Axis Securities starts coverage on India's Kalpataru Projects with 'buy' on strong order book

KEC International

03/01/2025 07:47

** Axis Securities initiates coverage on Kalpataru Projects
International  KAPT.NS  with "buy" rating 
    ** Sets TP of 1,590 rupees, upside of ~25% from last close
    ** KAPT rose as much as 2.4% to 1,318 rupees on Fri, last up
0.5%
    ** Brokerage says 606.31-bln-rupee (~$7 bln) order book (as
of Sept 2024) ensures 2-2.5 years of revenue visibility,
reinforcing confidence in FY25 inflow target of 220-230 bln
rupees
    ** Adds, it sees performance of co's international units
boosting overall results
    ** Avg rating on stock equivalent to "buy", median PT is
1,470 rupees - LSEG data
    ** Stock rose ~83% in 2024 vs 24% rise in Nifty Midcap 100
index  .NIFMDCP100 
    ** Rivals ABB India  ABB.NS  and KEC International  KECL.NS 
gained ~48% and ~103%, respectively

($1 = 85.7525 Indian rupees)

 (Reporting by Yagnoseni Das in Bengaluru)
 ((Yagnoseni.Das@thomsonreuters.com;))