CRISIL IER

Independent Equity Research

Enhancing investment decisions

Sangam (India) Ltd

Detailed Report

Explanation of CRISIL Fundamental and Valuation (CFV) matrix

The CFV Matrix (CRISIL Fundamental and Valuation Matrix) addresses the two important analysis of an investment making process
Analysis of Fundamentals (addressed through Fundamental Grade) and Analysis of Returns (Valuation Grade) The fundamental grade
is assigned on a five-point scale from grade 5 (indicating Excellent fundamentals) to grade 1 (Poor fundamentals) The valuation grade is
assigned on a five-point scale from grade 5 (indicating strong upside from the current market price (CMP)) to grade 1 (strong downside
from the CMP).

CRISIL
Fundamental Grade
5/5
4/5
3/5
2/5
1/5

Assessment
Excellent fundamentals
Superior fundamentals
Good fundamentals
Moderate fundamentals
Poor fundamentals

Research Analysts
Bhaskar Bukrediwala
bhaskar.bukrediwala@crisil.com
Sayan Das Sharma
sayan.sharma@crisil.com

Client servicing desk

+91 22 3342 3561
clientservicing@crisil.com

CRISIL
Valuation Grade
5/5
4/5
3/5
2/5
1/5

Assessment
Strong upside (>25% from CMP)
Upside (10-25% from CMP)
Align (+-10% from CMP)
Downside (negative 10-25% from CMP)
Strong downside (<-25% from CMP)

Sangam (India) Ltd

July 22, 2016

Expanding presence across the value chain

Fundamental Grade: 3/5 (Good fundamentals)

Valuation Grade:

5/5 (CMP has strong upside)

Industry:

Fair Value: 354

CMP: 267

CFV MATRIX
Excellent
Fundamentals

Garments: Scaling up operations amidst intense competition to be a challenge

The company recently forayed into the seamless knitted garments and branded apparel
segment by launching its brand C9. We view this as a positive as the business has higher
margin. The company has also started selling its garments to other branded players. The
challenge, however, remains in scaling up operations in an industry with a presence of large
pan-India players and numerous small regional players.
Key risks: Exposure to volatility in raw material prices, high gearing
With presence in the commoditised yarn and fabric segments, Sangam has limited pricing
power. Hence, its realisations and profitability are exposed to volatility in raw material prices
(polyester staple fibre or PSF, viscose staple fibre or VSF and cotton). Although debt has come
down in recent years, its debt/EBITDA ratio remains moderately high at 2.3x. It plans to raise
new debt to fund future capex plan of ~4 bn. If it is unable to achieve adequate utilisation
levels, it may stretch the balance sheet.
Fair value raised to 354 per share
We continue to value the company by the discounted cash flow (DCF) method. We have rolled
forward our estimates by one year to FY18. We have revised our long-term growth and margin
estimates. Consequently, our fair value has been revised upwards to 354 per share from 220
per share. At the CMP of 267, our valuation grade is 5/5.

Operating income
EBITDA
Adj net income
Adj EPS ()
EPS growth (%)
Dividend yield (%)
RoCE (%)
RoE (%)
PE (x)
P/BV (x)
EV/EBITDA (x)

3
2

Poor
Fundamentals

Strong
Dow nside

Valuation Grade

KEY STOCK STATISTICS

NIFTY/SENSEX
NSE/BSE ticker
Face value ( per share)
Shares outstanding (mn)
Market cap ( mn)/(US$ mn)

8541/27803
SANGAM
10
39.42156
10,526/157

Enterprise value ( mn)/(US$ mn)

52-week range ()/(H/L)
Beta
Free float (%)
Avg daily volumes (30-days)
Avg daily value (30-days) ( mn)

16,318/243
324/179
1.1
53%
29,540
36

SHAREHOLDING PATTERN
100%
90%
80%
70%

48.0%

45.6%

45.5%

39.6%

3.9%
0.8%

4.0%
3.0%

3.6%
3.6%

3.6%
9.4%

47.4%

47.4%

47.4%

47.4%

Jun-15

Sep-15

60%
50%
40%
30%

20%
10%

KEY FORECAST
( mn)

Fabric segment: Key growth driver

Addition of premium products and entry into new export geographies (Latin America and the
Middle East), along with expected demand uptick in the domestic market, are likely to augment
fabric sales. We forecast 14% CAGR over FY16-18E. However, competitive pressure in the
commodity denim fabric segment remains a challenge.
Yarn segment: Captive consumption to cap volume growth
Owing to rising captive consumption by the fabric segment, volume growth in the yarn segment
is forecast to increase at ~6% CAGR over FY16-18E. Export demand for yarn is likely to remain
subdued as well due to multiple impediments. Domestic demand, on the contrary, is expected
to revive as uptick in consumption spending should provide tailwinds to fabric and readymade
garment (RMG) demand. We expect cotton and PV yarn prices to inch up in FY17, after
declining for consecutive quarters, benefiting realisations.

Strong
Upside

With an established position in the dyed polyester viscose or PV yarn market, Sangam (India)
Ltd (Sangam) is focusing on fortifying its presence across the value chain. It is expanding its
fabric processing capacity (both PV and denim), introducing new products and entering new
export destinations. We view higher capital allocation towards the fabric segment, which
generates higher RoCE than yarn, as a positive. Boosted by these initiatives, we expect the
fabric segment to drive Sangams growth going forward. It has also forayed into the seamless
knitted garment and branded apparel segments. Although the industry has vast potential,
scaling up operations amidst intense competition is likely to be challenging. Exposure to
volatility in raw material prices, competitive pressure in the fabric segment and high gearing
(debt-EBITDA of 2.3x) are key challenges. We maintain our fundamental grade of 3/5.

Fundam ental Grade

Textiles, Apparels and Luxury goods

0%

FY14

FY15

FY16#

FY17E

FY18E

14,326
1,887
406
10.3
(21.0)
4.2
12.1
12.9
3.4
0.4

14,580
2,088
505
12.8
24.5
2.6
13.4
14.4
6.1
0.8

15,115
2,333
774
19.6
53.3
1.1
15.6
19.1
13.6
2.4

17,533
2,797
971
24.6
25.5
1.3
17.8
20.3
10.8
2.0

20,071
3,312
1,183
30.0
21.8
1.7
19.3
20.8
8.9
1.7

3.9

4.4

7.0

5.9

5.1

Promoter

FII

Dec-15

Mar-16

DII

Others

PERFORMANCE VIS--VIS MARKET

Returns
Sangam
NIFTY 500

# abridged financials; Source: Company, CRISIL Research estimates

For detailed initiating coverage report please visit: www.crisil.com
CRISIL Independent Equity Research reports are also available on Bloomberg (CRI <go>) and Thomson Reuters.

1-m

3-m

6-m

12-m

-5%
5%

3%
9%

-10%
16%

39%
1%

Table 1: Sangam - Business environment

Parameter
Revenue
contribution
(FY15)
Revenue
contribution
(FY18E)*
Geographic
presence
(by revenue
share)
Market position

Yarn

Fabric

Garments

PV yarn: 48%

PV fabric : 20%

Cotton yarn: 12%

Denim fabric: 20%

PV yarn: 39%

PV fabric : 21%

Cotton yarn: 7%

Denim fabric: 23%

Domestic : 78%

Domestic: 75%

Exports: 22% (Asia, Latin

Exports: 25% (Asia, Latin America,

Not applicable

Garments: 10%

Not available

America, Europe, the Middle East) Europe, the Middle East)

Estimated to have ~25% share in
the Indian dyed PV yarn market in
2015

Mid-sized player in the highly

fragmented fabric and denim market

Relatively a small player in the

highly fragmented garment
market

Industry growth
expectations

Blended yarn: 6.5% - 7.5% CAGR

(in volumes) for

Cotton yarn: 3.5% - 4.0% CAGR

Denim segment: 8% CAGR

Domestic RMG segment: 5.5% 6% CAGR

FY16 to 18E
End market

Synthetic and cotton fabric

Synthetic garment and apparel

manufacturers

manufacturers

Sales growth

PV yarn: 1.7% (captive

(FY11-FY15

consumption has increased from

CAGR)

4% to 15%); cotton yarn: 10.7%

Sales forecast

PV yarn: 8% CAGR

(FY16-FY18E)

Cotton yarn: -12% CAGR (due to

enhanced captive consumption)

Demand drivers

PV fabric: 9.3%
Denim: 19.1%

Consumers

Not applicable

PV fabric: 10% CAGR;

Garments: 580% (albeit a lower

Denim fabric: 18% CAGR

base)

Captive consumption by the domestic synthetic shirting and suiting

Price competitiveness of PV yarn vis-a-vis cotton yarn as incremental

segment

Increasing affordability
Need for sportswear due to
rising awareness for fitness

cost of dyeing cotton yarn makes it costlier than dyed PV yarn

Shift in preference for apparels made from blended fabric over cotton
fabric owing to better comfort (smoothness) and aesthetic (lustre and
crease) properties

Key competitors

Growing preference for jeans as daily wear

Banswara Syntex Ltd, RSWM

Siyaram Silk Mills, RSWM,

Ltd, Suryavanshi Spinning

Aarvee Denims and Exports Ltd,

Mills Ltd, Sutlej Textiles

Nandan Denims and Arvind Mills

Industries Ltd
Key risks

Volatility in prices of PSF,

High dependence on few

Jockey, Lovable, Enamor

Recent entrant in the

Ltd

VSF and cotton

suppliers

Adverse movement in yarn

prices

garment space; hence,

Recent entrant in the fancy

faces stiff competition from

fabric segment; hence faces stiff

established players and the

competition from established

unorganised market

players such as Raymond and

Nandan Denim
Source: Company, CRISIL Research

Grading Rationale
Expanding presence across the value chain
With an established presence in the PV yarn segment (~25% share of the overall domestic
market), Sangam is expanding its PV and denim fabric facilities and venturing into the
seamless gaments segment. It also plans to launch premium products under denim and PV

Focus on less cyclical, high

fabrics, and diversify its product basket. Additionally, it has commissioned the seamless

RoCE businesses

garment facility of 3.6 mn pieces/annum, and launched a range of products under its C9
brand. While challenges remain, these businesses 1) are less cyclical and less
commoditised, and 2) have better margin profile and generate higher RoCE than the yarn
business. Considering this, we opine that expanding presence across the value chain is a
step in the right direction.

Incremental capital allocation to high RoCE business a positive

While majority of the capital is currently employed in the yarn business, going forward the
company plans to allocate most of the capital expenditure to the fabric business - 3.6 bn of
the total planned capex of 3.9 bn is expected to be invested in expanding the fabric
processing capacity. Higher capital allocation towards high RoCE businesses is a definite
positive.
Table 2: Higher capital allocation to PV fabric and denim divisions
Particulars

PV yarn

Cotton yarn

PV fabric

Denim fabric

4,752
51%
199
5%

1,087
12%
117
3%

1,533
17%

1,895
20%

Current capital employed ( in mn)

% of total capital employed
Incremental planned capital expenditure through FY16-18 ( mn)
% of incremental planned capital expenditure

3,555
92%

Fabric segment: Key growth driver

Changing product mix + foray into newer geographies to augment growth in
denim fabrics
To improve its product mix, the company is focussing on introducing premium products in
the denim segment aiming mainly at the export markets. The company has expanded its
denim fabric capacity to 40 mmpa (mn meter per annum) from 32 mmpa, to manufacture
premium products. This capacity is expected to further increase to 48 mmpa by the end of
FY17. To penetrate the domestic market, Sangam has expanded its dealer network to ~100
dealers from ~10 over the past few years. It plans to gain share in the competitive segment
mainly by offering its products at a 25-30% discount to the existing products.
It has also expanded into newer export markets such as the US, Europe, the Middle East,
Turkey, China and Latin America over the past couple of years. Resultantly, export revenue
of denim fabric jumped ~170% y-o-y in FY16, albeit at a low base. We expect the introduction
of new products and foray into new markets to drive denim fabric sales going ahead.

Denim fabric sales to grow at

18% CAGR over the next
couple of years

Domestic demand to remain steady

We expect domestic demand for denim fabric to improve on account of rising demand for
jeans, which is expected to log 8% CAGR (in value) over FY15-20. This growth is likely to

Domestic demand for jeans to

be driven by 1) acceptance of jeans as office wear by many corporates, 2) rising preference

grow at 8% CAGR over the

for semi-casual and formal clothing, and 3) introduction of casual wear on Fridays by

next five years

corporates. Pick-up in consumption spending should drive the demand for jeans in the near
term.
Considering an improvement in demand and initiatives taken by the company, denim fabric
sales are expected to post a two-year CAGR of 18% over FY16-18E. Volumes are expected
to grow at ~15% CAGR, and realisations are forecast to grow at ~2% CAGR owing to a
changing product mix.
Figure 1: Denim fabric volume to grow at 15% CAGR over

Figure 2: Revenue estimated to increase 18% over

FY16-18E

FY16-18E
(/mt)

(mn mtrs)

40

123.2

35
119.6

30
116.5

25

117.3

5,000

124

4,500

122

4,000

120

3,500

10%

3,000

5%

2,500

0%

118
116

20
15

( mn)

126

114
110.6

112

10
5
22.2

25.1

28.0

32.2

37.1

0
2014

2,000

2015
Volume

2016

2017E

110

1,500

108

1,000

106

500

104

19%

Source: Company, CRISIL Research

15%

-5%
-10%
-15%

-22%
2,919

3,286

3,855

4,566

2015

2016

2017E

2018E

y-o-y growth (RHS)

Intense competition in commoditised denim segment is foremost challenge

Sangam has a weak competitive position in the domestic market as it primarily focuses on
the highly competitive, low entry barrier commoditised denim fabric. As a result, it has low
pricing power - its realisations are lower than other denim players, at 115-120 per meter.
This has led to low pricing power for the company in a highly competitive denim market.
Additionally, the domestic denim market is currently facing an oversupply situation total
installed capacity is ~1,200 mmpa, while demand is 800-850 mmpa, depicting an utilisation
rate of 80-85%. With the industry expected to grow at ~8% CAGR over the next couple of
years, the oversupply situation is likely to persist. Intense competition and oversupply in the

-20%
-25%

Source: Company, CRISIL Research

market may hinder the companys growth.

25%
20%

2,456

Revenues

Realisation (RHS)

18%

13%

2014

2018E

17%

Oversupply in the denim

market persists

Figure 3: Focused on commoditised segment - apparent

Figure 4: Small player with a total capacity of 40 mn

from low realisations

metres as of FY16

(/ meters)

(mmpa)
120

187

200

Capacity to expand
by 8 mmpa in FY17

100
149

110

100

50

47

42

40

40

40

30

KG Denim

74

Suryalakshmi

75

20

Sangam

85

40

Oswal Denims

60

117

Bhaskar Industries

133

130

Raymond Uco Denim

150

80

30

0
Aarvee Denim

Arvind Ltd

Sangam

Suryalakshmi

NDL

Mafatlal

Etco Denim

Jindal Worldwide

Sudarshan Jeans

50

Aarvee

NDL

FY16

Average realisation per meter

Source: Company, CRISIL Research

Source: Company, CRISIL Research

PV fabric: Domestic volumes to drive growth; realisations to remain stable

Sangams PV fabric sales are expected to grow at 10% CAGR over FY16-18E due to 1) rise
in RMG demand, which is expected to grow at 7-8% CAGR over 2016-20, and 2) rise in

PV fabric sales to grow at 10%

CAGR over FY16-18E

disposable income. Additionally, the company is marketing its products in the new export
markets and launching new products. These factors are expected to drive volume growth of
6%. Increase in PV yarn prices are expected to drive 3% realisation growth.
Figure 5: PV fabric growth to be volume-driven
40.0

( mn)

116.5

113.1

109.8

(%)

4,500

140.0

35.0
30.0

Figure 6: Revenue to grow at 10% CAGR over FY16-18E

(/mt)

(mn mtrs)
117.1

50%
39%

4,000

120.0

40%

3,500

88.7

100.0

25.0

30%

3,000

80.0

2,500

60.0

2,000

18%
10%

20.0
15.0

1,000
20.0

5.0

23.7

25.1

31.3

33.5

35.5

2014

2015

2016

2017E

2018E

0.0

500

0.0
Volume

0%

-9%

-10%
2,103

2,919

3,435

3,786

4,154

2014

2015

2016

2017E

2018E

-20%

Revenues

Realisation (RHS)

Source: Company, CRISIL Research

y-o-y growth (RHS)

Source: Company, CRISIL Research

Yarn segment: Rising captive consumption to cap volume

growth
As mentioned above, rising captive consumption in both cotton and PV yarn is expected to
moderate growth in sales volumes over the next couple of years. However, moderation in
volumes is expected to be offset by an expansion in EBITDA margin stemming from captive
consumption.

20%
10%

1,500

40.0

10.0

10%

PV yarn: Realisations to improve

We expect Sangams PV yarn sales volumes to increase 9% over FY16-18E due to
moderate growth in captive consumption, which is estimated to increase to ~30% by FY18E
from 23% currently. Domestic demand is expected to be steady due to factors such as
increased substitution for polyester fabric over cotton due to its superior aesthetic qualities
and pick-up in RMG demand. However, export prospects appear bleak as policy changes

Volume growth to remain

moderately healthy over the
next couple of years

such as Trans Pacific Partnership (a Free trade Agreement) and shifting of orders to
Bangladesh and Vietnam are likely to impact demand for yarn from India. With stabilisation
in raw material prices, realisations are expected to grow at 4% CAGR over the next two
years.

Cotton yarn: Sturdy growth in denim fabric to result in higher captive

consumption
Following sturdy growth in denim fabrics, captive consumption of cotton yarn is expected to
grow to ~60% over the next two years from ~40% currently. As a result, outside sales volume
of cotton yarn is estimated to decrease at 12% CAGR over FY16-18. Owing to lower
acreage, cotton prices should inch up in FY17 subsequently, we expect cotton yarn
realisations to increase at 3% CAGR over FY16-18E.
Figure 7: Enhanced captive consumption to moderate

Figure 8: Enhanced captive consumption to cap volume

volume growth for PV yarn

growth for cotton yarn

(/kg)

('000 kgs)

40

210.0

39

210.0

38

205.0

(/kg)

('000 kgs)
12.0

215.0

200

194

195
10.0

199.6

198.6

37

190

192.8

36

183

8.0

200.0

178

195.0
190.0

183.6

34

185.0

33

180.0

32

175.0

180

173

6.0
35

185

175

168

4.0

170
165

2.0
34

34

36

38

39

31
2014

2015
Volume

2016

2017E

9.6

9.6

9.9

9.1

7.2

FY14

FY15

FY16

FY17E

FY18E

170.0
2018E

155
Volume

Realisation (RHS)

Source: Company, CRISIL Research

160

Realisation (RHS)

Source: Company, CRISIL Research

Raw material prices are likely to stabilise

After a continuous slide in raw material prices for the last few quarters, prices are expected
to stabilise going forward. Cotton prices are expected to show a moderate growth of 3% in
FY17 from a decline of 8% in FY16 due to 1) slight increase in the MSP of cotton to 41 per
kg from 40.5 per kg in CS2015-16 (Cotton Season) and 2) narrowing of demand-supply
gap due to decrease in acreage and fall in cotton yield in CS2015-16. PSF prices are
expected to rise 4% in FY17 from a decline of 15% in FY16 due to stabilisation in crude oil
prices, and VSF prices are expected to rise 3% due to increase in raw material prices of
rayon grade wood pulp.

Raw material prices to inch

up, benefitting realisations

Figure 9: Prices to stabilise going forward

(/mt)

250
215
198
200

181

150

130

186

177

137
96

107

195

134
116

140

144

94.5

97

79

82

FY16E

FY17E

128
103

100
97

97

103

93

50

FY12

FY13

Cotton

FY14
Cotton Yarn

FY15
PSF

VSF

Source: CRISIL Research

Exports to remain muted

Yarn exports are expected to decrease in the long run due to 1) shifting of orders to
Bangladesh as the working conditions have improved - exports to Bangladesh increased a
mere 2% y-o-y in FY16 from a rise of 5% and 9% y-o-y in FY15 and FY14, respectively; 2)
reduced exports to Vietnam and Turkey due to increase in capacities in those countries exports to Vietnam and Turkey declined ~60% and ~40% y-o-y, respectively, as of FY16;
and 3) policy changes such as the Trans Pacific Partnership (TPP) agreement. The TPP
agreement, signed on February 4, 2016 is a yarn forward provision which requires yarn and
fabric used in the final product to be manufactured in one of the free trade partners to qualify
for duty-free treatment under the trade pact. Since India is not a member country in this FTA,
its exports of yarn to the member countries of TPP are expected to decline in the long run.
Sangam exports 20% of its PV yarn and 50% of its cotton yarn, and it saw a decline of 27%
y-o-y in PV yarn owing to lower export volume growth and lower realisations.

Garments: Immense potential; Sangam trying to make inroads

Sangam is a new player in the womens innerwear garments segment, which is a 180-200
bn market. Dominated by a few pan-India organised players, this segment is driven by valueadded premium products and, therefore, enjoys better pricing and margins. While this
industry offers large growth potential, being a new entrant the company is likely to find it
Has commissioned capacity

difficult to gain incremental market share.

Commenced in 3QFY16, the company sells seamless garments through its C9 brand. It
offers products in active wear, intimate wear, yoga wear and shape wear, mainly for women.
It uses imported machines from Italy and has started commercial production, although
revenue contribution remains low. The company plans to undertake several promotional
activities, and leverage its distribution network to market products. It plans to open ~1,000

and launched its brand C9

to foray into seamless
garments

multi brand outlets (MBOs) along with 10-15 exclusive brand outlets (EBOs) by the end of
FY17 and the company has floated a 100% subsidiary for the same - Sangam Lifestyle
Ventures Ltd - in June 2016. It simultaneously opened its first EBO in Mumbai. It also plans
to sell its garments to other branded players. In addition, it is partnering with online players
such as Flipkart, Amazon, EBay, Snapdeal, PayTm, Fashionara, Belletouch and others.
Since this business has a better margin and RoCE profile, venturing into this business is a
step in the right direction by the company.

Intense competition, scalability of the operations to be a challenge

The branded apparel segment in India offers large potential. However, being a relatively
newer entrant in an industry dominated by large domestic and international brands Jockey,
Lovable, Bodycare, Juliet, Enamor and others gaining substantial market share is likely to
be challenging. Further, it currently has a narrower product portfolio and smaller distribution
reach compared with leading players. Although the company is taking steps to establish its
brand presence, it is likely to be gradual. We expect revenue from this segment to reach
~2000 mn in FY18, thus registering a 580% CAGR over FY16-18E.

Tie-up with other branded players to augment volume growth but restrain
realisation and margins
Apart from selling garments through its C9 brand, the company also plans to sell its garments
to other branded players. Doing so will augment volume growth for the RMG segment by
catering to the demand of other branded players. However, this will also lead to lower pricing
power unlike the C9 branded segment and, therefore, lower margins.

Increasing revenue contribution from high-margin businesses to aid

margin expansion
We expect operating margin to expand by 110 bps over the next couple of years. Rising
revenue contribution from the RMG business 10% in FY18E from ~1% in FY16 which
has a higher margin profile, and venturing into manufacturing of value-added fabric are
expected to be the key catalyst for this margin expansion. The companys strategy to
increase the captive consumption of both PV and cotton yarn is likely to reduce the revenue

Operating margin to expand

by 110 bps to 16.5% over
FY16-18E

contribution of this low-margin business. Introduction of premium products in the fabric

segment is likely to provide additional impetus. We expect margin to expand to 16.5% in
FY18E from 15.4% in FY16.

Increase in gearing to be a monitorable

Although the company has successfully reduced its leverage over the past five years debtEBITDA has come down to 2.5x in FY16 from 5.3x in FY10 it remains high. The company
has a planned capex outlay of 3.9 bn over the next three years, ~50% of which is to be
funded through debt. This is likely to increase leverage. While we expect the company to
generate sufficient accruals to maintain leverage at 1.1x-1.2x and repay debt of ~600 mn
every year till FY18, in case the company is not able to scale up operations at the new
8

Expect debt/EBITDA to
decline to 2.0x in FY18

facilities successfully, it may stretch the balance sheet. Any further increase in gearing is a
monitorable.

Table 3: Sangams planned capex details

Sr. No Capital expenditure

1
2

Balancing and modernisation project under

To increase cotton yarn

TUFS in Biliya Kalan, Rajasthan

production

Balancing and modernisation project under

To increase PV yarn

TUFS in Sareri, Rajasthan

production

New project in Soniyana, Dist. Chittorgarh,

1

Rajasthan - setting up of spinning unit with

26,736 spindles

Purpose

Incremental

spent

debt required (

( mn)

mn)

66.6 mn

50.0 mn

113.4 mn

85.1 mn

1,980.0 mn

1,575.0 mn

2,160.0 mn

1,710.1 mn

To increase PV dyed yarn

production

74 weaving machines at Atun, Bhilwara existing To increase PV fabric

site

One dyeing machine at Biliya Kalan

Installation of 2 MW solar power plant

production
To increase denim fabric
production
For captive power
consumption

Total
Key takeaway from the plant visit
We did a plant visit to Bhilwara on April 20, 2016. Our key takeaways:

Amount to be

The processing, weaving and spinning facilities are spread across the textile belt of
Bhilwara. It has three different facilities.

The project on modernisation of the machines under TUFS has started.

The seamless garments production has started. The entire process is highly
mechanised with only eight labourers required on 36 machines. It has developed
range of products which the company plans to sell through the C9 brand.

Key Risks
Decline in cotton, PSF and VSF prices
Being in the commoditised yarn industry, the company remains exposed to the volatility of
raw material prices. We have factored higher in realisations going forward due to moderate
price rise in all the key raw materials. However, if the raw material prices decline further, it
will impact Sangams realisations.

Volatility in foreign exchange

Exports constitute ~27% of the companys total revenue. Any adverse movement in the
foreign exchange rate is likely to impact the revenue and profitability of the company.

Slowdown in demand
Prolonged slowdown in demand for RMG in the domestic market, or a global slowdown is
likely to affect the companys growth prospects. We have factored in an improvement in
domestic RMG demand. In case it is below our expectations, it may pose a downside risk to
our estimates.

10

Financial Outlook
Revenue to record CAGR of 15% over FY16-18
We estimate revenue to log 15% CAGR over FY16-18E, driven by the denim and PV fabric
segment and garments. We expect sales of PV fabrics and denim fabrics to grow at 10%

Expect 14% CAGR in fabric

sales over FY16-18E

and 18% CAGR, respectively, over FY16-18 following contribution from value-added
products and expansion of the distribution channels in the domestic and export markets. The
yarn segments revenue is likely to grow at 4% CAGR due to pick-up in realisations. Volume
is expected to grow moderately. Revenue contribution from garments is expected to rise up
to 10% by FY18.

Figure 10: Expect revenue to grow at 15% during FY16-18

Figure 11: PV yarn to continue to be key revenue driver

( mn)

(%)

(%)

20%

100%

25,000

16%

90%

14%
20,000

70%

10,000

10%

60%

5%

2%

0%

-3%

14,580

15,115

17,533

20,071

FY15

FY16

FY17E

FY18E

Revenues

21%

22%

15%

10%
22%

23%
21%

23%

14%
12%

53%

20%

22%
21%

11%

9%

48%

44%

43%

7%

39%

10%
-5%

FY14

18%

4%

40%
30%

5,000

0%

50%

4%
14,326

0%

80%

15%

15,000

0%

0%
FY14

Growth y-o-y (RHS)

PV yarn

Source: Company, CRISIL Research

FY15

Cotton yarn

FY16

Blended fabric

Source: Company, CRISIL Research

EBITDA margin to expand by 110 bps over FY16-18E; adjusted

PAT to post 24% CAGR
Consequent to 1) higher contribution from high-margin fabric and garment segments, and 2)
increased captive consumption, EBITDA margin is expected to expand to 16.5% in FY18
from 15.4% in FY16. Adjusted PAT is expected to grow to 1,183 mn in FY18E from 774
mn in FY16, in line with increase in EBITDA.

11

FY17E

Denim fabric

FY18E

Garments

Figure 12: EBITDA margin to expand 110 bps over FY1618E

Figure 13: PAT to increase 24% over FY16-18E

( mn)
3,500
3,000

15.4%

16.5%

16.0%

14.3%

(%)

( mn)

(%)

18.0%

1,400

7.0%

16.0%

13.2%

5.5%

1,200
1,000

12.0%

2,000
1,500

5.0%
3.5%

10.0%

800

8.0%

600

3.0%

400

2.0%

4.0%

2.8%

6.0%

1,000

6.0%

5.1%

14.0%

2,500

5.9%

4.0%
500

1,887

2,088

2,333

2,797

3,312

FY14

FY15

FY16

FY17E

FY18E

200

2.0%
0.0%

EBITDA

1.0%
406

505

774

971

1,183

FY14

FY15

FY16

FY17E

FY18E

0.0%

EBITDA Margin (RHS)

PAT

Source: Company, CRISIL Research

PAT Margin (RHS)

Source: Company, CRISIL Research

Return ratios to improve

We expect RoCE to improve to 19.3% in FY18 from 15.6% in FY16 owing to higher PAT
margin. Rising contribution from the high-margin fabrics and garments businesses is likely
to aid RoCE expansion.

Figure 14: Return ratios expected to improve driven by improvement in PAT margin
(%)

(%)

2.5

25.0

20.0

19.1

18.7

20.8

5.5%

19.3

14.4

7.0%

2.2
1.8

2.0
17.8

12.9

15.0

20.3

1.5

1.4

1.3

13.5

12.1

13.4

1.0

3.6%

6.0%

5.1%
1.7

1.3

5.0%
1.3

15.6
10.0

5.9%

3.5%

1.3
1.2

1.3

1.1

4.0%
3.0%

1.2

2.8%
2.0%

5.0

0.5
1.0%

0.0

0.0
2103

FY14

FY15

FY16

RoE

FY17E

FY18E

0.0%
2103

RoCE

FY14

FY15

Gross Asset Turnover

Source: Company, CRISIL Research

NOTE:
The management has given a higher capacity utilisation for the garments segment but we
have assumed capacity utilisation of 60% for the same in FY17 and FY18 as we have
factored in a gradual ramp-up. Going forward, while the company is adding capacities and
management is confident in achieving healthy top line, the ramp-up of its existing and new
capacities remains a monitorable.

12

FY16

FY17E

Leverage (x)

FY18E

PAT Margin

Management Overview
CRISIL Researchs fundamental grading methodology includes a broad assessment of
management quality apart from other key factors such as industry and business prospects,
and financial performance. Overall, management is relatively good with moderate risk
appetite.

Experienced top management team

Promoters Mr R.P. Soni (Chairman), Mr S.N. Modani (Managing Director and CEO) and Mr
V.K. Sodani (Executive Director) have over three decades of experience in the Indian textiles
industry. They bring sound expertise and leadership to the business. The top management

Experienced promoters with

is ably supported by professionals who have been with the company for a long time. Mr L.L.

vast industry expertise

Soni, Vice-President Finance, has been with the company for 17 years. Mr Jain, President
Commercial, has been with Sangam for 20 years. The senior management team has varied
work experience, ranging from five to over 30 years in their respective fields. However, we
believe the decision-making is centralised and rests with the top management.

Successful in forward integration

The company has successfully forward integrated into the garments segment. It is also
aggressively marketing and promoting its in house brand C9 and has allotted ~500 mn to
be spent on marketing of its brand. Additionally, it is also allocating majority of the
incremental capex to the high RoCE businesses such as fabrics and yarn. We view this shift
in focus from the commoditised yarn segment to the less cyclical fabric and garment
business as a step in the right direction.

13

Corporate Governance
CRISILs fundamental grading methodology includes a broad assessment of corporate
governance and management quality, apart from other key factors such as industry and
business prospects, and financial performance. In this context, CRISIL Research analyses
the shareholding structure, board composition, typical board processes, disclosure
standards, and related-party transactions. Any qualifications by regulators or auditors also
serve as useful inputs while assessing a companys corporate governance.

Board composition and processes

Sangam's board comprises seven members, of whom four are independent and nonexecutive directors. The independent directors frequently attend the board meetings. The
roles of the chairman and the managing director have been segregated, with the chairmans
position being held by the non-executive Director Mr R.P. Soni.

Good quality of earnings, but scope to improve MIS

Good quality of earnings as reflected in the following:

Generated operating cash

Profit backed by cash flows Sangam has consistently reported positive cash flow

flows consistently in the past

from operations over the past 10 years. Despite investing in the business, it has

10 years

also posted free cash flows in six of the past 10 years.

Consistent dividend payout The company has regularly paid dividends over the past
seven years, with payout ratio in the range of 10-20%; it was ~15% in FY16.

Scope to improve disclosure standards Based on the publicly available documents

and information, we believe the companys disclosure standards have scope for
improvement. Although the company has been forthcoming in sharing information with
us, it does not hold quarterly earnings conference call or release earnings presentation
with operational data.

Capital allocation policy: In the recent past, the companys capital allocation policy
has been efficient. It has exited the toll collection business, and has allocated capital to
textile and related businesses only.

14

Valuation

Grade: 5/5

We continue to value Sangam by the DCF method. We have rolled forward our estimates by
one year to FY18. Considering the forward integration push by the company, we have

Raise our fair value to 354

increased our long-term margin estimates. Consequently, we have revised our fair value to

per share

354 per share from 220 per share. This fair value implies P/E multiples of 13.9x and 11.4x
on FY17E and FY18E EPS, respectively. The stock is currently trading at 267 per share,
implying a valuation grade of 5/5.

Key DCF assumptions and valuation

Nature of asset

Projection year (FY17-26)

Terminal year

Textile

Cost of equity: 17.4%

Cost of equity : 17.4%

WACC: 12.4%

WACC: 12.4%

Terminal growth rate: 3%

One-year forward P/E band

One-year forward EV band

()

( mn)

350

20,000

300

18,000

16,000
250

14,000

200

12,000

150

10,000

8,000
100

6,000
4,000

2,000

Apr-13
May-13
Jul-13
Aug-13
Oct-13
Dec-13
Jan-14
Mar-14
May-14
Jun-14
Aug-14
Oct-14
Nov-14
Jan-15
Mar-15
Apr-15
Jun-15
Jul-15
Sep-15
Nov-15
Dec-15
Feb-16
Apr-16
May-16
Jul-16

50

Sangam
8x

4x
10x

Apr-13
May-13
Jul-13
Aug-13
Oct-13
Dec-13
Jan-14
Mar-14
May-14
Jun-14
Aug-14
Oct-14
Nov-14
Jan-15
Mar-15
Apr-15
Jun-15
Jul-15
Sep-15
Nov-15
Dec-15
Feb-16
Apr-16
May-16
Jul-16

6x
12x

EV

3x

Source: NSE, CRISIL Research

Source: NSE, CRISIL Research

P/E premium / discount to Nifty 500

P/E movement

4x

5x

6x

(Times)

0%
-10%

18

-20%

16

-30%

14

-40%

12

-50%

10

-60%

-70%

-80%

-90%

+1 std dev

-100%

-1 std dev

Apr-13
May-13
Jul-13
Aug-13
Oct-13
Dec-13
Jan-14
Mar-14
May-14
Jun-14
Aug-14
Oct-14
Nov-14
Jan-15
Mar-15
Apr-15
Jun-15
Jul-15
Sep-15
Nov-15
Dec-15
Feb-16
Apr-16
May-16
Jul-16

Apr-13
May-13
Jul-13
Aug-13
Oct-13
Dec-13
Jan-14
Mar-14
May-14
Jun-14
Aug-14
Oct-14
Nov-14
Jan-15
Mar-15
Apr-15
Jun-15
Jul-15
Sep-15
Nov-15
Dec-15
Feb-16
Apr-16
May-16
Jul-16

Premium/Discount to NIFTY 500

Median premium/discount to NIFTY 500

1yr Fwd PE (x)

Source: NSE, CRISIL Research

Source: NSE, CRISIL Research

15

Median PE

Stock price movement

Fair value movement since initiation

()

1000

('000)

900

400

800

350

700

300

600

250

500

2,000
1,800
1,600
1,400
1,200
1,000
800
600
400
200
0

200

400

150

300

100

200

50

100

Total Traded Quantity (RHS)

NIFTY 500

Source: Company, CRISIL Research

CRISIL Fair Value

Jul-16

Feb-16

Apr-15

Sep-15

Nov-14

Jan-14

Jun-14

Aug-13

Oct-12

Mar-13

May-12

Jul-11

Dec-11

Feb-11

Apr-10

Jan-16

Jun-16

Sep-15

May-15

Dec-14

Apr-14

Aug-14

Jul-13

Nov-13

Oct-12

Mar-13

Jun-12

Feb-12

Sep-11

Jan-11

May-11

Apr-10

Aug-10

SANGAM

Sep-10

SANGAM

Source: Company, CRISIL Research

CRISIL IER reports released on Sangam (India) Ltd

Date
19-April-10
01-June-10
27-Jul-10
28-Oct-10
23-Feb-11
28-Apr-11
12-July-11
02-Aug-11
28-Nov-11
20-Feb-12
03-July-12
03-Sep-12
09-Nov-12
06-Feb-13
13-May-13
14-Oct-13
18-Dec-13
18-Feb-14
05-June-14
01-Sep-14
19-Nov-14
11-Mar-15
26-May-15
28-Aug-15
22-July-16

Nature of report
Initiating coverage
Q4FY10 result update
Q1FY11 result update
Q2FY11 result update
Q3FY11 result update
Q4FY11 result update
Detailed report
Q1FY12 result update
Q2FY12 result update
Q3FY12 result update
Detailed report
Q1FY13 result update
Q2FY13 result update
Q3FY13 result update
Q4FY13 result update
Detailed report
Q2FY14 result update
Q3FY14 result update
Q4FY14 result update
Q1FY15 result update
Detailed report
Q3FY15 result update
Q4FY15 result update
Q1FY16 result update
Detailed report

Fundamental
grade
3/5
3/5
3/5
3/5
3/5
3/5
3/5
3/5
3/5
3/5
3/5
3/5
3/5
3/5
3/5
3/5
3/5
3/5
3/5
3/5
3/5
3/5
3/5
3/5
3/5

Fair value
46
46
46
59
59
59
63
63
51
51
58
58
58
73
60
46
46
50
50
72
95
115
115
220
354

16

Valuation
grade
5/5
5/5
4/5
4/5
5/5
4/5
5/5
5/5
5/5
3/5
4/5
3/5
3/5
5/5
5/5
5/5
5/5
5/5
4/5
3/5
4/5
4/5
3/5
3/5
5/5

CMP
(on the date of report)
33
37
38
50
45
52
38
35
29
47
47
56
64
53
46
34
35
33
45
72
85
92
123
225
267

Company Overview
Sangam, the flagship company of Sangam group, is a leading manufacturer of PV yarn in
India. It was promoted as a fabric manufacturing unit, under the name of Arun Synthetics
Pvt. Ltd, by Mr R.P. Soni and Mr S.N. Modani. The company took a strategic decision to
backward integrate and forayed into spinning in 1995 by installing 17,280 spindles for
manufacturing PV dyed yarn. It is also present in the Indian synthetic blended fabric and
denim segments with brands such as Sangam Suitings and Sangam Denim. The companys
client base includes Raymond, RSWM, Banswara, Syntex, Donear, Siyaram and Grasim. It
has a network of 100 dealers and 1,000 retailers across India and its manufacturing facilities
are located in Bhilwara, Rajasthan.
PSF and VSF are the key raw materials used in the production of PV yarn. Sangam procures
PSF solely from Reliance Industries Ltd and VSF from Grasim Industries Ltd.

Processes and capacity as of FY16

Division
PV (spindles)
Cotton (spindles)
Denim fabric
Fabric (suitings)
Texturized yarn
Garments
Thermal, solar and wind power

1,57,440
53,856
40 mn meters pa
33 mn meters pa
7,200 MT pa
3.6 mn pcs pa
37 MW

17

Annexure: Financials
Balance Sheet

Income statement
( m n)

FY14

FY15

FY16#

FY17E

FY18E

( m n)

14,580

15,115

17,533

20,071

EBITDA

1,887

2,088

2,333

2,797

3,312

Equity share capital

EBITDA m argin

13.2%

14.3%

15.4%

16.0%

16.5%

Reserves
Minorities

743

804

762

882

977

1,144

1,284

1,572

1,915

2,335

Interest

661

672

640

634

682

Operating PBT

483

611

932

1,280

1,652

Other income

128

110

176

100

Exceptional inc/(exp)

PBT

612

722

Tax provision

206

Minority interest

PAT (Reported)

Depreciation
EBIT

FY14

FY15

FY16#

FY17E

FY18E

Liabilities

14,326

Operating incom e

Net w orth

394

394

394

394

394

2,920

3,323

3,998

4,805

5,775

3,314

3,717

4,393

5,199

6,169

Other debt

5,919

6,168

5,828

6,142

6,732

108

Total debt

5,919

6,168

5,828

6,142

6,732

Deferred tax liability (net)

450

404

421

421

421

1,104

1,380

1,760

9,683

10,289

10,641

11,761

13,321

217

334

409

577

Assets

Net fixed assets

5,372

5,622

5,989

6,413

7,136

406

505

770

971

236

109

Less: Exceptionals

5,607

5,731

5,989

6,413

7,136

Adjusted PAT

406

505

79

59

59

59

59

Inventory

2,337

2,651

2,945

3,363

3,849

Sundry debtors

2,009

2,517

2,711

2,882

3,299

Loans and advances

885

741

1,183

1,227

1,405

36

180

260

(4)

(4)
774

Convertible debt

Total liabilities

Capital WIP

1,183

Total fixed assets

971

Investm ents

1,183

Current assets

Ratios
FY14

FY15

FY16#

FY17E

FY18E

Grow th
Operating income (%)

(3.1)

1.8

3.7

16.0

14.5

Cash & bank balance

30

37

EBITDA (%)

(9.3)

10.6

11.8

19.8

18.4

Marketable securities

Adj PAT (%)

(21.0)

24.5

53.3

25.5

21.8

Total current assets

5,264

Adj EPS (%)

(21.0)

24.5

53.3

25.5

21.8

Total current liabilities

Net current assets

5,948

6,875

7,652

8,813

1,271

1,455

2,281

2,362

2,686

3,992

4,493

4,594

5,290

6,127

9,683

10,289

10,641

11,761

13,321

Intangibles/Misc. expenditure

Profitability
EBITDA margin (%)

13.2

14.3

15.4

16.0

Total assets

16.5

2.8

3.5

5.1

5.5

5.9

RoE (%)

12.9

14.4

19.1

20.3

20.8

Cash flow

RoCE (%)

12.1

13.4

15.6

17.8

19.3

( m n)

FY14

FY15

FY16#

FY17E

FY18E

RoIC (%)

12.9

13.6

16.0

16.1

16.7

Pre-tax profit

612

722

1,108

1,380

1,760

Total tax paid

(233)

(263)

(317)

(409)

Depreciation

743

804

762

882

977

(495)

(103)

(553)

(757)

Adj PAT Margin (%)

Valuations
Price-earnings (x)

3.4

6.1

13.6

10.8

8.9

Working capital changes

Price-book (x)

0.4

0.8

2.4

2.0

1.7

Net cash from operations

EV/EBITDA (x)

3.9

4.4

7.0

5.9

5.1

Cash from investm ents

Capital expenditure

EV/Sales (x)
Dividend payout ratio (%)
Dividend yield (%)

0.5

0.7

1.1

1.0

0.9

14.3

15.8

15.8

14.3

15.1

4.2

2.6

1.2

1.3

1.7

9
1,131
(391)
0

Investments and others

Net cash from investm ents

(577)

768

1,450

1,301

1,403

(929)

(1,015)

(1,305)

(1,700)

20

2
(1,012)

(1,305)

(1,700)

(391)

(909)

(719)

249

(340)

314

590
(179)

Cash from financing

Equity raised/(repaid)

B/S ratios
Inventory days

72

80

91

87

87

Debt raised/(repaid)

Creditors days

34

39

61

55

55

Dividend (incl. tax)

(58)

(80)

(122)

(139)

Debtor days

54

65

64

61

61

Others (incl extraordinaries)

(12)

(22)

23

(26)

(34)

Working capital days

101

105

109

101

100

Net cash from financing

(789)

147

(438)

148

377

Gross asset turnover (x)

1.3

1.3

1.2

1.3

1.3

Change in cash position

Net asset turnover (x)

2.6

2.7

2.6

2.8

3.0

Closing cash

Sales/operating assets (x)

2.5

2.6

2.6

2.8

3.0

Current ratio (x)

4.1

4.1

3.0

3.2

3.3

Debt-equity (x)

1.8

1.7

1.3

1.2

1.1

Quarterly financials (standalone)

Net debt/equity (x)

1.8

1.6

1.3

1.1

1.0

( m n)

Interest coverage (EBIT/Interest)

1.7

1.9

2.5

3.0

3.4

Net Sales

Interest coverage (EBITDA/Interest)

2.9

3.1

3.6

4.4

4.9

Change (q-o-q)

-2%

EBITDA

597

Per share

9%

617

554

544

172

187

156

256

149

172

187

156

260

8%

15%

9%

-17%

67%

4.1%

4.7%

4.1%

4.4%

6.7%

3.8

4.4

4.7

3.9

6.6

54.8

Book value

84.1

94.3

111.4

131.9

156.5

Change (q-o-q)
Adjusted PAT m argin
Adj EPS

18

-11%

145

30.0

47.0

Source: CRISIL Research

619

9%

Adjusted PAT

24.6

39.0

4.5

3,874

1%

Reported PAT

19.6

33.2

39.4

Q4FY16

3,564

-2%

12.8

3.5

Q3FY16

4,010

14.0%

29.1

39.4

Q2FY16

3,666

-10%

10.3

3.1

Q1FY16

3,621

15.5%

CEPS

39.4

Q4FY15

-0.2%

Adj EPS ()

2.0

260

16.5%

FY18E

39.4

80

180

4%

FY17E

1.5

144

36

16.9%

FY16#

39.4

(1)

37

12%

EBITDA m argin

FY15

Actual o/s shares (mn)

30

16.5%

Change (q-o-q)
FY14

Dividend ()

(48)

Focus Charts
Expect revenue CAGR of 15% during FY16-18

Denim fabrics to be the key revenue driver

( mn)
25,000

(%)

(%)

20%

100%

16%

90%

14%
20,000

10%

60%

5%

2%

14,580

15,115

17,533

20,071

FY15

FY16

FY17E

FY18E

22%
21%

12%

53%

11%

48%

FY14

Growth y-o-y (RHS)

PV yarn

9%

7%

44%

43%

39%

FY15

Cotton yarn

FY16

FY17E

Blended fabric

FY18E

Denim fabric

Garments

Source: Company, CRISIL Research

EBITDA margin estimated to expand by 110 bps in FY18

( mn)
16.5%

16.0%

15.4%

23%

0%

Source: Company, CRISIL Research

3,000

23%
21%

20%

-5%
Revenues

10%
22%

10%

3,500

22%

40%

0%

-3%

FY14

21%

4%

14%

30%
5,000

18%

50%

4%
14,326

0%

15%

70%

10,000

0%

80%

15%

15,000

0%

14.3%

PAT to grow at 24% over FY16-18

(%)

( mn)

(%)

18.0%

1,400

7.0%

16.0%

13.2%

1,000

12.0%

2,000
1,500

5.0%
3.5%

10.0%

800

4.0%

8.0%

600

3.0%

400

2.0%

2.8%

6.0%

1,000

6.0%

5.1%

14.0%

2,500

5.9%

5.5%

1,200

4.0%
500

1,887

2,088

2,333

2,797

3,312

FY14

FY15

FY16

FY17E

FY18E

200

2.0%
0.0%

EBITDA

1.0%
406

505

774

971

1,183

FY14

FY15

FY16

FY17E

FY18E

0.0%

EBITDA Margin (RHS)

PAT

PAT Margin (RHS)

Source: Company, CRISIL Research

Source: Company, CRISIL Research

Return ratios expected to improve

Stock price movement

(%)

1000

25.0

20.0

900

19.1

18.7

20.8

800
700
600

19.3

14.4

17.8

12.9

15.0

20.3

500

15.6
10.0

13.5

12.1

400

13.4

300
200
100

5.0

SANGAM

RoCE

-Indexed to 100

Source: Company, CRISIL Research

Source: Company, CRISIL Research

19

NIFTY 500

Jun-16

Jan-16

Sep-15

May-15

Dec-14

Apr-14

Aug-14

Nov-13

Jul-13

Oct-12

Mar-13

FY18E

Jun-12

FY17E

Feb-12

FY16

Sep-11

FY15

RoE

Jan-11

FY14

May-11

2103

Aug-10

Apr-10

0.0

CRISIL Research Team

Senior Director
Nagarajan Narasimhan

CRISIL Research

+91 22 3342 3540

nagarajan.narasimhan@crisil.com

Prasad Koparkar

Senior Director, Industry & Customised Research

+91 22 3342 3137

prasad.koparkar@crisil.com

Binaifer Jehani

Director, Customised Research

+91 22 3342 4091

binaifer.jehani@crisil.com

Manoj Damle

Director, Customised Research

+91 22 3342 3342

manoj.damle@crisil.com

Jiju Vidyadharan

Director, Funds & Fixed Income Research

+91 22 3342 8091

jiju.vidyadharan@crisil.com

Ajay Srinivasan

Director, Industry Research

+91 22 3342 3530

ajay.srinivasan@crisil.com

Rahul Prithiani

Director, Industry Research

+91 22 3342 3574

rahul.prithiani@crisil.com

Bhaskar S. Bukrediwala

Director

+91 22 3342 1983

bhaskar.bukrediwala@crisil.com

Miren Lodha

Director

+91 22 3342 1977

miren.lodha@crisil.com

Analytical Contacts

Business Development
Prosenjit Ghosh

Director, Industry & Customised Research

+91 99206 56299

prosenjit.ghosh@crisil.com

Megha Agrawal

Associate Director

+91 98673 90805

megha.agrawal@crisil.com

Neeta Muliyil

Associate Director

+91 99201 99973

neeta.muliyil@crisil.com

Dharmendra Sharma

Associate Director

(North)

+91 98189 05544

dharmendra.sharma@crisil.com

Ankesh Baghel

Regional Manager

(West)

+91 98191 21510

ankesh.baghel@crisil.com

Sonal Srivastava

Regional Manager

(West)

+91 98204 53187

sonal.srivastava@crisil.com

Sarrthak Sayal

Regional Manager

(North)

+91 95828 06789

sarrthak.sayal@crisil.com

Priyanka Murarka

Regional Manager

(East)

+91 99030 60685

priyanka.murarka@crisil.com

Sanjay Krishnaa

Regional Manager

(Tamil Nadu & AP)

+91 98848 06606

sanjay.krishnaa@crisil.com

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