Ticking the right boxes

Company
01 Apr 2024
5 Min read 
  • Kalpataru Projects International (KPIL) has seen notable improvements in its domestic transmission and distribution (T&D) prospect pipeline.
  •  The company has received large orders from the Middle East in the oil and gas sector, providing long-term revenue visibility.
  •  Promoter pledge has reduced to 12.8% in March 2024, resulting in valuation re-rating.
  •  KPIL has been awarded three packages by Saudi Aramco for the MGS-3 expansion project.
  •  The domestic transmission pipeline has improved significantly, with projects worth INR 1 trillion expected to be awarded in the next 1-2 years.
  •  KPIL's financial outlook shows a CAGR of 24%/32%/47% in revenue/EBITDA/PAT over FY24-26.
  •  The company's margin and working capital cycle are expected to improve, and return ratios are poised to increase.
  •  The revised SoTP-based target price for KPIL is INR 1,200, and the recommendation is to buy the stock.
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