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>Mahindra &amp; Mahindra: Mahindra &amp; Mahindra Q1 PAT, at INR 14.7bn, was below our estimate of INR 16.5bn due to lower-than-expected margin in the FES segment</li><li>FES margin remained under pressure due to the inability to pass on rising costs and an adverse mix impact</li><li>We remain optimistic about M&amp;M’s aggressive future roadmap for its core auto and FES segments (target of 15-20% revenue growth CAGR over 2025 and 18% RoCE)</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.

Mahindra &amp; Mahindra: Mahindra &amp; Mahindra Q1 PAT, at INR 14.7bn, was below our estimate of INR 16.5bn due to lower-than-expected margin in the FES segmentFES margin remained under pressure due to the inability to pass on rising costs and an adverse mix impactWe remain optimistic about M&amp;M’s aggressive future roadmap for its core auto and FES segments (target of 15-20% revenue growth CAGR over 2025 and 18% RoCE)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.

HSIE Results Daily: Mahindra & Mahindra, Petronet LNG

<ul><li>Q1 starts on a good note for infrastructure; competitive intensity cools off, commodities correct: In Q1FY23, NHAI awarded ten projects, of which, nine were HAM projects worth INR 98.1bn and one was an EPC project worth INR 7.7bn</li><li>Capital goods sector to benefit from reviving private Capex and realignment of global supply chains; strong case for PE multiple expansion</li><li>Earnings trend YoY/QoQ: We expect EPC/infra universe revenue/EBITDA/PAT to degrow 11.5/6.9/26.5% sequentially and grow 15.7/4.1/10.9% YoY, with EBITDA margin expanding by 72/(163)bps QoQ/YoY.</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.

Q1 starts on a good note for infrastructure; competitive intensity cools off, commodities correct: In Q1FY23, NHAI awarded ten projects, of which, nine were HAM projects worth INR 98.1bn and one was an EPC project worth INR 7.7bnCapital goods sector to benefit from reviving private Capex and realignment of global supply chains; strong case for PE multiple expansionEarnings trend YoY/QoQ: We expect EPC/infra universe revenue/EBITDA/PAT to degrow 11.5/6.9/26.5% sequentially and grow 15.7/4.1/10.9% YoY, with EBITDA margin expanding by 72/(163)bps QoQ/YoY.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.

We expect the bid momentum to pick up from here on. With central elections coming up in Q1FY25E, we expect strong ordering in FY22/23E. Q1FY22 marred by multiple challenges: When the sector was closing in on normalisation, the resurgence of COVID-19 led to a loss of momentum. Labour migration picked up in early part of Q1FY22; although with cases trending down, labour availability has normalised now. Most of the coverage universe lost precious early part of Q1FY22, resulting in execution coming down to 60-100% of Q4FY21 exit.
<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>

We expect the bid momentum to pick up from here on. With central elections coming up in Q1FY25E, we expect strong ordering in FY22/23E. Q1FY22 marred by multiple challenges: When the sector was closing in on normalisation, the resurgence of COVID-19 led to a loss of momentum. Labour migration picked up in early part of Q1FY22; although with cases trending down, labour availability has normalised now. Most of the coverage universe lost precious early part of Q1FY22, resulting in execution coming down to 60-100% of Q4FY21 exit.
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.

Industrials (1QFY22 Results Preview): Loss in Momentum Due to Second Wave

External broker reports(aggregated public sources), Axis Direct

Axis Direct

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

Kalpataru Projects International / Equity Bottom-Up

Kalpataru Projects International (KPIL IN)

<ul><li>Revenue and PAT growth: In FY25, KPIL achieved revenue of Rs 22,316 Cr, up 14% YoY, attributed to robust execution of T&amp;D and B&amp;F segments.</li><li>The company’s net profit stood at Rs 567 Cr for FY25, a 10% growth YoY, reflecting improved operational efficiency and resilient margins.</li><li>Financial Management: The company has demonstrated strong capital stewardship by reducing net debt and maintaining a healthy Net Debt-to-Equity ratio of 0.3x as of 31st March, 2025. </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.

Revenue and PAT growth: In FY25, KPIL achieved revenue of Rs 22,316 Cr, up 14% YoY, attributed to robust execution of T&amp;D and B&amp;F segments.The company’s net profit stood at Rs 567 Cr for FY25, a 10% growth YoY, reflecting improved operational efficiency and resilient margins.Financial Management: The company has demonstrated strong capital stewardship by reducing net debt and maintaining a healthy Net Debt-to-Equity ratio of 0.3x as of 31st March, 2025. 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.

Kalpataru Projects International Ltd - Robust Execution & Strong Order Book to Propel Growth

<ul><li>Robust order book: As of 31st Mar’25, the company's order book stands at Rs 64,495 Cr, 41% from T&amp;D, 22% from B&amp;F, 15% from Water, 12% from Oil &amp; Gas, 5% from Railways, and 5% from Urban Infra.</li><li>With a strong execution track record and growing opportunities across all segments, the company is well-positioned for steady revenue growth, projecting an 18% CAGR from FY25 to FY27E.</li><li>Order inflow: In FY25, the order inflow stood at Rs 25,475 Cr.</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.

Robust order book: As of 31st Mar’25, the company's order book stands at Rs 64,495 Cr, 41% from T&amp;D, 22% from B&amp;F, 15% from Water, 12% from Oil &amp; Gas, 5% from Railways, and 5% from Urban Infra.With a strong execution track record and growing opportunities across all segments, the company is well-positioned for steady revenue growth, projecting an 18% CAGR from FY25 to FY27E.Order inflow: In FY25, the order inflow stood at Rs 25,475 Cr.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.

Kalpataru Projects International Ltd - Robust & Diversified Order Book...

India

Kalpataru Projects International Limited (KPIL) is a global Engineering, Procurement, and Construction (EPC) company. It specializes in diversified infrastructure projects, including power transmission and distribution, buildings and factories, water supply and irrigation, railways, oil and gas pipelines, and urban infrastructure. KPIL was established in 1981 and is headquartered in Mumbai, India.

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Kalpataru Projects International (KPIL IN)

HSIE Results Daily: Mahindra & Mahindra, Petronet LNG

Mahindra & Mahindra: Mahindra & Mahindra Q1 PAT, at INR 14.7bn, was below our estimate of INR 16.5bn due to lower-than-expected margin in the FES...

HDFC Securities

Industrials - Bracing for Recovery

In Q1FY23, NHAI awarded ten projects, of which, nine were HAM projects worth INR 98.1bn and one was an EPC project worth INR 7.7bn.

HDFC Securities

Industrials (1QFY22 Results Preview): Loss in Momentum Due to Second Wave

We expect the bid momentum to pick up from here on. With central elections coming up in Q1FY25E, we expect strong ordering in FY22/23E. Q1FY22...

HDFC Securities

Kalpataru Projects International Ltd - Robust Execution & Strong Order Book to Propel Growth

Revenue and PAT growth: In FY25, KPIL achieved revenue of Rs 22,316 Cr, up 14% YoY, attributed to robust execution of T&D and B&F segments.

Axis Direct

Kalpataru Projects International Ltd - Robust & Diversified Order Book...

As of 31st Mar’25, the company's order book stands at Rs 64,495 Cr, 41% from T&D, 22% from B&F, 15% from Water, 12% from Oil & Gas, 5% from...

Axis Direct

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