Kalpataru Projects International Ltd logo

Kalpataru Projects International Ltd

KPIL NSE

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]

AI Verdict: BUY Confidence: 7%

Kalpataru Projects International commands a unanimous buy consensus from all 18 analysts, supported by strong profit CAGR of 37% over 3 years and improving ROE at 14% last year. At a PE of 22.7x with 22% TTM sales growth, the stock offers reasonable valuation for an infrastructure company in a capex upcycle, though promoter holding decline of 13.6% warrants monitoring.

Key Fundamentals

SmallcapCivil ConstructionConstruction
Market Cap
₹23,842 Cr
Volatility
Moderate
P/E Ratio
22.73
EBITDA
₹2,240 Cr
Return on Equity
10.09%
Debt to Equity
0.71
Book Value
₹455.37
EPS
₹30.04
52W High
₹1,479.6
52W Low
₹1,007.1

Technical Indicators

Key Insights

Strengths

1
  • Company has been maintaining a healthy dividend payout of 23.3%

Weaknesses

2
  • Company has a low return on equity of 11.8% over last 3 years.
  • Promoter holding has decreased over last 3 years: -13.6%

Growth Rate

Revenue Growth
21.29% ↗
Net Income Growth
68.07% ↘
Cash Flow Change
8.42% ↗
ROE
-13.08% ↘
ROCE
-3.75% ↘
EBITDA Margin (Avg.)
-3.18% ↘

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 3d ago
BUY
Risk medium

Kalpataru Projects International commands a unanimous buy consensus from all 18 analysts, supported by strong profit CAGR of 37% over 3 years and improving ROE at 14% last year. At a PE of 22.7x with 22% TTM sales growth, the stock offers reasonable valuation for an infrastructure company in a capex upcycle, though promoter holding decline of 13.6% warrants monitoring.

Bull Case 8
  • Unanimous analyst consensus with 100% buy ratings from all 18 analysts covering the stock, reflecting strong institutional conviction
  • Compounded profit growth of 37% CAGR over 3 years significantly outpaces sales growth of 18%, indicating operating leverage and margin expansion
  • TTM sales growth of 22% demonstrates robust order execution and revenue visibility in the current infrastructure spending cycle
  • Stock CAGR of 38% over 3 years reflects sustained re-rating driven by improving fundamentals and sector tailwinds
  • ROE improving from 11% (5-year average) to 14% last year, showing upward trajectory in capital efficiency
  • PE of 22.7x is reasonable for an EPC company delivering 75% TTM profit growth, suggesting further re-rating potential
  • Consistent 10-year compounded sales growth of 14% demonstrates long-term execution capability across business cycles
  • Healthy dividend payout ratio of 23.3% provides income support while retaining capital for growth
Bear Case 8
  • Promoter holding has declined by 13.6% over last 3 years, signaling potential lack of promoter confidence or dilution concerns
  • 3-year average ROE of only 11.8% is below the 15% threshold typically expected for quality compounders in the capital goods space
  • Price-to-book ratio of 3x is elevated for a construction/EPC business with sub-12% historical ROE, limiting margin of safety
  • Dividend yield of only 0.8% offers minimal income cushion in a rising interest rate environment
  • 5-year compounded profit CAGR of only 14% versus 3-year CAGR of 37% suggests recent profit surge may not be sustainable long-term
  • Market cap of Rs 23,592 Cr with debt-to-equity data unavailable makes it difficult to assess true leverage risk in a capital-intensive EPC business
  • 10-year stock CAGR of 19% versus 3-year CAGR of 38% indicates much of the returns are recent, raising mean-reversion risk
  • 5-year ROE averaging 11% implies the company historically struggles to generate adequate returns above cost of equity

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 14h ago
Headwinds 2
  • Kenya tax penalty notice Jun 16

    Kenya Revenue Authority demanded ~INR 80.95 lakhs penalty for alleged non-payment of Profit Repatriation Tax for FY2024. KPIL plans to file objections.

  • Eswatini tax demand Jun 8

    Eswatini Revenue Service issued a tax assessment demanding SZL 1,717,787 fine for FY23-FY25. Company plans to file objections.

Positives 2
  • New orders worth ₹2,002 crore Jun 1

    KPIL secured orders worth ₹2,002 crore across Power T&D, Buildings & Factories, and Railways segments, strengthening its order book.

  • ₹11 per share final dividend Jun 15

    Board fixed June 29, 2026 as record date for ₹11 per share final dividend for FY26, subject to AGM approval on July 15, 2026.

Neutral 3
  • 45th AGM on July 15 Jun 23

    AGM scheduled for July 15, 2026 via video conferencing. Remote e-voting runs July 11-14, 2026 for members registered as of July 8.

  • BRSR filed for FY26 Jun 22

    Filed Business Responsibility and Sustainability Report for FY26, reporting carbon neutrality in TLI division with reasonable assurance on disclosures.

  • New Independent Director appointed Jun 9

    Gautam Mehra appointed as Additional Director (Independent) for five years effective June 9, 2026, subject to shareholder approval.

TL;DR: KPIL continues to win meaningful orders (₹2,002 crore in June) and is returning capital to shareholders via an ₹11 dividend, signalling confidence in cash flows. Tax demands from Kenya and Eswatini are minor in magnitude and being contested. The order pipeline and shareholder-friendly actions suggest a stable-to-improving trend, though recurring overseas tax disputes warrant monitoring.

Quarterly Results

  Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales
4,882
4,241
4,518
4,896
5,971
4,587
4,930
5,732
7,067
6,171
6,529
6,665
7,778
Expenses
4,550
3,859
4,148
4,472
5,519
4,208
4,492
5,253
6,529
5,646
5,967
6,152
7,138
Operating Profit
332
382
371
424
452
379
438
479
538
525
561
513
640
OPM %
7%
9%
8%
9%
8%
8%
9%
8%
8%
9%
9%
8%
8%
Other Income
122
18
12
14
20
22
17
10
13
16
23
-1
103
Interest
132
115
137
124
142
144
150
164
118
122
137
137
105
Depreciation
110
120
113
121
119
119
117
123
138
129
126
128
127
PBT
212
165
132
193
211
137
188
202
296
290
322
247
511
Tax %
34%
32%
32%
25%
20%
39%
33%
31%
26%
26%
26%
40%
16%
Net Profit
140
113
90
144
169
84
126
140
218
214
237
149
431
EPS in Rs
9.6
7.08
5.47
8.68
10.12
5.71
7.73
8.31
13.2
12.51
14.06
8.91
25.43
Figures in ₹ Crores

Profit & Loss

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
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
Expenses
6,412
6,305
6,525
7,609
9,426
11,133
11,376
13,482
14,872
17,812
20,285
24,903
Operating Profit
740
838
921
1,100
1,414
1,543
1,574
1,295
1,490
1,814
2,031
2,240
OPM %
10%
12%
12%
13%
13%
12%
12%
9%
9%
9%
9%
8%
Other Income
25
-18
24
25
44
48
277
274
165
64
62
141
Interest
373
462
469
473
486
603
532
522
621
704
774
501
Depreciation
168
186
181
192
211
340
373
351
392
473
497
510
PBT
224
171
295
461
761
648
945
696
642
701
823
1,371
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
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
Div. Payout %
19%
21%
16%
14%
10%
14%
22%
18%
26%
26%
26%
18%
Figures in ₹ Crores

Balance Sheet

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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
16,394
Total Liabilities
8,951
9,485
10,218
12,385
14,135
15,741
15,321
17,116
19,521
22,014
25,573
27,713
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
24,499
Total Assets
8,951
9,485
10,218
12,385
14,135
15,741
15,321
17,116
19,521
22,014
25,573
27,713
Figures in ₹ Crores

Cash Flow

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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
0
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
-102
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
86
Figures in ₹ Crores

Ratios

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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%
17%

Shareholding Pattern

As of Mar 2026
DIIs 45.11%
Promoters 33.58%
FIIs 10.92%
Public 8.17%
Others 2.21%
Total 99.99%
  Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Jan 2023Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters
56.49%
54.55%
54.55%
51.58%
51.58%
51.55%
51.55%
51.53%
47.24%
47.24%
41.08%
41.07%
40.59%
40.59%
35.24%
35.24%
33.52%
33.52%
33.52%
33.57%
33.57%
33.58%
FIIs
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
8.49%
0.00%
8.17%
10.06%
10.71%
12.68%
11.60%
11.83%
11.98%
11.73%
10.92%
DIIs
26.45%
27.62%
27.94%
33.43%
35.75%
35.94%
36.76%
37.05%
38.75%
37.76%
42.42%
42.71%
42.70%
43.64%
45.60%
45.93%
45.60%
45.03%
44.81%
44.10%
43.90%
45.11%
Government
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.01%
0.01%
0.01%
0.00%
0.00%
Public
6.80%
6.67%
6.49%
6.25%
5.82%
5.80%
5.33%
4.79%
6.67%
6.37%
6.46%
5.92%
6.02%
5.77%
6.85%
6.46%
6.54%
7.81%
7.82%
8.04%
8.48%
8.17%
Others
10.27%
11.16%
11.02%
8.74%
6.85%
6.71%
6.37%
6.64%
7.34%
8.64%
10.05%
1.81%
10.68%
1.83%
2.25%
1.67%
1.66%
2.04%
2.02%
2.31%
2.32%
2.21%
No. of Shareholders
0
0
53,955
58,423
61,755
62,284
62,428
63,117
60,421
76,073
64,671
64,395
68,851
76,744
91,938
1,04,873
1,12,185
1,20,183
1,21,346
1,20,825
1,30,006
1,18,697

Documents

1
Concall - Mar 2017 Mar 2017
2
Concall - May 2017 May 2017
3
Concall - May 2017 May 2017
4
Concall - Jun 2017 Jun 2017
5
Concall - Aug 2017 Aug 2017

Frequently Asked Questions about Kalpataru Projects International Ltd

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 is listed on the Indian stock exchanges. It is listed on NSE: KPIL and BSE: 522287. You can view its live share price, financials, and ratios on Tapetide.
Which sector does Kalpataru Projects International Ltd belong to?
Kalpataru Projects International Ltd operates in the Industrials sector within the Construction industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of Kalpataru Projects International Ltd?
Kalpataru Projects International Ltd has a market capitalisation of approximately ₹23841.56 Cr. Based on this, it is classified as a Large Cap stock.
What is the PE ratio of Kalpataru Projects International Ltd?
The Price-to-Earnings (PE) ratio of Kalpataru Projects International Ltd is 22.73. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of Kalpataru Projects International Ltd?
Over the past 52 weeks, Kalpataru Projects International Ltd has traded between a low of ₹1,007.1 and a high of ₹1,479.6. This range helps investors understand the stock's price volatility and recent trading levels.
Does Kalpataru Projects International Ltd pay dividends?
Yes, Kalpataru Projects International Ltd has a dividend yield of 0.79%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
What is the Return on Equity (ROE) of Kalpataru Projects International Ltd?
Kalpataru Projects International Ltd has a Return on Equity (ROE) of 10.09%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research Kalpataru Projects International Ltd on Tapetide?
On Tapetide, you can view Kalpataru Projects International Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.

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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