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ICICI Securities Report
According to the brokerage ICICI Securities, traditionally, Q1 is a weak quarter in terms of execution, and this trend is expected to continue this year.
The brokerage expects majority of players to see moderate revenue growth, with Solar Industries India Ltd. and Hindustan Areonautics Ltd. being exceptions. Margins on a YoY basis could be rangebound.
Key points:
- Expect most companies to manage a high-single-digit growth rate in revenues due to slower pace of order awards in FY26 and the impact on exports amidst the Iran conflict;
- higher ammonium nitrate prices and delays in the onset of the monsoon could give Solar Industries both a volume and value push, making it an exception among the pack;
- HAL could do well on the deliveries of helicopters.
Going forward, the brokerage expects order awarding to improve in FY27 as the DAC has approved an all-time-high annual procurement of Rs 7 trillion. Solar Industries, and HAL are the brokerage's preferred picks from a FY27 perspective.
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