Key Financials Snapshot

TTM · Consolidated · ₹ in Cr
Market Cap
₹1207 Cr.
Stock P/E
780.4
P/B
2.2
Current Price
₹53.6
Book Value
₹ 23.8
Face Value
1
52W High
₹63.6
52W Low
₹ 40.8
Dividend Yield
0%

B.L. Kashyap and Son Overview

Business

B.L. Kashyap and Sons Ltd. (BLK) is one of India's prominent pure-play civil construction companies. It primarily operates as an Engineering, Procurement, and Construction (EPC) contractor, undertaking projects across various sectors. The company's core business involves constructing IT parks, commercial & residential buildings, retail & hospitality establishments, educational institutions, healthcare facilities, and industrial/manufacturing facilities. BLK generates revenue through project-based contracts, which typically involve lump-sum payments or cost-plus arrangements, for delivering construction projects to clients in both the private and public sectors.

Revenue Mix

B.L. Kashyap and Sons Ltd. primarily operates within a single business segment, which is general contracting for civil construction projects. While they categorize their project portfolio by end-use (e.g., Commercial, Residential, Retail, Hospitality, IT Parks, Industrial), specific revenue breakdowns by these sub-categories are not regularly disclosed as distinct reporting segments in their financial statements. The majority of their revenue comes from project execution across these diversified building construction sectors.

Industry

The Indian construction industry is vast, highly fragmented, and cyclical, characterized by intense competition from both large national players and numerous regional/local contractors. It is significantly influenced by government spending on infrastructure and private sector real estate investment. B.L. Kashyap and Sons Ltd. is positioned as a mid-to-large-tier contractor, primarily focusing on the building construction segment rather than heavy infrastructure like roads or bridges. They compete with larger diversified players like L&T Construction, NCC Ltd., and medium-sized peers such as PSP Projects Ltd., Ahluwalia Contracts (India) Ltd., and JMC Projects (India) Ltd., often differentiating themselves through specialized execution capabilities in complex building structures and a track record of timely delivery.

MOAT

B.L. Kashyap and Sons Ltd.'s competitive advantages include:

Track Record & Reputation: Decades of experience (since 1978) in executing complex and large-scale building projects, leading to a strong reputation for quality and timely delivery among clients.

Technical Expertise: Specialized capabilities in constructing high-rise buildings, large-format commercial spaces, and technically demanding structures like data centers and healthcare facilities.

Client Relationships: Established relationships with leading developers, corporates, and institutions, often resulting in repeat business and negotiated contracts.

Pan-India Presence: Ability to execute projects across major urban centers in India, allowing for diversified project sourcing.

While not a strong "moat" in the traditional sense due to the competitive nature of the industry, these factors create a significant barrier for new entrants in large-scale building construction.

Growth Drivers

Government Initiatives: Continued government focus on urban development, smart cities, affordable housing, and "Make in India" initiatives driving demand for commercial, residential, and industrial construction.

Private Sector Capex: Revival in corporate capital expenditure and continued growth in private real estate development (commercial, residential, retail, warehousing, data centers) is expected to drive new project opportunities.

Order Book Growth: Ability to secure new large-value projects and maintain a robust order book provides revenue visibility.

FDI Inflows: Increased Foreign Direct Investment into India, particularly in manufacturing, logistics, and technology sectors, fuels demand for specialized construction facilities.

Risks

Cyclicality: The construction sector is highly cyclical, sensitive to economic downturns, interest rate fluctuations, and changes in real estate demand.

Execution Risks: Project delays, cost overruns due to unforeseen site conditions, labor shortages, or material price volatility can impact profitability.

Working Capital Management: High working capital requirements, prolonged debtor days, and reliance on timely payments from clients can strain liquidity.

Intense Competition: The fragmented nature of the industry leads to aggressive bidding, potentially impacting margins.

Regulatory & Environmental: Changes in construction regulations, environmental clearances, and labor laws can lead to delays and increased costs.

Commodity Price Volatility: Fluctuations in prices of key raw materials like cement, steel, and aggregates can erode project margins, especially in fixed-price contracts.

Management & Ownership

B.L. Kashyap and Sons Ltd. is a family-promoted company, founded by Mr. B.L. Kashyap in 1978. The company is currently led by the second generation of the Kashyap family, with Mr. Vineet Kashyap (Managing Director) and Mr. B.L. Kashyap (Chairman Emeritus) playing key roles. The promoter group holds a significant stake, reflecting a strong owner-operator model. The management has extensive experience in the Indian construction sector, overseeing its growth from a regional player to a pan-India contractor. Corporate governance practices are generally aligned with Indian regulatory requirements for listed entities.

Outlook

B.L. Kashyap and Sons Ltd. stands to benefit from India's sustained economic growth and ongoing government and private sector investment in infrastructure and real estate. Its established track record, technical expertise in complex building projects, and strong client relationships position it well to capture opportunities in commercial, residential, and industrial segments. The company's diversified project portfolio mitigates concentration risk to some extent.

However, the company operates in a highly competitive and capital-intensive industry. Key challenges include managing working capital efficiently, mitigating execution risks, and navigating commodity price volatility. The ability to consistently win new projects at healthy margins, control costs, and collect receivables promptly will be crucial for sustained financial performance. While the demand environment appears favorable, the inherent cyclicality and operational complexities of the construction sector mean its performance will remain sensitive to broader economic conditions and project execution prowess.

B.L. Kashyap and Son Share Price

Live · BSE / NSE · Inception: 1989
₹ | |
Volume
Price

Key Financials — Profit & Loss

₹ in Cr · Consolidated · annual

B.L. Kashyap and Son Quarterly Results

#(Fig in Cr.) Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026
Net Sales 341 350 267 242 294 336 355 324 364 345
Other Income 8 2 12 9 4 3 2 1 16 1
Total Income 349 353 279 251 298 339 357 325 380 346
Total Expenditure 308 319 247 236 287 310 335 295 337 317
Operating Profit 41 34 32 15 11 29 22 30 43 30
Interest 15 11 14 10 13 11 11 10 12 11
Depreciation 3 3 3 3 3 3 4 4 4 4
Exceptional Income / Expenses 0 7 0 -0 12 0 0 0 -38 0
Profit Before Tax 22 27 15 2 7 15 8 16 -11 14
Provision for Tax -1 7 6 1 10 4 16 4 2 4
Profit After Tax 24 20 9 1 -3 11 -9 12 -13 10
Adjustments -0 0 -0 0 0 0 0 0 0 0
Profit After Adjustments 24 20 9 1 -3 11 -9 12 -13 10
Adjusted Earnings Per Share 1 0.9 0.4 0 -0.1 0.5 -0.4 0.5 -0.6 0.4

B.L. Kashyap and Son Profit & Loss

#(Fig in Cr.) Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026 TTM
Net Sales 860 924 1012 769 820 762 1158 1110 1245 1154 1379 1388
Other Income 24 2 31 9 16 25 2 20 12 27 22 20
Total Income 884 925 1043 778 835 787 1160 1130 1257 1181 1401 1408
Total Expenditure 793 835 927 713 799 699 1067 1012 1134 1088 1277 1284
Operating Profit 92 91 116 65 37 88 93 118 122 92 124 125
Interest 82 83 77 59 69 59 55 51 49 48 43 44
Depreciation 21 13 12 12 12 11 10 10 10 12 15 16
Exceptional Income / Expenses -0 -1 0 -4 -37 -18 39 -36 0 19 -38 -38
Profit Before Tax -12 -6 27 -10 -82 -1 66 21 63 50 27 27
Provision for Tax -6 -11 6 -3 -19 58 22 -2 11 23 26 26
Profit After Tax -6 5 21 -6 -63 -58 44 22 53 27 2 0
Adjustments 0 0 0 -1 -0 1 -0 -0 -1 -0 2 0
Profit After Adjustments -6 5 21 -7 -63 -57 44 22 52 27 3 0
Adjusted Earnings Per Share -0.3 0.2 1 -0.3 -2.8 -2.6 1.9 1 2.3 1.2 0.1 -0.1

B.L. Kashyap and Son Balance Sheet

#(Fig in Cr.) Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Shareholder's Funds 399 434 498 516 458 379 423 445 496 524 527
Minority's Interest 0 1 0 0 0 0 0 0 0 0 0
Borrowings 326 151 133 118 134 111 67 36 34 40 42
Other Non-Current Liabilities 117 50 34 36 84 129 98 23 14 38 59
Total Current Liabilities 900 1000 946 1012 976 807 770 706 777 834 968
Total Liabilities 1741 1635 1610 1682 1652 1426 1358 1209 1322 1435 1597
Fixed Assets 99 88 84 79 70 68 62 73 93 123 162
Other Non-Current Assets 509 504 621 594 500 350 351 174 187 146 173
Total Current Assets 1133 1042 905 1008 1082 1009 945 962 1042 1166 1261
Total Assets 1741 1635 1610 1682 1652 1426 1358 1209 1322 1435 1597

B.L. Kashyap and Son Cash Flow

#(Fig in Cr.) Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Opening Cash & Cash Equivalents 18 -338 -339 -289 11 13 26 31 50 18 22
Cash Flow from Operating Activities 117 245 117 164 -23 -181 87 20 79 77 115
Cash Flow from Investing Activities -34 -3 -22 -2 84 142 -14 110 -31 -29 -54
Cash Flow from Financing Activities -89 -243 -45 -160 -60 52 -69 -110 -80 -44 -61
Net Cash Inflow / Outflow -7 -1 50 2 2 14 5 19 -33 4 -0
Closing Cash & Cash Equivalent 11 -339 -289 -287 13 26 31 50 18 22 22

B.L. Kashyap and Son Ratios

# Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Earnings Per Share (Rs) -0.29 0.25 0.96 -0.28 -2.79 -2.59 1.94 0.96 2.29 1.21 0.14
CEPS(Rs) 0.72 0.88 1.51 0.25 -2.26 -2.1 2.41 1.41 2.79 1.77 0.74
DPS(Rs) 0 0 0 0 0 0 0 0 0 0 0
Book NAV/Share(Rs) 19.42 21.14 23.1 22.88 20.33 16.82 18.76 19.73 22.02 23.23 23.37
Core EBITDA Margin(%) 7.88 9.63 8.42 7.36 2.57 8.25 7.81 8.81 8.86 5.66 7.41
EBIT Margin(%) 8.2 8.29 10.26 6.49 -1.54 7.71 10.43 6.49 9.01 8.54 5.13
Pre Tax Margin(%) -1.34 -0.65 2.64 -1.24 -10 -0.09 5.7 1.86 5.08 4.35 1.98
PAT Margin (%) -0.7 0.55 2.03 -0.82 -7.66 -7.66 3.8 1.99 4.22 2.38 0.11
Cash Profit Margin (%) 1.71 1.95 3.21 0.72 -6.21 -6.22 4.7 2.87 5.05 3.46 1.22
ROA(%) -0.35 0.3 1.27 -0.38 -3.77 -3.8 3.16 1.72 4.15 1.99 0.1
ROE(%) -1.49 1.21 4.42 -1.24 -12.89 -13.95 10.96 5.1 11.16 5.39 0.29
ROCE(%) 5.97 6.46 9.11 4.6 -1.24 6.26 14.19 9.19 14.29 11.98 8.5
Receivable days 175.61 164.98 134.88 171.61 167.9 196.67 123.9 126.2 116.95 128.94 115.35
Inventory Days 198.54 178.57 141.91 159.97 153.37 168.23 107.45 112.78 78.7 60.79 52.56
Payable days 169.85 133.78 134.77 199.34 161.77 166.02 106.64 137.99 130.31 159.37 151.99
PER(x) 0 86.31 44.9 0 0 0 13.68 32.19 29.95 42.48 305.72
Price/Book(x) 0.69 1.01 1.86 0.88 0.24 1.12 1.41 1.57 3.12 2.21 1.83
Dividend Yield(%) 0 0 0 0 0 0 0 0 0 0 0
EV/Net Sales(x) 1.23 1.27 1.5 1.29 0.76 1.21 0.81 0.86 1.46 1.25 0.88
EV/Core EBITDA(x) 11.58 12.92 13.11 15.23 16.9 10.44 10.09 8.15 14.88 15.59 9.85
Net Sales Growth(%) 3.11 7.36 9.59 -24 6.56 -7.01 51.85 -4.11 12.12 -7.3 19.55
EBIT Growth(%) 2389.84 8.76 35.48 -51.98 -125.35 564.77 105.38 -40.3 55.56 -12.09 -28.23
PAT Growth(%) 89.63 184.27 307.46 -130.49 -899.37 6.97 175.23 -49.62 137.27 -47.7 -94.37
EPS Growth(%) 89.62 184.26 288.54 -129.13 -899.33 6.97 174.77 -50.24 137.66 -47.21 -88.43
Debt/Equity(x) 2 1.72 1.22 1.07 1.14 1.37 0.9 0.72 0.62 0.6 0.57
Current Ratio(x) 1.26 1.04 0.96 1 1.11 1.25 1.23 1.36 1.34 1.4 1.3
Quick Ratio(x) 0.74 0.6 0.59 0.67 0.74 0.83 0.79 0.87 1.1 1.17 1.09
Interest Cover(x) 0.86 0.93 1.35 0.84 -0.18 0.99 2.2 1.4 2.3 2.04 1.63
Total Debt/Mcap(x) 2.9 1.71 0.65 1.22 4.63 1.22 0.64 0.46 0.2 0.27 0.31

Growth Rates

Compounded annual
# 1 Year 3 Year 5 Year 10 Year
Sales CAGR +19% +8% +13% +5%
Operating Profit CAGR +35% +2% +7% +3%
PAT CAGR -93% -55% — —
Share Price CAGR -15% -6% +14% +8%
ROE Average 0% +6% +7% +1%
ROCE Average +9% +12% +12% +8%

B.L. Kashyap and Son Shareholding Pattern

Latest · Jun 2026
100% held
Promoters 61.73 %
FII 0.26 %
DII (MF + Insurance) 0.16 %
Public (retail) 37.85 %
# Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026
Promoter 61.6561.6561.6561.6561.6761.6961.761.7161.7261.73
FII 0.91.651.870.590.720.40.350.310.290.26
DII 0.02000.360.920.870.580.170.170.16
Public 37.4436.736.4837.4136.6937.0437.3737.8137.8237.85
Others 0000000000
Total 100100100100100100100100100100

B.L. Kashyap and Son Peer Comparison

Construction - Real Estate Edit Columns

B.L. Kashyap and Son Quarterly Price

10-year quarterly close · BSE
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News & Updates

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B.L. Kashyap and Son Pros & Cons

Pros

  • Debtor days have improved from 159.37 to 151.99days.

Cons

  • Company has a low return on equity of 6% over the last 3 years.
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