt-free and the dream of financial freedom. The answer, as he
discovered, isn’t buried in spreadsheets or advice threads. It lies
Case Study 2: Homeowner Nearing Retirement in aligning your choices with your goals, risk appetite, and time
Let's consider another example of a 50-year-old homeowner horizon. Sometimes, the smartest strategy isn’t the one with the
whose total remaining home loan is `20 lakh at 8.5 per cent highest returns—it’s the one that lets you sleep peacefully and
interest for 10 years. He has a surplus disposable income of sip that tea, finally noticing its warmth. DS

`30,000 per month and wants to allocate 60 per cent towards

EMI payments and 40 per cent towards SIP investments. Since
he is nearing his retirement (assuming he retires at the age of
60) he cannot take much of a risk by investing in pure equity Choosing the right strategy can help
funds. Hence, he invests in debt funds. By investing `12,000 per
month in a debt mutual fund, he can expect returns around 8
per cent per annum over the investment period.
save lakhs in interest or unlock
substantial wealth over time. By
balancing disciplined loan repayments
with smart investments like SIPs,
borrowers can manage debt efficiently
while laying the foundation for a
strong financial future.

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SBI Equity Hybrid Fund Direct Plan-Growth

Hybrid: Aggressive 15.18% p.a.
Scheme Category 5-Year Median Rolling Returns (Since Inception)
CRISIL Hybrid 35+65
78,708.42 335.97 0.72% Aggressive Index
Expense Ratio (%)
AUM (` Cr.) June 30, 2025 NAV (`) July 21, 2025 June 30, 2025 Benchmark
For units in excess of 10% of the investment,1% will be charged for Rama Iyer Srinivasan, Mansi Sajeja &
redemption within 365 days! Rajeev Radhakrishnan
Exit Load Fund Managers
Reason for recommendation Top Holdings

I
COMPANY NAME % TO NET ASSETS
n today’s volatile market environment, investors are HDFC Bank Ltd. 6.87
increasingly seeking a balance between growth and Bharti Airtel Ltd. 4.34
stability. Hybrid mutual funds offer this unique advantage Solar Industries India Ltd. 4.00
by blending the wealth creation potential of equities with the
ICICI Bank Ltd. 3.86
income stability of debt instruments. With
More Newspaper and interest
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stabilising and equity markets showing selective momentum, Kotak Mahindra Bank Ltd. 3.85
hybrid funds are positioned to deliver moderate returns with Divi's Laboratories Ltd. 3.20
lower volatility, making them an ideal investment choice for State Bank of India 3.13
conservative to moderate risk takers. Among the various MRF Ltd. 3.07
options available, the SBI Equity Hybrid Fund Direct Plan Infosys Ltd. 3.05
stands out as a compelling choice for long-term wealth Bajaj Finance Ltd. 2.97
accumulation.
well-diversified sectoral allocation. Financials dominate the
The fund has shown a mixed but generally competitive portfolio with 24.5 per cent. Services come next at 9.88 per cent,
performance when benchmarked against its category averages. followed by Communication at 5.25 per cent and Technology at
Over the 1-year period, the fund returned 10.37 per cent, 4.81 per cent. The fund’s top holdings reflect a preference for
outperforming the category average of 5.8 per cent. In the strong, stable companies with proven track records. HDFC
3-year and 4-year spans, the fund delivered 16.2 per cent and Bank Ltd. leads the pack with 6.87 per cent allocation, followed
13.38 per cent, slightly underperforming the category averages. by Bharti Airtel Ltd. at 4.34 per cent. These companies offer
While its 10-year return of 13.08 per cent edges out the average robust fundamentals and play a strategic role in diversifying the
of 12.58 per cent, indicating strong long-term consistency. portfolio while anchoring growth potential. For investors
As of June 30, 2025, the fund’s asset allocation leans towards seeking a fund that blends growth with relative stability—
equity with a substantial holding of 73.08 per cent, while 22.23 especially during market transitions—this fund deserves a
per cent is allocated to debt instruments. The fund exhibits a serious look.
Last One Year NAV (`) Movement Monthly Returns

The NAV graph is for the period of trailing one year.

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The Case for Value-Oriented

Mutual Funds
Mr. Somakumar, Founder, Primus FS Pvt Ltd

W
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e Indians love a good bargain. Known for our
haggling skills, we take pride in not Indians love a bargain, so why
overpaying - whether it’s for a product or a
service. After all, why pay more than what overpay in markets? Value
something is truly worth? investing is just smart shopping
Now, what if we applied this same logic to the stock markets? for stocks with long-term rewards
Just like any other purchase, we should only pay as much for a
business as its fundamentals justify - or ideally, even less. But of value investing. The fund manager identifies and invests your
certainly, never more. More Newspaper and Magazines Telegram Channel join Search https://t.me/Magazines_8890050582
money into stocks that are undervalued or offer a margin of
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safety i.e. they are available at a discounted market price
That’s exactly what value investing is all about - identifying compared to estimated intrinsic value. Intrinsic value is an
quality businesses trading below their inherent value, and estimate of the business’s worth based on its future cash flows,
investing in them with a long-term perspective. The upside here earnings potential, growth prospects, management quality etc.
is that when the underestimated, mispriced businesses achieve
their potential, markets reprice them higher resulting in capital These stocks typically have strong underlying fundamentals and
appreciation for the investor. In contrast, if we buy businesses long-term potential but are temporarily out of favour due to a
with elevated valuations not supported by fundamentals, the short-term company-specific issue, external factors or general
potential for upside is limited as prices are already stretched, and market sentiment. Fund managers buy these stocks with the
the scope for sharper drawdowns increases. expectation that markets will eventually price them in
accordance to their intrinsic value, which will help generate
The strong post-pandemic bounce back of the Indian economy better returns. Value-oriented funds can thus help you avoid
resulted in a multi-year bull run for Indian stock markets. overvalued stocks and sectors in the current environment,
Underperformance of Chinese equities since 2020 further which are sooner or later going to be susceptible to an
contributed to India’s attractiveness. Valuations started to run unwinding in prices to reflect the fundamentals.
ahead of fundamentals. This rally was disturbed in the final
months of 2024. An unexpected economic slowdown hurt Value-oriented funds tend to underperform during momentum-
corporate earnings which was followed by a slew of earnings driven rallies when growth funds outperform. But these funds
downgrades. At the same time, announcement of government have the potential for above-average returns over the long term
stimulus in China improved prospects of cheaply-valued as excesses get eliminated and markets reward fundamentals.
Chinese stocks. Both these developments led to an outflow of Risk is generally lower in these funds on account of the margin
global money from India. The resulting correction has of safety which acts like a cushion in case of a fall in intrinsic
moderated domestic stock valuations to align with global value. These funds are ideal for investors with long investment
markets, but they still remain expensive compared to other horizons and a preference for optimising risk-adjusted returns
emerging markets and long-term averages. over more volatile, high risk-high return bets.

In such an environment of valuation excesses, opting for value- Value-oriented funds can be a good complement to growth-
oriented mutual funds can be a smart strategy. Value-oriented oriented funds in an investment portfolio for a more balanced
mutual funds are equity mutual funds that follow the principles risk-return profile. DS

The writer is founder, Primus FS Pvt Ltd

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Active Momentum Funds

Timing the Market or Tapping the Trend?

https://t.me/sharewithpride

Abhishek Wani evaluates whether India’s active momentum funds are skillfully timing markets or simply riding trends. By
dissecting strategies of More
Samco and Quant, he scrutinizes the fine line between tactical rotation and disciplined trend-following in a
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volatile momentum investing landscape

M
omentum investing has attracted growing became a liability when sentiment shifted. This is the double-
interest from investors in recent years, edged sword of momentum investing; its success is tightly
especially during strong bull markets when linked to prevailing market trends, and its weakness is exposed
stock prices seemed to move only in one when those trends break.
direction, up. But the real question is: does
this approach involve skillfully timing the market, or simply What is momentum investing, really?
riding established trends? And perhaps more importantly, how Put simply, momentum investing is the strategy of buying
does the strategy hold up when markets reverse course? stocks that are going up and selling those that are going down.
It doesn’t rely on valuations or business fundamentals alone.
At its core, momentum investing is built on a straightforward Instead, it uses recent price behaviour, typically over 3, 6, or 12
idea: stocks that have been rising are likely to continue rising in months as a signal to make investment decisions. This style of
the near future, while those that are falling tend to keep falling, investing is supported by decades of empirical data and
at least for a while. Instead of searching for undervalued stocks, behavioural finance research. One widely accepted theory
momentum investors look for those already showing strong suggests that investors tend to chase recent winners, creating
recent performance and try to ride the wave. When this works, self-reinforcing price momentum.
the rewards can be impressive. This is why actively managed
momentum funds, which aim to identify such winners using Active momentum mutual funds take this approach a step
technical models and market signals, have become increasingly further. These are managed by professionals who use
popular. sophisticated models to select stocks based on recent price
performance. Unlike passive momentum index funds, which
But as every seasoned investor knows, markets are follow a fixed set of rules, active funds allow the manager to
unpredictable and can turn sharply. Between September 2024 adjust, rebalance frequently, or even rotate sectors as needed.
and April 2025, the Indian market underwent a steep Some also use advanced tools like short-selling or risk filters to
correction. Investors who had earlier enjoyed fast gains with adapt the portfolio to changing market conditions.
momentum funds found themselves facing significant losses.
These funds, once the stars of a rising market, became some of The advantage of momentum strategies is their potential to
the worst performers during the downturn. The same trend- generate high short- to medium-term returns. The data backs
chasing approach that delivered outsized returns in good times this up. Over the six-month period ending September 26, 2024,

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the NIFTY 200 Momentum 30 Index delivered a strong 24.42 Bear Period (September 27, 2024, to April 7, 2025)
per cent return, far outpacing the NIFTY 50, which returned
18.50 per cent in the same time frame. Even over a longer
horizon, the strategy remains compelling. Over the three-year
period ending the same date, the Momentum 30 Index
delivered an annualised return of 30.23 per cent, compared to
15.61 per cent from the NIFTY 50.

Beyond potential returns, active momentum funds offer

professional management. Fund managers rely on a blend of
analytics, technical indicators, and market insights, something (Source- Tradingview)
individual investors may struggle to do consistently on their
own. These funds also tend to offer diversification by investing Why investors still stay invested in
across sectors, helping reduce stock-specific risks. And because
decisions are often driven by quantitative models, momentum momentum
investing helps strip out emotional biases from the process. Despite the risks, experts believe that rough patches are part of
the journey. Momentum, like all investment styles, works best
But there’s a flip side... when followed consistently over the long term. The idea is not to
While the upside of momentum investing can be lucrative, the guess market bottoms or tops, but to participate in clear,
downside can be swift and unforgiving. Momentum strategies are sustained trends. The current correction, they say, could actually
highly sensitive to trend reversals. When markets turn volatile or be a healthy reset, clearing froth and resetting expectations.
uncertain, stocks that have seen the sharpest rallies are often the
first to correct, sometimes violently. These strategies also involve Trying to 'time' momentum is often counterproductive. If you
frequent portfolio churn, which means higher transaction costs. exit too early, you risk missing the start of a new trend. And
And perhaps the biggest risk is getting caught on the wrong side entering too soon can mean more pain if the correction
of a trend due to mistimed decisions or false signals. continues. The key is discipline, not precision. As one manager
puts it, 'We don’t mind
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History shows that momentum investing comes with boom- bottom or shaving some returns at the top. We wait for a clear
and-bust cycles. Periods of outperformance are often followed trend and then ride it.'
by painful drawdowns. Some of the most notable crashes for
momentum portfolios happened in 2001, 2009, and more It’s also worth noting that not all momentum strategies are
recently in 2023. In 2009, momentum strategies witnessed a created equal. Performance can vary depending on how the fund
steep 70 per cent+ drawdown, highlighting their fragility defines momentum, how frequently it rebalances, whether it
during sudden market shifts. uses filters like sector caps or valuation thresholds, and the
look-back period used to evaluate stock trends. For example, the
The recent market downturn is a case in point. Between NIFTY 200 Momentum 30 Index focuses on 6- to 12-month
September 27, 2024, and April 7, 2025, the NIFTY 50 declined performance and does not apply sector constraints, allowing it to
by 15.35 per cent, but the NIFTY 200 Momentum 30 Index fell fully chase trends but also increasing the risk of concentration.
by a much sharper 31.79 per cent. This highlights how
momentum funds, often overweight on recent winners, can see Timing vs Trend-Following: What’s the
deeper corrections when sentiment sours.
Fund Manager Really Doing?
Chart: NIFTY 50 Vs NIFTY 200 Momentum 30 Index in Momentum investing may appear straightforward on the
Bull and Bear Scenario in recent period surface—buy what’s rising and sell what’s falling—but a deeper
look into how fund managers implement it reveals a more
Bull Period (March 27, 2024, to September 26, 2024) complex reality. Are these managers actually trying to predict
short-term market moves, or are they simply riding existing
price trends with discipline? This is a crucial distinction
because the success and risk of active momentum funds
depend on where they fall along this spectrum. In practice,
most active momentum funds blend both approaches.

Market Timing in Action

Some active funds lean more into the timing side of the
spectrum. They use a host of technical indicators like RSI
(Relative Strength Index, a momentum oscillator), MACD (a
(Source- Tradingview) trend-following momentum indicator), and ADX (Average

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Directional Index, measuring trend strength) to identify signals himself from pure momentum investing, describing Quant as a
that a stock is gaining or losing momentum. For example, a fund that looks for neglected opportunities at inflection points,
fund might enter a position when RSI moves above 50 and exit where market psychology shifts dramatically. The philosophy
when it crosses 80, indicating overbought territory. These here is multi-layered and tactical, including hedge positions,
techniques require frequent monitoring, fast execution, and, cash calls, and valuation-based rebalancing, making timing an
inevitably, carry the risk of reacting to false signals or short- integral part of the process.
lived moves, commonly known as 'whipsaws.'
However, Tandon insists that such timing is analytical, not
The essence of market timing is anticipation. But anticipation speculative, rooted in liquidity trends, risk appetite, and
isn’t always reliable, especially in choppy or unpredictable valuation metrics. In essence, Quant’s strategy leans toward
markets. For investors, this means higher volatility and the strategic market timing, aimed at generating absolute returns
potential for missteps. across cycles, rather than passively following trends.

Trend-Following in Action Audit Framework: Trend or Timing?

Other funds are more aligned with trend-following principles. To evaluate whether India’s actively managed momentum
They invest in stocks that have already demonstrated strong mutual funds are skillfully timing the market or effectively
upward price movement over a defined period, often 3, 6, or 12 riding sustained trends, we conducted a comprehensive audit
months, and hold them as long as the trend remains intact. The focusing on two prominent active momentum funds, Samco
thinking is simple: the market is already voting with its feet, Active Momentum Fund (launched in July 2023) and Quant
and these securities are showing strength for a reason. There’s Momentum Fund (launched November 2023). Using 6-month
no need to predict exactly when the party ends—just leave rolling returns from their respective inceptions until July 18,
when the signs turn. 2025, alongside benchmark comparison to the Nifty 200
Momentum 30 Index, this study integrates insights from
Behavioural finance lends support here. Research shows that portfolio turnover, drawdown behaviour, return consistency,
investors often underreact to new information, allowing factor regression, and alpha generation. Our intent is not to
winners to keep winning for a while. Trend-following funds compare the funds with each other, but to understand whether
aim to capture this inertiaMorebyNewspaper
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and Magazines typically
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monthly or quarterly, to stay exposed to top performers while
exiting laggards. 1. Portfolio Turnover & Holding Period
n Samco Active Momentum Fund (Inception: July 2023)
So, Which Camp Are Active Momentum had a turnover ratio of 886 per cent as of June 30, 2025,
significantly high and suggestive of frequent trading
Funds Really In? decisions.
To answer that, let’s look at how two prominent funds (having n Quant Momentum Fund (Inception: November 2023)
Asset Under Management above `500 crore in the category), recorded a turnover ratio of 390 per cent, still elevated
Samco Active Momentum Fund and Quant Momentum Fund, but comparatively moderate.
position themselves through their investment process and
public commentaries. Before that, let’s understand fund High turnover levels (generally >100 per cent) coupled with
philosophy through fund managers’ statements by comparing likely short average holding periods (<6 months) strongly
Samco Mutual Fund—led by CIO Umesh Kumar Mehta—with suggest market timing behaviour rather than following trend.
Quant Mutual Fund. Samco Mutual Fund, under CIO Umesh While Samco articulates a trend-following philosophy, the
Kumar Mehta, demonstrates a clear commitment to systematic extremely high turnover ratio suggests more frequent trading,
trend-following. The fund’s strategy revolves around identifying which may resemble timing behaviour. However, drawing a
stocks with sustained upward momentum, not short-term definitive conclusion from turnover alone could be misleading
speculative trades. Mehta emphasizes holding positions until the without deeper portfolio analysis.
trend shows signs of exhaustion; there are no arbitrary exit
timelines, only data-driven momentum signals. This is further 2. Table: Rolling 6-Month Return Behaviour vs Benchmark
reinforced by the fund’s sector-agnostic and rules-based selection,
which avoids discretionary macro calls. Importantly, Samco Samco NIFTY 200 Quant NIFTY 200
incorporates a risk overlay, trimming positions when valuations Metric Active Momentum Momentum Momentum
or volatility stretch, but this is done to protect gains, not to Momentum 30 Fund 30
tactically time market cycles. The overall framework suggests that Average 10.75% 10.08% 6.15% 2.09%
Samco is firmly anchored in mechanical trend-following, rather Max. 36.86% 50.91% 49.34% 43.05%
than trying to predict short-term market movements. Min. -11.83% -31.14% -20.72% -32.94%
Std. Dev. 12.87% 23.04% 19.13% 19.70%
In contrast, Quant Mutual Fund, led by Sandeep Tandon, Upside Capture 142.05% - 166.00% -
follows an opportunistic, macro-aware investment style that Downside Capture 35.90% - 221.16% -
blends multiple timeframes and strategies. Tandon distances

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Samco displays lower volatility (Std Dev: 12.87 per cent) with different philosophies. Samco appears to lean toward a market-
decent average return, hinting at short-term tactical rotation to timing strategy, characterised by high portfolio turnover,
contain drawdowns. dynamic sector rotation, and a focus on managing drawdowns
through tactical shifts. This suggests an effort to time
3. Drawdown & Recovery Behaviour momentum cycles, though such moves may sometimes lead to
Samco Active Nifty 200 style drift or mistimed executions. On the other hand, Quant
Metric Quant Momentum Momentum Fund exhibits the hallmarks of a trend-following
Momentum Momentum 30
Max. Drawdown 83.48% 77.00% 66.15% strategy, with persistent exposure to the momentum factor, high
beta positioning, and a strong correlation with the Nifty 200
Quant’s drawdown nearly mirrors the benchmark’s, with some Momentum 30 Index. Its approach appears more systematic and
lag in recovery, suggesting passive trend capture rather than pro-cyclical, aiming to harness sustained price trends rather
active rotation. Samco’s deeper drawdown is counterintuitive than preempt market turns.
despite its high turnover, potentially reflecting unsuccessful
timing decisions in volatile markets. Despite these observable traits, it's worth noting that
philosophical alignment and actual fund behaviour may
4. Factor Regression: Style Consistency occasionally diverge, partly due to the funds' relatively short
Fund R² with Nifty 200 Momentum 30 R² with Nifty 50 track records (both being launched just over two years ago) and
Samco 0.8 0.49 partly due to the inherent flexibility that active momentum
Quant 0.92 0.73 investing demands. Managers may adjust tactics in response to
shifting market conditions, resulting in temporary deviations
Quant’s higher R² with Nifty 200 Momentum confirms a from stated strategy. Broadly, active momentum investing
stable, style-consistent strategy, closely aligned with its branches into two viable styles: trend-following, which relies on
benchmark. Samco’s lower correlation reflects greater systematic exposure and periodic rebalancing, and market
deviation, likely driven by frequent shifts, i.e., market timing. timing, which attempts to anticipate inflection points based on
macro or valuation cues. What matters most is not which fund
5. Alpha Consistency vs Nifty 200 Momentum 30 performs better over a short period, but whether the fund’s
Excess Return Frequency More (Rolling 6-Month
Newspaper Alpha):
and Magazines implementation style aligns
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n Samco: appetite, and tolerance for volatility. Momentum works, but how
Out of total 373 data points- it's harnessed, and by whom, makes all the difference.
n Negative alpha (-0.25 to 0): 198 times
n Slightly positive alpha (0 to 0.25): 175 times
n Roughly equal mix: suggests episodic alpha,
Which Style Suits You: Trend-Following
indicating market timing. or Market-Timing?
n Quant: For most investors who go for momentum funds, trend-
Out of total 290 data points- following momentum funds are a safer, more sustainable choice.
n Negative alpha (-0.25 to 0): 69 times These strategies prioritise process over prediction, capturing
n Slightly positive (0 to 0.25): 221 times trends without trying to outguess the market. By riding
n High frequency of marginal outperformance suggests momentum, they often generate alpha with lower risk and fewer
consistent trend-capture strategy. drawdowns than market-timing approaches.

6. Risk-Adjusted Returns: Sharpe, Sortino, Alpha Trend-followers typically stay invested during rising phases,
Fund Alpha Std. Dev. Beta Sharpe Sortino reducing the risk of missing out, a key behavioural edge that
Quant 0.38 18.34 1.10 0.27 0.60 helps avoid FOMO. In contrast, market-timing funds may suit
Samco 0.29 16.08 0.86 0.26 0.58 experienced investors who can handle volatility, track signals,
Category Avg 0.14 15.57 0.99 0.32 0.59 and make quick decisions. But the precision they require makes
them less suited to long-term, retail-focused strategies.
Quant carries a higher beta and alpha, true to trend-following
behaviour. Samco, with lower beta and controlled volatility, For retail investors, especially those investing via SIPs and valuing
hints at a defensive overlay, typical of timing efforts. consistency over tactical shifts, trend-following better supports
long-term wealth creation. It reduces decision fatigue, behavioural
errors, and underperformance from mistimed exits or re-entries.
Conclusion: Timing or Trend,Choosing Its edge lies in staying aligned with the market’s direction, helping
Your Momentum Strategy investors remain invested, reduce regret, and build wealth.
Momentum investing is not a one-size-fits-all approach. As
seen in the contrasting strategies of Samco Active Momentum In essence: If you're seeking consistency, discipline, and a
Fund and Quant Momentum Fund, both fund houses employ smoother ride through market cycles, trend-following is the
active momentum frameworks, but with fundamentally better bet. DS

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Make Your Portfolio

Inflation-proof
Hemant Rustagi
Chief Executive Officer, Wiseinvest Pvt Ltd.

I
nflation is crucial to investing as it reduces the value of ups and downs during different market conditions but also
your money over time. Therefore, keeping up with the helps in tackling inflation. However, the correct asset
rate of inflation, to protect the value of investments, allocation, based on one’s time horizon and risk profile, and
should be the top priority for every long-term investor. maintaining it through one’s defined time horizon can produce
Remember, the ability to earn a positive real rate of the desired results. Another important step that needs to be
return, i.e., gross returns minus taxes minus inflation, would taken is to curb the expenditures by following budgeting. By
depend upon the composition of the portfolio. doing so, more money will be available for investments every
month, resulting in a(@Magazines_8890050582)
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While the nominal return represents the growth rate of one’s
money, the real rate of return represents the change in the While investing for the long term, equity should be the
purchasing power of the money. Simply put, it’s actually the mainstay of the portfolio as it has the potential to beat inflation.
real rate of return that indicates whether the money is growing As an asset class, it scores over others, as returns are tax-
in value or not. efficient. For example, any capital gain arising out of an
investment redeemed after 12 months is treated as a long-term
Since most investors keep their focus on the safety of capital capital gain. While long-term capital gains eon an investment
and invest a major share of their investible surplus in in an equity and equity-oriented fund are taxed at 12.5 per
traditional options offering guaranteed returns like FDs, cent, short-term capital gains are taxed at 20 per cent.
bonds, and small savings schemes, this important aspect of However, there is no tax on long-term capital gains up to `1.25
earning a positive real rate of return gets overlooked. Investors lakh in a financial year.
must know that inflation is a far bigger risk than the safety of
capital while building a portfolio for some of the most To be a successful equity investor, one must be well-versed
important long-term goals like children’s education and with the challenges too. Considering the volatile nature of the
retirement planning. stock market, it’s important to honour time commitment and
follow a disciplined approach. Regular investments can turn
Moreover, considering that most of the traditional investment the stock market volatility to one’s advantage through
options offer lower returns and are taxed at one’s nominal tax averaging and significantly improve the probability of staying
rate, the real rate of return usually turns out to be either ahead of inflation.
negative or minimal. While it is true that a higher inflation
regime allows investors to earn higher interest on their fresh Besides, if the portfolio has a substantial exposure to equity, the
investments in FDs and bonds, the tax inefficiency of return impact of higher inflation during certain periods could be in
negates that benefit to a large extent. Therefore, investing in a the form of falling portfolio valuations. That’s because rising
variety of tax-efficient hybrid funds can make a difference to the interest rates spell trouble for corporate earnings as well as the
real rate of return. Of course, one needs to have absolute clarity stock market. However, in the long run, corporate earnings are
in terms of time horizon and the risk profile while doing so. generally able to outpace inflation. As is evident, the extent of
success in staying ahead of inflation decides how secure one’s
The first step towards staying ahead of inflation should be to financial future would be. Thankfully, there are strategies that,
have an investment strategy in place. It can be quite if followed diligently, can help investors’ portfolios remain on
challenging to develop a strategy that not only withstands the track to earn a positive real rate of return. DS

66 DALAL STREET INVESTMENT JOURNAL I JULY 28 - AUG 10, 2025 dsij.in

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 Interview
MF Page - 13

Satish Ramanathan liquidity and a good monsoon forecast as also benign inflation,
consumer sentiment might revive. There are also some signs that
CIO – Equity, JM Financial Asset Management Ltd government spending is reviving, and corporate capital
expenditure is expanding.

What measures have you taken to safeguard your portfolio

amid past geopolitical tensions, and what’s your strategy to
navigate such risks in the future?
The geopolitical risk continues to remain a key challenge.
However, to safeguard the portfolio, we are maintaining a
diversified portfolio across segments and sectors with a bias
towards growth.

Amid market uncertainty and news of fund houses building

cash buffers, have you adjusted your cash allocation recently,
or do you prefer to stay invested through market swings?
We generally do not maintain high levels of cash and prefer to
stay invested across market cycles.

With inflation cooling, interest rate cuts being announced, a

relatively strong rupee, and ongoing oil price volatility, how
do you expect these trends to shape market sentiment and
direction in India?
 Current markets are volatile and
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We believe these recent developments could be positive for both
the economy and markets. A strong rupee and lower crude
experiencing rapid sector rotation, prices are beneficial to consumption. A strengthening currency
is detrimental to exports in the short term but helps contain
which is not sustainable. inflationary pressures. All of these factors point to improved
liquidity and growth prospects.

How do you expect India Inc’s Q1FY26 earnings How would you define your core investment philosophy,
performance, and do you believe it could provide enough and in what ways does it shape your fund management
momentum for markets to scale new highs? decisions?
We expect Q1FY26 to show improvement as we are seeing a We continue to follow our GeeQ philosophy of earnings -
gradual recovery in earnings momentum. We have seen two Growth in Earnings with Earnings Quality. We believe that in
quarters of sequential growth after five consecutive quarters of the medium term, this offers a sustainable paradigm for capital
declining momentum. In the recent past, earnings have been appreciation for investors. Our investment process closely
impacted by weak domestic demand, slow government capital monitors long-term and short-term growth prospects of a firm
expenditure, and external trade disturbances. With benign and its capital efficiency to decide whether it merits being in the
inflation and improved liquidity, we expect the improvement to portfolio.
sustain. As regards markets, we need to be aware that FPIs are
still tentative, and markets seem to be dependent on inflows What could be the rationale behind the timing of the
from mutual funds and domestic funds. company’s decision to launch its Large & Mid Cap Fund?
Are there any sector rotation opportunities you’re exploring, The Large and Midcap index covers the top 250 companies,
especially with the monsoon underway and the festive which covers 82 per cent of India’s market capitalisation and 93
per cent of overall profits. The scheme could benefit from the
season approaching in the latter half of FY26? stability that large-cap companies offer and growth prospects of
Current markets are volatile and experiencing rapid sector midcap companies, offering investors a well-rounded portfolio.
rotation, which is not sustainable. We prefer to take a longer- We believe that this scheme can become one of the core holdings
term view on earnings growth of underlying companies that we of an investor’s portfolio. We are excited by the prospects of this
invest in. The general expectations are that with improved fund. DS

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