External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund 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>We attended the KEC International (KECI) Annual Investor Conference 2025 on June 3, 2025</li><li>We note the following key takeaways from the meet: (1) Current OB (incl L1) of INR 400bn,</li><li>(2) T&amp;D bid pipeline is robust at INR 600bn (overall INR 1.8tn including all segments) and there is robust traction in domestic and international markets</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.

We attended the KEC International (KECI) Annual Investor Conference 2025 on June 3, 2025We note the following key takeaways from the meet: (1) Current OB (incl L1) of INR 400bn,(2) T&amp;D bid pipeline is robust at INR 600bn (overall INR 1.8tn including all segments) and there is robust traction in domestic and international marketsContent 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: On Recovery Path. Maintain ADD

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.

<ul><li>Robust order book &amp; L1 position: The company holds a robust order book and L1 position of over Rs 40,000 Cr (1.8x FY25 Revenue), with a T&amp;D and Non-T&amp;D mix of 61:39.</li><li>Additionally, a strong bid pipeline of Rs 1,80,000 Cr is under evaluation.</li><li>As of now, order intake for FY26 stands at Rs 2,000 Cr, with management expecting total inflows of Rs 30,000 Cr during the 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.

Robust order book &amp; L1 position: The company holds a robust order book and L1 position of over Rs 40,000 Cr (1.8x FY25 Revenue), with a T&amp;D and Non-T&amp;D mix of 61:39.Additionally, a strong bid pipeline of Rs 1,80,000 Cr is under evaluation.As of now, order intake for FY26 stands at Rs 2,000 Cr, with management expecting total inflows of Rs 30,000 Cr during the 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.

KEC International Ltd - Company Update Post Analyst Meet

<ul><li>Robust order book: As of 31st Mar’25, the company's order book stands at Rs 33,398 Cr.</li><li>This, combined with an order inflow of Rs 24,689 Cr, provides strong revenue growth visibility for the next 18-24 months.</li><li>Additionally, the company holds the L1 position in projects valued at over Rs 4,500 Cr, primarily in the T&amp;D business. </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 33,398 Cr.This, combined with an order inflow of Rs 24,689 Cr, provides strong revenue growth visibility for the next 18-24 months.Additionally, the company holds the L1 position in projects valued at over Rs 4,500 Cr, primarily in the T&amp;D business. 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 - T&D Business Strengthens; Order Book Visibility Supports Forward 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

Schloss Bangalore Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/schloss-bangalore-ltd" target="_blank" data-smartkarma-citation="entities:43983:1" rel="noopener">Schloss Bangalore Ltd (SCHBL IN) </a>is looking to raise about US$409m in its India IPO. The deal has been downsized from an earlier size of around US$600m.</li>
<li>It is a luxury hospitality company which owns, operates, manages and develops luxury hotels and resorts under ‘The Leela’ brand, through direct ownership and hotel management agreements with third-party owners.</li>
<li>In this note, we will talk about the IPO valuations.</li>
</ul>



Schloss Bangalore Ltd (SCHBL IN) is looking to raise about US$409m in its India IPO. The deal has been downsized from an earlier size of around US$600m.
It is a luxury hospitality company which owns, operates, manages and develops luxury hotels and resorts under ‘The Leela’ brand, through direct ownership and hotel management agreements with third-party owners.
In this note, we will talk about the IPO valuations.


Schloss Bangalore IPO - Thoughts on Peer Comp and Valuation

<ul><li>KEC International is a global infrastructure EPC major with a presence across diverse verticals, including Power Transmission and Distribution, Railways, Civil, Urban Infrastructure, Solar, Smart Infrastructure, Oil &amp; Gas Pipelines, and Cables.</li><li>The company is currently executing infrastructure projects in over 30 countries and has a footprint in more than 110 countries, encompassing EPC projects as well as the supply of towers and cables.</li><li>Robust Order Book: As of 31st Dec’24, the company's order book stands at Rs 37,440 Cr. This, combined with an order inflow of Rs 22,090 Cr, provides strong revenue growth visibility for the next 18-24 months.</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.

KEC International is a global infrastructure EPC major with a presence across diverse verticals, including Power Transmission and Distribution, Railways, Civil, Urban Infrastructure, Solar, Smart Infrastructure, Oil &amp; Gas Pipelines, and Cables.The company is currently executing infrastructure projects in over 30 countries and has a footprint in more than 110 countries, encompassing EPC projects as well as the supply of towers and cables.Robust Order Book: As of 31st Dec’24, the company's order book stands at Rs 37,440 Cr. This, combined with an order inflow of Rs 22,090 Cr, provides strong revenue growth visibility for the next 18-24 months.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.

Axis Punch: KEC International Ltd - 8 Th April, 2025

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: On Recovery Path. Maintain ADD

We attended the KEC International (KECI) Annual Investor Conference 2025 on June 3, 2025. We note the following key takeaways from the meet: (1)...

HDFC Securities

KEC International Ltd - Company Update Post Analyst Meet

Robust order book & L1 position: The company holds a robust order book and L1 position of over Rs 40,000 Cr (1.8x FY25 Revenue), with a T&D and Non...

Axis Direct

KEC International Ltd - T&D Business Strengthens; Order Book Visibility Supports Forward Growth

For FY26, the company has set a target of Rs 30,000 Cr in order inflow, out of which Rs 2,000 Cr has already been achieved, maintaining its growth...

Axis Direct

Schloss Bangalore IPO - Thoughts on Peer Comp and Valuation

Schloss Bangalore Limited is looking to raise about US$400m in its upcoming India IPO. The deal has been downsized from an earlier size of US$600m....

Akshat Shah

Axis Punch: KEC International Ltd - 8 Th April, 2025

As of 31st Dec’24, the company's order book stands at Rs 37,440 Cr. This, combined with an order inflow of Rs 22,090 Cr, provides strong revenue...

Axis Direct

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