External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

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

HG Infra Engineering Ltd / Equity Bottom-Up

<ul><li>Healthy Order Book: As of December 31, 2024, the company's total order book stood at Rs 15,080 Cr, equivalent to 3x FY24 revenue.</li><li>A significant portion, 94%, of these projects is attributed to the Government of India, with the remaining 6% from the private sector, ensuring strong revenue visibility for the next 2-3 years.</li><li>The company is anticipated to achieve a 15% CAGR revenue growth over FY24-26E. </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.

Healthy Order Book: As of December 31, 2024, the company's total order book stood at Rs 15,080 Cr, equivalent to 3x FY24 revenue.A significant portion, 94%, of these projects is attributed to the Government of India, with the remaining 6% from the private sector, ensuring strong revenue visibility for the next 2-3 years.The company is anticipated to achieve a 15% CAGR revenue growth over FY24-26E. 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.

HG Infra Engineering Ltd - Diversified Orderbook & Robust Execution to Drive Growth

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/meesho-inc" target="_blank" data-smartkarma-citation="entities:35872:1" rel="noopener">Meesho Ltd (1546271D IN)</a> is looking to raise around US$607m in its upcoming India IPO. </li>
<li>Meesho is an e-commerce marketplace, offering a wide assortment of products ranging from low cost unbranded products, regional and national brands at affordable prices to consumers.</li>
<li>In this note, we talk about the company’s historical performance.</li>
</ul>



Meesho Ltd (1546271D IN) is looking to raise around US$607m in its upcoming India IPO. 
Meesho is an e-commerce marketplace, offering a wide assortment of products ranging from low cost unbranded products, regional and national brands at affordable prices to consumers.
In this note, we talk about the company’s historical performance.


Meesho Ltd Pre-IPO - Mass-Market Player Scaling on Low-Cost, High-Frequency Commerce

Thematic (Sector/Industry)

<ul><li>In Q4FY25E, the road construction companies under coverage are anticipated to report a 2% YoY decline in revenue due to a lower executable order book at KNR Constructions Ltd and PNC Infratech Ltd.</li><li>Adjusted EBITDA is expected to decrease by 2%, and Adjusted PAT is projected to be 4% lower on a YoY basis.</li><li>Adjusted EBITDA margins are estimated at 14.4%, compared to 13.6% in the same period last year. </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.

In Q4FY25E, the road construction companies under coverage are anticipated to report a 2% YoY decline in revenue due to a lower executable order book at KNR Constructions Ltd and PNC Infratech Ltd.Adjusted EBITDA is expected to decrease by 2%, and Adjusted PAT is projected to be 4% lower on a YoY basis.Adjusted EBITDA margins are estimated at 14.4%, compared to 13.6% in the same period last year. 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.

Q4FY25 Earnings Preview - Infra-Road and Others

<ul><li>Financial Performance: During the quarter, road infrastructure companies under our coverage posted Revenue/EBITDA/PAT growth of - 9%/-5%/-2% YoY, compared to our expectation of -3%/-4%/-11% YoY.</li><li>The deviation in performance was primarily due to sluggish execution and delays in receiving AD. Profit deviation was attributed to KNR Constructions receiving an arbitration claim. </li><li>EBITDA Margins: In Q3FY25, road infrastructure companies reported EBITDA Margins of 15.3% against our estimate of 14.2%.</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.

Financial Performance: During the quarter, road infrastructure companies under our coverage posted Revenue/EBITDA/PAT growth of - 9%/-5%/-2% YoY, compared to our expectation of -3%/-4%/-11% YoY.The deviation in performance was primarily due to sluggish execution and delays in receiving AD. Profit deviation was attributed to KNR Constructions receiving an arbitration claim. EBITDA Margins: In Q3FY25, road infrastructure companies reported EBITDA Margins of 15.3% against our estimate of 14.2%.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.

Top Conviction Ideas - “Infra-Road & Others”

<ul><li>In Q3FY25, the road construction companies under coverage are anticipated to report 3% degrowth YoY in revenue due to a lower executable orderbook in KNR Constructions Ltd and PNC Infratech Ltd.</li><li>EBITDA is expected to decrease by 4%, and APAT is projected to be 10.7% lower on YoY basis.</li><li>EBITDA margins are estimated at 14.2%, compared to 14.6% in the same period last year. </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.

In Q3FY25, the road construction companies under coverage are anticipated to report 3% degrowth YoY in revenue due to a lower executable orderbook in KNR Constructions Ltd and PNC Infratech Ltd.EBITDA is expected to decrease by 4%, and APAT is projected to be 10.7% lower on YoY basis.EBITDA margins are estimated at 14.2%, compared to 14.6% in the same period last year. 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.

Q3FY25 Earnings Preview - INFRA-ROAD & OTHERS

India

H.G. Infra Engineering Limited (HGIEL) provides infrastructure construction services. The Company offers highways, roads, bridges, runways, and civil construction, as well as land development, water pipelines, and rehabilitation and upgradation services. HGIEL serves customers in India.

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HG Infra Engineering Ltd (HGINFRA IN)

HG Infra Engineering Ltd - Diversified Orderbook & Robust Execution to Drive Growth

Healthy Order Book: As of December 31, 2024, the company's total order book stood at Rs 15,080 Cr, equivalent to 3x FY24 revenue.

Axis Direct

Meesho Ltd Pre-IPO - Mass-Market Player Scaling on Low-Cost, High-Frequency Commerce

Meesho Ltd (ML) is looking to raise around US$607m in its upcoming India IPO. In this note, we talk about the company’s historical performance.

Akshat Shah

Q4FY25 Earnings Preview - Infra-Road and Others

In Q4FY25E, the road construction companies under coverage are anticipated to report a 2% YoY decline in revenue due to a lower executable order...

Axis Direct

Top Conviction Ideas - “Infra-Road & Others”

During the quarter, road infrastructure companies under our coverage posted Revenue/EBITDA/PAT growth of - 9%/-5%/-2% YoY, compared to our...

Axis Direct

Q3FY25 Earnings Preview - INFRA-ROAD & OTHERS

In Q3FY25, the road construction companies under coverage are anticipated to report 3% degrowth YoY in revenue due to a lower executable orderbook...

Axis Direct

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