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

<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

<ul><li>Healthy Order Backlog Ensuring Revenue Visibility: As of 30th Sep 2025, the company’s order book stood at Rs 39,325 Cr.</li><li>Additionally, it holds an L1 position in projects worth Rs 5,000 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 and the government’s continued emphasis on infrastructure development, the company remains well-placed to deliver consistent growth, projecting a 16% CAGR between FY25 and FY27E.</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 30th Sep 2025, the company’s order book stood at Rs 39,325 Cr.Additionally, it holds an L1 position in projects worth Rs 5,000 Cr, primarily in the T&amp;D segment, offering strong revenue visibility over the next 18–24 months.Backed by its proven execution capabilities and the government’s continued emphasis on infrastructure development, the company remains well-placed to deliver consistent growth, projecting a 16% CAGR between FY25 and FY27E.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 - Margin Improvement to Continue; Retain BUY

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

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.

Thematic (Sector/Industry)

<ul><li>NHAI awarding picks up pace, but subpar: In FY26, we saw some pick-up in awards but much lower than expectation at ~2,100km vs 4,500km target</li><li>This resulted in players like GR and KNR winning few projects but not enough to meet guidance</li><li>For our road coverage universe, awards win has been around 50% of the guidance</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.

NHAI awarding picks up pace, but subpar: In FY26, we saw some pick-up in awards but much lower than expectation at ~2,100km vs 4,500km targetThis resulted in players like GR and KNR winning few projects but not enough to meet guidanceFor our road coverage universe, awards win has been around 50% of the guidanceContent 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 (Q4FY26 Results Preview): Domestic recovery, geopolitical headwinds

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 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

KEC International Ltd - Margin Improvement to Continue; Retain BUY

Healthy Order Backlog Ensuring Revenue Visibility: As of 30th Sep 2025, the company’s order book stood at Rs 39,325 Cr. Additionally, it holds an...

Axis Direct

Industrials (Q4FY26 Results Preview): Domestic recovery, geopolitical headwinds

NHAI awarding picks up pace, but subpar: In FY26, we saw some pick-up in awards but much lower than expectation at ~2,100km vs 4,500km target

HDFC Securities

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