External broker reports(aggregated public sources), Prabhudas Lilladhar

Prabhudas Lilladhar

External broker reports(aggregated public sources)

Prabhudas Lilladher is one of India's leading research based financial services organisation.

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 largely maintain our FY26/27E EPS estimates and upgrade the rating to ‘Accumulate’ from ‘Reduce’ due to recent sharp correction in the stock price.</li><li>Thermax (TMX) reported weak Q3 with 7.9% YoY revenue growth and EBITDA margin declining by 53bps YoY to 7.5% impacted by weaker performance in industrials infra segment.</li><li>Less profitable FGD orders are nearing completion, offering relief for Industrial Infra segment, further bolstered by increasing traction from Refinery &amp; Petchem, Power, Steel and Cement sectors.</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 largely maintain our FY26/27E EPS estimates and upgrade the rating to ‘Accumulate’ from ‘Reduce’ due to recent sharp correction in the stock price.Thermax (TMX) reported weak Q3 with 7.9% YoY revenue growth and EBITDA margin declining by 53bps YoY to 7.5% impacted by weaker performance in industrials infra segment.Less profitable FGD orders are nearing completion, offering relief for Industrial Infra segment, further bolstered by increasing traction from Refinery &amp; Petchem, Power, Steel and Cement sectors.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.

Thermax (TMX IN) - Dismal Q3; Industrial Infra Recovery Remains in Focus

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>Asian Paints: APNT’s consolidated revenue grew 6.3% YoY to INR 85.3bn (HSIE: INR 80.5bn)</li><li>Decorative clocked 10.9/6% volume/value growth, driven by intensified brand-building, step-up in product regionalization, widening B2B net, and early festive demand</li><li>Extended monsoon did partially impact sales momentum though</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.

Asian Paints: APNT’s consolidated revenue grew 6.3% YoY to INR 85.3bn (HSIE: INR 80.5bn)Decorative clocked 10.9/6% volume/value growth, driven by intensified brand-building, step-up in product regionalization, widening B2B net, and early festive demandExtended monsoon did partially impact sales momentum thoughContent 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.

HSIE Results Daily: Asian Paints, Infoedge, Ashok Leyland, Max Financial Services...

<ul><li>In Q2/H1FY26, we haven’t seen any pick-up in road awards as NHAI ordering remains subpar</li><li>Whilst the award pipeline is pegged at INR 3.5trn, movement on order book conversion has been slow</li><li>Of this, BOT is 20%, EPC 10%, and HAM 70%</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 Q2/H1FY26, we haven’t seen any pick-up in road awards as NHAI ordering remains subparWhilst the award pipeline is pegged at INR 3.5trn, movement on order book conversion has been slowOf this, BOT is 20%, EPC 10%, and HAM 70%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.

Industrials (Q2FY26 Results Preview): Domestic ordering tepid, export order saviour

<ul><li>We expect a favorable risk-reward with EPC sector at cyclically low valuation.</li><li>One can add strong balance sheet plays as (1) ordering remaining strong in renewables, T&amp;D, buildings, and revival expected in water &amp; railways, while roads will be muted, (2) asset monetization fructifying, (3) strong balance sheets and stable NWC days, and (4) likely improvement in cash flow generation.</li><li>LT, Cummins India, Siemens Energy and Kalpataru are our top picks in the capital goods space. In the infra space, we like HG, PNC and NCC.</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 expect a favorable risk-reward with EPC sector at cyclically low valuation.One can add strong balance sheet plays as (1) ordering remaining strong in renewables, T&amp;D, buildings, and revival expected in water &amp; railways, while roads will be muted, (2) asset monetization fructifying, (3) strong balance sheets and stable NWC days, and (4) likely improvement in cash flow generation.LT, Cummins India, Siemens Energy and Kalpataru are our top picks in the capital goods space. In the infra space, we like HG, PNC and NCC.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.

Industrials (Q1FY26 Results Preview): Ordering pick-up awaited

<ul><li>Britannia Industries: Britannia’s Q4FY25 results were a mixed bag, coming in below estimates on volume growth (3.5% vs HSIE est of 5%) and surprising us on the profitability front owing to curtailment of ad spends and cost efficiencies (other expenses down 8% YoY)</li><li>Management remains focused on sustaining margins while being price competitive against regional and national players</li><li>Additionally, management highlighted that wheat deflation is not expected despite improved supply owing to higher MSP (+7%)</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.

Britannia Industries: Britannia’s Q4FY25 results were a mixed bag, coming in below estimates on volume growth (3.5% vs HSIE est of 5%) and surprising us on the profitability front owing to curtailment of ad spends and cost efficiencies (other expenses down 8% YoY)Management remains focused on sustaining margins while being price competitive against regional and national playersAdditionally, management highlighted that wheat deflation is not expected despite improved supply owing to higher MSP (+7%)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.

HSIE Results Daily: Britannia Industries, ABB India, Thermax, Jyothy Labs...

India

Thermax Ltd manufactures equipment and machinery used to both produce and to conserve energy. The Company operates through a number of divisions, including Boilers, Heat Recovery Steam Generators, Water Treatment Plants and Air Pollution Control Equipment. In addition, Thermax  produces steam and gas turbines and diesel gensets through a number of strategic alliances.

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Thermax (TMX IN)

Thermax (TMX IN) - Dismal Q3; Industrial Infra Recovery Remains in Focus

We largely maintain our FY26/27E EPS estimates and upgrade the rating to ‘Accumulate’ from ‘Reduce’ due to recent sharp correction in the stock price.

Prabhudas Lilladhar

HSIE Results Daily: Asian Paints, Infoedge, Ashok Leyland, Max Financial Services...

Decorative clocked 10.9/6% volume/value growth, driven by intensified brand-building, step-up in product regionalization, widening B2B net, and...

HDFC Securities

Industrials (Q2FY26 Results Preview): Domestic ordering tepid, export order saviour

In Q2/H1FY26, we haven’t seen any pick-up in road awards as NHAI ordering remains subpar. Whilst the award pipeline is pegged at INR 3.5trn,...

HDFC Securities

Industrials (Q1FY26 Results Preview): Ordering pick-up awaited

LT, Cummins India, Siemens Energy and Kalpataru are our top picks in the capital goods space. In the infra space, we like HG, PNC and NCC.

HDFC Securities

HSIE Results Daily: Britannia Industries, ABB India, Thermax, Jyothy Labs...

Britannia’s Q4FY25 results were a mixed bag, coming in below estimates on volume growth (3.5% vs HSIE est of 5%) and surprising us on the...

HDFC Securities

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