Sharekhan's research report on Kalpataru Projects International
KPIL’s standalone revenues growth of 7.6% led by strong growth in T&D business (25%), Oil & Gas (170%), Urban Infra (31%) and B&F (19%) but was compensated by a decline in water (43%) and Railways (40%). Results broadly met estimates. Order inflow for YTD FY2025 was at Rs. 11,865 crore, taking the total order book to Rs. 60,631 crore, representing a strong revenue visibility for three years. Guidance of 20% revenue growth with OPM of 8-8.5%.
Outlook
Performance would improve, driven by a robust order book and tender pipeline, improving JV and subsidiary performances, monetisation of non-core assets, and reduction in promoter’s pledge could be key re-rating catalysts. We maintain BUY on KPIL with a revised PT of Rs. 1,570. At the CMP, the stock is valued at 19/16x FY2026/FY2027E P/E.
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