Kalpataru Projects, Galaxy Surfactants, Eris, Amber Enterprises, Repco, Neogen Q4 Review: HDFC Securities

NDTV Profit’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer NDTV Profit’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.

HDFC Securities Institutional Equities

Kalpataru Projects International - Strong performance

Kalpataru Projects International Ltd.’s Q4 FY25 revenue/Ebitda/APAT were reported at Rs 62.0/5.2/2.6 billion, a beat on our estimates by 1.3/6.7/19% respectively. Kalpataru Projects secured new orders worth Rs 254.7 billion in FY25 (ex. Rs 20 billion L1), taking the total order book to Rs 644.9 billion (~3.4x FY25 revenue ex. L1).

The company is now targeting FY26 revenue growth of sub-20%, with an Ebitda margin band of 8.5-8.7% and a PBT margin band of 5.2-5.5%, along with an estimated order inflow growth of 20% to Rs 260-280 billion in FY26.

The recent order wins in metro rail, HVDC transmission, and airports highlight growth momentum, while funding exploration and planned investments, and the anticipated VEPL transaction in FY26 underscore strategic financial planning.

Kalpataru Projects’ individual businesses have reported revenue growth above 20% and the same is expected in order inflow, going forward. Given the robust order booking, stable growth outlook, and strong balance sheet and net working capital, we retain our P/E target multiple at 20x.

We have tweaked our estimates to factor in better execution across segments. Maintain a Buy rating on the stock with a target price of Rs 1,406/share (rollover 20x Mar-27E EPS, Rs 47/share for subsidiaries).

Galaxy Surfactants - India volume flat, RoW grows by 9%

Our Buy recommendation on Galaxy Surfactants Ltd. with a price target of Rs 3,023 is premised on-

1. continuing demand in Rest of the World markets;

2. rebound in domestic demand;

3. shift in mix towards high-margin products; and

4. strong balance sheet.

Q4 Ebitda was 8% above our estimate, owing to higher-than-expected revenue but APAT was 6% below our estimates due to lower-than-anticipated other income and higher-than-expected tax liability.

Click on the attachment to read the full report:

DISCLAIMER

This report is authored by an external party. NDTV Profit does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of NDTV Profit.

Users have no license to copy, modify, or distribute the content without permission of the Original Owner.