Table of Contents
Executive Summary……………………………………………………………………………..3
Industrial slowdown to lead to negative growth in capital goods sector…………………5
Investment Argument……………………………………………………………6
Private capital and consumer demand boost must for revival - sector to revive end of
FY11E……………………………………………………………………………………………..8
….but non cyclical investments like power sector to continue………….………….…….16
Financials and Valuations ……………………………………………………….………...….28
Valuations……………………………………………………………………………..…33
Company
BHEL……………………………………………………………………………..………39
ABB India………………………………………………………………………………..56
Siemens India……………………………………………………………………….…..73
Areva T&D……………………………………….…………………………………....…91