Engineering - Construction · Founded 1992 · www.kaushalya.net · BSE 532925 · NSE KAUSHAL INFR · ISIN INE234I01028
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Business
Kaushalya Infrastructure Development Corporation Ltd. is an Indian company operating in the Engineering - Construction sector. The company is primarily engaged in infrastructure development and construction activities. Its core business model involves bidding for and executing various civil construction projects, which typically include roads, bridges, buildings, and other public and private infrastructure. The company generates revenue by successfully completing these projects according to contractual terms, receiving payments from government bodies, public sector undertakings, or private clients.
Revenue Mix
Specific details on major business segments and their contribution to revenue are not available from the provided information. However, based on its sector, typical segments for such a company might include:
Roads & Highways
Buildings (residential, commercial, institutional)
Water & Irrigation Projects
Other Infrastructure (e.g., urban development, industrial structures)
The exact revenue mix would depend on the types of projects secured and executed in a given period.
Industry
The Engineering - Construction industry in India is large, highly fragmented, and characterized by intense competition. It is heavily influenced by government spending on infrastructure and cyclical trends in the real estate and industrial sectors. Companies range from large, diversified conglomerates to numerous regional and specialized players. Kaushalya Infrastructure Development Corporation Ltd., given its public listing (KAUSHALYA) but not being a market leader, is likely positioned as a mid-sized to smaller player, competing for projects primarily based on pricing, execution capabilities, and possibly regional presence or specific project expertise.
MOAT
In the commoditized general construction sector, durable competitive advantages are often weak. Kaushalya Infrastructure Development Corporation Ltd. is unlikely to possess strong, lasting moats such as:
Brand: Not a primary differentiator in general civil construction.
Scale: Unlikely to have a significant scale advantage over larger national players.
Network Effects/Switching Costs: Generally low in this industry for clients.
Proprietary Technology/Patents: Not typical for general infrastructure development.
Any competitive edge would likely stem from efficient project management, cost control, strong client relationships (especially with government entities), a skilled labor force, or a localized operational presence, which are difficult to sustain as robust moats.
Growth Drivers
Government Infrastructure Push: Continued high government spending on roads, railways, urban development, and other public infrastructure projects under initiatives like the National Infrastructure Pipeline.
Urbanization: Rapid urbanization and population growth in India drive demand for new housing, commercial spaces, and supporting urban infrastructure.
Industrial Growth: Expansion in manufacturing and other industries necessitates new industrial parks, factory buildings, and logistics infrastructure.
Favorable Policies: Government policies aimed at ease of doing business, faster clearances, and public-private partnerships can accelerate project execution.
Technological Adoption: Adoption of modern construction techniques and equipment can improve efficiency and competitiveness.
Risks
Project Execution Risk: Delays in project completion, cost overruns, and quality issues can impact profitability and reputation.
Working Capital & Liquidity: High working capital requirements and potential delays in client payments can strain liquidity and cash flow.
Intense Competition: Fierce competition from other contractors can lead to lower bid prices and margin erosion.
Regulatory & Environmental Risks: Delays in obtaining clearances, land acquisition issues, and changes in environmental regulations can impact project timelines and costs.
Cyclicality: The construction sector is highly cyclical and vulnerable to economic slowdowns, interest rate fluctuations, and changes in government spending priorities.
Input Cost Volatility: Fluctuations in prices of key raw materials like steel, cement, and fuel, as well as labor costs, can affect project profitability.
Management & Ownership
Kaushalya Infrastructure Development Corporation Ltd. is a publicly listed company in India. As is common in many Indian companies, it is likely promoted and controlled by a founding family or group. Information regarding specific promoters, their experience, or the quality of the broader management team is not available from the provided data. The ownership structure would typically involve promoter holdings, institutional investors, and public shareholders, with proportions varying.
Outlook
Kaushalya Infrastructure Development Corporation Ltd. operates in a sector poised for long-term growth driven by India's developmental needs and government focus on infrastructure. The company's ability to secure new projects, manage execution risks, control costs, and maintain healthy cash flows will be critical for its performance. The bull case hinges on robust order book additions, timely execution of profitable projects, and favorable government infrastructure spending. Conversely, the bear case involves risks such as intense competition leading to margin pressure, project delays, working capital challenges due to delayed payments, and adverse macroeconomic conditions impacting the broader construction sector. The company's future trajectory will largely depend on its operational efficiency and strategic project selection within this competitive landscape.
| #(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 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 |
| Other Income | 16 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 0 |
| Total Income | 17 | 0 | 0 | 0 | 0 | 1 | 0 | 1 | 0 | 0 |
| Total Expenditure | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 0 |
| Operating Profit | 16 | -0 | -0 | -0 | -0 | 0 | -0 | 1 | -0 | -0 |
| Interest | 0 | 0 | -0 | -0 | 0 | 0 | 0 | -0 | 0 | 0 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 16 | -0 | -0 | -0 | -0 | 0 | -0 | 1 | -0 | -0 |
| Provision for Tax | 4 | 0 | 0 | 0 | -1 | 0 | -0 | 0 | -0 | 0 |
| Profit After Tax | 12 | -0 | -0 | -0 | 1 | 0 | -0 | 0 | -0 | -0 |
| Adjustments | 2 | 0 | 5 | 1 | 0 | 0 | -0 | 0 | -0 | -0 |
| Profit After Adjustments | 14 | -0 | 4 | 1 | 1 | 0 | -0 | 1 | -0 | -0 |
| Adjusted Earnings Per Share | 400.9 | -6.4 | 124.4 | 15.7 | 20.2 | 11.9 | -7.2 | 15.4 | -10.6 | -13.1 |
| #(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 | 1 | 1 | 1 | 0 | 0 | 2 | 0 | 0 | 0 | 0 | 1 | 1 |
| Other Income | 1 | 1 | 0 | 27 | 1 | 5 | 2 | 1 | 17 | 0 | 1 | 0 |
| Total Income | 2 | 1 | 1 | 27 | 1 | 8 | 2 | 1 | 17 | 0 | 2 | 1 |
| Total Expenditure | 56 | 5 | 1 | 9 | 6 | 3 | 3 | 2 | 3 | 1 | 1 | 0 |
| Operating Profit | -54 | -4 | -0 | 18 | -5 | 5 | -2 | -1 | 14 | -1 | 1 | 1 |
| Interest | -0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 3 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | -55 | -4 | -1 | 17 | -6 | 5 | 1 | 16 | 18 | 5 | 0 | 1 |
| Provision for Tax | -0 | -0 | -0 | -6 | -0 | 4 | 1 | 0 | 3 | -1 | 0 | 0 |
| Profit After Tax | -55 | -4 | -1 | 22 | -6 | 1 | 0 | 15 | 15 | 5 | 0 | 0 |
| Adjustments | 0 | 0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | 0 |
| Profit After Adjustments | -55 | -4 | -1 | 22 | -6 | 0 | 0 | 15 | 15 | 5 | 0 | 1 |
| Adjusted Earnings Per Share | -1581.1 | -111.9 | -30 | 642.2 | -184.6 | 11.3 | 8.5 | 442.9 | 432.2 | 148.5 | 4.7 | -15.5 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 0% | 0% | -13% | 0% |
| Operating Profit CAGR | 0% | 0% | -28% | 0% |
| PAT CAGR | -100% | -100% | -100% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -19% | -4% | 27% | 5% |
| ROE Average | 0% | 10% | 13% | -1% |
| ROCE Average | 1% | 10% | 11% | 2% |
| #(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 | 30 | 26 | 25 | 47 | 39 | 39 | 40 | 56 | 72 | 77 | 77 |
| Minority's Interest | 0 | 0 | 0 | 0 | 1 | 1 | 1 | 1 | 1 | 1 | 2 |
| Borrowings | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 1 | 1 | 0 | -6 | -6 | 0 | -4 | -4 | -1 | -2 | -2 |
| Total Current Liabilities | 92 | 93 | 75 | 48 | 45 | 29 | 25 | 24 | 1 | 2 | 2 |
| Total Liabilities | 123 | 120 | 100 | 90 | 79 | 69 | 62 | 77 | 72 | 78 | 79 |
| Fixed Assets | 4 | 3 | 3 | 2 | 2 | 1 | 1 | 1 | 1 | 1 | 1 |
| Other Non-Current Assets | 68 | 73 | 80 | 63 | 55 | 60 | 57 | 72 | 68 | 74 | 75 |
| Total Current Assets | 51 | 43 | 18 | 25 | 22 | 8 | 4 | 4 | 4 | 4 | 4 |
| Total Assets | 123 | 120 | 100 | 90 | 79 | 69 | 62 | 77 | 72 | 78 | 79 |
| #(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 | 1 | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash Flow from Operating Activities | -23 | 2 | 6 | -1 | -1 | 5 | -4 | 1 | 2 | 0 | -0 |
| Cash Flow from Investing Activities | 24 | -3 | -1 | 1 | 3 | 1 | 5 | 1 | 4 | -0 | 0 |
| Cash Flow from Financing Activities | -2 | 1 | -5 | -1 | -2 | -6 | -1 | -2 | -6 | 0 | -0 |
| Net Cash Inflow / Outflow | -1 | -0 | 1 | -1 | -0 | -0 | 0 | -0 | 0 | -0 | -0 |
| Closing Cash & Cash Equivalent | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| # | 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) | -1581.13 | -111.9 | -29.99 | 642.17 | -184.64 | 11.29 | 8.46 | 442.89 | 432.21 | 148.48 | 4.66 |
| CEPS(Rs) | -1567.68 | -103.29 | -15.7 | 662.15 | -165.42 | 29.51 | 20.39 | 450.31 | 438.54 | 155.61 | 10.2 |
| DPS(Rs) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Book NAV/Share(Rs) | 793.85 | 743.72 | 726.13 | 1368.3 | 1183.66 | 1194.95 | 1203.41 | 1646.3 | 2078.51 | 2229.92 | 2234.58 |
| Core EBITDA Margin(%) | -8063.77 | -592.79 | -122.93 | -3950.11 | -3196.57 | -30.04 | -2388.51 | -1747.11 | -1793.14 | -884.15 | -61.36 |
| EBIT Margin(%) | -7951.62 | -559.04 | -155.73 | 7383.22 | -3451.02 | 199.81 | 706.11 | 0 | 0 | 3625.7 | 52.85 |
| Pre Tax Margin(%) | -7946.81 | -567.14 | -165.87 | 7381.8 | -3469.64 | 199.09 | 683.56 | 0 | 0 | 3601.06 | 52.09 |
| PAT Margin (%) | -7939.85 | -559.11 | -149.21 | 0 | -3407.59 | 28.05 | 311.05 | 0 | 0 | 4042.08 | 36.46 |
| Cash Profit Margin (%) | -7872.25 | -495.76 | -82.13 | 0 | -3173.8 | 44.96 | 513.45 | 0 | 0 | 4085.67 | 39.3 |
| ROA(%) | -34.84 | -3.32 | -0.9 | 23.65 | -7.3 | 0.86 | 0.65 | 22.36 | 20.27 | 7.08 | 0.42 |
| ROE(%) | -99.94 | -15.15 | -3.88 | 62.03 | -13.92 | 1.55 | 1.03 | 31.33 | 23.42 | 7.15 | 0.42 |
| ROCE(%) | -47.18 | -4.56 | -1.2 | 20.51 | -8.32 | 6.65 | 1.48 | 21.67 | 23.59 | 6.41 | 0.61 |
| Receivable days | 0 | 0 | 0 | 0 | 0 | 1483.17 | 0 | 8445.61 | 6879.1 | 7030.89 | 1031.68 |
| Inventory Days | 407.33 | 260.57 | 267.04 | 773.37 | 942.12 | 41.39 | 119.72 | 0 | 0 | 0 | 0 |
| Payable days | 2633.71 | 0 | 0 | 0 | 0 | 3972.55 | 3691.44 | 5290.58 | 0 | 4747.87 | 6407.32 |
| PER(x) | 0 | 0 | 0 | 0.11 | 0 | 13.82 | 42.21 | 0.85 | 1.37 | 6.08 | 173.8 |
| Price/Book(x) | 0.45 | 0.72 | 0.29 | 0.05 | 0.03 | 0.13 | 0.3 | 0.23 | 0.29 | 0.41 | 0.36 |
| Dividend Yield(%) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EV/Net Sales(x) | 105.56 | 111.94 | 96.64 | 148.09 | 170 | 12.92 | 259.99 | 279.19 | 138.22 | 232.29 | 30.46 |
| EV/Core EBITDA(x) | -1.34 | -22.58 | -132.56 | 1.89 | -6.58 | 6.12 | -20.21 | -29.62 | 1.43 | -32.52 | 51.11 |
| Net Sales Growth(%) | -88.92 | 4.62 | -8.23 | -66.06 | -19.67 | 1159.5 | -93.95 | -9.53 | 16 | -8.59 | 581.5 |
| EBIT Growth(%) | -6214.16 | 92.64 | 74.44 | 1708.97 | -136.22 | 189.31 | -78.63 | 1515.68 | 13.67 | -73.18 | -90.07 |
| PAT Growth(%) | -651.38 | 92.63 | 75.51 | 2377.02 | -126.63 | 112.73 | -32.92 | 3514.33 | -2.3 | -64.7 | -93.85 |
| EPS Growth(%) | -651.34 | 92.92 | 73.2 | 2241.28 | -128.75 | 106.11 | -25.09 | 5136.44 | -2.41 | -65.65 | -96.86 |
| Debt/Equity(x) | 2.23 | 2.43 | 2.3 | 0.66 | 0.73 | 0.59 | 0.57 | 0.39 | 0 | 0 | 0 |
| Current Ratio(x) | 0.56 | 0.46 | 0.24 | 0.52 | 0.48 | 0.28 | 0.15 | 0.16 | 6.13 | 2.11 | 1.74 |
| Quick Ratio(x) | 0.55 | 0.46 | 0.23 | 0.51 | 0.47 | 0.27 | 0.15 | 0.16 | 6.13 | 2.11 | 1.74 |
| Interest Cover(x) | 1654.06 | -69.07 | -15.37 | 5184.41 | -185.39 | 276.98 | 31.32 | 3337.57 | 6857.85 | 147.15 | 68.86 |
| Total Debt/Mcap(x) | 4.92 | 3.35 | 7.9 | 13.17 | 23.34 | 4.52 | 1.93 | 1.71 | 0 | 0 | 0 |
| # | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 51.42 | 51.42 | 51.42 | 51.42 | 51.42 | 51.42 | 51.42 | 51.42 | 51.42 | 51.42 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 48.58 | 48.58 | 48.58 | 48.58 | 48.58 | 48.58 | 48.58 | 48.58 | 48.58 | 48.58 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 0.03 | 0.03 | 0.03 | 0.03 | 0.03 | 0.03 | 0.03 | 0.03 | 0.03 | 0.03 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | — | — | -13% | 0% |
| Operating Profit CAGR | — | — | -28% | — |
| PAT CAGR | -100% | -100% | -100% | — |
| Share Price CAGR | -19% | -4% | +27% | +5% |
| ROE Average | 0% | +10% | +13% | -1% |
| ROCE Average | +1% | +10% | +11% | +2% |
| # | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 51.42 | 51.42 | 51.42 | 51.42 | 51.42 | 51.42 | 51.42 | 51.42 | 51.42 | 51.42 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 48.58 | 48.58 | 48.58 | 48.58 | 48.58 | 48.58 | 48.58 | 48.58 | 48.58 | 48.58 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 0.03 | 0.03 | 0.03 | 0.03 | 0.03 | 0.03 | 0.03 | 0.03 | 0.03 | 0.03 |
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