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. 

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Equity Bottom-Up

<ul><li>Robust Order Book: As of 30th June’25, the company’s order book stood at Rs 6,514 Cr, supported by an order inflow of Rs 107 Cr in Q1FY26.</li><li>For FY26, the management expects an order inflow of Rs 7,000–7,500 Cr with Adani Group and Rs 2,000 Cr individually.</li><li>The strong order backlog ensures revenue visibility over the next 2 years, with the company projected to deliver a revenue CAGR of 33% over FY25–27E.</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 30th June’25, the company’s order book stood at Rs 6,514 Cr, supported by an order inflow of Rs 107 Cr in Q1FY26.For FY26, the management expects an order inflow of Rs 7,000–7,500 Cr with Adani Group and Rs 2,000 Cr individually.The strong order backlog ensures revenue visibility over the next 2 years, with the company projected to deliver a revenue CAGR of 33% over FY25–27E.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.

PSP Projects Ltd - Execution Is Key to Drive Revenue Growth

<ul><li>Robust Order Book: As of 31st Mar’25, the company’s order book stood at Rs 7,266 Cr, supported by an order inflow of Rs 3,506 Cr in FY25.</li><li>The current bid pipeline for FY26 is healthy at Rs 7,100 Cr.</li><li>The strong order backlog ensures revenue visibility over the next two years, with the company projected to deliver a revenue CAGR of 26% over FY25–27E. </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 stood at Rs 7,266 Cr, supported by an order inflow of Rs 3,506 Cr in FY25.The current bid pipeline for FY26 is healthy at Rs 7,100 Cr.The strong order backlog ensures revenue visibility over the next two years, with the company projected to deliver a revenue CAGR of 26% over FY25–27E. 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.

PSP Projects Ltd - Project Execution & Margin Stabilisation Critical for Growth

<ul><li>Robust Order Book: As of December 31, 2024, the company’s order book stood at Rs 6,417 Cr, with an order inflow of Rs 1,983 Cr in 9MFY25.</li><li>The current bid pipeline for Q4FY25 stands at Rs 1,800 Cr.</li><li>A healthy order book provides strong revenue visibility for the next two years, with the company expected to achieve a 19% revenue CAGR 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.

Robust Order Book: As of December 31, 2024, the company’s order book stood at Rs 6,417 Cr, with an order inflow of Rs 1,983 Cr in 9MFY25.The current bid pipeline for Q4FY25 stands at Rs 1,800 Cr.A healthy order book provides strong revenue visibility for the next two years, with the company expected to achieve a 19% revenue CAGR 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.

PSP Projects Ltd - Revenue to Pickup, Maintain BUY

Thematic (Sector/Industry)

<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

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Event-Driven

<ul>
<li>Adani Group's handling of U.S. FCPA investigation disclosures highlights significant lapses in transparency, including delayed and contradictory statements.</li>
<li>Inconsistent disclosures and wrong disclosure about US investigations raising red flags for regulatory compliance and governance.</li>
<li>Search warrants for Sagar Adani, Nephew of Gautam Adani issued in Mar-23, which is not disclosed in fundraising documents as well as Annual Report. </li>
</ul>


Adani Group's handling of U.S. FCPA investigation disclosures highlights significant lapses in transparency, including delayed and contradictory statements.
Inconsistent disclosures and wrong disclosure about US investigations raising red flags for regulatory compliance and governance.
Search warrants for Sagar Adani, Nephew of Gautam Adani issued in Mar-23, which is not disclosed in fundraising documents as well as Annual Report. 


Adani Group's Crucial Disclosure Lapses About Bribery & US Investigation

India

PSP Projects Limited operates as a construction company. The Company offers industrial, institutional, government, and residential projects construction, as well as allied services including planning, designing, and post-construction activities. PSP Projects serves the private and public sectors in India.

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PSP Projects (PSPPL IN)

PSP Projects Ltd - Execution Is Key to Drive Revenue Growth

Robust Order Book: As of 30th June’25, the company’s order book stood at Rs 6,514 Cr, supported by an order inflow of Rs 107 Cr in Q1FY26.

Axis Direct

PSP Projects Ltd - Project Execution & Margin Stabilisation Critical for Growth

As of 31st Mar’25, the company’s order book stood at Rs 7,266 Cr, supported by an order inflow of Rs 3,506 Cr in FY25. The current bid pipeline for...

Axis Direct

PSP Projects Ltd - Revenue to Pickup, Maintain BUY

Robust Order Book: As of December 31, 2024, the company’s order book stood at Rs 6,417 Cr, with an order inflow of Rs 1,983 Cr in 9MFY25.

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

Adani Group's Crucial Disclosure Lapses About Bribery & US Investigation

Adani Group's lack of transparency in handling U.S. FCPA investigation disclosures raises concerns about regulatory compliance and governance.

Nimish Maheshwari

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52-week Range

Market Cap (USDm)

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PSP Projects Ltd - Execution Is Key to Drive Revenue Growth

Robust Order Book: As of 30th June’25, the company’s order book stood at Rs 6,514 Cr, supported by an order inflow of Rs 107 Cr in Q1FY26.

Axis Direct

PSP Projects Ltd - Project Execution & Margin Stabilisation Critical for Growth

As of 31st Mar’25, the company’s order book stood at Rs 7,266 Cr, supported by an order inflow of Rs 3,506 Cr in FY25. The current bid pipeline for...

Axis Direct

PSP Projects Ltd - Revenue to Pickup, Maintain BUY

Robust Order Book: As of December 31, 2024, the company’s order book stood at Rs 6,417 Cr, with an order inflow of Rs 1,983 Cr in 9MFY25.

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

Adani Group's Crucial Disclosure Lapses About Bribery & US Investigation

​Adani Group's lack of transparency in handling U.S. FCPA investigation disclosures raises concerns about regulatory compliance and governance.

Nimish Maheshwari

Adani Group's lack of transparency in handling U.S. FCPA investigation disclosures raises concerns about regulatory compliance and governance.