Broker research reports for stocks which have been upgraded by brokers. Both recommendation upgrades,
as well as share price target upgrades are available for companies in Industry - Heavy Electrical Equipment.
Broker Research reports: latest Upgrades
for Industry - Heavy Electrical Equipment
It operates in four key segments Industrial Infra (~%48 of revenue), Industrial Products (~38%), Green Solutions (~7%) and Chemicals segment (~7%) Q2FY26 performance: Thermax reported a muted set on impact from legacy orders in Industrial Infra. Revenue EBITDA and PBT declined 3%, 19% and 13% YoY to 2473 crore, 172 crore and 174 crore respectively. EBITDA and PBT Margins at 7% and 4.7% down of 137 bps and 293 bps YoY. The company received 66 crore as Package incentive scheme in Industrial Infra business last year. Thus, Revenue, EBITDA and PBT have been adjusted for the same. Segmentally, Industrial Products (48% of revenue mix), green...
Triveni Turbine’s (TRIV) 2QFY26 PAT beat our estimate on better-than-expected margins. Domestic order inflows have started improving and enquiry levels too have remained broad-based.
KEC posted good execution growth of 19% YoY and margin improvement of 80bp YoY in 2QFY26. The slight miss in PAT was attributed to higher interest expenses, which moved up due to higher debt and higher working capital.
Hitachi Energy’s 2QFY26 results beat our estimates on the back of a sharp recovery in EBITDA margins and higher other income. Order inflow was healthy for the quarter, and the bid pipeline also remains strong for the company.
Avalon Technologies (AVALON) reported a robust quarter, with revenue growing 39% YoY in 2QFY26, fueled by a strong performance in both the India (up 31% YoY) and US businesses (up 44%).
*over or under performance to benchmark index ABB India Ltd manufactures heavy engineering and industrial equipment and executes engineering, procurement and construction (EPC) projects. It operates through the...
Suzlon began FY26 on a strong note, with higher capacity utilization driving improved margins in the wind turbine segment. Backed by a robust 5.7 GW order book, we project a 42% CAGR in revenue over FY2527E, supported by management's guidance and strong delivery momentum. Enhanced utilization is expected to unlock volume leverage, leading to a 117 bps margin expansion, primarily from the WTG and forging businesses. With...
Hitachi's revenue grew during the quarter, driven by efficient order execution and enhanced operational efficiencies. The company experienced a notable influx of new orders, resulting in a strong order backlog for the quarter. This indicates the company has a healthy pipeline, providing better visibility of future performance. The outlook for the sector appears promising, with the government increasing expenditure on renewable energy and implementing favourable policies. These are also expected to drive the company's performance going forward. The company strives to capitalise on emerging opportunities in Data Centers, Services, Exports,...
We downgrade our rating from Accumulate' to HOLD' given the persistent execution challenges, valuing the core business (excl. Green Solutions) at PE of 40x Mar'27E (same as earlier) with SoTP-derived TP of Rs3,633 (Rs3,629...
*over or under performance to benchmark index CG Power and Industrial Solutions Ltd manufactures and distributes electrical equipment, such as transformers, reactors and control equipment, as well as industrial motors and pumps and communication systems. CG Power's consolidated revenue for Q4FY25 grew 25.6% YoY to Rs. 2,753cr, led...
As of May 2025, Suzlon has a strong order book of over 5.5 GW. Keeping inline with the strong guidance by the management, we forecast Suzlon's WTG deliveries to grow at 41% CAGR in FY25-27E period, prompting us to upgrade FY27E revenue estimates. We upgrade our FY27E EBITDA estimates on account of higher contributions coupled with improving profitability in the WTG segment. Despite execution risks, Suzlon's earnings are...
KECI in our recent meeting highlighted a continued strong addressable market for T&D and improving opportunities in the civil segment for residential buildings, petrochemicals, hospitals, etc. while, industrials has been witnessing slow momentum.
Suzlon ended FY25 on a high with a strong set of result; in Q4FY25, it reported revenue of INR 38bn (+73% YoY), EBITDA of INR 7bn (+94% YoY) and adjusted profit of INR 5.8bn (~2x YoY) - adjusted for deferred tax of INR 6bn. The strong performance was led by execution of 573MW of wind turbines (2.1x YoY).
Orders from the renewables segment rose a sharp 386% YoY, followed by the transmission segment (91% YoY) and railways and metro (24% YoY). However, orders from data center and industry fell 56% and 33% YoY, respectively, with the management mentioning that this was seasonal. Hitachi Energy has delivered strong financial results, with notable growth in both revenue and profitability. The momentum is expected to continue, driven by the *over or under performance to benchmark index company's strategic positioning in high-growth areas such as HVDC projects, data...
