Capital Goods share price target

India's data centre capacity estimated to more than double in 3Y to 1.8GW, a 32% CAGR and cumulative US$ 4.4bn opportunity

Investments resilient led by traction in private capex; manufacturing sector continues to dominate new project announcements

tender pipeline has improved over past few quarters, though pace of order conversion will be key monitorable, as there can be some spill over in near term due to higher commodity price and current geopolitical tension. In domestic market traction continues to remain strong from sectors such as infrastructure, data center, railways, metro, pharma, cement, chemical, metal, mining and F&B. With higher crude price we expect capex to boost from oil exporting regions like Middle East (ME). On exports front enquiry pipeline stands strong from regions like Africa, ME, US, and SAARC. In our view, long term ordering activity likely to remain strong...