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.
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, while price trend supports entry. This looks more like momentum/speculation than a clean fundamental investment setup.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 2/4 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Average · 47/100margin compression · Rev +4% YoY · PAT +46% YoY · operating leverage
| 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.
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
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.
Order Book Share by Business Vertical (31 March 2026)
Latest issuer-disclosed distribution across 6 reported categories.
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.
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.
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.
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.
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
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.
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.
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.
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.
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
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 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"
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"
Outcome check: Revenue YoY averaged 7.0% across 2 later quarter(s).
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"
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"
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"
Outcome check: PAT YoY averaged 71.8% across 2 later quarter(s).
Trend score and candlestick chart
75Bullishfull bull SMA stack · SMA20 +6.5% / mo · MACD + · near 52W high · sector +2.3pp vs Nifty (3M)
Technical chart
KPILdaily · 1Y · AUTO+24.3%Daily technical trend read
Bullish setupTrend is constructive — long-term uptrend intact. RSI 59.
- Price > SMA20 > SMA50 > SMA200 — full bullish stack.
- SMA20 rising (~6.1% over last month) — short-term momentum positive.
- RSI(14) at 59 — rising, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 5% off 52W high · 40% 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.
Relative Strength & Trend Stage
- Price is 12.1% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +3.0%.
- Both 3-month and 6-month returns are positive.
Valuation & score drivers
U-Score 48 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 48 · 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
- FCF yield is supportive at 6.4%.
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 30.5%.
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.
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: +0 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.
Healthy Trust: Management has 100% delivered/partly-delivered outcomes on 2 checked claims. It ranks around the 90th percentile of the scored universe and 90th percentile within Infra. 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 · Infra: 90th pctile, median 64 · Large: 77th pctile, median 73
119 documents have extracted text, but claim history is not strong enough yet.
2/4 claims checked · 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 6.4%.
- ▸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.
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
- 21.60
- P/B
- 3.09
- EV/EBITDA
- 9.86
- Market Cap
- 24021.00Cr
Profitability
- ROE
- 13.70%
- ROCE
- 18.30%
- ROA
- 4.08%
- Dividend Y
- 0.78%
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
- 2.48
- Book Value
- 455.00
Cash Flow
- FCF Yield
- 6.42%
- FCF Positive Y
- 10/5
- OCF
- 1534.00 Cr
- EPS TTM
- 66.56
Shareholding
- Promoter Hold
- 33.58%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 81%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
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Peers
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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.