Announcement
Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order 28 Sep - KPIL wins LoA for EPC gas pipeline project in UAE, estimated over ₹4,000 crore.
Source: Bse
Kalpataru Projects International Limited (KPIL)
Large CapInfra stocks · Large cap · NSE
Kalpataru Projects International Limited (KPIL) is a global EPC company with 40+ years of experience, operating in 75+ countries. It specializes in Power Transmission & Distribution, Oil & Gas, Buildings & Factories, Water, Railways, and Urban Infra. FY26 revenue was ₹27,143 Cr, with an order book of ₹65,457 Cr.
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals14 Oct 2026 · screener
Latest result16 Aug, 01:50 am IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags15 Aug 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Infra P/E 15.4 (n=87)
Technical timing lens
Trend score and candlestick chart
45NeutralMACD − · sector -2.7pp vs Nifty 500 (3M)
Stock trend: 51
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
KPILD candles · FIT view+8.5%Latest close ₹1346.70 on 2026-10-19
Bar
-1.6%
RSI
41
MACD hist
-6.29
52W pos
70%
2026-10-19O ₹1369.20H ₹1382.90L ₹1340.00C ₹1346.70Vol 84,429 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
KPILNifty InfraNifty 500
- KPIL
- +1.8%
- Nifty 500
- -5.6%
- Nifty Infra
- -8.2%
- Vs Nifty 500
- +7.3 pp
Chart stats
19 Oct 2026- From 52W high
- -9.6%
- 52W range position
- 70%
- ATR (14)
- 3.3%
- Volume vs 20D
- 0.50x
- Avg traded value
- ₹22.8 Cr
- 20D price channel
- ₹1,340 - ₹1,490
₹1,490
₹1,007.1 - ₹1,490
₹45
Latest completed session
20-session average
30.7% 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 is neutral, and recent execution is consistent.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · FAIR VALUE48
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Average47
Revenue +3.8% · PAT +45.8% YoY
Technical
Neutral45
Price trend and sector-relative-strength timing.
Valuation
Legacy model+27.0%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence80
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 30 Jun 2026
Average · 47/100margin compression · Rev +4% YoY · PAT +46% YoY · operating leverage
Filed 30 Jun 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹6,408 Cr | +3.8% | -17.6% |
| EBITDA | ₹562 Cr | +7.0% | -12.2% |
| Operating margin | 9.0% | +0 bps | +100 bps |
| PAT | ₹312 Cr | +45.8% | -27.6% |
| PAT margin | 4.9% | +140 bps | -67 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 21.50
- P/B
- 3.07
- EV/EBITDA
- 9.81
- Market Cap
- 23886.00Cr
Profitability
- ROE
- 13.70%
- ROCE
- 18.30%
- ROA
- 4.08%
- Dividend Y
- 0.79%
Growth (CAGR)
- Revenue 5Y
- 16.00%
- EPS 5Y
- 13.00%
- Revenue 3Y
- 18.00%
- EPS 3Y
- 36.00%
Balance Sheet
- Debt/Equity
- 0.46
- Interest Coverage
- 4.94×
- Altman Z
- 2.47
- Book Value
- 455.00
Cash Flow
- FCF Yield
- 6.46%
- FCF Positive Y
- 10/5
- OCF
- 1534.00 Cr
- EPS TTM
- 66.56
Shareholding
- Promoter Hold
- 33.58%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 79%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 27.1k+21.6% vs prev
Net Profit
₹ CrLatest: 1,031+81.8% vs prev
Return on Equity
%Latest: 13.3+52.2% 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
Bearish setupTrend is weak — long-term uptrend intact. RSI 41.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 roughly flat — short-term momentum stalled.
- RSI(14) at 41 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 10% off 52W high · 34% 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
73
RS percentile
Stage 2 UptrendEstablished S2
1M return
-6.8%
3M return
+1.8%
6M return
+6.4%
1Y return
+6.1%
RS 1D
-1
RS 20D
0
Sector rank
#14
Industry rank
-
Stage evidence
- Price is 3.0% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +2.7%.
- Both 3-month and 6-month returns are positive.
50-DMA
price below
200-DMA
price above
S2 entered
22 Jun 2026
S2 age
84 trading sessions
Sector
lagging
Industry
unranked
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 111.8-0.27%
RS vs Nifty 500112
Valuation & peers
U-Score 48 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 48 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Financial Turnaround
Fundamental score breakdown
U band · FAIR VALUEValuation6/30
Growth14/25
Quality9/20
Balance Sheet5/15
Cash Flow9/10
Piotroski
8/9 (+5)
Penalties
0
Raw sum
48
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
48/100 · legacy band FAIR VALUE
Positive drivers
- FCF yield is supportive at 6.5%.
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 27.0%.
Main drags
- Valuation is weaker at 6/30; verify the latest quarterly trend.
- Balance sheet is weaker at 5/15; verify the latest quarterly trend.
- Quality is weaker at 9/20; 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
21.5
PB
3.1
EV/EBITDA
9.8
ROE
13.7%
ROCE
18.3%
FCF Yield
6.5%
Debt/Equity
0.5
MoS
+27.0%
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: 20 Oct 2026
v4.3-runtime-valuation
Final score
48
Previous: 48
Legacy U-Score band
FAIR VALUE
Previous: FAIR VALUE
Margin of safety
+27.0%
Previous: +31.1%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
48
48
48
48
48
48
48
48
48
48
48
48
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
₹825.47
-63.1% MoS
Growth-justified P/E
27.7
Growth-justified Value
₹1,845.04
+27.0% MoS
PEG
1.03
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
KNRCON
Micro
KNR Constructions Limited
Real Estate
match 165
45
9.3
8.7%
+27%
WATCHLIST
SOBHA
Large
Sobha Limited
Real Estate
match 156
28
55.9
4.2%
-64%
OVERVALUED
LICHSGFIN
Mid
LIC Housing Finance Limited
Real Estate
match 153
55
5.1
14.4%
+81%
FAIR VALUE
MANINFRA
Small
Man Infraconstruction Limited
Real Estate
match 152
43
23.1
9.2%
+37%
WATCHLIST
GANESHHOU
Small
GANESH HOUSING LIMITED
Real Estate
match 151
62
22.1
16.0%
+36%
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 intactReviewed 2026-06-13T07:10:58.144Z
Management commentary snapshot
KPIL reports strong FY26 consolidated performance: Revenue up 22% YoY to ₹27,143 Cr, PBT (before exceptional items) up 62% YoY to ₹1,334 Cr, and net debt declined 53% YoY to ₹915 Cr. Order wins reached ₹26,400 Cr.
KPIL delivered robust FY26 results, exceeding guidance with strong revenue and profit growth, improved margins, and significant debt reduction. The substantial order book and tendering momentum across key EPC segments support continued growth, despite impacts from legacy project divestments and impairments.
Current business mix
Order Book Share by Business Vertical (31 March 2026)
Latest issuer-disclosed distribution across 6 reported categories.
T&D44.0%
B&F28.0%
Water11.0%
Oil & Gas7.0%
Urban Infra6.0%
Railways4.0%
Growth engines
Global Power T&D
Rising annual global investment in T&D is projected to expand from USD 631 billion in 2024 to USD 1.1 trillion by 2050, driven by energy demand, renewables, and grid modernization.
Real Estate and Civil Construction Upcycle
Rapid urbanization in India creates high demand for housing, commercial, and institutional buildings. Strong revival in public and private capex, and global data center investments due to AI adoption.
Energy Security & Supply Chain Shifts
High investment focus on energy and related infrastructure across the Middle East, with emphasis on net zero goals and increasing domestic gas production.
Government-Led Infrastructure Development
Improved momentum in government-led infrastructure spend, with capex outlay rising to ₹12.2 trillion for FY26-27 in India, creating large EPC opportunities.
Capacity and execution
Capex Investment
Invested closer to ~₹3,000 crores in capex from FY22-FY26 to build future capabilities and improve competitiveness.
Transmission Tower Manufacturing
In-house transmission tower manufacturing capacity of 2,40,000 MTPA.
Integrated EPC Offerings
Average project size up 2.5X, nearing ₹500 Crore, indicating capability for larger projects.
Tailwinds
Energy Transition Demand
Global Power T&D market is expected to grow significantly, driven by energy transition and increasing electricity demand.
Indian Infrastructure Push
Government's increased capex outlay for FY26-27 provides massive opportunities in urban mobility, airports, water, and railways.
Digital Infrastructure Growth
AI adoption and demand for cloud infrastructure are driving high growth in global data center investments.
Headwinds
Water Business Collections
Water business revenue was impacted in FY26 given lower collections in JJM projects.
Brazil Operations Impairment
Closed all legacy projects in Fasttel Brazil; investments made in Fasttel fully impaired/provided for in FY26.
Risk radar
Project Execution Risk
Management claims disciplined and effective risk management is in place, prioritizing profit, cash, and margin over business growth.
Working Capital Management
Prudent working capital management is a focus, with NWC days improving to 75 days in FY26.
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
YoY comparison is essential for assessing annual growth and profitability trends in an EPC business with long project cycles. QoQ provides insight into sequential momentum, execution efficiency, and working capital management.
Sector KPIs management disclosed
Order Book
Order Book at ₹65,457 Crores as on 31 March 2026, with Domestic 61% and International 39%.
Order Wins
Order wins of ₹26,400 Crores in FY26, led by T&D and B&F. Received new orders of ₹1,833 crore till date in FY27; L1 in Projects around ₹3,200 crore.
Operating Cash Flow
Operating Cash Flow for FY26 was ₹1,534 Crores, a +68% YoY increase.
Net Working Capital Days
Net Working Capital Days improved to 75 days in FY26, from 79 days YoY.
Management forward view
Focus on Profitable Growth
Management states a disciplined approach to profitability, prioritizing profit, cash, and margin over business growth.
Strong Demand Outlook
Management sees strong demand outlook with large projects in T&D, B&F, Oil & Gas, and Urban Infra.
Disciplined Capital Allocation
Management is committed to disciplined capital allocation and continued shareholder returns.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Order Inflows | ₹1,833 Cr received till date in FY27; L1 in projects around ₹3,200 Cr. | Sustained momentum in new order wins, especially large-size orders (above ₹1,000 Cr). |
| Net Debt | ₹915 Crores (down 53% YoY). | Continued debt reduction and maintenance of low Net Debt/Equity ratio (currently 0.1x). |
| NWC Days | 75 days (improved by 4 days YoY). | Further improvement in the working capital cycle and collections from the Water business. |
| PBT Margin (before exceptional items) | 4.9% in FY26 (up 120 bps YoY). | Sustained margin expansion, indicating effective project execution and cost control. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Show extracted source claims
order inflownot yet verifiablequantified
The company is L1 or favorably placed in projects worth approximately ₹7,000 Crores, mainly in T&D and B&F businesses.
Timeframe: Near termDirection: PositiveConfidence: Moderate
"L1/ favorably placed in projects worth ~ ₹7,000 Crores Mainly in T&D and B&F business"
order inflownot yet verifiablequantified
The company is L1 or favorably placed in projects worth approximately ₹7,000 Crores, mainly in T&D and B&F businesses.
Timeframe: Near termDirection: PositiveConfidence: Moderate
"L1/ favorably placed in projects worth ~ ₹7,000 Crores Mainly in T&D and B&F business"
revenue outlooknot yet verifiablequantified
The current order book of ₹63,287 crores provides approximately 3 years of revenue visibility.
Timeframe: ~3 yearsDirection: PositiveConfidence: High
"Order Book ₹ 63,287 crores + 3% YoY ~3 years visibility"
revenue outlookpartially deliveredquantified
The current order book of ₹63,287 crores provides approximately 3 years of revenue visibility.
Timeframe: ~3 yearsDirection: PositiveConfidence: High
"Order Book ₹ 63,287 crores + 3% YoY ~3 years visibility"
Outcome check: Revenue YoY averaged 7.0% across 2 later quarter(s).
cash flow improvementnot yet verifiable
Working capital will further strengthen due to improving collections from the Water business starting January 2026.
Timeframe: starting January 2026Direction: improvementConfidence: Moderate
"Working capital further strengthens given improving collections from Water business"
cash flow improvementnot yet verifiable
Working capital will further strengthen due to improving collections from the Water business starting January 2026.
Timeframe: starting January 2026Direction: improvementConfidence: Moderate
"Working capital further strengthens given improving collections from Water business"
revenue outlooknot yet verifiable
The company is on track to achieve targeted growth in revenue and profitability for FY26.
Timeframe: FY26Direction: growthConfidence: High
"On track to achieve targeted growth in revenue and profitability for FY26"
revenue outlookdelivered
The company is on track to achieve targeted growth in revenue and profitability for FY26.
Timeframe: FY26Direction: growthConfidence: High
"On track to achieve targeted growth in revenue and profitability for FY26"
Outcome check: PAT YoY averaged 71.8% across 2 later quarter(s).
Trust Score
80Limited 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: Management has 100% delivered/partly-delivered outcomes on 2 checked claims. It ranks around the 90th percentile of the scored universe and 89th percentile within Infra. No major sub-score weakness stands out.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 20 Oct 2026
management-trust-v1
128 docs text-extracted · 10 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
90th percentile
overall median 67 · Infra: 89th pctile, median 64 · Large: 77th pctile, median 73
Evidence depth
Financial-only
128 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
100% delivered or partly delivered
2/4 claims checked · 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
Can support position sizing if valuation and trend also agree.
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
89
strong · profit to cash conversion
Balance sheet
73
acceptable · leverage and solvency
Discipline
68
acceptable · capital discipline
Results
95
strong · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is 6.5%.
- ▸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.
Continue researching Kalpataru Projects International Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 25 Sep - Linjemontage shares begin trading on Nasdaq Stockholm today; IPO oversubscribed at SEK 2.36 billion valuation.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 25 Sep - KPIL’s subsidiary Linjemontage listed on Nasdaq Stockholm; KPIL retains 65.9% stake and receives SEK 711.5 million.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 24 Sep - Intimation of schedule of Analyst / Institutional Investor Meet under Regulation 30 of the SEBI (LODR) Regulations, 2015
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 14 Aug - Submission of Newspaper Advertisement related to special window for transfer and dematerialisation of physical securities
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2025
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.