Credit rating
Credit Rating 30 Jul - Acuité assigned BBB- Stable and A3 ratings to K2 Infragen’s ₹200 crore bank facilities.
Source: Nse
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.
₹41.05
-0.80 · -1.91%
Market cap ₹52.8 Cr
Data qualityFresh enough for analysisQuote updated 21 Oct, 04:45 am ISTDetails
Quote21 Oct, 04:45 am IST
Base fundamentals17 Oct 2026 · screener
Latest result01 Jun, 07:46 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags24 Apr 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Infra P/E 15.4 (n=87)
Technical timing lens
Trend score and candlestick chart
30Bearishfull bear SMA stack · SMA20 -13.8% / mo · MACD + · near 52W low · sector -2.7pp vs Nifty 500 (3M)
Stock trend: 26
Sector RS: 35
Sector 3M: -8.3% vs Nifty 500 -5.6%
Infra FPI tailwindFlow only
FPI equity flow was positive in both fortnights, but the sector index is below its 100-session average. View sector evidence
Technical chart
K2INFRAD candles · FIT view-18.4%Latest close ₹41.05 on 2026-10-19
Bar
-1.7%
RSI
43
MACD hist
0.37
52W pos
7%
2026-10-19O ₹41.75H ₹42.75L ₹40.20C ₹41.05Vol 8,400 sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
K2INFRANifty InfraNifty 500
- K2INFRA
- -28.0%
- Nifty 500
- -5.6%
- Nifty Infra
- -8.2%
- Vs Nifty 500
- -22.5 pp
Chart stats
19 Oct 2026- From 52W high
- -50.3%
- 52W range position
- 7%
- ATR (14)
- 5.6%
- Volume vs 20D
- 0.37x
- Avg traded value
- ₹0.1 Cr
- 20D price channel
- ₹38.1 - ₹46
₹82.6
₹38.1 - ₹82.6
₹2.3
Latest completed session
20-session average
52.1% annualized volatility
Research snapshot
What the evidence says now
Mixed fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is weak.
Suggested next step
Verify management risk first
Do not let cheap valuation override weak Trust or governance evidence.
U-Score
Legacy · FAIR VALUE56
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Bad0
Revenue +91.8% · PAT +0.0% YoY
Technical
Bearish30
Price trend and sector-relative-strength timing.
Valuation
Legacy model+83.1%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence49
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 31 Mar 2026
Bad · 0/100PAT 0% YoY · margin compression · Rev +92% YoY
Filed 31 Mar 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹94 Cr | +91.8% | +3.3% |
| EBITDA | ₹9 Cr | NDF | -35.7% |
| Operating margin | 10.0% | NDF | -500 bps |
| PAT | ₹6 Cr | +0.0% | -14.3% |
| PAT margin | 6.4% | NDF | -131 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 3.97
- P/B
- 0.59
- EV/EBITDA
- 6.07
- Market Cap
- 52.80Cr
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
- 1.97
- 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
- 8%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 185+25.9% vs prev
Net Profit
₹ CrLatest: 13.0+8.3% vs prev
Return on Equity
%Latest: 14.4-7.3% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend down. RSI 43. Wait for confirmation.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~16.1% over last month) — short-term momentum negative.
- RSI(14) at 43 — rising, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 50% off 52W high · 8% 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.
Nifty 500 leadership
Relative Strength & Trend Stage
22
RS percentile
Stage 4 Downtrend
1M return
-5.2%
3M return
-28.0%
6M return
-16.9%
1Y return
-28.5%
RS 1D
+1
RS 20D
+11
Sector rank
#16
Industry rank
#70
Stage evidence
- Price is 21.5% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -2.0%.
- Both 3-month and 6-month returns are negative.
50-DMA
price below
200-DMA
price below
Sector
lagging
Industry
lagging
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 65.99-0.90%
RS vs Nifty 50066
Valuation & peers
U-Score 56 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 56 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Deep Value
Fundamental score breakdown
U band · FAIR VALUEValuation30/30
Growth20/25
Quality7/20
Balance Sheet5/15
Cash Flow0/10
Piotroski
4/9 (+1)
Penalties
-7
Raw sum
56
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
56/100 · legacy band FAIR VALUE
Positive drivers
- Fair-value margin of safety is positive at 83.1%.
- 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.
Sector valuation model
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
Primary lens
EV/EBITDA and PE against execution quality and margin stability.
Secondary checks
Order book, receivables, working capital, debt, operating cash flow.
Main risk check
Order wins matter only if they convert into cash and margins.
PE
4.0
PB
0.6
EV/EBITDA
6.1
ROE
16.0%
ROCE
14.7%
FCF Yield
—
Debt/Equity
1.2
MoS
+83.1%
Score movement
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.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
56
Previous: 56
Legacy U-Score band
FAIR VALUE
Previous: FAIR VALUE
Margin of safety
+83.1%
Previous: +83.1%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
56
56
56
56
56
56
56
56
56
56
56
56
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹129.7
+68.3% MoS
Growth-justified P/E
23.1
Growth-justified Value
₹243.24
+83.1% MoS
PEG
0.05
Comparable companies
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.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
MANAV
SME
Manav Infra Projects Ltd.
Construction & Engineering
match 93
68
12.5
40.3%
+45%
UNDERVALUED
RILINFRA
SME
Rachana Infrastructure Ltd.
Construction & Engineering
match 91
73
5.7
10.1%
+75%
UNDERVALUED
VLINFRA
SME
V.L.Infraprojects Ltd.
Construction & Engineering
match 90
67
4.5
18.3%
+80%
UNDERVALUED
MAYASHEEL
SME
Mayasheel Ventures Ltd.
Construction & Engineering
match 89
78
4.4
35.4%
+73%
DEEP VALUE
INTEGRITY
SME
Integrity Infrabuild Developers Ltd.
Construction & Engineering
match 87
63
12.6
41.8%
+45%
UNDERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis under stressReviewed 2026-08-19T07:20:04.785Z
Management commentary snapshot
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.
Current business mix
FY26 Segmental Revenue
Latest issuer-disclosed distribution across 4 reported categories.
Road & Bridge Projects77.6%
Power Transmission & Distribution11.8%
Railway Projects7.8%
Civil Infrastructure2.7%
Growth engines
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.
Capacity and execution
Machinery Upgrades
INR 12 Cr planned for machinery upgrades to enhance work efficiency across EPC projects.
Tailwinds
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
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
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.
Sector KPIs management disclosed
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.
Management forward view
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.
Thesis monitor
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.
Trust Score
49Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: 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.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
4 docs text-extracted · 1 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
6th percentile
overall median 67 · Infra: 12th pctile, median 64 · SME: 6th pctile, median 64
Evidence depth
Financial-only
4 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Needs extra due diligence; demand valuation comfort and recent improvement.
Read 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.
Promoter
78
strong · holding, pledge, alignment
Cash flow
28
weak · profit to cash conversion
Balance sheet
53
watch · leverage and solvency
Discipline
50
watch · capital discipline
Results
38
weak · quarterly consistency
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.
Continue researching K2 Infragen Ltd.
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Investor presentationJun 2026
Jun 2026 · PPT
Source: Nse
Concall transcriptJun 2026
Jun 2026 · Transcript
Source: Nse
Annual reportMar 2026
Mar 2026 · Annual Report 2026
Source: Nse
Investor presentationDec 2025
Dec 2025 · PPT
Source: Nse
Investor presentationJun 2025
Jun 2025 · PPT
Source: Nse
Investor presentationMay 2025
May 2025 · PPT
Source: Nse
Investor presentationMar 2025
Mar 2025 · PPT
Source: Nse
Annual reportMar 2025
Mar 2025 · Annual Report 2025
Source: Nse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.