Key Financials Snapshot

TTM · Consolidated · ₹ in Cr
Market Cap
₹23164 Cr.
Stock P/E
22.5
P/B
2.9
Current Price
₹1356.4
Book Value
₹ 473.6
Face Value
2
52W High
₹1499.8
52W Low
₹ 1007.9
Dividend Yield
0.81%

Kalpataru Projects Overview

Business

Kalpataru Projects International Ltd. (KPIL) is a leading Indian engineering, procurement, and construction (EPC) company focused on infrastructure development. The company specializes in executing large-scale, complex projects across various sectors including power transmission & distribution (T&D), railways, buildings & factories (B&F), water infrastructure, and oil & gas pipelines. Its core business model involves bidding for and securing EPC contracts from government agencies, public sector undertakings (PSUs), and private clients, then designing, procuring materials, constructing, and commissioning these projects. KPIL makes money by earning a margin on the value of the projects it successfully delivers.

Revenue Mix

KPIL operates across several major segments:

Transmission & Distribution (T&D): Design, testing, manufacturing, supply, and erection of transmission lines, substations, and distribution networks. This is historically its largest segment.

Railways: Electrification, track laying, signaling & telecommunication, and construction of railway infrastructure.

Buildings & Factories (B&F): Construction of residential, commercial, industrial buildings, and factories.

Water: Water supply, irrigation, wastewater treatment, and drainage projects.

Oil & Gas Pipelines: Laying of cross-country and city gas distribution pipelines.

While specific percentage contributions fluctuate and require real-time financial data, T&D and Railways typically contribute the largest share of revenue, both domestically and internationally.

Industry

KPIL operates in the highly competitive and cyclical Engineering - Construction industry, primarily in India and increasingly in international markets (Africa, MENA, CIS, ASEAN). The industry is characterized by significant capital expenditure, long project cycles, reliance on government policy and funding, and exposure to commodity price volatility. KPIL is positioned as one of India's prominent pure-play EPC players, particularly strong in power T&D and railway electrification. It competes with other large domestic EPC firms like KEC International, L&T, Tata Projects, and various regional players, differentiating itself through its execution capabilities, diversified global presence, and strong client relationships.

MOAT

KPIL possesses several durable advantages:

Strong Execution Track Record: A proven history of delivering complex infrastructure projects on time and within budget builds trust with clients, critical for securing repeat business and new orders in the EPC sector.

Technical Expertise & Diversification: Specialization in niche and technically demanding areas like T&D and Railways, coupled with diversification into other critical infrastructure sectors (water, O&G, B&F), provides a broader revenue base and reduces reliance on a single segment.

Global Footprint: An established presence across numerous international geographies diversifies revenue streams and reduces concentration risk associated with the Indian market's cycles.

Strong Client Relationships: Long-standing relationships with government bodies, PSUs, and large private corporations are crucial for bidding on large tenders and securing preferential contractor status.

Scale: Being a large player enables it to bid for and execute mega-projects, potentially benefiting from economies of scale in procurement and resource management.

Growth Drivers

Government Infrastructure Push in India: Initiatives like the National Infrastructure Pipeline, Bharatmala, Sagarmala, and increasing capital outlay for railways and power infrastructure provide a robust pipeline of domestic projects.

Global Energy Transition & Grid Modernization: The shift towards renewable energy necessitates significant investment in upgrading and expanding power transmission and distribution networks globally, creating opportunities for KPIL's T&D business.

Urbanization and Industrialization: Drives demand for new buildings, factories, and associated water and sanitation infrastructure.

Order Book & Bid Pipeline: A healthy and growing order book provides revenue visibility, while a strong pipeline of bids indicates future growth potential.

Geographical Expansion & Diversification: Continued expansion into new high-growth international markets and adjacent infrastructure segments can fuel growth.

Risks

Execution Risks: Delays in project completion, cost overruns, issues with land acquisition, and contractual disputes can impact profitability and working capital.

Commodity Price Volatility: Fluctuations in prices of key raw materials like steel, cement, and fuel can impact project margins, even with escalation clauses in contracts.

Working Capital Management: EPC projects often involve significant working capital requirements and long cash conversion cycles, posing liquidity risks if not managed efficiently.

Interest Rate Fluctuations: As EPC companies typically carry debt for working capital and project financing, rising interest rates can increase borrowing costs.

Intense Competition: The industry is highly competitive, leading to potential margin pressure during bidding for new projects.

Regulatory & Political Risks: Changes in government policies, tender processes, environmental regulations, or political instability in international markets can impact project viability.

Geopolitical Risks: For international projects, currency fluctuations, sovereign risks, and regional conflicts can pose significant challenges.

Management & Ownership

KPIL is part of the Kalpataru Group, a diversified conglomerate with interests in real estate, power, and infrastructure. It is a promoter-led company, with the Kalpataru Group holding a significant stake. The management team is generally perceived as experienced in the infrastructure sector, with a long history of successfully executing complex projects. The company's ownership structure includes the promoter group, institutional investors (domestic and foreign), and public shareholders.

Outlook

KPIL's outlook is cautiously optimistic, balancing significant opportunities with inherent industry risks. The company benefits from a strong tailwind of infrastructure development, both in India and globally, particularly in its core T&D and Railways segments. A robust order book and diversified geographical presence provide a degree of revenue stability. However, the company faces ongoing challenges from intense competition, potential margin pressures, effective working capital management, and execution risks inherent in large-scale projects. Its ability to maintain a healthy order inflow, manage costs effectively, and judiciously expand into new markets will be crucial for sustainable growth and profitability.

Kalpataru Projects Share Price

Live · BSE / NSE · Inception: 1981
₹ | |
Volume
Price

Key Financials — Profit & Loss

₹ in Cr · Consolidated · annual

Kalpataru Projects 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 5971 4587 4930 5732 7067 6171 6529 6665 7778 6408
Other Income 20 22 17 10 13 16 23 28 37 77
Total Income 5991 4609 4947 5743 7080 6188 6552 6694 7815 6485
Total Expenditure 5519 4208 4492 5253 6529 5646 5967 6152 7138 5846
Operating Profit 472 401 455 489 551 541 585 541 677 639
Interest 142 144 150 164 118 122 137 137 105 82
Depreciation 119 119 117 123 138 129 126 128 127 137
Exceptional Income / Expenses 0 0 0 0 0 0 0 -29 66 0
Profit Before Tax 211 137 188 202 296 290 322 247 511 420
Provision for Tax 42 53 62 62 78 77 84 98 81 109
Profit After Tax 169 84 126 140 218 214 237 149 431 312
Adjustments -4 9 -0 2 7 0 3 3 4 -1
Profit After Adjustments 164 93 126 142 225 214 240 152 434 310
Adjusted Earnings Per Share 10.1 5.7 7.7 8.3 13.2 12.5 14.1 8.9 25.4 18.2

Kalpataru Projects 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 7185 7512 8704 10840 12676 12949 14777 16361 19626 22316 27143 27380
Other Income 42 35 36 48 101 86 152 91 66 76 105 165
Total Income 7227 7548 8741 10888 12777 13035 14929 16452 19693 22392 27248 27546
Total Expenditure 6371 6570 7595 9411 11167 11356 13525 14889 17814 20298 24711 25103
Operating Profit 856 977 1145 1477 1610 1679 1404 1564 1878 2094 2537 2442
Interest 462 471 476 486 603 538 522 621 704 774 693 461
Depreciation 186 181 192 211 340 373 351 392 473 497 510 518
Exceptional Income / Expenses 0 0 0 0 4 210 185 91 0 0 37 37
Profit Before Tax 171 295 461 761 648 945 696 642 701 823 1371 1500
Provision for Tax 95 138 183 274 258 283 161 207 185 256 340 372
Profit After Tax 76 157 278 487 390 662 535 435 516 567 1031 1129
Adjustments 34 29 2 -20 0 9 5 6 -6 18 9 9
Profit After Adjustments 110 186 281 467 390 671 540 441 510 586 1040 1136
Adjusted Earnings Per Share 7.2 12.2 18.3 30.4 25.2 45.1 36.3 27.1 31.4 34.3 60.9 66.6

Kalpataru Projects 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 2247 2422 2673 3119 3358 3739 4279 4721 5138 6513 7777
Minority's Interest 154 151 146 161 137 120 139 -27 -25 -44 -44
Borrowings 1998 1992 2373 1918 1797 1607 1553 1215 1448 1467 611
Other Non-Current Liabilities 692 854 1043 1169 1230 1415 1509 894 502 434 515
Total Current Liabilities 4314 4692 6018 6693 8333 8343 9534 12135 14378 16613 18582
Total Liabilities 9405 10111 12255 14008 15661 15224 17013 19402 21850 25314 27449
Fixed Assets 3081 3060 3061 3140 3444 3472 3558 3124 3073 3252 3148
Other Non-Current Assets 727 740 1252 262 419 431 542 527 498 552 1047
Total Current Assets 5584 6304 7926 9202 10493 10945 12397 14729 17260 20487 22942
Total Assets 9405 10111 12255 14008 15661 15224 17013 19402 21850 25314 27449

Kalpataru Projects 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 162 153 246 263 244 509 538 1062 958 1010 1605
Cash Flow from Operating Activities 1104 766 650 1035 937 931 714 656 843 914 1534
Cash Flow from Investing Activities -386 -233 -700 -836 -747 8 -255 -326 -263 -719 -0
Cash Flow from Financing Activities -726 -439 66 -219 40 -897 25 -438 -524 400 -1636
Net Cash Inflow / Outflow -7 94 15 -19 230 42 484 -108 56 595 -102
Closing Cash & Cash Equivalent 153 246 263 244 509 538 1062 958 1010 1605 1512

Kalpataru Projects 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) 7.17 12.15 18.29 30.42 25.18 45.07 36.29 27.13 31.37 34.29 60.89
CEPS(Rs) 17.07 22.01 30.61 45.49 47.14 69.54 59.49 50.89 60.89 62.33 90.21
DPS(Rs) 1.5 2 2.5 3 3.5 10 6.5 7 8 9 11
Book NAV/Share(Rs) 146.42 157.83 174.21 203.29 217.09 251.07 287.35 290.59 316.28 381.34 455.3
Core EBITDA Margin(%) 11.16 12.35 12.69 13.18 11.9 12.31 8.48 9 9.23 9.04 8.96
EBIT Margin(%) 8.68 10.03 10.72 11.51 9.87 11.45 8.25 7.72 7.16 7.15 7.6
Pre Tax Margin(%) 2.35 3.86 5.27 7.02 5.11 7.3 4.71 3.92 3.57 3.69 5.05
PAT Margin (%) 1.04 2.06 3.18 4.49 3.07 5.11 3.62 2.66 2.63 2.54 3.8
Cash Profit Margin (%) 3.59 4.43 5.37 6.44 5.75 8 5.99 5.05 5.04 4.77 5.68
ROA(%) 0.83 1.61 2.49 3.71 2.63 4.29 3.32 2.39 2.5 2.41 3.91
ROE(%) 3.41 6.74 10.92 16.82 12.03 18.66 13.35 9.67 10.47 9.74 14.42
ROCE(%) 11.45 14.66 16.64 21.29 20.2 21.9 16.38 15.41 16.1 16.17 18.95
Receivable days 128.96 151.12 153.42 137.52 127.12 135.76 118.51 109.65 102.81 111.4 109.07
Inventory Days 52.52 43.38 40.18 35.5 33.47 32.13 26.76 25.93 24.01 22.75 21.55
Payable days 223.79 234.67 244.33 236.61 218.86 259.59 220.76 239.76 239.31 264.65 266.9
PER(x) 28.55 26.51 26.32 15.44 7.21 8.36 10.1 19.72 33.98 28.42 17.36
Price/Book(x) 1.4 2.04 2.76 2.31 0.84 1.5 1.28 1.84 3.37 2.56 2.32
Dividend Yield(%) 0.73 0.62 0.52 0.64 1.93 2.65 1.77 1.31 0.75 0.92 1.04
EV/Net Sales(x) 0.82 1 1.2 0.88 0.44 0.63 0.54 0.69 1.03 0.85 0.72
EV/Core EBITDA(x) 6.89 7.71 9.1 6.48 3.45 4.87 5.68 7.24 10.75 9.11 7.7
Net Sales Growth(%) -0.19 4.56 15.87 24.54 16.93 2.16 14.12 10.72 19.96 13.7 21.63
EBIT Growth(%) 6.08 14.27 22.45 33.12 0.28 18.56 -17.85 3.64 11.28 13.62 29.27
PAT Growth(%) -34.32 39.95 76.91 75.05 -20.02 69.93 -19.18 -18.7 18.59 9.96 81.68
EPS Growth(%) -8.6 69.49 50.53 66.3 -17.21 78.95 -19.48 -25.23 15.62 9.31 77.57
Debt/Equity(x) 1.3 1.18 1.24 0.84 0.98 0.84 0.87 0.78 0.76 0.64 0.43
Current Ratio(x) 1.29 1.34 1.32 1.37 1.26 1.31 1.3 1.21 1.2 1.23 1.23
Quick Ratio(x) 1.09 1.14 1.15 1.21 1.11 1.18 1.19 1.11 1.11 1.15 1.14
Interest Cover(x) 1.37 1.63 1.97 2.57 2.07 2.76 2.33 2.03 2 2.06 2.98
Total Debt/Mcap(x) 0.93 0.58 0.45 0.36 1.17 0.56 0.68 0.42 0.23 0.25 0.18

Growth Rates

Compounded annual
# 1 Year 3 Year 5 Year 10 Year
Sales CAGR +22% +18% +16% +14%
Operating Profit CAGR +21% +17% +9% +11%
PAT CAGR +82% +33% +9% +30%
Share Price CAGR +9% +28% +27% +18%
ROE Average +14% +12% +12% +11%
ROCE Average +19% +17% +17% +17%

Kalpataru Projects Shareholding Pattern

Latest · Jun 2026
100% held
Promoters 33.58 %
FII 10.78 %
DII (MF + Insurance) 44.83 %
Public (retail) 10.81 %
# Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026
Promoter 40.5935.2435.2433.5233.5233.5233.5733.5733.5833.58
FII 8.1710.0610.7112.4111.611.8311.9811.7310.9210.78
DII 43.6445.645.9345.8545.0444.8144.143.945.1144.83
Public 7.69.18.138.239.859.8410.3610.810.3910.81
Others 0000000000
Total 100100100100100100100100100100

Kalpataru Projects Peer Comparison

Engineering - Construction Edit Columns

Kalpataru Projects Quarterly Price

10-year quarterly close · BSE
Show Value Show %

News & Updates

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Kalpataru Projects Pros & Cons

Pros

  • Company has reduced debt.
  • Company is almost debt free.

Cons

  • Promoter holding is low: 33.58%.
  • Company has a low return on equity of 12% over the last 3 years.
  • Debtor days have increased from 264.65 to 266.9days.
  • The company has delivered a poor profit growth of 9% over past five years.
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