Larsen & Toubro Ltd.
NSE: LT
Industrials · Engineering & Construction
₹3,647.00 last close on 23 Oct 2026 +0.24%
Research updated
Kalpataru Projects International Limited
NSE: KPILIndustrialsEngineering & Construction
- Last close
- ₹1,291.60
- Day change
- −₹11.20 (−0.86%)vs
- Market cap
- ₹23,835 crIndian rupees
- Research updated
- 2 reports
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About Kalpataru Projects International
Kalpataru Projects International Limited is a leading engineering, procurement, and construction (EPC) company, primarily engaged in offering a diverse range of infrastructure services. Known for its robust capabilities in the power transmission and distribution sectors, the company plays a crucial role in building and maintaining infrastructure that supports energy needs across various regions. Kalpataru Projects excels in delivering comprehensive solutions that include design, installation, and commissioning of power projects, catering to both government and private clients. Beyond its core focus, the company extends its expertise to sectors such as oil and gas pipelines, railways, and civil construction, enhancing its footprint in the infrastructure industry. This diversification allows Kalpataru Projects to contribute significantly to the development of essential infrastructure in emerging markets, thereby fostering economic growth. The company's operations symbolize a commitment to advancing sustainable development through cutting-edge technology and innovative engineering approaches, making it a vital player in the global infrastructure landscape.
- Sector
- Industrials
- Industry
- Engineering & Construction
- Listing
- NSE: KPIL
- Chief executive
- Mr. Manish Dashrathmal Mohnot CA, ICWA
- Employees
- 11,188
- Headquarters
- Mumbai, India
- ISIN
- INE220B01022
- Website
- kalpataruprojects.com
Public research · Report of
Business model & financial foundation
KPIL (NSE: KPIL), Diversified engineering, procurement and construction (EPC): revenue of ₹27,143 crore in FY26 (+21.6% on FY25), an EBITDA margin of 8.3%, net profit of ₹1,040 crore and net debt of ₹915.0 crore.
- Revenue, FY26 (₹ crore)
- 27,143
- consolidated
- Revenue growth, FY26
- +21.6%
- on FY25
- Net profit, FY26 (₹ crore)
- 1,040
- to owners
- Return on equity, FY26
- 14.6%
- on average equity
- Net debt, FY26 (₹ crore)
- 915.0
- Management net debt including bank balances and liquidity investments
- Market capitalisation (₹ crore)
- 23,835
- at the close of 16 Oct 2026
Company profile
India-domiciled global EPC contractor executing transmission/distribution, buildings/factories, water, oil/gas pipelines, railways and urban infrastructure; registered office is Plot101, Part-III, GIDC Estate, Sector28, Gandhinagar382028, Gujarat. Group also includes Nordic/Latin American/Middle Eastern EPC, toll-road SPVs and agri-logistics. FY26 management: Manish Mohnot MD & CEO, Shailendra Kumar Tripathi Deputy MD, Ram Patodia CFO, Shweta Girotra Company Secretary; Mofatraj P. Munot non-executive chairman and Parag Munot promoter director. Classification and peer choice are analyst taxonomy, not issuer-reported sector labels.
| Item | Value |
|---|---|
| Legal name | Kalpataru Projects International Limited (formerly Kalpataru Power Transmission Limited) |
| Exchange and ticker | NSE: KPIL; BSE: 522287 |
| ISIN | INE220B01022 |
| CIN | L40100GJ1981PLC004281 |
| Sector | Industrials |
| Industry | Diversified engineering, procurement and construction (EPC) |
| Headquarters | Mumbai, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | B S R & Co. LLP (since At least FY24) |
| Market capitalisation | ₹23,835 crore (16 Oct 2026) |
| Shares outstanding | 17.08 crore shares (FY26) |
| Price | ₹1,396 (close, 16 Oct 2026) |
| 52-week range | ₹1,007 - ₹1,490 (to 16 Oct 2026) |
| Website | https://kalpataruprojects.com |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| Shree Shubham Logistics Limited | 100% | India agri-storage, preservation/maintenance/security, testing, collateral management and pest control; direct subsidiary. |
| Kalpataru Power Transmission Sweden AB | 100% | Swedish holding subsidiary for Nordic EPC group; directly owned. |
| Linjemontage i Grästorp Aktiebolag | 65.9% | Sweden Nordic T&D EPC; IPO/listed Nasdaq Stockholm25Sep2026; indirect through wholly-owned Sweden AB; issuer says approximately65.9% retained post-listing. |
| Linjemontage AS | 96.55% | Norwegian LMG subsidiary;96.55% effective ownership is31Mar2026 historical snapshot. Current effective holding after LMG IPO25Sep2026 not separately verified; no implied stake assumed. |
| Estrela Reluzente Participações S.A. | 100% | Brazil holding company for Fasttel; formerly Kalpataru Power DO Brasil Participações S.A.; renamed 9 February 2026. |
| Fasttel Engenharia S.A. | 100% | Brazil EPC of substations/transmission lines through Estrela; judicial reorganisation filed 5 March 2026. |
| Kalpataru Projects Arabia Company | 100% | Saudi Arabian power-line EPC; 65% at 31 March 2026, remaining35% acquired14 April 2026, same-date rename from Kalpataru IBN Omairah Company. |
| Kalpataru Power Chile SpA | 100% | Chile transmission-line EPC; direct subsidiary. |
| Wainganga Expressway Private Limited | 100% | Indian toll-road concession SPV; concession arbitration pending. |
| Brij Bhoomi Expressway Private Limited | 100% | Indian toll-road infrastructure SPV; direct subsidiary. |
| Kalpataru Power FZCO | 100% | UAE entity, previously DMCC; internal transfer from Mauritius holding to direct KPIL on3 March2025; renamed18 February2026. |
| Punarvasu Financial Services Private Limited | 100% | Indian financial-services subsidiary; indirect. |
FY26 end21 subsidiaries/1JV. LMG96.55% at31Mar2026; approximately65.9% retained post25Sep2026 listing(S64). AS96.55% is historical; post-IPO effective holding not separately verified. KEPL49.57% equity method/carrying nil. Retained26% ATL/KMTL held for sale; control already transferred. VEPL100% sold16Jan2026. Arabia100% acquisition14Apr2026 subsequent event. No corporate parent identified; Kalpataru promoter group. Other small subsidiaries omitted.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 33.57% | 33.58% | 33.58% | |
| Promoter holding pledged | 24.56% | 24.55% | 24.55% | |
| Foreign institutions | 11.73% | 10.92% | 10.78% | |
| Domestic institutions | 43.90% | 45.11% | 44.83% | |
| of which mutual funds | 39.30% | 40.41% | 40.17% | |
| Retail | 8.28% | 8.11% | 8.30% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
KPIL is an India-domiciled EPC contractor (former name Kalpataru Power Transmission) that builds to order across six verticals. FY26 revenue mix: T&D 12,501cr, B&F 6,958cr, oil & gas 2,723cr, water 2,112cr, urban 1,158cr, rail 1,113cr and others 578cr, out of 27,143cr. It wins fixed-price and price-variation contracts and executes them over two to three years, so revenue is the order book times its burn rate. It controls tendering, execution, procurement and a 240,000 MTPA tower plant. It does not control client funding (JJM water payments), right-of-way or commodity prices on roughly half the book, which lacks price variation. International work is 31% of the book. Subsidiaries include Linjemontage (Nordic T&D; 65.9% retained after its 25 Sep 2026 Nasdaq Stockholm IPO), Fasttel (Brazil, in judicial reorganisation) and Kalpataru Projects Arabia (100% since 14 Apr 2026). Non-core exits include the VEPL road SPV, sold Jan 2026, and Indore real estate, monetised. The basis is consolidated throughout.
| Segment | revenue, FY26 (₹ crore) | Share | segment result, FY26 (₹ crore) | Share | assets, FY26 (₹ crore) | Share |
|---|---|---|---|---|---|---|
| Transmission & Distribution (management business) | 12,501 | 23.0% | ||||
| Buildings & Factories (management business) | 6,958 | 12.8% | ||||
| Water (management business) | 2,112 | 3.9% | ||||
| Oil & Gas (management business) | 2,723 | 5.0% | ||||
| Railways (management business) | 1,113 | 2.0% | ||||
| Urban Infrastructure (management business) | 1,158 | 2.1% | ||||
| Others (management business reconciliation) | 578.0 | 1.1% | ||||
| EPC (statutory reportable segment) | 26,649 | 49.0% | 1,618 | 89.1% | 26,455 | 95.5% |
| Development Projects (statutory reportable segment) | 308.6 | 0.6% | 208.5 | 11.5% | 782.8 | 2.8% |
| Others (statutory segment, NOT management Others) | 254.7 | 0.5% | -9.89 | -0.5% | 474.8 | 1.7% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| KEC International Limited (KEC) | Closest global T&D EPC/towers plus civil, transport and pipelines comparator; FY25 business scope S59; peer snapshot S58. |
| Larsen & Toubro Limited (LT) | Diversified EPC benchmark for buildings, water, power and hydrocarbons; conglomerate mix limits comparability. FY25 scope S63. |
| NCC Limited (NCC) | Multi-sector Indian EPC in buildings, water, transport and electrical T&D; domestic working-capital comparator. FY25 scope S62. |
| Techno Electric & Engineering Company Limited (TECHNOE) | Power/transmission EPC comparator; FGD/AMI/data-centre mix differs from KPIL. FY25 BRSR scope S61. |
| Afcons Infrastructure (AFCONS) | Complex transport/civil, metros and international infrastructure execution comparator; closer urban/rail scope than road-heavy PNC. Provider profile retrieved16Oct2026. |
| Ahluwalia Contracts (India) (AHLUCONT) | Residential/commercial/institutional/industrial construction benchmark for KPIL B&F; not a T&D peer. Provider profile retrieved16Oct2026. |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 14,619 | 16,361 | 19,626 | 22,316 | 27,143 |
| Cost of revenue (vendor classification) * | 11,211 | 12,442 | 14,872 | 17,041 | 20,444 |
| Other operating costs (vendor classification) * | 884.5 | 888.8 | 1,003 | 985.5 | 1,329 |
| EBITDA (vendor classification) * | 1,268 | 1,354 | 1,666 | 1,823 | 2,272 |
| EBIT before exceptional items, including other income | 1,081 | 1,082 | 1,219 | 1,399 | 1,835 |
| Finance costs including borrowing and FX costs | 384.4 | 466.8 | 518.1 | 576.5 | 500.6 |
| Profit before tax after exceptional items | 696.4 | 641.5 | 701.2 | 822.8 | 1,371 |
| Total tax expense | 161.4 | 206.5 | 185.3 | 255.5 | 340.0 |
| Profit for year including non-controlling interests | 535.1 | 435.0 | 515.9 | 567.3 | 1,031 |
| Diluted EPS (₹) | 36.28 | 29.06 | 31.37 | 35.53 | 60.90 |
| Cost of materials consumed | 6,984 | 8,187 | 8,585 | 9,397 | |
| Changes in finished goods and work-in-progress | -13.5 | 17.7 | -3.72 | -57.6 | |
| Erection, subcontracting and other project expenses | 5,414 | 6,595 | 8,358 | 10,973 | |
| Employee benefits expense | 1,447 | 1,718 | 2,113 | 2,650 | |
| Core EBITDA excluding other income and exceptional items | 1,364 | 1,628 | 1,834 | 2,240 | |
| Other income | 39.7 | 64.0 | 62.5 | 104.9 | |
| Depreciation and amortisation | 391.8 | 473.3 | 497.3 | 510.1 | |
| Exceptional items gain/(loss), signed | 90.8 | 0.00 | 0.00 | 36.6 | |
| Profit before exceptional items and tax | 701.2 | 822.8 | 1,334 | ||
| Current tax | 223.4 | 312.3 | 417.2 | ||
| Deferred tax expense/(credit) | -38.1 | -56.7 | -77.2 | ||
| Profit/(loss) attributable to non-controlling interests | -5.73 | 6.29 | -18.4 | -9.42 | |
| Profit attributable to owners | 440.8 | 509.6 | 585.7 | 1,040 | |
| Share of profit/(loss) of equity-accounted joint venture | 0.00 | 0.00 | 0.00 | ||
| Basic EPS (₹) | 31.37 | 35.53 | 60.90 | ||
| Direct project cost: materials, inventory change, erection and subcontracting | 12,384 | 14,801 | 16,938 | 20,312 | |
| Other expenses (reported note 29) | 1,158 | 1,480 | 1,430 | 1,940 | |
| Interest on financial liabilities at amortised cost | 491.2 | 515.2 | 448.0 | ||
| Other borrowing costs | 19.5 | 25.0 | 28.5 | ||
| Finance exchange-rate variation | 7.40 | 36.3 | 24.1 | ||
| Note41 subcontracting expense (component of project_expenses) | 4,485 | 5,723 | 6,809 | ||
| Note41 construction material stores/spares (component) | 767.3 | 1,237 | 2,584 | ||
| Note41 power and fuel (component) | 297.3 | 292.2 | 318.9 | ||
| Note41 freight and forwarding (component) | 151.5 | 123.4 | 96.9 | ||
| Note41 vehicle/equipment hire (component) | 399.6 | 498.7 | 618.5 | ||
| Note41 custom duty clearing/handling (component) | 90.0 | 91.2 | 70.8 | ||
| Note41 other project expenses (component) | 404.6 | 392.5 | 474.6 | ||
| Note29 job charges (component) | 52.1 | 73.5 | 93.1 | ||
| Note29 power and fuel (component) | 27.0 | 31.5 | 37.5 | ||
| Note29 repairs and maintenance (component) | 18.9 | 23.5 | 39.2 | ||
| Note29 freight/forwarding (component) | 199.4 | 130.6 | 129.3 | ||
| Note29 stores spares and tools (component) | 19.0 | 28.6 | 38.2 | ||
| Note29 vehicle/equipment running/hire (component) | 14.1 | 13.0 | 9.48 | ||
| Note29 testing (component) | 2.21 | 3.21 | 4.73 | ||
| Note29 pollution control (component) | 1.64 | 2.19 | 2.73 | ||
| Note29 insurance (component) | 85.8 | 98.8 | 147.4 | ||
| Note29 rent (component) | 100.3 | 138.1 | 244.0 | ||
| Note29 rates taxes and duties (component) | 84.3 | 76.1 | 124.4 | ||
| Note29 stationery printing drawing (component) | 15.1 | 15.1 | 20.0 | ||
| Note29 telecommunications (component) | 9.19 | 11.4 | 18.0 | ||
| Note29 travelling (component) | 127.6 | 174.1 | 219.2 | ||
| Note29 legal/professional (component) | 179.6 | 189.9 | 240.5 | ||
| Note29 bank commission/charges incl ECGC (component) | 185.8 | 197.1 | 192.5 | ||
| Note29 expected credit losses (component) | 81.7 | 32.8 | 110.4 | ||
| Note29 impairment on assets held for sale (component) | 0.03 | 0.00 | 2.96 | ||
| Note29 exchange variation loss/(gain) (component) | 97.3 | -13.9 | 23.4 | ||
| Note29 non-executive fees/commission (component) | 7.67 | 7.74 | 7.80 | ||
| Note29 CSR (component) | 9.08 | 8.16 | 6.50 | ||
| Note29 carbon credit expense (component) | 0.16 | 0.00 | 0.11 | ||
| Note29 miscellaneous (component) | 161.9 | 188.1 | 229.2 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity including non-controlling interests | 4,417 | 4,694 | 5,113 | 6,469 | 7,733 |
| Borrowings excluding leases and held-for-sale debt | 3,838 | 3,682 | 3,909 | 4,189 | 3,307 |
| Cash and cash equivalents, balance-sheet basis | 1,062 | 956.4 | 1,009 | 1,602 | 1,512 |
| Current trade receivables net of ECL | 4,579 | 5,251 | 5,805 | 7,817 | 8,405 |
| Inventories | 1,096 | 1,228 | 1,353 | 1,429 | 1,776 |
| Current trade payables including MSME | 4,253 | 4,904 | 5,855 | 6,588 | 7,071 |
| Property plant and equipment net carrying amount | 15.9 | 1,981 | 1,996 | 2,181 | 2,639 |
| Capital work in progress | 92.3 | 52.3 | 33.3 | 28.6 | 63.8 |
| Total assets | 17,212 | 19,581 | 22,038 | 25,584 | 27,713 |
| Non-current borrowings | 1,448 | 1,467 | 611.3 | ||
| Current borrowings including current maturities | 2,462 | 2,721 | 2,696 | ||
| Borrowings within held-for-sale liabilities | 298.7 | 235.8 | 0.00 | ||
| Non-current lease liabilities | 45.8 | 68.1 | 165.5 | ||
| Current lease liabilities | 53.2 | 56.8 | 70.2 | ||
| Bank balances other than cash equivalents | 103.4 | 22.7 | 157.6 | 330.4 | |
| Current mutual fund liquidity investments | 0.00 | 150.1 | 0.00 | ||
| Management net debt including bank balances and liquidity investments | 2,581 | 2,591 | 1,953 | 915.0 | |
| Statutory note 32 net debt | 3,206 | 2,681 | 1,799 | ||
| Non-current trade receivables net of ECL | 131.1 | 80.5 | 143.8 | ||
| Current contract assets net of ECL | 6,838 | 6,918 | 8,139 | ||
| Non-current contract assets net of ECL | 23.2 | 14.9 | 15.4 | ||
| Non-current trade payables | 115.6 | 79.4 | 96.7 | ||
| Equity attributable to owners | 4,721 | 5,138 | 6,513 | 7,777 | |
| Non-controlling interests equity | -25.2 | -44.5 | -44.0 | ||
| Equity share capital | 32.5 | 32.5 | 34.2 | 34.2 | |
| Fixed deposits within current other financial assets | 212.2 | 126.0 | 146.8 | ||
| Fixed deposits within non-current other financial assets | 34.2 | 72.7 | 33.9 | ||
| Interest-free secured loans against ATL/KMTL shares | 338.4 | 359.7 | 369.5 | ||
| Current maturities of long-term debt (subset of current borrowings) | 564.9 | 639.8 | 882.7 | ||
| Total current liabilities | 14,788 | 16,943 | 18,590 | ||
| Total non-current liabilities | 2,137 | 2,172 | 1,390 | ||
| Total non-current assets | 3,759 | 4,074 | 4,459 | ||
| Total current assets | 18,279 | 21,510 | 23,254 | ||
| Goodwill | 184.3 | 184.7 | 132.6 | ||
| Other intangible assets | 789.5 | 723.8 | 115.4 | ||
| Right-of-use assets | 102.9 | 161.8 | 261.5 | ||
| Assets classified as held for sale | 1,019 | 1,024 | 311.9 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash from operating activities after income tax | -64.8 | 656.4 | 843.0 | 914.0 | 1,534 |
| Cash capex on PPE and intangibles (positive = outflow) | 771.5 | 351.6 | 574.6 | 810.3 | |
| Free cash flow (vendor classification) * | 405.6 | -115.1 | 491.4 | 339.3 | 724.1 |
| CFO less cash capex (derived) | -115.1 | 491.4 | 339.3 | 724.1 | |
| Dividends paid to owners (positive = outflow) | 96.8 | 113.7 | 130.0 | 153.7 | |
| Repayment of current/non-current borrowings | 441.4 | 403.4 | 673.8 | ||
| NCD redemptions | 225.0 | 573.0 | 0.00 | ||
| Net increase/(decrease) in short-term borrowings | 86.8 | 184.6 | -268.4 | ||
| Proceeds from borrowings and NCD issues | 736.6 | 987.0 | 0.00 | ||
| Proceeds from PPE disposal | 32.9 | 62.7 | 115.5 | ||
| Net proceeds from sale of subsidiary | 273.7 | 0.00 | 0.00 | 605.4 | |
| Proceeds from equity issue (QIP) | 0.00 | 982.2 | 0.00 | ||
| Payment of lease liabilities | 63.6 | 81.7 | 92.4 | ||
| Finance costs paid | 503.8 | 566.2 | 482.9 | ||
| Net cash from/(used in) investing | -263.1 | -718.5 | -0.32 | ||
| Net cash from/(used in) financing | -524.0 | 399.7 | -1,636 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Year-end issued and outstanding equity shares | 14.89 | 16.24 | 16.24 | 17.08 | 17.08 |
| Weighted-average shares for basic and diluted EPS | 15.17 | 16.24 | 16.49 | 17.08 | |
| Capital contracts not provided, net of advances | 210.7 | 269.7 | 310.8 | ||
| Restricted margin/commitment deposits within other bank balances | 20.8 | 155.0 | 128.4 | ||
| Restricted fixed deposits in current financial assets | 204.5 | 121.1 | 138.7 | ||
| Restricted fixed deposits in non-current financial assets | 34.2 | 68.0 | 33.5 | ||
| CFO / total group PAT (x) | 1.63x | 1.61x | 1.49x | ||
| Revenue growth year on year (%) | 20.0% | 13.7% | 21.6% | ||
| Current trade receivables growth year on year (%) | 10.6% | 34.7% | 7.5% | ||
| Disclosed promoter-entity revenue transactions | 164.7 | 145.3 | 153.6 | ||
| Disclosed promoter-entity revenue / total revenue (%) | 0.8% | 0.7% | 0.6% |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 4,930 | 5,732 | 7,067 | 6,171 | 6,529 | 6,665 | 7,778 | 6,408 |
| Cost of revenue (vendor classification) * | 3,728 | 4,290 | 5,451 | 4,599 | 5,094 | 5,868 | 4,638 | |
| Other operating costs (vendor classification) * | 261.5 | 408.6 | 462.9 | 379.1 | 448.2 | 607.0 | 506.3 | |
| EBITDA (vendor classification) * | 455.4 | 489.5 | 550.9 | 541.4 | 541.5 | 677.0 | 639.1 | |
| EBIT before exceptional including other income | 338.2 | 366.4 | 413.3 | 412.3 | 458.5 | 413.9 | 550.0 | 502.5 |
| Finance costs | 150.1 | 164.4 | 117.6 | 122.0 | 137.0 | 136.9 | 104.7 | 82.0 |
| Profit before tax after exceptional items | 188.0 | 202.0 | 295.7 | 290.2 | 321.6 | 247.5 | 511.4 | 420.5 |
| Total tax expense current plus deferred | 62.5 | 62.4 | 77.5 | 76.6 | 84.2 | 98.4 | 80.8 | 108.9 |
| Total consolidated profit after tax including NCI | 125.6 | 139.6 | 218.2 | 213.6 | 237.4 | 149.1 | 430.6 | 311.5 |
| Diluted EPS as reported not annualised (₹) | 7.73 | 8.67 | 13.42 | 12.51 | 14.06 | 8.91 | 25.42 | 18.16 |
| Materials, inventory change and erection/project cost | 3,728 | 4,290 | 5,451 | 4,599 | 4,752 | 5,094 | 5,868 | 4,638 |
| Employee benefits expense | 501.9 | 554.4 | 615.3 | 668.2 | 709.5 | 609.8 | 663.0 | 701.4 |
| Other expenses | 261.5 | 408.6 | 462.9 | 379.1 | 506.1 | 448.2 | 607.0 | 506.3 |
| Core EBITDA excluding other income and exceptional | 438.4 | 479.2 | 537.8 | 525.1 | 561.5 | 513.2 | 640.2 | 561.9 |
| Other income | 17.1 | 10.3 | 13.2 | 16.4 | 23.4 | 28.3 | 36.8 | 77.2 |
| Depreciation and amortisation expense | 117.2 | 123.1 | 137.7 | 129.2 | 126.3 | 127.6 | 127.1 | 136.6 |
| Exceptional items signed gain positive | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | -29.5 | 66.1 | 0.00 |
| Profit attributable to owners of parent | 125.5 | 142.0 | 225.4 | 213.6 | 240.1 | 152.2 | 434.2 | 310.1 |
| PAT attributable to NCI signed | 0.06 | -2.37 | -7.24 | -0.03 | -2.66 | -3.12 | -3.61 | 1.47 |
| Share of profit or loss of JV equity accounted signed | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cost of materials consumed | 1,871 | 2,133 | 2,791 | 2,069 | 2,386 | 2,203 | 2,739 | 1,948 |
| Changes in finished goods and WIP signed expense | -32.0 | 43.2 | 41.4 | -44.9 | -27.0 | -22.1 | 36.3 | -37.3 |
| Erection subcontracting and other project expenses | 1,889 | 2,114 | 2,619 | 2,574 | 2,392 | 2,914 | 3,092 | 2,727 |
| Current tax expense | 65.7 | 60.0 | 110.2 | 83.7 | 94.5 | 59.5 | 179.4 | 127.9 |
| Deferred tax expense signed credit negative | -3.19 | 2.42 | -32.7 | -7.07 | -10.3 | 38.9 | -98.7 | -18.9 |
| PBT before exceptional items and tax | 188.0 | 202.0 | 295.7 | 290.2 | 321.6 | 277.0 | 445.3 | 420.5 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 13.8% | 11.9% | 20.0% | 13.7% | 21.6% |
| EBITDA margin | 8.3% | 8.3% | 8.2% | 8.3% | |
| Net margin | 2.7% | 2.6% | 2.6% | 3.8% | |
| Return on equity | 9.7% | 10.4% | 10.1% | 14.6% | |
| Return on capital employed | 14.1% | 13.0% | 14.0% | 14.2% | 16.9% |
| Return on assets | 2.4% | 2.4% | 2.5% | 3.9% | |
| Net debt (₹ crore) | 2,581 | 2,591 | 1,953 | 915.0 | |
| Net debt / EBITDA | 1.89x | 1.59x | 1.06x | 0.41x | |
| Interest cover | 2.81x | 2.32x | 2.35x | 2.43x | 3.67x |
| Asset turnover | 0.90x | 0.89x | 0.94x | 0.94x | 1.02x |
| Receivable days | 114 | 117 | 108 | 128 | 113 |
| Inventory days (on revenue) | 27 | 27 | 25 | 23 | 24 |
| Payable days (on revenue) | 106 | 109 | 109 | 108 | 95 |
| Cash conversion | 1.49x | 1.65x | 1.56x | 1.48x | |
| Capex intensity | 4.7% | 1.8% | 2.6% | 3.0% | |
| Free cash flow (₹ crore) | -115.1 | 491.4 | 339.3 | 724.1 | |
| Dividend payout | 22.0% | 22.3% | 22.2% | 14.8% | |
| EPS, diluted (₹) | 36.28 | 29.06 | 31.37 | 35.53 | 60.90 |
| Book value per share (₹) | 296.7 | 288.9 | 314.7 | 378.8 | 452.8 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (Core EBITDA excluding other income and exceptional items) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Management net debt including bank balances and liquidity investments; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (Core EBITDA excluding other income and exceptional items).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 2, information to 16 Oct 2026); market data at the close of 16 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
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The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on Kalpataru Projects International
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Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 16 Oct 2026; page updated 25 Oct 2026.
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