The document provides an equity analysis report on 10 low debt midcap companies in the Indian stock market. It analyzes each company's expected return percentage and beta value compared to the overall market. For each company, it provides a brief overview and 1-year stock price data compared to the Nifty index. The analysis found expected returns ranging from -28.57% to 20.55% and beta values between 0.02 to 0.90 across the 10 companies studied.

1. PORTFOLIO MANAGEMENT
SECURITIES ANALYSIS &
EQUITY ANALYSIS REPORT
EQ UIT Y A N A LYSI S
R EPO R T
10 LOW DEBT MIDCAP COMPANIES OF NSE
ABSTRACT
CONTENTS:
In this competitive environment where we look for opportunities to gain more out of our
OBJECTIVE 1 efforts and we want our money to work even harder.
Investment decision is a subjective issue from individual to individual. Every individual
1 has his/her risk-return choice and capability. To add to the complexity, humans behave
RESEARCH more on intuitions, especially the retail investor. This research report is a brief summary
METHODOLOGY
as to how an Equity Analyst may look at the number pile of stock market to derive mean-
ingful findings which helps him/her to strengthen the believe on a particular stock, group
FORMULAE 2
USED of stocks or Industry.
This project uses Expected return based on historical analysis and Beta of a stock with
COMPANY PRO- 2
FILE AND RE- the Index.
SEARCH
CONCLUSION 13
OBJECTIVE
DISCLAIMER 14 1) To choose a portfolio of stock to be analyzed given some common base/variable of
influence.
2) Find our the Beta of individual stock(s).
3) Find out Expected return of Individual stock(s).
4) Suggest a common portfolio behavior based on analysis.
How was this Done
One Year data of Stocks
and Nifty is was being RESEARCH METHODOLOGY
picked for the research
project. 1) Identify Portfolio to be researched.
2) Use BSE/NSE website to collect data.
We formed class inter- 3) Plot the data on MS EXCEL for calculations.
vals to come to a prob-
abilistic consideration of 4) Analyze the data using MS EXCEL tool and techniques.
occurrence of event
5) Comprehend the analysis to write the report.
when concluding on
Expected return.

2. E Q U ITY A NA L YS I S R E PO R T Page 2
CHOOSING THE COMPANIES
CRITERION: Low Debt mid cap companies (NSE)
S.No Industry Company Name
1 Consumer appliances TTK prestige
2 QSR Jubilliant foodworks
3 Digi Print Repro industries ltd
4 Garments Page Industries
5 Tobaco Godfrey Phillips
6 Credit rating Service Crisil
7 Oil Castrol lndia ltd
8 FMCG Dabur
9 Mining GMDC
10 Electrical equipments Havells India
DANA ANALYSIS : FORMULAE USED
The expected rate of return on a stock represents the mean of a probability distribu-
tion of possible future returns on the stock. The table below provides a probability
distribution for the returns on stocks .
Given a probability distribution of returns, the expected return can be calculated using
the following equation:
 E[R] = the expected return on the stock,
 N = the number of states,
 pi = the probability of state i, and
Ri = the return on the stock in state i.
DANA ANALYSIS : FORMULAE USED
Beta is a measure of a stock's volatility in relation to the market. By definition, the
market has a beta of 1.0, and individual stocks are ranked according to how much they
deviate from the market. A stock that swings more than the market over time has a
beta above 1.0. If a stock moves less than the market, the stock's beta is less than 1.0.
High-beta stocks are supposed to be riskier but provide a potential for higher returns;
low-beta stocks pose less risk but also lower returns.

3. E Q U I TY A NA L YS I S R E POR T Page 3
TTK PRESTIGE
TTK Prestige—TTKPRESTIG
TTK Prestige Limited has the widest product portfolio covering all aspects of the
Kitchen making it the only brand to offer total kitchen solutions.
The company presently has manufacturing facilities in Hosur, Coimbatore and
Roorkee and distributes from sales branches located across the country to cater to
the needs of specific markets..
TTK Prestige Limited is also the first Kitchenware Company in India to receive the
ISO 9001 Certification and the PED/CE Certification by TUV, Germany. Prestige
has been awarded with Selected “Super Brand” validated by Consumers and also it
is the most preferred brand in Kitchenware segment.
RESEARCH FINDINGS—TTK PRESTIGE
Industry Company Name
Consumer appliances TTK prestige
Expected
Return (%) Beta
-5.17 0.90
T TK Prestige
Q1 net profit up
6000
21% at Rs 30.7
5000
4000 cr
3000
2000
Closing
1000
0 NIFTY
02-Apr-12
02-Sep-11
02-Feb-12
02-Jun-12
02-Jul-12
02-Mar-12
02-Dec-11
02-Aug-12
02-Oct-11
02-Jan-12
02-Nov-11
02-May-12

4. E Q U ITY A NA L YS I S R E PO R T Page 4
JUBILANT FOODWORKS
Jubilant Foodworks-JUBLFOOD
Jubilant FoodWorks Limited (the Company) is a Jubilant Bhartia Group Company.
The Company was incorporated in 1995 and initiated operations in 1996. The
Company got listed on the Indian bourses in February 2010. Mr. Shyam S. Bhartia,
Mr. Hari S. Bhartia and Jubilant Enpro Private Ltd. are the Promoters of the Com-
pany.
The Company & its subsidiary operates Domino’s Pizza brand with the exclusive
rights for India, Nepal, Bangladesh and Sri Lanka. The Company is India’s largest
and fastest growing food service company, with a network of 489 Domino’s Pizza
Stores (as of 30th June 2012). The Company is the market leader in the organized
pizza market with a 54% market share (Euromonitor Report 2010) and 70%
share in the pizza home delivery segment in India.
RESEARCH FINDINGS—JUBILANT FOODWORKS
Expected
Industry Company Name Return (%) Beta
QSR Jubilant foodworks 6.36 0.43
The Company
6000
5000 launched
4000 Dunkin’ Donuts
3000
2000 Closing in India in April
1000
0 NIFTY 2012 in Delhi.

5. E Q U I TY A NA L YS I S R E POR T Page 5
REPRO INDIA
Repro India—REPRO
Repro is a provider of content, print and fulfillment solutions to publishers,
corporates, education institutions and governments.
Today, Repro serves customers across four continents. It produces multiple prod-
uct formats such as books, e-books and other interactive content.
certified for ISO 9001-2008, ISO 14000 – 2004, FSC, PEFC, FOGRA – PSO 12647
and SEDEX for our quality, environment & social compliance practices. We have
been awarded the CAPEXIL Export Award for being India’s leading books ex-
porter, for 5 years now.
RESEARCH FINDINGS—REPRO INDIA
Expected
Industry Company Name Return (%) Beta
Digi Print Repro India 20.55 0.07
6000 Repro provides
5000
4000 solutions to
3000
Closing publishers
2000
1000 NIFTY across 25
0 countries
Linear (NIFTY)

6. E Q U ITY A NA L YS I S R E PO R T Page 6
PAGE INDUSTRIES
Page Industries—PAGEIND
Page Industries Ltd., located in Bangalore, India are the exclusive licensees of
JOCKEY International Inc. (USA) for manufacture and distribution of the JOCKEY®
brand Innerwear/Leisurewear for Men and Women in India, Sri Lanka, Bangla-
desh ,Nepal and UAE. Page Industries is also the exclusive licensee of Speedo In-
ternational Ltd. for the manufacture, marketing and distribution of the Speedo
brand in India
In 2012, the company was honoured with the award for “Outstanding Advance-
ment of the Jockey Global Retail Image’, a rare distinction among 120 countries
where Jockey is present.
The year 2012 has also seen Page Industries add another feather to its cap by be-
coming the exclusive licensee of Speedo International Ltd.
RESEARCH FINDINGS—PAGE INDUSTRIES
Expected
Industry Company Name Return (%) Beta
Garments Page Industries -25.11 0.37
6000
5000
Page Industries
4000
3000 Jun '12 sales at
2000
1000
Closing Rs 218.12 crore
0 NIFTY
02-Dec-11
02-Oct-11
02-Aug-12
02-Apr-12
02-Nov-11
02-Jan-12
02-Sep-11
02-Feb-12
02-May-12
02-Jun-12
02-Jul-12
02-Mar-12

7. E Q U I TY A NA L YS I S R E POR T Page 7
GODFREY PHILLIPS INDIA
Godfrey Phillips India—GODFRYPHLP
Over the years, Godfrey Phillips India, has amassed goodwill by conforming to
ethical business practices at all times and acting as a catalyst for social change.
Witness to dramatic changes in technology, commerce, and society, Due to this
persisting endeavor to excel, innovate and win, we have grown to become one of
the largest companies in its class, with sales of over 3200 crores.
Owns some of the most popular cigarette brands in the country like Four Square,
Red and White, Jaisalmer, Cavanders and Tipper.
Network of 500 distributors and have successfully nurtured 800,000 retail outlets,
with offices in eight locations across the country.
RESEARCH FINDINGS—GODFREY PHILLIPS INDIA
Expected
Industry Company Name Return (%) Beta
Tobaco Godfrey Phillips -28.57 0.50
6000
5000 Godfrey Phillips
4000
Q4, 2011-12
3000
2000 net dips 28% at
Closing
1000 Rs 42 cr
0 NIFTY
02-Apr-12
02-Sep-11
02-Feb-12
02-Jun-12
02-Jul-12
02-Mar-12
02-Dec-11
02-Oct-11
02-Aug-12
02-Nov-11
02-Jan-12
02-May-12

8. E Q U ITY A NA L YS I S R E PO R T Page 8
DABUR
DABUR
Dabur India Limited is the fourth largest FMCG Company in India with Revenues of
US$1 Billion (over Rs 5,300 Crore) & Market Capitalisation of US$4 Billion (Rs 20,000
Crore). Building on a legacy of quality and experience of over 125 years, Dabur oper-
ates in key consumer products categories like Hair Care, Oral Care, Health Care, Skin
Care, Home Care & Foods.
For the past 125 years, Dabur have been dedicated to providing nature-based solu-
tions for a healthy and holistic lifestyle.
Dabur has been in the forefront of popularising this alternative way of life, marketing
its products in more than 60 countries all over the world.
RESEARCH FINDINGS—DABUR
Expected Dabur India anno
Industry Company Name Return (%) Beta
unced the re-
FMCG Dabur -12.94 0.02
launch of 'Thirty
6000 Plus' brand with a
5000 new formulation
4000
3000 and said it has
2000 appointed
1000 Closing
0 NIFTY Bollywood actress
02-Apr-12
02-Sep-11
02-Feb-12
02-Jun-12
02-Jul-12
02-Mar-12
02-Dec-11
02-Oct-11
02-Aug-12
02-Nov-11
02-Jan-12
02-May-12
Malaika Arora
Khan as its brand
ambassador.

9. E Q U I TY A NA L YS I S R E POR T Page 9
GMDC
GMDC-GMDCLTD
Gujarat Mineral Development Corporation Limited (GMDC) is a major minerals
and lignite mining company of India. It is State owned company owned by Govern-
ment of Gujarat. GMDC was founded in 1963.Its corporate headquarter is at Ah-
medabad.
Its product range includes essential energy minerals like lignite, base metals and
industrial minerals like bauxite and flourspar.[2] Gujrat government as given its
green signal to GMDC to form a joint venture with NALCO for a 1 mtpa refinery.
In 1999, the government of Gujarat being the sole owner, dis-invested 26% of its
stake and the GMDC became a listed entity (BSE&NSE) and is occupying a position
within the top fortune 500 companies in our country with an annual turnover sur-
passing 1000 Crores with considerable annual growth rate.
RESEARCH FINDINGS—GMDC
Expected GMDC quoting ex-
Industry Company Name Return (%) Beta dividend
Mining GMDC 10.19 0.04 11.19 am | 17 Sep
2012 | Source:
6000 Moneycontrol.com
5000 Gujarat Mineral
4000 Development
3000 Corporation (GMDC)
2000 Closing in its board meeting
1000 held on May 25,
0 NIFTY
2012 has
02-Apr-12
02-Sep-11
02-Feb-12
02-Jul-12
02-Jun-12
02-Dec-11
02-Mar-12
02-Oct-11
02-Aug-12
02-Jan-12
02-Nov-11
02-May-12
recommended a
dividend of Rs 3 per
share (150%)

10. E Q U ITY A NA L YS I S R E PO R T Page 10
CASTROL INDIA
Castrol India-CASTROL
Castrol India Limited is a Public Limited Company with 70.92% of the equity held
by Castrol Limited UK (part of BP Group). In 2003 the company's turnover was
Rs.1360.51 crores and Profit After Tax was Rs. 137.38 crores.
From a minor oil company, with a share of about 6% in 1991, Castrol India has
grown to become the second largest lubricant company in India with a market
share of around 22%.
The company reaches its consumers through a distribution network of 270 distribu-
tors, servicing over 70,000.retail outlets.
RESEARCH FINDINGS—CASTROL INDIA
Expected
Industry Company Name Return (%) Beta Castrol India
Oil Castrol lndia ltd -7.38 0.15 has reported a
6000 sales turnover
5000
of Rs 854.40
4000
crore and a net
3000
2000 Closing profit of Rs
1000 NIFTY 120.90 crore
0
for the quarter
ended Jun '12

11. E Q U I TY A NA L YS I S R E POR T Page 11
CRISIL
Crisil-CRISIL
India's leading Ratings, Research, Risk and Policy Advisory Company based in
Mumbai.[3] CRISIL’s majority shareholder is Standard & Poor's, a division of
The McGraw-Hill Companies and the world's foremost provider of financial
market intelligence. CRISIL pioneered ratings in India more than 25 years ago,
and is today the undisputed business leader[citation needed], with the largest
number of rated entities and rating products: CRISIL's rating experience covers
more than 45000 entities, including 30,000 small and medium enterprises (SMEs)
CRISIL offers domestic and international customers (CRISIL Global Research and
Analytics consisting of Irevna and Pipal Research caters to international clients).
RESEARCH FINDINGS—CRISIL
Expected
Industry Company Name Return (%) Beta
Credit rating Service Crisil -17.51 -0.88
10000
8000 CRISIL Jun '12
6000
sales at Rs
4000
Closing 172.32 crore
2000
NIFTY
0

12. E Q U ITY A NA L YS I S R E PO R T Page 12
HAVELLS INDIA
Havells India Ltd is a billion-dollar-plus[2] electrical equipment company with
products ranging from industrial & domestic circuit protection switchgear, cables
& wires, motors, fans, power capacitors, compact fluorescent lamps (CFL), lumi-
naries for domestic, commercial & industrial applications, modular switches cov-
ering household, commercial and industrial electrical needs, water heater and
domestic appliances.
Havells owns global brands like Crabtree, Sylvania, Concord, Luminance. Havells
has 94 branches / representative offices and over 5000 professionals in over 50
countries.
Its 12 manufacturing plants in India are located at Haridwar, Baddi, Noida, Farida-
bad, Alwar, Neemrana, and 6 manufacturing plants are located across Europe,
Latin America & Africa. It has a 20,000 strong global distribution network
RESEARCH FINDINGS—HAVELLS INDIA
Expected
Industry Company Name Return (%) Beta
Electrical equipments Havells India 11.13 0.21
6000
5000 Havells plans to
4000 open over 200
3000
2000 Galaxy exclusive
Closing
1000 stores
0 NIFTY
02-Dec-11
02-Oct-11
02-Aug-12
02-Apr-12
02-Nov-11
02-Jan-12
02-Sep-11
02-Feb-12
02-May-12
02-Jun-12
02-Jul-12
02-Mar-12

13. E Q U I TY A NA L YS I S R E POR T Page 13
CONCLUSION
Expected
S.No Industry Company Name Return (%) Beta
1 Consumer appliances TTK prestige -5.17 0.90
2 QSR Jubilant foodworks 6.36 0.43
3 Digi Print Repro India 20.55 0.07
4 Garments Page Industries -25.11 0.37
5 Tobaco Godfrey Phillips -28.57 0.50
6 Credit rating Service Crisil -17.51 -0.88
7 Oil Castrol lndia ltd -7.38 0.15
8 FMCG Dabur -12.94 0.02
9 Mining GMDC 10.19 0.04
10 Electrical equipments Havells India 11.13 0.21
If I take correlation Between Expected returns and Beta of stocks, I see in this
portfolio, there is a weak correlation with .0227.
This, no way, Expected return is related to Beta. The logic behind this is Expected
return of a stock is due to the inherited data of a particular stock, wherein Beta
has both the variables i.e the company stock price and the Index in question.
These companies in the last five years have reduced debt from capital structure
significantly and are very well managed and all of them can be recommended as
cash cows to green apple stocks.

14. Equity Research Report
PREPARED BY SUBMITTED TO
Name: Partha Sinha
Roll No.: M2011086 Ms. Sonika Gargi
PGDM ( G) 2011-13 Subject: Securities Analysis & Portfolio
Phone: +91 9910030686 Management
E-mail: partha111@gmail.com APEEJAY INSTITITE OF TECHNOLOGY - SOM
Greater Noida, India
DISCLAIMER
This report is meant for private use and circulation; one should not disseminate, distribute
or copy without authorization of parties involved. The report is prepared in an unbiased
manner and is in no way must be interpreted as personal opinion or bias.
The Project report contains some data which is being sourced from company database
which I have not changed due to the legal aspect of using those data. Any resemblance of
plagiarism should be discussed with the author, as in most cases, it’s intentionally done to
keep the authenticity of report.
For Reference to calculations, refer to the enclosed excel sheets along with the reports.
The sources for Data are:
https://moneycontrol.com
Company Websites of various organizations discussed
https://Wikipedia.org
https://www.nse-india.com