K2 Infragen Ltd. (K2INFRA)
SME CapInfra stocks · SME cap · NSE
K2 Infragen Ltd. is an integrated EPC firm founded in 2015, specializing in projects across Railways, Road, Power T&D, Water, and Civil construction. Operates in 8+ states, with 50+ executed projects and 11 ongoing. Recently entered renewable energy. Holds ISO certifications for quality, environment, and safety management systems.
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 needs verification, price trend argues for patience, and recent execution is weak.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 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
Bad · 0/100PAT 0% YoY · margin compression · Rev +92% YoY
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹94 Cr | +91.8% | +3.3% |
| EBITDA | ₹9 Cr | -18.2% | -35.7% |
| Operating margin | 10.0% | -200 bps | -500 bps |
| PAT | ₹6 Cr | +0.0% | -14.3% |
| PAT margin | 6.4% | -99 bps | -131 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
FY26 revenue grew 26.2% YoY to INR 1,852 Mn, with PAT up 15.7% to INR 133 Mn. However, H2-FY26 revenue declined 0.9% YoY, and EBITDA margin dropped 180 Bps YoY to 9.85%, indicating significant sequential and annual profitability pressure. Order book stands at INR 4,240 Mn.
While FY26 saw overall growth, the sharp decline in H2-FY26 revenue and profitability, both YoY and HoH, raises concerns about execution efficiency and margin sustainability. The healthy order book provides future visibility, but the recent trend in margins warrants close monitoring.
FY26 Segmental Revenue
Latest issuer-disclosed distribution across 4 reported categories.
Road & Bridge Projects
Largest revenue contributor (77.64% in FY26), with ongoing highway projects in Gujarat (INR 1,421 Mn) and Uttar Pradesh (INR 483 Mn).
Railway Projects
Robust order book of INR 2,571 Mn, including a mega INR 2,621 Mn railway electrification project.
Power Transmission & Distribution
Order book of INR 1,919 Mn, specializing in substations and T&D lines up to 400 KV.
Renewable Energy Segment
Strategic entry with a 2 MW solar project in Haryana, exploring IPP model and tariff-based competitive bidding (TBCB) projects.
Machinery Upgrades
INR 12 Cr planned for machinery upgrades to enhance work efficiency across EPC projects.
India Infrastructure Sector Growth
Market size estimated at USD 223.59 billion in 2025, expected to reach USD 353.11 billion by 2030 at a CAGR of 9.57%.
Government Infrastructure Allocation
Government allocated 3.3% of GDP to infrastructure in FY2024, with INR 5 lakh crore for infra-related ministries in FY24.
Indian Railways Transformation
Record INR 2.93 Tn railway budget allocation, with INR 16.7 Tn planned investment by 2031 for network expansion and modernization.
Power Transmission Sector Growth
INR 9.15 Tn plan to enhance national grid by 2032, driven by 500 GW renewable energy target by 2030.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
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.
Full-year (FY26 YoY) shows growth, but half-yearly (H2-FY26 YoY and HoH) reveals significant sequential and annual declines in profitability, indicating potential operational challenges or project mix shifts.
Order Book
INR 4,240 Million as of March 31, 2026.
Revenue Growth (FY26 YoY)
Revenue from Operations grew 26.2% YoY to INR 1,852 Million in FY26.
EBITDA Margin (FY26)
EBITDA Margin was 12.37% in FY26, a decline of 16 Bps YoY from 12.53% in FY25.
H2-FY26 Revenue Growth (YoY)
H2-FY26 Revenue from Operations declined (0.9)% YoY to INR 944 Million.
Strategic Diversification
Expanding into renewable energy projects (solar, wind) and direct bidding in Transmission and Railway segments.
JV Bidding for Large Projects
Utilizing JV bidding for Roads and other large EPC projects, including Hybrid Annuity Model (HAM) projects.
Technology Investments
Adoption of AI and IoT for real-time project monitoring to enhance operational efficiency.
Capex Plans
INR 12 Cr planned for machinery upgrades to strengthen execution and support growth ambitions.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| EBITDA Margins | 12.37% (FY26), 9.85% (H2-FY26) | Stabilization and improvement from H2-FY26 levels, indicating better project execution and cost control. |
| Order Book Execution | INR 4,240 Million | Timely execution and conversion of the order book into revenue, especially for higher-margin projects. |
| Debt-to-Equity Ratio | 1.16x (FY26) | Prudent capital management and reduction in leverage, given the increase in finance costs. |
| Renewable Energy Scale-up | INR 81 Million unexecuted order book | New order wins and tangible progress towards the IPP model and TBCB projects in the renewable segment. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
39Bearishfull bear SMA stack · SMA20 -10.3% / mo · MACD + · sector +2.3pp vs Nifty (3M)
Technical chart
K2INFRAdaily · 1Y · AUTO+1.3%Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 38.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- Recent death cross (SMA50 crossed below SMA200).
- SMA20 falling (~11.5% over last month) — short-term momentum negative.
- RSI(14) at 38 — falling, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 41% off 52W high · 20% above 52W low.
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
U-Score 56 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 56 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Fair-value margin of safety is positive at 81.7%.
- Valuation contributes 30/30 to the score.
- Growth contributes 20/25 to the score.
Main drags
- Penalty bucket subtracts 7 points.
- Cash flow is weaker at 0/10; verify the latest quarterly trend.
- Balance sheet is weaker at 5/15; verify the latest quarterly trend.
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
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: +1 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Weak Trust: Claim history is still being built. It ranks around the 6th percentile of the scored universe and 12th percentile within Infra. Main check: cash conversion is weak at 28/100.
Mixed Trust Lite: Promoter pledge is zero. Key concern: Operating cash flow is negative at ₹-17 Cr.
Management or financial behaviour needs caution. Demand stronger valuation compensation.
overall median 67 · Infra: 12th pctile, median 64 · SME: 6th pctile, median 64
4 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Weak 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.
Trust risks
- ▸Operating cash flow is negative at ₹-17 Cr.
- ▸Only 0 years of positive FCF.
- ▸Debt/equity is 1.17.
- ▸ROCE trend is -8.3%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 4.63
- P/B
- 0.69
- EV/EBITDA
- 6.41
- Market Cap
- 61.60Cr
Profitability
- ROE
- 16.00%
- ROCE
- 14.70%
- ROA
- 5.65%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 39.00%
- EPS 5Y
- 120.00%
- Revenue 3Y
- 35.00%
- EPS 3Y
- 5.00%
Balance Sheet
- Debt/Equity
- 1.17
- Interest Coverage
- 2.88×
- Altman Z
- 2.01
- Book Value
- 71.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 0/5
- OCF
- -17.00 Cr
- EPS TTM
- 10.53
Shareholding
- Promoter Hold
- 40.70%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 19%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable names in Infra, ranked by similarity
Peers
Business-comparable names in Infra, ranked by similarity
Peers
Business-comparable peers in Infra — 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.