Kalpataru Projects International Ltd. share price target

We maintain our BUY rating on the stock.

Kalpataru Projects’ (KPIL) 2QFY26 performance was in line with our estimates as strong execution offset the impact of slightly lower margins. Revenue growth was driven by strong execution across T&D, B&F, and the oil & gas division.

Kalpataru Projects (KPIL) reported a sharp beat on revenue and PAT during 1QFY26. This was driven by strong execution across T&D, B&F, and the oil & gas division.

The management has guided 20-25% revenue growth with PBT margin of 5%5.5% on a standalone basis along with order intake of Rs260-280bn in FY26. Kalpataru Projects International (KPIL) reported revenue growth of 35.4% YoY driven by strong execution across T&D, B&F and O&G, while EBITDA margin remained flat YoY at 8.5%. The management has reiterated its guidance for 2025% revenue growth in FY26, supported by a robust tendering pipeline of ~Rs1.2trn in the T&D segment over the next 1218 months. The B&F segment...

Standalone numbers were strong with a revenue growth of 35% led by higher T&D sales though water and railways business slowed down.

We maintain BUY on Kalpataru Projects International Ltd (KPIL) with a TP of Rs1,450 (implying 30% upside). Standalone revenue/EBITDA/PAT grew by 21%/31%/48% YoY, led by strong order book, improved execution, and operating efficiencies.

Management guided for 20%+ revenue growth with PBT margins of 5.25%5.5% on a standalone basis along with order intake of Rs260-280bn in FY26. We revise our FY26/FY27E EPS estimate by 1.8%/-3.6%, due to delayed collection in the Water business impacting the revenue. Kalpataru Projects International (KPIL) reported a 20.5% YoY increase in standalone revenue, with EBITDA margin improving by 66 bps to 8.4%. Growth was driven by strong execution across a robust order book, though delays in payment collections...

We maintain our BUY rating on the stock.

We revise our FY26/FY27E EPS estimate by 6.0%/-4.9%, due to delayed collection in the Water business impacting the revenue and slowdown in the Railway segment, despite strong growth T&D, B&F and O&G. Kalpataru Projects -International (KPIL) reported decent quarterly performance with standalone revenue growth of 16.4% YoY and flattish EBITDA margin YoY at...

Kalpataru Projects (KPIL) reported a broadly in-line revenue growth of 16% YoY, while its EBITDA/PAT grew 17%/9% YoY. PAT was hit by higher-than-expected interest expenses, as the collections from Water projects continued to be delayed.

We continue to remain positive on Kalpataru Projects International (KPIL) based on its positioning across fast-growing power T&D EPC as well as the Buildings and Factories (B&F) segment.

We initiate coverage of Kalpataru Projects International Ltd (KPIL) with a BUY recommendation and a target price of Rs 1,590/share, implying an upside potential of 25% from the CMP

? KPIL’s standalone revenues growth of 7.6% led by strong growth in T&D business (25%), Oil & Gas (170%), Urban Infra (31%) and B&F (19%) but was compensated by a decline in water (43%) and Railways (40%). Results broadly met estimates.

Kalpataru Projects’ (KPIL) 2QFY25 revenue was in line with our estimate. KPIL reported a revenue growth of 8% YoY, while EBITDA/PAT grew 13%/17% YoY.

We maintain a Buy on KPIL for a price target of Rs. 1,570 factoring in the incremental order inflows and divestment triggers. KPIL trades at 29x/21x/18x its FY2025/2026 EPS, respectively.

We reiterate our BUY rating on Kalpataru Projects International (KPIL), with SOTP-based target price of Rs1,550/sh (Unchanged).

We maintain our BUY rating on Kalpataru Projects International (KPIL), with revised up TP of Rs1,550/share (Rs1,400/share earlier), mainly led by 8%/11% increase in execution.

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