NSE: BLKASHYAP · BSE: 532719
B.L.KASHYAP & SON LTD
Executes civil and structural construction contracts for commercial and residential building projects in India. The order book stands at ₹5,296 crore as of FY26, with ₹3,558 crore of new orders secured during the year, including a ₹180 crore commercial building contract (Century Red Oak, Bengaluru) and a ₹91.57 crore residential project (Verde Phase II, Embassy). Revenue of ₹1,379.14 crore in FY26 came almost entirely from this construction activity, with projects executed for real estate developers like Embassy Development and Immencity Office Parks. The business runs on a project-execution model where materials form the biggest cost at 41.9% of revenue, followed by other operating expenses at 41.6% and employee costs at 8.2%. The company has been restructuring its balance sheet, cutting fund-based debt from approximately ₹700 crore to ₹270 crore and eliminating term loans entirely, and its credit rating was upgraded to CRISIL BB-/Stable/A4. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Civil and structural construction contracts. Project-based, order-driven civil construction contractor
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 1,158 | 1,110 | 1,245 | 1,154 | 1,379 |
| EBITDA (ex other income) | 129 | 62 | 110 | 84 | 64 |
| margin % | 11.1 | 5.6 | 8.9 | 7.3 | 4.7 |
| Owners' profit | 44 | 22 | 0 | 27 | 2 |
| EPS, as reported (₹) | 1.95 | 0.98 | 2.33 | 1.22 | 0.07 |
| ROE % · ROCE % | 10.4 · 18.2 | 5.0 · 12.2 | 10.6 · 17.2 | 5.2 · 14.3 | 0.3 · 10.2 |
| Debt / equity (x) | 0.87 | 0.72 | 0.62 | 0.60 | 0.57 |
| Cash from operations | 76 | 20 | 79 | 76 | 115 |
| Capex | (9) | (23) | (35) | (53) | (57) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 267 | 242 | 294 | 336 | 355 | 324 | 364 | 345 |
| Profit before tax | 15 | 2 | 7 | 15 | 8 | 16 | (11) | 14 |
| Net profit | 9 | 1 | (3) | 11 | (9) | 12 | (13) | 10 |
| EPS (₹) | 0.42 | 0.05 | (0.14) | 0.48 | (0.38) | 0.52 | (0.56) | 0.44 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| LARSEN & TOUBRO LTD. | 4,98,723 | 30.1 | 3.88 | 18.2 | 14.7 | 11.9 | 16.0 | 12.5 |
| RAIL VIKAS NIGAM LIMITED | 39,032 | 43.4 | 3.98 | 28.1 | 8.9 | 7.5 | 5.8 | 7.5 |
| KALPATARU PROJECT INT LTD | 23,895 | 21.0 | 3.09 | 10.8 | 13.3 | 15.0 | 16.0 | 10.0 |
| IRB INFRA DEV LTD. | 21,100 | 16.2 | 1.01 | 9.8 | 4.1 | 2.5 | 7.6 | 55.6 |
| NBCC (INDIA) LIMITED | 19,980 | 27.0 | 6.21 | 16.4 | 23.1 | 29.7 | 13.5 | 9.6 |
| CEMINDIA PROJECTS LIMITED | 19,499 | 32.4 | 8.13 | 16.6 | 24.9 | 31.7 | 29.8 | 10.5 |
| ENGINEERS INDIA LTD | 16,254 | 20.7 | 5.17 | 18.1 | 22.0 | 26.5 | 4.6 | 20.1 |
| TECHNO ELEC & ENG CO. LTD | 10,966 | 25.4 | 2.64 | 18.0 | 11.4 | 12.4 | 29.6 | 20.4 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 2600.0 | 14.6 | 101 of 101 | 0% |
| P/B | 2.2 | 1.4 | 55 of 85 | 36% |
| ROCE | 3.9 | 10.0 | 73 of 107 | 32% |
| ROE | 0.3 | 9.1 | 76 of 87 | 13% |
| Debt / Equity | 0.6 | 0.4 | 59 of 87 | 33% |
| EBITDA margin | 8.6 | 12.4 | 64 of 88 | 28% |
| Revenue growth | 2.6 | 6.2 | 49 of 86 | 44% |
| Profit growth | (7.8) | 2.7 | 51 of 84 | 40% |
| Market cap | 1172 | 468 | 42 of 107 | 61% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 1 Oct 2026 · B.L. Kashyap AGM: All 6 resolutions passed with over 99.99% approval | board shareholder meetings | low | — | — |
| 30 Sept 2026 · 37th AGM proceedings - 6 resolutions including director re-appointments | board shareholder meetings | medium | — | — |
| 22 Sept 2026 · Trading window closed from Oct 1 ahead of Q2 results | compliance | minimal | — | — |
| 8 Sept 2026 · Newspaper publication of 37th AGM notice and annual report | compliance | minimal | — | — |
| 7 Sept 2026 · Notice of 37th AGM on Sep 30, 2026; reappointment of 3 Kashyap directors | board shareholder meetings | low | — | — |
| 7 Sept 2026 · FY2026 Annual Report shows higher revenue, EBITDA and ₹5,000 crore order book | compliance | minimal | — | — |
| 1 Sept 2026 · Newspaper ad on special window for physical share demat and transfer | compliance | minimal | — | — |
| 31 Aug 2026 · B.L. Kashyap to pay Rs 52.5 crore to CDR lenders by March 2027 | credit debt | high | — | — |
| 22 Aug 2026 · Newspaper ads published regarding 37th Annual General Meeting | compliance | minimal | — | — |
| 20 Aug 2026 · BL Kashyap secures Rs. 183.18 Cr residential work order from Realkraft Ventures | business updates | high | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.