KKC delivered yet another strong showing, beating Street’s Q2FY26 revenue/ EBITDA/PAT by 10%/20%/24%. Broad-based demand lifted revenue 27% YoY (9% QoQ) led by domestic business growth of 28% YoY. Exports remained
Hitachi Energy (HEIL) turned in a strong Q2FY26 with OPM surging to 16.3% (+920bp YoY), well ahead of its Q4FY26 guidance, supported by 18% YoY revenue growth. Record backlog of INR294bn (4.6x FY25 sales) ensures
Skipper reported PAT growth of 37% YoY in Q2FY26, led by revenue of INR12.6bn (+13.7% YoY, 7% below estimate), affected by a monsoon-heavy quarter that slowed the infra segment (-7% YoY) while the engineering products
Despite its revenue growing 13.7% YoY to INR33.1bn, ABB India (ABB) reported weak Q3CY25 PAT at INR4bn (-7% YoY) as OPM contracted 350bp YoY. Margin pressure stemmed from: i) pricing erosion; ii) higher costs from
Honeywell Automation (HWA) continued its underperformance of the last few quarters into Q2FY26 with revenue/EBITDA/PAT missing Street’s estimate by 2%/16%/16%. While revenue expanded 12.3% YoY, margins slipped 120bp YoY
This note marks the discontinuation of coverage on Ramkrishna Forgings due to re-allocation of resources. Prior to this, our TP was INR540 and recommendation was ‘REDUCE’.
GVTD (GE Vernova T&D) doubled Q2FY26 PAT to INR2.9bn backed by 38.9% sales growth YoY and industry-best OPM of 25.8%. Order inflows of ~INR32.3bn in H1FY26 lifted the backlog to INR131bn (3x FY25 sales), with management
Apar Industries delivered yet another strong showing in Q2FY26 with consolidated revenue surging 23% YoY, driven by a sharp uptick in US sales (+129.6% YoY). Conductors’ profitability (EBIT/mt) held strong at INR39,363,
KPIL’s Q2FY26 consolidated PAT at INR2,374mn shot up ~89% YoY aided by robust execution of INR65.3bn (+32% YoY), lower tax rate (26.2% versus 33.2% YoY) and lower interest cost (~2% of sales versus our estimate of
L&T reported 10% YoY core revenue growth, missing Street’s estimate by 4% due to extended monsoon led execution delays. Core OPMs improved 20bp YoY to 7.8% while OIs surged 54% YoY led by mega Hydrocarbon wins.
BHEL reported strong Q2FY26 PAT (versus a loss in Q1) driven by EBITDA margins at 7.7%. This was led by potential write-backs in other-opex (provisions at INR100 mn in H1FY26 versus INR1.7bn YoY) along with forex gains.
CG Power posted modest Q2FY26 results, as the Industrials segment was hurt by staggered execution, margin pressure from revenue deferrals and higher commodity costs in Railways. The Power segment sustained strong
We reckon Nuvama Industrials coverage shall post base OI growth of ~21.7% YoY (ex-BHEL and Siemens) and revenue growth of ~14.5% YoY in Q2FY26E with the consolidated order book rising to ~INR10.7tn on the back of strong
We engaged with policymakers and sector stakeholders across the power value chain. Key highlights: i) T&D/HV transformers demand to remain strong through current decade; no oversupply risk anticipated despite expansions
Nuvama Industrials coverage’s Q1FY26 order inflows surged 43% YoY to INR1.3tn while revenue rose 14% YoY to INR1.1tn on the back of strong orders/execution in power generation (thermal and RE), T&D, data centres and
We met with MD Mr Shubhabrata Saha and CFO Mr Tuhin Basu. Key insights: i) Over medium term, the SLCM industry is expected to compound 15–18%; the non-SLCM industry shall concretely outpace SLCM. ii) Share of
KPIL’s Q1FY26 consolidated PAT at INR2,136mn shot up 154% aided by robust execution (+35% YoY) and lower interest cost as percentage of sales (~2%; we are baking in 2.3%/2.1% in FY26E/27E) as OPM was in-line at 8.5% (our
Cummins India (KKC) delivered an all-round performance beating Street’s revenue/EBITDA estimate by 10%/19% led by strong volumes and better operational efficiencies. Highlights: i) Volumes recovered to pre-buying levels,
Siemens India (SIEM) reported robust execution in Q3FY25 with revenue up ~15.5% YoY to INR43.5bn led by the SI (20.8% YoY) and MO (34.1% YoY) segments. Order inflows grew 13% YoY to INR56.8bn (two significant MO orders
BHEL reported muted Q1FY26 results primarily due to subdued execution (broadly flat YoY) at INR54.9bn while higher other opex dragged OPM to -9.8% (-3.1% in Q1FY25). A healthy uptick in order inflows reported at INR134bn
Engineering and capital goods
