“We initiate a bullish BUY rating on Puravankara Ltd (PURVA) based on following factors: (1) Presales to grow at 20%CAGR over FY23-26E, (2) Debt and Debt Coverage well under control, (3) Strong execution track record over the decade, (4) Strong P&L recognition expected in next 5-7 years, (5) paradigm shift in focus following onboarding of new CEO,” the brokerage said.