The efficiency of a cryptographic algorithm in terms of security depends on the resistance against cryptanalytic attacks. Besides the complexity of the encryption algorithm, the key plays an essential role in the security against cryptanalytic attacks. The strength and complexity of the encryption algorithm do not suffice and serve the fundamental purpose of security if the key is compromised at any stage. So, apart from the cryptanalytically robust encryption algorithm, a strong key schedule is also essential to thwart possible attacks against a particular algorithm. PRESENT, a lightweight encryption technique with a simple design, is resistant to linear and differential attacks but has a weak key schedule and is susceptible to cryptanalytic attacks. This paper proposes an efficient key scheduling algorithm for PRESENT lightweight encryption technique resistant against cryptanalytic attacks. Statistical tests examine the proposed key schedule's cryptographic strength on the properties of subkeys produced in the key generation mechanism. The tests prove the efficiency of the proposed key schedule in terms of cryptanalytic attacks. Implementation and comparison of the efficacy of the proposed key schedule in terms of security and implementation costs are illustrated with the PRESENT-80 key schedule and the PRESENT-128 key schedule. The key scheduling algorithm is implemented on the ARM Cortex M3-based NXP LPC 1857 and 1768 hardware development platforms. The results indicate the efficiency of the proposed algorithm in terms of security, performance, and power consumption across the two hardware platforms.