KPIL
Kalpataru Projects International share price & financials
- Price
- ₹1,310
- Market cap
- ₹24.0k Cr
- Sector
- Construction
- Calls analysed
- 8
Kalpataru Projects International Limited Q1 FY27
What went well
- Consolidated revenue grew 9% Y-o-Y to INR 6,408 crores, reflecting strong execution.
- Consolidated EBITDA margin expanded by 30 basis points to 8.8%, driven by improved business mix and operating leverage.
- Achieved a record order book of INR 66,607 crores, providing robust revenue visibility for 2.5 years.
What to watch
- Experienced early quarter labor shortages due to state elections, impacting execution.
- Slower receivables in the water business, though improvements are expected.
What Kalpataru Projects International Limited does
Kalpataru Projects International Limited (KPIL) is a diversified engineering, procurement and construction (EPC) company that designs, builds and commissions infrastructure across six verticals: power transmission & distribution, oil & gas pipelines, buildings & factories, water, railways and urban infrastructure. It earns revenue by executing turnkey EPC contracts for utilities, governments and private developers across India and more than 75 countries spanning Africa, the Middle East, the Americas and Europe. The company began in 1981 as HT Power, secured its first EPC transmission contract in 1984, and has since built in-house capabilities in tower design, testing and manufacturing, cross-country pipeline laying, metro rail construction and large-format building projects. It operates through subsidiaries including Sweden-based Linjemontage for European transmission projects, and absorbed the erstwhile JMC Projects (India) Limited through amalgamation.
Segments
- Power Transmission & Distribution (T&D)
- Oil & Gas
- Buildings & Factories (B&F)
- Water
- Railways
- Urban Infrastructure
- Years of operating experience
- 40+ years
- Countries of operation (global footprint)
- 75+ countries
- Projects under execution
- 250+
- Employee nationalities represented
- 50+
- In-house tower manufacturing plants
- 2 (Gandhinagar, Gujarat and Raipur, Chhattisgarh)
- Transmission tower manufacturing capacity
- 2,40,000 MTPA
Guidance record · Q1 FY27
what the last two calls moved 23 tracked 11 delivered 4 missed 8 open- Shree Shubham Logistics External Debt went quiet said Q4 FY26 Promised: closer to 0 by June (Q1 FY27) Q1 FY27: The deadline for this promise was June 2026 (Q1 FY27). No update was provided in the earnings call or presentation, despite it being on the watchlist from the previous quarter.
- T&D Annual Order Inflow Growth on track said Q3 FY26 Promised: at least 15-20% annually for next couple of years Q1 FY27: YTD FY27 T&D order inflow is over ₹4,100 crores. This is on track for the revised FY27 guidance of 'max ₹15,000 crores'.
- Cash Flow Improvement (Assets/Water) delivered said Q3 FY25 Promised: ₹1,000 crores in FY26 Q4 FY26: Management confirmed full delivery on promises for Vindhyachal transaction and Indore real estate project monetization, achieving the target.
All 23 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 8.8%, net profit up 31.8% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 4,136 | 4,826 | 6,204 | 5,040 | 5,419 +31% | 5,788 +20% | 6,964 +12% | 5,482 +9% |
| EBITDA | 348 | 402 | 523 | 428 | 447 +28% | 481 +20% | 672 +28% | 488 +14% |
| Net profit | 132 | 157 | 242 | 201 | 200 +52% | 211 +34% | 220 −9% | 265 +32% |
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 +13.9% 1Y
1Y: ₹1,260 on 10 Sept 2025 → ₹1,435.7. High ₹1,439.7 (22 Jun 2026), low ₹1,018.1 (23 Mar 2026).
How the price took the results
close before → close after
- Q1 FY27
- +2.5%
- 11 Aug
- Q4 FY26
- +2.5%
- 15 May
- Q3 FY26
- −1.6%
- 5 Feb
- Q2 FY26
- −0.5%
- 31 Oct
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.
Financials, as filed
Revenue grew 13.5% a year over 3 years, FY23 to FY26. Operating margin held at 8.7%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹15.9k Cr | ₹16.8k Cr | ₹18.9k Cr | ₹23.2k Cr |
| Operating profit | ₹1.3k Cr | ₹1.4k Cr | ₹1.6k Cr | ₹2.0k Cr |
| Operating margin | 8.5% | 8.2% | 8.4% | 8.7% |
| Interest | ₹419 Cr | ₹337 Cr | ₹381 Cr | ₹368 Cr |
| Depreciation | ₹365 Cr | ₹367 Cr | ₹375 Cr | ₹395 Cr |
| Net profit | ₹447 Cr | ₹533 Cr | ₹648 Cr | ₹832 Cr |
| Net margin | 2.8% | 3.2% | 3.4% | 3.6% |
| Cash from operations | ₹559 Cr | ₹714 Cr | ₹837 Cr | ₹764 Cr |
| Free cash flow | ₹-148 Cr | ₹425 Cr | ₹288 Cr | ₹60 Cr |
| ROCE | 14.0% | 15.0% | 15.0% | 19.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹30 Cr | ₹30 Cr | ₹32 Cr | ₹32 Cr | ₹34 Cr | ₹34 Cr |
| Reserves | ₹3.8k Cr | ₹4.9k Cr | ₹5.3k Cr | ₹5.7k Cr | ₹6.9k Cr | ₹8.2k Cr |
| Borrowings | ₹1.3k Cr | ₹2.8k Cr | ₹3.0k Cr | ₹3.3k Cr | ₹4.8k Cr | ₹3.0k Cr |
| Other liabilities | ₹4.5k Cr | ₹7.4k Cr | ₹9.4k Cr | ₹10.9k Cr | ₹14.7k Cr | ₹14.1k Cr |
| Total liabilities | ₹9.7k Cr | ₹15.1k Cr | ₹17.7k Cr | ₹20.0k Cr | ₹26.5k Cr | ₹25.3k Cr |
| Fixed assets | ₹674 Cr | ₹1.3k Cr | ₹1.7k Cr | ₹1.7k Cr | ₹2.9k Cr | ₹2.5k Cr |
| Capital work in progress | ₹14 Cr | ₹20 Cr | ₹48 Cr | ₹32 Cr | ₹36 Cr | ₹68 Cr |
| Investments | ₹886 Cr | ₹892 Cr | ₹874 Cr | ₹859 Cr | ₹202 Cr | ₹675 Cr |
| Other assets | ₹8.1k Cr | ₹12.9k Cr | ₹15.1k Cr | ₹17.4k Cr | ₹23.3k Cr | ₹22.1k Cr |
| Total assets | ₹9.7k Cr | ₹15.1k Cr | ₹17.7k Cr | ₹20.0k Cr | ₹26.5k Cr | ₹25.3k 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 Jun 2026
Since Jun 2025, FIIs trimmed −1.06 pp while the public added +0.97 pp. The shareholder count shrank 2% to 1,19,404.
- Promoters
- 33.6%
- FIIs
- 10.8%
- DIIs
- 44.8%
- Public
- 10.8%
Since Jun 2025
- FIIs −1.06 pp
- Public +0.97 pp
- Promoters +0.06 pp
How it drifted, 12 quarters
Over this window promoters fell from 41.1% to 33.6% — −7.5 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 41.1%, FIIs 8.5%, DIIs 42.7%, Public 7.7%.Dec '23: Promoters 40.6%, FIIs 7.7%, DIIs 43.8%, Public 7.9%.Mar '24: Promoters 40.6%, FIIs 8.2%, DIIs 43.6%, Public 7.6%.Jun '24: Promoters 35.2%, FIIs 10.1%, DIIs 45.6%, Public 9.1%.Sep '24: Promoters 35.2%, FIIs 10.7%, DIIs 45.9%, Public 8.1%.Dec '24: Promoters 33.5%, FIIs 12.7%, DIIs 45.6%, Public 8.2%.Mar '25: Promoters 33.5%, FIIs 11.6%, DIIs 45.0%, Government 0.0%, Public 9.8%.Jun '25: Promoters 33.5%, FIIs 11.8%, DIIs 44.8%, Government 0.0%, Public 9.8%.Sep '25: Promoters 33.6%, FIIs 12.0%, DIIs 44.1%, Government 0.0%, Public 10.3%.Dec '25: Promoters 33.6%, FIIs 11.7%, DIIs 43.9%, Public 10.8%.Mar '26: Promoters 33.6%, FIIs 10.9%, DIIs 45.1%, Public 10.4%.Jun '26: Promoters 33.6%, FIIs 10.8%, DIIs 44.8%, Public 10.8%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Late Tara Kanga newly disclosed 1.02% held
- Axis Mutual Fund Trustee Limited A/C Axis Mutual Fund A/C Axis Small Cap Fund Mutual fund +0.35 pp 1.49% held
- HDFC Small Cap Fund Mutual fund +0.11 pp 8.53% held
- Late Kanchandevi Jain newly disclosed 0.00% held
- Kalpataru Properties Ltd (formerly Kalpataru Properties Pvt Ltd) newly disclosed 0.00% held
The same filing shows 3 holders trimming and 1 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Kalpataru Projects International Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| K C Holdings Pvt Ltd | 12.17% | unchanged |
| Mofatraj Pukhraj Munot | 9.57% | unchanged |
| SBI Small Cap Fund Mutual fund | 9.11% | unchanged |
| HDFC Small Cap Fund Mutual fund | 8.53% | +0.11 pp |
| Kalpataru Constructions Private Limited | 8.00% | unchanged |
| ICICI Prudential Equity & Debt Fund Mutual fund | 6.89% | −1.34 pp |
| Kotak Small Cap Fund Mutual fund | 5.92% | unchanged |
| Nippon Life India Trustee Ltd-A/C Nippon India Small Cap Fund Mutual fund | 2.65% | unchanged |
| Mirae Asset Large Cap Fund Mutual fund | 2.28% | unchanged |
| Axis Mutual Fund Trustee Limited A/C Axis Mutual Fund A/C Axis Small Cap Fund Mutual fund | 1.49% | +0.35 pp |
| ICICI Prudential Life Insurance Company Limited Insurer | 1.42% | −0.17 pp |
| DSP Small Cap Fund Mutual fund | 1.20% | −0.13 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.
Mutual funds in KPIL
Filings to Aug 2026
0 new, 5 added, 2 trimmed, 0 sold out — net −4.91 L shares (−1.4%).
- Held by funds
- ₹4.6k Cr
- 22 schemes
- Biggest holder
- SBI Smallcap Fund
- ₹1.1k Cr · 2.6% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| SBI Smallcap Fund SBI Mutual Fund | ₹1.1k Cr | held | Aug '21 |
| HDFC Small Cap Fund HDFC Mutual Fund | ₹598 Cr | held | Dec '22 |
| HDFC Flexi Cap Fund HDFC Mutual Fund | ₹589 Cr | held | Dec '22 |
| Nippon India Small Cap Fund Nippon India Mutual Fund | ₹508 Cr | held | Dec '14 |
| SBI Energy Opportunities Fund SBI Mutual Fund | ₹476 Cr | −6.11 L | Mar '24 |
| SBI MultiCap Fund SBI Mutual Fund | ₹413 Cr | held | Mar '22 |
| HDFC Balanced Advantage Fund HDFC Mutual Fund | ₹251 Cr | held | Jan '23 |
| HDFC Hybrid Equity Fund HDFC Mutual Fund | ₹129 Cr | held | Dec '22 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Aug 2026
5 added, 2 trimmed — net −4.91 L shares (−1.4%)
- Funds are sitting on
- +108%
- vs est. average cost
- Held by funds
- ₹4.6k Cr
- 22 schemes · ≈ 19% of the company
- Biggest holder
- SBI Smallcap Fund
- ₹1.1k Cr · 2.6% of that fund
- Longest holder
- Nippon India Small Cap Fund
- 11y 9m · since Dec '14
Shares held by these funds +3%
Aug '23 3.45 cr shares Jul '26
All earnings calls (8)
Read the Q1 FY27 call →Learn to analyse Kalpataru Projects International Limited
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