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 Order Book: In Q4FY26, the company secured over 120 new orders aggregating Rs 958 Cr, taking the total order book to Rs 9416 Cr and providing strong revenue visibility for the next 2–2.5 years.</li><li>Importantly, the consultancy segment accounts for around 29% of the order book, supporting a superior margin profile.</li><li>With a robust tender pipeline and rising opportunities across the infrastructure landscape, the company remains well-positioned to deliver sustainable long-term growth.</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 Order Book: In Q4FY26, the company secured over 120 new orders aggregating Rs 958 Cr, taking the total order book to Rs 9416 Cr and providing strong revenue visibility for the next 2–2.5 years.Importantly, the consultancy segment accounts for around 29% of the order book, supporting a superior margin profile.With a robust tender pipeline and rising opportunities across the infrastructure landscape, the company remains well-positioned to deliver sustainable long-term growth.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.

RITES Ltd - Pick-Up in Execution Across All Segments to Drive Revenue Growth

<ul><li>RITES Ltd, a Navratna and Schedule 'A' Central Public Sector Enterprise under the Ministry of Railways, incorporated on 26th April 1974, is a multidisciplinary engineering and consultancy organisation, providing a comprehensive range of services from concept to commissioning in all facets of transport infrastructure and related technologies</li><li>In Q2FY26, the company secured over 150 new orders worth Rs 851 Cr, taking the total order book to Rs 9,090 Cr and ensuring strong revenue visibility for the next 2– 2.5 years</li><li>Notably, 34% of the order book comprises the high-margin consultancy segment, underscoring its profitability profile.</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.

RITES Ltd, a Navratna and Schedule 'A' Central Public Sector Enterprise under the Ministry of Railways, incorporated on 26th April 1974, is a multidisciplinary engineering and consultancy organisation, providing a comprehensive range of services from concept to commissioning in all facets of transport infrastructure and related technologiesIn Q2FY26, the company secured over 150 new orders worth Rs 851 Cr, taking the total order book to Rs 9,090 Cr and ensuring strong revenue visibility for the next 2– 2.5 yearsNotably, 34% of the order book comprises the high-margin consultancy segment, underscoring its profitability profile.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.

Pick of the Week: RITES Limited - 22nd November, 2025

<ul><li>Strong Order Book: In Q2FY26, the company secured over 150 new orders worth Rs 851 Cr, taking the total order book to Rs 9,090 Cr and ensuring strong revenue visibility for the next 2–2.5 years.</li><li>Notably, 34% of the order book comprises the high-margin consultancy segment, underscoring its profitability profile.</li><li>Backed by a robust pipeline and increasing opportunities across the infrastructure space, the company remains well-positioned to deliver sustainable long-term growth.</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 Order Book: In Q2FY26, the company secured over 150 new orders worth Rs 851 Cr, taking the total order book to Rs 9,090 Cr and ensuring strong revenue visibility for the next 2–2.5 years.Notably, 34% of the order book comprises the high-margin consultancy segment, underscoring its profitability profile.Backed by a robust pipeline and increasing opportunities across the infrastructure space, the company remains well-positioned to deliver sustainable long-term growth.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.

RITES Ltd - Strong Orderbook to Drive Growth

Global Materials | Industrials | Commodities

Rahul Jain

<ul>
<li>RITES reported a ~10% YoY decline in revenue, from Rs2,453 Cr in FY24 to Rs2,218 Cr in FY25, with PAT falling ~16% to Rs424 Cr due to reduced turnkey execution.</li>
<li>The company is ramping up selective metros, export projects, and EPC work, while maintaining its strong core consultancy business, which makes up roughly 50% of revenue.</li>
<li>Trading at around 34× P/E, with a ROCE of ~21% and a dividend yield of ~3.8%, RITES remains well-positioned to benefit from India’s sustained rail sector investments.</li>
</ul>


RITES reported a ~10% YoY decline in revenue, from Rs2,453 Cr in FY24 to Rs2,218 Cr in FY25, with PAT falling ~16% to Rs424 Cr due to reduced turnkey execution.
The company is ramping up selective metros, export projects, and EPC work, while maintaining its strong core consultancy business, which makes up roughly 50% of revenue.
Trading at around 34× P/E, with a ROCE of ~21% and a dividend yield of ~3.8%, RITES remains well-positioned to benefit from India’s sustained rail sector investments.


RITES Ltd (NSE: RITES) – Stable Core, Turnkey Drag, Strong Rail Capex Tailwinds

India focused: IPO, special situations, Stylus Holdings

Himanshu Dugar

India focused: IPO, special situations

Stylus Holdings

Stylus Holdings is a buy-side equity research firm. We offer bottom-up investment ideas as well as provide on demand equity research and portfolio tracking. 
At Stylus, our focus is to identify market dislocations that can generate 20+% IRR with a reasonable margin of safety. As part of our research process, we do a deep dive into the fundamentals of the company, evaluate their competitive positioning and assess their valuation.
Our investment team is led by Himanshu Dugar. Himanshu is a Chartered Accountant and a CFA charter holder. He has 10+ years of active experience in the stock market with stints at CRISIL Research, a S&P Global copmany and Miras Investments, a single family office based in Dubai.

Equity Research Firm

Equity Capital Markets

Central Mine Planning Design Institute Ltd (CMPDIL) / Equity Capital Markets

Central Mine Planning Design Institute Ltd (CMPDIL) (0180301D IN)

Central Mine Planning Design Institute Ltd (CMPDIL)

<ul>
<li>After a blockbuster listing for <a href="https://www.smartkarma.com/entities/bharat-coking-coal-limited-bccl" target="_blank" data-smartkarma-citation="entities:45272:1" rel="noopener">Bharat Coking Coal Limited (BCCL) (7535956Z IN)</a> earlier this year, <a href="https://www.smartkarma.com/entities/coal-india-ltd" target="_blank" data-smartkarma-citation="entities:9117:1" rel="noopener">Coal India Ltd (COAL IN)</a> is back with another Offer for sale.</li>
<li>CMPDI is the technical consulting arm of the Coal Ministry of India that has been institutionalised to support the Coal industry value chain throughout its project lifecycle</li>
<li>The deal has been valued attractively at the midpoint of valuations commanded by similar Indian public-sector enterprises despite its relatively superior profile. Expect a listing pop notwithstanding the market environment.</li>
</ul>


After a blockbuster listing for Bharat Coking Coal Limited (BCCL) (7535956Z IN) earlier this year, Coal India Ltd (COAL IN) is back with another Offer for sale.
CMPDI is the technical consulting arm of the Coal Ministry of India that has been institutionalised to support the Coal industry value chain throughout its project lifecycle
The deal has been valued attractively at the midpoint of valuations commanded by similar Indian public-sector enterprises despite its relatively superior profile. Expect a listing pop notwithstanding the market environment.


CMPDIL: Powering Indian Coal Mining by Mapping the Depths - Priced for a Listing Pop

India

RITES Limited provides engineering services. The Company offers transport infrastructure consultancy, railway inspection, rolling stock leasing and maintenance, airport construction management, industrial and electrical engineering, and other related services. RITES serves customers worldwide.

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RITES Ltd (RITE IN)

RITES Ltd - Pick-Up in Execution Across All Segments to Drive Revenue Growth

In Q4FY26, the company secured over 120 new orders aggregating Rs 958 Cr, taking the total order book to Rs 9416 Cr and providing strong revenue...

Axis Direct

Pick of the Week: RITES Limited - 22nd November, 2025

In Q2FY26, the company secured over 150 new orders worth Rs 851 Cr, taking the total order book to Rs 9,090 Cr and ensuring strong revenue...

Axis Direct

RITES Ltd - Strong Orderbook to Drive Growth

In Q2FY26, the company secured over 150 new orders worth Rs 851 Cr, taking the total order book to Rs 9,090 Cr and ensuring strong revenue...

Axis Direct

RITES Ltd (NSE: RITES) – Stable Core, Turnkey Drag, Strong Rail Capex Tailwinds

RITES sees revenue decline in FY25 but remains well-positioned for growth with strong consultancy business and focus on rail sector investments.

Rahul Jain

CMPDIL: Powering Indian Coal Mining by Mapping the Depths - Priced for a Listing Pop

After a benign listing, CMPDIL has caught investor attention and is up 40/55% from the issue /listing price. 2H results were lower due to one-off...

Himanshu Dugar

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52-week Range

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RITES Ltd - Pick-Up in Execution Across All Segments to Drive Revenue Growth

In Q4FY26, the company secured over 120 new orders aggregating Rs 958 Cr, taking the total order book to Rs 9416 Cr and providing strong revenue...

Axis Direct

Pick of the Week: RITES Limited - 22nd November, 2025

In Q2FY26, the company secured over 150 new orders worth Rs 851 Cr, taking the total order book to Rs 9,090 Cr and ensuring strong revenue...

Axis Direct

RITES Ltd - Strong Orderbook to Drive Growth

In Q2FY26, the company secured over 150 new orders worth Rs 851 Cr, taking the total order book to Rs 9,090 Cr and ensuring strong revenue...

Axis Direct

RITES Ltd (NSE: RITES) – Stable Core, Turnkey Drag, Strong Rail Capex Tailwinds

​RITES sees revenue decline in FY25 but remains well-positioned for growth with strong consultancy business and focus on rail sector investments.

Rahul Jain

CMPDIL: Powering Indian Coal Mining by Mapping the Depths - Priced for a Listing Pop

After a benign listing, CMPDIL has caught investor attention and is up 40/55% from the issue /listing price. 2H results were lower due to one-off...

Himanshu Dugar

RITES sees revenue decline in FY25 but remains well-positioned for growth with strong consultancy business and focus on rail sector investments.