Mirae Asset Sharekhan's research report on Kalpataru Projects International
Standalone revenues grew strongly by 35% led by a surge in T&D (56%), oil & gas (132%), urban infrastructure (42%) and B&F (13%) businesses, but this was offset by a decline in the water segment (5%). Results beat our estimates. Q1FY26 order inflows stood at Rs. 9,899 crore, taking total order book to Rs. 65,475 crore, representing strong revenue visibility for three years. Management revised its guidance for a 25% revenue growth with PBT margins at 5.0 -5.5%. Performance would improve, driven by a robust order book and tender pipeline, improving JV and subsidiary financials and monetisation of non-core assets, which could be key re-rating catalysts.
Outlook
We maintain a Buy on KPIL with a PT of Rs. 1,570. At CMP, the stock is valued at ~18/~13x FY2026/FY2027E P/E.
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