Stocks and Peer Comparison by Industry
(This
is for information purposes only. This should not be construed as a
recommendation or investment advice even though the author is a CFA Charterholder. Please consult your financial
adviser before taking any investment decision. Safe to assume the author has a vested
interest in stocks / investments discussed if any.)
There are several data aggregators that provide information on Indian stocks. While these are very good sources of data and information, they often tend to provide inadequate information on 'peer comparison.'
Quite often, market observers and financial market participants (FMPs) are unable to get a real picture of competition of the companies they are researching. Hence, there is a need to have a list of comparable peers that are worth comparing.
Following are some of the comparable companies in several sectors or industries. They are only a list of companies that belong to a broad category of sector / industry. They may not be homogeneous sometimes.
One caveat here is companies in a sector or industry are not strictly comparable because they may be having exposure to different sectors, their business models are different and they may be providing services or manufacturing goods in other industries also.
Globally, data aggregators, like, Morningstar, follow GICS or Global Industry Classification Standard, which consists of 11 sectors and 25 industry groups.
This is only a representative list of stocks in a particular industry and/or sector. Wherever possible, some unlisted peer companies are also provided.
1. Cash management services, ATM, digital support to banks
CMS Info Systems Limited
AGS Transact Technologies
Radiant Cash Management Services
CMS Info Systems Limited
AGS Transact Technologies
Radiant Cash Management Services
2. Business Correspondence services of banks
Vakrangee
BLS E-Services
Vakrangee
BLS E-Services
3. Credit cards
SBI Cards and Payment Services
4. Credit rating companies
Crisil Limited
ICRA
Care Ratings
5. Wealth management
360 One WAM (formerly IIFL Wealth Management Ltd)
Anand Rathi Wealth
Nuvama Wealth Management (formerly Edelweiss Wealth Management)
360 One WAM (formerly IIFL Wealth Management Ltd)
Anand Rathi Wealth
Nuvama Wealth Management (formerly Edelweiss Wealth Management)
6. Stock broking and other services
Angel One
Motilal Oswal Financial Services
ICICI Securities
MCX Ltd
Share India Securities
Choice International
5Paisa Capital (discount brokerage)
Zerodha (unlisted)
Groww (unlisted)
Upstox (unlisted)
7. Asset management companies (AMCs) or mutual funds
HDFC AMC
Aditya Birla Sun Life AMC
UTI AMC
Nippon Life India Asset Management
Shriram AMC
HDFC AMC
Aditya Birla Sun Life AMC
UTI AMC
Nippon Life India Asset Management
Shriram AMC
SBI AMC (unlisted)
Axis AMC (unlisted)
ICICI AMC (unlisted)
8. Electronic Manufacturing Services (EMS) - contract based manufacturing of electronic goods
Kaynes Technology India
Syrma SGS Tech
DCX systems
Amber Enterprises India
Dixon Technologies (India)
Cyient DLM
Dixon Technologies (India)
Cyient DLM
Avalon Technologies
Elin Electronics
Bharat FIH Ltd (Foxconn Technology Group company - unlisted)
9. Travel platforms
IRCTC (rail travel)
Easy Trip Planners (Ease My Trip)
Yatra Online
Thomas Cook (India)
Yatra Online
Thomas Cook (India)
Rategain Travel Technologies (strictly speaking, a SaaS company)
10. Digital signature certificates issuance
eMudhra
eMudhra
11. Digital insurance
PB Fintech (policybazaar) -- they provide access to other financial products also
PB Fintech (policybazaar) -- they provide access to other financial products also
12. Visa processing and visa application outsourcing
BLS International Services
13. Innerwear garments
BLS International Services
13. Innerwear garments
Page Industries
Lux Industries
Dollar Industries
Rupa & Company
VIP Clothing
TTK Tantex (unlisted)
14. ER&D - engineering research & development services
Tata Technologies
L&T Technology Services
KPIT Technologies
Tata Elxsi
Persistent Systems
Tata Technologies
L&T Technology Services
KPIT Technologies
Tata Elxsi
Persistent Systems
Sasken Technologies Ltd
15. Airport lounge services
Dreamfolks Services
16. Stock exchanges
BSE Limited
NSE (National Stock Exchange of India Ltd - unlisted)
17. Depository services
Central Depository Services (India) or CDSL
National Securities Depository Ltd or NSDL (unlisted)
18. Mutual Fund distribution
Prudent Corporate Advisory Services
19. E-governance
Protean e-Gov Technologies (formerly NSDL e-Governance Infrastructure)
20. Mutual Fund (AMC) services
Computer Age Management Services (CAMS)
KFIN Technologies
21. Automotive retailers / dealers (auto dealers)
Landmark Cars (mostly in West India)
Popular Vehicles & Services (South India)
Competent Automobiles Company Ltd (North India)
Sai Service Pvt Ltd (West & South India) (unlisted)
Kataria Automobiles Pvt Ltd (unlisted)
Bhandari Automobiles Pvt Ltd (unlisted)
Indus Motor Company Pvt Ltd (unlisted)
VST Motors Ltd - VST Group (South India) (unlisted)
22. Digital auto dealers / retailers (online market place / online auto platform)
CarTrade Tech Ltd (CarWale / BikeWale)
CarDekho / BikeDekho (Girnar Software Pvt Ltd) (unlisted)
Cars24 Services Pvt Ltd (unlisted)Mahindra First Choice Ltd (unlisted)
Droom Technology Pvt Ltd (unlisted)
23. Waste management services
Antony Waste Handling Cell
24. Food delivery digital platform
Zomato
Swiggy (unlisted)
25. Beauty and personal care digital platform
FSN e-Commerce Ventures (Nykaa)
Honasa Consumer (Mamaearth)
(companies, like, HUL, Colgate, P&G Hygiene & Healthcare, Dabur India and Marico are listed competitors in the above segment)
26. B2B Digital Marketplace
Indiamart Intermesh
Just Dial (via its JD Mart)
TradeIndia (unlisted)
ExportersIndia (unlisted)
Alibaba India (unlisted)
28. Energy exchanges
Indian Energy Exchange (IEX)
Power Exchange India (PXIL) (unlisted) - promoted by NSE & NCDEX
Hindustan Power Exchange (unlisted) - promoted by PTC India, BSE & ICICI Bank
29. Real estate investment trusts (REITs)
Embassy Office Parks REIT
Mindspace Business Parks REIT
Brookfield India Real Estate Trust
Nexus Select Trust
30. SaaS Platform / Fintech / prepaid cards
Zaggle Prepaid Ocean Services
31. QSR (Quick Service Restaurants) / Fast Food
Jubilant Foodworks (Domino's Pizza & Dunkin' Donuts)
Devyani International (KFC, Pizza Hut * & Costa Coffee)
Westlife Foodworld (McDonald's - West & South India)
Sapphire Foods India (KFC, Pizza Hut & Taco Bell *)
Restaurant Brands Asia (Burger King)
Barbeque-Nation Hospitality
(* KFC, Pizza Hut & Taco Bell belong to Yum! Brands)
Connaught Plaza Restaurants Pvt Ltd (unlisted) (McDonald's - North & East India)
32. Agrochemicals / crop protection
PI Industries
UPL Ltd
Bayer CropScience
Sumitomo Chemical India
Rallis India
Dhanuka Agritech
Bharat Rasayan
Sharda Cropchem (asset light business model)
India Pesticides
Astec Lifesciences
Meghmani Organics
Insecticides India
Atul Ltd (crop protection is part of business)
Jubilant Ingrevia (crop protection is part of business)
Gharda Chemicals Ltd (unlisted)
Indofil Industries Ltd (unlisted)Tagros Chemicals India Pvt Ltd (unlisted)
(crop protection chemicals include herbicides, insecticides, and fungicides - crops need protection from herbs, insects, and fungus)
(global giants include, Bayer AG, ChemChina (Syngenta), BASF SE, Corteva Inc, FMC Corp, Sumitomo Chemical and UPL Ltd) (Monsanto was acquired by Bayer AG in 2018 and Corteva Inc was formerly known as DowDuPont)
33. Agri inputs / Seeds Manufacturers
Kaveri Seed Company
Bombay Super Hybrid Seeds
Nath Bio-Genes (India) Ltd
Shreeoswal Seeds & Chemicals
Mangalam Seeds
JK Agri Genetics (JK Seeds)
Nirman Agri Genetics
Upsurge Seeds of Agriculture
Continental Seeds & Chemicals
Rallis India (seeds is part of business)
Pioneer seeds (part of Corteva Agriscience) (unlisted)
Mahyco Pvt Ltd (unlisted)
Monsanto India (unlisted)
ProAro (unlisted)
Syngenta (unlisted)
Nuziveedu Seeds (unlisted)
Rasi Seeds (unlisted)
Monsanto India (acquired by Bayer AG and Bayer CropScience in 2019) (unlisted)34. Marketing services industry (integrated marketing communications, customer data analytics, marketing technology or MarTech and market research)
Affle (India) Ltd
Latent View Analytics Ltd
R K Swamy Ltd (probable listing on 12Mar2024)
Vertoz Advertising Ltd
Lintas India Pvt Ltd (India-based) (unlisted)
Adfactors PR Pvt Ltd (India) (unlisted)
Group M Media India Pvt Ltd (foreign-based) (unlisted)
Ogilvy and Mather Pvt Ltd (O&M) (foreign) (unlisted)
Omnicom Media Group India Pvt Ltd (foreign) (unlisted)
Mccann-Erickson India Pvt Ltd (foreign) (unlisted)
35. PSU demerger / spinoff entities with land and other assets (the spinoffs are majority owned by Govt of India):
Hemisphere Properties India Ltd (land assets demerged from erstwhile VSNL)
NMDC Steel Ltd (steel assets demerged from NMDC)
BEML Land Assets Ltd (land assets demerged from BEML)
Shipping Corporation of India Land and Assets Ltd (land assets demerged from SCI)
36. Retail Pharmacies / Pharmaceutical retailers (offline stores, omni-channel, e-commerce as well as online pharmacy platforms)
MedPlus Health Services Ltd (offline retails stores and online platform -- diagnostics also)
Apollo Pharmacies Ltd (unlisted)
Tata 1mg Healthcare Solutions Pvt Ltd (unlisted)
Wellness Forever Medicare Pvt Ltd (unlisted)
Netmeds Marketplace Ltd (unlisted)
Emami Frank Ross Ltd (unlisted)
Axelia Solutions Pvt Ltd / Pharmeasy (unlisted)
(Pharmeasy and Tata 1mg don't have any physical stores -- both are pure online digital platforms)
37. Pharmaceutical distributors (including healthcare products -- both offline and online)
Entero Healthcare Solutions Ltd
Keimed Pvt Ltd (it's a preferred supplier for Apollo Hospitals' chain (unlisted)
Akna Medical Pvt Ltd (unlisted)
Hiveloop Technology Pvt Ltd / (Udaan) (unlisted)
Ascent Wellness and Pharma Solutions Pvt Ltd (unlisted)
(this is a narrative that is a market flavour in 2023 and early part of 2024 -- this may not always work)
Metro Brands (footwear)
Vedant Fashions (readymade garments)
Radico Khaitan (alcohol firms with premium brands)
Sula Vineyards
Interglobe Aviation (air travel)
Titan Company
Trent
Shoppers Stop
PVR Inox
The Phoenix Mills (shopping malls)
Varun Beverages
Avenue Supermarts
Ethos Ltd (luxury watches)
Zomato Ltd
Westlife Foodworld
Campus Activewear
Jubilant Foodworks
Zydus Wellness
Cera Sanitaryware
Go Fashion India
Sula Vineyards
Interglobe Aviation (air travel)
Titan Company
Trent
Shoppers Stop
PVR Inox
The Phoenix Mills (shopping malls)
Varun Beverages
Avenue Supermarts
Ethos Ltd (luxury watches)
Zomato Ltd
Westlife Foodworld
Campus Activewear
Jubilant Foodworks
Zydus Wellness
Cera Sanitaryware
Go Fashion India
Landmark Cars (Mercedes-Benz)
39. Small Finance Banks or SFBs #SFB
Au Small Finance Bank Limited
Equitas Small Finance Bank Ltd
Ujjivan Small Finance Bank Ltd
Utkarsh Small Finance Bank Ltd
Jana Small Finance Bank Ltd
ESAF Small Finance Bank Ltd
ESAF Small Finance Bank Ltd
Suryoday Small Finance Bank Ltd
Capital Small Finance Bank Ltd
Capital Small Finance Bank Ltd
North East Small Finance Bank Ltd (unlisted)
Shivalik Small Finance Bank Ltd (unlisted)
Shivalik Small Finance Bank Ltd (unlisted)
Unity Small Finance Bank Ltd (unlisted)
(The blog will be continually updated with new companies getting listed and whenever one finds interesting comparable companies)
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Disclosure: I've vested interested in Indian stocks and other investments. It's safe to assume I've interest in the financial instruments / products discussed, if any.
Disclaimer: The analysis and opinion provided here are only for information purposes and should not be construed as investment advice. Investors should consult their own financial advisers before making any investments. The author is a CFA Charterholder with a vested interest in financial markets.
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