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Dolat Capital Report
J Kumar Infraprojects Ltd.'s Q2 FY25 results came in line, however adjusted profit after tax was above estimates.
We expect revenue/APAT CAGR of 16.7%/22.4% over FY24-27E with Ebitda margins of 14.6%/15.1%/15.3% for FY25E/FY26E/FY27E.
We maintain our FY25E/FY6E EPS estimates and introduce FY27E. Considering J Kumar's robust order book which provides revenue visibility of 3.6 times and scope of margin improvement going ahead, coupled with ~11% price correction since Q1FY25 update note, we upgrade to ‘Buy' rating from ‘Accumulate' with a revised target price of Rs 955 (12 times FY27E earnings per share).
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