NSE: KPIL · BSE: 522287
KALPATARU PROJECT INT LTD
Executes engineering, procurement and construction contracts for large-scale infrastructure, mainly power transmission and distribution (T&D), buildings and factories, and water projects, both in India and overseas. In FY26, the EPC segment accounted for 97.9% of revenue at Rs 26,648.74 crore, with Development Projects contributing 1.1% and Others 0.9%. The BRSR disclosure breaks the revenue mix further, with T&D at 38.62% and Buildings at 29.98%, while exports make up about 30% of revenue across 50 countries. The company holds an order book of Rs 65,457 crore spread across more than 25 countries and secured new orders of Rs 2,957 crore spanning Power T&D, Buildings and Factories, and a Middle East water order via joint venture. Cost structure is dominated by materials at 34.6% of revenue and other operating expenses at 47.6%, with employees at 9.8%. The Development Projects segment houses equity-stake infrastructure assets such as the 49.57% joint venture Kurukshetra Expressway (KEPL), which operates the Rohtak-Bawal NH-71 road project, while the company fully exited Kohima-Mariani Transmission Limited (KMTL) in June 2026. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. EPC (98%), Development Projects (1%), Others (1%). Order-book driven, asset-heavy EPC contractor with a small portfolio of development-stage infrastructure assets
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 14,777 | 16,361 | 19,626 | 22,316 | 27,143 |
| EBITDA (ex other income) | 1,354 | 1,461 | 1,628 | 1,834 | 2,276 |
| margin % | 9.2 | 8.9 | 8.3 | 8.2 | 8.4 |
| Owners' profit | 540 | 441 | 510 | 586 | 1,040 |
| EPS, as reported (₹) | 36.28 | 29.06 | 31.37 | 35.53 | 60.90 |
| ROE % · ROCE % | 12.1 · 14.2 | 9.3 · 14.9 | 10.1 · 15.9 | 8.8 · 15.6 | 13.3 · 20.5 |
| Debt / equity (x) | 0.84 | 0.78 | 0.76 | 0.65 | 0.43 |
| Cash from operations | 714 | 656 | 843 | 914 | 1,534 |
| Capex | (309) | (771) | (352) | (575) | (810) |
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 | 4,930 | 5,732 | 7,067 | 6,171 | 6,529 | 6,665 | 7,778 | 6,408 |
| Profit before tax | 188 | 202 | 296 | 290 | 322 | 247 | 511 | 420 |
| Net profit | 126 | 140 | 218 | 214 | 237 | 149 | 431 | 312 |
| EPS (₹) | 7.73 | 8.67 | 13.42 | 12.51 | 14.06 | 8.91 | 25.42 | 18.16 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| EPC | 26,649 | 97.9 |
| Development Projects | 309 | 1.1 |
| Others | 255 | 0.9 |
| Total, before eliminations | 27,212 | 100.0 |
Exhibit 4: 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. | 5,22,964 | 31.5 | 4.07 | 19.0 | 14.7 | 11.9 | 16.0 | 12.5 |
| RAIL VIKAS NIGAM LIMITED | 38,385 | 42.7 | 3.91 | 27.6 | 8.9 | 7.5 | 5.8 | 7.5 |
| KALPATARU PROJECT INT LTD ◆ | 22,786 | 20.1 | 2.95 | 10.3 | 13.3 | 15.0 | 16.0 | 10.0 |
| CEMINDIA PROJECTS LIMITED | 21,114 | 35.1 | 8.80 | 17.9 | 24.9 | 31.7 | 29.8 | 10.5 |
| IRB INFRA DEV LTD. | 19,421 | 14.9 | 0.93 | 9.4 | 4.1 | 2.5 | 7.6 | 55.6 |
| NBCC (INDIA) LIMITED | 18,857 | 25.5 | 5.86 | 15.3 | 23.1 | 29.7 | 13.5 | 9.6 |
| ENGINEERS INDIA LTD | 14,470 | 18.5 | 4.60 | 16.1 | 22.0 | 26.5 | 4.6 | 20.1 |
| TECHNO ELEC & ENG CO. LTD | 9,873 | 22.9 | 2.38 | 16.2 | 11.4 | 12.4 | 29.6 | 20.4 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 20.1 | 13.5 | 67 of 101 | 34% |
| P/B | 3.0 | 1.3 | 69 of 85 | 19% |
| ROCE | 15.0 | 10.0 | 33 of 107 | 70% |
| ROE | 13.3 | 9.1 | 24 of 87 | 73% |
| Debt / Equity | 0.4 | 0.4 | 48 of 87 | 45% |
| EBITDA margin | 10.0 | 12.4 | 54 of 88 | 39% |
| Revenue growth | 3.8 | 6.2 | 46 of 86 | 47% |
| Profit growth | 45.9 | 2.7 | 21 of 84 | 76% |
| Market cap | 22786 | 456 | 3 of 107 | 98% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 24 Oct 2026 · LMG IPO over-allotment partly exercised; KPTS retains 66.45% stake | capital market events | medium | — | — |
| 21 Oct 2026 · KPIL wins new orders worth around ₹2,349 crores | business updates | high | — | — |
| 16 Oct 2026 · CRISIL upgrades long-term rating to AA+; firm fully repays Rs 150 Crore NCDs | credit debt | high | — | — |
| 13 Oct 2026 · GST appeal partially allowed; penalty cut, firm to appeal further | general | low | — | — |
| 13 Oct 2026 · Newspaper notice on special window for physical share transfer and demat | compliance | minimal | — | — |
| 13 Oct 2026 · KPIL bags new orders worth Rs 2,225 crores in T&D business | business updates | high | — | — |
| 9 Oct 2026 · GST order imposing INR 1.05 Crore penalty; company to appeal | general | low | — | — |
| 7 Oct 2026 · Compliance certificate under SEBI Regulation 74(5) for Q2 FY27 | compliance | minimal | — | — |
| 29 Sept 2026 · Delhi HC upholds ruling against KEPL arbitration award | business updates | medium | — | — |
| 28 Sept 2026 · KPIL wins major Oil and Gas EPC order worth over Rs 4,000 crore in UAE | 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.