Capital Goods share price target

EPC companies, due to general elections held in Q1FY25, 2) recent geopolitical incidents leading to better performance out of defence companies, 3) strong domestic traction for product companies, and 4) strong YoY growth seen in the public capex for railways, defence, power, road transport and highways etc. in Q1FY26. The strong performance is anticipated despite cautious exports and tariff related uncertainties along with continued weakness in the consumable companies. Overall, we expect revenue/EBITDA growth of ~15.1%/15.5% YoY (~15.3%/14.9% YoY ex-L&T). Execution pace, domestic capex momentum and...

companies. The project companies saw better execution and increasing Defence companies outperformed on the back better execution amid push for defence indigenization. Cumulative order intake growth of 10.2% to ~Rs1.7trn...

companies, 2) consumable companies continue to suffer, and 3) margin expected to normalize against a higher base and cautious exports. Overall, we tariffs on some of the companies will be key monitorables. Our top picks are...

Q3FY25 Earnings Preview - Chemicals, Capital Goods and Midcaps

Our Top Picks: PI Industries Ltd; Mold-tek Packaging Ltd; Pitti Engineering Ltd, VA Tech Wabag Ltd, Gravita India Ltd.

BOBCAPS Unlocking Insights Conference (Capital Goods, Power, Durables) Key takeaways

We hosted 10 corporates at our Unlocking Insights' Conference spanning the capital goods, power and durables sectors

Q3 revenue for our capital goods coverage grew 18% YoY (+15% ex-LT) on strong execution; EBITDA margin slipped 40bps (20bps ex-LT)

For our capital goods coverage universe, we expect revenue growth momentum to continue in 4QFY23 for both EPC and product companies, led by robust order backlog, improving supply chain and hence overall pick-up in execution.

Buoyant commentary from global capital goods players is likely to rub off on Indian companies via potentially higher sourcing