KPIL
Large CapKalpataru Projects International Limited
Real Estate
Kalpataru Projects International Ltd. (KPIL) is an EPC company with 40+ years experience, operating in 75+ countries with 250+ projects. It focuses on six high-growth EPC businesses: Power T&D, Oil & Gas, Building & Factories, Water, Railways, and Urban Infra. FY26 revenue was ₹27,143 Crores with an order book of ₹65,457 Crores.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust is supportive, price trend is neutral, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/4 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Good · 67/100Rev +10% YoY · PAT +98% YoY · +17% QoQ · operating leverage · margin compression
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹7,778 Cr | +10.1% | +16.7% |
| EBITDA | ₹640 Cr | +19.0% | +24.8% |
| Operating margin | 8.0% | +0 bps | +0 bps |
| PAT | ₹431 Cr | +97.7% | +189.3% |
| PAT margin | 5.5% | +246 bps | +330 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
KPIL reports a standout FY26 with consolidated revenue up 22% YoY to ₹27,143 Cr, PBT (before exceptional items) up 62% YoY to ₹1,334 Cr, and PAT up 82% YoY to ₹1,031 Cr. Net debt declined 53% YoY to ₹915 Cr, and ROCE improved by 410 bps to 21.4%.
KPIL delivered strong FY26 results, exceeding guidance with robust revenue and profit growth, significant debt reduction, and improved return ratios. The order book remains strong, and management's focus on profitable growth and operational excellence supports the long-term thesis, despite some legacy project impairments.
Order Book by Business Vertical (31 March 2026)
Latest issuer-disclosed distribution across 6 reported categories.
Strong Order Inflow
Order inflow of ₹ 26,400 Crores in FY26, led by T&D and B&F, with strong tendering momentum across key business segments.
Diversified EPC Offerings
Integrated EPC capabilities in T&D, B&F, Oil & Gas, Water, Railways, and Urban Infra, enabling participation in large, complex projects.
Global Market Presence
Incomparable global presence in 75+ countries with active projects in 30+ countries, contributing 39% to international order book.
Focus on Large Design Build Projects
Increased focus on large design build EPC projects, with average project size up 2.5X, nearing ₹500 Crore, and nearly 50% of FY26 orders above ₹1,000 crores.
Capex for Future Capabilities
Invested closer to ~₹3,000 crores in capex (FY22-FY26) to build future capabilities and improve competitiveness.
Transmission Tower Manufacturing Capacity
In-house transmission tower manufacturing capacity of 2,40,000 MTPA.
Owned Equipment Fleet
Owned equipment fleet provides control on project execution, building operational scale and improves competitiveness.
Global Power T&D Opportunity
Rising annual global investment in T&D, projected to expand from USD 631 billion in 2024 to USD 1.1 trillion by 2050, driven by energy transition and demand.
Domestic T&D Super Cycle
India's T&D market estimated to see ₹4.9 trillion investment from FY27-FY32 in transmission line and substation infrastructure.
Real Estate and Civil Construction Upcycle
Rapid urbanization in India creating high demand for housing, commercial, and institutional buildings in Tier 1 and 2 Cities.
Government-Led Infrastructure Spend
Capex outlay rising to ₹12.2 trillion for FY26-27 in India, creating large EPC opportunities in highways, metro rail, tunneling, railways, and airports.
Lower Collections in Water Business
Water business revenue impacted in FY26 given lower collections in Jal Jeevan Mission (JJM) projects.
Project Execution and Legacy Issues
Investments made in Fasttel Brazil were fully impaired/provided for, and all legacy projects in Fasttel Brazil were closed in FY26.
Working Capital Management
Collections from Water business to further improve working capital, indicating ongoing focus on managing project-specific collection challenges.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
The presentation provides both Q4 and Full Year FY26 results with explicit YoY comparisons. Full-year performance is crucial for an EPC company to assess project execution cycles and overall business trajectory, while Q4 shows recent momentum.
Order Book
₹ 65,457 Crores as on 31 March 2026, with 61% domestic and 39% international share.
Order Wins FY26
₹ 26,400 Crores, primarily driven by T&D and B&F segments.
Revenue FY26
₹ 27,143 Crores, a 22% YoY increase, in line with guidance.
Operating Cash Flow FY26
₹ 1,534 Crores, a 68% YoY increase.
Focus on Profitable Growth
Prioritizing profit, cash, and margin over business growth, with an unrelenting focus on improving margins and operating cash flows.
Strong Demand Outlook
Strong demand outlook for large projects in T&D, B&F, Oil & Gas, and Urban Infra.
Disciplined Capital Allocation
Continued focus on disciplined capital allocation and consistent shareholder returns.
Operational Excellence
Scaling operational excellence to increase efficiencies and mitigate labor shortage, leveraging manufacturing expertise for backward integration.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Order Inflow | ₹ 1,833 crore till date in FY27; L1 in Projects around ₹ 3,200 crore | Sustained order wins, especially large-size projects, to maintain order book growth and revenue visibility. |
| Working Capital Days | 75 days (FY26) | Further improvement in NWC days, particularly from collections in the Water business, to enhance cash flow generation. |
| PBT Margin (before exceptional items) | 4.9% (FY26) | Continued expansion of PBT margins, driven by focus on profitable growth and operational efficiencies across segments. |
| Net Debt | ₹ 915 Crores (FY26) | Continued reduction in net debt and maintenance of a strong balance sheet to support future growth and investments. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Show extracted source claims
The company is L1 or favorably placed in projects worth approximately ₹7,000 Crores, mainly in T&D and B&F businesses.
"L1/ favorably placed in projects worth ~ ₹7,000 Crores Mainly in T&D and B&F business"
The current order book of ₹63,287 crores provides approximately 3 years of revenue visibility.
"Order Book ₹ 63,287 crores + 3% YoY ~3 years visibility"
Working capital will further strengthen due to improving collections from the Water business starting January 2026.
"Working capital further strengthens given improving collections from Water business"
The company is on track to achieve targeted growth in revenue and profitability for FY26.
"On track to achieve targeted growth in revenue and profitability for FY26"
Trend score and candlestick chart
60BullishSMA20 +10.7% / mo · near 52W high
Technical chart
KPILweekly · 1Y+12.5%Technical trend read
NeutralTrend is undirectional — long-term trend unclear. RSI 60.
- SMA20 rising (~9.7% over last month) — short-term momentum positive.
- RSI(14) at 60 — sideways, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- Within 3% of 52-week high — testing resistance.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- FCF yield is supportive at 7.1%.
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 34.9%.
Main drags
- Valuation is weaker at 11/30; verify the latest quarterly trend.
- Balance sheet is weaker at 6/15; verify the latest quarterly trend.
- Quality is weaker at 9/20; verify the latest quarterly trend.
Real estate valuation: NAV, pre-sales, debt, and inventory quality
Real estate valuation depends more on project economics and balance sheet than simple PE.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +2 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 91st percentile of the scored universe and 96th percentile within Real Estate. No major sub-score weakness stands out.
High Trust Lite: Promoter pledge is zero.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Real Estate: 96th pctile, median 61 · Large: 77th pctile, median 74
138 documents indexed, but claim history is not strong enough yet.
4 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is 7.1%.
- ▸10 years of positive FCF.
- ▸4/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸No major Trust Lite risk flags.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 21.30
- P/B
- 2.78
- EV/EBITDA
- 9.16
- Market Cap
- 21642.00Cr
Profitability
- ROE
- 14.20%
- ROCE
- 16.60%
- ROA
- 3.72%
- Dividend Y
- 0.71%
Growth (CAGR)
- Revenue 5Y
- 16.00%
- EPS 5Y
- 14.00%
- Revenue 3Y
- 18.00%
- EPS 3Y
- 37.00%
Balance Sheet
- Debt/Equity
- 0.46
- Interest Coverage
- 4.47×
- Altman Z
- 2.39
- Book Value
- 455.00
Cash Flow
- FCF Yield
- 7.09%
- FCF Positive Y
- 10/5
- OCF
- 1534.00 Cr
- EPS TTM
- 60.90
Shareholding
- Promoter Hold
- 33.58%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 79%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Real Estate — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.