Background: Cyient is a mid cap IT Company with FY16 revenues of INR 31.0bn specializing in engineering solutions, including product development and life cycle support, process, network & content engineering. In 3QFY17: Ex- DLM business, revenue share by geography: Americas (58.0%), Europe, Middle East, Africa & India (24.0%), and Asia Pacific (18.0%). Revenue share by business unit: Aerospace and Defense (35.6%), Transportation (9.4%), Industrial energy & Natural resources (9.3%), Semiconductor (3.9%), Medical & healthcare (1.9%), Utilities & Geospatial (17.2%), Communication (22.7%). Design Led Manufacturing Business: Revenue by segment, Aerospace and defense (46.3%), Industrial (17.1%), Medical (11.3%), Communication (24%) and others (1.3%). Onshore/Offshore split: Onshore (40.4%), Offshore...
Background: South Indian Bank (SIB), among the mid-sized banks in the private sector space, operates a network of about 840 branches and about 1,313 ATMs. The bank's business is largely skewed towards the Southern state with half of its branches located in Kerala. SIB has established a strong brand recall among the Keralite-NRI Diaspora. With no identifiable promoters SIB is run by a team of professionals. As of 3QFY17 the bank had deposits of ~INR 636bn and...
largest producer of hybrid cotton seeds in India with a market share of ~17%. Kaveri Seeds has access to 60,000 acres under seed production, with farms in Karnataka, Andhra Pradesh and across the country. In the last five years (FY10-15), company's revenue and PAT have grown at a CAGR of 48% and 59.6% respectively. The company has a pan-India presence with a strong distribution network of ~15,000 distributors (direct & in-direct) and retailers across 15 key states in India (up from 11,000 - 4 years ago). Kaveri has 26 warehouses at strategic location with a combined storage space of ~500,000 sqft. The company has...
Background: Established in 1958, Minda Industries (MIL) is a flagship Company of UNO MINDA GROUP and one of the leading suppliers of proprietary automotive solution to OEMs. Headquarter at Manesar, Gurgaon, the company has 32 plants across India and R&D; centers spread across the globe in six locations. The company offers a wide range product across different verticals of auto components like switching systems, lighting systems, acoustic systems and alloy wheels among others. It has more than 145 design registration and more than 10,000 touch points. Company has ~50% market share in switch segment thus leading automotive components supplier with annual turnover of INR 25 billion and in the last three years Revenue / EPS has grown at a CAGR of 24% & 58% respectively. It serves more than 50 OEMs in India and across...
Background: Lumax Industries, part of DK Jain group, is the largest automotive lighting company in India. It manufactures Head lamps, Tail lamps, Sundry & Auxiliary lamps. Lumax has technological & financial collaboration with Stanley Electric of Japan. Stanley holds 37.5% in Lumax Industries and is its largest shareholder. Lumax provides high quality automotive lighting solutions for four wheelers, two wheelers, CVs & Tractors. It has 9...
Background: Balkrishna Industries (BIL) is focused solely on 'off-highway' tyres catering to agricultural & industrial segments. A low ~5% share of the global market makes us believe reasonable room exists for several years of growth. While OTR forms ~65% of the global market, for BIL, it only contributes ~33% to its revenue. With the completion of the new 140,000 MT facility at Bhuj, BIL is looking to expand in the OEM, OTR segments. The company has been undertaking various actions like setting up warehouses in markets in North America and Europe to be closer to the customer and have a just in time (JIT) system. BIL is focusing on the OEM segment while its share in revenue has...
Background: Vinati Organics Limited (VOL) was established in 1989 to manufacture specialty organic chemicals. It has since grown to become the world's largest manufacturer of Isobutylbenzene (IBB) and second largest manufacturer of 2-Acrylamido 2-Methylpropane Sulfonic Acid (ATBS). The company's products are exported to customers in countries across Europe, America and Asia. Competitive edge in niche specialty chemicals Cost leadership & scale economies in IBB and technological entry barrier in ATBS. The company started with a small capacity of 1,000 TPA and gradually expanded to 26,000 TPA today for its ATBS production, capturing 45% of the market share. The company also command more than 65% market share in the world for IBB. With consistent investments in technology and...
Background Established in 1984, Solar Industries is the largest manufacturer of industrial explosives and explosive initiating systems in India. With a licensed explosives capacity of over 290,000 MT/annum, the company has ~28% market share in India. Solar, with a 70% market share in exports from India, exports to 19 countries in Africa and South East Asia. Economic Explosives, a 100% subsidiary, manufactures detonators. Solar has manufacturing facilities spread across 16 locations and eight states in India. In recent years expanded its manufacturing base to Nigeria, Zambia and Turkey. SIIL has also interests in the coal mines (in Chattisgarh) through two JVs. Solar is...
Background: Greaves Cotton (GCL) is one of the largest manufacturers (primarily) single cylinder (diesel, gasoline engines) and dual cylinder engines, which find application in running 3-W vehicles and 4-W small commercial vehicles (SCVs). Over the years, GCL has been able to command an overall 3W auto segment share at about 35% in FY08-14, second only to Bajaj Auto (that has in-house engine manufacturing). In the 3W goods segment (sub 1-tonne category), GCL commands a dominating position of 80-90% share (as of FY13) as the market leader OEM i.e. Piaggio (single largest client of GCL) sells the highest 3W goods carrier in the...
