Prabhudas Lilladher Recommends 'Buy' on Kalpataru Projects International; Target Rs 1489

• Prabhudas Lilladher maintains a 'Buy' rating for Kalpataru Projects International (KPIL) with a revised target price of Rs 1,489.
• KPIL reported a healthy 19.9% YoY revenue growth and a flat 8.3% YoY EBITDA margin.
• The company has a strong L1 position of ~Rs70bn, supporting management's FY26 order intake guidance of ~Rs260bn.
• Improving collections in the water segment and steady execution of the Saudi Aramco project are driving growth.
• Anticipated domestic T&D tendering of ~Rs900bn annually provides strong multi-year revenue visibility.