Equity Research

 

Our offerings

 

Independent 
Equity Research

 

CRISIL's Independent Equity Research is an independent and unbiased assessment of a company’s fundamentals and valuation. It comprises of detailed equity research on Indian listed companies. 

 

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SME Fundamental

Research

 

CRISIL’s SME Fundamental Research offers evaluation of SMEs from an equity investor’s perspective. This helps small and medium-sized enterprises in accessing equity funding through the SME Exchange.

 

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IPO
Grading

 

CRISIL’s IPO Grading is designed to provide investors an independent, reliable and consistent assessment of the fundamentals of new public issues. It includes analysis of business and financial prospects, management quality, and corporate governance.
 

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Equity Valuation

 

CRISIL’s Equity Valuation provides both public and private companies an independent opinion on their fair value.

 

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Equity Support Services

 

CRISIL’s Equity Support Services provides outsourcing services for both buy-side and sell-side firms.
 

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Independent Equity Research

CRISIL IER offers an independent and unbiased assessment of a company's fundamentals and valuation. It is a unique concept globally, offering detailed equity research on Indian listed companies.

 

The advent of IER makes for a new paradigm in the Indian equity market, empowering individual investors to make better-informed investment decisions backed by high-quality research from India's leading research house.

 

In contrast with traditional equity research models, CRISIL IER is carried out by an entity that does not have a transactional interest in the stock that is being researched. CRISIL IER also differs from conventional research in not making 'buy', 'hold', or 'sell' recommendations, and instead offers an opinion on the company's fundamentals and valuation. 

 

Benefits of Equity Research

  • Improved liquidity: consistent research, with detailed initiation reports and quarterly updates, increases liquidity and helps the company trade at fair prices
  • Easy access to capital: generates awareness among investors and positions the company as a long-term prospect during fund-raising programmes
  • Enhanced visibility: positions the company to domestic and international investors in both the retail and institutional segments
  • Eases management bandwidth: frees up the company's top management and investor relations team's bandwidth
  • Increased transparency: creates an investor-friendly image for the company, and raises transparency levels

Why CRISIL

  • CRISIL is India's largest independent and integrated research house with strong domain expertise on Indian economy, industries and capital markets
  • In-depth understanding of key issues and factors that affect the performance and profitability of a large number of industries and companies
  • Large team of research analysts that functions independently of business development team
  • Strong equity research skills at Irevna (CRISIL's global off-shoring division), which was recently voted as the No.1 investment research outsourcing firm in the world by investment banks, hedge funds, and private equity firms
  • Over 1200 domestic and international clients depend on CRISIL research for key inputs to their decision-making processes

SME Fundamental Research

CRISIL’s SME Fundamental Research offers evaluation of SMEs from an equity investor’s perspective and helps small and medium-sized enterprises in accessing equity funding through the SME Exchange. In the past decade, CRISIL has pioneered many solutions for the development of India’s SME sector, and this service offering is another step in that direction.

 

Evaluation of SMEs from an equity investor’s perspective needs a specialised approach, as their characteristics are different from large companies. CRISIL’s SME Fundamental Research bridges this gap. The SME Exchange, set up by the National Stock Exchange, provides an exclusive trading platform for SMEs, facilitating the flow of equity capital to companies on a growth path, but not large enough to list on the main bourses.

 

CRISIL offers SME Fundamental Grading services for companies that plan to get listed on the SME Exchange. It also offers the SME Independent Equity Research for companies that are already listed on the SME Exchange.

 

 

 

Our offerings include

SME Fundamental Grading

Our SME Fundamental Grading is an independent opinion on the fundamentals of an SME that is proposed to be listed on the SME Exchange. The grading is a relative assessment in relation to other SMEs in India. The assessment is based on a grading exercise carried out by industry specialists from CRISIL's Research division and comprises an analysis of the following:

  • Business prospects
    • Industry prospects
      Assessment of attractiveness of the industry encompassing growth opportunities, degree of competition, regulatory risks and other parameters
    • Company prospects
      The alignment between industry opportunities, the company's strategy and its capabilities
  • Financial prospects 
    A forward looking assessment of key financial indicators relevant for an equity investor.
  • Management quality 
    An assessment of the ability of the management to scale up the business and handle uncertainty.
  • Corporate governance 
    An evaluation of the company's governance architecture to determine if it is structured such that the risks and rewards of business are equally available to all shareholders.
     

 

Our  SME Fundamental Grading is CRISIL's current opinion on the fundamentals of the  graded issue. This opinion is a relative assessment in relation to other SMEs in India. CRISIL SME Fundamental Grading reflects its assessment of the graded company's equity fundamentals as distinct from an assessment of debt fundamentals. A CRISIL SME Fundamental Grade should not be construed to mean a comment on the price of the graded security nor is it a recommendation to invest or not to invest in the graded SME / instrument.

 

SME Fundamental Grading benefits investors and aids companies in fund raising

The SME Fundamental Grading is particularly useful for investors who are seeking to invest in SME companies and aids companies in fund raising. Our SME Fundamental Grading aids investors to identify fundamentally better SME companies, thereby helping them to make informed investment decisions. An investment decision involves three key components:

  • Analysis of fundamentals
  • Analysis of returns 
  • Investor preference for the asset class

 

CRISIL SME Fundamental Grading aims to address the first component - analysis of fundamentals.

 

 

Grading list and rationales

 

Company Name SME Fundamental Grade Date Assigned Rationale
K.P. Energy Ltd. SME 3/5 December 24, 2015 View
Perfect Infraengineers Ltd. SME 4/5 August 4, 2015 View
MITCON Consultancy and Engineering Services Ltd. SME 4/5 September 19, 2013 View
MobME Wireless Solutions Ltd. SME 3/5 March 13, 2013 View
Opal Luxury Time Products Ltd. SME 4/5 February 25, 2013 View
VKC Credit and Forex Services Ltd. SME 3/5 January 11, 2013 View
Veto Switchgears and Cables Ltd. SME 4/5 October 19, 2012 View
Thejo Engineering Ltd. SME 5/5 September 4, 2012 View

SME Independent Equity Research

SME Independent Equity Research (SME IER) offers an independent and unbiased assessment of a company's fundamentals and valuation. SME IER covers companies which are already listed on the SME Exchange. 

 

In contrast to traditional equity research models, CRISIL SME IER is carried out by an entity that does not have a transactional interest in the stock that is being researched. CRISIL SME IER also differs from conventional research in not making 'buy', 'hold', or 'sell' recommendations, and instead offers an opinion on the company's fundamentals and valuation. The advent of SME IER makes for a new paradigm in the Indian equity market, empowering individual investors to make better-informed investment decisions backed by high-quality research from India's leading research house.

 

Benefits of Equity Research

  • Improved liquidity
    Consistent research, with detailed initiation reports and quarterly updates, increases liquidity and helps the company to trade at fair prices
  • Easy access to capital 
    Generates awareness among investors and positions the company as a long-term prospect during fund-raising programmes
  • Enhanced visibility
    Positions the company to domestic and international investors
  • Eases management bandwidth
    Frees up the company's top management and investor relations team's bandwidth
  • Increased transparency
    Creates an investor-friendly image for the company and raises transparency levels

SME Independent Equity Research Report

The SME Independent Equity Research Reports we offer:

 

Company Name Detailed Report First Half Yearly Update Second Half Yearly Update
K.P. Energy Ltd
November 2017
   
Opal LuxuryTime Products Ltd.
June 2013
December 2013
June 2014
Thejo Engineering Ltd.
September 2016
January 2018
January 2017
Veto Switchgearsand Cables Ltd.
January 2013
June 2013
November 2013
MITCON Consultancy & Engineering Services Ltd. January 2014
November 2014 
June 2014

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IPO Grading

CRISIL IPO Grading is designed to provide investors an independent, reliable and consistent assessment of the fundamentals of new public issues. It includes an assessment of business and financial prospects, management quality and corporate governance.

 

Introduced under the aegis of the Securities and Exchange Board of India (SEBI) regulation, an IPO grade is particularly useful to retail investors who are seeking to invest in companies unknown in the equity markets.

 

Our IPO grading is assigned by a separate equity-focused team (and not by credit rating analysts) to bring the necessary equity orientation to the outcome. It is much more than due diligence - it is an independent view on equity fundamentals. An unmatched track record of independent research and strong domain knowledge in all industries add to our credibility.

CRISIL IPO Grade
Assessment
5/5 Strong fundamentals
4/5
Above average fundamentals
3/5
Average fundamentals
2/5
Below average fundamentals
1/5
Poor fundamentals
Company Name CRISIL IPO Grade Date Assigned View Rationale
TeamLease Services Pvt Ltd CRISIL IPO Grade 4/5 10-Dec-15 View
Sadbhav Infrastructure Project Ltd CRISIL IPO Grade 4/5 26-Mar-15 View
Snowman Logistics Ltd CRISIL IPO Grade 4/5 10-Mar-14 View
Wonderla Holidays Ltd CRISIL IPO Grade 4/5 26-Feb-14 View
Great Eastern Energy Corp. Ltd CRISIL IPO Grade 3/5 11-Feb-14 View
Advanced Enzyme Technologies Ltd(AETL). CRISIL IPO Grade 3/5 05-Sep-13 View
Wonderla Holidays Ltd (Wonderla). CRISIL IPO Grade 4/5 12-Aug-13 View
Just Dial Pvt Ltd CRISIL IPO Grade 5/5 16-Apr-13 View
ACB (India) Ltd CRISIL IPO Grade 4/5 30-Jan-13 View
Bharti Infratel Ltd CRISIL IPO Grade 4/5 27-Nov-12 View
PC Jeweller Ltd CRISIL IPO Grade 3/5 06-Nov-12 View
Powerica Ltd CRISIL IPO Grade 4/5 17-Oct-12 View
Just Dial Limited CRISIL IPO Grade 5/5 14-Jun-12 View
VKS Projects Ltd CRISIL IPO Grade 1/5 09-May-12 View
Speciality Restaurants Ltd CRISIL IPO Grade 4/5 23-Mar-12 View
Modern Tube Industries Ltd CRISIL IPO Grade 1/5 15-Mar-12 View
Tribhovandas Bhimji Zaveri Limited CRISIL IPO Grade 3/5 24-Feb-12 View
Olympic Cards Ltd. CRISIL IPO Grade 1/5 21-Feb-12 View
Varahi LImited CRISIL IPO Grade 3/5 21-Feb-12 View
Multi Commodity Exchange of India Ltd. CRISIL IPO Grade 5/5 06-Jan-12 View
Just Dial Ltd CRISIL IPO Grade 5/5 26-Dec-11 View
MT Educare Limited CRISIL IPO Grade 4/5 23-Dec-11 View
Automark Industries (India) Ltd CRISIL IPO Grade 2/5 22-Dec-11 View
Bio Ethanol India Ltd CRISIL IPO Grade 2/5 25-Nov-11 View
Joyalukkas India Ltd. CRISIL IPO Grade 3/5 04-Oct-11 View
Jawed Habib Hair & Beauty Ltd CRISIL IPO Grade 2/5 24-Aug-11 View
Modern Tube Industries Ltd. CRISIL IPO Grade 1/5 18-Aug-11 View
APR Constructions Ltd. CRISIL IPO Grade 2/5 03-Aug-11 View
Tribhovandas Bhimji Zaveri Ltd. CRISIL IPO Grade 3/5 12-Jul-11 View
NetAlter Software Ltd. CRISIL IPO Grade 1/5 17-Jun-11 View
Multi Commodity Exchange of India Ltd CRISIL IPO Grade 5/5 15-Jun-11 View
Speciality Restaurants Ltd CRISIL IPO Grade 4/5 15-Jun-11 View
Olympic Cards Ltd. CRISIL IPO Grade 1/5 10-Jun-11 View
Tree House Education & Accessories Ltd. CRISIL IPO Grade 3/5 10-May-11 View
Tata Autocomp Systems Ltd. CRISIL IPO Grade 3/5 04-May-11 View
Unijules Life Sciences Ltd CRISIL IPO Grade 1/5 28-Apr-11 View
Timbor Home Ltd CRISIL IPO Grade 1/5 28-Apr-11 View
Aanjaneya Lifecare Ltd CRISIL IPO Grade 1/5 28-Mar-11 View
One97 Communications Limited CRISIL IPO Grade 3/5 18-Mar-11 View
Muthoot Finance Limited CRISIL IPO Grade 4/5 09-Mar-11 View
VRL Logistics Limited CRISIL IPO Grade 3/5 09-Mar-11 View
PTC India Financial Services Limited CRISIL IPO Grade 3/5 01-Mar-11 View
Sudar Garments Limited CRISIL IPO Grade 1/5 21-Jan-11 View
Galaxy Surfactants Limited CRISIL IPO Grade 4/5 17-Jan-11 View
Endurance Technologies Limited CRISIL IPO Grade 3/5 04-Jan-11 View
Sterlite Energy Limited CRISIL IPO Grade 4/5 02-Dec-10 View
IOT Infrastructure and Energy Services Ltd. CRISIL IPO Grade 4/5 02-Dec-10 View
Shirdi Industries Ltd. CRISIL IPO Grade 2/5 26-Nov-10 View
Greatship (India) Ltd. CRISIL IPO Grade 4/5 10-Nov-10 View
Embassy Property Developments Ltd CRISIL IPO Grade 4/5 29-Oct-10 View
Virgo Engineers Limited CRISIL IPO Grade 4/5 30-Sep-10 View
Oberoi Realty Ltd CRISIL IPO Grade 4/5 24-Sep-10 View
One97 Ltd CRISIL IPO Grade 3/5 07-Sep-10 View
Coal India Ltd CRISIL IPO Grade 5/5 03-Sep-10 View
YOU Broadband & Cable India Limited CRISIL IPO Grade 2/5 01-Sep-10 View
Tecpro Systems Limited CRISIL IPO Grade 4/5 17-Aug-10 View
Ramky Infrastructure Ltd CRISIL IPO Grade 3/5 16-Aug-10 View
Raheja Universal Limited CRISIL IPO Grade 3/5 16-Aug-10 View
Ashoka Buildcon Limited CRISIL IPO Grade 4/5 09-Aug-10 View
Orient Green Power Ltd. CRISIL IPO Grade 4/5 29-Jul-10 View
Microsec Financial Services Ltd. CRISIL IPO Grade 2/5 26-Jul-10 View
Commercial Engineers & Body Builders Co. Ltd. CRISIL IPO Grade 2/5 23-Jul-10 View
Bajaj Corp Ltd CRISIL IPO Grade 4/5 28-Jun-10 View
Hindustan Media Ventures Limited CRISIL IPO Grade 4/5 17-May-10 View
Gujarat State Petroleum Corporation CRISIL IPO Grade 4/5 10-May-10 View
Gujarat Pipavav Port Ltd. CRISIL IPO Grade 4/5 22-Mar-10 View
Oberoi Realty Ltd. CRISIL IPO Grade 4/5 22-Mar-10 View
Indosolar Ltd. CRISIL IPO Grade 3/5 18-Mar-10 View
Persistent Systems Ltd. CRISIL IPO Grade 4/5 02-Mar-10 View
Nitesh Estates Ltd. CRISIL IPO Grade 2/5 02-Mar-10 View
Tarapur Transformers Ltd. CRISIL IPO Grade 1/5 10-Feb-10 View
Glenmark Generics Ltd. CRISIL IPO Grade 4/5 09-Feb-10 View
D B Realty Ltd. CRISIL IPO Grade 2/5 14-Jan-10 View
Man Infraconstruction Ltd. CRISIL IPO Grade 3/5 05-Jan-10 View
Radiant Info Systems Ltd. CRISIL IPO Grade 1/5 23-Dec-09 View
Hathway Cables & Datacom Ltd. CRISIL IPO Grade 3/5 23-Dec-09 View
Ashoka Buildcon Ltd. CRISIL IPO Grade 4/5 14-Dec-09 View
Vascon Engineers Ltd. CRISIL IPO Grade 3/5 08-Dec-09 View
Mandhana Industries Ltd. CRISIL IPO Grade 3/5 17-Nov-09 View
Infinite Computer Solutions (India) Ltd. CRISIL IPO Grade 2/5 07-Oct-09 View
Indiabulls Power Ltd. CRISIL IPO Grade 3/5 06-Oct-09 View
Oil India Ltd. CRISIL IPO Grade 4/5 11-Aug-09 View
Mandhana Industries Ltd. CRISIL IPO Grade 3/5 08-Oct-08 View
Neoteric Infomatique Ltd. CRISIL IPO Grade 2/5 23-Jul-08 View
VRL Logistics Ltd. CRISIL IPO Grade 2/5 20-Jun-08 View
Nu Tek India Ltd. CRISIL IPO Grade 3/5 09-Jun-08 View
Virgo Engineers Ltd. CRISIL IPO Grade 4/5 04-Jun-08 View
Microsec Financial Services Ltd. CRISIL IPO Grade 2/5 29-May-08 View
RITES Limited CRISIL IPO Grade 3/5 28-May-08 View
Multi-Commodity Exchange of India Ltd. (MCX) CRISIL IPO Grade 5/5 22-May-08 View
Ramky Infrastructure Ltd. CRISIL IPO Grade 3/5 08-May-08 View
Shankara Pipes India Ltd. CRISIL IPO Grade 2/5 07-Apr-08 View
UTI Asset Management Company Ltd. CRISIL IPO Grade 4/5 18-Mar-08 View
Resurgere Mines & Minerals India Ltd. CRISIL IPO Grade 1/5 11-Mar-08 View
Sejal Architectural Glass Ltd. CRISIL IPO Grade 1/5 10-Mar-08 View
Mandhana Industries Ltd. CRISIL IPO Grade 3/5 27-Feb-08 View
Rural Electrification Corporation Ltd. CRISIL IPO Grade 3/5 04-Feb-08 View
Vascon Engineers Ltd. CRISIL IPO Grade 3/5 29-Jan-08 View
Prince Foundations Ltd. CRISIL IPO Grade 2/5 29-Jan-08 View
Acme Tele Power Ltd. CRISIL IPO Grade 5/5 23-Jan-08 View
V-Guard Industries Ltd. CRISIL IPO Grade 3/5 16-Jan-08 View
Shriram EPC Ltd. CRISIL IPO Grade 3/5 14-Jan-08 View
Reliance Power Ltd. CRISIL IPO Grade 4/5 31-Dec-07 View
KNR Constructions Ltd. CRISIL IPO Grade 3/5 06-Dec-07 View
Persistent Systems Limited CRISIL IPO Grade 4/5 03-Dec-07 View
OnMobile Global Limited CRISIL IPO Grade 4/5 07-Nov-07 View
Tecpro Systems Limited CRISIL IPO Grade 3/5 06-Nov-07 View
eClerx Services Limited CRISIL IPO Grade 3/5 05-Nov-07 View
Edelweiss Capital Limited CRISIL IPO Grade 4/5 22-Oct-07 View
Varun Industries Limited CRISIL IPO Grade 1/5 10-Sep-07 View
Precision Pipes and Profiles Company Ltd. CRISIL IPO Grade 4/5 04-Sep-07 View
Kiri Dyes and Chemicals Ltd. CRISIL IPO Grade 2/5 12-Jul-07 View
Bhagwati Banquets and Hotels Ltd. CRISIL IPO Grade 1/5 09-Nov-06 -
Celestial Labs Ltd. CRISIL IPO Grade 1/5 09-Nov-06 -
Suryachakra Power Corporation Ltd. CRISIL IPO Grade 2/5 05-Oct-06 -
SVP Industries Ltd. CRISIL IPO Grade 1/5 05-Oct-06 -
Minar International Ltd. CRISIL IPO Grade 4/5 10-Aug-06 -
Shree Ashtavinayak Cine Vision Ltd. CRISIL IPO Grade 4/5 10-Aug-06 -

Equity Valuation

With a universe of about 100 companies under coverage, we are the best equipped to provide both public and private companies with an independent opinion on fair value. Our valuation represents the most likely price around which a deal can happen, if more than one independently acting potential buyer/seller is found after adequate efforts, but within a limited timeframe after our analysis.  The buyer/seller should have similar knowledge of the business being transacted and its environmental factors. They should have no other strategic factors weighing upon their mind as regards potential of this business.

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Equity Support Services

CRISIL provides outsourcing services for both buy-side and sell-side firms. The advantages of CRISIL’s equity support services include:

  1. Cost savings of at least 30%
  2. Flexible delivery models: both project and full-time employee (FTE) models are offered
  3. Leverages CRISIL’s knowledge:
    • Experienced analysts with sector-specific knowledge
    • Refined research processes and proprietary techniques, ensuring high-quality output
    • Focused training programmes to ensure analysts are kept abreast with the latest analytical techniques.

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Questions?

  • For any queries, please reach out to
    Capital Market Helpdesk
    +91 22 3342 8029
    researchhelpdesk@crisil.com

  • Deepak Mittal
    +91 22 33 42 8031
    deepak.mittal@crisil.com

  • Bhushan Kedar
    +91 22 33 42 8084
    bhushan.kedar@crisil.com