External broker reports(aggregated public sources), Prabhudas Lilladhar

Prabhudas Lilladhar

External broker reports(aggregated public sources)

Prabhudas Lilladher is one of India's leading research based financial services organisation.

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

Kalpataru Projects International / Equity Bottom-Up

Kalpataru Projects International (KPIL IN)

<ul><li>We revise our FY26/FY27E EPS estimate by –6.0%/-4.9%, due to delayed collection in the Water business impacting the revenue and slowdown in the Railway segment, despite strong growth T&amp;D, B&amp;F and O&amp;G.</li><li>Kalpataru Projects -International (KPIL) reported decent quarterly performance with standalone revenue growth of 16.4% YoY and flattish EBITDA margin YoY at 8.3%.</li><li>Strong execution of a robust order book across various segments contributed to revenue growth, although delayed collections negatively impacted the Water business.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We revise our FY26/FY27E EPS estimate by –6.0%/-4.9%, due to delayed collection in the Water business impacting the revenue and slowdown in the Railway segment, despite strong growth T&amp;D, B&amp;F and O&amp;G.Kalpataru Projects -International (KPIL) reported decent quarterly performance with standalone revenue growth of 16.4% YoY and flattish EBITDA margin YoY at 8.3%.Strong execution of a robust order book across various segments contributed to revenue growth, although delayed collections negatively impacted the Water business.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Kalpataru Projects International - Healthy Q3; Robust T&D Pipeline to Drive Growth

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Kalpataru Projects’ (KPIL) 2QFY25 revenue was in line with our estimate.</li><li>KPIL reported a revenue growth of 8% YoY, while EBITDA/PAT grew 13%/17% YoY.</li><li>Execution growth was adversely impacted by delayed collections from water projects, which is likely to improve following the state elections.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Kalpataru Projects’ (KPIL) 2QFY25 revenue was in line with our estimate.KPIL reported a revenue growth of 8% YoY, while EBITDA/PAT grew 13%/17% YoY.Execution growth was adversely impacted by delayed collections from water projects, which is likely to improve following the state elections.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Kalpataru Projects  - Second Half Poised to See a Healthy Uptick

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Afcons Infrastructure Limited / Equity Capital Markets

Afcons Infrastructure Limited (6595396Z IN)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/afcons-infrastructure-limited" target="_blank" data-smartkarma-citation="entities:41288:1" rel="noopener">Afcons Infrastructure Limited (6595396Z IN)</a> is looking to raise around US$650m in its India IPO.</li>
<li>Afcons Infrastructure Limited (Afcons) is the flagship infrastructure engineering and construction company of the Shapoorji Pallonji group.</li>
<li>In a previous note, we looked at the firm’s past performance. In this note, we look at the updates since, and discuss valuation.</li>
</ul>



Afcons Infrastructure Limited (6595396Z IN) is looking to raise around US$650m in its India IPO.
Afcons Infrastructure Limited (Afcons) is the flagship infrastructure engineering and construction company of the Shapoorji Pallonji group.
In a previous note, we looked at the firm’s past performance. In this note, we look at the updates since, and discuss valuation.


Afcons Infrastructure IPO - Decent Upside from the Price Range

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Key takeaways from KPTL’s FY24 AR are as follows: (1) geographically a well-diversified order book and robust bid pipeline, (2) strong balance sheet with robust order pipeline to aid margin improvement, (3) exploring new business avenues to diversify its portfolio further, and (4) the increase in net debt was mainly due to higher working capital requirements which will come down in coming quarters as the Saudi Aramco deal is less WC intensive</li><li>On the monetisation of BOOT assets, KPIL is looking for prospective buyers and is in the advanced stages of a non-binding offer for VEPL by Q1FY25</li><li>Moreover, it has guided NWC days as of FY25 to be below 100 and a capex of INR 5bn for FY25</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Key takeaways from KPTL’s FY24 AR are as follows: (1) geographically a well-diversified order book and robust bid pipeline, (2) strong balance sheet with robust order pipeline to aid margin improvement, (3) exploring new business avenues to diversify its portfolio further, and (4) the increase in net debt was mainly due to higher working capital requirements which will come down in coming quarters as the Saudi Aramco deal is less WC intensiveOn the monetisation of BOOT assets, KPIL is looking for prospective buyers and is in the advanced stages of a non-binding offer for VEPL by Q1FY25Moreover, it has guided NWC days as of FY25 to be below 100 and a capex of INR 5bn for FY25Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Kalpataru Projects: Growth Triggers Intact. Maintain Buy

<ul><li>Motilal Oswal's research report on Kalpataru Projects KPIL, in its annual report, emphasized its strategy to strengthen its presence in existing geographies by tapping into large and complex EPC projects, diversify into newer geographies and foray into newer businesses such as data centers, airports, tunneling, urban mobility, hydrocarbons, etc.</li><li>The company continues to be a key beneficiary of the domestic and global upswing in upgradation and expansion of the T&amp;D network, driven by increasing urbanization, electrification, and the shift toward cleaner sources of energy.</li><li>Outlook KPIL is currently trading at 21.5x/15.7x FY25E/FY26E EPS.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Motilal Oswal's research report on Kalpataru Projects KPIL, in its annual report, emphasized its strategy to strengthen its presence in existing geographies by tapping into large and complex EPC projects, diversify into newer geographies and foray into newer businesses such as data centers, airports, tunneling, urban mobility, hydrocarbons, etc.The company continues to be a key beneficiary of the domestic and global upswing in upgradation and expansion of the T&amp;D network, driven by increasing urbanization, electrification, and the shift toward cleaner sources of energy.Outlook KPIL is currently trading at 21.5x/15.7x FY25E/FY26E EPS.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Kalpataru Projects - Pipeline Remains Strong Across Segments

India

Kalpataru Projects International Limited (KPIL) is a global Engineering, Procurement, and Construction (EPC) company. It specializes in diversified infrastructure projects, including power transmission and distribution, buildings and factories, water supply and irrigation, railways, oil and gas pipelines, and urban infrastructure. KPIL was established in 1981 and is headquartered in Mumbai, India.

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Kalpataru Projects International (KPIL IN)

Kalpataru Projects International - Healthy Q3; Robust T&D Pipeline to Drive Growth

We revise our FY26/FY27E EPS estimate by –6.0%/-4.9%, due to delayed collection in the Water business impacting the revenue and slowdown in the...

Prabhudas Lilladhar

Kalpataru Projects - Second Half Poised to See a Healthy Uptick

Motilal Oswal's research report onKalpataru Projects Kalpataru Projects’ (KPIL) 2QFY25 revenue was in line with our estimate.

Motilal Oswal

Afcons Infrastructure IPO - Decent Upside from the Price Range

Afcons Infrastructure Limited (6595396Z IN) is looking to raise around US$650m in its India IPO. In this note, we look at the updates since, and...

Clarence Chu

Kalpataru Projects: Growth Triggers Intact. Maintain Buy

On the monetisation of BOOT assets, KPIL is looking for prospective buyers and is in the advanced stages of a non-binding offer for VEPL by Q1FY25

HDFC Securities

Kalpataru Projects - Pipeline Remains Strong Across Segments

The company continues to be a key beneficiary of the domestic and global upswing in upgradation and expansion of the T&D network, driven by...

Motilal Oswal

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