India Industrials, Defense and Electric Utilities: Stay selective into 1QFY27E results in the face of elevated valuations

研报英文原文证据摘录

India Industrials, Defense and Electric Utilities: Stay selective into 1QFY27E results in the face of elevated valuations

J P M O R G A N Asia Pacific Equity Research

29 June 2026

India Industrials, Defense and

Electric Utilities

Stay selective into 1QFY27E results in the face of

elevated valuations

What to Watch in 1QFY27E Results : 1HCY26 has seen some pick-up in India Industrials, Electric Utilities,

industrial / capex related demand - Budget in February was good for capex and and Infrastructure Sectors

private corporate capex in FY26 grew ~10% y/y as per early data from top listed Atul Tiwari AC

companies. With the decline in oil prices, investors will be looking for demand, (91-22) 6157-3582

execution and margins to get back on track in 1QFY27E results vs earlier fears of atul.tiwari@jpmorgan.com

capex/demand recovery being delayed due to the impact of the West Asia conflict. Rishabh Gupta

Key To Watch in 1QFY27E results will be: 1) Commodity cost pass-through — (91-22) 6157-3429

Companies like Siemens and ABB have seen margin pressures in 4QFY26 and rishabh.x.gupta@jpmorgan.com

have taken price hikes. The June quarter will reveal whether these price increases Muskan Agarwal

(91-22) 6157-3226

stick or whether competitive intensity forces margin absorption, particularly in muskan.x3.agarwal@jpmchase.com

short-cycle products. 2} West Asia disruption overhang — L&T has noted that the J.P. Morgan India Private Limited, J.P. Morgan

conflict has had some impact on costs and execution and guided for a softer H1 Tower, Santacruz(E), Mumbai - 400098, SEBI

Registration: INH000001873, (91-22) 6157-3000.

FY27 with FY27E revenue growth of 10–12% back-ended. Investors will watch

for signs of execution pick-up and margins holding up in results. 3) Order inflows

- domestic vs.