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Analyst
Abhishek SHINDADKAR Anirvan DIVAKERA Himanshu Marfatia InCred Institutional Equities Research Meghna LUTHRA Niharika AGARWAL Nishant BAGRECHA Nitin AWASTHI Pramod AMTHE Rajarshi MAITRA Ravi GUPTA Ritik GUPTA Rohan KALLE SALES-BLOOM Kamal Satish KUMAR Saurabh SINGH Shakthi Karanam Shivam AGARWAL Tushar WAVHAL Yogesh SONI
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Kalpataru Projects International Limited

Industrial Goods and Services
06 Mar 2025 Sector Note Industrial Goo...
Rating Overweight
India power T&D biz – High-voltage gro...

The Rs9,150bn NEP 2022-32 targets 648,190ckm transmission and 2,342GVA transformation capacity by FY32F, driving...

Kalpataru Projects Internation...
16 Feb 2025 Company Note
CMP ₹ 880
Target Price ₹ 1,461
Strong execution in T&D; margin challe...

3Q EBITDA stood at Rs4.8bn, up 13% YoY, but margin contracted 30bp YoY to 8.4%, impacted by weak water segment e...

A ADD
Industrial Goods and Services
08 Jan 2025 Sector Note Industrial Goo...
Rating Overweight
3Q: Healthy execution, rise in margin ...

The capital goods index underperformed the market with a 12% fall in the last six months, attributed to concerns...

Industrial Goods and Services
19 Nov 2024 Sector Note Industrial Goo...
Rating Overweight
One more quarter of sustained growth

Voltas and BEL saw the highest margin expansion at 313bp & 514bp, respectively. Skipper continues to post strong...

Kalpataru Projects Internation...
29 Oct 2024 Company Note
CMP ₹ 1,242
Target Price ₹ 1,543
T&D healthy; hiccups in water & railwa...

2Q EBITDA was at Rs4.4bn, up 19% YoY (16% QoQ), 8% above our estimate & 14% above consensus. The EBITDA margin w...

A ADD
Industrial Goods and Services
07 Oct 2024 Sector Note Industrial Goo...
Rating Overweight
2Q capital goods & defence sector prev...

A healthy growth is likely in 2QFY25F. T&D companies, including KEC, Kalpataru Projects, and Skipper are likely ...

Industrial Goods and Services
17 Aug 2024 Sector Note Industrial Goo...
Rating Overweight
Outperformance and premium valuation t...

Our capital goods coverage universe saw a heathy 1Q sales/EBITDA/PAT YoY growth of 15%/21%/22%, respectively. EB...

Kalpataru Projects Internation...
30 Jul 2024 Company Note
CMP ₹ 1,326
Target Price ₹ 1,575
Weak 1Q performance; maintains guidanc...

1Q EBITDA at Rs3.8bn, down 1% YoY (-16% QoQ), 9% below our estimate & 14% below consensus. The EBITDA margin was...

A ADD
Industrial Goods and Services
04 Jul 2024 Sector Note Industrial Goo...
Rating Overweight
1QFY25 results preview

We expect a healthy revenue growth of 17% YoY in 1QFY25F, led by improved opening order book position and firm p...

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The Incred Research Team covers 17 sectors and 193 companies, with coverage to increase to 220 companies by the year’s end. Its senior analysts are rated by local and international fund managers.

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Aarti Drugs Ltd Aarti Industries Aavas Financiers Ltd ABB India Ltd ACC Ltd Adani Ports & Special Economic Zone Ltd Adani Power Ltd Aditya Birla Fashion and Retail Ltd Aditya Birla Sunlife AMC Aether Industries Ltd Ajanta Pharma Ltd Alembic Pharmaceuticals Ltd Alkem Laboratories Ltd Amber Enterprises Ambuja Cements Ltd Ami Organics Ltd Anupam Rasayan India Ltd Apex Frozen Foods Ltd APL Apollo Tubes Apollo Tyres Ltd Ashok Leyland Ashoka Buildcon Ltd Asian Paints Limited Astec Lifesciences Ltd Astral Ltd. Atul Ltd AU Small Finance Bank Aurobindo Pharma Avalon Technologies Avanti Feeds Ltd Axis Bank Bajaj Auto Bajaj Finance Ltd Balkrishna Industries Ltd Balrampur Chini Mills Ltd Bank of Baroda Bank of India BCL Industries Ltd Berger Paints India Limited Bharat Dynamics Ltd Bharat Electronics Ltd Bharat Forge Bharat Heavy Electricals Bharat Petroleum Birla Corporation Ltd Birlasoft Blue Dart Express Ltd Blue Jet Healthcare Bosch Ltd Britannia Industries Ltd Camlin Fine Sciences Canara Bank Century Plyboards Cera Sanitaryware Cholamandalam Investment and Finance Company Cipla Ltd Clean Science and Technology Coal India Coastal Corp Ltd Coforge Limited Colgate Palmolive India Container Corp of India Ltd Coromandel International Ltd CreditAccess Grameen Ltd Crompton Greaves Consumer Electricals Cummins India Ltd Cyient DLM Ltd Cyient Limited Dabur India Ltd Dalmia Bharat Ltd Data Patterns (India) Ltd Deepak Fertilisers & Petrochemicals Corp. Ltd. Deepak Nitrite Ltd Delhivery Dilip Buildcon Ltd Divi's Laboratories Dixon Technologies Dr Reddy's Laboratories Ltd Dr. Lal Pathlabs Ltd. Eicher Motors Ltd Elin Electronics Emami Ltd Endurance Technologies Ltd Epigral Ltd Equitas Small Finance Bank Limited Escorts Kubota Ltd Ethos Limited Exide Industries Ltd Federal Bank Finolex Cables Finolex Industries FSN Ecommerce Fusion Finance Limited GAIL India Galaxy Surfactants Ltd Gland Pharma Ltd Globus Spirits Ltd Godrej Consumer Products Ltd Granules India Ltd Gujarat Fluorochemicals Ltd Gujarat Gas Gujarat Pipavav Port Ltd Gulshan Polyols Ltd Havells India HCL Technologies HDFC AMC HDFC Bank HEG Limited Heidelberg Cement India Ltd Hero MotoCorp Hindalco Industries Ltd Hindustan Aeronautics Ltd Hindustan Petroleum Hindustan Unilever Ltd Home First Finance company Housing Development Fin. Hyundai Motor India ICICI Bank IKIO Lighting India Pesticides Ltd Indian Oil Corp Indoco Remedies Ltd Indraprastha Gas IndusInd Bank Infosys InterGlobe Aviation Ltd Ipca Laboratories Ltd IRB Infrastructure Developers Ltd IRB InvIT Fund J K Cement Ltd JB Chemicals & Pharmaceuticals Ltd Jindal Steel and Power JK Lakshmi Cement JSW Infrastructure Ltd JSW Steel Jubilant Ingrevia Ltd Jyothy Labs Limited Kajaria Ceramics Kalpataru Projects International Limited Kansai Nerolac Paints Limited Kaveri Seed Co Ltd Kaynes Technology KEC International Ltd KEI Industries KNR Constructions Ltd Kotak Mahindra Bank L&T Infotech L&T Technology Services Ltd Larsen & Toubro Ltd Laurus Labs Laxmi Organic Industries Ltd Lloyds Metals & Energy Ltd LTIMindtree Ltd Lupin Ltd Mahanagar Gas Mahindra & Mahindra Mahindra & Mahindra Finance Marico Ltd Maruti Suzuki Metropolis Healthcare Ltd. Mindtree Ltd Mphasis MTAR Technologies Limited Muthoot Finance Ltd Natco Pharma Ltd National Aluminium Co Ltd Navin Fluorine International Ltd NCC Ltd Nestle India Ltd Nippon Life India Asset Management Ltd NMDC NTPC Ltd Oil & Natural Gas Oil India Orient Cement Orient Electric Persistent Systems Ltd Petronet LNG PG Electroplast PI Industries Ltd Pidilite Industries Limited PNC Infratech Ltd Polycab India Prism Johnson Ltd Punjab National Bank Rallis India Ltd Ramco Cements Ltd Raymond Ltd Samvardhana Motherson International Ltd SBI Cards SBI Life Insurance Schaeffler India Ltd Shree Cement Ltd Shriram Finance Limited Siemens Ltd SKF India Ltd Skipper Limited Som Distilleries & Breweries Ltd Sonata Software Spandana Sphoorty Financial SpiceJet Ltd SRF Limited State Bank of India Steel Authority of India Sun Pharmaceutical Industries Supreme Industries Swiggy Ltd Syrma SGS Technology Tata Consultancy Services Tata Elxsi Ltd Tata Motors Tata Steel Tata Technologies Ltd TCPL Packaging Ltd Tech Mahindra Thermax Ltd Thyrocare Technologies Ltd. Timken Ltd Titan Co Ltd Torrent Pharmaceuticals Ltd Triveni Engineering and Industries Ltd TVS Motor Co Ltd Ugro Capital UltraTech Cement Ltd UPL Limited UTI AMC V-Guard Industries Vinati Organics VIP Industries Limited Voltas Ltd VRL Logistics Ltd Wipro Zydus Lifesciences