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Kalpataru Projects Q3 Results Review — Delayed Payments Hurt Performance, Says Motilal Oswal; Maintains 'Buy'
Kalpataru is currently trading at 16.1x/12.1x FY26E/FY27E EPS, the brokerage reiterates Buy rating with a revised SoTP-based target price of Rs 1,200, based on 17x P/E for the core business.
17 Feb 2025, 08:28 AM IST 
Kalpataru Projects' revenue came largely in line at Rs 48.2 billion (+16% YoY), primarily led by healthy execution in T&D/B&F segments (up 42%/26%).
(Source: Company website)
Kalpataru Projects continues to maintain a 20-25% market share in the transmission and distribution opportunity pipeline while it is affected in the near term by delayed payments on the water segment. We expect its T&D, buildings and factories, and oil and gas segments to drive growth going forward.
