Kalpataru Projects International logo

Kalpataru Projects International

KPIL NSE

Key Fundamentals

SmallcapCivil ConstructionConstruction
Market Cap
₹23,459 Cr
Volatility
Moderate
P/E Ratio
20.38
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: -7.48%

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

6d ago
AI opinion · based on fundamentals
Risk medium

Kalpataru Projects International Ltd (KPIL) is an EPC and construction company with a market cap of about Rs 23,852 crore. It trades at a P/E of 21.1x and a P/B of 3.07x. Sales have grown at an 18% CAGR over 3 years and profit at 36%, and TTM profit is up 57% on 15% sales growth. Against that, the 3-year average ROE is about 11.5-12%, borrowing costs look high, and promoter holding has fallen 7.49% over 3 years. Leverage (debt/equity) and 52-week price range data were not available in the dataset.

Bull Case 7
  • Profit is growing much faster than revenue: TTM profit is up 57% on TTM sales growth of 15%. That points to better margins or operating leverage in the business.
  • Revenue growth has been steady and has picked up recently. Sales CAGR is 14% over 10 years, 16% over 5 years and 18% over 3 years, which suggests strong order conversion and execution.
  • Profit has compounded strongly over the long run: 3-year profit CAGR is 36% and 10-year profit CAGR is 24%, both well ahead of sales growth over the same periods.
  • Return on equity is trending up. ROE was 14% last year, compared with 12% over 3 years and 11% over 5 and 10 years, so capital efficiency is gradually improving.
  • The valuation is moderate relative to recent growth. A P/E of 21.1x against a 3-year profit CAGR of 36% gives a rough PEG of about 0.6, and TTM profit growth of 57% is well above the earnings multiple.
  • Shareholders have been rewarded over time: the stock has compounded at 30% over 3 years, 29% over 5 years and 18% over 10 years.
  • The company keeps paying dividends, with a payout ratio of 23.3% and a yield of 0.79%, while still keeping most earnings to fund growth.
Bear Case 8
  • Returns on equity are modest. The 3-year average ROE is 11.5% and the 10-year ROE is 11%, which is low for a company trading at 3.07x book value.
  • Promoter holding has fallen by 7.49% over the last 3 years. That is a notable change in the ownership structure and may weigh on market sentiment.
  • Borrowing costs appear high. With ROE of only about 12% over 3 years, expensive debt leaves a thin gap between returns and the cost of capital in a working-capital-heavy EPC business.
  • Profit growth over 5 years has been uneven. The 5-year profit CAGR of 13% trails the 5-year sales CAGR of 16%, so the 57% TTM profit jump may partly reflect a low base rather than a lasting change.
  • The valuation already prices in some recovery. At a P/B of 3.07x and a P/E of 21.1x, the earnings yield is about 4.7%, which leaves limited room for error if execution or margins slip.
  • Share price momentum has slowed: the 1-year return is 12%, well below the 30% 3-year and 29% 5-year CAGRs.
  • Dividend income is small, with a yield of 0.79%, so returns depend mainly on continued earnings growth and valuation holding up.
  • Debt-to-equity was not available in the dataset. Given that borrowing costs are flagged as high, leverage cannot be checked against the market cap of Rs 23,852 crore.

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

AI News Digest

1d ago
Headwinds 2
  • NHAI arbitration claim rejected Sep 29

    The Delhi High Court upheld the partial setting aside of an arbitral award against NHAI for Kalpataru's JV KEPL. That means the JV does not get its Termination Payment claims, which hurts hopes of recovering money from legacy road assets.

  • GST penalty appeal lost Sep 24

    KPIL lost its appeal against a ₹1.45 crore GST penalty covering FY20 to FY22. The company plans to challenge the Additional Commissioner's order in higher forums. The amount is small against a market cap of about ₹23,461 crore.

Positives 5
  • ₹4,000 cr+ UAE pipeline win Sep 24

    KPIL won a Letter of Award for an EPC gas pipeline project in the UAE worth more than ₹4,000 crore, disclosed in a filing dated Sep 28. Even so, the stock fell 0.23% to ₹1,391.05 after hitting an intraday high of ₹1,424.80.

  • FY27 inflows near half target Sep 24

    Order inflow for FY27 so far is ₹13,219 crore, close to half the annual target, and KPIL is L1 or favourably placed on more than ₹12,000 crore of further orders. The order book was ₹65,457 crore at the end of FY26, against FY26 inflows of ₹26,400 crore.

  • Q1FY27 profit up 45% Sep 24

    Q1FY27 consolidated net profit rose 45.15% YoY to ₹310.06 crore on revenue of ₹6,407.97 crore, up 4%. EBITDA grew 7% to ₹562 crore and the margin widened to 8.77% from 8.51%.

  • ₹2,025 cr multi-segment orders Sep 24

    KPIL won ₹2,025 crore of orders across T&D, buildings and factories, and oil and gas. This follows ₹3,426 crore of wins in August, and disclosed orders total ₹13,444 crore, about 1.95 quarters of average revenue.

  • Strong FY26 base Sep 24

    FY26 consolidated revenue grew to ₹27,143 crore from ₹22,316 crore, and profit rose to ₹1,031 crore from ₹567 crore in FY25. KPIL has more than 250 projects running across 30+ countries.

Neutral 3
  • Linjemontage lists on Nasdaq Stockholm Sep 25

    The Swedish subsidiary got its prospectus approved on Sep 16, priced its IPO at SEK 46 per share (valuing it at SEK 2.35 billion, with SEK 290 million from cornerstone investors) and listed on Sep 25. KPIL keeps about a 65.9% stake, gross proceeds are estimated at SEK 711.5 million, and this is the first time an Indian company has listed a foreign subsidiary on Nasdaq Stockholm.

  • Analyst meet on Sep 30 Sep 24

    KPIL will take part in the virtual Bharat Connect Conference organised by Arihant Capital Markets on September 30, 2026.

  • ESG rating of 62 Sep 18

    Niche Ninety Nine Capability and Certifications gave KPIL an ESG rating of 62 on September 18, 2026.

TL;DR: KPIL is winning orders quickly: FY27 inflows of ₹13,219 crore sit on top of a ₹65,457 crore order book, and Q1FY27 profit rose 45% as margins widened. The Linjemontage listing turns part of the Swedish business into cash while KPIL keeps control. The risks are slow revenue growth (only 4% YoY in Q1), the NHAI arbitration loss on the KEPL road JV, and small tax disputes, and the stock's muted reaction to large wins points to cautious sentiment. The trend looks like it's improving, and the next things to watch are whether execution speeds up to turn the backlog into faster revenue growth and whether the ₹12,000 crore L1 pipeline converts.

Quarterly Results

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 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
Figures in ₹ Crores

Profit & Loss

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
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%
—
Figures in ₹ Crores

Balance Sheet

Particulars 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
16,383
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
Figures in ₹ Crores

Cash Flow

Particulars 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
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
Figures in ₹ Crores

Ratios

Particulars 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%
18%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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Shareholding Pattern

Others2.45%DIIs44.83%Public8.35%FIIs10.78%Promot.33.58%As ofJun 2026
24.55% of promoter holding pledged as of Jun 2026

Documents

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 ₹23,459 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 20.38, 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 0.80%.
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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