Broker research reports for stocks which have been downgraded by brokers. Both recommendation downgrades,
as well as share price target downgrades are available for companies in Industry - Aerospace & Defence.
Broker Research reports: latest Downgrades
for Industry - Aerospace & Defence
Order pipeline remains robust; longer-term growth outlook intact: Order pipeline remains strong for the company, considering the opportunities from both defence & commercial segments. Contracts like six nextgeneration submarines under P-75I (expected value ~Rs 70000 crore) and additional three Kalvari class submarines (expected order size Rs 30000 40000 crore) have already been cleared from govt and expected to be concluded in coming months. Following this, other major contracts like next-generation corvettes (expected value ~Rs 36000 crore), nextgeneration frigates or P-17B (expected value ~Rs 70000 crore) & next generation destroyers or P-18 (expected value ~Rs 85000 crore) are also...
MTAR Technologies (MTARTECH) has been a key player in India’s aerospace industry with a longstanding association with ISRO, supplying critical assemblies for several key space missions.
Garden Reach Shipbuilders & Engineers’ (GRSE) Q4FY23 EBITDA performance was below street estimates by ~50.5%. Key highlights: 1) revenues rose 10.7% YoY largely on the back of delivery of two ships (cargo-cum-ferry vessel for the government of Guyana and fast patrol vessel {FPV} for Indian Coast Guard), and P-17A advanced frigates entering their peak billing phase.
Hindustan Aeronautics’ (HAL) Q4FY23 EBITDA was 8% ahead of consensus estimates mainly due to better than expected gross margin. Key highlights: 1) EBITDA margin improved QoQ to 26% at the upper end of 25-26% guidance for FY23-25; 2) provisions, as a percentage of revenue during the quarter, continued to remain high at 16.7% vs the historical range of 6-7%.
