External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

External broker reports(aggregated public sources)

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

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Equity Bottom-Up

Awfis Space Solutions Limited provides flexible workspace solutions. The Company rents furnished office spaces, flex workspaces, and mobility solutions with work desks, private cabins, meeting rooms, food and beverages, information technology support, and infrastructure services. Awfis Space Solutions serves customers in India.

<ul><li>In H1FY25, Awfis Space Solutions (Awfis) delivered on two of its main FY25 guidance parameters, viz. 30%-plus revenue growth for FY25 and expansion in IGAAP EBITDA margin upwards of 12% (H1FY25 YoY revenue growth of 39% and IGAAP EBITDA margin of 13.3%).</li><li>With an overall operational and committed pipeline of 150,649 seats (over 110,000 operational) as of Sep’24, we expect continued growth ahead.</li><li>We estimate CAGR of 35% in seat addition, 31% in revenue and 53% in IGAAP EBITDA (EBITDA post lease payments) over FY24–27E.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

In H1FY25, Awfis Space Solutions (Awfis) delivered on two of its main FY25 guidance parameters, viz. 30%-plus revenue growth for FY25 and expansion in IGAAP EBITDA margin upwards of 12% (H1FY25 YoY revenue growth of 39% and IGAAP EBITDA margin of 13.3%).With an overall operational and committed pipeline of 150,649 seats (over 110,000 operational) as of Sep’24, we expect continued growth ahead.We estimate CAGR of 35% in seat addition, 31% in revenue and 53% in IGAAP EBITDA (EBITDA post lease payments) over FY24–27E.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Awfis Space Solutions - Compounding Firmly Seated

Voltas Limited offers engineering solutions for a wide spectrum of industries in areas such as heating, ventilation and air conditioning, refrigeration, electro-mechanical projects, textile machinery, machine tools, mining and construction equipment, materials handling, water management, building management systems, indoor air quality and chemicals.

<ul><li>Voltbek, which is still in an investment mode, is likely to be value accretive from FY25, in our view.</li><li>It has focussed on gaining volumes and market shares since its inception in FY18.</li><li>We believe it will have market share of ~10% in its both the key categories i.e. refrigerators and washing machines in next couple of years.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Voltbek, which is still in an investment mode, is likely to be value accretive from FY25, in our view.It has focussed on gaining volumes and market shares since its inception in FY18.We believe it will have market share of ~10% in its both the key categories i.e. refrigerators and washing machines in next couple of years.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Voltas - Voltbek Likely to Be Value Accretive from FY25

Tata Power Company Limited generates and supplies electricity in Mumbai and its suburbs. The Company also constructs and operates independent power plants as well as captive power plants for industrial concerns. Tata Power also provides various services related to electricity distribution, erects and commissions transmission lines, and is diversifying into the telecommunications market.

<ul><li>Tata Power hosted its Investor Day at its 4.3GW solar cell and module factory in Tirunelveli, Tamil Nadu on 6 Dec,’24.</li><li>The company laid out its five-year strategy that includes: a) capital expenditure of INR 1.5trn, b) upping the target for green capacity to 23GW (from 20GW earlier) and under construction capacity of 10GW, c) revenue target of INR 1trn and d) profit target of 2x or INR 100bn – all targets for FY30.</li><li>The target for renewables capacity is 15GW by FY27 – comprising 5.4GW of existing renewables and contracted capacity of 4.5GW.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Tata Power hosted its Investor Day at its 4.3GW solar cell and module factory in Tirunelveli, Tamil Nadu on 6 Dec,’24.The company laid out its five-year strategy that includes: a) capital expenditure of INR 1.5trn, b) upping the target for green capacity to 23GW (from 20GW earlier) and under construction capacity of 10GW, c) revenue target of INR 1trn and d) profit target of 2x or INR 100bn – all targets for FY30.The target for renewables capacity is 15GW by FY27 – comprising 5.4GW of existing renewables and contracted capacity of 4.5GW.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Tata Power - Turning New ‘manufacturing’ Leaf

Inox Wind Ltd. provides wind power solutions. The Company manufactures and distributes wind turbine generator components such as nacelles, hubs, rotor blade sets, and tubular towers, as well as offers wind resource assessment, site acquisition, infrastructure development, and operations and maintenance of wind power projects. Inox Wind serves customers in India.

<ul><li>We attended the INOXGFL Group Vision Day held on 2 Dec’24; takeaways being the INOXGFL group’s foray into: 1) renewable power generation for the commercial and industrial (C&amp;I) sector with an envisaged capacity of 3GW by FY27/FY28; 2) production of solar cells and modules as well as EPC and O&amp;M services; and 3) systematically targeting third party C&amp;I players looking for hybrid RE solutions through these new ventures.</li><li>The group is spreading its wings beyond WTG (and related services) to become a forward-integrated comprehensive renewables player.</li><li>The vision of the group is to be present across the value chain in India’s pursuit for energy transition.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We attended the INOXGFL Group Vision Day held on 2 Dec’24; takeaways being the INOXGFL group’s foray into: 1) renewable power generation for the commercial and industrial (C&amp;I) sector with an envisaged capacity of 3GW by FY27/FY28; 2) production of solar cells and modules as well as EPC and O&amp;M services; and 3) systematically targeting third party C&amp;I players looking for hybrid RE solutions through these new ventures.The group is spreading its wings beyond WTG (and related services) to become a forward-integrated comprehensive renewables player.The vision of the group is to be present across the value chain in India’s pursuit for energy transition.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Inox Wind - Supercharging an RE Branded House

Lemon Tree Hotels Limited owns and operates a chain of hotels and resorts. The Company offers room accommodations, resorts, transportation, swimming pools, on-site restaurants, meeting rooms, fitness gym, and spa facilities. Lemon Tree Hotels serves customers in India.

<ul><li>As of Sep’24, Lemon Tree Hotels (LEMONTRE) has 10,318 operational keys across 112 hotels.</li><li>The company has an aggressive room expansion plan for H2FY25–FY29 with an incremental 5,220 keys – should take overall operational keys to 15,538 by FY29–30E.</li><li>In the near term, FY25E operations may remain constrained by ongoing renovations in its Keys portfolio and other owned/leased hotels.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

As of Sep’24, Lemon Tree Hotels (LEMONTRE) has 10,318 operational keys across 112 hotels.The company has an aggressive room expansion plan for H2FY25–FY29 with an incremental 5,220 keys – should take overall operational keys to 15,538 by FY29–30E.In the near term, FY25E operations may remain constrained by ongoing renovations in its Keys portfolio and other owned/leased hotels.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Lemon Tree Hotels - Keys to Success: Strong Room Pipeline; Demand Outlook Remains Robust

ICICI Securities Ltd
External broker reports(aggregated public sources)

Awfis Space Solutions - Compounding Firmly Seated

We retain BUY with a revised target price of INR1,049 (earlier INR 979), as we roll forward to 25x Mar’27E IGAAP EBITDA (earlier Dec’26E) of INR...

ICICI Securities Limited

Voltas - Voltbek Likely to Be Value Accretive from FY25

Voltbek, which is still in an investment mode, is likely to be value accretive from FY25, in our view. It has focussed on gaining volumes and...

ICICI Securities Limited

Tata Power - Turning New ‘manufacturing’ Leaf

Tata Power hosted its Investor Day at its 4.3GW solar cell and module factory in Tirunelveli, Tamil Nadu on 6 Dec,’24. The company laid out its...

ICICI Securities Limited

Inox Wind - Supercharging an RE Branded House

The group is spreading its wings beyond WTG (and related services) to become a forward-integrated comprehensive renewables player.

ICICI Securities Limited

Lemon Tree Hotels - Keys to Success: Strong Room Pipeline; Demand Outlook Remains Robust

The company has an aggressive room expansion plan for H2FY25–FY29 with an incremental 5,220 keys – should take overall operational keys to 15,538...

ICICI Securities Limited