Nirmal Bang

Nirmal Bang, one of the leading stock broking companies in India, caters to retail and institutional clients by offering them a range of financial products and services, including equities, derivatives, commodities, currency derivatives, mutual funds, IPOs, insurance, depository services and PMS.

Nirmal Bang is drawn from a diversity of professional backgrounds, and blend of experience, skill and dedication is shared with its clients. Nirmal Bang emphasizes adequate, thorough research local and world-wide developments, balancing these with the astute discovery of intrinsic values, synergies and growth. The aim is simply to help the investors to maximize their returns.

A Relationship Beyond Broking

External broker reports(aggregated public sources), Nirmal Bang

External broker reports(aggregated public sources)

Equity Bottom-Up

<div><div><div><div><ul><li>15% growth guidance for FY23; margins expected to normalize in 2HFY23</li></ul><div><div><div><div><ul><li>Working capital position: NWC declined to 137 days at end-4QFY22 vs.</li></ul><div><div><div><div><ul><li>Key business updates: (1) The company expects to receive 100% payments from Afghanistan in the next 2-3 months, and hence has made no provisions related to it.</li></ul></div></div></div></div></div></div></div></div></div></div></div></div><p><em>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.</em></p>

15% growth guidance for FY23; margins expected to normalize in 2HFY23Working capital position: NWC declined to 137 days at end-4QFY22 vs.Key business updates: (1) The company expects to receive 100% payments from Afghanistan in the next 2-3 months, and hence has made no provisions related to it.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.

KEC International - Result Below Expectations; Margin Headwinds Likely to Persist in FY23