Cairn India has revised upwards its production targets, in-place reserves, and discovered reserves for its Rajasthan oil block. It has increased its discovered resource base in the Rajasthan basin to 4.0 billion barrels of oil equivalent and raised its potential resource base to 6.5 billion barrels. Cairn India has also raised its vision for plateau production rate from the Rajasthan block to 240,000 barrels per day, up from 175,000 barrels per day previously. These increases have led the analyst to revise upwards its fair value estimate for Cairn India shares to Rs315 per share.

1. Event Update | Oil & Gas
March 25, 2010
Cairn India NEUTRAL
CMP Rs298
Reserve, Production boost Target Price -
Post the comprehensive review of the Rajasthan block's resource potential, Cairn Investment Period -
India (CIL) has revised upwards the production targets, in-place reserves and
Stock Info
discovered reserves. We expect this to be value accretive for CIL. Thus, factoring in
the Rajasthan Exploratory Portfolio upsides (addition of Rs25/share to our Target Sector OIl & Gas
Price) and advancing production from the MBA block (addition of Rs20/share to Market Cap (Rs cr) 56,606
Target Price) our Fair Value for the stock stands revised upwards at Rs315/share Beta 0.9
(Rs269), translating into an upside of 5.2% from current levels. We maintain our
52 Week High / Low 310/175
Neutral view on the stock.
Avg Daily Volume 810331
Rajasthan discoverable and potential resources upgraded: CIL has augmented its
Face Value (Rs) 10
discovered resource base in the Rajasthan basin to 4.0bn boe from the earlier
BSE Sensex 17,559
estimates of 3.7bn boe. Core MBA formation estimates remains unchanged at
2.1bn boe. However, estimates of the Rajasthan small fields and other Rajasthan Nifty 5,260
fields (prominent being Barmer Hill formation) have been hiked from 1.7bn boe to Reuters Code CAIL.BO
1.9-2.0bn boe. This increase does not enhance valuations, as higher recoverable Bloomberg Code CAIR@IN
volumes have been factored in our estimates. CIL has also raised potential resource
base of the Rajasthan block to 6.5bn boe on account of the increase in gross un-risked Shareholding Pattern (%)
reserve estimate to 2.5bn boe. We believe the earlier gross un-risked reserve estimate
Promoters 62.4
would have been around 0.44bn boe. Accordingly, our implied valuation of the
net risked resource potential for the Rajasthan block at EV/boe of US $3.8/boe MF / Banks / Indian FIs 8.7
stood at Rs3.1/share. The same now stands at Rs28/share post the significant FII / NRIs / OCBs 26.4
increase in net risk potential and increase in the EV/boe multiple applied by us. Indian Public / Others 2.5
Rajasthan plateau production potential raised: According to management, CIL's
Abs. (%) 3m 1yr 3yr
enhanced resource base provides a vision to up the plateau production rate to
240,000bpd (175,000bpd currently). The production rate from the Mangala fields Sensex 1.1 81.6 32.2
has been increased to 150,000bpd from 125,000bpd earlier. The raise is largely
Cairn India 6.3 57.2 139.1
on account of better-than-expected well deliverability and better reservoir quality.
Key Financials
Financials
Y/E March FY2009* FY2010E FY2011E FY2012E
Net Sales 1,433 1,996 7,908 14,915
% chg 41.5 39.3 296.2 88.6
Profit
Net Profit 803 1,171 4,340 8,687
% chg - 45.7 270.7 100.2
OPM (%) 60.5 63.4 81.3 84.0
EPS (Rs) 4.2 6.2 22.9 45.8
P/E (x) 70.5 48.3 13.0 6.5
P/BV (x) 1.7 1.7 1.6 1.5 Deepak Pareek
Pareek
RoE (%) 2.7 3.5 12.4 23.8 Tel: 022 - 4040 3800 Ext: 340
E-mail: deepak.pareek@angeltrade.com
RoCE (%) 1.3 2.3 13.7 26.1
EV/Sales (x) 39.3 27.9 6.9 3.5 Vora
Amit Vora
Tel: 022 - 4040 3800 Ext: 322
EV/EBITDA (x) 64.9 44.0 8.4 4.2
E-mail: amit.vora@angeltrade.com
Source: Company, Angel Research; Note: *Performance for 15 months period
Please refer to important disclosures at the end of this report

2. Cairn India | Event Update
Rajasthan discoverable and potential resources upgraded
CIL has augmented its discovered resource base in the Rajasthan basin to 4.0bn boe
from the earlier estimates of 3.7bn boe. Core MBA formation estimates remains
unchanged at 2.1bn boe. However, estimates of the Rajasthan small fields and other
Rajasthan fields (prominent being Barmer Hill formation) have been hiked from 1.7bn
boe to 1.9-2.0bn boe. This increase does not enhance valuations, as higher recoverable
volumes have been factored in our estimates. CIL has also raised potential resource
base of the Rajasthan block to 6.5bn boe on account of the increase in gross
un-risked reserve estimate to 2.5bn boe. We believe the earlier gross un-risked reserve
estimate would have been around 0.44bn boe, an increase of 5.7x from earlier levels.
The risked recoverable reserve estimates pertaining to the same has been hiked from
35mn boe to 250mn boe. Accordingly, our implied valuation of the net risked resource
potential for the Rajasthan block at EV/boe of US $3.8/boe stood at Rs3.1/share. The
same now stands increased to Rs27.9/share post the significant increase in net risk
potential and increase in the EV/boe multiple applied by us. We now value the
exploratory upside at the Rajasthan block at 50% discount to the implied EV/boe of
the core MBA fields.
Management has however not provided any update on the gross un-risked reserve
potential of the other exploratory fields. Earlier, management had guided the net
exploratory prospective resources of 1.4bn boe, of which we believe Rajasthan block
constituted around 0.44bn boe. Post the recent update, Rajasthan alone has seen
gross un-risked resource potential increase to 2.5bn boe. Management will be providing
an update on exploratory upsides from the other fields in due course.
Exhibit 1: CIL- Recoverable Reserves Estimates
Particulars (mm boe) Previous Current Angel Estimates
MBA 685 685 685
MBA(EOR) 308 308 308
Other Rajasthan fields 80 140 172
Exploratory upside 35 250 250
Total recoverable reserves 1,108 1,383 1,415
Source: Angel Research
March 25, 2010 2

3. Cairn India | Event Update
Rajasthan plateau production potential upgraded
According to management, CIL's enhanced resource base provides a vision to up the
plateau production rate to 240,000bpd (175,000bpd currently). The increase in the
plateau would be driven by higher production from the core MBA fields, production
from EOR, Barmer Hill and newer discoveries. The production rate from the Mangala
fields has been increased to 150,000bpd from 125,000bpd earlier. The raise is largely
on account of better-than-expected well deliverability and better reservoir quality. The
production rate at the horizontal wells at Mangala filed has been good at 12,000bpd.
While management has not divulged details of the ramp-up of capacity, production
ramp-up is unlikely to be a constraint for processing capacity. Capacity of the both the
processing terminal as well as the pipeline could be enhanced by minor
de-bottlenecking with minimal capex. As per current developmental plans, the
processing capacity post commissioning of all the trains will stand at 205,000bpd.
Capacity of the processing terminal could be increased by expansion of Train- I to
50,000bpd from 30,000bpd and de-bottlenecking of other trains. Capacity of the
pipeline could easily be enhanced with commissioning of additional boosters.
Con-call Highlights
Rajasthan development update: CIL is currently producing around 20,000bpd from
Train-I of the Mangala field, while Train II and III are likely to get ready by 2QCY2010.
Completion schedule of Train IV has been left unchanged and targeted for completion
in CY2011. The entire pipeline section from MPT to Salaya (600kms) is likely to be
commissioned in 2QCY2010. This also includes the spur facility to the refineries.
Further, infrastructure to Bhogat, Gujarat coast is scheduled to get completed in 2011.
CIL has maintained its capex estimates for CY2010 and CY2011 at US $2.5bn (gross).
Offtake issues getting resolved: CIL has contracted 143,000bpd of crude sales with
MRPL, IOC, RIL (doesn't include RIL's SEZ refinery) and Essar Oil. The contracted volumes
provide the visibility for the offtake of the crude as production ramps up at the Mangala
field as the pipeline infrastructure and additional trains commence operations.
Revising upwards our estimates on higher potential production
volumes, crude oil prices
We maintain our FY2010E estimates. However, on account of upward revision in the
crude oil prices for FY2011E from US $70/bbl to US $75/bbl, our Earnings estimates
have been revised upwards by 6.7% for FY2011. From FY2012E onwards, we maintain
our long-term crude oil estimate of US $75/bbl.
On the production front, we have revised our estimates for the Mangala field from
125,000bpd to 150,000bpd for the plateau period starting FY2012E. However, as
there is no change in the recoverable reserves estimates, we have factored in
higher-than-forecast decline rate in production from the field. Similarly, from FY2013E
onwards, we have revised our production estimates for the Aishwariya field to
20,000bpd from 15,000bpd. We have also factored in higher-than-forecast decline
in the rate of production post the plateau period. Thus, on account of better well
deliverability, advancement of production from these fields is estimated. We now model
peak plateau production of 210,000bpd from 180,000bpd. This is lower than
March 25, 2010 3

4. Cairn India | Event Update
240,000bpd of sustainable volumes guided by management for the long term.
However, owing to lack of visibility, we have not factored the same in our estimates.
Due to upgrade in production volumes, our FY2012E EPS stands increased by 8.5%
CIL has filed declaration of commerciality for the Barmer Hill formation. The field
development plan (FDP) of the same is likely to be filed later, in stages. We would
factor the same in our forecast once the FDP gets filed.
Thus, factoring in the Rajasthan Exploratory Portfolio upsides (addition of
Rs25/share to our Target Price) and advancing production from the MBA block (addition
of Rs20/share to Target Price) our Fair Value for the stock stands revised upwards at
Rs315/share (Rs269), translating into an upside of 5.2% from current levels. Hence,
we maintain our Neutral view on the stock.
Exhibit 2: Valuation Summary
Particulars (Rs cr) FY2011E FY2012E
Rajasthan Block
RJ-ON-90/1 (MBA block) 36,546 38,740
Value per share 193 204
RJ-ON-90/1 (MBA EOR) 5,372 6,017
Value per share 28 32
RJ-ON-90/1 (Barmer Hill) 2,541 2,713
Value per share 13 14
RJ-ON-90/1 (Southern fields) 508 543
Value per share 3 3
RJ-ON-90/1 (Other fields) 4,223 4,509
Value per share 22 24
Value of Rajasthan Block 49,191 52,522
Value per share 259 277
CB-OS-2 590 413
Value per share 3 2
Ravva 1,860 1,653
Value per share 10 9
Upside potential (KG-DWN-98/2) 302 331
Value per share 2 2
Exploratory porfolio upsides 6,178 6,769
Value per share 33 36
Total Asset Value 58,120 61,687
Less: Corporate expenditure 2,333 2,243
Value per share 12 12
Less: Net debt (92) (232)
Value per share (0) (1)
Equity value 55,879 59,676
Equity shares (mn) 190 190
Equity value per share (Rs) 295 315
Source: Company, Angel Research
March 25, 2010 4

5. Cairn India | Event Update
Exhibit 3: Sensitivity with Crude and Exchange Rate
Prices
Crude Prices (US$/bbl)
60.0 65.0 70.0 75.0 80.0 85.0 90.0
42.0 240 263 282 298 314 335 357
43.0 246 270 289 306 322 344 359
Exchange Rate
44.0 252 277 290 307 330 353 368
(Rs/US$)
45.0 259 283 297 315 338 361 377
46.0 265 290 304 322 346 363 386
47.0 271 293 312 330 354 372 396
48.0 277 299 312 338 363 380 405
Source: Company, Angel Research
Exhibit 4: Sensitivity with Crude and WACC
Prices
Crude Prices (US$/bbl)
60.0 65.0 70.0 75.0 80.0 85.0 90.0
9.0 285 313 327 347 372 398 416
10.0 276 302 317 335 360 385 402
WACC (%)
11.0 267 292 307 325 349 373 389
12.0 259 283 297 315 338 361 377
13.0 251 275 289 305 328 351 366
14.0 244 267 280 297 319 341 356
15.0 237 260 273 289 310 332 346
Source: Company, Angel Research
Exhibit 5: Sensitivity with Crude and Discount on Crude
Prices
Crude Prices (US$/bbl)
60.0 65.0 70.0 75.0 80.0 85.0 90.0
7.0 282 302 322 347 366 391 407
9.0 279 295 314 339 357 382 406
Discount (%)
11.0 272 294 306 331 355 373 397
13.0 265 287 305 323 347 364 387
15.0 259 283 297 315 338 361 377
17.0 252 276 295 313 329 352 368
Source: Company, Angel Research
March 25, 2010 5

6. Cairn India | Event Update
Exhibit 6: Relative performance with peers Exhibit 7: Relative performance with Sensex and Oil & Gas Index
300 450
250 400
350
200 300
(Rs)
150 250
(%)
200
100
150
50 100
50
0
-
May-07
May-08
May-09
Jan-07
Mar-07
Jul-07
Sep-07
Nov-07
Jan-08
Mar-08
Jul-08
Sep-08
Nov-08
Jan-09
Mar-09
Jul-09
Sep-09
Nov-09
Jan-10
Mar-10
Mar-07
Sep-07
Mar-08
Sep-08
Mar-09
Sep-09
Mar-10
Jan-07
May-07
Jul-07
Nov-07
Jan-08
May-08
Jul-08
Nov-08
Jan-09
May-09
Jul-09
Nov-09
Jan-10
Cairn ONGC RIL CIL SENSEX BSE OIL & GAS
Source: Company, Angel Research Source: Company, Angel Research
Exhibit 8: Out-performance relative to Sensex Exhibit 9: Out-performance relative to BSE Oil & Gas Index
60 50
50
40
20
30
(%)
20
(%)
10
(10)
-
(10)
(20) (40)
Sept-09
May-07
May-08
May-09
Nov-07
Nov-09
Mar-07
Mar-08
Mar-09
Mar-10
Mar-07
Jul-07
Sep-07
Nov-07
Mar-08
Jul-08
Sep-08
Nov-08
Mar-09
Jul-09
Sep-09
Nov-09
Mar-10
Sep-07
Sep-08
July-08
Jan-07
May-07
Jan-08
May-08
Jan-09
May-09
Jan-10
Jan-07
Jan-08
Jan-09
Jan-10
Nov08
Jul-07
Jul-09
SENSEX CIL BSE OIL & GAS CIL
Source: Company, Angel Research Source: Company, Angel Research
March 25, 2010 6

7. Cairn India | Event Update
Profit & Loss Statement (Consolidated) Rs crore
Y/E March CY2007 FY2009* FY2010E FY2011E FY2012E
Gross sales 1,012 1,433 1,996 7,908 14,915
Less: Excise duty - - - - -
Net Sales 1,012 1,433 1,996 7,908 14,915
Other operating income - - - - -
Total operating income 1,012 1,433 1,996 7,908 14,915
% chg 41.5 39.3 296.2 88.6
Total Expenditure 572 566 731 1,477 2,383
Operating expenditure 195 213 400 1,145 2,052
Administrative expenditure 388 331 331 331 331
Inc/dec in stock (11) 22 - - -
EBITDA
EBITDA 440 866 1,264 6,431 12,532
% chg 96.7 46.0 408.6 94.9
(% of Net Sales) 43.5 60.5 63.4 81.3 84.0
Depreciation& Amortisation 445 438 401 961 1,689
EBIT (5) 428 863 5,471 10,843
% chg - - 101.6 533.9 98.2
(% of Net Sales) (0.5) 29.9 43.2 69.2 72.7
Interest & other Charges 2 6 76 305 305
Other Income 132 594 550 208 253
(% of PBT) 105.2 58.5 41.1 3.9 2.3
Share in profit of Associates - - - - -
Recurring PBT 126 1,016 1,337 5,374 10,791
% chg - 707.0 31.5 302.0 100.8
Extraordinary Expense/(Inc.) - 28.3 - - -
PBT (reported) 126 988 1,337 5,374 10,791
Tax 150 184 166 1,034 2,105
(% of PBT) 119.5 18.7 12.4 19.2 19.5
PAT (reported) (25) 803 1,171 4,340 8,687
Add: Share of earnings of associate - - - - -
Less: Minority interest (MI) - - - - -
Prior period items - - - - -
PAT after MI (reported) (25) 803 1,171 4,340 8,687
ADJ. PAT
ADJ. PA (25) 832 1,171 4,340 8,687
% chg - - 40.8 270.7 100.2
(% of Net Sales) (2.4) 58.1 58.7 54.9 58.2
Basic EPS (Rs) (0.1) 4.2 6.2 22.9 45.8
Fully Diluted EPS (Rs) (0.1) 4.2 6.2 22.9 45.8
% chg - - 45.7 270.7 100.2
Note: *Performance for 15 months period
March 25, 2010 7

8. Cairn India | Event Update
Balance Sheet (Consolidated) Rs crore
Y/E March CY2007 FY2009* FY2010E FY2011E FY2012E
SOURCES OF FUNDS
Equity Share Capital 1,873 1,936 1,936 1,936 1,936
Preference Capital - - - - -
Reserves& Surplus 27,563 30,867 32,038 33,839 35,411
Funds
Shareholders Funds 29,436 32,802 33,973 35,774 37,347
Minority Interest - - - - -
Total Loans 312 4,356 4,356 4,356 4,356
Deferred Tax Liability 492 554 560 585 632
Total Liabilities 30,240 37,713 38,890 40,716 42,335
APPLICATION OF FUNDS
APPLICATION
Gross Block 548 1,445 7,496 9,698 11,178
Less: Acc. Depreciation 61 80 118 246 375
Net Block 488 1,365 7,378 9,453 10,803
Capital Work-in-Progress 2,467 5,203 1,829 1,927 1,927
Goodwill 25,319 25,319 25,319 25,319 25,319
Investments 713 171 171 171 171
Current Assets 2,088 7,268 5,524 6,847 9,167
Cash 1,332 6,527 4,700 5,273 6,673
Loans & Advances 487 351 351 351 351
Other 270 390 474 1,223 2,144
Current liabilities 835 1,613 1,332 3,001 5,053
Net Current Assets 1,253 5,655 4,192 3,846 4,114
Mis. Exp. not written off - - - - -
Total Assets 30,240 37,713 38,890 40,716 42,335
Note: *Performance for 15 months period
March 25, 2010 8

9. Cairn India | Event Update
Cash Flow Statement (Consolidated) Rs crore
Y/E March CY2007 FY2009* FY2010E FY2011E FY2012E
Profit before tax 126 988 1,337 5,374 10,791
Depreciation 459 463 206 746 1,504
Change in Working Capital (91) 121 (364) 919 1,131
Less: Other income (73) (214) (550) (208) (253)
Direct taxes paid (82) (146) (160) (1,009) (2,058)
Others 209 (249) - - -
Cash Flow from Operations 548 963 469 5,822 11,115
(Inc.)/ Dec. in Fixed Assets (4,450) (3,161) (2,846) (2,918) (2,855)
(Inc.)/ Dec. in Investments (2,110) (2,506) - - -
Other income 130 152 550 208 253
Cash Flow from Investing (6,430) (5,516) (2,296) (2,710) (2,602)
Issue of Equity 67 2,532 - - -
Inc./(Dec.) in loans (169) 3,767 - - -
Dividend Paid (Incl. Tax) - - - (2,539) (7,114)
Financing
Cash Flow from Financing (102) 6,299 - (2,539) (7,114)
Inc./(Dec.) in Cash (5,984) 1,746 (1,827) 573 1,399
Opening Cash balances 6,135 150 1,897 70 643
Closing Cash balances 150 1,897 70 643 2,042
Note: *Performance for 15 months period
March 25, 2010 9

10. Cairn India | Event Update
Key Ratios
Y/E March CY2007 FY2009* FY2010E FY2011E FY2012E
Valuation Ratio (x)
P/E (on FDEPS) 70.5 48.3 13.0 6.5
P/CEPS 334.0 52.7 41.1 11.1 5.6
P/BV 1.9 1.7 1.7 1.6 1.5
Dividend yield (%) 0.0 0.0 0.0 3.8 10.7
EV/Sales 53.8 39.3 27.9 6.9 3.5
EV/EBITDA 123.6 64.9 44.0 8.4 4.2
EV/Total Assets 1.8 1.5 1.4 1.3 1.2
Per Share Data (Rs)
EPS (Basic) (0.1) 4.2 6.2 22.9 45.8
EPS (fully diluted) (0.1) 4.2 6.2 22.9 45.8
Cash EPS 0.9 5.7 7.3 26.8 53.7
DPS - - - 11.4 32.1
Book Value 155.2 172.9 179.1 188.6 196.9
Dupont Analysis (%)
EBIT margin (0.5) 29.9 43.2 69.2 72.7
Tax retention ratio 8.5 82.4 87.6 80.8 80.5
Asset turnover (x) 0.0 0.0 0.1 0.2 0.4
ROIC (Post-tax) (0.0) 1.2 2.3 12.7 24.6
Cost of Debt (Post Tax) - - - - -
Leverage (x) - - - - -
Operating ROE (0.0) 1.2 2.3 12.7 24.6
Returns (%)
ROCE (Pre-tax) (0.0) 1.3 2.3 13.7 26.1
Angel ROIC (Pre-tax) 0.5 48.0 22.4 71.8 130.5
ROE (0.1) 2.7 3.5 12.4 23.8
Turnover ratios (x)
Asset Turnover (Gross Block) 2.1 1.4 0.4 0.9 1.4
Inventory / Sales (days) 44.5 36.9 34.8 18.9 20.8
Receivables (days) 58.9 36.5 31.4 17.0 18.7
Payables (days) 1,322.2 531.2 518.6 428.4 550.5
Working capital cycle (ex-cash) (days) (620.2) (121.1) (126.2) (44.7) (48.8)
Solvency ratios (x)
Net debt to equity (0.1) (0.0) (0.0) (0.1) (0.1)
Net debt to EBITDA (4.9) (0.4) (0.7) (0.4) (0.3)
Interest Coverage (EBIT/Interest) (3.0) 66.8 11.3 17.9 35.6
Note: *Performance for 15 months period
March 25, 2010 10

11. Cairn India | Event Update
Cairn India
Disclaimer
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redistributed to any other person. Persons into whose possession this document may come are required to observe these restrictions.
Opinion expressed is our current opinion as of the date appearing on this material only. While we endeavor to update on a reasonable
basis the information discussed in this material, there may be regulatory, compliance, or other reasons that prevent us from doing so.
Prospective investors and others are cautioned that any forward-looking statements are not predictions and may be subject to change
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believed to be true and are for general guidance only. While every effort is made to ensure the accuracy and completeness of information
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Recipients of this material should rely on their own investigations and take their own professional advice. Each recipient of this document
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Note: Please refer important `Stock Holding Disclosure' report on Angel web-site (Research Section).
Disclosure of Interest Statement Cairn India
1. Analyst ownership of the stock No
2. Angel and its Group companies ownership of the stock No
3. Angel and its Group companies' Directors ownership of the stock No
4. Broking relationship with company covered No
Note: We have not considered any Exposure below Rs 5 lakh for Angel, its Group companies and Directors.
Ratings (Returns) : Buy (> 15%) Accumulate (5% to 15%) Neutral (-5 to 5%)
Reduce (-5% to -15%) Sell (< -15%)
March 25, 2010 11

12. Cairn India
Address: Acme Plaza, ‘A’ Wing, 3rd Floor, M.V. Road, Opp. Sangam Cinema, Andheri (E), Mumbai - 400 059.
Tel : (022) 3952 4568 / 4040 3800
Research Team
Fundamental:
Sarabjit Kour Nangra VP-Research, Pharmaceutical sarabjit@angeltrade.com
Vaibhav Agrawal VP-Research, Banking vaibhav.agrawal@angeltrade.com
Vaishali Jajoo Automobile vaishali.jajoo@angeltrade.com
Shailesh Kanani Infrastructure, Real Estate shailesh.kanani@angeltrade.com
Anand Shah FMCG , Media anand.shah@angeltrade.com
Deepak Pareek Oil & Gas deepak.pareek@angeltrade.com
Puneet Bambha Capital Goods, Engineering puneet.bambha@angeltrade.com
Sushant Dalmia Pharmaceutical sushant.dalmia@angeltrade.com
Rupesh Sankhe Cement, Power rupeshd.sankhe@angeltrade.com
Param Desai Real Estate, Logistics, Shipping paramv.desai@angeltrade.com
Sageraj Bariya Fertiliser, Mid-cap sageraj.bariya@angeltrade.com
Viraj Nadkarni Retail, Hotels, Mid-cap virajm.nadkarni@angeltrade.com
Paresh Jain Metals & Mining pareshn.jain@angeltrade.com
Amit Rane Banking amitn.rane@angeltrade.com
Rahul Jain IT rahul.j@angeltrade.com
Jai Sharda Mid-cap jai.sharda@angeltrade.com
Sharan Lillaney Mid-cap sharanb.lillaney@angeltrade.com
Amit Vora Research Associate (Oil & Gas) amit.vora@angeltrade.com
V Srinivasan Research Associate (Cement, Power) v.srinivasan@angeltrade.com
Aniruddha Mate Research Associate (Infra, Real Estate) aniruddha.mate@angeltrade.com
Shreya Gaunekar Research Associate (Automobile) shreyap.gaunekar@angeltrade.com
Mihir Salot Research Associate (Logistics, Shipping) mihirr.salot@angeltrade.com
Chitrangda Kapur Research Associate (FMCG, Media) chitrangdar.kapur@angeltrade.com
Vibha Salvi Research Associate (IT, Telecom) vibhas.salvi@angeltrade.com
Pooja Jain Research Associate (Metals & Mining) pooja.j@angeltrade.com
Technicals:
Shardul Kulkarni Sr. Technical Analyst shardul.kulkarni@angeltrade.com
Mileen Vasudeo Technical Analyst vasudeo.kamalakant@angeltrade.com
Derivatives:
Siddarth Bhamre Head - Derivatives siddarth.bhamre@angeltrade.com
Jaya Agarwal Jr. Derivative Analyst jaya.agarwal@angeltrade.com
Institutional Sales Team:
Mayuresh Joshi VP - Institutional Sales mayuresh.joshi@angeltrade.com
Abhimanyu Sofat AVP - Institutional Sales abhimanyu.sofat@angeltrade.com
Nitesh Jalan Sr. Manager niteshk.jalan@angeltrade.com
Pranav Modi Sr. Manager pranavs.modi@angeltrade.com
Sandeep Jangir Sr. Manager sandeepp.jangir@angeltrade.com
Ganesh Iyer Sr. Manager ganeshb.Iyer@angeltrade.com
Jay Harsora Sr. Dealer jayr.harsora@angeltrade.com
Meenakshi Chavan Dealer meenakshis.chavan@angeltrade.com
Gaurang Tisani Dealer gaurangp.tisani@angeltrade.com
Production Team:
Bharathi Shetty Research Editor bharathi.shetty@angeltrade.com
Dharmil Adhyaru Assistant Research Editor dharmil.adhyaru@angeltrade.com
Bharat Patil Production bharat.patil@angeltrade.com
Dilip Patel Production dilipm.patel@angeltrade.com
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