By Trendlyne AnalysisThis railwayconstruction firm has risen around 4.7% in the last three days after itreceived a letter of acceptance (LoA) from the Himachal Pradesh State Electricity Board (HPSEBL) worth Rs 729.8 crore. The contract involves the development of distribution infrastructure in Himachal Pradesh’s Central Zone.
RVNL manages the complete life cycle of projects in railway track construction, railway electrification, and signalling solutions. Over the past week, the company received an LoA worth Rs 135.7 crore from Central Railway and also emerged as the lowest bidder for a Rs 156.4 crore South Western Railway project.
During Q3FY25, RVNL’s net profit declined 13.1% YoY to Rs 311.4 crore due to higher operating expenses and finance costs. Revenue decreased 2.6% YoY to Rs 4,567.4 crore during the quarter and missed Trendlyne’s Forecaster estimates by 6.3%. Analysts highlighted that the company’s performance during the quarter was impacted by weak execution and a slowdown in government capex.
The company’s order book stood at Rs 97,000 crore as of Q3FY25, with competitive bid projects now making up 45% of its pipeline. RVNL plans to bid for more Metro and BOT (Build, Operate, Transfer) projects from NHAI (National Highways Authority of India).
Commenting on the order pipeline, Pradeep Gaurji, the Chairman and Managing Director, said, “We have signed MoUs (Memorandums of Understanding) with Peru and Turkey for railway projects and are also exploring solar ventures. We aim to bid for Rs 80,000 crore in orders and await results for Rs 10,000-12,000 crore worth of bids.”
For FY25, RVNL expects revenue to remain flat at Rs 22,000 crore and aims to sustain this level in FY26. By FY27, revenue is projected to rise to Rs 27,000-28,000 crore. The company expects EBITDA margins of 5.5-6%, with further improvements.
Despite the muted outlook, Axis Securities gives the company a ‘Buy’ rating and sets a target price of Rs 501. The brokerage believes that RVNL's robust order book will drive revenue growth. It also expects a pick-up in execution in the near term and projects margins at around 6% in FY25-26.
Thishospital company rose 1.7% over three trading sessions following its March 4announcement of a partnership with Belgium-based Ion Beam Applications (IBA) to introduce the Proteus One Proton Beam Therapy system in India.
The India proton therapy market is projected to grow at a CAGR of 10% from FY25 to FY32, increasing from $21.3 million in FY24 to $45.6 million by FY32. This therapy is used for specific cancer types, including brain, head, and neck tumors, pediatric cases, and complex cancers.
Following the partnership, Apollo Hospitalsplans to invest Rs 250 crore in the project to expand its existing proton therapy capacity in Chennai. The new system is expected to be operational by FY28 and will increase treatment capacity by 350 patients annually, bringing the total to 850.
The company also plans toadd 3,512 beds between FY26 and FY30, with a total capex of Rs 6,100 crore. Krishnan Akhileswaran, Group Chief Financial Officer,said, “Starting in the second half of next year, we will open hospitals in Pune and Kolkata and a dedicated cancer hospital in Delhi. These facilities will become operational in H2.” The expansion includes commissioning 1,737 beds in FY26 and FY27 and another 1,775 beds beyond FY28.
InQ3FY25, the company reported a net profit increase of 51.8% YoY to Rs 372.3 crore, beating Forecaster estimates by 7.5%. Revenue grew 14.6% YoY to Rs 5,590.7 crore, supported by an 8% YoY increase in inpatient discharges and an 8% YoY growth in average revenue per occupied bed (ARPOB).
The Healthcare Services (Hospital)segment, accounting for 50.4% of total revenue, saw a 13% rise in revenue to Rs 2,785 crore. This was driven by higher revenue from complex procedures in key specialties like Cardiac Sciences, Oncology, and Neurosciences. Apollo HealthCo (Pharmacy Distribution & Digital Health) segment, contributing 42.6% of total revenue, grew 15%, supported by higher online medicine orders. Meanwhile, the AHLL (Diagnostics & Retail Health) segment, with a 7% revenue share, also grew 15%, driven by higher patient footfall in specialty care.
Prabhudas Lilladhar maintained its ‘Buy’ rating, citing steady hospital revenue growth, expansion plans, and strong Q3 performance. The brokerage noted that Apollo’s digital platform, 24x7, is on track to break even by H2FY26, supporting a target price of Rs 8,100.
This Hyderabad-based construction company has surged 3.4% over the past week after announcing an order win worth Rs 219 crore. This order from an unspecified state government is for the transport division. The firm shows up in a screener of stocks where mutual funds have increased their shareholding in the past two quarters.
In Q4, the firm reported revenue growth of 2% YoY, while net profit declined 12% YoY during the same period. Flat revenue growth and a decline in profits were due to a slowdown in project execution and delayed receivables, mainly due to the Maharashtra elections. The company expects these metrics to improve in Q4 as the situation normalises.
The firm gets around 75% of its revenue from segments such as building construction, transmission & distribution, and transportation. The remaining 25% comes from other segments like water and railways, irrigation, and mining. As of Q3, NCC’s order book stood at Rs 55,548 crore across various segments, providing revenue visibility for the next 2-3 years.
NCC has emerged as the lowest bidder in projects worth over Rs 10,000 crore and expects to receive orders in the current or upcoming quarter. Neerad Sharma, Head of Strategy and Investor Relations, said, “We see a healthy order pipeline in the future as we have bid for projects worth more than Rs 2.4 lakh crore (across segments and states).”
Axis Securities maintains a ‘Buy’ rating on the company, anticipating revenue and net profit CAGRs of 11% and 27%, respectively, over FY25-27. The stock is in the PE Buy Zone, trading below its historical PE after declining approximately 50% from its all-time high. With a target price of Rs 213, NCC has a potential upside of 15%.
This explosives manufacturer has risen by 8.8% over the past week after securing two major orders. On March 4, its wholly-owned subsidiary, Solar Defence and Aerospace, won a Rs 239 crore contract from the Ministry of Defence to supply multi-mode hand grenades. On February 28, the company also secured Rs 2,150 crore in export orders for defence products.
Solar Industries secured its biggest-ever order worth Rs 6,084 crore on February 6, with the Ministry of Defence awarding contracts to its arm, Solar Defence, for ‘Pinaka’ (a rocket launching system). The company's current defence order book stands at Rs 11,000 crore, with over Rs 4,400 crore in export orders set for execution over the next 3-4 years.
The company also signed an agreement with the Maharashtra government to set up a Defence & Aerospace project in Nagpur. The proposed project involves an investment of Rs 12,700 crore. ICICI Securities estimates Solar Industries' capex at Rs 13,000-15,000 crore over the next five years.
Solar Industries released its Q3FY25 results on February 5. Its net profit rose 55% YoY to Rs 315 crore, while revenue grew 37.7%. However, the stock fell 5.6% that day after MD & CEO Manish Nuwal said the company wouldn’t achieve its 30% revenue growth target for FY25. He said, “Due to a slowdown in the domestic market, volume growth has declined and is impacting revenue. However, we can see the market is much better since January.”
Nuwal also noted that the company is seeing strong performance across all segments, including defence, beyond the domestic market. He said, “The defence revenue guidance of Rs 1,500 crore for FY25 is sustainable. There may be a 5-10% variation, but we are confident of reaching the target.”
ICICI Securities retains a ‘Buy’ rating on the stock with a target price of Rs 13,720. Based on the current order book, the brokerage believes the company's defence revenue could grow four times from FY25 levels in the next five years. With this, the EBITDA margin is expected to reach 27.9% by FY27, up from 26.7% in Q3FY25.
This refineries & petro-products company gained over 8% over the past week. On March 5, the company rose by over 6% as OPEC+ decided to gradually roll back the 2.2 million barrels per day voluntary production cut, which has been in place since November 2023. The rollback will begin in April 2025 and continue through September- December 2026. As a result, Brent crude oil price hit the $70 per barrel mark, its lowest level since 2021.
Morgan Stanley revised its Brent crude oil price forecasts for the restof the year, expecting the benchmark to trade in the $60-70 range in the second half. It highlighted that lower crude oil prices benefit refiners like HPCL, as reduced input costs enhance profitability and margins.
Reportedly, India's state-run refiners are close to completing the world's longest liquefied petroleum gas (LPG) pipeline, set to begin operations by June and improve supply chain efficiency. The $1.3 billion (approx. Rs 10,700 crore) project was developed by IHB—a joint venture between Indian Oil, BPCL, and HPCL. The 2,800km pipeline will run from Kandla in the west to Gorakhpur in the north. HPCL would benefit from the increased demand and smoother logistics, potentially leading to higher sales volumes.
The company announced its Q3FY25 results on January 23, 2025. During the quarter, its net profit soared 256.8% YoY to Rs 2,543.7 crore, driven by reduced stock-in-trade purchases and improved inventory management. The company’s revenue beat forecaster estimates by 17.9% due to higher revenue growth in the refining segment. It appears on the screener for stocks showing strong annual EPS growth.
Rajneesh Narang, Chairman & Managing Director of HPCL, said, “Our consolidated EBITDA target is to reach over Rs 40,000 crore by FY28, driven by the expanded Vizag and Barmer refineries and maturing JV projects. We expect capex of Rs 14,000-15,000 crore over the next 3-4 years, with stable debt and improving debt-to-equity. HPCL is seeing 5-6% marketing volume growth, outpacing PSU OMCs, and rising crude throughput.”
Emkay has maintained a ‘Buy’ rating on HPCL but cut its FY26 EPS estimates by 7-10% due to lower Gross Refining Margins (GRMs). The brokerage highlights HPCL’s 8.5% growth in domestic marketing volumes, outperforming the industry growth of 4.5%. However, it warns that adverse commodity prices and downstream margins could affect the company.
Trendlyne's analysts identify stocks that are seeing interesting price movements, analyst calls, or new developments. These are not buy recommendations.
