External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Thematic (Sector/Industry)

<ul><li>After a meteoric rise of benchmark indices in FY24, the bull run continues unabated in FY25, notwithstanding general election-led market volatilities</li><li>So far in FY25, the benchmark indices Nifty 50, Nifty midcap 100 and Nifty Small cap 100 have delivered remarkable returns of 9%, 18% and 23% respectively</li><li>These performances follow massive returns of 29%,60% and 70% respectively generated by these indices in FY24</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

After a meteoric rise of benchmark indices in FY24, the bull run continues unabated in FY25, notwithstanding general election-led market volatilitiesSo far in FY25, the benchmark indices Nifty 50, Nifty midcap 100 and Nifty Small cap 100 have delivered remarkable returns of 9%, 18% and 23% respectivelyThese performances follow massive returns of 29%,60% and 70% respectively generated by these indices in FY24Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Earnings Vs Multiples: PE re-rating far outweighs earning upgrades

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

Bharat Heavy Electricals / Equity Bottom-Up

<ul><li>Thermal equipment ordering is scaling the summit.</li><li>In our view, it would be overly hasty to write an obituary for thermal or coal-based power yet.</li><li>We posit, the need to add reliability to the grid has led policymakers to push the pedal on the addition of new thermal power plants.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Thermal equipment ordering is scaling the summit.In our view, it would be overly hasty to write an obituary for thermal or coal-based power yet.We posit, the need to add reliability to the grid has led policymakers to push the pedal on the addition of new thermal power plants.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Bhel's Q4FY21 revenues came in at Rs 7171 crore, up 42% YoY, 61.1% QoQ amid a low base with some execution revival amid headwinds. On the segmental front, power segment revenues grew 50.9% YoY to Rs 4789.3 crore whereas industrial segment revenue grew 38.4% YoY to Rs 1963.4 crore. EBITDA level loss came in at Rs 1264.3 crore (vs. EBITDA loss of Rs 561.7 crore in Q4FY20) YoY owing to lower-than-expected execution and higherthan-expected operating expenses and provisions. Net loss came in at Rs 1032.9 crore (vs.<div class="content-highlight">Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</div>

Bhel's Q4FY21 revenues came in at Rs 7171 crore, up 42% YoY, 61.1% QoQ amid a low base with some execution revival amid headwinds. On the segmental front, power segment revenues grew 50.9% YoY to Rs 4789.3 crore whereas industrial segment revenue grew 38.4% YoY to Rs 1963.4 crore. EBITDA level loss came in at Rs 1264.3 crore (vs. EBITDA loss of Rs 561.7 crore in Q4FY20) YoY owing to lower-than-expected execution and higherthan-expected operating expenses and provisions. Net loss came in at Rs 1032.9 crore (vs.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

India

Bharat Heavy Electricals Limited manufactures power plant equipment. The Company's products include gas turbines, generators, thermal sets, diesel shunters, turbo sets, hydro sets, power transformers, switch gears, circuit breakers and boilers. The Company also manufactures compressors, valves, rectifiers, pumps, capacitors, oil rigs, as well as castings and forgings.

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Bharat Heavy Electricals (BHEL IN)

Earnings Vs Multiples: PE re-rating far outweighs earning upgrades

After a meteoric rise of benchmark indices in FY24, the bull run continues unabated in FY25, notwithstanding general election-led market volatilities

HDFC Securities

Bharat Heavy Electricals - Capital Goods

Thermal equipment ordering is scaling the summit. In our view, it would be overly hasty to write an obituary for thermal or coal-based power yet.

ICICI Securities Limited

Bhel: Execution Rebound Amid Headwinds

Bhel's Q4FY21 revenues came in at Rs 7171 crore, up 42% YoY, 61.1% QoQ amid a low base with some execution revival amid headwinds.

ICICI Securities Limited

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