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July 30, 2025

Daily Morning Report Date: 30.07.2025
NIFTY OUTLOOK: 24821.10 FII -4636.60 cr DII 6146.82 cr
As discussed yesterday, market behaviour remained in line with expectations. Nifty respected our support of 24581 at the open and bounced up to 24847 — near our resistance of 24831 — and closed close to it at 24821.10.
A bullish engulfing pattern on the daily chart suggests that buying pressure has overtaken selling, with bulls ready to lead. If follow-through buying occurs, Nifty may rally to 24927–24977 upon surpassing 24873. Stronger demand could even push it to 25030.
On the downside, 24770–24718 may act as immediate support. A break and sustained move below these levels may drag Nifty to 24667–24615.
Bank Nifty OUTLOOK
SPOT: 56222.00 PCR: 0.59 Max CE OI at 57000 & Max PE OI at 56000
On 29th July 2025, Bank Nifty closed at 56222.00, up 0.24% from the previous day’s close. The index moved 453.15 points during the session, hitting a high of 56296.40 and a low of 55843.25.
Technical View (Daily Chart)
Key support and resistance levels are at 55900 and 56810 respectively.
Intraday Technical Strategy
Go long above 56350 with a stop loss of 56310 and target of 56470.
Go short below 56095 with a stop loss of 56140 and target of 55970.
Indicators & SMA Analysis
RSI stands at 44.90 (below 30 is oversold, above 70 overbought).
Bank Nifty is trading above 3 out of 8 SMAs (100, 150, 200-day)
Trading below 5 out of 8 SMAs (5, 10, 20, 30, 50-day)
One bullish candlestick pattern identified.
• Bullish Engulfing
Macros
1. Dollar index @ 98.55
2. S&P vix @ 15.98 ( +6.32 % )
3. Brent crude @ 71.60
4. US 10 years bond yield @ 4.322
Note:
U.S. Treasury Secretary Scott Bessent on Tuesday described the U.S.-China trade talks in Stockholm as “far-reaching, robust, and highly satisfactory.” He mentioned that U.S. officials urged China to transition its economy toward a more consumer-driven model rather than relying heavily on manufacturing.
Meanwhile, the International Monetary Fund (IMF) raised its 2025 economic growth forecast for emerging markets and developing economies to 4.1%, up from 3.7%, citing early policy support and improved sentiment toward China.
The IMF also slightly upgraded India’s growth forecast for 2025 and 2026 to 6.4% (from 6.2% projected in April), reflecting a more favourable global environment.
On the Indian equity front, FII net long positions stand at 13.32%, indicating a highly oversold zone. A recovery of 150–200 points in Nifty and 300–500 points in Bank Nifty may be expected due to short covering.
Contributed by
Ashok bhandari : INH000019549
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Jefferies on Adani Green
Maintain Buy with TP of Rs 1300
Better utilisation helps EBITDA surprise by 3%
Q1FY26 EBITDA was up 26% YoY driven by 42% YoY generation growth
Capacity addition pace picked up in Q1 and has continued with 1.6 GW added in Q1
Raise our FY26E-28E EBITDA assumptions by 4-5% to factor Q1
@beatthestreet10
MS on Asian Paints
Maintain Underweight with TP of Rs 1909
Focus on Driving Growth; Competitive Intensity to Persist
Early green shoots in demand visible in urban markets
Near term, volume and value growth are expected to be in single-digits
July demand trends were similar to Q1
@beatthestreet10
MOSL ON L&T
Target price revised to ₹4,200 vs ₹4,100 earlier; Buy rating maintained
Strong start to the year
Order book at the end of 1QFY26 stood at 6.1 lakh crore (25% YoY growth)
Prospect pipeline rose 63% YoY to 15 lakh crore for 9MFY26
Accelerating green and energy transition initiatives
The Middle East remains a key growth driver for L&T
For FY26, management has reiterated guidance of 10% growth in order inflows and 15% YoY revenue growth
We marginally raise core E&C revenue estimates and value the company at 28x two-year forward P/E, applying a 25% holdco discount for subsidiaries
@beatthestreet10
UBS on Tata Motors
Maintain Sell with TP of Rs 690
Media report indicates Iveco Group is near to selling its commercial trucking business to Tata Motors
If true, Tata Motors may have to spend over €1.5bn, on the basis of Iveco’s valuation
This is including mandatory open offer that would be triggered under regulations
@beatthestreet10
HSBC on Ather Energy
Initiate Buy with TP of Rs 450
Good company in a tough industry
Ather’s product quality, technology leadership and distribution expansion should drive its market share in a tough market
EV penetration remains low, but we think the stock price will be driven by its relative performance, not industry growth
@beatthestreet10
MS on Bank of India
Maintain Underweight with TP of Rs 110
Good numbers, but unlikely to sustain
While NIM remains low, it was better than estimates
This, coupled with strong fees and lower operating cost, drove a 25% beat on core PPOP
Asset quality was good, as expected
@beatthestreet10
MOSL ON GAIL
Target price revised to ₹210 (vs. ₹215 earlier); Buy rating maintained
Valuations remain rich; potential tariff hike is a key catalyst
GAIL has revised down its natural gas transmission volume guidance to 128/136 mmscmd for FY26/FY27
As per our estimates, the final tariff is likely to be in the 67-71/mmbtu range
Every ₹5/mmbtu increase in tariff implies a 6-7% uplift in FY26/27 PAT estimates
RoE expected to improve to ~12.3% in FY27 (vs. 9.5% in FY23)
Healthy free cash flow of ₹5,530 crore expected in FY27 (vs. -₹4,530 crore in FY23)
We cut FY26/27 earnings estimates by 4-8%
@beatthestreet10
MS on IGI
Maintain Overweight with TP of Rs 533
Q2CY25: In line; Strategy and optimism reiterated
Outlook of 15-20% top-line growth in CY25, with EBITDA margins in the range of 57-64%
Certification revenue growth was driven by 24% YoY growth in LGD loose stone and 15% YoY growth in natural diamond loose stones
@beatthestreet10
MOSL ON ASIAN PAINTS
Target price: ₹2,500 | Rating: Neutral (maintained)
Challenges persist; exciting days still seem distant
APNT is seeing early green shoots of demand recovery in urban areas, while rural demand remains stable
Demand in June and July 2025 was muted, but management is optimistic about a recovery by September 2025
Targeting single-digit growth in both value and volume in the near term
EBITDA margin guidance maintained at 18-20%
Capex of ₹700 crore planned for FY26
Estimates for FY26 and FY27 largely unchanged
@beatthestreet10
MOSL ON PIRAMAL PHARMA
Target price: ₹240 | Rating: Buy (maintained)
Near-term weakness due to muted CHG business, but structural drivers remain intact
Management has retained FY26 guidance, indicating that 1QFY26 is likely an aberration
Pickup expected in coming quarters, supported by new launches and improved traction in non-US markets
order deferments expected to ease, improving the CHG business outlook
We maintain our FY26/FY27 estimates
@beatthestreet10
CLSA on Piramal Enterprises
Maintain Hold; Hike TP to Rs 1200 from Rs 1030
Steady with some red flags
AUM growth strong; MSME/small ticket LAP emerging stress area
Sequentially weaker operating profit but lower credit cost supported net profit
Retail segment GS3 up 20bps; unsecured MSME and used car finance problem area
@beatthestreet10
Investec on L&T
Maintain Buy; Hike TP to Rs 4460 from Rs 4115
Beats on most fronts; strengthens confidence further
Order inflows robust; strong visibility
Impressive working capital mgmt.
L&T has won multiple orders in the Middle East, which should be booked in Q2, and feel it is likely to surpass its guidance
@beatthestreet10
MOSL ON PIRAMAL ENTERPRISE
Target price revised to ₹1,315 (vs. ₹1,250 earlier); Neutral rating maintained
Balanced performance with strong growth and controlled risk
Retail loan growth stood at ~37% YoY; retail mix stable QoQ
Management highlighted stress in MSME unsecured loans and used car financing
Small-ticket LAP segment remains under pressure
No negative surprises expected in financials post PIEL-5900 Piramal Finance (PFL) merger
Total AUM CAGR estimated at ~24%, and Retail AUM CAGR at ~27% over FY25-FY27
Estimated RoA at 1.9% and RoE at 8% for FY27
@beatthestreet10
JEFFERIES ON METALS
See Signs Of Improving Environment For Carbon & Stainless Steel Players
In Carbon Steel, China Domestic HRC Price Is Up 8% In Last One Month
Higher China Domestic HRC Price Is Driving 14% Expansion In Asian Spread
Spreads Are Still 20% Below Historical Average And Can Expand Further
Jindal Stainless Should Benefit From Easing Imports, Aided By BIS Norms
Potential Rebound In China SS Spreads From 10-year Low +ve For Jindal Stainless
@beatthestreet10
CLSA on Varun Beverages
Maintain High Conviction Outperform; Cut TP to Rs 774 from Rs 786
Strong margin expansion amid volume decline as VBL flexes cost levers
India business volume decline of 7%; domestic realisation driven lower by mix
Ebitda margin expansion of 82bps YoY driven by operational efficiencies
@beatthestreet10
AVENDUS ON ASIAN PAINTS
Target price revised to ₹2,300 (vs. 2,400 earlier); Rating: Reduce (maintained)
APNT’s growth trajectory is expected to improve sequentially in FY26
Near-term revenue growth faces headwinds from unseasonal rains, rising competitive intensity, and pricing actions
We have reduced revenue estimates by ~2% for FY26/27
Margins are expected to remain at the lower end of management’s guidance
@beatthestreet10
UBS ON TATA MOTORS
MAINTAIN SELL , TARGET 690
Company close to deal with Iveco Group
Company may buy Iveco Group’s commercial trucking business: Report
@beatthestreet10
NUVAMA ON NTPC
Target price raised to ₹401 (vs. ₹380 earlier); Neutral rating maintained
Robust core RoE despite weak PLF
NTPC remains a top power pick, trading at 1.5x FY27 P/BV, with 7% EPS CAGR, 17% RoE, and ~22GW capex driving growth
Key variables to watch:
1. Rising peak deficits boosting PLFs and coal plant incentives in FY26-27
2. Timely commissioning of thermal/RE capex supporting profit growth
3. Higher profit contribution from subsidiaries/JVs M
@beatthestreet10
HSBC ON ASIAN PAINTS (CMP: 2,406.1)
MAINTAIN BUY
TARGET: 2,800
(Previous Target:2,900)
Demand Green Shoots Emerge, But Push-pull Continues Due To Early Monsoon
Q2 To See Benefit Of Early Festive Season
Higher TiO2 Prices Could Be Offset By Lower Prices On Other Raw Materials
Lower FY27/28 Revenue & EBITDA Estimates By 1-3%
Retain Buy As We Expect A Broad Competitive Equilibrium Over FY27
Expect 12% EBITDA CAGR Over FY25-28
@beatthestreet10
AVENDUS ON L&T
Target price raised to ₹3,000 (vs. ₹2,900 earlier); Reduce rating maintained
Stay cautious as domestic order inflows grew just 6% in FY25, a trend expected to persist in FY26E
Concerns remain over headwinds in the IT & Services segments
International prospects for FY26 are a positive surprise
prices may limit conversion of prospects into actual orders
Given potential growth challenges beyond FY26, we assign a 20x multiple to the core construction business
@beatthestreet10
RBI eases norms for banks & NBFCs investing in AIFs
-Collective exposure of all regulated entities capped at 20% Vs 15% proposed in draft norms
-RBI caps single entity exposure to 10% of AIF corpus
-Investments up to 5% allowed without restrictions
-Investments over 5% in AIFs with debtor firm exposure need 100% provisioning
-Provisioning capped at direct exposure amount to such debtor firms
-Equity instruments like shares, CCPS & CCDs excluded from provisioning norms
-Contributions in subordinated units to be deducted from Tier-1 & Tier-2 capital
-New norms effective from January 1, 2026
@beatthestreet10
NIFTY EARNINGS UPDATE
EARNINGS SO FAR
NIFTY 28/50
ABOVE -6
BELOW -7
IN-LINE – 5
MIXED-10
@beatthestreet10
GLOBAL CUES | JULY 30
PRE-MARKE Flat to soft opening likely for Nifty
???????? Trump on India:
“India to pay 25% tariff” — deal not finalised. Calls India a friend, but says it charged more tariffs than any other country.
Oil:
Brent holds biggest gain in 6 weeks. Now above $72/barrel after 3.5% surge. Trump warns of more penalties on Russia if no Ukraine truce.
???????????????? US-China Deal:
No concrete outcome from Norway talks. Deal may see further extensions.
IMF Outlook:
Global economy weakening, vulnerable to trade shocks.
Global GDP: 3.0% (2025), 3.1% (2026)
India GDP raised:
• FY25: 6.4% (↑ from 6.2%)
• FY26: 6.4% (↑ from 6.3%)
Gold:
Rises on safe haven demand post Trump commentary. Tariff deadline: Aug 1.
FOMC Meet (July 29–30):
Outcome due tonight. Rates expected to stay at 4.25%–4.5%.
Big Tech Earnings This Week:
Apple • Microsoft • Meta • Amazon
DXY near 99:
Negative for emerging markets.
@beatthestreet10
AVENDUS ON GAIL
Target price: ₹205 | Rating: Buy (maintained)
Positive earnings outlook driven by strong core transmission growth and a steadier, more profitable marketing segment
Margin weakness in the petchem segment is fully priced in
We expect 26% EBITDA growth over the next two years, led by 6% volume growth and a 10% tariff increase
Estimated EBITDA: ₹13,300 crore (FY26E) and ₹15,200 crore (FY27E)
Capex built in at 11,000 crore annually over the next two years
Estimated net debt of ₹16,500 crore in FY27E
@beatthestreet10
NUVAMA ON VARUN BEVERAGES
(CMP: 513.90)
MAINTAIN BUY
TARGET: 606 (Previous Target:₹659)
Reported 2.5% YoY Dip In Q2CY25 Revenue, Slightly Below Our Estimate
EBITDA Remained Flat YoY & Is Higher Than Our Estimate
September Quarter May Be Affected By Heavy Monsoon Rainfall
Given The Miss In A Key Quarter, We Are Cutting CY26 EPS Estimates By 6%
@beatthestreet10
RELIANCE INDS
RELIANCE MAY ACQUIRE SHUNYA TO ENTER ZERO-SUGAR BEVERAGE MARKET – ET
Positive Impact
• Strategic Acquisition: Reliance Consumer Products may acquire majority stake in Shunya (Baidyanath Group).
• New Market Entry: Foray into zero-sugar beverage segment to tap health-conscious consumers.
• Fourth Beverage Buy: Follows earlier buys – Campa, Sosyo, and RasKik.
• Healthy Drink Focus: Supports rising demand for wellness-focused drinks in India.
• Expansion Plans: Company to invest heavily in beverage capacity expansion.
@beatthestreet10
TATA MOTORS
TATA MOTORS TO ACQUIRE IVECO FOR $4.5 BILLION IN BIGGEST-EVER DEAL – ET (SOURCES)
Deal Size: Acquisition of Italian truck maker Iveco for $4.5B – Tata’s largest-ever deal
Seller: Acquiring from Agnelli family, current controlling shareholder
Strategic Move: Tata’s 2nd biggest buy after Corus
Global Expansion: Boosts global presence in commercial vehicle market
Synergies: Product, tech & market synergies expected, esp. in Europe
Note: UBS maintains SELL rating on Tata Motors post this report
@beatthestreet10
ULTRATECH CEMENT
ULTRATECH PLANS ₹10,000 CR CAPEX; TARGETS 7% GROWTH IN FY26
Positive Impact
Growth Target: Aims for 7% growth in FY26
Capex Boost: ₹10,000 Cr allocated for capacity expansion & efficiency
Recent Acquisitions: India Cements & Kesoram push capacity to 192.26 MTPA
Milestone Ahead: Nearing 200 MTPA, reinforcing market leadership
Likely Impact:
• Strengthens long-term growth outlook & market share
• Capex reflects confidence in demand recovery & infra push
@beatthestreet10
GE VERNOVA Q1 CONCALL HIGHLIGHTS
■ Overall Performance
Strong quarter with high demand, revenue growth, margin expansion, and cash generation.
Order book and execution strength support long-term growth visibility.
■ Financial Highlights
Order Booking: ₹16.2 bn (+57% YoY); 86% domestic, 14% international.
Revenue: ₹13.3 bn (+39% YoY); 61% domestic, 39% from profitable export backlog.
Order Backlog: ₹129.6 bn (covers ~3 years of past revenue); 97% from PSUs/private players.
PBT: ₹3.9 bn (>2x YoY).
Cash & Equivalents: ₹12.2 bn (vs ₹10.5 bn in Mar’25); cash generation ₹1.7 bn.
EBITDA Margin: 29.3% (up 1000 bps YoY); driven by volume, pricing, cost productivity.
Dividend Announced: ₹1.3 bn (subject to approval).
Capex Announced: ₹2.5 bn (₹1.4 bn for smart grid; ₹1.1 bn for capacity expansion).
@beatthestreet10
AXISCADES ; Co Wins ₹600 Cr Defence Electronics Orders Across Radar, Naval & Airborne Programs
Positive Impact
Strategic Orders Secured: New defence electronics orders worth ₹600 Cr across airborne, naval, and radar programs.
Su-30 MKI Upgrade: Supplying AESA radar components to replace Russian-made systems.
Surveillance Radars: TR modules for S-Band surveillance enhance detection & signal integrity.
LRBMR – KUSHA: Development support for indigenous long-range radar with 500+ km detection range.
E-HWT & Sonars: Advanced torpedo homing tech and sonar systems for submarine warfare.
Execution Timeline: To be implemented over 3–5 years, ensuring steady revenue flow.
Overall Impact:
Strong Positive — Reinforces AXISCADES’ role in India’s defence modernization and self-reliance drive; boosts long-term growth visibility and deepens ties with DRDO and defence PSUs.
@beatthestreet10
Deep Industries Ltd. (DIL) – Positioned for Strong Growth in Oil & Gas Services
Deep Industries is gearing up for major growth, backed by strong contracts, new assets, and rising demand in India’s oil & gas sector. Founded in 1991, DIL covers over 70% of post-exploration services, making it a key player in the value chain.
Dominant Market Position
Holds 85% share in India’s outsourced gas compression market (ex-CGD)
Strong tender success: >50% in gas processing, >25% in rigs
Known for end-to-end solutions across drilling, production & processing
Growth Drivers
1. Rising Rig Count: From 14 in FY24 → 20 by FY26E (most under contract); EBITDA margin >40%
2. Gas Processing Facilities: 3 existing, Bokaro commissioned in May 2025; 2–3 more planned
3. New ONGC PEC: ₹14 bn, 15-year contract in Rajahmundry; starts Sept/Oct 2025
EBITDA margin ~50%, daily output of 180k m³
4. Based on $7.5/mmbtu gas price; current rates $12–14 could double revenue
Dolphin Offshore Acquisition
Revenue share to rise from 13% (FY25) to 35% (FY28E)
DP2 barge “Prabha” secured $32.85 mn lease in Mexico
Daily rate ~$30,000; margin ~60%
Adding 2 AHTS + 3 DSV vessels by FY28E
Expanding Order Book
₹6.3 bn (FY22) → ₹12 bn (FY24) → ₹30 bn (FY25), +148% YoY
Recent wins include:
₹14 bn PEC (ONGC)
₹907 mn (ONGC – 100MT rig)
₹620 mn (Selan – drilling services)
Financial Projections FY25–28E
Revenue CAGR: ~31% (₹5.8 bn FY25 → ₹13 bn FY28E)
EBITDA margin: 40% → 44–45%
EBITDA CAGR: 35.4%
PAT CAGR: 28.4%; margin >25%
RoE: 14.5%, RoCE: 17.6%
CFO CAGR: 26.5%; WC days down from 272 → 144
Capex plan: ₹13 bn for growth
Comprehensive Service Portfolio
Gas Compression & Dehydration: 70+ units, 100k HP, 99% uptime
Drilling & Workover Rigs: 16+ yrs exp, 11 rigs; 20% of India’s well activity
Integrated Project Mgmt (IPM): Turnkey contracts, 10–15% growth, 40–45% margins
Charter Gas Processing Facility: Full lifecycle services (design to operations)
Subsidiaries & Strategic Moves
Dolphin Offshore: 75% stake; offshore & shipping services
Kandla Energy: Chemical production for backward integration
Other arms in booster compressors, international services, onshore/offshore JVs, shipping, and advanced rig tech
Macro Tailwinds in Oil & Gas
India to be world’s fastest-growing oil demand center (2025–26)
Domestic production rise: ONGC + Oil India = 70% of output
Govt support via OALP, HELP, DSF & fast-tracked approvals
Goal to cut import dependence to 50% by 2030
PSU capex increasing
Key Strengths
99.6% execution efficiency (vs 10–12 months for peers)
Fast resource deployment across India
Strong liquidity & operational discipline
Expanding gas compression demand
High-margin value-added services
Risks
Execution delays or penalties
Crude price crash = capex cutbacks
Operational hazards, regulatory risk
Legal Win
Arbitration victory vs ONGC: ₹1.08 bn awarded; 75% received
Outlook: With a fast-growing order book, strong industry tailwinds, high EBITDA projects, and a focus on high-margin assets, DIL is set to ride India’s energy growth .
GRAVITA INDIA :
Q1 FY26 saw strong YoY performance with Revenue up 15% to ₹1,040 Cr, Adjusted AITA up 32% to ₹111.7 Cr, and PAT rising 39% to ₹93.26 Cr.
PAT margin stood at 8.97% and AITA margin at 10.74%, reflecting improved efficiency.
Company remains net-debt-free, with 47% of revenue from value-added products, nearing its Vision 2029 target.
@beatthestreet10
GRAVITA INDIA :
Q1 volumes grew 12% YoY, aided by a strategic shift of operations from Africa to India to capture higher margins.
Improved scrap availability was driven by stricter EPR and BWMR norms.
Segment-wise AITA/ton stood at ₹21,790 for Lead, ₹17,140 for Aluminium (margin volatile due to absence of hedging), and ₹10,213 for Plastics.
Plastic segment remains stable, though volume scale-up is still underway.
@beatthestreet10
GRAVITA INDIA :
Lithium-ion recycling pilot at Mundra to go live in Q2 FY26; positioned as a long-term strategic initiative.
Rubber recycling gaining traction with Romania plant stabilizing and Indian unit set to launch by Q4 FY26/Q1 FY27; revenue potential of ₹300–400 Cr by FY28.
Plastics segment expected to scale volumes later in FY26.
Company remains on track to meet FY27 ESG goals, with extended sustainability plans through FY34/35.
@beatthestreet10
GRAVITA INDIA :
Q1 capex at ₹60 Cr; plans to invest ₹350+ Cr in FY26, funded partly by ₹19 Cr treasury income.
Vision 2029 targets include 25%+ volume growth, 35%+ profitability growth, ROIC >25%, and 30%+ revenue from non-lead businesses.
Also aims for 30%+ energy from renewables and >10% cut in energy intensity.
Indian aluminium utilization remains low at 5%, expected to ramp up to 20–30% by Q4 FY26; MCX alloy listing seen in Q2.
@beatthestreet10
GRAVITA INDIA :
Africa unit received BIS approval, enabling margin-accretive sales to India while continuing to use local scrap sources.
Operations remain insulated from European scrap dependency.
The company is actively exploring M&A opportunities in Eastern Europe, Middle East, and Asia Pacific.
Acquisitions are expected to materialize within the next 12–18 months.
@beatthestreet10
RELIANCE INDUSTRIES :
Reliance plans to sell 5% stake in Jio via IPO, aiming to raise over $6 billion, according to Bloomberg.
Discussions are underway with SEBI for a smaller float.
Jio’s valuation may exceed $100 billion, with IPO expected in 2025.
@beatthestreet10
MARKET VIEW :
Nuvama turns cautious on small & midcaps citing high valuations and slowing profits.
Insider selling is rising, domestic flows are moderating, and India’s EM appeal is waning.
FIIs now hold the key, but an ageing bull market risks stalling unless meaningful policy easing revives sentiment.
@beatthestreet10
TARC :
TARC’s arm Fabulous Builders has received RERA approval for its luxury residential project ‘TARC Trigun’ in Chattarpur, Delhi.
Approval was granted on July 28, 2025 (Reg. No. DLRERA2025P0013).
The clearance enhances project pipeline visibility and supports future revenue growth.
@beatthestreet10
KEC INTERNATIONAL :
Q1 revenue rose 11% YoY to ₹5,023 Cr, led by strong T&D execution.
EBITDA grew 19% YoY to ₹352 Cr with margin expansion of 50 bps to 7%.
PAT stood at ₹125 Cr, up 42% YoY, aided by lower interest and tax costs.
Order inflow crossed ₹5,500 Cr; total order book at ₹34,490 Cr with strong L1 and tender pipelines.
@beatthestreet10
KEC INTERNATIONAL :
T&D segment contributed 63% of revenue, rising 26% YoY to ₹3,157 Cr.
Order inflow topped ₹3,200 Cr from India, MEA, and the Americas, with margins in double digits.
SAE Brazil reported ₹359 Cr revenue (up 4% YoY) amid strong hardware demand.
Capacity expansions underway at Dubai, Jaipur, Jabalpur, and Ghuti; 4 HDC projects under execution.
Management sees a positive outlook across India, MEA, Africa, CIS, and Far East regions.
@beatthestreet10
MUTHOOT MICRO :
Muthoot Microfin has entered Assam with its first branch in Mirza, Guwahati, expanding into Northeast India.
This marks its presence in 21 states/UTs and aims to enhance financial inclusion in underserved regions.
The branch will focus on empowering women-led businesses with tailored lending and community development support.
The Northeast market offers strong long-term growth potential for micro-enterprise financing.
@beatthestreet10
KEC INTERNATIONAL :
Civil segment reported ₹940 Cr revenue, affected by labor shortages and delayed water segment payments, but recovery is underway.
Order wins of ₹2,100 Cr came from buildings, semiconductors, mining, and residential projects, with execution across 70+ towers.
Railways segment posted ₹471 Cr revenue, supported by key projects like the Chenab bridge and Gujarat electrification.
Railway order book stands at ₹3,000+ Cr, though growth is hampered by supplier issues in signaling & telecom.
@beatthestreet10
KEC INTERNATIONAL :
Cables segment posted ₹383 Cr revenue (▲5% YoY); margins were impacted due to commissioning and approval delays.
Aluminium conductor capacity is being doubled at Vadodara; e-beam and elastomeric cables to go commercial by FY-end.
Renewables revenue surged 87% YoY to ₹136 Cr, with major solar projects in Karnataka and Rajasthan.
Company targets ₹3,000–₹4,000 Cr renewable EPC revenue in 2–3 years, staying asset-light.
In Oil & Gas, secured a new international order; focus remains on MEA and Africa amid weak domestic pipeline.
@beatthestreet10

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July 30, 2025

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