K2INFRA
K2 Infragen financials
- Market cap
- ₹60 Cr
- Sector
- Construction
- Calls analysed
- 1
K2INFRA Q4 FY26
What went well
- Revenue from operations for FY26 grew 26% year-on-year to approximately Rs. 185 crores.
- EBITDA for FY26 grew 25% year-on-year to approximately Rs. 26 crores, with a healthy margin of 12.5%.
- New orders worth approximately Rs. 412 crores were secured since December 2025, primarily in higher-margin segments like energy, transmission & distribution, railway, and renewable infrastructure.
What to watch
- H2 FY26 EBITDA margin compressed to ~10% from the full-year average of 12.5%, and PAT margin to 6.4% from 7.2%.
- Operational efficiency in H2 was impacted by geopolitical situations and raw material price increases (bitumen, diesel).
What K2 Infragen Ltd does
K2 Infragen Ltd is an integrated Engineering, Procurement and Construction (EPC) firm offering design, procurement, construction supervision, subcontract management, work-order management and post-construction support across the full project value chain. It executes projects in roads & bridges, power transmission & distribution, railways, water-supply infrastructure and civil/building construction, and has recently entered renewable energy (solar EPC/IPP). It operates its own fleet of construction equipment (tippers, excavators, backhoe loaders, campers) to support project execution.
Segments
- Roads & Bridges
- Power Transmission & Distribution
- Railways
- Water Supply Projects
- Civil Work & Building Construction
- Renewable Energy
- Ongoing projects
- 11 active projects across roads, power transmission, railways and civil construction
- Projects executed since inception
- 50+
- On-time project delivery rate
- 83% (FY26)
- Construction equipment fleet
- 64+ machines (tippers, excavators, backhoe loaders, campers)
- Geographic presence
- 9 states (Uttar Pradesh, Rajasthan, Madhya Pradesh, Karnataka, Haryana, Gujarat, Punjab, Delhi, Odisha)
- Industry presence
- 10+ years
Guidance record · Q4 FY26
what the last two calls moved 6 tracked 0 delivered 1 missed 5 open- EBITDA Margin missed said Q4 FY26 Promised: we are in the range of 13%, 14% Q4 FY26: Management stated a target range of 13-14% for FY26, but the reported actual for FY26 was 12.5%.
- Revenue Growth open said Q4 FY26 Promised: We will be maintaining more than 25% anyhow. Q4 FY26: Guidance for >25% revenue growth in FY27 was introduced.
All 6 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q4 FY26: revenue up 91.8%, net profit up 0.0% against the same quarter last year.
| Line item | Q4 FY23 | Q2 FY24 | Q4 FY24 | Q2 FY25 | Q4 FY25 | Q2 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|
| Revenue | 60 | 59 | 49 | 51 | 95 +58% | 91 +54% | 94 +92% |
| EBITDA | 18 | 10 | 11 | 7 | 11 −39% | 14 +40% | 9 −18% |
| Net profit | 12 | 6 | 6 | 4 | 7 −42% | 7 +17% | 6 +0% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −28.3% 1Y
1Y: ₹65.8 on 10 Sept 2025 → ₹47.15. High ₹81.35 (15 Sept 2025), low ₹41.4 (30 Mar 2026).
How the price took the results
close before → close after
- Q4 FY26
- −9.9%
- 27 May
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹2 Cr | ₹2 Cr | ₹2 Cr | ₹9 Cr | ₹13 Cr | ₹13 Cr |
| Reserves | ₹0 Cr | ₹-1 Cr | ₹12 Cr | ₹36 Cr | ₹71 Cr | ₹77 Cr |
| Borrowings | ₹18 Cr | ₹21 Cr | ₹24 Cr | ₹25 Cr | ₹69 Cr | ₹105 Cr |
| Other liabilities | ₹3 Cr | ₹3 Cr | ₹19 Cr | ₹31 Cr | ₹36 Cr | ₹35 Cr |
| Total liabilities | ₹22 Cr | ₹26 Cr | ₹57 Cr | ₹101 Cr | ₹189 Cr | ₹230 Cr |
| Fixed assets | ₹10 Cr | ₹10 Cr | ₹8 Cr | ₹9 Cr | ₹13 Cr | ₹11 Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Investments | ₹0 Cr | ₹0 Cr | ₹1 Cr | ₹1 Cr | ₹1 Cr | ₹1 Cr |
| Other assets | ₹13 Cr | ₹16 Cr | ₹48 Cr | ₹91 Cr | ₹176 Cr | ₹218 Cr |
| Total assets | ₹22 Cr | ₹26 Cr | ₹57 Cr | ₹101 Cr | ₹189 Cr | ₹230 Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Mar 2026
Since Mar 2025, promoters added +0.34 pp while the public trimmed −0.32 pp. The shareholder count grew 4% to 1,652.
- Promoters
- 40.7%
- FIIs
- 0.8%
- Public
- 58.5%
Since Mar 2025
- Promoters +0.34 pp
- Public −0.32 pp
- FIIs −0.02 pp
How it drifted, 4 quarters
Ownership split by quarter, oldest first. Sep '24: Promoters 40.4%, FIIs 0.9%, DIIs 0.0%, Public 58.8%.Mar '25: Promoters 40.4%, FIIs 0.9%, Public 58.8%.Sep '25: Promoters 39.7%, FIIs 0.8%, Public 59.5%.Mar '26: Promoters 40.7%, FIIs 0.8%, Public 58.5%.
Who bought this quarter
since Sep 2025
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Shivarjun Byrapaneni Rao newly disclosed 1.76% held
- Rajesh Kumar Singh newly disclosed 1.31% held
- Pankaj Sharma +1.04 pp 16.67% held
- Babita Sharma newly disclosed 0.00% held
- tKailash Chand Gupta newly disclosed 0.00% held
- tNitin Gupta newly disclosed 0.00% held
- tRita Singh newly disclosed 0.00% held
- tBabita Singh newly disclosed 0.00% held
The same filing shows 5 holders trimming and 0 off the list — both are in the register beside this.
Who is on the register
Named in the Mar 2026 filing
Every holder of K2 Infragen Ltd above SEBI's 1% disclosure line, and what changed since Sep 2025.
| Holder | Stake | Change |
|---|---|---|
| Pankaj Sharma | 16.67% | +1.04 pp |
| Rajiv Khandewal | 7.86% | unchanged |
| Priya Sharma | 7.21% | unchanged |
| Rajesh Tiwari | 5.43% | unchanged |
| Bharti Lakhanpal | 4.15% | unchanged |
| Neeraj Kumar Bansal | 3.86% | −1.39 pp |
| Sarvajeet Singh | 3.52% | unchanged |
| Atul Jain | 2.74% | unchanged |
| Neetu Nirmal | 2.44% | unchanged |
| Rk Powerline Private Limited | 1.92% | −1.58 pp |
| Suhani | 1.91% | unchanged |
| Kavita Tulshyan | 1.85% | −0.32 pp |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Learn to analyse K2 Infragen Ltd
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