Infrastructure Developers & Operators · KPIL
Infra - Power - Generation/Distribution
from 1,388 today
We remain positive about the stock given its leadership position in the domestic T&D market, significant investments planned in T&D infrastructure coupled with its dominant and increasing presence in Buildings & Factories, Water and Oil & Gas segments. Maintain BUY with TP of Rs1,400 based on 16x FY28E EPS.
Kalpataru Projects International reported a decent revenue growth of 8.8% YoY in Q1FY27, while EBITDA margin expanded by 40bps to 8.9% led by a 242bps Gross Margin expansion. We downgrade our rating from 'Buy' to 'Accumulate' despite healthy performance in Q1 FY27 given the recent rally in share price valuing the core business at a PE of 16x Mar'28E arriving at a SoTP derived TP of INR1,472.
We maintain our BUY rating on the stock with a TP of Rs 1,500/share, driven by a record order backlog, robust bidding pipeline, expanding margins, and strong multi-year growth visibility.
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