Company Name

Adani Ports & Special Economic Zone Ltd.

Asian Paints Ltd.
Axis Bank Ltd.
Bajaj Auto Ltd.
Bharti Airtel Ltd.
Coal India Ltd.
Dr. Reddy'S Laboratories Ltd.
H D F C Bank Ltd.
Hero Motocorp Ltd.
Hindustan Unilever Ltd.
Housing Development Finance Corpn. Ltd.
I C I C I Bank Ltd.
I T C Ltd.
Indusind Bank Ltd.
Infosys Ltd.
Kotak Mahindra Bank Ltd.
Larsen & Toubro Ltd.
Mahindra & Mahindra Ltd.
Maruti Suzuki India Ltd.
N T P C Ltd.
Oil & Natural Gas Corpn. Ltd.
Power Grid Corpn. Of India Ltd.
Reliance Industries Ltd.
State Bank Of India
Sun Pharmaceutical Inds. Ltd.
Tata Consultancy Services Ltd.
Tata Motors Ltd.
Tata Steel Ltd.
Wipro Ltd.
Yes Bank Ltd.

Correlation (Debt to Equity and Equity Beta)

Slope
Correlation between Fixed Assets and Debt to equity)
Correlation between (ROAand Debt to equity)
Main product/service group NIC code Bank
Ports 52220 0
Paints & varnishes 20221 0
Banking services 64191 1
Motorcycles 30911 0
Cellular mobile phone service 61209 0
Securities investment services 64300 0
Drug formulations 21002 0
Banking services 64191 1
Motorcycles 30911 0
Cosmetics, toilet preparations, soap & washing preparations 20239 0
Housing finance services 64192 0
Banking services 64191 1
Cigarettes 12003 0
Banking services 64191 1
Software services 62013 0
Banking services 64191 1
Construction of other industrial plants 42209 0
Automobiles 2910 0
Passenger cars 29101 0
Thermal electricity 35103 0
Crude oil 610 0
Power transmission services 35107 0
Petroleum products 19209 0
Banking services 64191 1
Drug formulations 21002 0
Software services 62013 0
Heavy commercial vehicles 29102 0
Finished Steel (Non-Alloy Steel) 24105 0
Software services 62013 0
Banking services 64191 1

0.18
0.086
0.341
-0.214
Total capital Reserves and funds
6375.5 169459.1
4713.7 75063.8
5403.2 559013.3
2894.1 127560.5
88737 654576
65533.3 183193.7
829 121792
8039.5 912814.5
1073.2 102755.7
2380 65280
38414 596904.8
60304.1 1034668.9
15094.8 451981.9
5981.5 200494.5
11440 678380
13948.8 375722.7
50760.3 498767.3
66277.9 294671
1664 369241
90487.2 895925.6
105409.4 2147728.4
52315.9 446339.1
58760 2607460
72780 2163947.9
40307.9 363997.4
5630 860170
11323.9 573826.7
48669.1 345740.7
7252 511841
4564.9 215831.4
Long term borrowings excl current portioShort-term borrowings
180750 32621.2
410.7 5044.3

1624.8
896373 129442
2948 27334.9
5449 43626

2079 400.8
2780
1619520 425522.2

184 191.1

661679.4 165567.9
301573.3 101240.8
5750
1053006 31202.4
456545.4 100273.4
1112531.7 15000
1521480 315280

14360.8 66549.2
710 2000
606291.8 138599.4
640023 183281
19611 116741
Minority interest reserves Total assets Gross fixed assets
1392.4 452536.8 234504.4
3754.5 125680.2 39646.2
613.1 6115551.2 65399.4
0.4 165587.8 49858.6
68750 2439182 2717819
3459.2 1198821.8 291686.9
218165 159324
2914.4 8924626.9 107355.8
673.8 164908.9 105977.1
220 161630 51710
34725.7 4743663.3 33591.9
48653.1 9895832.6 169963.7
2947.4 566152.7 180944.3
1788611.7 23219.6
836730 233790
4744.3 2763848.4 43401.2
35636 2151662.1 170055.9
63569 1162850.2 467686.5
154 525649 186802
8032.6 2618153.5 1170878.8
41243 4283603.5 2448623.7
2134605.3 1519632.7
29170 7094790 3612930
64806.5 34528352.3 716812.4
37908.6 621227.8 244664.2
3660 1042020 229880
4531.7 2885646.2 1635122.1
16017 1735601 1313019.6
2391 799861 305252
2150596.9 12180.9
Retained profits/losses during the year
39115.2
10225.3
25087.7
18798.2
31455
-58368.9
9531
152274.2
14932.4
1870
104414.3
99531.6
21103.7
28677.1
74010
49418.8
39712.3
29243.7
62374
64789.5
90445.3
58586.3
299010
-22552.9
66746.9
153420
73813.6
-53395.2
76197
33393.2
Current assets (incl. short term investments, loans & advances
119324.8
70450.2

46259.1
233918
720663.7
96837

75942.1
102570
642195.2

263896.5

540230

1240737.9
490904.6
87986
306362.6
574805
154506.6
1468130

331646.4
811690
1182093
511489.2
540698
Operating profit of non-financial companiesMarket CapitalisationBeta
56481.2 904073.99 1.63
29054.6 1107393.85 0.73
-121989.6 1552527.44 1.35
48115.6 972880.86 0.83
357301 1761054.61 0.75
143641.2 1865636.83 0.97
24962 390803.67 0.52
-198648.8 5182964 0.82
45095.8 726933.56 0.93
63400 3024317.68 0.51
-10496.3 3120507.7 0.96
-195601.3 2294950.83 1.49
153632.3 3361048.01 0.6
-42111.2 1044351.91 1.27
187440 2580336.68 0.39
-78630.6 2121188.56 0.97
93530.7 2001093.46 1.44
36061.6 949488.31 0.79
106449 2910390.34 1.03
211499.1 1409974.41 0.95
482930.5 2630171.55 1.25
227859.8 1015713.13 0.88
469920 6104834.52 0.96
-585440.2 2685431.94 1.65
97588 1408514.55 0.5
324530 6116340.28 0.38
419538.3 1152918.23 1.29
162698.3 760219.24 1.47
111554 1411119.46 0.37
-39960 822679.24 1.66
Debt to Equity Ratio(Book ValueDebt to Equity Ratio (Market ValueAssets Beta Fixed Assets
1.20 0.236 1.32 0.52
0.07 0.005 0.73 0.32
0.00 0.000 1.35 0.01
0.01 0.002 0.83 0.30
1.26 0.583 0.47 1.11
0.12 0.016 0.95 0.24
0.40 0.126 0.46 0.73
0.00 0.000 0.82 0.01
0.02 0.003 0.93 0.64
0.04 0.001 0.51 0.32
3.05 0.655 0.58 0.01
0.00 0.000 1.49 0.02
0.00 0.000 0.60 0.32
0.00 0.000 1.27 0.01
0.00 0.000 0.39 0.28
0.00 0.000 0.97 0.02
1.41 0.413 1.02 0.08
0.95 0.424 0.55 0.40
0.02 0.002 1.03 0.36
1.09 0.769 0.54 0.45
0.24 0.212 1.03 0.57
2.26 1.110 0.42 0.71
0.68 0.301 0.74 0.51
0.00 0.000 1.65 0.02
0.18 0.057 0.47 0.39
0.00 0.000 0.38 0.22
1.26 0.646 0.78 0.57
2.01 1.083 0.71 0.76
0.26 0.097 0.34 0.38
0.00 0.000 1.66 0.01
ROA
12%
23%
-2%
29%
15%
12%
11%
-2%
27%
39%
0%
-2%
27%
-2%
22%
-3%
4%
3%
20%
8%
11%
11%
7%
-2%
16%
31%
15%
9%
14%
-2%
 Greater Than ≤ to Rating is Spread is
-100000 0.199999 D2/D 18.60%
0.2 0.649999 C2/C 13.95%
0.65 0.799999 Ca2/CC 10.63%
0.8 1.249999 Caa/CCC 8.64%
1.25 1.499999 B3/B- 4.37%
1.5 1.749999 B2/B 3.57%
1.75 1.999999 B1/B+ 2.98%
2 2.2499999 Ba2/BB 2.38%
2.25 2.49999 Ba1/BB+ 1.98%
2.5 2.999999 Baa2/BBB 1.27%
3 4.249999 A3/A- 1.13%
4.25 5.499999 A2/A 0.99%
5.5 6.499999 A1/A+ 0.90%
6.5 8.499999 Aa2/AA 0.72%
8.50 100000 Aaa/AAA 0.54%

When Debt beta is zero

Adani Ports & Special Economic Zone Ltd.
Market Value Debt to capital Equity portion Debt Interest Expense Interest Covera
1117445 0 1 0 0 Infinite
1117445 0.1 0.9 111744.5 7509.2 9.186
1117445 0.2 0.8 223489.0 15420.7 4.473
1117445 0.3 0.7 335233.6 24371.5 2.830
1117445 0.4 0.6 446978.1 37456.8 1.842
1117445 0.5 0.5 558722.6 53469.8 1.290
1117445 0.6 0.4 670467.1 98156.4 0.703
1117445 0.7 0.3 782211.6 156051.2 0.442
1117445 0.8 0.2 893956.2 178344.3 0.387
1117445 0.9 0.1 1005700.7 200637.3 0.344

When debt beta is not zero

Market Value Debt to capital Equity portion Debt Interest Expense Interest Covera
1117445 0 1 0 0 Infinite
1117445 0.1 0.9 111744.5 7509.2 9.186
1117445 0.2 0.8 223489.0 15420.7 4.473
1117445 0.3 0.7 335233.6 24371.5 2.830
1117445 0.4 0.6 446978.1 37456.8 1.842
1117445 0.5 0.5 558722.6 53469.8 1.290
1117445 0.6 0.4 670467.1 98156.4 0.703
1117445 0.7 0.3 782211.6 156051.2 0.442
1117445 0.8 0.2 893956.2 178344.3 0.387
1117445 0.9 0.1 1005700.7 200637.3 0.344

Implied Growth 8.64%

 Interest PBDIT
Adani Ports & Special Eco -10875.3 68980.1
Asian Paints Ltd. -356.8 32981.5
Bajaj Auto Ltd. -4.8 56151.9
Bharti Airtel Ltd. -58566 391917
Coal India Ltd. -306.3 231648.6
Dr. Reddy'S Laboratories L -923 26677
Hero Motocorp Ltd. -274 50708.5
Hindustan Unilever Ltd. -140 69980
Housing Development Finan -204187.9 589996.1
I T C Ltd. -254.9 172855.2
Larsen & Toubro Ltd. -15652 210752.2
Mahindra & Mahindra Ltd. -4426.7 128077.9
Maruti Suzuki India Ltd. -1095 130310
N T P C Ltd. -75645.2 239130.5
Oil & Natural Gas Corpn. L -19186.4 588522
Power Grid Corpn. Of India -56999.5 235241.1
Reliance Industries Ltd. -129200 563220
Sun Pharmaceutical Inds. L -3338.3 107472.8
Tata Consultancy Services -200 367630
Tata Motors Ltd. -53363.4 464958.5
Tata Steel Ltd. -47324.6 134310.6
Wipro Ltd. -1999 141696

Expected Rating Risk Premium Tax Rate Interest Rate Assets Beta
AAA 0.54% 34.00% 6.54% 1.32
AA 0.72% 34.00% 6.72% 1.32
A+ 0.90% 34.00% 6.90% 1.32
BBB 1.27% 34.00% 7.27% 1.32
BB 2.38% 34.00% 8.38% 1.32
B 3.57% 34.00% 9.57% 1.32
CCC 8.64% 23.89% 14.64% 1.32
C 13.95% 15.03% 19.95% 1.32
C 13.95% 13.15% 19.95% 1.32
C 13.95% 11.69% 19.95% 1.32

Expected Rating Risk Premium Tax Rate Interest Rate Assets Beta
AAA 0.54% 34.00% 6.54% 1.32
AA 0.72% 34.00% 6.72% 1.32
A+ 0.90% 34.00% 6.90% 1.32
BBB 1.27% 34.00% 7.27% 1.32
BB 2.38% 34.00% 8.38% 1.32
B 3.57% 34.00% 9.57% 1.32
CCC 8.64% 23.89% 14.64% 1.32
C 13.95% 15.03% 19.95% 1.32
C 13.95% 13.15% 19.95% 1.32
C 13.95% 11.69% 19.95% 1.32
Interest Coverage RatioImplied Ratings Spread is Risk Free rate Pre-Tax Cost of debt
6.34 A1/A+ 0.90% 6% 6.900%
92.44 Aaa/AAA 0.54% 6% 6.540%
11698.31 Aaa/AAA 0.54% 6% 6.540%
6.69 Aa2/AA 0.72% 6% 6.720%
756.28 Aaa/AAA 0.54% 6% 6.540%
28.90 Aaa/AAA 0.54% 6% 6.540%
185.07 Aaa/AAA 0.54% 6% 6.540%
499.86 Aaa/AAA 0.54% 6% 6.540%
2.89 Baa2/BBB 1.27% 6% 7.270%
678.13 Aaa/AAA 0.54% 6% 6.540%
13.46 Aaa/AAA 0.54% 6% 6.540%
28.93 Aaa/AAA 0.54% 6% 6.540%
119.00 Aaa/AAA 0.54% 6% 6.540%
3.16 A3/A- 1.13% 6% 7.130%
30.67 Aaa/AAA 0.54% 6% 6.540%
4.13 A3/A- 1.13% 6% 7.130%
4.36 A2/A 0.99% 6% 6.990%
32.19 Aaa/AAA 0.54% 6% 6.540%
1838.15 Aaa/AAA 0.54% 6% 6.540%
8.71 Aaa/AAA 0.54% 6% 6.540%
2.84 Baa2/BBB 1.27% 6% 7.270%
70.88 Aaa/AAA 0.54% 6% 6.540%

Equity Beta CAPM (Cost of EWACC PBDIT

1.320 14% 13.92% 68980.1
1.417 15% 13.49% 68980.1
1.538 15% 13.09% 68980.1
1.693 16% 12.75% 68980.1
1.901 17% 12.66% Optimal Capital 68980.1
2.191 19% 12.73% 68980.1
2.827 23% 14.98% 68980.1
3.937 30% 18.10% 68980.1
5.906 41% 18.82% 68980.1
11.811 77% 19.54% 68980.1

Debt Beta Equity Beta CAPM (Cost of E

WACC PBDIT
0.018 1.320 14% 13.92% 68980.1
0.024 1.415 14% 13.48% 68980.1
0.030 1.533 15% 13.07% 68980.1
0.042 1.681 16% 12.70% 68980.1
0.079 1.866 17% 12.53% 68980.1
0.119 2.113 19% 12.50% 68980.1
0.288 2.498 21% 15.08% 68980.1
0.465 3.015 24% 19.09% 68980.1
0.465 4.290 32% 20.21% 68980.1
0.465 8.116 55% 21.33% 68980.1
ost of debt

PBDIT*(1-t) Expected Valuation

45527 830558
45527 894919
45527 965568
45527 1034784
45527 1056217
45527 1039141
45527 704224
45527 486645
45527 454411
45527 426182

PBDIT*(1-t) Expected Valuation

45527 937157
45527 1021392
45527 1117445 Current Market Value
45527 1218519
45527 1272368
45527 1283414 Change in the value 165969
52498 885848 Total outstanding stocks 2070.95
58613 609288 Per stock change 80.14
59909 562675 Current Market Price 436
60917 521799 Expected Market Price 516.14
Expected gain 18%