Buy Kalpataru Projects International Ltd For Target Rs. 1,200 by Motilal Oswal Financial Services Ltd
* We expect revenue growth of 17% YoY on strong execution across segments such as T&D, B&F, and oil & gas, barring the Water segment, which is still slow.
* Key monitorables include execution ramp-up, margin trajectory, customer collections, and outlook on the urban infra and B&F division.
* We expect an EBITDA margin of 8.3% (+50bp YoY/flat QoQ) and gradual improvement in the next year.
* We would monitor the working capital cycle, and debt levels would normalize after the QIP was done in the last quarter. The payment situation is easing from water projects.
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