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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Thematic (Sector/Industry)

<ul><li>Cumulative all-India electricity demand over Jan-Mar'25 stood at 416 BU as compared to 400 BU for the same period last year.</li><li>For Q4FY25, electricity demand has improved with the early onset of summer and peak demand reaching up to 238 GW during Q4FY25 in Feb’25 (vs. 224 GW during Q4FY24 in Jan '24).</li><li>Improvement in demand is also reflected in improved merchant prices, as IEX DAM prices in Q4FY25 stood at Rs 4.4/KWH vs 3.7/KWH during Q3FY25. </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.

Cumulative all-India electricity demand over Jan-Mar'25 stood at 416 BU as compared to 400 BU for the same period last year.For Q4FY25, electricity demand has improved with the early onset of summer and peak demand reaching up to 238 GW during Q4FY25 in Feb’25 (vs. 224 GW during Q4FY24 in Jan '24).Improvement in demand is also reflected in improved merchant prices, as IEX DAM prices in Q4FY25 stood at Rs 4.4/KWH vs 3.7/KWH during Q3FY25. 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.

Q4FY25 Earnings Preview - Power & Ancillaries

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Nimish Maheshwari

Market & Forensics Analyst

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<ul>
<li>In Real-time market (RTM) Power volumes surged by 20% in June, reflecting the need for immediate power delivery during sudden high-demand periods.</li>
<li>Indian Govt has extended the blending period of imported coal to Jun-24 to meet the rising demand. </li>
<li>Rising Power demand will create a lot more opportunity across value chain including transformers, cables, smart meters etc.</li>
</ul>


In Real-time market (RTM) Power volumes surged by 20% in June, reflecting the need for immediate power delivery during sudden high-demand periods.
Indian Govt has extended the blending period of imported coal to Jun-24 to meet the rising demand. 
Rising Power demand will create a lot more opportunity across value chain including transformers, cables, smart meters etc.


Thematic Report- Indian Power at Peak: Value Chain Stocks

Equity Bottom-Up

<ul><li>Skipper Ltd (Skipper) is India’s largest and the world’s only integrated Transmission &amp; Distribution (T&amp;D) company present across the entire transmission chain.</li><li>The company has its own Structure Rolling, Manufacturing, Tower Load Testing Station, and Transmission Line EPC.</li><li>Its capability to execute high-voltage power transmission projects gives it a distinct competitive edge over peers with a 10-15% market share in the high-voltage transmission segment.</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.

Skipper Ltd (Skipper) is India’s largest and the world’s only integrated Transmission &amp; Distribution (T&amp;D) company present across the entire transmission chain.The company has its own Structure Rolling, Manufacturing, Tower Load Testing Station, and Transmission Line EPC.Its capability to execute high-voltage power transmission projects gives it a distinct competitive edge over peers with a 10-15% market share in the high-voltage transmission segment.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: Skipper Limited - 26th July, 2025

<ul><li>Strong Macro Tailwinds: The 9.15 Tr capex over 2023-2032 as per National Electricity Plan through Public-Private-Partnership agreements and through Power Grid’s own balance sheet strength will continue to drive growth for Skipper’s Engineering division.</li><li>The export market led by the transition towards RE and carbon neutrality offers a broad scope for growth.</li><li>The demand outlook is strong, and it already has a strong bid pipeline of Rs 18,000-20,000 Cr.</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 Macro Tailwinds: The 9.15 Tr capex over 2023-2032 as per National Electricity Plan through Public-Private-Partnership agreements and through Power Grid’s own balance sheet strength will continue to drive growth for Skipper’s Engineering division.The export market led by the transition towards RE and carbon neutrality offers a broad scope for growth.The demand outlook is strong, and it already has a strong bid pipeline of Rs 18,000-20,000 Cr.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.

Skipper Ltd - Good Q3 with Macro Tailwinds Intact; Capacity Ramp-Up Remains Key

<ul><li>Skipper Ltd (Skipper) is India’s largest and the world’s only integrated Transmission &amp; Distribution (T&amp;D) company present across the entire transmission chain.</li><li>The company has its own Structure Rolling, Manufacturing, Tower Load Testing Station, and Transmission Line EPC.</li><li>Its capability to execute high-voltage power transmission projects gives it a distinct competitive edge over peers with a 10-15% market share in high voltage transmission segment.</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.

Skipper Ltd (Skipper) is India’s largest and the world’s only integrated Transmission &amp; Distribution (T&amp;D) company present across the entire transmission chain.The company has its own Structure Rolling, Manufacturing, Tower Load Testing Station, and Transmission Line EPC.Its capability to execute high-voltage power transmission projects gives it a distinct competitive edge over peers with a 10-15% market share in high voltage transmission segment.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: Skipper Limited - 13 January 2025

India

Skipper Limited is an Indian industrial manufacturing company primarily engaged in power transmission and distribution (T&D) structures, polymer pipes, and infrastructure projects, including EPC services for transmission lines and railway electrification. It is one of the world's largest integrated manufacturers of T&D structures and a significant player in the polymer pipe industry, exporting to over 65 countries. The company was founded in 1981 and is headquartered in Kolkata, India.

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Skipper (SKIPPER IN)

Q4FY25 Earnings Preview - Power & Ancillaries

For Q4FY25, electricity demand has improved with the early onset of summer and peak demand reaching up to 238 GW during Q4FY25 in Feb’25 (vs. 224...

Axis Direct

Thematic Report- Indian Power at Peak: Value Chain Stocks

Real-time market power volumes surged by 20% in June, highlighting the need for immediate power delivery. This is creating opportunities across...

Nimish Maheshwari

Pick of the Week: Skipper Limited - 26th July, 2025

Skipper Ltd (Skipper) is India’s largest and the world’s only integrated Transmission & Distribution (T&D) company present across the entire...

Axis Direct

Skipper Ltd - Good Q3 with Macro Tailwinds Intact; Capacity Ramp-Up Remains Key

The export market led by the transition towards RE and carbon neutrality offers a broad scope for growth. The demand outlook is strong, and it...

Axis Direct

Pick of the Week: Skipper Limited - 13 January 2025

Skipper Ltd (Skipper) is India’s largest and the world’s only integrated Transmission & Distribution (T&D) company present across the entire...

Axis Direct

Price Gauge

52-week Range

Market Cap (USDm)

P/E

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Q4FY25 Earnings Preview - Power & Ancillaries

For Q4FY25, electricity demand has improved with the early onset of summer and peak demand reaching up to 238 GW during Q4FY25 in Feb’25 (vs. 224...

Axis Direct

Thematic Report- Indian Power at Peak: Value Chain Stocks

​Real-time market power volumes surged by 20% in June, highlighting the need for immediate power delivery. This is creating opportunities across...

Nimish Maheshwari

Pick of the Week: Skipper Limited - 26th July, 2025

Skipper Ltd (Skipper) is India’s largest and the world’s only integrated Transmission & Distribution (T&D) company present across the entire...

Axis Direct

Skipper Ltd - Good Q3 with Macro Tailwinds Intact; Capacity Ramp-Up Remains Key

The export market led by the transition towards RE and carbon neutrality offers a broad scope for growth. The demand outlook is strong, and it...

Axis Direct

Pick of the Week: Skipper Limited - 13 January 2025

Skipper Ltd (Skipper) is India’s largest and the world’s only integrated Transmission & Distribution (T&D) company present across the entire...

Axis Direct

Real-time market power volumes surged by 20% in June, highlighting the need for immediate power delivery. This is creating opportunities across...