Recent correction presents an opportunity to add strong balance sheet plays as ordering remains strong in renewables, T&D, buildings, and revival is expected in water and railways; while being muted in roads etc.; asset monetisation is fructifying; balance sheets are strong and NWC days are stable; and cash flow generation is likely to improve.
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HDFC Securities Institutional Equities
During Q4 FY25, the government capex or awards pick-up is still subpar ex of transmission and distribution. Our interactions with the road segment stakeholders suggest that though the bid pipeline is strong, awards are getting postponed.
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Water projects under JJM have not seen any recent awards and even the awarded projects have slowed down. Further, until Q3 FY25, EPC players with high water segment in the mix, have been facing collection issues affecting the execution. During Q4 FY25, there is marginal improvement in collection though not enough to drive water segment execution.
There has been delay in issuances of LOA for projects where developers are L1; the situation is expected to improve from Q1 FY26. Metro continues to witness muted tender activity. Only Power transmission and distribution and renewables continue to show robust activity as government continues to play catch-up with the expected increase in the power demand. Revival in private real estate is aiding awards in the building EPC segment.
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