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'Buy' Kalpataru Projects International Maintains Motilal Oswal, Stays 'Neutral' On KEC — Here's Why
Motilal Oswal maintains its estimates and expect T&D segment to remain a dominant segment for both KEC and KPI.
16 Sep 2025, 10:26 AM IST 
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Players like Kalpataru Projects and KEC work with both PGCIL and private players and thus have a strong addressable market over the next few years.
(Source: Kalpataru Projects International website)
Commodity prices are comfortable and hence, margins should improve from FY26 onward. Motilal Oswal maintains estimates and expect T&D segment to remain a dominant segment for both KEC and KPI.
