Fundamental Analysis (Long term)

MARUTI SUZUKI

• Chairman says prices of entry-level cars like Alto expected to come down by 8.5–9%.

• Expects 5–8% growth in small car sales soon.

• Notes that GST rate cut will help the small car market continue to grow alongside SUVs.

• Prices expected to decrease across all Maruti cars; larger cars may see a reduction of 2–2.5%.

Shaily Engineering : Healthcare is the game changing vertical expected to be the spearhead of growth

Healthcare to contribute ~50% of REV within 3 years, boosting overall margins

Strong pipeline of next gen drug delivery devices, especially GLP-1 based

Capacity expansion underway: pen injector capacity scaled from 40-45 Mn units annually to 60-70 Mn units by FY27 through new lines

GLP-1 opportunity remains compelling

Positioned to deliver >25% annual REV growth, with EBITDA growth expected to outpace

Current valuations are already factoring in a lot of positive things

Mercedes Benz MD & CEO Santosh Iyer says

Mercedes Benz To Come Out With New Car Prices Tonight

Hopefully Govt Will Soon Clarify On Payment Of Cess To Dealers

EVs Will Be Taxed At Lowest Rate Of 5% And Rates For ICE, Hybrids And Alternate Fuels Will Be Taxed At 18% Or 40% Depending On Size

This Will Be The Best Ever Festive Season For The Auto Sector

GST Winners & Losers: Where Smart Investors Should Place Their Bets

A Sector-by-Sector Playbook for Investors to Ride the GST Wave


The recent GST rate revisions have created a ripple effect across multiple sectors — from consumer staples to autos and cement. While some companies stand to gain meaningfully from lower tax slabs, others face headwinds due to hikes on premium categories.

Here’s a stock-wise breakdown of winners (and a few losers):

### 🥛 Dairy & Milk Products
GST Cuts:
- UHT milk: 5% → 0%
- Butter/Ghee/Cheese: 12% → 5%
- Paneer: 5% → 0%

Beneficiaries:
- Hatsun Agro
- Heritage Foods
- Parag Milk
- Dodla Dairy
- Umang Dairies
- Nestlé India
- FMCG Major: Britannia (cheese, butter)

### 👟 Footwear (≤ ₹2,500 per pair)
GST Cuts:
- 12% → 5%

Beneficiaries:
- Bata India
- Relaxo Footwear
- Khadim India
- Campus Activewear
- Liberty Shoes

### 🍪 Packaged Foods & Beverages
GST Cuts:
- Biscuits, cakes, confectionery, chocolates, noodles, pasta, cornflakes → 5%

Beneficiaries:
- Britannia
- Nestlé India
- Hindustan Foods
- Mrs. Bectors

Negative (GST Hike):
- Carbonated & energy drinks: 28% → 40%
- Impacted: Varun Beverages, Hindustan Foods

### 🧴 FMCG / Personal Care
GST Cuts:
- Soaps, shampoos, hair oil, toothpaste, shaving cream: 18% → 5%

Beneficiaries:
- HUL
- Colgate
- Gillette
- Marico
- Godrej Consumer

### 💊 Pharma & Healthcare
GST Cuts:
- Essential drugs/vaccines: 12% → 5% or Nil
- Medical devices (stents, diagnostics, thermometers, glucometers): → 5%

Beneficiaries:
- Sun Pharma
- Dr. Reddy’s
- Cipla
- Lupin
- Biocon
- Poly Medicure
- Metropolis
- Dr Lal Pathlabs

### 🏗 Cement & Building Materials
GST Cuts:
- Cement: 28% → 18%
- Marble/Granite/Stone: 12% → 5%

Beneficiaries:
- UltraTech Cement
- Shree Cement
- ACC
- Ambuja
- Dalmia Bharat
- Aro Granite
- Pokarna
- Madhav Marbles

### 🚗 Autos & Tyres
GST Cuts:
- Small Cars (CNG, petrol <1200cc, diesel <1500cc, length ≤4m): 28% → 18%
- Two-wheelers ≤350cc: 28% → 18%
- Tyres for tractors: 18% → 5%

Beneficiaries:
- Maruti Suzuki (WagonR, Swift, Baleno, Brezza CNG)
- Tata Motors (Tiago, Tigor, Punch CNG)
- Hyundai India (i10, i20, Venue CNG)
- Hero MotoCorp
- Bajaj Auto
- TVS Motor
- MRF
- Apollo Tyres
- Balkrishna Industries
- JK Tyre
- CEAT

Negative (GST Hike):
- Luxury Cars & Bikes >350cc: → 40%
- Impacted: Eicher Motors (Royal Enfield), Mahindra & Mahindra (high-end SUVs)

### 👕 Textiles & Apparel
GST Cuts:
- Man-made fibres/yarn/fabrics → 5%

Beneficiaries:
- Raymond
- Arvind
- Welspun India
- Vardhman Textiles
- Indo Rama

Negative (GST Hike):
- Footwear & Apparel >₹2,500: → 18%
- Impacted: ABFRL, Trent, Shoppers Stop

### 🌱 Chemicals & Fertilisers
GST Cuts:
- Sulphuric acid, nitric acid, ammonia: 18% → 5%
- Micronutrients & agri-inputs: 12% → 5%

Beneficiaries:
- Deepak Fertilisers
- GNFC
- Chambal Fertilisers
- Coromandel International
- Dhanuka Agri
- UPL
- PI Industries
- Rallis India
- Bayer CropScience

### 📺 Consumer Durables & Electronics
GST Cuts:
- TVs, ACs, Washing Machines, Dishwashers: 28% → 18%

Beneficiaries:
- Voltas
- Blue Star
- Havells
- Dixon Technologies

@Stockupdate9

BIKAJI FOODS

Stock higher post GST rate cuts

Mgmnt Says:
- Will see 3-5% incremental volumes because of lower GST
- 94% of our portfolio now at 5%

@Stockupdate9