Shares of Kalpataru Projects International have gone down close to 5% since the company posted its results last Thursday, but analysts see the stock making a massive comeback going forward.

The Kalpataru Analysts: Parikshit D Kandpal-led analyst team at HDFC Securities maintained the “buy” rating for the stock with a price target of ₹959. The target indicated an over 51% upside from the stock’s last closing price of ₹631.75.

The Kalpataru Thesis: Analysts noted that the company’s performance in the September quarter was muted. The company’s revenue, EBITDA and adjusted PAT all missed the brokerage estimates by 2%, 9% and 21% respectively. As per the brokerage firm, the “margin was impacted by the revenue mix tilt towards legacy projects.”

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However, the domestic brokerage was impressed by the company’s robust order book. The firm highlighted that Kalpataru secured new orders worth around ₹12,100 crore in the last seven months. The order book stands at around ₹47,000 crore. The company has guided for new order inflow of around ₹24,000-25,000 crore.

“Given the robust order booking, improving growth outlook, and stable margins,” the firm continued its positive view on the stock.

Price Action: Kalpataru’s share price was down 1.60% to trade at ₹621.65 in the early hours of trading on Monday.

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