With crude at $79 and threatening to head lower, order-flow for machines that make bio-ethanol could slump. The company delivered blockbuster net profit numbers till last year as rising viability of alternate fuels ensured a wild rush towards green energy. The last reported order-book was Rs 800 crore with exports having a 35 per cent share.

4 Oil Country Tubular

Exports contributed about Rs 209 crore out of the Rs 422 crore topline in FY2009 on the back of the then boom in oil and gas exploration. In H1 of 2010, the drill pipe manufacturer has already clocked sales of Rs 200 crore against the planned Rs 325 crore.

11 AllCargo Global

The country’s biggest multi-modal services operator has private equity goliath Blackstone among its biggest investors. The slowdown in the export-import trade led to operating cash flows falling by 25 per cent in FY2009. Sustaining margins going forward will be a function of the robustness in global economic activity.

20 Sun TV Network

In South India it has a dominant presence in almost all the markets that it is present. Its regional positioning also protects it as that space is the last hit, when advertising spends are pared in a downturn. Greater focus on increasing non-advertising revenue (currently
40 per cent) via its DTH venture will keep this gravy train going.

21 GlaxoSmithkline Pharma

The product patent regime could see this multinational get aggressive with new product launches. For now, the company has passed onto consumers the reduction in
excise duty. Reduction in input costs as well as retention of duty cuts could sustain improved net sales. For H1 of CY09, net sales were up 9 per cent year on year at Rs 915 crore.

Click here for large table 1-25

23 Sterlite

The company is banking on its planned expansion in aluminum and zinc for an encore of the performance that it has delivered during the last boom. The acquisition hunt backed by balance sheet strength continues even as it grapples with delays in commissioning
its Orissa power plant. Among the best placed metal players to capitalise on any sustained global economic recovery.

29 Nava Bharat Ventures

For this diversified player, while the planned capacity expansion from 228 MW to 600 MW in the merchant power business will drive growth, the strain in ferro alloys and minor contribution of sugar division to the bottomline could refl ect in declining return ratios.

33 Colgate Palmolive

Low priced packs have enabled it to get a substantial share of the 35 per cent of all toothpaste sales that happen in rural India. Saving cream, soaps and shower gels still play second fiddle to toothpaste and brushes that deliver 90 per cent of revenue. Profitability could be under pressure due to slowing volume growth, loss of tax shelter and

37 Asian Paints

This decorative segment leader is further increasing its distribution reach through its Colour World outlets. Margins have improved in the international business primarily due to fall in inputs costs. Very strong brand equity enables it to pass on reasonable price hikes onto the end-user when required.

Click here for large table 26-50

40 Automotive Axles

For this axle maker, , the 20 per cent topline growth in FY2008 (September year-end) hides the pain following the dip in commercial vehicle sales. For nine months of 2009 sales was down 72 per cent and profit 94 per cent. The stock surprisingly is up

47 Sun Pharmaceuticals

Regulatory woes with its Caraco unit in the US may take some sheen off from the present year financials. It will have to rely on the domestic market as well as non-US sales in order to maintain the 35 per cent year on year sales growth that it has become accustomed to. Among the many potential targets that any left out pharmaceutical major would want to look at.

50 Castrol

The company’s technical prowess reflects in the superior pricing that its engine oils used in cars and bikes enjoy. Falling crude oil prices could help alleviate raw material cost pressures. Its premium positioning to some degree protects it from public sector players.

52 Gujarat Fluorochemicals

Cashing in on carbon credits, a more than 30 per cent growth in top line was refl ected equally in net profits for the past three years. Its recent foray into wind turbines is unlikely to reverse the trend of falling profit growth. Last year, net profit growth fell sharply to 6 per cent from 32 per cent in FY08.

59 Indraprastha Gas

New Delhibased company has maintained high return ratios chiefl y because of its monopoly status for gas distribution in the region. And growth, has been driven by regulatory requirement on compressed natural gas usage in the national capital region. That will come under pressure after 2012 when its monopoly status expires, but it should still enjoy relatively high margins given its established network.

Click here for large table 51-75

64 Tata Tea

This global beverage company has an audacious goal of increasing its top line 10 times in the next five years, which should not be impossible if it takes the growth path it has taken so far, and makes some sensible acquisitions. Although it has transitioned completely into a branded tea supplier, a rise in raw material prices hurt margins as was evident in FY09.

67 NIIT Technologies

Business confidence seems to be looking up for the software services sector. But price pressures in the BFS segment will ensure that the company is hard-pressed to sustain volume growth. A rising rupee poses another challenge.

72 3M India

This diversified multinational with popular products -- Scotch Brite and Post It -- has been growing steadily, maintaining an over 40 per cent return on capital. But last year (CY2008) was bad as rise in employee compensation and marketing expenses resulted in a near 20 per drop in net profit. The stock tends to be pricey because of the strong research pipeline of the parent and low fl oating stock.

74 Bosch

Its technological supremacy has resulted in a near 65 per cent share in spark plugs and 80 per cent share in diesel fuel injection pumps. Gaining market share of dieseldriven cars will spur growth once demand picks up at the OEM end.

77 Aegis Logistics

This niche player in industrial gas distribution and auto LPG retailing has seen stagnant net margins over the past three years and is hostage to fl uctuations in international LPG prices as well as the rupee. Policy change in the form of fuel prices deregulation is the only long-term trigger.

82 Timken India

Timken provides friction management solutions (ball bearings) and also makes construction equipment. Active support from the US parent has resulted in higher exports, thereby, aiding sales. A weak global economic climate and appreciating rupee would mean that plans to raise exports from 27 per cent of sales in CY08 to 40 per cent in CY09 could be an uphill task.

Click here for large table 76-100

84 Hindusthan National Glass

This glass packaging major saw its return ratios melting in FY09 along with its net profit. The high single-digit net margin refl ects pricing pressure from substitutes as well as the marquee client list comprising cola and alcohol beverage makers.

86 Cipla

While continuing to hunt for generics going off-patent in developed countries, the company is increasing its focus on biotechnology, stem cell research as well as overthe- counter offerings such as emergency contraceptives. It is planning a qualified institutional placement to strip off its debt.

90 Zodiac Clothing

This premium segment-focused menswear supplier saw a drop in year-on-year operating profit from Rs 36 crore to Rs 29 crore despite a rise in sales last fiscal. Notwithstanding the low debt, loss in sales traction could mean subdued profitability going ahead.

95 Godfrey Philips

It sells cigarettes and tea. The tea business is still losing money and despite Philip Morris holding a stake in the company, Four Square is its only important brand. Though ROCE slipped with profitability in FY09, it was still a respectable 27.5 per cent.