HG Infra is strategically positioned to attain 15.1% revenue CAGR over FY25- 27E, supported by ongoing execution momentum stemming from its healthy existing order book and expectations of better inflows. Further, margins are projected to remain elevated, with our expectation at ~15.3% in FY27. Consequently, EBITDA is expected to rise at a CAGR of 13.6%. Additionally, we foresee a 14.5% (adj.) PAT CAGR over FY25-27E, aided by managed depreciation and finance costs. At the CMP, the stock (excl. investments) is trading at 5.8x FY27E P/E. Based on a SOTP methodology, our target price is set at Rs1,779/share. We continue to recommend a BUY