Sharekhan's research report on Kalpataru Projects International
KPIL trades at 29x/21x/18x its FY2025/2026 EPS, respectively. FY24 performance was strong driven by healthy execution in T&D business in domestic and international and healthy performance in the Buildings and Factories (B&F) business. Q1FY25 results were muted on shortage of labour and elections. Revised National Electric plan (2023-32) pegs a total capex outlay of Rs 9.15 Lakh crore augurs well for T&D and power sector companies. We expect KPIL to deliver a revenue/PAT CAGR of 19%/30% respectively over FY24-27E driven by strong performance in T&D segment and margins improvement.
Outlook
We maintain a Buy on KPIL for a price target of Rs. 1,570 factoring in the incremental order inflows and divestment triggers.
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