External broker reports(aggregated public sources), Axis Direct

Axis Direct

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.

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>Healthy Order Backlog Ensuring Revenue Visibility: As of 30th Sep 2025, the company’s order book stood at Rs 39,325 Cr.</li><li>Additionally, it holds an L1 position in projects worth Rs 5,000 Cr, primarily in the T&amp;D segment, offering strong revenue visibility over the next 18–24 months.</li><li>Backed by its proven execution capabilities and the government’s continued emphasis on infrastructure development, the company remains well-placed to deliver consistent growth, projecting a 16% CAGR between FY25 and FY27E.</li></ul><p><em>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.</em></p>

Healthy Order Backlog Ensuring Revenue Visibility: As of 30th Sep 2025, the company’s order book stood at Rs 39,325 Cr.Additionally, it holds an L1 position in projects worth Rs 5,000 Cr, primarily in the T&amp;D segment, offering strong revenue visibility over the next 18–24 months.Backed by its proven execution capabilities and the government’s continued emphasis on infrastructure development, the company remains well-placed to deliver consistent growth, projecting a 16% CAGR between FY25 and FY27E.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.

KEC International Ltd - Margin Improvement to Continue; Retain BUY