Unlike in the past where the turn around in the capital expenditure cycle was pretty much a secular phenomena, this time around it is turning out to be sector specific phenomena. So anything to do with railways, defence and sugar has done extremely well, whereas power has been a laggard. But now even power has been catching up. Some other new sectors like water and waste management have come up where demand for a different sort of engineering services and capital goods have been created.
"As far as the top line is concerned, definitely there will be growth compared to last year. That is quite evident from the order backlog, which we are carrying, which is at a historic high. As far as new orders are concerned, our order intake will be more than what we are going to execute this year. We are now very well poised in a couple of orders to the tune of Rs 1,500 crore. "
ICICI Securities is bullish on VA Tech Wabag recommended buy rating on the stock with a target price of Rs 612 in its research report dated July 18, 2023.
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