Name of the Topic

Emkay New Vitalised India Strategy (ENVI) As on 31st Oct 2024

Subtopic if any Date
Investment Philosophy & Framework

2
Investment Philosophy

3
E-Qual Framework : Scoring Governance from an ESG perspective

• Arguably, the only framework of it’s kind in India

• E-Qual Framework book recently launched by
Mr Gurcharan Das. Link to download-
https://www.emkayim.com/resources/
Management Integrity 40%
• Framework under active implementation for the
Management Capability 30%
last 10 years
Wealth Distribution 15%
• Zero exposure to managements with low
corporate governance across portfolios Investor Communication 7.50%
Liquidity 7.50%
• What does the E-Qual framework constitute? 7.50%
7.50%
» Calculate Qualitative Parameters – Objectively
40%
15%
» Capture publicly available data points and
weigh them to create a ranking
» Sorting of Companies on Relative Ranking of
Market Capitalization
30%

4
E-Qual Model: Management Integrity

7.50%
7.50%

40%
15%

30%

2.50%
Promoter Holding 7.50% 2.50% 7.50%

Promoter Holding - Inc / (Dec) 2.50% 5.00%

Equity History 7.50% 2.50%

FCCB - Proposed Dilution 2.50%

Promoter Holding Pledged 7.50%
2.50%
Promoter Group Salary 2.50%
Auditors 5.00% 7.50%

Inter-Party Related Transactions 2.50% 7.50%

Royalty (Technical Fees) 2.50% 2.50%

5
Red Flags

In last one year a

Large
Debt Acquisition,
Restructuring Debt : Equity which is more
more than once Ratio more than 50% of Net
in the life of than 2.5x worth
company

If promoter No
holding pledged investor
above 70% communication Investment in
non-related
businesses, which is
more than 50% of
net worth

6
Risk-Reward Matrix based on the E-Qual module

RISK REWARD MATRIX

Large Cap I Large Cap II Mid Cap Small Cap I Small Cap II

BASE I - Quality BASE II – Quality BASE III – BASE IV – BASE V –

85%+ Discount Discount Quality Discount Quality Discount Quality Discount

Base
BASE I BASE II BASE III BASE IV BASE V
E-QUAL 70%-85%
SCORE BASE III + BASE IV + BASE V +
BASE I + Quality Risk BASE II + Quality
50% - 70% Premium Risk Premium
Quality Risk Quality Risk Quality Risk
Premium Premium Premium

Below
DO NOT INVEST DO NOT INVEST DO NOT INVEST DO NOT INVEST DO NOT INVEST
50%

BASE IV = BASE V =
BASE I = BASE II = BASE III = Base III + Base IV +
Risk Free Rate + Equity Base I + Smaller Base II + Smaller Smaller Size Smaller Size
Risk Premium Size Premium Size Premium Premium Premium

7
India’s emergence as a manufacturing powerhouse

An idea whose time has come

8
Some quotes for global or large Indian company CEOs about India manufacturing

C&W global mfg risk index 2022 India top 10 manufacturing FDI sectors
70 63 18.5%

60 17.9% 18.0%
17.5%
50 17.3%
17.0%
40 35 34 16.5%
30 16.0%
15.5%
20
15.0%
10 14.6% 14.5%
0 14.0%
2007-12 2012-17 2017-22

Cummulative FDI for 5 years % of total FDI

So, India Is an important market with The company is expanding all its India has many opportunities to offer,
investments in infrastructure, and businesses, including glass, and our growth along with an increase
Siemens is also investing. it’s one of construction chemicals and ceramics. in supplier partnerships demonstrates
our largest set-ups. In the past five Saint-Gobain will be inaugurating its our efforts to progress towards an
years, we spent €1 billion on capex in world’s biggest flat glass factory at Aatmanirbhar Bharat.
India. And this is investing for the Bhiwadi in Rajasthan. DavidSchulte, Boeing's Managing
future. B Santhanam, CEO, Asia Pacific and Director of Marketing for India, South
Matthias Rebellius, Member of the India region, Saint-Gobain East Asia, and Asia Pacific.
Managing Board at Siemens AG

9
Source: C&W – Cushman and Wakefiled, RBI
Nurturing the nucleus of industrial revival and growth

Return of the prodigal son

The consumer
Nursing back to health 03 Rising Income
The manufacturer +
Healthy ROCE Stronger HH Balance
+ Robust sheets
Strong balance sheets Industrial
+ growth
Robust cashflows 01 02
Refocused supporter
= The government
New Capacities Lower taxes
+
PLI Incentives
+
Capex on infra
=
Leaving more for the
10
industry
Nursing back to health – THE MANUFACTURER

Attractive cash ROCE vs Bank deposits, Robust CU and order book,

1
back to adding capacities

2 Sense of déjà vu

3 Is China + 1 here to stay?

PLI scheme – potential to add 4% to GDP on p.a. basis if potential

4
fully realised

11
Nursing back to health – THE MANUFACTURER
• FY21-22 most attractive in terms of cash return on capital employed
» Over past few years, due to various events like Demonetisation, GST and COVID, reported
ROCEs have suffered a lot
» However, cash ROCEs have improved to almost 20%+ driven by tighter working capital cycles

» The difference between Cash ROCE and comparable investment at one of the highest

» Attractiveness of cash returns coupled with robust capacity utilisation (CU) has put
manufacturers on front foot

Best cash returns vs bank deposits Capacity utilisation reaching previous peak
18.0% 12.0% 90.0
CROCI Difference >1 year avg deposit rate CU reported Seasonally adjusted CU
16.0% 11.0% 85.0
14.0% 80.0
10.0%
12.0% 75.0
9.0%
10.0% 70.0
8.0%
8.0% 65.0
7.0% 60.0
6.0%
4.0% 6.0% 55.0

2.0% 5.0% 50.0

0.0% 4.0% 45.0

Q2F10

Q4F19
Q2F09
Q4F09

Q4F10
Q2F11
Q4F11
Q2F12
Q4F12
Q2F13
Q4F13
Q2F14
Q4F14
Q2F15
Q4F15
Q2F16
Q4F16
Q2F17
Q4F17
Q2F18
Q4F18
Q2F19

Q2F20
Q4F20
Q2F21
Q4F21
Q2F22
Q4F22
Q2F23
Q4F23
Q2F24
Q4F24
2006/07

2013/14

2020/21
2005/06

2007/08
2008/09
2009/10
2010/11
2011/12
2012/13

2014/15
2015/16
2016/17
2017/18
2018/19
2019/20

2021/22
2022/23

12
Source: RBI, EIML, Ace Equity
Improvement in balance sheet and lower tax outgo
Debt/Equity (BSE500*)
• Tax outgo at cash flow level lowest in years 1.90

1.70
• Effective balance sheet management 1.50

1.30
» Working capital change as % of EBIDTA
1.10
turned positive in FY21
0.90
» Debt/Equity ratios lowest in many years 0.70

0.50
2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23

Iron & Steel BSE500 Ex BFSI Non-ferrous metals

Lower effective tax rates(BSE500*) Change in working cap as % of EBIDTA (BSE500**)

2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23
33.72%
34.0% 15.0%
32.13%
31.63% 10.0%
32.0%

30.0% 5.0%
28.95%
0.0%
28.0%
26.51%
-5.0%
26.0%
-10.0%
24.0% 23.14%
22.10% -15.0%
22.0% 20.60% -20.0%
20.0%
-25.0%
2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23
-30.0%
BSE500 Ex BFSI
-35.0%
13
Source: EIML, Ace Equity *Ex BFSI ** EX BFSI and Crude oil
Resulting in buoyancy and adding capacities

• Robust returns + CU = Confident manufacturing sector for putting new capacities

» As a result of robust returns, manufacturing companies adding capacities

» The spends on Capex by 328 companies involved in manufacturing sector in BSE500 Index has
been rising consistently

» As per the project sanctions data by RBI, total capex is now at all time high, surpassing FY10 peak

Half yearly spends on Capex (Rs bn) Project funding sanctioned (Rs bn)
3,500 6,000

3,300
5,000
3,100
2,900 4,000
2,700
2,500 3,000

2,300
2,000
2,100
1,900 1,000
1,700
1,500 0
FY07

FY23
FY06

FY08
FY09
FY10
FY11
FY12
FY13
FY14
FY15
FY16
FY17
FY18
FY19
FY20
FY21
FY22

FY24
H1FY21 H2FY21 H1FY22 H2FY22 H1FY23 H2FY23 H1FY24 H2FY24
14
Source: RBI, Ministries, EIML
China + 1 = Is it here to stay?

• China facing significant push back

» Disruption in supply chain during COVID – goods as well as shipping
» Developed nations have imposed anti dumping duty on lot of Chinese goods

• INR depreciation vs Yuan making India more competitive

• Key beneficiaries
» Auto and Auto components, Textiles, Chemicals, capital goods

INR has depreciated more vs USD Exports growth FY18-24

31.0% Chemicals
85.00 7.00 26.4%
USD/INR (LHS) USD/CNY (RHS)
6.90 26.0%
80.00
6.80 21.0% 19.2% 18.9%

75.00 6.70 14.8%

16.0%
6.60
70.00 11.0% 9.1%
6.50
6.7% 6.3%
6.40 6.0%
65.00
SRF

Industries

Electronics

Machinery

Ancillaries
Fluorine

India total
Navin

exports
6.30

Aarti

Auto
60.00 6.20
CY18 CY19 CY20 CY21 CY22 CY23*
15
Source: Bloomberg, CMIE, Ace Equity
From course correction to supporting role – THE Government

1 Sense of deja vu

2 Lower effective cost doing business

3 Robust capex to ignite “animal spirits”

PLI scheme – potential to add 4% to GDP on p.a. basis if

4
potential fully realised

16
Sense of Déjà vu – 2003-06
• Structural changes in 2018-21 reminiscent of lot of things that happened prior to
2003-06 boom
Viz. Corporate tax rate, clean up of balance sheets, declining cost of borrowing

• What ought to follow should also reflect period post 2002

1996-02 2003-06 2018-21 2022-26
Corporate tax rate 38.5% to 35% Stable 33% to 25% Expected to remain stable
Expected to rise at moderate
Cost of debt Declining Rose upto 8-10% Declining
pace
Moderate rise after spike in
Metal prices Flat 24% Flat to decline
CY21
Corporate balance sheet Deleveraging Releveraging Deleveraging Releveraging
Net NPA declining with
rise in provisions Continued to Net NPA declining as the provision Expected to
Financial cos' balance sheet
supported by remain strong hit is taken on chin remain strong
treasury gains
Expected to grow robust until
Government Capex growth 4% 23% Grew in teens
2026
Growth in private GFCF Negative 30%+ 8% Should rise
Corporate credit growth 12% 20%+ Single digit Should rise
Growth in per capita GDP 8-9% 12% 4% Should rise

GFCF - Gross Fixed Capital Formation

17
Source: EIML
Policy support from THE GOVERNMENT

• Déjà vu to the days of supporting the services industry in early 2000s

• PLI scheme - Rs2.4 tn incentives over next 5- years
» Lions’ share going to electronics, auto components, pharma

• Incremental capex going to less capex intensive sectors

• Potential to add ~4% of GDP p.a. in terms of incremental annual revenues

PLI Scheme incentives across industries Output = ~4% p.a. of GDP, Rs bn

45000
Mobiles, 17.0%
Semiconductor, 40000
31.5%
Pharma, 10.0% 35000

30000
White Goods,
25000
2.6% Asset turnover = 3.3x
Solar PV, 1.9%
20000
Telecom, 5.1%
EV Battery, 7.5%
15000
Textile, 4.4% Food, 4.5%
Speciality Steel, 10000
IT Hardware, Auto & Comp,
2.6% 2.1% 10.8%
5000 2410
39600
0
Capex Incremental Revenues over 5-Years

18
Source: Ministry Notifications, EIML
Return of the prodigal son-THE CONSUMER

1 Growth in per capita GDP

2 Increasing disposable income

3 Discretionary spends on rise

4 India’s Premiumisation boom

19
Return of the prodigal son – THE CONSUMER

• Indian consumer missing in action for almost 5 years for multiple reasons
» Demonetisation, GST, COVID
» Lack of inflation
• Growth in per capita GDP picked up in FY22
» Per capital GDP higher than F20 after a dip
• BY FY27, lot of discretionary goods may be within reach of lot more Indians

3-year rolling CAGR (%) BSE500 Companies salary cost growth (%)
16.0% 20.0%
Per capita GDP Per capita PFCE 18.0%
14.0% 16.0%
14.0%
12.0% 12.0%
10.0%
8.0%
10.0%
6.0%
4.0%
8.0%
2.0%
0.0%
6.0%

4.0%
FY08

FY09

FY10

FY11

FY12

FY13

FY14

FY15

FY16

FY17

FY18

FY19

FY20

FY21

FY22

FY23

BSE500 BSE500 Mfg

20
Source: CMIE, EIML, PFCE: Private Final Consumption Expenditure
Assuming 12% growth in Per Capita GDP and 4% annual inflation
Coming within the reach
X times per capita income
4x % of per capita income
55%

39%
2x

F22 FY27 F22 FY27

X times per capita income % of per capita income

40%
1.5 x

1x 25%

F22 FY27 F22 FY27

X times per capita income

13.5 x
% of per capita income
9.5 x 44%

27%

F22 FY27
FY22 FY27

Assuming 12% growth in Per Capita GDP and 4% annual inflation. Current PCGDP ~$2100, growing to ~$3700 in 5 yrs
21
Source: CMIE, EIML, PFCE: Private Final Consumption Expenditure
Key Risks

Nothing can stop an idea whose time has come

22
Risk Mitigation

• Inflation risk • Mitigation

» Q1FY23 will see peak cost inflation – oil continues to » Investing in companies with pricing power
be a worry even if its delayed by few months
» Most base metals down 18-30% vs CY22 highs, » Nifty 200 manufacturing companies* (till date)
current prices down 5-13% QoQ saw Gross Margins expanding 30bp QoQ for
Q4FY22*

• Interest rate and liquidity risk • Mitigation

» If inflation remains persistent, interest rates are » Indian banks will still see 3.4% of NDTL as
bound to go up excess liquidity even after CRR hike

» Tightening of balance sheets by global central banks » Invest in companies which are low D/E or net
may pose risk to liquidity also cash

• Economic slow down risk • Mitigation

» Higher interest rates globally may lead to slow down » Invest in companies with judicious mix of
in global trade domestic vs export sales

23
NDTL – Net Demand And Time Liabilities, CRR – cash reserve ratio *53 cos till date
About ENVI

24
About Emkay New Vitalised India (ENVI) Strategy

• Long term capital appreciation by investing in companies benefitting from :

• Strong rebound in Industrial sector

• Indigenisation by reducing dependence on imports

• Export opportunities
• Growth in services allied to industrial activities

• Flexicap strategy

• Market cap focus – across all categories, large, mid and small
• Stock weights to be flexible
• Number of stocks in portfolio – 15-20

• Benchmark – BSE 500 TRI

• Fund Managers – Kashyap Javeri and Sachin Shah

25
Why should services have all the fun?
• Broad indices are largely services oriented Nifty 50 weights Nifty 500 weights

• Weight of services in Nifty 50 at 60%+

• Weight of services in Nifty 500 at 57% Industrial,

39.1% Industrial, Services,
• The Nifty India Manufacturing Index carries Services, 43.3% 56.7%
60.9%
lower beta
• Beta of Nifty India Manufacturing Index vs
Nifty 50 at 0.9x

• Weighted average beta of sector qualifying for

ENVI at 0.8x The Nifty India Manufacturing Index
weights
Beta * (x)
Consumer Automobile
0.94 Textiles, 2%
Durables, 6% & Ancillaries,
0.92 0.9 Oil & Gas, 8% 21%
0.90
0.88
Chemicals,
0.86
11%
0.84
0.82
0.8
0.80 Capital
Goods, 20%
0.78 Metals, 14%
0.76 Pharmaceuti
Qualifying Stocks Nifty Mfg Index cals, 17%
26
*1-year beta vs Nifty 50, Source: NSE, Ace Equity
Much higher odds of beating the market
CAGR Returns
• Over past 15 years, S&P BSE Manufacturing Index has
15.00%
outperformed Nifty 50 for 55% of days
13.00%
• Performance suffered only between FY17-22 for multiple 11.00%
reasons 9.00%

• Demonetisation, GST and COVID all hitting manufacturing7.00%

in span of 5 year 5.00%

3.00%
• India saw very low inflation at WPI level between FY15- 1.00%
21 impacting value sales
-1.00% FY07-12 FY12-17 FY17-22 FY23

BSE Mfg Index Nifty 50

% days of outperformance on rolling 12m basis vs Nifty 50
100%
90% Recovery post GFC
80%
70% Large Revenue Expenditure pushing up
60% consumption Overall sales supported by
50% moderate to high inflation
40%
30% Demonetisation, GST, COVID impacted
20% real demand Very low inflation was also
10% disincentive between FY17-21
55% 88% 24% 55%
0%
FY07-12 FY12-17 FY17-22 Overall
27
Source: Bloomberg, S&P BSE Manufacturing Index has longer term actual history
 Emkay Global Financial Services – Tryst with India’s Mfg Sector
Emkay Wealth India Manufacturing Smallcase India Manufacturing Smallcase vs Nifty India
(inception date: 16-03-21 Manufacturing Index*
40% 37.08%
50%
India Manufacturing Smallcase 35%
40% 30%
S&P BSE India Manufacturing Index
30% NIFTY 500 25% 20.53%
20% 16.55%
20%
15%
10% 10%
5%
0%
0%
1m 3m 6m 12m Since Inception
-10% India Manufacturing Nifty India Mfg Index Outperformance
Smallcase

Emkay Wealth India Manufacturing Smallcase Live Data Comparison (based to 100 as on 16-Mar-21

160
India Manufacturing Smallcase S&P BSE India Manufacturing Index NIFTY 500
150

140

130

120

110

100

90
Jul/21
Apr/21

Jun/21

Nov/21

Apr/22
Aug/21
Mar/21

Dec/21

Feb/22

Mar/22
Oct/21

28
Disclaimer: Data pertain to product of Emkay Wealth Managers (group company) and not EIML
Source: Smallcase factsheet * As on April 29, 2022
ENVI stock picking record in Industrial sector

Buy Price(Purchase Date) Market Price as on 31.10.2024

5000.0

47% 45% 88%

70%
4500.0
4294.8

4000.0

3500.0

3000.0

2500.0 2.4x

2000.0
1779.8
1661.0

1500.0

3.4x
1000.0

574.7
490.2 2.5x 496.8 4.5x
500.0
199.7
127.7
Jul 22 Jun 22 Jun 22 Jun 22
0.0
KIRLOSKAR PNEUMATIC CIE AUTOMOTIVE INDIA LIMITED THE SUPREME INDUSTRIES ELECON ENGINEERING COMPANY
COMPANY LIMITED LIMITED LIMITED
29
*Buy price for Elecon Eng. is on ex-split basis
Portfolio details
4.3%
5.0%
5.6%
27.6% Top Holdings Weight
5.9%
KIRLOSKAR PNEUMATIC CO.LTD 8.2%

DIVI S LABORATORIES LTD 7.0%

17.1% AJANTA PHARMA LTD 6.4%

18.5% EICHER MOTORS LTD 6.3%

Auto & Auto Ancillaries Capital Goods IGARASHI MOTORS INDIA LTD 6.3%
Pharmaceuticals Cement
Infrastructure Specialty Chemicals
Plastic products
5.1%
16.5%
Particulars ENVI
Company Size Flexi - Cap

53.5% No of Stocks 15-20

24.8% Benchmark Index BSE 500 TRI

Average Market Cap (Rs. Cr) 72,342

Small Cap Large Cap Mid Cap Cash

30
*As on 31st Oct 2024
Performance as on 31st Oct 2024
Emkay ENVI TWRR BSE 500 TRI

120.0

100.0

80.0

60.0

40.0

20.0

0.0
1M 3M 6M 1Y 2Y Since Inception Total Returns
-20.0 (CAGR)

Since
Total
ENVI 1M 3M 6M 1Y 2Y Inception
Returns
(CAGR)

ENVI - TWRR -2.1 -1.3 10.8 36.4 30.7 34.0 101.0

BSE 500 TRI -6.4 -3.6 8.7 35.9 22.1 25.7 72.5

Inception date : 13th June 2022

31
*For period >1 year, CAGR returns are presented
As on 31st Oct 2024
Net of Fees & Expenses
Q-o-Q Returns (%) Since Inception - as on 31st Oct 2024

SI - Q4FY2 Q1FY2 Q2FY2 Q3FY2 Q4FY2 Q3FYTD

Q2FY23 Q3FY23 Q1FY25 Q2FY25 SI (CAGR)
Q1FY23 3 4 4 4 4 2025

EMKAY ENVI 3.09 9.33 4.30 -3.31 25.25 6.87 7.13 -0.84 19.61 6.19 -2.07 34.01
S&P BSE 500
India TRI -0.11 11.32 4.27 -5.66 13.18 5.49 12.35 4.49 11.66 7.65 -6.45 25.68
* In terms of Q-o-Q returns since inception, ENVI has outperformed the benchmark 7 out of 11 times

• 1 Crore invested in ENVI strategy since inception has grown to 2.01 Crores by 31st Oct 2024.

32

*As on 31st Oct 2024

Net of Fees & Expenses
Emkay ENVI – Earnings Estimate FY24-26
Earnings
1 Y Stock 2 Y Stock Promoters
S No Company name Expectations CMP Mcap (Rs Cr)
Return Return Holding
FY24-26
1 KIRLOSKAR PNEUMATIC CO.LTD. 194% 69% 43.8% 1,661 10,407 38.9%

2 ENDURANCE TECHNO. LTD. 43% 32% 30.2% 2,374 33,618 75.0%

3 CIE AUTOMOTIVE INDIA LTD 2% 27% 8.5% 497 18,568 65.7%

4 DIVI S LABORATORIES LTD 73% 24% 45.5% 5,894 153,872 51.9%

5 AJANTA PHARMA LTD 70% 57% 16.7% 3,072 38,761 66.3%

6 SUPREME INDUSTRIES LTD -1% 40% 17.3% 4,295 55,435 48.9%

7 EICHER MOTORS LTD 43% 16% 16.1% 4,902 134,562 49.1%

8 LARSEN & TOUBRO LTD. 23% 33% 24.0% 3,624 489,526 0.0%

9 ULTRATECH CEMENT LTD 31% 27% 21.7% 11,068 322,764 60.0%

10 ELECON ENG. CO. LTD 31% 70% 13.4% 575 12,983 59.3%

11 CCL PRODUCTS (I) LTD 10% 15% 32.2% 678 8,912 46.1%

12 LAURUS LABS LTD 34% 3% 122.8% 492 26,357 27.2%

13 IGARASHI MOTORS INDIA LTD 26% 36% 193.2% 725 2,308 75.0%

14 AARTI INDUSTRIES LTD 11% -17% 60.9% 511 18,525 42.6%

15 HINDUSTAN FOODS LTD 15% 11% 66.0% 609 6,804 63.8%

16 GMM PFAUDLER LTD. -22% -16% 26.1% 1,400 6,223 25.2%

17 SANSERA ENGINEERING LTD 85% 46% 26.1% 1,522 9,628 34.8%

18 EPL LTD 38% 31% 65.7% 271 8,371 51.5%

19 SYRMA SGS TECHNOLOGY LTD. -1% 33% 48.7% 518 8,987 46.9%

33 The total portfolio weighted earnings estimate FY24-26E is ~43.1%

• As on 31st Oct 2024

• For L&T, Estimates are given for only “Core” E&C business (excl. development as well)
Our Promoters

Krishna Kumar Karwa, Managing Director

A rank holder from the Institute of Chartered Accountants of India (ICAI), Krishna is
the promoter and Managing Director of the Company. He has rich and varied
experience of more than three decades in all aspects of the Equity Capital Markets
and oversees the Research, Equity Asset Management and Corporate Advisory
divisions at Emkay.

Prakash Kacholia, Managing Director

A qualified Chartered Accountant of the 1987 batch, Prakash is the Promoter
and Managing Director of the Company. He has a rich experience of more than
three decades in the Capital Market and oversees the Derivatives business and
Retail division at Emkay. He has been on the board of the SEBI Committee on
Derivatives. He has also served as a Director on the boards of Bombay Stock
Exchange Limited, BOI Shareholding Limited and Central Depository Services
(India) Limited.

34
Strategy Fund Manager and Business Team

Kashyap Javeri HOR, Fund Manager

Kashyap Javeri is a fund manager with more than a decade of experience in company and sector research. He brings exceptional
insights into stocks and economy. Prior to joining Emkay Investment Managers, he was a rated BFSI analyst in Emkay Institutional
Equities for eight years and also worked with Sharekhan Ltd as midcap analyst. Kashyap brings with him immense in-depth
knowledge on not only variety of manufacturing and services sectors but also on banking and economics.

Sachin Shah Executive Director & Co-Fund Manager

Sachin is a seasoned fund manager with over two decades of experience in the Indian equity markets. By virtue of his
extensive research, Sachin realised early-on the need for a framework in which companies with evasively tricky standing
needed to be filtered out very objectively, leading to the development of E-Qual Model, EIML’s proprietary module which
helps us to evaluate and compare listed companies on various aspects of governance. Sachin shares his knowledge and
insights through various media interactions across print and digital platforms.

Nagesh Pai National Sales Head

Nagesh has more than 20 years of experience in Financial Asset Management Industry. Nagesh is a seasoned professional with
extensive experience in the financial services industry. As the National Sales Head at EIML, he plays a pivotal role in driving sales
strategies and fostering key client relationships.
Before joining EIML Nagesh held several senior leadership roles at prominent financial institutions, demonstrating his expertise in
sales management and strategic planning, including ASK investment Managers, ENAM Asset Management, ING Investment
Management, and Standard Chartered Bank.

7-member investment and research team with a collective experience of ~ 100 + years

35
Contact Us
Emkay Investment Managers Ltd
Paragon Centre,C-06,2nd Floor,Pandurang Budhkar Marg, Opp. Birla Centurion Worli India-
400013

CIN: U67190MH2010PLC203819 | PMS: INP000004458

Website: www.emkayim.com

Email: pmsoperations@emkayim.com

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Disclaimer

Emkay Investment Managers Limited (“Emkay”) is registered as a Portfolio Manager with SEBI under SEBI (Portfolio Managers) Regulations, 2020 as amended from time to time and the
Circulars and Guidelines issued there under from time to time vide SEBI Reg. No.: INP000004458.
Emkay is also the Investment Manager to Emkay Emerging Stars Trust, a SEBI registered Category III AIF vide SEBI Reg. No.: IN/AIF3/17-18/0375 dated October 04, 2017 under SEBI
(Alternative Investment Fund) Regulations, 2012 as amended from time to time and the Circulars and Guidelines issued there under from time to time collectively referred as the SEBI
Registered Intermediary.

Disclaimer and Disclosures:

This website/email/document is confidential and is intended only for the personal use of the prospective investors/contributors (herein after referred as the Clients) to whom it is addressed
or delivered and must not be reproduced or redistributed in any form to any other person without prior written consent of Emkay. This website/email/document is neither approved,
certified nor its contents is verified by SEBI. The website/email/document is neither a general offer nor solicitation to avail the service of investment from the SEBI Registered Intermediary
under the services offered by Emkay/Fund nor is it an offer to sell or a generally solicit an offer to become an investor in the services offered by the Emkay/Fund. The contents of this
website/email/document are provisional and may be subject to change. Emkay warrants that the contents of this website/email/document are true to the best of its knowledge, however,
assume no liability for the relevance, accuracy or completeness of the contents herein. The information contained in the analysis shall been obtained from various sources and reasonable
care would be taken to ensure sources of data to be accurate and reliable. Emkay will not be responsible for any error or omission in the data or for any losses suffered on account of
information contained in the analysis. While the Emkay will take due care to ensure that all information provided is accurate however the Emkay neither guarantees/warrants the sequence,
accuracy, completeness, or timeliness of the report. Neither the Emkay nor its affiliates or their partners, directors, employees, agents, or representatives, shall be responsible or liable in any
manner, directly or indirectly, for views or opinions expressed in this analysis or the contents or any systemic errors or discrepancies or for any decisions or actions taken in reliance on the
analysis. Emkay does not take any responsibility for any clerical, computational, systemic, or other errors in comparison analysis. There can be no assurance that future results, performance
or events will be consistent with the information provided in this document and the past performance, if any is not the guarantee of the future/assured performance. Any decision or action
taken by the recipient/visitor of this website/email/document based on this information shall be solely and entirely at the risk of the recipient/visitor of the website/email/document. The
distribution of this information in some jurisdictions may be restricted and/or prohibited by law, and persons into whose possession this information comes should inform themselves about
such restriction and/or prohibition and observe any such restrictions and/or prohibition. Unauthorized disclosure, use, publication, dissemination or copying (either whole or partial) of this
information, is prohibited. The person accessing this information specifically agrees to exempt/ absolve the Emkay or any of its affiliates or employees from, any and all responsibility/liability
arising from such misuse/improper/ illegal use and agrees not to hold the Emkay or any of its affiliates or employees responsible for any such misuse/improper/illegal use and further agrees
to hold the Emkay or any of its affiliates or employees free and harmless from all losses, costs, damages, expenses that may be suffered by the person accessing this information due to any
errors and delays. Emkay (including its affiliates) and any of its Partners, officers, employees, and other personnel will not accept any liability, loss, damage of any nature, including but not
limited to direct, indirect, punitive, special, exemplary, consequential, as also any loss of profit in any way arising from the use of this website/email/document or any information in any
manner whatsoever. Each existing/prospective client, by accepting delivery of this document agrees to the foregoing. Prospective investors/clients are advised to review this
website/email/document, the Private Placement Memorandum, the Contribution Agreement, representations and presentation(s) and other related documents carefully and in its entirety
and seek clarification wherever required from the SEBI Registered Intermediary/Emkay. Prospective investors should make an independent assessment, and consult their own counsel,
business advisor and tax advisor as to legal, business and tax related matters concerning this document and the other related documents before becoming investor in the Fund. Emkay
(including its affiliates) may offer services in nature of advisory, consultancy, portfolio management, sponsorship of funds, investment management of funds which may conflict with each
other.

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