Kalpataru Projects International
KPIL NSE
Kalpataru Projects International
ConstructionNSE: KPIL BSE: 522287 Civil Construction
Key Fundamentals
SmallcapCivil ConstructionConstructionMarket Cap
₹24,019 Cr
Volatility
Moderate
P/E Ratio
21.57
EBITDA
₹2,345 Cr
Return on Equity
13.33%
Debt to Equity
0.46
Book Value
₹455.37
EPS
₹30.04
52W High
₹1,479.6
52W Low
₹1,007.1
Tapetide Score
Data-driven rating, 0–100. How it works →
Key Insights
Strengths
1- Company has been maintaining a healthy dividend payout of 23.3%
Weaknesses
3- Company has a low return on equity of 11.5% over last 3 years.
- Company's cost of borrowing seems high
- Promoter holding has decreased over last 3 years: -7.49%
Growth Rate
Revenue Growth
21.76% higher than
3Y
Net Income Growth
81.67% higher than
3Y
Cash Flow Change
67.88% lower than
3Y
ROE
52% higher than
3Y
ROCE
26.68% higher than
3Y
EBITDA Margin (Avg.)
1.53% higher than
3Y
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 2d agoAI opinion · based on fundamentals
Risk medium
Kalpataru Projects International (KPIL) is a diversified EPC company with a market cap of ~₹24,019 crore, trading at a P/E of 21.7x. The company has delivered 18% compounded sales CAGR over three years and 36% profit CAGR over the same period, supported by a record order book of ~₹64,495 crore as of March 2025. However, ROE has averaged 11.5% over three years, promoter holding has declined by 7.49%, and borrowing costs remain elevated.
Bull Case 8
- Strong order book of ~₹64,495 crore as of March 2025 provides roughly 2.9x FY25 revenue visibility (FY25 revenue ~₹22,316 crore), underpinning multi-year growth
- Compounded profit growth of 36% over 3 years and 57% TTM indicates accelerating earnings momentum
- Revenue CAGR of 18% over 3 years and 16% over 5 years demonstrates consistent top-line expansion across cycles
- Debt-to-equity ratio improved from 0.86 in December 2023 to 0.61 by December 2024, showing meaningful deleveraging
- Diversified across T&D, buildings, oil & gas, water, and railways with presence in 75+ countries reduces single-segment concentration risk
- ROE improved to 14% in the last year from the 3-year average of 12%, signaling improving capital efficiency
- FY26 management guidance of 20%+ revenue growth with margin improvement, backed by order inflows of ~₹19,456 crore in H1 FY26 alone
- Consistent dividend payout of 23.3% with a yield of 0.77%, offering some income alongside growth
Bear Case 7
- 3-year average ROE of only 11.5% is modest for an EPC company of this scale, suggesting capital is not being deployed at high returns
- Promoter holding has declined by 7.49% over the last 3 years, which may signal reduced promoter confidence or dilution concerns
- Operating profit margins have been range-bound at 8.0-8.3% over FY22-FY26, limiting profitability upside even as revenue scales
- High cost of borrowing compresses net margins in a capital-intensive EPC business with significant working capital needs
- P/B ratio of 3.15x is elevated relative to the sub-12% historical ROE, suggesting the stock prices in significant future improvement
- EPC sector is inherently exposed to execution risk, client payment delays, and commodity price volatility across a geographically dispersed order book
- Stock CAGR of 31% over 3 years has outpaced profit CAGR of 36% over the same period, leaving limited margin of safety if earnings disappoint
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 2h ago Positives 1
- New India ops subsidiary formed Sep 01
KPIL incorporated LM Operation Center India Private Limited as a wholly owned step-down subsidiary on August 14, 2026, aimed at enhancing project execution capabilities.
TL;DR: Kalpataru Projects is investing in operational capacity by setting up a new step-down subsidiary focused on project execution in India. No headwinds or risks emerged in the current news cycle. The move signals management confidence in a healthy order pipeline and could improve execution efficiency going forward.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 4,241 | 4,518 | 4,896 | 5,971 | 4,587 | 4,930 | 5,732 | 7,067 | 6,171 | 6,529 | 6,665 | 7,778 | 6,408 |
| Expenses | 3,859 | 4,148 | 4,472 | 5,519 | 4,208 | 4,492 | 5,253 | 6,529 | 5,646 | 5,967 | 6,152 | 7,138 | 5,846 |
| Operating Profit | 382 | 371 | 424 | 452 | 379 | 438 | 479 | 538 | 525 | 561 | 513 | 640 | 562 |
| OPM % | 9% | 8% | 9% | 8% | 8% | 9% | 8% | 8% | 9% | 9% | 8% | 8% | 9% |
| Other Income | 18 | 12 | 14 | 20 | 22 | 17 | 10 | 13 | 16 | 23 | -1 | 103 | 77 |
| Interest | 115 | 137 | 124 | 142 | 144 | 150 | 164 | 118 | 122 | 137 | 137 | 105 | 82 |
| Depreciation | 120 | 113 | 121 | 119 | 119 | 117 | 123 | 138 | 129 | 126 | 128 | 127 | 137 |
| PBT | 165 | 132 | 193 | 211 | 137 | 188 | 202 | 296 | 290 | 322 | 247 | 511 | 420 |
| Tax % | 32% | 32% | 25% | 20% | 39% | 33% | 31% | 26% | 26% | 26% | 40% | 16% | 26% |
| Net Profit | 113 | 90 | 144 | 169 | 84 | 126 | 140 | 218 | 214 | 237 | 149 | 431 | 312 |
| EPS in Rs | 7.08 | 5.47 | 8.68 | 10.12 | 5.71 | 7.73 | 8.31 | 13.2 | 12.51 | 14.06 | 8.91 | 25.43 | 18.16 |
Profit & Loss
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 7,152 | 7,142 | 7,446 | 8,709 | 10,840 | 12,676 | 12,949 | 14,777 | 16,361 | 19,626 | 22,316 | 27,143 | 27,380 |
| Expenses | 6,412 | 6,305 | 6,525 | 7,609 | 9,426 | 11,133 | 11,376 | 13,482 | 14,872 | 17,812 | 20,285 | 24,711 | 25,103 |
| Operating Profit | 740 | 838 | 921 | 1,100 | 1,414 | 1,543 | 1,574 | 1,295 | 1,490 | 1,814 | 2,031 | 2,432 | 2,277 |
| OPM % | 10% | 12% | 12% | 13% | 13% | 12% | 12% | 9% | 9% | 9% | 9% | 9% | 8% |
| Other Income | 25 | -18 | 24 | 25 | 44 | 48 | 277 | 274 | 165 | 64 | 62 | 141 | 202 |
| Interest | 373 | 462 | 469 | 473 | 486 | 603 | 532 | 522 | 621 | 704 | 774 | 693 | 461 |
| Depreciation | 168 | 186 | 181 | 192 | 211 | 340 | 373 | 351 | 392 | 473 | 497 | 510 | 518 |
| PBT | 224 | 171 | 295 | 461 | 761 | 648 | 945 | 696 | 642 | 701 | 823 | 1,371 | 1,501 |
| Tax % | 48% | 56% | 47% | 40% | 36% | 40% | 30% | 23% | 32% | 26% | 31% | 25% | — |
| Net Profit | 115 | 76 | 157 | 278 | 487 | 390 | 662 | 535 | 435 | 516 | 567 | 1,031 | 1,129 |
| EPS in Rs | 7.84 | 7.17 | 12.15 | 18.29 | 30.41 | 25.18 | 45.06 | 36.28 | 27.13 | 31.37 | 34.3 | 60.9 | 66.56 |
| Div. Payout % | 19% | 21% | 16% | 14% | 10% | 14% | 22% | 18% | 26% | 26% | 26% | 18% | — |
Balance Sheet
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 31 | 31 | 31 | 31 | 31 | 31 | 30 | 30 | 32 | 32 | 34 | 34 |
| Reserves | 2,186 | 2,217 | 2,391 | 2,643 | 3,089 | 3,327 | 3,709 | 4,249 | 4,688 | 5,106 | 6,479 | 7,742 |
| Borrowings | 3,684 | 2,922 | 2,849 | 3,319 | 2,610 | 3,296 | 3,260 | 3,838 | 3,786 | 4,008 | 4,314 | 3,543 |
| Other Liabilities | 3,050 | 4,315 | 4,947 | 6,393 | 8,406 | 9,086 | 8,323 | 8,999 | 11,014 | 12,868 | 14,746 | 16,383 |
| Total Liabilities | 8,951 | 9,485 | 10,218 | 12,385 | 14,135 | 15,741 | 15,321 | 17,116 | 19,521 | 22,014 | 25,573 | 27,702 |
| Fixed Assets | 3,204 | 3,081 | 3,061 | 3,062 | 3,141 | 3,444 | 3,472 | 3,559 | 3,124 | 3,073 | 3,252 | 3,148 |
| CWIP | 398 | 27 | 117 | 724 | 16 | 54 | 34 | 25 | 52 | 33 | 29 | 64 |
| Investments | 11 | 63 | 45 | 51 | 1 | 1 | 1 | 5 | 5 | 0 | 150 | 2 |
| Other Assets | 5,338 | 6,313 | 6,995 | 8,549 | 10,977 | 12,241 | 11,814 | 13,528 | 16,339 | 18,908 | 22,142 | 24,488 |
| Total Assets | 8,951 | 9,485 | 10,218 | 12,385 | 14,135 | 15,741 | 15,321 | 17,116 | 19,521 | 22,014 | 25,573 | 27,702 |
Cash Flow
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | 72 | 1,104 | 766 | 650 | 1,035 | 937 | 931 | 714 | 656 | 843 | 914 | 1,534 |
| Investing | -605 | -387 | -235 | -699 | -835 | -713 | -6 | -214 | -323 | -266 | -718 | 8 |
| Financing | 550 | -726 | -439 | 66 | -219 | 40 | -897 | 25 | -438 | -524 | 400 | -1,636 |
| Net Cash Flow | 18 | -9 | 93 | 17 | -19 | 265 | 29 | 524 | -104 | 53 | 595 | -94 |
| Free Cash Flow | -504 | 742 | 542 | -3 | 330 | 474 | 696 | 452 | -63 | 524 | 402 | 840 |
| CFO/OP | 22 | 149 | 97 | 75 | 94 | 78 | 75 | 75 | 59 | 62 | 58 | 79 |
Ratios
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 114 | 149 | 166 | 166 | 142 | 133 | 141 | 113 | 117 | 108 | 128 | 113 |
| Inventory Days | 152 | 113 | 116 | 97 | 91 | 84 | 82 | 62 | 64 | 60 | 61 | 69 |
| Days Payable | 245 | 277 | 289 | 267 | 265 | 239 | 287 | 241 | 257 | 260 | 280 | 276 |
| Cash Conversion Cycle | 21 | -15 | -7 | -5 | -32 | -22 | -63 | -66 | -75 | -92 | -92 | -94 |
| Working Capital Days | 59 | 57 | 67 | 68 | 76 | 84 | 67 | 54 | 47 | 46 | 43 | 38 |
| ROCE % | 11% | 11% | 14% | 16% | 21% | 20% | 18% | 13% | 14% | 16% | 16% | 18% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
Log in to view Kalpataru Projects International insights
63 extracted metrics + investor summaries across FY11–FY26.
Documents
1
Announcement under Regulation 30 (LODR)-Newspaper Publication
8 May - Newspaper Advertisement for Transfer of Equity Shares to Investor Education and Protection Fund Authority 8 May - Newspaper Advertisement for Transfer of Equity Shares to Investor Education and Protection Fund Authority
2
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
6 May - Q4FY26 and FY26 results conference call scheduled for 15 May 2026 at 09:00 IST. 6 May - Q4FY26 and FY26 results conference call scheduled for 15 May 2026 at 09:00 IST.
3
Board Meeting Intimation for Meeting Of The Board Of The Company Scheduled To Be Held On Thursday, 14Th May, 2026
6 May - Board meets 14 May 2026 for FY26 results, final dividend consideration; investor call on 15 May. 6 May - Board meets 14 May 2026 for FY26 results, final dividend consideration; investor call on 15 May.
5
Format of the Initial Disclosure to be made by an entity identified as a Large Corporate : Annexure A
29 Apr - KPIL filed FY27 initial large corporate disclosure; borrowing was Rs. 1,432.57 crore as of March 31, 2026. 29 Apr - KPIL filed FY27 initial large corporate disclosure; borrowing was Rs. 1,432.57 crore as of March 31, 2026.
Frequently Asked Questions about Kalpataru Projects International
What does Kalpataru Projects International Ltd do?
Kalpataru Power Transmission Ltd is a global EPC player with diversified interest in power transmission and distribution, oil and gas pipeline, railways and biomass based power generation.[1]
Where is Kalpataru Projects International Ltd (KPIL) listed?
Kalpataru Projects International Ltd trades as KPIL on the NSE and under code 522287 on the BSE.
Which sector does Kalpataru Projects International Ltd belong to?
Kalpataru Projects International Ltd is classified under the Construction sector, in the Civil Construction industry.
What is the market capitalisation of Kalpataru Projects International Ltd?
Kalpataru Projects International Ltd has a market capitalisation of ₹24,019 Cr, which places it in the Large Cap band.
What is the PE ratio of Kalpataru Projects International Ltd?
Kalpataru Projects International Ltd trades at a PE ratio of 21.57, on earnings per share of ₹30.04, against a book value of ₹455.37 per share.
What is the 52-week high and low of Kalpataru Projects International Ltd?
Over the last 52 weeks Kalpataru Projects International Ltd has traded between ₹1,007.1 and ₹1,479.6.
Does Kalpataru Projects International Ltd pay dividends?
Kalpataru Projects International Ltd has a dividend yield of 0.77%.
What is the Return on Equity (ROE) of Kalpataru Projects International Ltd?
Kalpataru Projects International Ltd reported a return on equity of 13.33%. Its debt-to-equity ratio is 0.46.
Company Information
Kalpataru Power Transmission Ltd is a global EPC player with diversified interest in power transmission and distribution, oil and gas pipeline, railways and biomass based power generation.[1]
Website kalpatarupower.com
CEO Mr. Manish Dashrathmal Mohnot CA, ICWA
Employees 9,881
Listed 2000-12-15
Face Value ₹ 2
Issued Size 17,07,72,546
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