Hold KSK Energy Vent;target of Rs 39: Axis Securities

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26 Aug, 2025 12:21

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Axis Securities's research report on KSK Energy VentKSK’s Q3 adj. loss of Rs1.3bn was in line with our estimate.After 10 quarters, EBITDA of Rs 5.2 bn (up 3-fold YoY) now covers interest cost on improved utilization (PLF) mainly at Mahanadi plant. However, leverage continues to be cause for concern (6.1xas of Sep-15). Management has now taken a view to further increase the capacity of Mahanadi plant to 2.4 GW from 1.2 GW. While the company has already incurred Rs 50 bn towards common infrastructure, it would need additional Rs 50 bn for expansion. This implies a capital cost of Rs 83 mn/MW as against earlier expectation of Rs 75 mn/MW. The company already has PPAs to support the expansion. However, it currently has temporary linkage for coal till Mar-16 and awaits a government policy on the same.For all recommendations, click here Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

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