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

<ul><li>Strong Long-Term Growth Visibility and Order Pipeline: As of 30 th June, 2026, the company’s order book stood at Rs 37,697 Cr, scaling to over ~Rs 40,000 Cr, including L1 orders, predominantly in the T&amp;D segment (60%), offering strong revenue visibility over the next 18–24 months.</li><li>Backed by its proven execution capabilities, the company remains wellplaced to deliver consistent growth, projecting a 13% CAGR between FY26-28E.</li><li>Encouraging Pipeline of Tenders Enhances Order Inflow Prospects: A robust tender pipeline of Rs 2 Lc Cr, equally divided across T&amp;D and Non-T&amp;D, indicates strong visibility for sustained order inflows in the coming quarters. </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.

Strong Long-Term Growth Visibility and Order Pipeline: As of 30 th June, 2026, the company’s order book stood at Rs 37,697 Cr, scaling to over ~Rs 40,000 Cr, including L1 orders, predominantly in the T&amp;D segment (60%), offering strong revenue visibility over the next 18–24 months.Backed by its proven execution capabilities, the company remains wellplaced to deliver consistent growth, projecting a 13% CAGR between FY26-28E.Encouraging Pipeline of Tenders Enhances Order Inflow Prospects: A robust tender pipeline of Rs 2 Lc Cr, equally divided across T&amp;D and Non-T&amp;D, indicates strong visibility for sustained order inflows in the coming quarters. 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.

KEC International Ltd - Misses Estimates on Slower Execution

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<ul>
<li>KEC International regained Power Grid tender access on June 26, 2026, and soon after announced INR 1,754 crore of fresh orders, including its largest USA tower order.</li>
<li>The timing is important. PGCIL is expected to release nearly INR 6,000 crore of tenders, while KEC’s FY27 order intake has already crossed INR 4,000 crore.</li>
<li>The order pipeline has improved, but Q4 execution was weak. The next two quarters will show whether fresh access and order wins translate into margin recovery.</li>
</ul>


KEC International regained Power Grid tender access on June 26, 2026, and soon after announced INR 1,754 crore of fresh orders, including its largest USA tower order.
The timing is important. PGCIL is expected to release nearly INR 6,000 crore of tenders, while KEC’s FY27 order intake has already crossed INR 4,000 crore.
The order pipeline has improved, but Q4 execution was weak. The next two quarters will show whether fresh access and order wins translate into margin recovery.


KEC International: Power Grid Relief, US Order Win, and the FY27 Execution Test

<ul><li>Healthy Order Backlog Ensuring Revenue Visibility: The company’s order book plus L1 stands above Rs 40,000 Cr, primarily in the T&amp;D segment, offering strong revenue visibility over the next 18–24 months.</li><li>Backed by its proven execution capabilities, the company remains well-placed to deliver consistent growth, projecting a 13% CAGR between FY26-28E.</li><li>Encouraging Pipeline of Tenders Enhances Order Inflow Prospects: A robust tender pipeline of Rs 1,80,000 Cr provides strong visibility for sustained order inflows in the coming quarters.</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 Backlog Ensuring Revenue Visibility: The company’s order book plus L1 stands above Rs 40,000 Cr, primarily in the T&amp;D segment, offering strong revenue visibility over the next 18–24 months.Backed by its proven execution capabilities, the company remains well-placed to deliver consistent growth, projecting a 13% CAGR between FY26-28E.Encouraging Pipeline of Tenders Enhances Order Inflow Prospects: A robust tender pipeline of Rs 1,80,000 Cr provides strong visibility for sustained order inflows in the coming quarters.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.

KEC International Ltd - Company Update Post Analyst Meet

<ul><li>Healthy Order Backlog Ensuring Revenue Visibility: As of 31 st March, 2026, the company’s order book stood at Rs 36,267 Cr.</li><li>Additionally, it holds an L1 position in projects worth Rs 3,733 Cr, primarily in the T&amp;D segment, offering strong revenue visibility over the next 18–24 months.</li><li>Backed by its proven execution capabilities, the company remains well-placed to deliver consistent growth, projecting a 13% CAGR between FY26-28E.</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 Backlog Ensuring Revenue Visibility: As of 31 st March, 2026, the company’s order book stood at Rs 36,267 Cr.Additionally, it holds an L1 position in projects worth Rs 3,733 Cr, primarily in the T&amp;D segment, offering strong revenue visibility over the next 18–24 months.Backed by its proven execution capabilities, the company remains well-placed to deliver consistent growth, projecting a 13% CAGR between FY26-28E.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.

KEC International Ltd - Strong Order Book & Strategic Shift to Drive Revenue Growth

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αSK Primers

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<ul>
 <li>
<a href="https://smartkarma.com/entities/kec-international-ltd">KEC International</a> is a global infrastructure EPC major with a well-diversified business portfolio across Power Transmission &amp; Distribution (T&amp;D), Railways, Civil, and Cables, reducing its dependency on the traditional T&amp;D sector.</li>
 <li>The company has demonstrated strong revenue growth and a robust order book, which stood at over ₹41,000 crore as of December 2025, providing healthy revenue visibility for the upcoming quarters.</li>
 <li>Despite strong top-line performance, the company faces challenges with margin volatility, high working capital intensity, and a history of negative free cash flow, which are key areas for investor monitoring.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  
KEC International is a global infrastructure EPC major with a well-diversified business portfolio across Power Transmission &amp; Distribution (T&amp;D), Railways, Civil, and Cables, reducing its dependency on the traditional T&amp;D sector.
  The company has demonstrated strong revenue growth and a robust order book, which stood at over ₹41,000 crore as of December 2025, providing healthy revenue visibility for the upcoming quarters.
  Despite strong top-line performance, the company faces challenges with margin volatility, high working capital intensity, and a history of negative free cash flow, which are key areas for investor monitoring.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: KEC International (KECI IN) - Apr 2026

India

KEC International is an Indian multinational company and a global Engineering, Procurement, and Construction (EPC) major. It specializes in power transmission and distribution, railways, civil, urban infrastructure, oil and gas pipelines, renewables, and cables. The company also manufactures electric power transmission towers and a range of power and special-purpose cables. KEC International is headquartered in Mumbai, India, and was founded on May 7, 1945.

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KEC International (KECI IN)

KEC International Ltd - Misses Estimates on Slower Execution

A robust tender pipeline of Rs 2 Lc Cr, equally divided across T&D and Non-T&D, indicates strong visibility for sustained order inflows in the...

Axis Direct

KEC International: Power Grid Relief, US Order Win, and the FY27 Execution Test

KEC International regains Power Grid tender access, secures INR 1,754 crore orders, but Q4 execution weak. Margin recovery hinges on upcoming...

Sudarshan Bhandari

KEC International Ltd - Company Update Post Analyst Meet

The company’s order book plus L1 stands above Rs 40,000 Cr, primarily in the T&D segment, offering strong revenue visibility over the next 18–24...

Axis Direct

KEC International Ltd - Strong Order Book & Strategic Shift to Drive Revenue Growth

Backed by its proven execution capabilities, the company remains well-placed to deliver consistent growth, projecting a 13% CAGR between FY26-28E.

Axis Direct

Primer: KEC International (KECI IN) - Apr 2026

KEC International is a global infrastructure EPC major with a well-diversified business portfolio across Power Transmission & Distribution...

αSK Primers

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KEC International Ltd - Misses Estimates on Slower Execution

A robust tender pipeline of Rs 2 Lc Cr, equally divided across T&D and Non-T&D, indicates strong visibility for sustained order inflows in the...

Axis Direct

KEC International: Power Grid Relief, US Order Win, and the FY27 Execution Test

​KEC International regains Power Grid tender access, secures INR 1,754 crore orders, but Q4 execution weak. Margin recovery hinges on upcoming...

Sudarshan Bhandari

KEC International Ltd - Company Update Post Analyst Meet

The company’s order book plus L1 stands above Rs 40,000 Cr, primarily in the T&D segment, offering strong revenue visibility over the next 18–24...

Axis Direct

KEC International Ltd - Strong Order Book & Strategic Shift to Drive Revenue Growth

Backed by its proven execution capabilities, the company remains well-placed to deliver consistent growth, projecting a 13% CAGR between FY26-28E.

Axis Direct

Primer: KEC International (KECI IN) - Apr 2026

KEC International is a global infrastructure EPC major with a well-diversified business portfolio across Power Transmission & Distribution...

αSK Primers

KEC International regains Power Grid tender access, secures INR 1,754 crore orders, but Q4 execution weak. Margin recovery hinges on upcoming...