Kalpataru Projects International Limited (KPIL)

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Kalpataru Projects International Limited (KPIL) · mywealthgrid

About

Kalpataru Projects International Limited is a civil construction contractor in India's Industrials sector, with ₹23,095 Cr market capitalization. Quarterly revenues (standalone basis) range between ₹5.4–7.8 Cr, reflecting project-based execution serving infrastructure mandates. The company maintains moderate leverage (D/E 0.43) and operates at an average 8.25% operating margin.

Face value: ₹2

Market cap

₹23,167 Cr

P/E

20.4×

P/B

3.0×

Dividend yield

0.8%

ROE

14.6%

ROCE

20.3%

Debt / equity

0.43

OPM

8.3%

EPS (TTM)

₹66.5

Book value

₹455.3

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Thin operating margins averaging 8.25%, with quarterly range 7.7–9.65%, limit pricing power and expose profitability to cost inflation or execution pressures.
Quarterly net profit volatility (₹149–₹431 Cr, or 2.7–5.5% of revenue) despite smaller revenue swings suggests project-mix or execution-timing sensitivity; verify order recognition and contract terms.
Moderate leverage (D/E 0.43) is manageable but construction cycle downturns could pressure debt servicing; verify order-book depth and project pipeline visibility.
Civil construction exposure to economic cycles, infrastructure spending volatility, and regulatory policy changes on project awards and execution timelines.

Generated analysis · source review pending

Growth drivers

Quarterly revenue at ₹5.4–7.8 Cr (standalone) demonstrates consistent project execution scale; growth hinges on order-book expansion — verify pipeline visibility and new bid wins.
Net profit of ₹430.6 Cr in Mar 2026 (EPS ₹25.42) shows operating leverage: at current 8–9% margins, higher execution volumes translate directly to earnings — verify order inflows.
ROE of 14.56% indicates deployed capital earns acceptable returns; retained earnings can fund growth if profitability stabilizes.
1-year return of 21.5% reflects market repricing for growth; verify whether underpinned by order-book or pipeline expansion, or driven by valuation multiple repricing.

Generated analysis · source review pending

2,528 historical price candles were omitted because the exchange source has not been verified.

₹1,356.4-0.6%1Y

Quick read

rule-based

Pros

+Revenue CAGR of 16% over the last 5 years

Cons

No red flags triggered.

Research score

Structured signal from quality, growth, valuation and momentum.

62/100

Business quality: 40
Growth: 76
Valuation: 70

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Part ofNIFTY SMALLCAP 250 NIFTY MIDSMALLCAP 400 NIFTY 500 NIFTY TOTAL MARKET

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	7,629	150	10,840	12,676	12,949	14,777	16,361	19,626	22,316	27,143
COGS	2,930	—	4,475	5,268	4,759	6,446	6,971	8,205	8,581	9,340
Gross profit	4,699	—	6,365	7,408	8,190	8,331	9,390	11,421	13,735	17,803
	3,832	—	5,036	5,947	6,713	7,162	8,020	9,793	11,901	15,564
	867	—	1,329	1,461	1,477	1,169	1,370	1,628	1,834	2,240
OPM %	11.4%	—	12.3%	11.5%	11.4%	7.9%	8.4%	8.3%	8.2%	8.3%
Depreciation	181	15	211	340	373	351	392	473	497	510
Interest	384	—	401	521	436	396	467	518	577	501
	24	—	44	48	277	274	131	64	62	141
Profit before tax	—	—	761	648	945	696	642	701	823	1,371
Tax	138	—	274	258	283	161	207	185	256	340
Tax %	—	—	36%	39.8%	30%	23.1%	32.2%	26.4%	31.1%	24.8%
	157	-33	487	390	662	535	435	516	567	1,031
PAT margin %	2.1%	-22.2%	4.5%	3.1%	5.1%	3.6%	2.7%	2.6%	2.5%	3.8%
EPS (₹)	12.2	—	30.4	25.3	44.3	36.3	29.1	31.4	35.5	60.9
EPS adjusted (₹)	12.2	-2.2	30.4	25.2	45.1	36.3	27.6	31.9	34.3	60.9
	16.5%	—	9.9%	13.9%	22.6%	17.9%	24.1%	25.5%	25.3%	18.1%
Annual report	Annual report for Mar 2017	Annual report for Mar 2018	Annual report for Mar 2019	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	Annual report for Mar 2026

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	31	31	31	31	31	30	30	32	32	34	34
Reserves	2,157	2,391	2,643	3,089	3,327	3,709	4,249	4,688	5,106	6,479	7,742
Minority interest	—	—	—	—	—	120	139	—	—	—	—
	2,999	2,574	2,990	2,362	2,929	3,153	3,709	3,683	3,910	4,189	3,307
	4,041	5,226	6,739	8,667	9,492	8,341	9,085	11,178	12,990	14,882	16,629
Total equity & liabilities	9,227	10,222	12,402	14,148	15,779	15,354	17,212	19,581	22,038	25,584	27,713
	—	—	3,061	—	3,444	3,472	3,558	3,125	3,073	3,252	3,148
CWIP	33	107	719	11	50	29	20	52	33	29	64
Investments	99	45	51	1	1	2	6	5	0	150	2
	9,095	10,070	8,571	14,136	15,728	11,851	13,628	16,399	18,932	22,154	24,499
Total assets	9,227	10,222	12,402	14,148	15,779	15,354	17,212	19,581	22,038	25,584	27,713

Segment results

As reported in NSE results XBRL. Segment result is before tax and finance costs. ROCE uses that annual result divided by segment assets less liabilities.

Source XBRL ↗

Latest reported period · 31 Mar 2026 · ₹ crore

Segment	Revenue	Result	Assets	Liabilities	Capital employed	ROCE %
EPC	26,648.74	1,617.91	26,455.26	19,404.42	7,050.84	22.95
Development Projects	308.56	208.52

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	58.7%	58.4%	63.2%	56.4%	57.4%	58.2%	61.5%	65.6%
EBITDA margin %	12.4%	11.7%	11.7%	7.9%	8.4%	8.3%	8.2%	8.3%
EBIT margin %	10.5%	9%	8.8%	5.5%	6%	5.9%	6%	6.4%
PAT margin %	4.5%	3.1%	5.1%	3.6%	2.7%	2.6%	2.5%	3.8%
Working capital
Receivable days	146	138	141	113	117	108	128	113
Inventory days	91	84	82	62	64	60	61	69
Payable days	4	7	287	241	257	260	280	276
NWC days	234	215	-63	-66	-75	-92	-92	-94
Leverage
Current ratio	1.37	1.26	1.31	1.3	1.21	1.2	1.23	1.23
Debt to EBITDA	1.75	1.97	2.09	3.17	2.69	2.4	2.28	1.48
Debt to equity	0.76	0.87	0.84	0.87	0.78	0.76	0.64	0.43
Interest coverage	2.9	2.3	2.8	2.3	2.2	2.4	2.4	3.7
Asset turnover	0.77	0.8	0.84	0.86	0.84	0.89	0.87	0.98
Return ratios
Return on assets %	3.4%	2.5%	4.3%	3.1%	2.2%	2.3%	2.2%	3.7%
Return on capital employed %	17.1%	15.9%	16.6%	12.3%	13.5%	16.1%	16.8%	20.3%
Return on equity %	15.6%	11.6%	17.7%	12.5%	9.2%	10%	8.7%	13.3%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	41.07%	40.59%	40.59%	35.24%	35.24%	33.52%	33.52%	33.52%	33.57%	33.57%	33.58%	33.58%
	8.49%	7.69%	8.17%	10.06%	10.71%	12.68%	11.6%	11.83%	11.98%	11.73%	10.92%	10.78%
	42.71%	43.81%	43.64%	45.6%	45.93%	45.6%	45.03%	44.81%	44.1%	43.9%	45.11%	44.83%
	0%	0%	0%	0%	0%	0%	0%	0%	0.01%	0%	0%	0%
	7.73%	7.91%	7.6%	9.1%	8.12%	8.2%	9.85%	9.84%	10.34%	10.8%	10.39%	10.81%
No. of shareholders	—	—	—	—	—	—	—	—	1,20,825	1,30,006	1,18,697	1,19,404

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 14 fund houses

Held by these funds

24.67%

of the company's equity

All mutual funds

40.17%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

62 schemes · 14 fund houses

		Shares
Smallcap Fund	SBI Mutual Fund	79 L	1,106.71	2.6%	4.625%	-0
SMALL CAP FUND	Nippon India Mutual Fund	36.23 L	507.52	0.61%	2.121%	-0
Portfolio of Kotak Small Cap Fund	Kotak Mahindra Mutual Fund	35.72 L	500.42	2.54%	2.091%	-0
Energy Opportunities Fund	SBI Mutual Fund	33.95 L	475.57	5.71%	1.988%	-6.11 L
MultiCap Fund	SBI Mutual Fund	29.5 L	413.2	1.68%	1.727%	-0
Small Cap Fund	Axis Mutual Fund	25.49 L	357.15	1.14%	1.493%	-0
Portfolio of Kotak Multi Cap FundNEW	Kotak Mahindra Mutual Fund	22.6 L	316.64	1.04%	1.323%	—
India Opportunities Fund	ICICI Prudential Mutual Fund	20.72 L	290.23	0.76%	1.213%	-0

1–8 of 62

1 / 8

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Aug 2026Transcript AI Summary PPT REC
May 2026Transcript AI Summary PPT

Documents link to external sources (exchange filings, company investor pages).

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Events

Upcoming dates and the company’s corporate-action history.

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

71 announcementsExport CSV

29 Sept 2026, 4:08 pmCompany Update

Intimation Under Regulation 30 Of SEBI (Listing Obligations And Disclosure Requirements) Regulations, 2015

General PDF

28 Sept 2026, 8:47 amCompany Update

Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order

Award of Order / Receipt of Order PDF

18 Sept 2026, 2:47 pmCompany Update

Intimation Of ESG Rating By Niche Ninety Nine Capability And Certifications (OPC) Private Limited Under Regulation 30 Of The Securities And Exchange Board Of India (Listing Obligations And Disclosure Requirements) Regulations, 2015

General PDF

16 Sept 2026, 4:53 pmCompany Update

Initial Public Offering Of Equity Shares Of Linjemontage I Grastorp AB, A (96.12%) First Level Step Down Material Subsidiary Of The Company ('LMG') - Approval Of Prospectus By The Board Of LMG And Swedish Financial Supervisory Authority

General PDF

9 Sept 2026, 11:34 amCompany Update

Disclosure Under Regulation 30 Of The Securities And Exchange Board Of India (Listing Obligations And Disclosure Requirements) Regulations, 2015 - Initial Public Offering Of Equity Shares Of Linjemontage I Grastorp AB, A (96.12%) First Level Step Down Material Subsidiary Of The Company ('LMG')

General PDF

2 Sept 2026, 7:46 pmCompany Update

Intimation Of ESG Rating By NSE Sustainability Ratings & Analytics Limited Under Regulation 30 Of The Securities And Exchange Board Of India (Listing Obligations And Disclosure Requirements) Regulations, 2015

General PDF

1 Sept 2026, 4:12 pmCompany Update

Announcement under Regulation 30 (LODR)-Acquisition

Acquisition PDF

14 Aug 2026, 6:33 pmCompany Update

Announcement under Regulation 30 (LODR)-Earnings Call Transcript

Earnings Call Transcript PDF

Date	Category	Subject	Filing
29 Sept 2026, 4:08 pm	Company Update General	Intimation Under Regulation 30 Of SEBI (Listing Obligations And Disclosure Requirements) Regulations, 2015	PDF
28 Sept 2026, 8:47 am	Company Update Award of Order / Receipt of Order	Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order

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Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	58.7%	58.4%	63.2%	56.4%	57.4%	58.2%	61.5%	65.6%
EBITDA margin %	12.4%	11.7%	11.7%	7.9%	8.4%	8.3%	8.2%	8.3%
EBIT margin %	10.5%	9%	8.8%	5.5%	6%	5.9%	6%	6.4%
PAT margin %	4.5%	3.1%	5.1%	3.6%	2.7%	2.6%	2.5%	3.8%
Working capital
Receivable days	146	138	141	113	117	108	128	113
Inventory days	91	84	82	62	64	60	61	69
Payable days	4	7	287	241	257	260	280	276
NWC days	234	215	-63	-66	-75	-92	-92	-94
Leverage
Current ratio	1.37	1.26	1.31	1.3	1.21	1.2	1.23	1.23
Debt to EBITDA	1.75	1.97	2.09	3.17	2.69	2.4	2.28	1.48
Debt to equity	0.76	0.87	0.84	0.87	0.78	0.76	0.64	0.43
Interest coverage	2.9	2.3	2.8	2.3	2.2	2.4	2.4	3.7
Asset turnover	0.77	0.8	0.84	0.86	0.84	0.89	0.87	0.98
Return ratios
Return on assets %	3.4%	2.5%	4.3%	3.1%	2.2%	2.3%	2.2%	3.7%
Return on capital employed %	17.1%	15.9%	16.6%	12.3%	13.5%	16.1%	16.8%	20.3%
Return on equity %	15.6%	11.6%	17.7%	12.5%	9.2%	10%	8.7%	13.3%

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Larsen & ToubroLTLT	₹5,05,996 Cr	₹6,27,679 Cr	₹2,90,137 Cr	₹28,950 Cr	10.2%	₹16,590 Cr	6.6%	15.4%	15.5%	-142
Rail Vikas Nigam LimitedRVNLRVNL	₹41,075 Cr	₹45,888 Cr	₹20,825 Cr	₹891 Cr	3.8%	₹900 Cr	4.3%	10.2%	9%	66
Kalpataru Projects International LimitedKPILKPIL	₹23,167 Cr	₹26,474 Cr	₹27,380 Cr	₹2,277 Cr	8.3%	₹1,136 Cr	3.8%	20.3%	14.6%	-94
Nbcc (India) LimitedNBCCNBCC	₹20,898 Cr	₹20,898 Cr	₹12,752 Cr	₹656 Cr	4.8%	₹743 Cr	5.8%	29.3%	26.2%	-7,663
Irb Infrastructure Developers LimitedIRBIRB	₹20,533 Cr	₹40,541 Cr	₹7,686 Cr	₹4,182 Cr	52.1%	₹954 Cr	11.1%	6.1%	4.2%	67
Cemindia Projects LimitedCEMPROCEMPRO	₹20,254 Cr	₹21,120 Cr	₹10,185 Cr	₹1,058 Cr	10.2%	₹602 Cr	5.9%	44.8%	28.2%	-110
Engineers India LimitedENGINERSINENGINERSIN	₹17,577 Cr	₹17,577 Cr	₹3,878 Cr	₹750 Cr	17.7%	₹784 Cr	17.6%	28.8%	23.8%	-22
Techno Electric & Engineering Company LimitedTECHNOETECHNOE	₹11,614 Cr	₹11,686 Cr	₹3,356 Cr	₹469 Cr	14.2%	₹431 Cr	14.6%	13.6%	12%	-33
Ircon International LimitedIRCONIRCON	₹10,369 Cr	₹16,033 Cr	₹9,241 Cr	₹771 Cr	8.4%	₹524 Cr	6.5%	7.8%	9.2%	-469
Rites LimitedRITESRITES	₹10,068 Cr	₹10,068 Cr	₹2,458 Cr	₹555 Cr	22.9%	₹417 Cr	18.8%	19.3%	15.4%	-2,276
Welspun Enterprises LimitedWELENTWELENT	₹10,026 Cr	₹11,998 Cr	₹3,544 Cr	₹716 Cr	20.7%	₹308 Cr	10.9%	17.3%	12.5%	-422
Kec International LimitedKECKEC	₹9,912 Cr	₹15,015 Cr	₹23,506 Cr	₹1,599 Cr	7.1%	₹554 Cr	2.6%	23.1%	10.5%	-132

14 deals · 9 Dec 2021 – 17 Oct 2024

Date	Client	Type	Venue	Side	Quantity	Price	Value
17 Oct 2024	SBI MUTUAL FUND	Bulk	NSE	Buy	11,20,890	₹1,299.20	₹145.63 Cr
17 Oct 2024	SBI MUTUAL FUND	Bulk	NSE	Sell	11,09,721	₹1,299.25	₹144.18 Cr
18 Jun 2024	KALPTARU CONSTRUCTIONS PVT LTD	Bulk	BSE	Sell	86,95,653	₹1,153.99	₹1,003.47 Cr
18 Jun 2024	CUSTODY BANK OF JAPAN LTD RE RB AMUNDI INDIA SMALL CAP EQUITY MOTHER FUND	Bulk	BSE	Buy	9,10,000	₹1,150.00	₹104.65 Cr
30 May 2023	PARAG MOFATRAJ MUNOT	Bulk	BSE	Sell	73,24,284	₹485.75	₹355.78 Cr
30 May 2023	ICICI PRUDENTIAL MUTUAL FUND - ICICI PRUDENTIAL EQUITY & DEBT FUND	Bulk	BSE	Buy	14,95,000	₹485.00	₹72.51 Cr
30 May 2023	KALPATARU VINIYOG LLP	Bulk	BSE	Sell	13,10,000	₹485.06	₹63.54 Cr
30 May 2023	KALPTARU CONSTRUCTIONS PVT LTD	Bulk	BSE	Sell	10,00,000	₹485.13	₹48.51 Cr
21 Mar 2022	MOFATRAJ PUKHRAJ MUNOT	Bulk	BSE	Buy	26,57,396	₹374.50	₹99.52 Cr
21 Mar 2022	KALPATARU PROPERTIES PRIVATE LIMITED	Bulk	BSE	Sell	26,57,396	₹374.50	₹99.52 Cr

1–10 of 14

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Bulk deals are a client trading over 0.5% of the equity in a session, aggregated across their trades; block deals are single negotiated trades in the exchange’s block window. Each is reported by the exchange it was crossed on, so NSE and BSE rows are separate trades rather than the same trade twice.

₹ Cr	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	931	714	656	843	914	1,534
	-7	-214	-326	-263	-719	-0
	-896	24	-438	-524	400	-1,636
Net cash flow	28	524	-108	56	595	-102
Free cash flow	669	405	-115	491	339	724
CFO / Operating profit %	61.7%	61.1%	47.9%	51.8%	49.8%	68.5%

Kalpataru Projects International Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Segment results

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Events

Announcements

Not in the F&O segment

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

21

1

1

Segment results

Compounded sales growth

Compounded profit growth

Return on equity

Development Projects · revenue

Kalpataru Projects International Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Segment results

Ratios

Ratio timeline

Shareholding

Quarterly record

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Events

Announcements

Ratio timeline

Not in the F&O segment

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Quarterly record

Bulk & block deals

Board and management

Dividends21

Board meetings1

Stock splits1

Profit & loss

Balance sheet

Segment results

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

Development Projects · revenue

21

1

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