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04 Jun 2026
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Infrastructure
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Prabhudas Lilladhar
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Sector Update
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We attended Adani Annual Conference 2026, where they showcased the plan for Dharavi Redevelopment, the project covers ~600 acres in central Mumbai and impacts over 1 million residents, making it one of the largest urban regeneration projects globally. The project involves redevelopment of one of the world's most densely populated informal settlements into a modern mixed-use urban district. It is not merely as a...
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08 Apr 2026
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Infrastructure
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Prabhudas Lilladhar
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Sector Update
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Order inflows in the infrastructure sector saw a modest pickup in Q4FY26, rising to INR565bn (vs. INR548bn in Q3), led by strong performance from select road EPC players such as Ceigall and KNR, while PNC Infratech and HG Infra lagged their fullyear targets. Building EPC remained steady with Ahluwalia Contracts broadly meeting expectations, whereas diversified players like NCC and Dilip Buildcon drove overall inflow, partly offset by weak ordering at Afcons. Despite this, financial performance for Q4FY26 is expected to remain soft, with revenue growing ~0.7% YoY across the coverage universe. While companies like PNC and PSP Projects are likely to deliver...
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07 Apr 2026
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Infrastructure
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Prabhudas Lilladhar
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Sector Update
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Fall of intercepted debris at JSW's Fujairah liquid terminal and vessel availability at India impacted volumes Higher transshipment volumes aided ADSEZ but war disruptions to limit volume growth in FY27 We expect our Ports coverage universe to report Revenue/EBITDA/PAT growth of 13%/13%/9% YoY (0%/-1%/17% QoQ) in Q4FY26, supported by seasonally strong volumes and resilient realizations, despite near-term disruptions due to ongoing West Asia crisis. ADSEZ is expected to continue outperforming, driven by robust container...
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08 Apr 2025
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Infrastructure
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Axis Direct
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Sector Update
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Our Preferred Picks in the Sector Infra-Road: H G Infra Engineering Ltd, J Kumar Infraprojects Ltd Infra-Others : KEC International, Kalpataru Projects International Ltd
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20 Feb 2025
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Infrastructure
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Axis Direct
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Sector Update
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Top Conviction Ideas (Infra-Road & Others) - HG Infra Engineering Ltd, Kalpataru Projects International Ltd, J Kumar Infraprojects Ltd.
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07 Jan 2025
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Infrastructure
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Axis Direct
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Sector Update
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Q3FY25 Earnings Preview - INFRA-ROAD & OTHERS
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22 Nov 2024
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Infrastructure
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Axis Direct
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Sector Update
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Top Conviction Ideas - H.G. Infra Engineering Ltd; G R Infraprojects Ltd; J Kumar Infraprojects Ltd.
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08 Oct 2024
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Infrastructure
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Prabhudas Lilladhar
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Sector Update
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07 Oct 2024
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Infrastructure
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Axis Direct
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Sector Update
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Our Preferred Picks in the Sector Infra-Road: HG Infra Engineering Ltd; J Kumar Infraprojects Ltd.
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08 Jul 2024
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Infrastructure
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Axis Direct
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Sector Update
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Our top positive plays are: PNC Infratech Ltd, HG Infra Engineering Ltd, J Kumar Infraprojects Ltd
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05 Jun 2024
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Infrastructure
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Axis Direct
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Sector Update
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Top Sector Ideas - Infra Road Q4FY24
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05 Apr 2024
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Infrastructure
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Axis Direct
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Sector Update
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Infra-Road Q4FY24 Earnings Preview
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19 Feb 2024
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Infrastructure
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Axis Direct
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Sector Update
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Top Sector Ideas - Infra Road Q3FY24
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05 Jan 2024
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Infrastructure
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Axis Direct
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Sector Update
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Infra-Road Q3FY24 Earnings Preview
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06 Oct 2023
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Infrastructure
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Axis Direct
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Sector Update
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Infra-Road Q2FY24 Earnings Preview
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06 Jul 2023
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Infrastructure
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Axis Direct
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Sector Update
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Our preferred picks in the sector: PNC Infratech, HG Infra; KNR Construction
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08 Jun 2023
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Infrastructure
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Axis Direct
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Sector Update
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Key Monitorables - Direction of RM, Appointed date, Order Inflow, and Execution Top Picks from the Sector: PNC Infratech Ltd; H G Infra; KNR Constructions Ltd
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06 Jan 2023
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Infrastructure
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Axis Direct
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Sector Update
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Infra-Road Q3FY23 Earnings Preview
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31 Oct 2022
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Infrastructure
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Edelweiss
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Sector Update
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Infrastructure sector output registered strong growth in September'22 with the year-on-year increase in output coming in at a three-month high.
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31 Oct 2022
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Infrastructure
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ICICI Securities Limited
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Sector Update
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We expect domestic T&D ordering to see a gradual pickup in H2FY23 with initial signs of recovery (strong growth in T&D orders inflow announcements) and government’s measures to increase the transmission capacity.
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