Diwali Picks

Diwali Picks 2024

SAMVAT 2081

Market Cap Reco. Price Target Price Upside

Company
(Rs. Cr.) (Rs.) (Rs.) (%)

Oil and Natural Gas Corporation 354764 282 350 24.1%

Kaynes Technology 35782 5582 7000 25.4%
Eris Lifesciences 18415 1350 1700 25.9%
Isgec Heavy Engineering 10441 1419 1850 30.4%
Nazara Technologies 6881 898 1130 25.8%
EMS 4769 858 1080 25.9%
Axiscades Technologies 2209 522 640 22.6%
 Oil and Natural Gas
Corporation Ltd.
RECO.: Rs. 282 | TARGET: Rs. 350
 Oil and Natural Gas Corporation Ltd.
Reco.: Rs. 282 | Target: Rs. 350
Company Information

BSE Code 500312

NSE Code ONGC

Bloomberg ONGC IN

ISIN INE213A01029

Market Cap (Rs. Cr) 354764

Outstanding shares (Cr) 1258.0

52-wk Hi/Lo (Rs.) 345 / 179.9

Avg. daily volume (1yr. on NSE) 19493557

Face Value (Rs.) 5

Book Value (Rs) 275.9

Oil and Natural Gas Corporation Ltd.
Reco.: Rs. 282 Target: Rs. 350

• Oil and Natural Gas Corporation Ltd. (ONGC), a Maharatna PSU, is the largest crude oil and natural gas Company in India, contributing around 75%
to Indian domestic production and nearly 84% of its natural gas output, with major exploration activities in regions such as the Mumbai High and
the Krishna-Godavari basin.

• ONGC’s competitive advantage stems from its vast proven reserves, accumulated over six decades, which provide a stable and abundant long-
term source of hydrocarbons. In FY24, the company made 9 new discoveries, including onshore and offshore sites, and followed with five
additional discoveries in Q1 FY25. ONGC has also maintained a Reserve Replacement Ratio (RRR) of more than 1 for 18 consecutive years,
reflecting its strong exploratory performance.

• In FY24, ONGC's capex rose to Rs. 34,551 crore, marking a 14% increase from the previous year and 15% above the original target of Rs. 30,125
crore. For FY25 and FY26, the management has projected capex of Rs. 32,000-33,000 crore annually. ONGC Videsh (OVL) plans a capex of Rs.
5,000-6,000 crore for FY25, which could rise to Rs. 8,500-9,000 crore if the Mozambique project progresses. ONGC aims for domestic upstream
capex of Rs. 29,000-32,000 crore per year for FY26 and FY27, driven by accelerated drilling and the completion of the KG-DWN-98/2 project off
India's eastern coast.

• ONGC is actively pursuing several new projects to enhance its production capabilities, spanning both offshore and onshore locations. Notable
offshore initiatives include the KG Basin, Mumbai High, and the Deji Field projects. Onshore efforts are concentrated in the Western region,
particularly at the Santal and Sobhan complexes, alongside the Kalol redevelopment project. These projects highlight ONGC's robust strategy to
boost production and modernize existing facilities, ensuring sustainable energy growth for India.
Oil and Natural Gas Corporation Ltd.
Reco.: Rs. 282 Target: Rs. 350

• ONGC is setting ambitious targets for a significant increase in oil and gas production by FY27, aiming for approximately 47.3 million metric tonnes
of oil equivalent (MMTOE). For FY25, ONGC plans to achieve oil production of 20.6 million metric tonnes (MMT), with joint ventures contributing an
additional 1.71 MMT. Gas production is expected to reach 20.95 billion cubic meters (BCM), rising to 21.6 BCM including joint ventures. By FY27, oil
production is projected to grow to 21.87 MMT (including 23.08 MMT from JVs), while gas production is forecasted to hit 25.5 BCM (25.91 BCM
including JVs), a significant increase from the current 21.6 BCM.

• ONGC anticipates 10-15% output growth driven by increased production from the KG DW 98/2 block, as well as other developments like the
Daman upside and monetization of stranded gas reserves. Over the next three years, the company has projected 12% growth in crude oil and 27%
in natural gas production volumes, largely from the KG 98/2 project. Additionally, the windfall tax exemption for KG 98/2 further supports earnings
potential, while securing premium gas prices and better crude oil realisations is expected to boost future performance.

• Monetising new discoveries, securing premium gas prices for production from nomination field, and potential improvement in net realisations for
crude oil are expected to enhance earnings. Moreover, the company’s long term strong production guidance further assures better performance in
the future.

• At the CMP, the scrip is valued at EV/EBITDA multiple of 4.6x on FY26E EBITDA.
 Kaynes Technology
India Ltd.
RECO.: Rs. 5,582 | TARGET: Rs. 7,000
Kaynes Technology India Ltd.
Reco.: Rs. 5,582 | Target: Rs. 7,000

Company Information

BSE Code 543664

NSE Code KAYNES

Bloomberg KAYNES.IN

ISIN INE918Z01012

Market Cap (Rs. Cr) 35782

Outstanding shares (Cr) 6.39

52-wk Hi/Lo (Rs.) 5,811/2,160

Avg. daily volume (1yr. on NSE) 2,69,760

Face Value (Rs.) 10

Book Value (Rs) 396.96

Kaynes Technology India Ltd.
Reco.: Rs. 5,582 Target: Rs. 7,000

• Incorporated in 2008, Kaynes Technology is a leading end-to-end and IoT solutions-enabled integrated electronics manufacturing company. The
company provides conceptual design, process engineering, integrated manufacturing, and life-cycle support for major players in the automotive,
Industrial, aerospace and defense, outer-space, nuclear, medical, railways, Internet of Things (IoT), Information Technology (IT) and other
segments.

• Kaynes Technology is a leading end-to-end and IoT solutions-enabled integrated electronics manufacturer in India, with capabilities across the
entire spectrum of ESDM services. The diversification and expansion of their portfolio are primarily driven by the needs of their customers and
technological advancements in the industry. Kaynes semiconductor foray provides vast potential in the next decade.

• For Q1FY25, the company posted Rs. 504.0 crore, revenue across verticals with Industrial contributing 55%, 29% in Automotive, 8% in Railways,
5% in IoT, IT and others, 2% in Aerospace and Strategic Electronics and 1% in Medical. The company’s EBITDA was at Rs. 66.9 crore, and PAT at Rs.
50.8 crore. All these industries that Kaynes cater to have strong growth tailwinds, thus providing the company with robust orders and revenue
visibility ahead.

• The company has an order book of Rs 5040.0 crore of which 60 to 70% is to be executed this year. It bagged multi-year contracts from large
customers. The company has new business of OSAT and PCB, which will meaningfully start contributing from FY27. It has signed 4 MoUs with
customers in OSAT. The company is likely to get significant industrial export orders, and medical orders received so far are export oriented. One of
the world’s leading medical providers has approved the company in US & Europe.
Kaynes Technology India Ltd.
Reco.: Rs. 5,582 Target: Rs. 7,000

• Kaynes' FY24 performance is testimony of its execution prowess in its core EMS business. Sector tailwinds and robust order backlog to drive
sustainable growth in core segment. New businesses of OSAT and bare board PCB manufacturing to enable backward integration. It has
partnerships with many companies like Globetronics to get access to export to key countries. Company is focusing on building full products/box
build capabilities along with product diversification.

• At CMP, the scrip is valued at P/E multiple of 99x on FY26E EPS.

 Eris Lifesciences Ltd.
RECO.: Rs. 1,350 | TARGET: Rs. 1,700
Eris Lifesciences Ltd.
Reco.: Rs. 1,350 | Target: Rs. 1,700

Company Information

BSE Code 540596

NSE Code ERIS

Bloomberg ERIS IN

ISIN INE406M01024

Market Cap (Rs. Cr) 18,415

Outstanding shares (Cr) 13.61

52-wk Hi/Lo (Rs.) 1521/800

Avg. daily volume (1yr. on NSE) 2,16,490

Face Value (Rs.) 1

Book Value (Rs) 196.21

Eris Lifesciences Ltd.
Reco.: Rs. 1,350 Target: Rs. 1,700
• Eris Lifesciences Ltd. is a domestic branded formulation pharma company. Company has also presence in biocon business.

• Recently, it acquired Swiss Parenterals, which had FY23 revenue of Rs 280 crore with 37% EBITDA margin. Eris’ equity stake in Swiss Parenterals
has been augmented to 70%. The company has initiated the manufacture of Biocon’s injectables products at the Swiss units, which it will ramp up
going forward.

• Eris is now ranks among the top 20 domestic formulation company in IPM list and gained 9 ranks (29th rank in 2017) since its IPO launched 7 years
ago. Eris ranks 3rd in the IPM in New Products Count and Value (MAT Jun 24).

• On the biocon business, in early April 2024, company has completed the acquisition of power brands like Basalog, Insugen, Biomab, Canmab, Ivnex
and Biopiper. The revenue run-rate at the time of acquisition was Rs 50.0 crore per month. This acquisition has significantly expanded the
company's covered markets.

• Company's top 5 brands account more than Rs 100 crore of revenue. This includes Basalog and Insugen and company has 12 brands with
revenues of Rs. 50 to Rs. 100 crores. During 1QFY25, company's four out of six therapies saw market-beating growth. Oral Anti-Diabetes market
share inched towards 6% with very good growth in all its big brands.

• For FY25, company is targeting revenue of Rs 3,000 crore, a growth of nearly 49% with EBITDA margin of 35%. For the Domestic branded
formulation segment, the revenue target is Rs2600 crore with EBITDA margin of 36%. Company is expected to incur capex of Rs 120 crore for
various biotech segments.
Eris Lifesciences Ltd.
Reco.: Rs. 1,350 Target: Rs. 1,700

• The company plans to strengthen the balance sheet by reducing the debt-to-EBITDA ratio to less than 2x within the next 18 months. By the end of
FY25, company is expected to be Rs 2,600 crore or below and by FY26, the net debt is expected to come below Rs 2,000 crore. Hence, reducing
debt levels to improve earnings growth in the next 2 years.

• At CMP, the scrip is valued at P/E multiple of 25x on FY26E EPS.

 ISGEC Heavy
Engineering Ltd.
RECO.: Rs. 1,419 | TARGET: Rs. 1,850
ISGEC Heavy Engineering Ltd.
Reco.: Rs. 1,419 | Target: Rs. 1,850

Company Information
BSE Code 533033

NSE Code ISGEC

Bloomberg IGSEC IN

ISIN INE858B01029

Market Cap (Rs. Cr) 10441

Outstanding shares (Cr) 7.4

52-wk Hi/Lo (Rs.) 1591.25 / 656

Avg. daily volume (1yr. on NSE) 137565

Face Value (Rs.) 1

Book Value (Rs) 352.2

ISGEC Heavy Engineering Ltd.
Reco.: Rs. 1,419 Target: Rs. 1,850

• ISGEC Heavy Engineering is an engineering, procurement, and construction (EPC) company and a fabricator for equipment/machinery in the
capital goods sector. Its long-term technical tie-ups/alliances with several recognised global heavy engineering companies as well as its in-house
design and manufacturing capabilities. Company has started focusing on low duration projects recently. It would involve more engineering and
would help increase the margins. Strong tailwinds in the infrastructure sector will help in the growth of the company.

• With increased government spending, policy reforms, and a rejuvenated private sector, the future looks promising for the company’s growth.
ISGEC's vast production capabilities allow it to produce a wide variety of machinery and equipment, serving multiple industries. This versatility
strengthens the company's growth trajectory as it moves forward.

• Consolidated order book in Q1FY25 stands at Rs. 7,741 crore, of which projects comprise 69% and manufacturing comprises 31%. The international
order book stands at Rs. 1,316 crore with 17% share. It also includes Rs. 1,022 crore order book of ISGEC Hitachi Zosen. Orders booked in the
quarter are Rs. 1,124 crore versus Rs. 1,152 crore last year. Order book has decreased due to company’s strategy to focus on low-duration projects
and foregoing higher duration ones. These projects will have a lesser component of civil work and will involve more of the technical engineering
part. It will not accept FGD orders which last for 3-3.5 years and will focus on low duration technologies like Dry Sorbent Injection. Company has
Rs. 2,000-2,200 crore of low margin legacy orders currently. Out of these, Rs. 1400-1500 crore would be executed in FY25 and the rest in FY26. As
these orders get carried out, margins of the company will improve.
ISGEC Heavy Engineering Ltd.
Reco.: Rs. 1,419 Target: Rs. 1,850

• ISGEC has established strategic technology collaborations with several prominent global enterprises to enhance its technical capabilities and stay
competitive in various sectors. By collaborating with world-renowned companies, ISGEC not only accesses cutting-edge technologies and delivers
high-quality products but also expands its global footprint, positioning itself as a trusted leader in sectors such as power, process equipment and
industrial machinery. These alliances play a crucial role in driving innovation and ensuring ISGEC stays ahead in an evolving market landscape.

• Philippines Plant’s commercial production started from April 2024. The plant is temporarily shut down due to some deficiencies and company
hopes it restart in November. The plant has a total annual capacity of 42 mn litres and can report sales of Rs. 480-500 crore and margins of 23-
24% on a sustainable basis.

• Management has guided double digit revenue growth for the next two years in the standalone business with enough orderbook pipeline driven by
the strong tailwind in the infrastructure sector. Overall, the company is aspiring for a 11-12% EBITDA margin in the next 3-4 years (currently 8%).
Manufacturing segment margin guidance is 12-13% in the coming year.

• The favorable impact of government reforms, increased infrastructure spending, and an uptick in industrial activities also bode well for the
company's long-term growth. As ISGEC moves ahead, its emphasis on sustainability, operational efficiency, and customer-centric solutions will
likely play a critical role in shaping its future trajectory.

• At CMP, the scrip is valued at P/E multiple of 24.6x on FY26E EPS.

 Nazara Technologies
Ltd.
RECO.: Rs. 898 | TARGET: Rs. 1,130
Nazara Technologies Ltd.
Reco.: Rs. 898 | Target: Rs. 1,130

Company Information

BSE Code 543280

NSE Code NAZARA

Bloomberg NAZARA IN

ISIN INE418L01021

Market Cap (Rs. Cr) 6,881

Outstanding shares (Cr) 7.65

52-wk Hi/Lo (Rs.) 1,124/590

Avg. daily volume (1yr. on NSE) 6,25,320

Face Value (Rs.) 4

Book Value (Rs) 264.07

Nazara Technologies Ltd.
Reco.: Rs. 898 Target: Rs. 1,130

• Nazara Technologies, established in 1999, is India's largest listed gaming company. It has presence across India, the US and other global markets.
Nazara's popular gaming IPs, include Kiddopia, Animal Jam, Love Island-the Game, Classic Rummy.

• Company is leading in e-sports domain in India and South Asia, through Nodwin. Nazara engages in sports enthusiasts in India and the United
States with content platform, Sportskeeda. The company has multiple revenue generation models through Advertising, Subscriptions, Media
Rights, In-App Purchases, Brand Sponsorships, and Platform Fees.

• E-sports accounts for nearly 55% of total revenue, while gaming accounts for 36% and Adtech contributes 9%. However, on EBITDA contribution
front, gaming accounts for 53%, E-sports account for 41% and Adtech accounts for 6%.

• Nazara always focuses on inorganic growth. It acquired 51% of Kiddopia in July 2020 and in July 2024 Nazara announced it was increasing its stake
in Kiddopia to 100%. Since the acquisition, Kiddopia has become among Top 3 Grossing App for Kids under 5 years in the US.

• Management mentioned that it is in the active discussions with multiple IP holders and Kiddopia will see an IP licensing by before Q3FY25.

• The company is on acquisition spree. Its latest PokerBaazi acquisition is the best of the lot. PokerBaazi is the largest online poker platform in India
with around 44% market share (FY23). With revenue/EBITDA CAGR of 75%/100% over FY20-24, it is also the fastest growing.
Nazara Technologies Ltd.
Reco.: Rs. 898 Target: Rs. 1,130

• Nazara has boosted its core Gaming business with acquisition of Fusebox and Sportskeeda segment with Soap Central and Deltias Gaming website,
both targeting developed markets. Along with Freaks4U & Ninja Global, ComicCon India and Kofluence are expected to significantly contribute to
FY25 Revenue. Additional IPs in Fusebox (Big brother) and a new publishing division may further boost Revenue traction.

• At CMP, the scrip is valued at P/E multiple of 48x on FY26E EPS.

 EMS Ltd.
RECO.: Rs. 858 | TARGET: Rs. 1,080
EMS Ltd.
Reco.: Rs. 858 | Target: Rs. 1,080

Company Information

BSE Code 543983

NSE Code EMSLIMITED

Bloomberg EMSLIMIT IN

ISIN INE0OV601013

Market Cap (Rs. Cr) 4769

Outstanding shares (Cr) 5.6

52-wk Hi/Lo (Rs.) 935 / 277.05

Avg. daily volume (1yr. on NSE) 19086246

Face Value (Rs.) 10

Book Value (Rs) 150.4

EMS Ltd.
Reco.: Rs. 858 Target: Rs. 1,080

• EMS Ltd. provides a range of services, including EPC and O&M in sewerage solutions, water supply systems, and wastewater schemes for
government authorities and local municipal bodies. The company also engages in electricity transmission and distribution and the manufacture of
items used for construction purposes. EMS offers water and sewerage infrastructure solutions, including laying sewerage networks and building
sewerage and water treatment plants across Uttar Pradesh, Maharashtra, Bihar, Uttarakhand and Rajasthan.

• EMS also has a major interest in the electrical contracting business, undertaking turnkey projects across India. It specializes in the construction of
33/11 KV, 66/33 KV, and 132/133 KV substations, internal and external electrification work, and the erection, testing, and commissioning of
transformers. The company provides EPC services for building and road works, successfully delivering numerous projects to its clients.

• The company majorly focused on WWSP and WSSP projects. The company has started with 4 MLD projects and increased the capacity to 60 MLD
projects. Previously, the company was bidding on projects less than Rs. 500 crore but Currently, the company is bidding on projects less than Rs.
1000 crore. Going forward, the company is expected to bid for Rs. 1500 crore Rs. 2000 crore projects. The company is focused on EPC and HAM
projects in WWSP and WSSP’s. The execution of high-capacity projects has less competition, better margins, economies of scale, and better
utilization of resources.

• EMS order book stood at Rs. 1800 crore as of 1QFY25 (compared to ~Rs. 1625 crore order book at FY24) and has strong projects pipeline. EMS bid
pipeline is about Rs. 4,000 crore with a success rate of 10-20%. Order book is usually executable over 2-3 years. The company expects to maintain
book-to-bill ratio of ~2.5x in FY25
EMS Ltd.
Reco.: Rs. 858 Target: Rs. 1,080

• Currently, EMS operations are concentrated in northern states like UP and Uttarakhand. These two states contribute ~75% of revenues. Going
forward the company is venturing into new regions and is already bidding for projects in Jharkhand and West Bengal. EMS has also bagged
contracts in Maharashtra and Rajasthan.

• The management is projecting a 30-35% revenue growth for FY25, driven by a robust order book of Rs. 1,800 crore and a solid pipeline of ongoing
bids. EMS holds a key position in the sewerage sector, where, even in India’s Tier-1 cities, only about 30-40% of the sewerage network is currently
established. This leaves a significant 60-70% gap in these cities, with an even larger shortfall in Tier-2 and Tier-3 cities. As a result, there's an
abundance of projects available, boosting the bid pipeline. Furthermore, the government’s heavy investment in urban infrastructure, especially
water supply and sewage treatment, supports this growth, with about 99% of EMS’s projects focused in this area.

• Company has a robust and industry leading order book – to – sales ratio of 3.4x. This provides for visibility of growth in coming years. It is expected
the asset light business model will result in efficient utilisation of capital resulting in lower debt, high EBITDA margins and strong ROCE.

• At CMP, the scrip is valued at P/E multiple of 23x on FY25E EPS.

Axiscades Technologies
Ltd.
RECO.: Rs. 522 | TARGET: Rs. 640
Axiscades Technologies Ltd.
Reco.: Rs. 522 | Target: Rs. 640

Company Information

BSE Code 532395

NSE Code AXISCADES

Bloomberg AXET IN

ISIN INE555B01013

Market Cap (Rs. Cr) 2,209

Outstanding shares (Cr) 4.19

52-wk Hi/Lo (Rs.) 848/433

Avg. daily volume (1yr. on NSE) 1,74,060

Face Value (Rs.) 5

Book Value (Rs) 138.35

Axiscades Technologies Ltd.
Reco.: Rs. 522 Target: Rs. 640

• Axiscades Technologies operates as an engineering solutions company in the United States, the United Kingdom, Canada, Germany, India, and
China. The company offers product design and definition solutions, including CAD modelling, embedded systems and electronics solutions,
system integration, and validation.

• It caters to defence, aerospace, heavy engineering automotive, energy, automotive and semiconductors sectors.

• Despite the slowdown in the global ER&D industry, the slowdown impact has been moderate for Axiscades Technologies, because of the effective
execution of a focused strategy over the last two years which aimed at diversifying the customer base and verticals.

• Axiscades is well-placed in aerospace and defence and have very differentiated capabilities which allow the company to take advantage of the
strong sentiments in these verticals. The company is well positioned as a fully integrated strategic technology R&D and defence company that
delivers a broad spectrum of products and services from engineering, aerospace and space to defence.

• The company's strong presence in aerospace, defence and energy, together contributing about 60% of the company's revenues, continues to
reflect a bullish outlook for the year.

• During 2QFY25, company's total order book is at USD 83 million with continued acquisition of new deals, both in engineering services and defence.
Axiscades Technologies Ltd.
Reco.: Rs. 522 Target: Rs. 640

• Company's Mistral business provides technology design and system engineering for the semiconductor and defence verticals for over 27 years.
The company has achieved a growth rate of 20% CAGR in the last five years.

• Mistral has planned more than Rs 800 crores to Rs 1000 crores in certified prototypes across multiple prestigious Indian defence programmes.
Additionally, new design wins with a potential of Rs 2,500 to Rs 3,000 crores in future production are under development. The company's order
book at the beginning of Q2 FY25 stands at Rs 375 crores, which was 60% scheduled for execution this financial year.

• In the past few quarters, company has been able to reduce its finance cost as the company has repaid its borrowings amounting to Rs 110 crores
in the QIP raised in January of 2024.

• At CMP, the scrip is valued at P/E multiple of 47x on FY26E EPS.

ANALYST CERTIFICATION
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Investors are strongly advised to carefully consider all relevant risk factors, including their financial condition and suitability to risk-return profiles, and to seek professional advice before making any investment decisions.

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KRISHNA Digitally signed by
KRISHNA KUMAR
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KUMAR AGARWAL
Date: 2024.10.19
DISCLAIMER AGARWAL 17:13:39 +05'30'

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Thank
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