Trading name Taj Hotels Palaces Resorts Safaris
Type Public
Traded as BSE: 500850    NSE: INDHOTEL
ISIN INE053A01029
Industry Hospitality
Parent TATA Group






  • The Indian Hotels Company Limited (IHCL) is engaged in short-term accommodation activities, and restaurants and mobile food service activities.
  • The Company is primarily engaged in the business of owning, operating and managing hotels, palaces and resorts.
  • The Company’s segments include Hoteliering and Others, which consists of air catering and investing activities.
  • Its subsidiaries include TIFCO Holdings Limited, KTC Hotels Limited, Lands End Properties Private Limited and Sheena Investments Private Limited.



Incorporated by the founder of the Tata Group, Jamsetji Tata, the Company opened its first hotel – the Taj Mahal Palace, in Bombay in 1903.



Basis 2018 2017
Profit after Tax(Rs. Crores) 100.87 (63.20)
Total Revenue(Rs. Crores) 4165.28 4075.51
EBITDA(Rs. Crores) 732.08 664.56
EBITDA Margin (%) 18 16
Return on capital employed (%) 6 5
EPS-basic and diluted 0.91 (0.60)




Number of hotels 46 27 27 42
Number of rooms 6945 4041 2396 3763
Locations Cities and resort destinations, safari locations and authentic palaces Cities and resort destinations Cities and resort destinations Cities across India
Brand Style Iconic Bon Vivant Warm and Welcoming Smart
Target audience Luxury world traveler Cosmopolitan traveler Business and leisure traveller Millennial/City hopper
Nature of arrangements


Owned, leased and management contracts Owned, leased and management contracts Owned, leased and management contracts Owned and managed contracts


Services Offered Ø  In-flight catering

Ø  Airline lounge management

Ø  Laundry

Ø  Airline bonds

Boutiques Spas Salons
Number 6 Units 12 43 34
Brand Style Efficiency and Scale Indian Luxury Ancient Indian Wellness Beauty with care
Target Audience Institutions Global Traveller Wellness seekers Discerning Luxury
Nature of arrangements Joint venture Multi Product Retail Outlet Owned Owned
Other Services Ø  Institutional catering

Ø  Outdoor catering

Ø  Corporate gifting

Locations Cities across India 7


FOOD AND BEVERAGE More than 380 restaurants and bars around the world


offers a multitude of specialty cuisines flavored with tradition and innovation through its signature brands. Its Brands – Bombay Brasserie, Golden Dragon, Wasabi, Thai Pavilion and House of Ming.
CORPORATE PRODUCTS Taj Holidays offers a wide selection of distinct holiday packages to guests with unique holiday requirements.


Taj Wedding Studio is a platform which promises to offer an experience of a lifetime -from opulent venues to customised cuisines, ambience and services, Taj Experiences Gift Card are innovative prepaid cards, redeemable against all spends – accommodation, holiday packages, dining, spa, etc.,
LOYALTY PROGRAMMES Taj Inner Circle loyalty programme designed to offer  guests a gamut of unparalleled services and experiences through 84 domestic and 16 international hotels at iconic destinations. Warmer Welcomes is a loyalty partnership programme offering members of Shangri-La’s Golden Circle and Taj InnerCircle reciprocal benefits. It also allows them to earn their preferred loyalty currency.  



  • N. Chandrasekaran, Chairman of the board,
  • Puneet Chhatwal, MD & CEO,
  • Mehernosh S. Kapadia, Executive Director – Corporate Affairs,
  • Giridhar Sanjeevi, Executive Vice President & CFO and
  • Beejal Desai, Senior Vice President – Legal & Company Secretary.


Prepared By :  Dipali Bhargava

Nilkamal Limited

Overview Report 


Nilkamal is a plastic product manufacturing company based in Mumbai, India. It is the world’s largest manufacturer of moulded furniture and Asia’s largest processor of plastic moulded products. The company also has a chain of retail stores under the @home brand. Also, the company is listed on the NSE and BSE since 1991.



Years – Events


1985 – Nilkamal as a company, was incorporated on 5th December

1990 – The company changed its name to “Nilkamal Plastic” on 23rd August



– Material Handling Solution        – Nilkamal Home Ideas, Home Furnishing Store

– Moulded Furniture                       – @home, the Mega Home Store Retail Chain

– Nilkamal Mattrezzz                       – Bubbleguard Solutions



Nilkamal has 25 branches spread across the country in India. Also, the company has 8 large manufacturing plants in India spread across the country.



  • Nilkamal Ltd. has a joint venture in Sri Lanka with BITO Lagertechnik Bittman GmbH which is Nilkamal Bito Storage Systems Pvt Ltd for manufacturing of automated storage systems in metal.
  • Also, the company has a joint venture with CAMBRO, which is Cambro Nilkamal Pvt Ltd for Hospitality products suited for large restaurants and hotels.



  • 2017-18 has been an eventful year overall for the Indian economy with long awaited nationwide rollout of GST. Disruptions and anxiety due to perceptions, certain lack of clarity and overall adaptation of HSN based tax rates though affected the Business in 2nd/3rd quarter, have now been overcome and settled.


  • The Indian economy is poised to grow at a rate of 7.4% in 2018-19 as projected by IMF, after an estimated 7% growth in 2017-18.




Nilkamal Company’s leadership lies in the hands of following key persons –


Mr. Vamanrai Parekh – Cofounder, Promoter and Chairman of Board of Directors of Nilkamal Group

Mr. Sharad Parekh – Managing Director of Nilkamal Group

Mr. Hiten V Parekh – Promoter and Joint Managing Director of Nilkamal Group

Mr. Manish Parekh – President and Executive Director (Furniture) of Nilkamal Group

Mr. Nayan Parekh – President and Executive Director (Material Handling) of Nilkamal Group







(Rs in Crores)

Particulars 2017 2018
Total Revenue 1968.66 2078.9
Total Expenses 1799.74 1900.14
Profit/Loss Before Tax 168.92 178.76
Total Tax Expenses 50.46 61.65
Profit/Loss For The Period 118.45 117.11
Earnings Per Share 79.38 78.48


Net revenue of the company has rose from Rs. 1968.66 crores to Rs. 2078.9 crores showing a growth rate of 5.59%. EBIT of company has also increased by a rate of 5.57% but EAT has decreased with a rate of 1.13%. Also EPS of the company’s shares has decreased from the last year as it was 79.38 last year and this year it has reached 78.48.





(Rs in Crores)

Particulars 2017 2018
Total Share Capital 14.92 14.92
Reserves and Surplus 682.21 782.25
Total Shareholders’ Funds 697.13 797.18
Total Non-Current Liabilities 59.94 69.46
Total Current Liabilities 275.79 312.78
Total Capital And Liabilities 1032.86 1179.42
Total Non-Current Assets 364.09 407.49
Total Current Assets 668.77 771.93
Total Assets 1032.86 1179.42


The capital in the company remains the same as last year and the company has proposed to transfer Rs. 782.25 crores to the reserves which is higher from last year by 14.66%. The total liabilities of the company has increased from last year and so has the assets of the company. Liabilities showed a growth of 13.85% while assets increased at a rate of 14.19%.




(Rs in Crores)

Particulars 2017 2018
Net Profit/Loss Before Extraordinary Items And Tax 168.92 178.76
Net Cashflow From Operating Activities 99.48 110.9
Net Cash Used In Investing Activities -63.99 -86.56
Net Cash Used From Financing Activities -36.84 -20.36
Net Inc/Dec In Cash And Cash Equivalents -1.36 3.98
Cash And Cash Equivalents at the Beginning of Year 6.58 5.23
Cash And Cash Equivalents at the End Of Year 5.23 9.21


In the beginning of the year, company had Rs. 5.23 crores of liquid assets with them which had increased over the year and reached to Rs. 9.21 crores at the end of the financial year 2017-18. Total increase in cash and cash equivalents from the last year is 76% approx. Also, company has generated Rs. 110.9 crores from operating activities and used Rs. 86.56 crores in investing and Rs. 20.36 crores in Financing activities respectively at the end of FY 2017-18.




Report Generated By : Vishakha Bais



Management Discussion and Analysis

Industry Outlook, Structure and Developments

In 2016, economic growth of US was 3.1% and it’s projected to reach at 3.4% & 3.6% in 2017 & 2018 because of emerging markets, advance and developing economies. US grew at 2.6% and in 2017 & 2018 it expected to grow at 2.3% & 2.5% forecast is lower because of new administration. The euro area grew at 1.7% and it is expected to grow at 1.6% in 2017 & 2018. China decelerated to 6.7% and it is expected to further slowdown to 6.5% & 6.0% in 2017 & 2018. India grew at 6.6% as compared to 7.6% in 2015 and expected to grow at 7.2% & 7.7%, in 2017 & 2018 still India will continue to remain fastest growing economy as compared to other developed and emerging economies.

Global technology industry saw fairly modest, yet commendable growth of 4%, remaining flat after a couple of years. Global sourcing market growth continues to outperform IT-BPM spend growth. In 2016, global sourcing grew 1.7 times to reach USD 173-178 billion. India continued as world’s no. 1 sourcing destination with a healthy and significant share of 55%.

In FY 2017, India had IT-BPM revenue touching USD154 billion, showing 8% growth from FY 2016 USD 143 billion. Exports reached USD 117 billion with the addition of USD 8.2 billion and growth of 7.6% over the previous years. India’s IT-BPM market grew at8.5% Y-o-Y to reach USD 38 billion.

In 2016, there has been continuous disruption in terms of technology, political changes and decline in GDP of key markets (US, UK etc.). India’s IT-BPM industry is feeling the impact of global slowdown and global political uncertainties as clients go slow on their decision-making and investment process. However India is continue to world’s top outsourcing destination due to its unique value proposition which rest on the following five strategic pillars:

  1. Digitally connected domestic economy,
  2. Maturity in onshore, offshore and nearshore global delivery model,
  3. Highest volume of diverse, employable talent,
  4. World’s fastest growing digital hub,
  5. Digital at the core of innovation.

Financial Performance

(₹, in millions)

Particular FY 2015-2016 FY 2016-2017
Revenue 46730 52364
EBITDA 8210 7181
Profit Before Tax 7231 5549
Profit After Tax 5525 4186


Revenue Distribution by Industry:

Strength and Opportunities

Digital: For Mindtree Digital creates market opportunity and continues to be great importance for next several years. Customers are looking for digital transformation for their business and competition continues to pivot towards digital. Currently, we are earning more than third of our revenue by providing digital services and we expected to increase it to about 50% in 3-5 years. The rapid changes that business will face are coming from three main areas: collaborations, personalization and the shift of power from marketers to consumers.

From the perspective of an IT service Industry, Digital business is estimated to touch $225 billion by 2020 with $48 billion predicted for Indian IT services firms. But the excitement stems from the optimist view that 90% of all incremental spends in the next five years on IT will be on digital. Our vision is to “Make Businesses Digital” and “Make Digital Deliver”. Mindtree has also recognize its team with a focus on faster time to market & turnkey cloud based solutions to make Digital real for customers.


Automation: Customers are demanding greater efficiency and productivity to drive down operational cost. Mindtree is engaging with best in class partners for cutting edge technology which can be leverage for our clients. Mindtree continuously expanding automation footprints for their clients in various service lines, their approach to fulfill customer demand is based on following broad areas:

  1. Automation of Manual Business Process
  2. Accelerated Development, Environment Provisioning, Continuous Integration & DevOps.
  3. Automated Testing & Business Assurance Process
  4. Automated Infrastructure Performance Monitoring
  5. Maintenance & Support

Integrated Services: To tackle the issues related with fragmented multi sourcing, many enterprises have started to move to well-organized delivery model. Mindtree has developed unique integrated way to manage End-to-End IT services in a modular approach, tailored for the customer landscape.

Threats, Risks and Concerns:

  Risk Description Reasons Risk Management Plan
1. Macro Economic Environment:

Economic uncertainties in its key markets like United States (U.S.) and Europe can impact the demand for IT services. They continue to see restrictions on outsourcing from countries like US, UK.



Because of unpredicted election of U.S. president etc, and upcoming national elections in Germany, Netherlands and Singapore etc., & by increasing visa cost and tightening visa related norms.


Large corporation are increasing spends on digital transformation of their existing business. Mindtree are in the forefront of client’s invested areas, their differentiation and focus led to several key wins both existing & new clients.

Their focus on rebuilding Europe is showing better attention, new key wins and also focuses on stronger markets & continues to evaluate different business models to improve onsite/ offshore delivery mix, further enhancement to global development centers and significantly engaging with clients to provide a holistic value proposition.

2. Competition:

Mindtree risk losing business to larger players in the industry or emerging challengers.


Mindtree preliminary face competition from Indian as well as International companies and captive offshore centers. Mindtree faces risk of competitor coming up with new offering or offered different business models to challenge their market share & growth. Mindtree in addition to its core verticals, have significant investments in key areas like Digital Transformation, “As-a-Service” model, new Digital Business & Platform Solutions groups, and help for future growth.
3. Pricing Pressure:

A highly competitive environment they may face margin pressure.



Pressures due to customer have a tough expectation on pricing or tactical movement of their competitor. They are delivering transformative solutions that are changing business process, especially in the area of Digital Business & Platform Solutions which help them to manage pressures on pricing.
4. Compliance Risks:

Adherence to laws, regulations and local statutes across the globe is a challenge to any IT company today.

Every country has its own laws with respect to social security, privacy, data protection, visa, etc., so they need to do detailed knowledge and compliance on it. Mindtree has an in-house compliance team to manage this activity like in Australia, Singapore, India, US & UK & also implemented where their presence is expanding & growing.
5. Business Continuity Risks:

Mindtree may be Vulnerable to hazard risks.

Recent events in Bangalore/ Chennai have shown potential hazards to impact business operations and risk to employee safety. Mindtree has a comprehensive Business Continuity Management (BCM), Disaster Recovery Plan (DRP) and also have a Crisis Management Team.
6. Cyber Security Risk:

Cyber risk emerge as top risk for industries as organizations moving to newer areas of engagement such as social, mobile computing, cloud computing.

Because of hacking, other security failure. Mindtree has Incident Resolution and Prevention Process, also system enabled firewall, content filtering, gateways, inscription for laptops, etc. Vulnerability assessment & prevention tests are conducted on critical resources & networks with the help of third party agency.
7. Risk Of Intellectual Property Rights(IPR) Infringements:

IP rights are violated when software protected by IP laws is copied or otherwise used without having the proper authorization, permission, from the person who owns those rights.

Failure to address problem could lead to legal case & can also cause huge reputation loss to organization. Mindtree has taken number of steps to increase the awareness level of Mindtree Minds by executive communication, engaging messaging, presentation to senior manger and implemented third party tool monitor an IP infringements.




Their focused approach with strong business fundamentals led them to achieve a revenue growth of 9.4% (in USD terms) for FY17. They continue to maintain their position by securing & assimilating competence in fast-emerging new technologies like AI and Cognitive. The external environment is dynamic and uncertain exerting pressure on pricing on “Run the Business” initiative. The traction is good in “Grow the Business” initiative and they are confident about the momentous growth in FY18 based on their pipeline. Their focus is to deepen relationship with the customers & make stronger in roads in emerging technologies. For the year FY18, they expect to grow at low double digits.

By- Palak Mahajan

Sun TV Network Limited

Overview report


Sun TV Network Limited is a largest TV network media company in India. Founded in 1991 by Kalanidhi Maran in Tamil Nadu. Sun TV was launched in Tamil, on April 14, 1993. Sun TV becoming a 24 hour channel in January 1995. Sun TV is currently ad free to air channel. This year Sun TV completed its 25 year in TV industry.


Sun TV Network Limited is a largest TV network media company in India. Founded in 1991 by Kalanidhi Maran in Tamil Nadu. Sun TV own 33 TV channels in four languages Tamil, Telugu, Kannada and Malayalam and forty five FM Radio stations.  Sun TV is their first channel of the group started in 14 April 1993. Sun TV was listed on the Bombay Stock Exchange on 24 April 2006.  Sumangali Cable Vision is a cable distribution company owned by Sun network.

Sun Pictures is a film production and distribution company created in year 2008. Sun Direct is an Indian DTH broadcast satellite service provider owned by Sun Network. Sun direct has 6.2 million subscriber in 2016. Sun Direct is also the first DTH to provide HD streaming.


Industry Mass media
Founded 1992
Founders Kalanithi Maran
Headquarters Chennai, Tamil Nadu
Key people Kalanithi Maran (Chairman)
K. Vijay Kumar (MD, CEO)
V. C. Unnikrishnan (CFO)
Products Broadcasting, Publishing, Radio, Flims and Sports franchise.
Employees 1959
Website ,
NSE: SUNTV 952.30
BSE: 532733 952.30




Sun TV networks broadcasting 33 TV channels in four languages Tamil, Telugu, Kannada and Malayalam. Sun TV, KTV, Sun Music, Sun News, Chutti TV, Surya TV, Kiran TV, Gemini TV, Teja TV, AdithyaTV, Teja News, Gemini News, Gemini Music, Gemini Cable Vision, Udaya TV,Ushe TV, Udaya2, Udaya Movies, Udaya Varthegalu & Udaya News are most popular TV channels in southern part of India  . Sun TV network launched KTV, 24 hour film based Tamil movie channel in October 2002. Sun network has launched Sun Music the first 24 hour Tamil music channel in September 2004. Sun TV network launched first Malayalam channel Surya TV in October 1998. The channel has a mix of both film based and non-film based programmers. Sun TV network launched a film and music 24 hour Malayalam language channel Kiran TV in January 2005.


FM Radio

Kal Radio Limited, Suryan FM is Tamil Nadu No. 1 private FM station. Suryan FM have radio stations spread across the State, and city like in Chennai, Coimbatore, Madurai, Trichy, Tirunelveli, Tuticorin and Pondicherry. With station launches scheduled in Salem, Erode and Vellore, and a second station in Chennai, Suryan FM is set its no. 1 ranking in Tamil Nadu. Suryan FM has been a household name in Tamil Nadu for 15 years. The FM radio channel is owned by Indian media conglomerate Sun Group.

Red FM is a Hindi FM radio brand owned by Sun network. Red FM broadcasting in 11 States and 38 Indian Cities. The radio station is owned by Kalanithi Maran and Value Labs LLP.


Newspapers and magazines

Sun Group owns two daily newspaper Dinakaran and Murasu, Marusa is an evening newspaper.  Sun group also owns five magazines in Tamil language.



The Sun Risers Hyderabad (SRH) are a IPL franchise cricket team based in Hyderabad, Telangana, that plays in the Indian Premier League (IPL). The franchise is owned by Kalanithi Maran of the Sun TV Network and was founded in 2012 after the Hyderabad-based Deccan Chargers were terminated by the IPL



Board of directors

Kalanithi Maran Executive Chairman
K. Vijay Kumar Managing Director and CEO
S Sevlam Director
Kaveri Kalanithi Executive Director


Financial Performance

Particulars 2017 2016
Revenue 2799.52 2589.97
PBT 1550.92 1399.10
PAT 1030.66 922.31



Latest updates


Sun TV is India’s No.1

Sun TV has come out as the number one channel across genres on an All India basis with BARC India’s rural data rollout, and is even ahead of popular Hindi GECs like Star Plus and Colors. ARC India, a joint industry body comprising the broadcasters, media agencies and advertisers, started rolling out ratings from April, 2015. Now, in a short span of six months, BARC India gives the country what it had promised, a complete and robust view of “What India Watches.”

With the release of the All India data, BARC India has expanded its reach to 153.5 million TV households, representing All India and all modes of signal. Of this 77.5 million are urban TV households and 76 million are rural TV households. BARC India will now be reporting Megacities, 10-75 lakh towns, less than 10 lakh urban areas and rural. ETV Telugu maintains No 1 position in Telugu GEC market with 424252 Ratings.



New HD channels

Sun TV Network Limited launched four new High Definition channels in Tamil and Telugu languages on December. The Company has always been in the forefront of pioneering new technologies and in bringing value added services to its customers. The new HD channels are listed below: Tamil Sun TV HD KTVHD Sun Music HD Telugu Gemini TV HD. The above HD channels will be the first of its kind in Tamil and Telugu. These HD channels will first be offered on DTH and digital cable platforms in India, yeah and will progressively become available in global markets. These channels would be priced at Rs.40 per subscriber per month per channel for Sun TV HD, K TV HD and Gemini TV HD and Rs.25 per subscriber per month for Sun Music HD . The bouquet price for all the four HD channels will be Rs.100 per month. With this introduction, the Company will be offering a bouquet of 25 channels including the 4 new HD channels.


Overview report by

Saddam Hashmi

Indraprastha Gas Limited

Ratio Report 

Activity Ratio




Indraprastha Gas Limited Gail (India) Limited
F.Y. 15-16 F.Y.16-17 F.Y. 15-16 F.Y.16-17
Receivables Turnover 16.38 18.66 30.04 44.76
Average Collection Period (In Days) 23 20 12 8.00
Inventory Turnover 48.64 45.59 23.99 22.39
Inventory Processing Period (In Days) 7 8 15 16
Payables Turnover 16.69 11.45 6.75 6.59
Average Payment Period (In Days) 22 32 54 55
Total Assets Turnover 1.24 1.11 0.87 0.83
Fixed Assets Turnover 1.85 1.84 1.56 1.45
Working Capital Turnover 55.73 16.98 -357.28 -208.65
Cash conversion cycle (in Days) 8 -4 -27 -31



CCC: The CCC of the company has improved from 8 days to negative 4 days over the year which is very desirable, mainly due to increase in payables payment period and decrease in receivables. It appears that company funds its working capital through trade payables. However, the CCC of the competitors is much lower as compared to the company owing to higher payables payment period.

Company has made additions of apprx. 263 crores in fixed assets, majorly in plant and equipments this year because of this asset turnover ratio decreased. It appears that the company has funded the same through retained earnings.






Indraprastha Gas Limited Gail (India) Limited
F.Y. 15-16 F.Y.16-17 F.Y. 15-16 F.Y.16-17
Current Ratio (Working Capital) 1.03 1.18 0.95 1.01
Quick Ratio (Acid Test) 1.03 1.28 0.45 0.45
Cash Ratio 0.66 1.07 0.18 0.15
Defensive Interval (In Days) 78 138 34 35


Quick and Defensive interval ratio : This ratio is increased due to increase in quick asset, which includes investments in mutual funds in F.Y 2017 by Rs.417.87 crores. Furthermore during the F.Y 2017 company has made fixed deposit into banks of Rs.482.49 crores. Therefore company’s position is good as compared to its competitor whose quick ratio is not changed. And also its average daily expenses were decreased from Rs. 9.039 crores per day to Rs.8.93 crores. The major expense which was reduced is cost of natural gas. Cost of natural gas was decreased due to reduction in APM and Term-RLNG prices during the year. Because of this reasons defensive interval ratio also has been increased.

Particulars F.Y. 2016 F.Y.2017
Investment in Mutual funds  Nil 417.87 Crores
Fixed Deposits 0.49 Crores 483.02 Crores
Solvency Ratio




Indraprastha Gas Limited Gail (India) Limited
F.Y. 15-16 F.Y.16-17 F.Y. 15-16 F.Y.16-17
Debt-to-Equity 0.26 0.18
Debt-to-Capital 0.20 0.16
Debt-to-Assets 0.16 0.11
Financial Leverage 1.37 2.78 1.63 1.56
Interest Coverage Ratio —- 3.67 9.89
Fixed Charge Coverage Ratio     3.67 9.89


Debt to equity, debt to capital and debt to assets ratio: IGL is debt free company. On the other hand Gail (India) Ltd. is leveraged company. The IGL didn’t took the advantage of leverage hence it appears that company has  surplus cash fund which was approx. Rs .500 crores which was used to  fund its capex. Also the working capital requirement has been funded through its trade payables as indicated by negative CCC.


Profitability Ratio




Indraprastha Gas Limited Gail (India) Limited
F.Y. 15-16 F.Y.16-17 F.Y. 15-16 F.Y.16-17
Net Profit Margin 11% 14% 3.57% 6.84%
Gross Profit Margin 35% 41% 19% 25%
Operating Profit Margin 15% 19% 4.31% 8.20%
Pre Tax Margin 17% 21% 5.61% 11%
Return Of Assets (ROA) – Excluding Interest 13.97% 15.87% 13.97% 15.87%
Return Of Assets (ROA) – Including Interest 14.17% 15.89% 4.01% 6.27%
Operating Return On Assets (ORA) 19% 21% 5% 9%
Return On Total Capital (ROTC) 26% 29% 6% 11%
Return On Equity (ROE) 19% 22% 5% 9%
Return On Common Equity (ROCE) 19% 22% 5% 9%


Net profit margin: In F.Y 2017 the cost of natural gas has been declined due to reduction in APM and Term-RLNG prices during the year. And decrease in finance cost by 9 Crores. Indirect expenses includes repair of plant and equipment which is decreased in this year by 30 crores. All these things has resulted in the overall  increased in net margins of the company.

Du pont Analysis



Indraprastha Gas Limited Gail (India) Limited
F.Y. 15-16 F.Y.16-17 F.Y. 15-16 F.Y.16-17
Tax burden (Net income/EBT) (a) 67% 71% 63% 65%
Interest Burden (EBT/EBIT) (b) 113% 108% 98% 103%
EBIT Margin/ operating profit margin (C) 15% 19% 5.74% 10.24%
Asset Turnover (d) 1.24 1.11 0.87 0.83
Financial Leverages (e) 1.37 1.37 1.63 1.56
ROE =(a)*(b)*(c)*(d)*(e) 19% 22% 5.09% 8.91%



The return on equity has been increased due overall effect of tax burden, interest burden, and operating profit margin. Interest burden has decreased because interest and financial charges on financial liabilities were fully written off last year by Rs. 9 Crores. Operating profit margin increased due to purchase price of gas is law.

Whereas in case of peer company has lower ROE because asset turnover ratio is lower than IGl it seems that it has not utilizing its assets effectively., financial leverage ratio is decreased due to issue of new share capital of 422 Crores inn this year. In F.Y. 2017, EBIT has been increased due to lower purchase cost of gas.

Prepared By: Jay Jaiswal (Under the Guidance of ‘Juhi Bhandari’)

Zee Entertainment Limited “Ratio Report”

Ratio Report

Particulars Zee entertainment enterprise ltd Network 18
  2015-16 2016-17 2016-17
Current ratio 3.98 4.56 0.29
Quick ratio 2.26 2.88 0.19
Cash ratio 1.27 2.14 0.04
Defensive interval ratio 251 417 89
  1. Liquidity Ratio


  • Liquidity ratio

The increase in Current, Quick and Cash ratio is due to certain investments reclassified as current investments based on maturity and some additional current investments made during the year. Also, the cash and bank balance lying with the company as on 31st March 2017 were ₹ 26133 million as against ₹ 9631 million on 31st March 2016 which is mainly attributed to the sale of the major part of the sports business to Sony Group.

Whereas ratios of Network 18 are very low because of the fall in cash and cash equivalent and increase in the short term borrowings in the current year.

The increase in cash and cash equivalent has also resulted in the improved defensive interval ratio which was 417 days in March 2017 as compare to 251 days in March 2016.



  1. Activity ratio
Particulars Zee entertainment enterprise ltd Network 18
  2015-16 2016-17 2016-17
Receivable turnover ratio 4.74 4.85 4.42
Days of sales outstanding 77 75 83
Payable turnover ratio 6.11 5.76 1.43
Average days of payable 60 63 256
Inventory turnover ratio 2.07 1.85 81.65
Days of inventory on hand 176 196 4
Cash conversion cycle 193 209 -169
Total assets turnover ratio 0.78 0.71 0.28
Fixed assets turnover ratio 4.14 4.90 0.86
Working capital turnover ratio 1.46 1.24 -1.18



  • Cash conversion cycle

The cash conversion cycle has increased from 193 days in 2016 to 209 days in 2017 mainly on the account of increase in the inventory holding period, whereas in case of Network 18 the Cash Conversion cycle shows a negative sum because of its inventory holding period which is only 4 days attributable to the reduction in the inventories during the year.


  • Assets turnover ratio

Fixed assets turnover ratio has increased in the current year which is mainly attributable to the reduction in the value of goodwill by Rs 6167 million in 2017.


  • Working capital Turnover ratio

The working capital ratio has gone down from 1.46x to 1.24x due to increment in working capital as there has been an increase in inventory and investments in the year 2017.The increase in working capital is primarily due to investments in satellite rights of movies.



  1. Profitability ratio
              Particulars Zee entertainment enterprise ltd Network 18
  2015-16 2016-17 2016-17
Net profit margin 14.17% 34.51% -18.16%
Gross profit margin 55.30% 56.75% 65.20%
Operating profit margin 24.70% 28.16% -14.61%
EBT Margin 21.95% 26.02% -20%
Operating return on assets 19.17% 20.13% -4.10%
Return on total capital 23.25% 24.01% 4.93%
Return on assets 12.64% 25.58% -4.11%
Return on equity 18.35% 38.75% -17.14%
Return on common equity 24.18% 53.56% -20.16%


  • Net Profit Margin

Profit for the year increased by Rs 13,968 million (170%) to Rs 22,205 million from Rs 8,237 million. Figures are not comparable on account of profit generated during the current year from sale of major part of sports broadcasting business which is contributing to the increased in Net profit margin in the year 2016-17.

EBT Margin has gone up during the year on the account of decrease in the finance cost and cost of goods sold.

Whereas Network 18 has suffered a loss during this year due to increase in the Selling, general and administrative expenses and employee benefit expenses and fall in the revenue from operations causing a negative Net profit Margin.



  • Return on Total Assets

The return on assets of the company in respect of the previous year and also in respect of its peer company has increased because the goodwill has reduced 6167 million mainly on account of derecognition of goodwill relating to sports business and increase in net profit due to the sale of major part of sports broadcasting business.





  1. Solvency ratio
Particulars Zee entertainment enterprise ltd Network 18
  2015-16 2016-17 2016-17
Debt to equity ratio 0.36 0.29 1.02
Debt to capital ratio 0.26 0.22 0.50
Debt to assets ratio 0.21 0.19 0.26
Financial leverage 1.67 1.57 3.37
Interest coverage 8.99 13.20 2.72
Fixed charge coverage 4.81 6.19 -1.95



  • Debt ratio

The Debt ratio of the company has improved from the previous year due to the increment in retained earnings being part of the shareholder’s equity and due to issue of equity shares to the employees under Employee stock options which also improved Financial Leverage.

Whereas Network 18 has raised its funds by borrowings to meet its working capital requirement being a burden on the equity.



  • Interest coverage and fixed charge coverage

The interest coverage and fixed charge coverage has increased due to the increase in the revenue from advertisement and subscription attributing to the rise in EBIT and decrease in the finance cost in the year 2016-17.



  1. Du Pont Analysis
Particulars Zee entertainment enterprise ltd Network 18
  2015-16 2016-17 2016-17
Operating profit margin 25.0% 28.0% -15.0%
Interest burden 96.0% 160.0% 137.0%
Tax burden 65.0% 77.0% 91.0%
Total assets turnover ratio 0.78 0.71 0.28
Financial leverage 1.67 1.57 3.37
Return on Equity 18.35% 38.75% -17.%



The return on equity has been improved in the year 2016-17 despite of increased tax burden and interest burden. This improvement was majorly due to increase in the operating profit margin. Whereas, the ROE of Network 18 is negative because the company is at loss during the year.


Ratio report on the “Zee Entertainment Limited”
Guided By : Juhi bhandari
Written By :  Neha Toshniwal

ZenSar Technologies Ltd.



F.Y. 15-16 F.Y.16-17 F.Y. 15-16 F.Y.16-17
Receivables Turnover 5.97 5.71 5.93 5.79
Average Collection Period (In Days) 61 64 62 63
Inventory Turnover 1.73 1.97
Inventory Processing Period (In Days) 212 185
Payables Turnover 1.48 1.29 4.84 4.24
Average Payment Period (In Days) 248 282 75 86
Total Assets Turnover 1.70 1.54 0.88 0.86
Fixed Assets Turnover 7.54 7.30 4.71 4.58
Working Capital Turnover 4.07 3.48 1.68 1.75
Cash Conversion Cycle (In Days) 25 -33 -13 -23

In case of cash conversion cycle (CCC), company has improved from 25 days to negative 33 days which is very desirable and it’s achieved due to increase in average payment period from 248 days to 282 days because of decrease in purchase & creditors of security & network products, as company start moving in robotics & automation than in software services, and also from due to decrease in inventory processing period from 212 days to 185 days , decrease in days sales outstanding (DSO) from 62 days to 58 days and due to increase in domestic revenue than offsite revenue  as compared to trade receivables . So, as company has negative CCC which means that there working capital must be efficient but as there cash ratio is less which means that they are not efficiently using working capital instead they are investing in others items.

Instead they are focusing on operational efficiency and it will remain continues as they are focusing to grow their utilization level up from 83.2% to 85.9%.

 Whereas, in case of Infosys has cash conversion cycle more than Zensar because they don’t have inventory turnover ratio as they don’t have inventory any time during the year and also there is no major purchase.


The fixed turnover ratio of company is decreased due to investment in capex of Rs.41 Crore and decrease in Offsite revenue. Whereas in case of Infosys it has less ratio as compare to Zensar because it doesn’t have large investment in fixed & capital assets than Zensar.






F.Y. 15-16 F.Y.16-17 F.Y. 15-16 F.Y.16-17
Current Ratio (Working Capital) 2.52 2.68 3.91 3.83
Quick Ratio (Acid Test) 2.13 2.34 3.72 3.63
Cash Ratio 0.72 0.90 2.87 2.75
Defensive Interval (In Days) 135 140 408 385

The increase in current, quick & cash ratio is due to increase in current investment by the company in mutual fund during the current year; so company is more capable of paying its obligations with its most liquid assets.  Whereas ratio of the peer company was more because of the large investment as compare to Zensar.



The defensive interval has been increased from 135 days to 140 days due to increase in employee expenses due to increase in utilization level & attrition rate from 79.6% to 83.2% and due to employee stock expenses; whereas peer company  ratio is more due to no inventory cost & less expenses and purchase of  software equipment & licenses .  



F.Y. 15-16 F.Y.16-17 F.Y. 15-16 F.Y.16-17
Debt-to-Equity 0.12 0.09
Debt-to-Capital 0.11 0.08
Debt-to-Assets 0.08 0.06
Financial Leverage 1.49 1.45 1.22 1.21
Interest Coverage Ratio 35.05 38.56
Fixed Charge Coverage Ratio 31.62 36.45

 The debts ratio of the company has been decreased because of the following factors i.e. due to repayment of the short term borrowing & financial lease obligation during the current year and due to issue of equity shares to the employees under employee stock options. As, in the case of Zensar which has debt-to equity ratio <2 and interest-coverage ratio >2, is good for the company as they will be able to meet its long term obligation. Whereas in case of its peer company Infosys doesn’t have any debts, so they are more solvent than Zensar as they don’t have to borrow debts for the repayment of their long terms obligations and so they don’t have any solvency ratio.



F.Y. 15-16 F.Y.16-17 F.Y. 15-16 F.Y.16-17
Net Profit Margin 10% 8% 24% 23%
Gross Profit Margin 93% 92% 98% 98%
Operating Profit Margin 13% 11% 27% 27%
Pre Tax Margin 14% 11% 32% 31%
Return Of Assets (ROA) – Excluding Interest 16.83% 12% 21% 20%
Return Of Assets (ROA) – Including Interest 17.26% 12.31% 21% 20%
Operating Return On Assets (ORA) 23% 19% 27% 25%
Return On Total Capital (ROTC) 28% 22% 27% 26%
Return On Equity (ROE) 25% 17% 26% 24%
Return On Common Equity (ROCE) 25% 17% 26% 24%

The gross profit margin is slight decrease due to increase in the onsite revenue ratio from 64.3% in FY16 to 66.8% in FY17 and decrease in Offsite revenue from 36% to 33% because delay in start of some key projects  during the year, especially in the US. The exchange rates have impact on Gross Margin as well as Forex losses and conscious decline of non-core areas of MVS and IM products.

It is expected that the revenue of Zensar will grow (CAGR) by 3.8% as there digital commerce services turning around with good volume growth of 5.3% sequentially Q-o-Q with 50% new clients, also application management services by will grew by 5.2% and infrastructure services by 12.8% because of Keystone and Foolproof services being taken to all Zensar clients as it has been acquire in last quarter of F.Y. 2016-17 and new website developed by Foolproof for automobile satisfying clients demands by driving ~£200k worth of additional revenue for the client per month as well as implemented its first BOT at a large financial software company and food manufacture company in UK enabling processing of investments and vendor payment with 100% accuracy.

Also, Zensar won multiple deals across Experience Design, Digital Commerce, Analytics, Automation and Digital Testing in US & UK market. So, it is expected that their offsite revenue will increase from previous year and gross profit margin will increase by 115-120 bps (Basis Points) i.e. around 8% through business efficiencies by “Return on Digital Platform” internally developed by the company.


The net profit, operating profit & pre tax margin has been decrease due to discounts from two of our customers to the extent of $1.6M, increase in employee cost, decrease in other income and increased investment in research &development cost amount to Rs.95.95 lakhs to increase Return on Digital during the current year.

Whereas in case of peer company Infosys margin are high than Zensar due to its high revenue from services and low cost of purchase software equipment & licenses. Also, Peer Company doesn’t invest more in research & development.

The operating & pre tax margin may be slightly decreased in future due to hike in wages in July 2017 and increase in utilization level from around 83% to 85% as well as increase in attrition rate from 15% to 17%. Due to which the margin will may go down by around 150-200 bps.

Whereas also in case of net profit margin it may also decreased but slightly because of  decrease in operating margin and also because of company planning to invest in capex for bring company into fully digital till next year.


The return on assets  & operating return on assets of the company in respect of peer company & also in respect of previous year is decreased due  to company had spent close to Rs, 41 Crore towards capex majorly under operating lease and capital work has been increased due to spending more on improvement to leasehold premises and also due to acquisition of Foolproof & keystone logistic there is goodwill and due to which there is increase in intangible assets.


The return on total capital, return on equity & return on common equity has been decreased due to issue of equity share capital to employees under employee stock options & increase in finance lease obligations as well as increase in r&d cost & employee expenses.

In the future the return on equity and capital may further decrease because of Issue of further shares to employees under employee stock options that will be exercise in next year.




F.Y. 15-16 F.Y.16-17 F.Y. 15-16 F.Y.16-17
Tax Burden (Net Income/EBT)               (a) 70.12% 68.37% 73.76% 74.02%
Interest Burden (EBT/EBIT)                        (b) 111.55% 103.11% 117.18% 115.82%
EBIT Margin                      (c) 13% 11% 27% 27%
Asset Turnover                (d)         1.70 1.54 0.88 0.86
Financial Leverages       (e) 1.49 1.45 1.22 1.21
ROE = (a)*(b)*(c)*(d)*(e) 25% 17% 26% 24%

The return on equity has been decreased due to overall effect of tax & interest burden goes down , EBIT margin decreased , asset turnover & financial leverages also decreased due to major expenditure in R&D and Capex and also due to increase in equity due to issue of new equity shares to the emplouees under employees stock options.

Whereas, in case of [peer company it has high  ROE because of its high revenue, no interest cost as no debts is there and no major expenditure in capex & other cost.

By:- Pooja Jain

Common Size Report on – “Century Ply”



PARTICULARS 2015-2016 2016-2017
A.                ASSETS    
                    Non – Current Assets    
Property, Plant and Equipment 21.11% 19.19%
Capital work-in Progress 3.30% 3.44%
Investment Property 0.52% 0.38%
Goodwill on consolidation 0.02% 0.02%
Intangible Assets 0.16% 0.10%
Intangible Assets under development 0.01% 0.02%
Expenditure on New/ Expansion Projects 5.38% 15.42%
                    Financial Assets    
Investments 0.00% 0.00%
Loans and Advances 0.65% 0.65%
Other Financial Assets 0.02% 0.00%
Deferred Tax Assets 5.61% 4.35%
Other Non-Current Assets 2.69% 1.54%
                      Current Assets    
Inventories 25.31% 18.97%
                      Financial Assets    
Investments 0.01% 0.00%
Trade Receivables 24.19% 21.59%
Cash and Cash Equivalents 3.08% 4.19%
Bank Balances other than above 0.23% 0.05%
Loans and Advances 0.34% 0.25%
Other Financial Assets 1.43% 4.83%
Other current assets 5.93% 5.03%
TOTAL ASSETS 100.00% 100.00%
B                EQUITY AND LIABILITIES    
Equity Share Capital 1.89% 1.40%
Other Equity 43.11% 43.70%
Non-Controlling Interest 0.77% 0.76%
         Non-Controlling Liabilities    
Financial Liabilities    
Borrowings 5.44% 9.26%
Other Financial Liabilities 0.01% 0.01%
Other non-current liabilities 0.05% 0.03%
Deferred Tax Liabilities 0.06% 0.09%
         Current Liabilities    
Financial Liabilities    
Borrowings 30.24% 26.47%
Trade Payables    
Dues to micro and small enterprises 0.04% 0.09%
Dues to others 7.31% 8.81%
Other Financial Liabilities 7.42% 5.75%
Other Current Liabilities 2.89% 2.45%
Provisions 0.58% 0.73%
Current Tax Liabilities (Net) 0.20% 0.45%




  • The company’s asset part consists 60% of current assets which shows that it has greater composition of assets which are more liquid.
  • The company’s expenditure on new and expansion of the projects has increased from 5.38% in FY 2015-2016 to 15.42% in FY 2016-2017, mainly due to inception of new plants for MDF at Gujarat and Particle board at Chennai. However, the same was funded through a mix of retained earnings and long term borrowings.
  • The long term borrowings has shown a significant increase from last year which is around 4.5%. This due to the arrangement of funds for company’s long term expansion projects and establishment of new plants for MDF and Particle board.
  • Inventories and Trade receivables of the company has also decreased apparently from the last financial year, this shows higher encashability of debtors and inventories of the company. The same has resulted in decline of short term borrowings from 30.24% in FY2015-16 to 26.47%in FY2016-17.
  • The Equity and liabilities of the company has a major composition of Other Equities that is close to around 44%, which mainly includes reserves and retained profits. This shows that the company is performing outstanding in profitability and earnings aspects.



PARTICULARS 2015-2016 2016-2017
Revenue from operations 100.00% 100.00%
Less : COGS 53.53% 52.32%
Gross Profit 46.47% 47.68%
less : Selling and Distribution Expenses 29.88% 30.82%
EBITDA 16.59% 16.86%
less : Depreciation and amortisation 2.66% 2.99%
EBIT 13.92% 13.87%
less : interest 2.69% 1.52%
EBT 11.23% 12.35%
less : tax expense 1.71% 2.60%
EAT 9.53% 9.75%








Particulars 2015-16 2016-17 2015-16 2016-17
      % %
Revenue(Rs) 335.31cr 363.57cr 14.2% 8.45%
Volume(Units) 4260499 4925024 18.3% 15.6%
Realisation rate (Rs) 0.007cr/unit 0.007cr/unit -14.2% 0.00%
Revenue(Rs) 1173.51cr 1260.93cr 2.3% 7.4%
Volume(Units) 241915 251720 3.38% 4.05%
Realisation rate (Rs) 0.48cr/unit 0.50cr/unit -0.12% 4%
Revenue(Rs) 83.73cr 87.61cr 19.1% 4.6%
Volume(Units) 82057 80153 13.2% -2.3%
Realisation rate (Rs) RS. 10204 RS. 10930 5.3% 7.1%
Revenue(Rs) 54.29 41.17 30.6% -24.2%
Realisation rate (Rs)
Other Revenue
Total Revenue 1646.84cr 1753.28cr 6.46%


  • The major share in the revenue is of the plywood industry with incremental revenues and realisation rate.
  • The interest on borrowing or finance cost has been decreased even though there is an increase in long term borrowings because the overall interest on borrowings has been decreased causing a certain decline in the interest expense.
  • The Gross profit of the company has also increased around 1% from the last accounting year and it is around 47% of the company’s sales. This shows that the company’s operational performance is adequately fine.
  • The current year tax expense has been increased and this year the deferred tax has also increased instead of last year’s set off in tax expense.
  • Though the interest expenditure of the company has reduced, however the benefit of the same could not be seen on the EAT due to increased tax expenses over the year.



By:- Parth Maheshwari

Balaji Telefilms Ltd.

“Porter’s Five Forces Report”

The Indian Media and Entertainment (M&E) industry is a sunrise sector for the economy and is making high growth strides. Proving its resilience to the world, the Indian M&E industry is on the cusp of a strong phase of growth. The entertainment industry continues to be dominated by the television segment, with the segment accounting for 44.24 per cent of revenue share in 2016, which is expected to grow further to 48.18 per cent by 2021.

Balajitelefilms limited is a leading content provider in the Indian entertainment industry and has been in business since 23 years.  It has its business diversified in television industry, motion pictures and digital media. The company occupies a dominant space in the television content creation space, with the No.1 show on Indian television to its credit and all of its shows among the Top 50 on television. Currently its producer of several leading serials on major channels like Star Plus, 9X, Sony TV, Zee TV and SUN TV network.

Competitive Forces and Balaji Telefilms Ltd

Threat of new entrants:

Television content production is a capital intensive business and requires reasonably high capital investment. There are also many regulatory requirement related to the content produced.Balaji telefilms limited already has around 250+ hour of premium original and exclusive content.  Also, production and distribution of motion pictures too need high investment. Making the barriers to enter production and distribution channel very high.

Threat of substitute:

In the current scenario there is threat to television shows from the digital media, younger generation shifting to online series rather than television shows. Making the threat of substitute high, althoughBalaji telefilms limited has diversified in digital media and launched ALTbalaji, the subscription based entertainment platform with six new shows and planning to add new shows every month, in order to mitigate the threat.

Bargaining power of buyers:

Balaji Telefilms limited sells it content to different broadcasters namely star TV, ZEE and Viacom. Since it is able to command higher TRP, hence, bargaining higher margin from broadcasters compared to its peers. Although due to some tie ups with certain broadcaster it has to sell and air its content on prime slot to that specific broadcaster. Therefore, making the bargaining power of buyers moderate.

Bargaining power of seller:

The suppliers in this case are the actors. Balaji Telefilms, being the largest entertainment software provider, evinces a lot of interest from aspiring actors who are eager to work with it. Thus the bargaining power of the aspiring actors is very low. However, once these aspirants become household names their demands increase resulting in higher salary costs to the company. Hence, the bargaining power is moderate.

Rivalry between existing players:

The rivalry between production houses is high and they try to poach each other’s actors, creative personnel and technicians. Since, Balaji telefilms is at leader’s position it easily attracts new talent and retention of current buyers and suppliers is easy.  Further, they plan to earn the Intellectual Property (IP) rights of all the content that they create as to own it. By this making the rivalry forces low.

By:- Sunaina Vaidya.

Eicher Motors Limited





Eicher Motors Limited

CIN No.: L34102DL198PLC129877

Regd. Office: 3rd floor, Select Citywalk

A-3, District Centre, Saket, New Delhi- 110017

Phone No.: +91-124-7102900



Name of the Company: Eicher Motors Limited

Listed on BSE and NSE


BSE Code: 505200

Market Cap: INR 74,492.67 Cr.

Revenue: INR 7939.45 Cr.

Profit: INR 1664.65 Cr.

Current Market Price on NSE: INR 27328.15

Current Market Price on BSE: INR 27350.10


Eicher Motors Limited(EML) is the flagship company of the Eicher group. EML is the leading player in the Indian Automotive space. It operates in 3 distinct business verticals- Motorcycles, Commercial Vehicles and Personal Utility Vehicles.EML owns the iconic Royal Enfieldmotorcycle business, which leads the premium motorcycle segment in India. The oldest motorcycle brand in continuousproduction world-wide, Royal Enfield has witnessed a huge surge in demand in the recent past and is charting its courseto be the leading player in the mid-sized motorcycle segment globally. EML’s joint venture with the Volvo group, VE

Commercial Vehicles Limited, designs, manufactures and markets reliable, fuel efficient trucks and buses; and is leadingthe path in driving modernization in commercial transportation in India and other developing markets. EML’s 50:50 strategic jointventure with USA-based Polaris Industries Inc. formed in 2012, Eicher Polaris Private Limited launched the Multix, a new3-in-1 vehicle purpose built for the independent businessman in June, 2015.


Product Portfolio

  • A division of EML, Royal Enfield has created the mid-size motorcycle segment in India. Royal Enfield’s product line-up includes
  1. Bullet
  2. Classic
  • Thunderbird
  1. Continental GT
  2. Himalayan
  3. Interceptor

Further in 2012 Royal Enfield launched Royal Enfield Gears.

In January 2018, Royal Enfield has setup its First Royal Enfield Garage Café in Goa. The Garage Cafe is a massive 120-seater cafe and also has a Royal Enfield motorcycle museum-and-exhibition area, an exclusive gear store, a motorcycle customization area and a service bay.



  • VE Commercial Vehicles Ltd. JV of EML and Volvo group deals in complete range of commercial vehicles which include
  1. Eicher Light to Medium Duty Trucks (5-15 tonne)
  2. Eicher Heavy Duty Trucks (16 tonne +)
  • Volvo Trucks including Mining and Tunnel Trippers
  1. Eicher Buses
  2. Euro-6 compliant enginemanufactured in VE Powertrain, the first engine plant in India producing Euro-6 compliant engine.
  3. Strategic supplier of drive line components and aggregates to Escorts, Mahindra, Voltas, Royal Enfield etc.
  • In 2012 EML signed a strategic JV agreement with Polaris Industries Inc. to design, manufacture and sell full new range of personal vehicle. In 2013, the JV company Eicher Polaris Private Limited set-up its manufacturing facility in Jaipur, Rajasthan. Its first vehicle was launched in 2015 named “MULTIX” which was India’s first personal utility vehicle which can be used as people carrier, cargo carrier and power generator.

Infrastructure Facility

  • Royal Enfield
  • Royal Enfield has 3 manufacturing plants in Chennai having total capacity of 8,25,000 units in F.Y. 2017-18 which will be 9,00,000 units in F.Y. 2018-19.
  • It has 2 Technology centres in Chennai and UK.
  • Presently total dealers in India are 761. They are planning to increase No. of dealers to 825 by March 2018.
  • It has 35 exclusive stores overseas.
  • VECV
  • In Pithampur it has
  • Commercial Vehicle Manufacturing Plant having capacity of 84,000 trucks and buses, and scalable up to 1,00,000 trucks and buses
  • VE Powertrain Facility having current capacity of 50,000 engines, scalable up to 1,00,000 engines and it has already started supplying Euro-6 compliant engine to Europe over 3,000 per month.
  • Eicher Engineering Component has production facilities at Thane, Dewas and SEZ, Pithampur for components and aggregates for VECV, Escorts, Mahindra, Royal Enfield etc.
  • In Baggad, MP it has bus body plant.
  • of dealers are 299 including 15 Company Owned Company Operated (COCO) outlets.
  • It has 22 distributors, 161 Eicher Genuine Parts Shoppe and 2,283 multi-brand parts retailers
  • It has 224 GPS enabled Vans and 29 Container Set up Sites.
  • In 10 Months of F.Y. 2017-18 export of Commercial Vehicle is 6723 units.
  • Eicher Polaris Private Ltd
  • It has manufacturing facility at Jaipur having capacity of 60,000 units per annum and which can be expanded up to 1,20,000 units equipped with robotic weld lines and in-house paint system.
  • It has 97 domestic stores and it is focusing on nearby International markets such as Nepal, Bangladesh and Sri Lanka.


Employee Details(As of December 2017)

Sr. No. Company Name No. of Employees
1 Eicher Motors Limited 2910 (excluding outsourced)
2 VE Commercial Vehicles Limited 4827 (permanent)
3 Eicher Polaris Private Limited 420+



Director Details

Eicher Motors Limited VE Commercial Vehicles Limited Eicher Polaris Private Limited
Ø  S. Sandilya

Non-executive Chairman

Ø  HakanKarlsson


Ø  Michael D. Dougherty


Ø  Siddhartha Lal

Managing Director & CEO

Ø  VinodAggarwal

Managing Director & CEO

Ø  PankajDubey

CEO & Whole Time Director

Ø  MJ Subbaiah

Independent Director

Ø  Siddhartha Lal

Eicher Nominated Director

Ø  Siddhartha Lal

Eicher Nominated Director

Ø  PrateekJalan

Independent Director

Ø  Jacques Michel

Volvo Nominated Director

Ø  Lalit Malik

Eicher Nominated Director

Ø  ManviSinha

Independent Director

Ø  Philippe Divry

Volvo Nominated Director

Ø  B Govindarajan

Eicher Nominated Director

  Ø  Raul Rai

Eicher Nominated Director

Ø  Michael Todd Speetzen

Polaris Nominated Director

  Ø  PrateekJalan

Independent Director

  Ø  Lila Poonawalla

Independent Director


Group Structure

List of Subsidiaries

Sr. No. Name of Subsidiary
1 VE Commercial Vehicles Ltd (VECV)
2 VECV Lanka (Private) Ltd
3 VECV South Africa (PTY) Ltd
4 Royal Enfield BrasilComercio de MotocicletasLtda
5 Royal Enfield North America Limited (RENA)
6 Royal Enfield Canada Limited
7 Eicher Group Foundation (Sec. 8 Company)


Joint Venture

  • Eicher Polaris Private Limited

Recent Updates

  • Eicher launched first ever Skyline Pro Electric buses in collaboration with KPIT’s Revolvo Technology.
  • In January 2018, Royal Enfield has setup its First Royal Enfield Garage Café in Goa. The Garage Cafe is a massive 120-seater cafe and also has a Royal Enfield motorcycle museum-and-exhibition area, an exclusive gear store, a motorcycle customization area and a service bay.
  • In April, 2017, Royal Enfield had opened a direct distribution subsidiary in Brazil, as well as its first exclusive store in Sao Paulo.
  • Royal Enfield will be launching the twin-cylinder new motorcycles Interceptor 650 and Continental GT 650cc in India in the summer of 2018.
  • Royal Enfield, a division of Eicher Motors, has started commercial production from its new manufacturing facility at Vallam Vadagal near Chennai. This plant will be Royal Enfield’s third facility.
  • Eicher announced its new range of light and medium (LMD) trucks in Indian market to meet the rapid transportation demand of the e-commerce industry. The company introduced 5 new variants in the Pro 1000 andPro 3000 series.
  • VE Commercial Vehicle (VECV) holds 100% equity in Eicher Engineering Solutions Inc., USA (EESI). EESI holds 100% equity in Eicher Engineering Solutions (Shanghai) Co. Ltd. and Eicher Engineering Solutions (Beijing) Co. Ltd. On March 17, 2017, VECV has disinvested 100% holding in EESI for $1.85 million. Accordingly, EESI and its wholly owned subsidiaries of Shanghai and Beijing have ceased to be subsidiaries of VECV, and in turn, have also ceased to be subsidiaries of Eicher Motors Limited.

By:- Piyush Jain