Kalpataru Projects International Ltd logo

Kalpataru Projects International Ltd

KPIL NSE

Key Fundamentals

SmallcapCivil ConstructionConstruction
Market Cap
₹23,840 Cr
Volatility
Moderate
P/E Ratio
21.09
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

Insights

Beta

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

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41 extracted metrics + investor summaries across FY11–FY26.

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Tapetide Score

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Technical Indicators

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: -7.49%

Growth Rate

Revenue Growth
21.76% ↗
Net Income Growth
81.67% ↗
Cash Flow Change
67.88% ↗
ROE
52.00% ↗
ROCE
26.68% ↗
EBITDA Margin (Avg.)
1.53% ↗

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 5d ago
AI opinion · based on fundamentals
Risk medium

Kalpataru Projects International Ltd is a mid-large-cap EPC company (market cap ~₹23,700 Cr) trading at a PE of 21.1x, with a record order book of ~₹64,495 Cr as of March 2025 providing multi-year revenue visibility. The company has delivered compounded profit growth of 36% over 3 years and sales CAGR of 18% over the same period, though return on equity remains modest at ~12% on a 3-year basis and promoter holding has declined by 7.49% over three years.

Bull Case 8
  • Record order book of ₹64,495 Cr as of March 2025, up ~19% YoY, providing approximately 3x book-to-bill revenue visibility
  • Compounded profit growth of 36% CAGR over 3 years and 57% TTM profit growth, indicating sharp earnings acceleration
  • Consolidated revenue CAGR of 18% over 3 years and 15% TTM growth, demonstrating consistent top-line momentum
  • EBITDA margin improving from ~8.5% in Q1 FY26 to 8.8% in Q1 FY27, with PBT margin expanding 190 bps YoY to 6.6%
  • Net debt-to-equity ratio declined to 0.31x (Dec 2025) from 0.78x two years earlier, showing meaningful deleveraging
  • Diversified presence across 75+ countries and multiple segments (T&D, Buildings & Factories, Oil & Gas, Water, Railways) reducing concentration risk
  • ROE improving from 11% (5-year average) to 14% in the last year, indicating rising capital efficiency
  • Stock CAGR of 30% over 3 years reflects sustained investor confidence backed by execution track record
Bear Case 8
  • 3-year average ROE of only 11.5-12% is below the 15%+ threshold typically expected for quality compounders in the EPC space
  • Promoter holding has declined by 7.49% over 3 years to ~33.5%, raising governance and alignment concerns
  • Promoter pledge remains elevated at ~24.5% of promoter holding as of recent quarters, creating downside risk in a market correction
  • EBITDA margins remain in the 8.5-8.8% range, typical of low-margin EPC businesses with limited pricing power
  • Interest costs were ₹577 Cr in FY26 against EBITDA of ₹1,897 Cr, implying ~30% of operating profit consumed by finance costs and signalling high borrowing costs
  • PE of 21.1x is at a premium relative to the historical average for Indian EPC companies, leaving limited room for valuation re-rating if execution slips
  • Dividend yield of only 0.79% with a payout ratio of 23.3% offers limited income support to shareholders
  • Working capital intensity inherent to large EPC projects can lead to volatile free cash flows despite reported profit growth

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

AI News Digest

Anthropic anthropic claude-opus-4.6 18h ago
Headwinds 2
  • Tax penalty notice ₹15.52L Aug 6

    State Tax Officer issued penalty demand of ₹15.52 lakhs for alleged wrong availment of Entry Tax Input Credit for AY 2016-17.

  • NHAI arbitration award set aside Jul 29

    High Court set aside termination payment claim in Kalpataru JV's dispute with NHAI. Company plans to appeal the specific payment claim.

Positives 4
  • ₹3526 crore EPC order win Aug 14

    Secured Rs 3526 crore EPC order for power transmission and industrial projects, adding to Q1FY27 inflow of Rs 9918 crore with book-to-bill of 0.36x.

  • Q1FY27 profit up 32% YoY Aug 11

    Standalone net profit rose 32.19% YoY to ₹265.36 crore in Q1FY27, with revenue from operations at ₹5,481.86 crore.

  • ₹150 crore rolling mill capex Aug 11

    Board approved ₹150 crore capex for a rolling mill at Raipur Plant as backward integration strategy to reduce input costs.

  • GST appeal won for FY19-20 Jul 24

    Appellate Authority set aside GST order, removing tax demand of ₹1.52 crore and penalty of ₹15.17 lakhs for FY 2019-20.

Neutral 4
  • FY27 guidance reaffirmed at 15%+ Aug 12

    Management reaffirmed 15%+ revenue growth, 75bps PBT margin improvement, ₹30,000 crore order inflow target for FY27 with possible upward revision by Q2. Capex guided at ~₹800 crore.

  • Investor meets in Aug 2026 Aug 6

    Scheduled analyst and institutional investor meetings in Mumbai and Singapore during August 2026.

  • Independent Director tenure ends Aug 3

    Dr. Shailendra Raj Mehta ceased to be Independent Director on August 2, 2026, per SEBI tenure regulations.

  • GST penalty ₹10.46L paid Jul 29

    Paid ₹10.46 lakh penalty to GST Authority to release a detained vehicle. Company plans to appeal the action.

TL;DR: KPIL is executing well with 32% profit growth, strong order inflows (₹9918 crore in Q1 alone), and management reaffirming 15%+ revenue growth guidance for FY27. Backward integration via the Raipur rolling mill signals margin focus. Risks are minor — small tax penalties and a partially adverse NHAI arbitration ruling. The trend is clearly improving with robust order book visibility and expanding profitability.

Quarterly Results

  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

  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

  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

  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

  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%

Shareholding Pattern

As of Jun 2026
DIIs 44.83%
Promoters 33.58%
FIIs 10.78%
Public 8.35%
Others 2.45%
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 2026Jun 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%
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%
10.78%
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%
44.83%
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%
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%
8.35%
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%
2.45%
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
1,19,404

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 Construction sector within the Civil 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 ₹23839.85 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 21.09. 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 0.78%. 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 13.33%. 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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