Buy Kalpataru Projects International Ltd for the Target Rs. 1,450 by Motilal Oswal Financial Services Ltd

* We expect revenue growth of 25% YoY on strong execution across segments such as T&D, B&F, and O&G, barring the water and railway segment, which is still slow.
* We expect EBITDA margin of 8.6% (+20bp YoY/+10bp QoQ) and gradual improvement through the remainder of FY26.
* We will monitor the working capital cycle closely. The payment status of water projects will also remain a focus area.
* Key monitorables include execution ramp-up, margin trajectory, customer collections, and outlook on the urban infra and railways division.
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