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ICICI Direct Report
Q4 FY21 is likely to be a reasonable quarter for the capital goods universe in terms of order inflows while execution may further improve sequentially as we expect execution pick-up with higher work force mobilisation and supply chain normalisation with some productivity challenges amid pandemic.
Product companies are likely to post decent quarter amid demand returning in key industries like automobiles and industrials.
Order pipeline remains robust across transmission and distribution, green energy corridor, railways, transportation, water and infrastructure, etc., and expected to be lumpy in H1 FY22.
Key risks remain project delays/deferrals and less-than expected conversion of the tendering pipeline.
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