Buy Kalindee Rail; target of Rs 113: Firstcall Research

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26 Aug, 2025 12:21

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Firstcall Research is bullish on Kalindee Rail Nirman (Engineers) and has recommended buy rating on the stock with a target of Rs 113 in its December 11, 2012 research report.
 
“Kalindee Rail Nirman (Engineers) Limited, popularly known as "KALINDEE" today stand as Premier and Trusted agency in execution of Railway Track, Signaling & Telecommunication projects on turn key basis. It has rich and varied experience of more than three decades. It has earned a good reputation by sustained good performance in quality, accuracy and on- schedule compliance with utmost dedication, sincerity, and cooperation. There is vast scope for expansion of Kalindee’s business in building Railway Transport infrastructure for urban, passenger and freight traffic in line with the Government of India’s huge investments for rapid development in these areas.”
 
“In Railways, KALINDEE is a trusted name for successful & timely execution of works with highest level of quality with State of the Art Technology. Kalindee has executed with distinction and quality various prestigious projects spread far and wide in the country. Kalindee is a construction company dedicated to building infrastructure for Rail Transport under one roof on turn key basis. It has been active in fields of Signaling, Telecommunications, Track and Information Systems. It has plans to further diversify in the fields of Electric Traction system, Traffic Management Systems, Traffic Surveys and Project Evaluation as well as annual maintenance contracts for Railway’s fixed assets. Kalindee as already obtained ISO 9001 certification in continuation of these efforts. Kalindee has a well trained and experience man power of Managers, Engineers, Technicians and Finance experts duly backed by well proven qualified sub contractors as well as suppliers.”
 
“Kalindee is a construction company dedicated to building infrastructure for Rail Transport under one roof on turn key basis, reported its financial results for the quarter ended 30th September, 2012. The second quarter witnesses a healthy increase in overall sales as well as profitability on account, an enhanced Dealers network & robust infrastructural Support system. The company’s net profit jumps to Rs.41.61 million against Rs.24.44 million in the corresponding quarter ending of previous year, an increase of 70.25%. Revenue for the quarter rose 42.82% to Rs. 653.48 million from Rs.457.56 million, when compared with the prior year period. Reported earnings per share of the company stood at Rs.3.36 a share during the quarter, registering 70.25% increase over previous year period. Profit before interest, depreciation and tax is Rs.97.32 millions as against Rs.65.98 millions in the corresponding period of the previous year.”
 
“At the current market price of Rs.100.80, the stock P/E ratio is at 14.56 x FY13E and 13.35 x FY14E respectively. Earning per share (EPS) of the company for the earnings for FY13E and FY14E is seen at Rs.6.88 and Rs.7.50 respectively. Net Sales and PAT of the company are expected to grow at a CAGR of 9% and 3% over 2011 to 2014E respectively. On the basis of EV/EBITDA, the stock trades at 6.61 x for FY13E and 6.03 x for FY14E. Price to Book Value of the stock is expected to be at 0.86 x and 0.81 x respectively for FY13E and FY14E. We expect that the company surplus scenario is likely to continue for the next three years, will keep its growth story in the coming quarters also. We recommend ‘BUY’ in this particular scrip with a target price of Rs 113 for medium to long term investment,” says Firstcall Research report. 

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