Order Book Or Contract Wins
Expected: Next 2.5 yearsHIGH confidence
What: Order Book: ₹63,287 Cr
“The good part is, today, we have a visibility of orders in excess of 2.5 years. So performance should improve only going forward.”
Kalpataru Projects International Ltd: Why Is It Outperforming Nifty 500?
ActiveRS +18.3%Average6w Streak
In , Kalpataru Projects International Ltd (Infra - Power - Generation/Distribution) is outperforming Nifty 500 with +18.3% relative strength. Fundamentals: Average. On a 6-week streak.
Kalpataru Projects International Ltd Key Facts
- PE Ratio
- 25.7x
- Market Cap
- ₹21,785 Cr
- PAT Growth YoY
- +6%
- Revenue Growth YoY
- +16%
- OPM
- 8.0%
- RS vs Nifty 500
- +18.3%
PE: Mid ContractionStrong Opportunity
What's Happening
💎PE falling while earnings hold — value emerging
👔Promoter stake down 1.7% this quarter
🌐FII stake increased 1.3% this quarter
🏛️DII reducing — stake down 1.8%
💰Trading 65% below estimated fair value — significant discount
Earnings Acceleration Triggers
1. Order Book Or Contract Wins
Next 2.5 yearsHIGH
2. Interest Cost Reduction Deleveraging
OngoingHIGH
3. Geographical Expansion
FY26MEDIUM
Key Risks
1. Outstanding receivables in the Water segment are in '4-digit crores', primarily
HIGH2. Brazilian operations (Fasttel) continue to report losses due to legacy projects
MEDIUM3. Volatility in aluminum, copper, and steel prices
LOWSector-Specific Signals
Consolidated Order Book₹63,287 Cr
YTD Order Inflow₹19,456 Cr
Consol Net Working Capital Days79 days
Consolidated Net Debt₹2,240 Cr
Key Numbers
PAT Growth YoY
+6%
Stable
Revenue YoY
+16%
Stable
Operating Margin
8.0%
0 bps YoY
PE Ratio
25.7
Current Price
₹1,276
Dividend Yield
0.71%
Fundamental Score
54/100
Average
3Y PAT CAGR
+2%
Market Cap
21.8K Cr
Valuation
Significantly Undervalued12-Week Performance
Weekly presence in the outperformers list. Green = beating Nifty 500 by 10%+ that week.
12 weeks agoThis week
Why Are Kalpataru Projects International Ltd's Earnings Accelerating?
Based on Q3 FY26 earnings • Updated Apr 18, 2026
Interest Cost Reduction Deleveraging
Expected: OngoingHIGH confidence
What: Net Debt Reduction: 29% YoY
Impact: PBT growth of 69% for 9M
“Our net debt at both consol and standalone levels declined significantly, dropping by 29% and 16%, respectively, compared to the previous quarter.”
Geographical Expansion
Expected: FY26MEDIUM confidence
What: International T&D Inflow: ₹9,500-10,000 Cr
“TLI should reach a number around IN 9,500 crores to INR 10,000 crores order inflow in the current year.”
Consol PBT Margin Improvement of 110 bps
HIGH confidence
What: Consol PBT Margin Improvement of 110 bps
“The same is reflected from improvement in consol and standalone PBT margin of 110 bps and 80 bps, respectively, for 9M FY26.”
Consol PBT Margin Improvement guidance raised
HIGH confidence
What: 100 bps → 110 bps (Actual YTD)
“This performance exceeds our guidance of consol PBT margin improvement of 100 bps and standalone PBT margin increase of 50 bps for FY '26.”
What Are the Key Risks for Kalpataru Projects International Ltd?
Earnings deceleration risks from management commentary
Outstanding receivables in the Water segment are in '4-digit crores', primarily
HIGHTrigger: Non-approval of cost overruns at the central government level has stalled fund flow to states.
Impact: PAT impact: 100-200 bps EBITDA dent
Management view: Focusing on completing civil portions and pursuing arbitration; collections of ₹1,250 Cr received YTD.
Monitor: litigation
Brazilian operations (Fasttel) continue to report losses due to legacy projects
MEDIUMTrigger: Challenges in project delivery and delays in realizing claims from old projects.
Impact: PAT impact: ₹237 Cr PBT loss in 9M
Management view: Reviewing business strategy; historical order book nearly completed with <₹100 Cr remaining.
Monitor: geopolitical
Volatility in aluminum, copper, and steel prices
LOWTrigger: Global price spikes in base metals.
Management view: 90-95% hedged on aluminum/copper; steel inventory of 50,000 tons and contingency built into tenders.
Monitor: commodity
What Is Kalpataru Projects International Ltd's Management Saying?
Key quotes from recent conference calls
“On the guidance front, we are on track to achieve targeted revenue growth of 25% plus at both standalone and consol level, compared to our earlier guidance of 20% to 25%. [Previous Revenue Growth guidance]”
“Further, we are positive to achieve a targeted order inflow of ₹ 25,000 crores plus for full year '26. [Previous Order Inflow guidance]”
“We are on track to fully monetize the Indore real estate project by March 2026. These steps align with our commitment to redeploy capital. [Initiative: Asset Monetization (Indore Real Estate)]”
“One still continues to be water where our outstanding is in 4-digit crores, a very high number of crores... that still as of today is a pain point. [Risk (litigation): HIGH]”
What Did Kalpataru Projects International Ltd Report This Quarter?
Headline numbers from the latest earnings call
Revenue
₹6,665 Cr
YoY +16%
Why: Growth was broad-based across most business verticals, supported by strong execution and a healthy order backlog.
The company achieved 27% growth for the 9-month period, already exceeding its full-year guidance.
EBITDA
₹553.2 Cr
YoY +23%Margin 8.3%
Why: Consol EBITDA rose due to revenue growth, though margins were impacted by losses in Brazilian operations and lower water segment profitability.
Margins remained stable year-on-year despite specific headwinds in the Brazil and Water segments.
PAT
Not Disclosed
YoY +37%
Why: Profitability improved due to better project mix and a notable decline in interest costs from deleveraging.
Management focused on PBT growth, which significantly outpaced revenue growth due to operational and financial efficiencies.
Other Highlights
• Net working capital improved to 79 days at consol level, significantly better than the year-end target of 100 days.
• Divestment of Vindhyachal Road asset completed in Jan '26, resulting in net cash inflows exceeding INR 600 crores.
• YTD order inflows reached INR 19,456 crores, with an additional INR 7,000 crores in L1 position.
What Sector Metrics Matter for Kalpataru Projects International Ltd?
Sub-sector-specific signals from the latest concall — each with management's stated reason for the change
Consolidated Order Book
₹63,287 Cr
QoQ -2.1%
Why: Slight decline from Q2 (₹64,682 Cr) as execution outpaced new order bookings in the quarter.
YTD Order Inflow
₹19,456 Cr
Why: Driven by large-scale strategic orders in T&D and B&F businesses.
Consol Net Working Capital Days
79 days
QoQ -11 days
Why: Relentless focus on timely project delivery and disciplined bidding.
Consolidated Net Debt
₹2,240 Cr
QoQ -29.3%
Why: Improved operational performance and cash inflows from asset divestments.
T&D Order Backlog
₹25,752 Cr
YoY +12%
Why: Solidified position as a global leader with key wins in strategic markets.
B&F Order Backlog
₹18,596 Cr
YoY +40%
Why: Added prestigious projects in data centers, hospitals, and large residential works.
Water Segment Receivables
₹1,551 Cr
QoQ +8.7%
Why: Continued delays in payments from UP and Jharkhand projects.
Transmission Tower Capacity
275,000 tons
Why: Plant expansion to meet rising demand in the T&D sector.
What Is Kalpataru Projects International Ltd's Management Guidance?
Forward-looking targets from management for FY26
Revenue Growth Target
25%
OPM Guidance
1–1.1%
Capex Plan
₹750 Cr
Revenue Outlook
approx 25%
Margin Outlook
RAISED
Capex Plan
₹700-750 Cr
Plant expansion for T&D and equipment for B&F projects.
Management Tone: BULLISH
Guidance Changes
RAISED
Consol PBT Margin Improvement: 100 bps → 110 bps (Actual YTD)
How Fast Is Kalpataru Projects International Ltd Growing?
Revenue, profit and margin growth rates
| Metric | YoY | 3Y CAGR | Trend |
|---|---|---|---|
| Revenue | +16% | +15% | Stable |
| PAT (Net Profit) | +6% | +2% | Stable |
| OPM | 8.0% | 0 bps | Expanding |
The above analysis is parsed from publicly available earnings call transcripts. This is educational research only — not investment advice. Last updated Apr 18, 2026.
Frequently Asked Questions: Kalpataru Projects International Ltd
Based on publicly available financial data. This is educational research, not investment advice.
What were Kalpataru Projects International Ltd's latest quarterly results?
Kalpataru Projects International Ltd's latest quarterly results (Dec 2025) show
- PAT Growth YoY: +6.4% (stable)
- Revenue Growth YoY: +16.3%
- Operating Margin: 8.0% (expanding)
Is Kalpataru Projects International Ltd's profit growing or declining?
Kalpataru Projects International Ltd's profit is growing with an stable trend.
- PAT Growth YoY: +6.4% (latest quarter)
- PAT Growth QoQ: -37.1% (sequential)
- 3-Year PAT CAGR: +2.0%
- Trend: Stable — consistent growth pattern
What is Kalpataru Projects International Ltd's revenue growth trend?
Kalpataru Projects International Ltd's revenue growth trend is stable.
- Revenue Growth YoY: +16.3%
- Revenue Growth QoQ: +2.1% (sequential)
- 3-Year Revenue CAGR: +14.7%
How is Kalpataru Projects International Ltd's operating margin trending?
Kalpataru Projects International Ltd's operating margin is expanding.
- Current OPM: 8.0%
- OPM Change YoY: 0.0% basis points
- OPM Change QoQ: -1.0% basis points
What is Kalpataru Projects International Ltd's 3-year profit and revenue CAGR?
Kalpataru Projects International Ltd's long-term compounding rates
- 3-Year Profit CAGR: +2.0%
- 3-Year Revenue CAGR: +14.7%
Is Kalpataru Projects International Ltd's growth accelerating or decelerating?
Kalpataru Projects International Ltd's earnings growth is stable with mixed signals on a sequential basis.
- YoY Acceleration: -81.7% bps
- Sequential Acceleration: -47.8% bps
What is Kalpataru Projects International Ltd's trailing twelve month (TTM) performance?
Kalpataru Projects International Ltd's trailing twelve month (TTM) performance
- TTM PAT: ₹818 Cr
- TTM PAT Growth: +57.6% YoY
- TTM Revenue: ₹26,000 Cr
- TTM Revenue Growth: +24.6% YoY
- TTM Operating Margin: 8.5%
Is Kalpataru Projects International Ltd overvalued or undervalued?
Kalpataru Projects International Ltd appears significantly undervalued based on our fair value analysis.
- Valuation Signal: Significantly Undervalued
- Current PE: 25.7x
- Price-to-Book: 3.1x
What is Kalpataru Projects International Ltd's current PE ratio?
Kalpataru Projects International Ltd's current PE ratio is 25.7x.
- Current PE: 25.7x
- Market Cap: 21.8K Cr
- Dividend Yield: 0.71%
How does Kalpataru Projects International Ltd's valuation compare to its history?
Kalpataru Projects International Ltd's current PE is 25.7x.
- Current PE: 25.7x
- Valuation Assessment: Significantly Undervalued
What is Kalpataru Projects International Ltd's price-to-book ratio?
Kalpataru Projects International Ltd's price-to-book ratio is 3.1x.
- Price-to-Book (P/B): 3.1x
- Book Value per Share: ₹408
- Current Price: ₹1276
Is Kalpataru Projects International Ltd a fundamentally strong company?
Kalpataru Projects International Ltd is rated Average with a fundamental score of 54.3/100. This score is calculated from objective financial metrics
- Revenue Growth YoY: +16.3% (10% weight)
- PAT Growth YoY: +6.4% (10% weight)
- PAT Growth QoQ: -37.1% (10% weight)
- Margins expanding (10% weight)
Is Kalpataru Projects International Ltd debt free?
Kalpataru Projects International Ltd has a debt-to-equity ratio of N/A.
- Total Debt: ₹5,000 Cr
What is Kalpataru Projects International Ltd's return on equity (ROE) and ROCE?
Kalpataru Projects International Ltd's return ratios over recent years
- FY2023: ROCE 14.0%
- FY2024: ROCE 16.0%
- FY2025: ROCE 16.0%
Is Kalpataru Projects International Ltd's cash flow positive?
Kalpataru Projects International Ltd's operating cash flow is positive (FY2025).
- Cash from Operations (CFO): ₹914 Cr
- Free Cash Flow (FCF): ₹196 Cr
- CFO/PAT Ratio: 161% (strong cash conversion)
What is Kalpataru Projects International Ltd's dividend yield?
Kalpataru Projects International Ltd's current dividend yield is 0.71%.
- Dividend Yield: 0.71%
- Current Price: ₹1276
Who holds Kalpataru Projects International Ltd shares — promoters, FII, DII?
Kalpataru Projects International Ltd's shareholding pattern (Mar 2026)
- Promoters: 33.6%
- FII (Foreign): 10.9%
- DII (Domestic): 45.1%
- Public: 10.4%
Is promoter holding increasing or decreasing in Kalpataru Projects International Ltd?
Kalpataru Projects International Ltd's promoter holding has increased recently.
- Current Promoter Holding: 33.6% (Mar 2026)
- Previous Quarter: 33.6% (Dec 2025)
- Change: +0.01% (increasing — positive signal)
How long has Kalpataru Projects International Ltd been outperforming Nifty 500?
Kalpataru Projects International Ltd has been outperforming Nifty 500 for 6 consecutive weeks, indicating building momentum.
Is Kalpataru Projects International Ltd a new momentum entry or an established outperformer?
Kalpataru Projects International Ltd is an established outperformer with 6 weeks of consecutive Nifty 500 outperformance.
What are the growth catalysts for Kalpataru Projects International Ltd?
Kalpataru Projects International Ltd has 5 key growth catalysts identified from recent earnings analysis
- Order Book Or Contract Wins — Visibility of orders in excess of 2.5 years ensures long-term revenue growth.
- Interest Cost Reduction Deleveraging — Divestments and improved working capital are driving down absolute debt levels.
- Geographical Expansion — The company is positioning itself as a top 2-3 global player in T&D outside China.
- Consol PBT Margin Improvement of 110 bps — Driven by better project mix and disciplined bidding with an aim to improve returns on invested capital.
What are the key risks in Kalpataru Projects International Ltd?
Kalpataru Projects International Ltd has 3 key risks worth monitoring
- [HIGH] Outstanding receivables in the Water segment are in '4-digit crores', primarily — Non-approval of cost overruns at the central government level has stalled fund flow to states.
- [MEDIUM] Brazilian operations (Fasttel) continue to report losses due to legacy projects — Challenges in project delivery and delays in realizing claims from old projects.
- [LOW] Volatility in aluminum, copper, and steel prices — Global price spikes in base metals.
What did Kalpataru Projects International Ltd's management say in the latest earnings call?
In Q3 FY26, Kalpataru Projects International Ltd's management highlighted
- "On the guidance front, we are on track to achieve targeted revenue growth of 25% plus at both standalone and consol level, compared to our earlier gui..."
- "Further, we are positive to achieve a targeted order inflow of ₹ 25,000 crores plus for full year '26. [Previous Order Inflow guidance]"
- "We are on track to fully monetize the Indore real estate project by March 2026. These steps align with our commitment to redeploy capital. [Initiativ..."
What is Kalpataru Projects International Ltd's management guidance for growth?
Kalpataru Projects International Ltd's management has provided the following forward guidance for FY26
- Revenue growth target: 25%
- OPM guidance: 1–1.1%
- Capex plan: ₹750 Cr for Plant expansion for T&D and equipment for B&F projects.
- Management tone: bullish
- Milestone: [RAISED] Consol PBT Margin Improvement: 100 bps → 110 bps (Actual YTD)
What sector-specific metrics matter most for Kalpataru Projects International Ltd?
Kalpataru Projects International Ltd's most important sub-sector-specific KPIs from the latest concall
- Consolidated Order Book: ₹63,287 Cr (QoQ -2.1%) — Slight decline from Q2 (₹64,682 Cr) as execution outpaced new order bookings in the quarter.
- YTD Order Inflow: ₹19,456 Cr — Driven by large-scale strategic orders in T&D and B&F businesses.
- Consol Net Working Capital Days: 79 days (QoQ -11 days) — Relentless focus on timely project delivery and disciplined bidding.
- Consolidated Net Debt: ₹2,240 Cr (QoQ -29.3%) — Improved operational performance and cash inflows from asset divestments.
- T&D Order Backlog: ₹25,752 Cr (YoY +12%) — Solidified position as a global leader with key wins in strategic markets.
- B&F Order Backlog: ₹18,596 Cr (YoY +40%) — Added prestigious projects in data centers, hospitals, and large residential works.
Is Kalpataru Projects International Ltd worth studying for long term investment?
Based on quantitative research signals, here is why Kalpataru Projects International Ltd may be worth studying
- Earnings growing at +6.4% YoY
- Operating margins are expanding — OPM at 8.0%
- Valuation: appears significantly undervalued
- Cash flow is positive — CFO ₹914 Cr
What is the investment thesis for Kalpataru Projects International Ltd?
Kalpataru Projects International Ltd investment thesis summary:
Research Signals (Bull Case)
- Revenue growing at +16.3% YoY
- Margins expanding
- Appears significantly undervalued
- Growth catalyst: Order Book Or Contract Wins
Risk Factors (Bear Case)
- Key risk: Outstanding receivables in the Water segment are in '4-digit crores', primarily
What is the future outlook for Kalpataru Projects International Ltd?
Kalpataru Projects International Ltd's forward outlook based on current data signals
- Earnings Trend: stable
- Revenue Trend: stable
- Margin Trend: expanding
- Valuation: Significantly Undervalued
- Key Catalyst: Order Book Or Contract Wins
- Key Risk: Outstanding receivables in the Water segment are in '4-digit crores', primarily
The above FAQs are generated from publicly available earnings data and conference call transcripts. This is educational research only. Sector Alpha is not SEBI registered and does not provide investment advice.