J Kumar's execution velocity grew accompanied by steady margins, and a sound balance sheet. Together, these can facilitate a greater scale of operations ahead. Order additions gained momentum post H1 FY25, with inflow of ~Rs36bn and L1 of ~Rs50bn. The government's intention to lever capital investment to spur economic growth was reassured in the recent Budget.
OutlookWe see the company emerging as one of the beneficiaries of enhanced infrastructure spending (especially the increased allocation to metro projects in the Budget). On the positive outlook, we upgrade to a Buy with a higher TP of Rs971 (earlier Rs909).
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