Kalpataru Projects International Q2 FY25 results (Jul–Sep 2024) and concall

KPIL delivered a steady Q2 FY25 performance characterized by strong growth in T&D and Oil & Gas, offsetting a significant 43% decline in the Water business due to collection delays. Management is pivoting towards higher-margin projects, with consolidated EBITDA margins approaching the 9% mark. While revenue guidance was slightly tempered from '20%+' to 'slightly lower' due to the Water segment, the record order book and healthy L1 position provide strong visibility for FY26.