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Mint
a day ago
- Business
- Mint
IEX share price jumps over 4% after strong growth in electricity trade volumes. Should you buy?
Indian Energy Exchange (IEX) share price rallied over 4%, extending gains for the second consecutive session, after the company reported strong growth in electricity trade volumes. IEX share price surged as much as 4.70% to a high of ₹ 211.75 apiece on the BSE. IEX reported over 14% growth in electricity traded volume at 10,946 million units (MU) in May as compared to 9,568 MU in the year-ago period. A total of 17.43 lakh Renewable Energy Certificates (RECs) were traded during the month, registering a 65% year-on-year (YoY) increase, IEX said in a regulatory filing. Market clearing price in the Day Ahead Market (DAM) was at ₹ 4.12 per unit during May 2025, a decline of 22% YoY. Market clearing price in the Real Time Market fell 28% YoY at ₹ 3.43 per unit last month. The DAM achieved 3,510 MU volume last month, a decline of 20% from 4,371 MU volume in May 2024. The Real-Time Electricity Market (RTM) reported the highest ever monthly traded volume as the volume increased to 4,770 MU in May 2025 from 3,352 MU a year ago, an increase of 42%. Electricity derivatives are expected to complement the spot market (where IEX is present) over time by drawing in more participants, analysts said. 'Parallelly spot power requirement from renewable integration, real time balancing thereby stabilizing or even increasing spot volumes as seen in EU. IEX's business offers optionality as it aims to launch Green RTM product, 11-month contract (40 BU opportunity) International Carbon Exchange, and Coal Exchange. Over the mid to long term, an uptick in renewable power (from 44% share in FY24 to 60% by FY30) offers continuous opportunity for volume uptick for power exchanges in India,' said Antique Stock Broking. IEX has net cash on the balance sheet at ₹ 1,000 crore and a RoE of 40%. At a PER of 32x FY27E EPS, IEX share price is trading near its historical average, said the brokerage firm. It models 17% annual volume growth over FY26–27E, leading to a similar increase in PAT. Valued at 40x FY27E EPS, Antique Stock Broking maintains a 'Buy' rating on IEX shares with a target price of ₹ 254 apiece. IEX share price has broken out of a 22-week-long double bottom flat base at ₹ 191 and is now heading towards the major resistance at the swing high of ₹ 229, noted Anshul Jain, Head of Research at Lakshmishree Investments. 'Post breakout, IEX stock price has formed a minor base, which is acting as a propeller for continued momentum. The structure remains bullish, supported by strong price action, and further upside is expected as long as the stock sustains above its breakout zone,' Jain said. IEX share price has gained 28% in three months and 16% on a YTD basis. IEX stock has delivered 71% returns in two years and multibagger returns of 281% in five years. At 9:55 AM, IEX share price was trading 4.70% higher at ₹ 211.75 apiece on the BSE. Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
Time of India
26-05-2025
- Business
- Time of India
65% import to 65% self-reliance: How defence sector turned around with favourable policies, is it time to invest?
Investors' interest in defence stocks has resurged since 7 May 2025, following India's show of military prowess through Operation Sindoor . The Nifty India Defence Index rose over 15%, outpacing the Nifty 50's 1.1% gain. Moreover, 11 of the 18 stocks of the defence sector benchmark gained over 15% during the period. The analysis is based on closing prices between 7 May and 20 May 2025. Strong government support through the Make in India initiative, which encouraged indigenous design, and the development and manufacture of defence equipment , have boosted the performance of the sector. Besides the recent price surge , the performance of the sector has been excellent in the past few years. The defence benchmark gained 97% return in CAGR terms between June 2021 and July 2024. India's defence self-reliance can be gauged by looking at the proportion of equipment manufactured domestically. Currently, India manufactures 65% of defence equipment domestically, a significant shift from the earlier 65-70% import dependency. Other key government initiatives supporting the sector include the Defence Acquisition Procedure, liberalised FDI policy , development of defence corridors in Uttar Pradesh and Tamil Nadu, and simplification of the industrial licensing process. The surge in the defence budget, from Rs.2.53 trillion in 2013-14 to Rs.6.81 trillion in 2025-26, coupled with policy support, private participation and technological innovation, have strengthened the country's military infrastructure. While the defence production reached Rs.1.27 trillion in 2023-24 and grew by 174% since 2014-15, the defence exports expanded 34 times between 2013-14 and 2024-25, according to a March 2025 PIB release. India targets `3 trillion in defence production and Rs.50,000 crore in defence exports by 2029, adds the release. FRONTLINE BETS Long-term drivers Given the dynamic geopolitical and regional scenarios, analysts expect India's defence spending to grow. 'While the nation's defence spending of around 2.3% of GDP is lower than the global defence majors (around 3-5% of GDP), we expect defence capital outlay to grow 7-8% annually over the next five years, potentially translating to $130 billion plus of procurement,' says a Nuvama report released in April 2025. Moreover, there are robust growth opportunities in the shipyards segment. A recent Antique Stock Broking report says that the key big-ticket orders worth Rs.2,120 billion (that includes submarines and naval warships) are likely to be placed during 2025-26 and 2026-27. Such orders will lead to a threefold jump in the order books of the listed defence shipyards over the next two years. Valuations The concerns about overvaluations led to a 38% correction in the defence benchmark between July 2024 and February 2025. The substantial fall in the share prices led to a reduction in premium valuations. The trailing twelve months PE multiple of the Nifty India Defence index fell from 73.4 times in July 2024 to 38 times in February 2025. The current trailing twelve months PE of the benchmark index is at 60 times. Analysts believe that the strong growth opportunities and the government's ambitious targets will lead to a rerating in defence stocks. 'The defence stocks are fairly valued because the capability and competence of the Indian defence products are clearly established and, therefore, defence stocks are set to move higher,' says Dr Manoranjan Sharma, Chief Economist, Infomerics Valuation and Ratings. Moreover, despite the recent surge in the defence companies share prices (after India's counter-terrorism operation), most of the companies share prices are still at a significant discount to their 52-week highs. As of 20 May 2025, 14 out of 18 stocks in the Nifty India Defence Index were trading over 10% below their 52-week highs. March 2025 quarter earnings The sector has reported healthy earnings so far, with 8 out of 18 Nifty India Defence Index companies posting a combined 4.3% year-onyear growth in consolidated net profit, based on data from Reuters-Refinitiv, as of 19 May 2025. Of these, earnings estimates were available for 6 companies, and 5 of them surpassed consensus expectations. Here is how 3 defence companies, out of 8, with decent analyst coverage fared in the March 2025 quarter. Hindustan Aeronautics The government-owned aerospace and defence company reported decent performance in the March 2025 quarter. Both EBITDA and PAT surpassed Reuters Refinitiv estimates by 7% and 10.6% respectively. Its healthy order book of Rs.1.8 trillion provides long term growth visibility. Further, strong future pipeline valued at Rs.1 trillion (for combat aircraft and helicopters) is expected to materialise over the next 1-2 years. While the management has given conservative guidance of 8-10% revenue growth in 2025-26 due to impending changes in certain contracts, analysts expect the company to surpass the guidance. The management aims to invest Rs.14,000-15,000 crore in the next 5 years for expanding its capacities and building operational facilities. A recent Motilal Oswal report reiterates its buy rating but says that it is better to wait for better entry points, as the recent rally was sharp. Data Patterns The vertically integrated defence and aerospace electronics solutions provider reported strong performance in the March 2025 quarter with revenue and EBITDA surpassing Reuters-Refinitiv estimates by 31.9% and 28.5% respectively. The order book at the end of March 2025 stood at Rs.730 crore, which fell 33% year-on-year. The management has retained its revenue guidance of 20-25% for 2025-25 and expects new order wins of more than Rs.1,000 crore in 2025-26. Strong R&D investments, expectations of additional contracts for Brahmos and the focus on expanding the addressable market are the key strongholds. A recent PhillipCapital report says that the new order wins are crucial. Also, a likely increase in order booking in the first half of 2025-26 can improve its valuation. Bharat Electronics The company's revenue and net profit surpassed Reuters-Refinitiv estimates by 2.1% and 20.3% respectively in the March 2025 quarter. The order book of the company stood at Rs.71,650 crore at the end of the March quarter and the management anticipates Rs.26,000 crore of orders in 2025-26. The company's robust infrastructure, focus on R&D, diversification into non-defence businesses, focus on exports, strong margin profile and robust order inflow pipeline are its key strongholds.
Times of Oman
16-05-2025
- Business
- Times of Oman
Indian real estate sector sees cooling demand despite strong Q4: Report
New Delhi: India's residential real estate sector has shown signs of slowdown, after witnessing a period of growth, according to a sector update report by Antique Stock Broking. "Although all new project launches by listed companies under our coverage received a strong response in 4QFY25, most Expressions of Interest (EoI) were built in 2Q/3Q," the report said. However, walk-ins and conversions have seen a slowdown patch in recent months, weighed down by "financial market volatility, a gloomy IT sector outlook, and economic growth concerns prompting buyers to delay decisions in search of greater certainty or better deals." says the report. Similar to that, the premium and luxury segments also witnessed lower demand. According to the report, the rising supply in the Mumbai Metropolitan Region (MMR) has helped buyers to have more negotiating power. Even reputed developers are offering incentives or discounts in South and South-Central Mumbai. Demand in the mid-income segment across suburbs and Thane remains steady but lacks earlier enthusiasm. Similarly, southern cities like Bengaluru and Hyderabad are also witnessing subdued demand, particularly for properties priced above Rs 20 million. Contrary to that, demand for below Rs 20 million remains intact, despite of approval challenges persisting in Bengaluru. In the northern part of the country, the pace of new project launches has slowed, but well-located developments continue to attract buyers. The report, however, adds that despite the overall cooling, select developers have outperformed expectations. Aditya Birla Real Estate, Godrej Properties, Prestige Estates, and Macrotech Developers all posted better-than-expected pre-sales in Q4. Analysts believe much of this demand was frontloaded in earlier quarters. Looking ahead, while inventory levels remain comfortable, the sector may experience price stability or mild corrections, especially if economic headwinds persist. Investors and homebuyers alike appear to be exercising greater caution in what is becoming an increasingly supply-rich and demand-sensitive market.
Mint
08-05-2025
- Business
- Mint
Dilip Buildcon share price jumps over 6% ahead of Q4 results today. Here's what to expect
Dilip Buildcon share price jumped more than 6% on Thursday ahead of the announcement of its Q4 results today. Dilip Buildcon shares gained as much as 6.5% to ₹ 448.00 apiece on the BSE. The board of directors of Dilip Buildcon is scheduled to meet today, 8 May 2025, to consider and approve the standalone and consolidated financial results for the quarter and year ended March 31, 2025. Dilip Buildcon's board of directors will also consider and recommend a dividend for the Financial Year 2024-25, if any. The road infrastructure company Dilip Buildcon is expected to report a net profit of ₹ 44.8 crore in the fourth quarter of FY25, registering a sharp fall of 60.9% from ₹ 114.4 crore in the same quarter last fiscal year, according to estimates by Antique Stock Broking. However, the company's net profit is expected to jump by a robust 106.5% from ₹ 21.7 crore in the December quarter. The company's revenue in Q4FY25 is estimated to fall 18.4% to ₹ 2,391 crore from ₹ 2,930.8 crore, year-on-year (YoY). On a sequential basis, revenue is expected to rise 11% from ₹ 2,154.9 crore in Q3FY25. Dilip Buildcon's order inflow at the end of quarter ended March 2025 stood at ₹ 2,600 crore (major order received from BSNL), while YTDFY25 inflow stood at ₹ 4,000 crore. The company has projected a 10%-15% decline in revenue growth while maintaining the EBITDA margin at 10% in FY25. At the operational level, earnings before interest, tax, depreciation and amortization (EBITDA) in the March 2025 quarter is expected to fall 39.3% to ₹ 214 crore, but increased 2.1% quarter-on-quarter (QoQ). 'Dilip Buildcon is strategically shifting focus toward long-term revenue-generating businesses such as coal MDO, and HAM, which are expected to provide stable cash flows, improved return ratios, and reduced risk exposure,' Antique Stock Broking said. Additionally, the company anticipates distributions from Alpha-DBL InvIT to commence in FY26E and aims to achieve zero net debt at the standalone level within the next two years, it added. Dilip Buildcon share price has remained flat in one month, and has fallen 3% year-to-date (YTD). The stock is down 10% in the past six months and over 6% in one year. However, in the long term, Dilip Buildcon shares have delivered strong performance, jumping 148% in two years. At 1:35 PM, Dilip Buildcon share price was trading 4.60% higher at ₹ 440.00 apiece on the BSE. Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
Mint
22-04-2025
- Business
- Mint
For Oberoi Realty, timely launches and leaner inventory key catalysts in FY26
Oberoi Realty Ltd's March quarter (Q4FY25) was dull. Pre-sales or bookings at ₹ 853 crore fell over 50% sequentially as well as year-on-year, according to provisional data. The reading is below some analysts' estimates. For instance, Antique Stock Broking was pencilling in Q4 pre-sales of ₹ 1,000 crore. The lack of new project launches played spoilsport for the Mumbai-focused real estate developer. Thus, it could sell 78 units in Q4 versus 554 units in Q3FY25 and 227 in Q4FY24. Recall that the launch of The Jardin project at Pokhran Road in Thane and the launch of a new tower in the Elysian project at Goregaon had buoyed Q3FY25 and Q4FY24 pre-sales, respectively. To be sure, FY25 ended on a decent note for Oberoi with pre-sales growth of about 32% year-on-year to ₹ 5,266 crore. This came from selling 1.3 million square feet across 928 units. In FY24, it had sold 705 units. Oberoi added many new projects during the year, including redevelopment projects across various micro-markets in the Mumbai Metropolitan Region. This gave FY25 pre-sales a boost. Also Read | Oberoi Realty: Why investors have little room for optimism Oberoi steps into FY26 with the much-anticipated foray in the Gurugram market which is crucial for maintaining pre-sales momentum and diversifying its geographical mix. Projects at Adarsh Nagar, Worli, and Tardeo in Mumbai are expected to be launched in FY26. Apart from timely new project launches, inventory liquidation at existing projects is another crucial factor to determine outlook on pre-sales and realisations. 'Average realisations surged 58% year-on-year/114% sequentially to ₹ 62,117/sq ft in Q4FY25, indicating larger contribution from the Worli project, whereas the average ticket size was up 41% year-on-year/216% sequentially to ₹ 10.9 crore," said a Nuvama Research report dated 21 April. Oberoi managed to book only two units in the high-ticket marquee project Three Sixty West, located at Worli in Mumbai, in Q3FY25, much lower than the run rate of six units in the previous two quarters. Also Read: Realty's FY25 pre-sales goal hinges on H2 delivery Meanwhile, a comforting factor is that Oberoi's balance sheet is in good stead aided by fundraise and robust cash collections. These have helped ease the debt burden and provide Oberoi's ability to pursue new business development opportunities. Oberoi's shares have gained 19% in the past year, versus negative returns of the sectoral Nifty Realty index. But Nuvama cautions that the weakness in housing volumes has led to concerns about future sales growth, compelling the brokerage house to slash net asset value (a valuation metric for realty stocks) premium for the Oberoi stock to 35% from 60% earlier. Also Read: Realtors eye new addresses in tier-2 cities
