External broker reports(aggregated public sources), HDFC Securities

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External broker reports(aggregated public sources)

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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

<ul><li>NHAI awarding key for road players, all focus on budget: In 9MFY26, we haven’t seen any pick-up in road awards as NHAI ordering remains subpar</li><li>Award pipeline remains on paper with BOT at 20%, EPC 10%, and HAM 70%</li><li>The only silver lining is bids are not getting postponed and are getting finalized</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 key for road players, all focus on budget: In 9MFY26, we haven’t seen any pick-up in road awards as NHAI ordering remains subparAward pipeline remains on paper with BOT at 20%, EPC 10%, and HAM 70%The only silver lining is bids are not getting postponed and are getting finalizedContent 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 (Q3FY26 Results Preview): Domestic ordering early cycle recovery

<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

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)

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

Industrials (Q3FY26 Results Preview): Domestic ordering early cycle recovery

NHAI awarding key for road players, all focus on budget: In 9MFY26, we haven’t seen any pick-up in road awards as NHAI ordering remains subpar

HDFC Securities

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

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