Kalpataru Projects International Ltd

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Kalpataru Projects International Ltd trades at ₹1,436, in a confirmed uptrend and 17 weeks into that stage. That is +12.9% against its own 200-day average. It sits at 100% of a 52-week range of ₹1,071 to ₹1,436. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 2 straight weeks.

Today the stock is in a confirmed uptrend — week 17 of stage 2, confirmed. At ₹1,436 it trades +12.9% versus its 200-day average and sits at 100% of its 52-week range (₹1,071–₹1,436).

Against the market, two honest reads. Cumulative: over the last 10.5 years the stock moved +696% while the NIFTY 500 moved +264% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 2 straight weeks — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

Story check

Kalpataru Projects International Ltd's story is not scored yet against the markers our research file set on 22 August 2026. Where it sits in its own cycle: MID_EXPANSION. Our fortnightly research layers last read it on 22 August 2026.

Our read, 22 August 2026. Diversified EPC compounder post a multi-year deleveraging cycle — order book at all-time highs, PAT tripled over 3 years, Q1 FY27 confirms execution momentum, and management credibility is the only structural ceiling.

From the numbers. Operating cycle is at mid-expansion — ROCE rising from trough (13%) to current 18%, EPS growing at 60%+ TTM, OCF/PAT 1.56x over 3 years. The cycle normalized verdict is fairly priced: trailing PE at 43rd percentile and…

From the price. Price stage 2, week 17 — above its 200-day line, relative strength rising.

From the research. Diversified EPC compounder post a multi-year deleveraging cycle — order book at all-time highs, PAT tripled over 3 years, Q1 FY27 confirms execution momentum, and management credibility is the only structural ceiling.

🚨 Where they disagree. Operating cycle is at mid-expansion — ROCE rising from trough (13%) to current 18%, EPS growing at 60%+ TTM, OCF/PAT 1.56x over 3 years. The cycle normalized verdict is fairly priced: trailing PE at 43rd percentile and normalized PE at 38th percentile are close, meaning margins are near (not at) mid-cycle and no large inversion exists. Foreign institutional investors are in net-sell mode — worth watching but consistent with profit-taking after the stock's 3.6x run over 36-48 months. Domestic institutions at 45%+ provide an ongoing floor.

What is proven. Diversified EPC compounder post a multi-year deleveraging cycle — order book at all-time highs, PAT tripled over 3 years, Q1 FY27 confirms execution momentum, and management credibility is the only structural ceiling.

What is not proven yet. If FY27 revenue falls below 12% (implying the Middle East disruption is structural, not seasonal) AND order inflows fall short of Rs 27,000 Cr (below even the lowered FY26 guidance benchmark), combined with another management guidance reversion that goes unacknowledged — that triple would signal the compounding arc is broken, not just delayed. Falsification data point: Q2 FY27 revenue growth below 10% and H1 order inflows below Rs 13,000 Cr.

🚨 What would change our mind. If FY27 revenue falls below 12% (implying the Middle East disruption is structural, not seasonal) AND order inflows fall short of Rs 27,000 Cr (below even the lowered FY26 guidance benchmark), combined with another management guidance reversion that goes unacknowledged — that triple would signal the compounding arc is broken, not just delayed. Falsification data point: Q2 FY27 revenue growth below 10% and H1 order inflows below Rs 13,000 Cr.

Layer 1 read, 22 August 2026 — KEEP. Record order book, debt almost gone — but most of the profit jump came from cheaper debt and other income. The order book hit an all-time high of Rs 66,607 Cr and first-quarter order wins of Rs 7,668 Cr already cleared the milestone the base case needed. The balance sheet did the heavy lifting on profit: net debt is Rs 917 Cr against Rs 3,169 Cr two years ago and the quarterly interest bill fell from Rs 122 Cr to Rs 82 Cr — about Rs 160 Cr a year that now stays in the company. The catch is that the headline 46% profit rise came 27% from the actual business, 29% from that debt repayment and 44% from other income, on revenue that grew only 9% — real, but a one-time step rather than compounding.

What would change Layer 1’s mind. Q2 FY27 revenue growth staying at or below 9-10% when the milestone needs 12%, together with water collections coming in under Rs 500 Cr for the quarter. That pair would say the first-half headwind is structural rather than seasonal, and the Rs 30,000 Cr order-inflow target goes with it. A fourth slip in the Middle East oil and gas award timing on top of those two would tell me the compounding arc is broken, not merely delayed — which is precisely the kill-switch driver D5 names.

Layer 2 read, 22 August 2026 — ADVANCE. KPIL's order book reached Rs 66,607 Cr, with Rs 7,668 Cr of FY27 inflow and Rs 7,500 Cr in the L1 pipeline. The external capital block shows supply withdrawal rather than a flood [sector_capital_flows:Infra - Power - Generation/Distribution], and the official transmission plan confirms a multi-year demand runway; however, Q1 profit quality is weaker than the headline because only 27% of the PBT uplift came from operations.

What would change Layer 2’s mind. DROP if Q2 revenue remains below 10%, H1 order inflows stay below Rs 13,000 Cr, and a fourth Middle East award delay appears while sector capex flips to SUPPLY_FLOOD; together those facts would break the order-book bridge and the external supply support.

Layer 3 read, 22 August 2026 — BENCH. Bench: the order book is strong, but pledged promoter shares and repeated target changes block admission. The external sweep escalates governance: 24.55% of promoter holding is pledged, on top of the promoter reduction already recorded in C026. Management has also moved or missed key targets, including the Brazil write-off and unrevised capex overrun. Q1 profit quality is weaker than the headline because only 27% of the uplift came from operations.

What would change Layer 3’s mind. Promoter pledge falling below 10% of promoter holding, with no further unexplained guidance reset and Q2 revenue growth above 10%, would flip BENCH to DEPLOY.

CIO read, 22 August 2026 — RETAIN. HELD (defended slot) · forward-asymmetry 60/100 · CONTESTED. The order book gives about two and a half years of revenue cover, but Q1 comparable revenue grew only 9% and management remains on WATCHLIST. A judged 18% EPS path beats the model's 12.6% requirement, yet non-operating profit support keeps this in a contest.

The test written in advance. Management Credibility — Systematic Guidance Goal-Post Movement — Management Credibility — Systematic Guidance Goal-Post Movement by the next result.

The test written in advance. Middle East Geopolitical Disruption — H1 FY27 Execution Headwind — Middle East Geopolitical Disruption — H1 FY27 Execution Headwind by the next result.

What the company does. FY26 delivered PAT Rs 1,031 Cr (+82% YoY), PBT margin 4.9% (+120 bps), ROCE 18% — a genuine earnings inflection across 4 years of steady improvement, not a one-quarter event. Q1 FY27 adds: order book ATH Rs 66,607 Cr, interest cost down to Rs 82 Cr (vs Rs 122 Cr a year ago), PAT Rs 312 Cr (+46% YoY) — the deleveraging benefit is flowing through systematically. The overhang is a management team that has moved goalposts on 4 of 7 guidance items since FY26 began — the pattern caps the re-rating premium until a full FY27 delivery cycle closes cleanly.

🚨 What the surface reading misses. The surface reading is: PAT +46% on revenue +9% — looks like margin-driven acceleration The research reads it further: The PAT amplification has three components: (1) operating profit grew Rs 37 Cr (+7% YoY, genuine operating leverage); (2) interest fell Rs 40 Cr (Rs 82 Cr vs Rs 122 Cr in Q1 FY26 — structural deleveraging, recurring); (3) other income elevated Rs 61 Cr (Rs 77 Cr vs Rs 16 Cr — treasury income on cash pile post-deleveraging, partly recurring). Total PBT uplift approximately Rs 138 Cr of which Rs 37 Cr (27%) is operating, Rs 40 Cr (29%) is structural deleveraging, Rs 61 Cr (44%) is elevated OI. Core operating profit IS growing — the dig_paper_profits flag is partially confirmed but not alarming.

Lever 6 · Order-book wins — BUILDING. Order book reached Rs 66,607 Cr in Q1 FY27 (new ATH); FY27 inflows Rs 7,668 Cr with Rs 7,500 Cr L1 pipeline — 3 consecutive ATH quarters tracking toward Rs 30,000 Cr full-year target. What proves it keeps working: Order Book Scale — All-Time High with 2.5-Year Revenue Cover. It stops working if Order inflows fall below Rs 20,000 Cr in FY27 annualized (implying existing book running off faster than additions) — which would require Middle East to stay dark AND domestic T&D to stall simultaneously.

Lever 12 · New product launch — BUILDING. Net debt at Rs 917 Cr consolidated (from Rs 3,169 Cr two years ago); interest fell to Rs 82 Cr in Q1 FY27 from Rs 122 Cr — each quarter of lower borrowings adds directly to PBT. What proves it keeps working: Balance Sheet Transformation — Net Debt Collapsed, Interest Cost Falling. It stops working if Working capital expands materially (Water receivables do not recover, new segments build WC) causing net debt to re-inflate above Rs 2,000 Cr consolidated.

Lever 10 · New geographies — BUILDING. Domestic pipeline Rs 1 lakh Cr+; PGCIL Rs 90,000 Cr annual tenders; Linjemontage Rs 833 Cr Q1 FY27 (+8% YoY) and Rs 4,200 Cr backlog in Nordics — KPIL is top-3 global T&D EPC player outside China. What proves it keeps working: Global T&D Capex Supercycle — Structural Multi-Decade Tailwind. It stops working if PGCIL tender delays extend beyond 2 quarters AND Linjemontage order intake falls below Rs 3,000 Cr in FY27, indicating Nordic market saturation.

Lever 8 · Demerger or value unlock — BUILDING. B&F order book above Rs 19,600 Cr at Q1 FY27; FY27 orders Rs 2,800 Cr with Rs 2,200 Cr L1; design-build at 50% of mix delivering 10-12% EBITDA — higher than historical fixed-price rates. What proves it keeps working: B&F Design-Build Pivot — Premium Margin Mix Shift. It stops working if Design-build win rate drops — if clients stop awarding DB contracts due to project overruns or if the residential market cools materially in NCR and South India.

Sources: our stock research file (22 August 2026) · quarterly results through Jun 26 · the company’s own earnings calls. The story check is re-scored every results season; the record below never changes.

Revenue Revenue is the top line: everything the company billed its customers in the period.

Kalpataru Projects International Ltd reported ₹6,408 Cr of revenue in the Jun 26 quarter, +3.8% year on year. That is the 11th straight quarter of year-on-year growth. Over 10 years it has compounded at 14.3% a year. The last full year, FY26, came in at ₹27,143 Cr. The last four reported quarters add to ₹27,380 Cr.

Why this happened. The order book crossed Rs 66,607 Cr in Q1 FY27, surpassing the prior ATH of Rs 65,457 Cr — a clear signal that execution is not eroding the order cover. FY27 inflows of Rs 7,668 Cr in just Q1, with Rs 7,500 Cr in L1, puts the Rs 30,000 Cr target on track if H2 delivers the expected O&G and international T&D wins. T&D (Rs 28,572 Cr), B&F (Rs 19,600 Cr), and Water (Rs 4,000 Cr domestic) together cover 3 years of each segment's run-rate. The strategic shift to orders above Rs 500 Cr per project improves revenue certainty and reduces rebid risk.

FY26 revenue came in at ₹27,143 Cr (+21.6% on the year), capping 10 years at 14.3% compound. The latest quarter (Jun 26) printed ₹6,408 Cr, +3.8% year on year — the 11th consecutive quarter of year-over-year growth.

Pace check: the last four quarters averaged +15.7% growth against the decade's 14.3% — the current year is running faster than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +14.6% over the last 4 quarters against +17.1%/yr over the last 8 — stabilising; TTM profit +61.7% vs +52.3%/yr — accelerating.

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Kalpataru Projects International Ltd's operating margin is 9.0% in the Jun 26 quarter, +0.0 percentage points against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 9.0% to 13.0%. The current quarter sits inside that band.

The latest quarter's operating margin is 9.0%, +0.0 pp against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 9.0%–13.0%.

Why the margin moved: operating margin went +0.3 pp year on year while gross margin went +3.0 pp — the gain came mostly from the gross line: input costs and pricing.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Kalpataru Projects International Ltd earned ₹312 Cr of net profit in the Jun 26 quarter, +45.8% year on year. It is the 6th consecutive quarter of growth. Full-year FY26 profit was ₹1,031 Cr. The 10-year compound rate is 29.8%. That is 4.9% of the quarter's revenue. The same quarter a year earlier earned ₹214 Cr.

Jun 26 profit was ₹312 Cr, +45.8% year on year — the 6th consecutive quarter of growth. On the full year, FY26 printed ₹1,031 Cr (+81.8%), and the 10-year compound rate is 29.8%.

Why profit moved: revenue contributed +3.8% and the margin +0.0 pp — the quarter was revenue-led, with the margin roughly flat.

Pace comparison, last four quarters: profit +59.5% vs revenue +15.7%. Profit is growing faster than sales — fixed costs are being spread over a bigger base, and each extra rupee of revenue drops more to the bottom line.

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years 156% of Kalpataru Projects International Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹1,534 Cr of operating cash against ₹1,031 Cr of profit. After ₹441 Cr of capital spending, ₹1,093 Cr was left as free cash.

FY26: operating cash of ₹1,534 Cr against reported profit of ₹1,031 Cr, leaving free cash of ₹1,093 Cr after ₹441 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 156% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

Why conversion sits at 156%: the cash cycle tightened 31 days between FY21 and FY26 — cash that used to wait in the cycle now reaches the bank sooner.

Router verdict: no single sink dominates — the next section checks both the working-capital cycle and the capital spending.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Kalpataru Projects International Ltd's cash conversion cycle runs −94 days in FY26, down from −63 days in FY21. Capital spending ran ₹1,516 Cr over the last 3 years. At FY26 sales of ₹27,143 Cr each day of that cycle holds about ₹74.4 Cr, so roughly ₹−6,990 Cr sits inside the business at any moment.

FY26: debtors at 113 days, inventory at 69 days — roughly 2.3 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of −94 days, tighter than FY21's −63.

The full loop: cash goes out to suppliers and production on day 0; stock waits 69 days to sell; customers pay about 113 days after that; and suppliers themselves are paid at 276 days — netting out to the −94-day cycle.

In money terms: at FY26 sales of ₹27,143 Cr, each day of the cycle holds about ₹74.4 Cr — so the −94-day loop keeps roughly ₹−6,990 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹1,516 Cr over the last 3 fiscal years against ₹1,480 Cr of depreciation — building somewhat ahead of wear-and-tear. Capital work-in-progress stands at ₹64.0 Cr (FY26) — capacity paid for but not yet earning.

The synthesis: neither the cycle nor the build-out is hoarding the cash — the machine is reasonably clean.

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.

Kalpataru Projects International Ltd earns a ROCE of 18% in FY26. That is up from a trough of 11% in FY14. A return-on-invested-capital spread against the cost of capital is not computable from what is held here. The wiring behind it is 3.8% net margin on 0.98× asset turns.

FY26 ROCE is 18%, recovered from a FY14 trough of 11% — the full ladder below shows the fall and the climb, undoctored.

Why the return is what it is — the wiring (FY26): 3.8% net margin × 0.98× asset turns × 3.56× balance-sheet leverage ≈ 13.3% on equity. Margin does its share; leverage is a meaningful part of the equation.

The quarterly return curves and the return-on-invested-capital overlay, which only the second data source carries, are not drawn on this page: its two data sources disagree by up to 11% on reported income across 14 comparable periods. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.

Debt Debt-to-equity says how much of the business is funded by borrowings; interest cover says how many times operating profit pays the interest bill. Low and high, respectively, is the safe corner.

Kalpataru Projects International Ltd carries ₹3,543 Cr of borrowings against ₹7,776 Cr of equity in FY26, a debt-to-equity of 0.46. Operating profit covers the interest bill 4×. Over 5 years borrowings went from ₹3,260 Cr to ₹3,543 Cr. Capital spending ran ₹1,516 Cr across the last 3 of those years.

FY26: borrowings of ₹3,543 Cr against equity of ₹7,776 Cr — a debt-to-equity of 0.46. Operating profit covers the interest bill 4×. Over 5 years borrowings went from ₹3,260 Cr to ₹3,543 Cr while capital spending ran ₹1,516 Cr in just the last 3 — part of the build-out is riding on borrowed money.

The total-debt and debt-to-equity series, which only the second data source carries, are not drawn on this page: its two data sources disagree by up to 11% on reported income across 14 comparable periods. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

Promoters cut 1.7 points of Kalpataru Projects International Ltd over 8 quarters, the biggest move on the register. That takes promoters to 33.6% of the company. Domestic institutions moved −0.8 points over the same window, to 44.8%. The register is read on the four disclosed classes only; nothing is inferred between filings.

Why this happened. Water has turned from a WC drag to a net FCF contributor as JJM completions transition to O&M. Collections reached Rs 650 Cr through July — run-rate implies Rs 2,600 Cr annual vs Rs 1,800 Cr in FY26, tracking the Rs 2,500 Cr FY27 target. Management paused domestic bidding for 6-9 months until existing receivables clear (Rs 1,500 Cr billed and unbilled completed work outstanding). The first Middle East water-treatment win at Rs 344 Cr validates geographic expansion and opens a new pipeline alongside T&D and O&G in that region. The Rs 4,000 Cr domestic backlog mostly executing, with O&M providing steady cash beyond project completion.

The register over the last two years — Promoters: −1.7 points over 8 quarters to 33.6%; Domestic institutions: −0.8 points over 8 quarters to 44.8%; Foreign institutions: +0.7 points over 8 quarters to 10.8%.

🚨 Why the register moved: promoters drove it (−1.7 points), alongside domestic institutions (−0.8 points) — distribution into the market’s bid.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Kalpataru Projects International Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

Why this happened. The O&G thesis has slipped in timing but not in scale. Saudi gas pipeline execution is progressing, and KPIL is qualified with Aramco, ADNOC, Kuwait, and Qatar utilities. Bids range from $100M to $500M and have been submitted. Management in Aug 2026 said 'We are very confident that we will win a few large projects in the current year' but expects awards in the next 3-6 months rather than immediately. The prior call (Oct 2025) expected by Q4/H1 FY27. This is the second timing slip. The risk is FY27 inflow target dependence on O&G — without conversions, the Rs 30,000 Cr target requires T&D and B&F to over-deliver. The Water segment recently added a first Middle East treatment order (Rs 344…

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

Kalpataru Projects International Ltd trades at 22.1× P/E, mid-range by its own standards (45th percentile). Its long-run median P/E is 24.1×, measured across 10.5 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Why this happened. B&F grew mid-teens YoY in Q1 FY27 revenue. The design-build pivot is the most durable margin driver in the business: it creates intellectual lock-in (KPIL designs the project, not just builds it), commands 100-200 bps premium EBITDA, and generates repeat-client relationships. Data centers, airports, and large industrial plants (NMDC, NALCO tenders qualified) add vertical diversification beyond residential. At Rs 19,600 Cr order book and 20%+ FY27 growth guidance, B&F is the most predictable earnings compounder in the mix.

Today's P/E of 22.1× is mid-range by its own standards (45th percentile), against a long-run median of 24.1× measured over 10.5 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

Why the multiple sits where it does: over the past year annual EPS moved +77.6% against a +11.0% price move — earnings outran the price, pushing the multiple DOWN its own range.

The price move, decomposed: over 5y, of the +28.3%/yr price move, ~+12.2%/yr came from earnings growth and ~+16.1 pp from the multiple (expanding); over 10y, of the +18.5%/yr price move, ~+24.7%/yr came from earnings growth and ~−6.2 pp from the multiple (compressing). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.

Put together: the multiple is unremarkable against its own past, so the story rests on the earnings line underneath it, not the multiple.

The PEG ratio and its quarterly curve, which only the second data source carries, are not drawn on this page: its two data sources disagree by up to 11% on reported income across 14 comparable periods. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.

What the price assumes This reading works the multiple backwards. It asks one question: what yearly rate of profit growth is a buyer at the market price already paying for? The number is the growth rate that makes eleven years of profit — six years growing, then five fading — add up to that day's market price, once each year is discounted at 11% a year.

Solved at its 24 August 2026 price, Kalpataru Projects International Ltd was paying for profit growth of about 12.6% a year. Profit itself has compounded 29.8% a year over the past 10 years. Today the market pays 22.1× P/E, the 45th percentile of its own 11-year range.

What the two numbers say together. The multiple is unremarkable against its own past, and the growth the price is paying for is below what this company has actually delivered.

How to hold this number: it is a reading of one day's price, taken on 24 August 2026, not a running figure — every other number on this page, the multiple included, is read off the live quote as of 11 September 2026. A higher price is paying for more growth and a lower price for less, so it moves whenever the price does, and this page does not restate it between measurements.

Stage: Consistent Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Kalpataru Projects International Ltd reads as consistent on its fundamental arc. Consistent — revenue, profit and EPS growth have stayed positive through the window, with ROCE at 18.0% and holding. The read is built from 8 quarters across 4 curves, on partial evidence.

Why it matters: steady curves with healthy returns are the compounding setup — the risk is the price, not the business.

Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.

A partial read: at least one curve is short, or the returns curve is not the computed quarterly series — hold the stage word a little more loosely.

4-Factor Sector Score

72.5/100 — rank 1 of 3 in Infra - Power - Generation/Distribution · 79% evidence confidence

Kalpataru Projects International Ltd scores 72.5 out of 100 against the 3 companies it is compared with in Infra - Power - Generation/Distribution, ranking 1. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

The four contributions add to the total exactly: 25.9 + 16.2 + 10.4 + 20 = 72.5. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

Said versus delivered

What Kalpataru Projects International Ltd's management promised, set against what actually arrived — 4 tracked promises on the record. Read straight from the company’s own earnings calls. A promise that slipped stays on this page after it is met.

Road Asset Sale Appears to Have Been Replaced by Handover · 11 August 2026. In Oct 2025, management said it was progressing approval to sell Vindhyachal Express (VEPL) and expected completion in the second half of FY26. In Aug 2026, management instead described one remaining road asset as having approximately two years left before automatic handover, without identifying whether it was VEPL or explaining the change. If it is VEPL, this materially changes the previously stated sale timeline and expected cash recovery.

🚨 Middle East Oil and Gas Order Timing Has Slipped · 11 August 2026. The Oct 2025 call expected qualified Middle East tenders by Q4 or the first half of the following year. The Aug 2026 call now says awards may come only in the next 3-6 months, indicating a later conversion window; although management acknowledged delays, it did not provide a specific explanation for the slippage or reconcile it with the earlier timing.

FY26 Revenue Growth Guidance Raised Then Quietly Reverted · 15 May 2026. In Oct 2025, management explicitly raised FY26 revenue growth guidance from the original 20-25% range to 25% plus at both standalone and consol levels, specifically calling out the prior range by name. In May 2026, management reverted to the original 20-25% range as the stated target and declared full delivery, despite actual consol growth of 22% falling short of the raised 25%+ guideline. This reframing of the goalposts is a direct inconsistency that would concern any investor who built models around the October guidance upgrade.

FY26 Capex Materially Exceeded Unrevised Guidance · 15 May 2026. Management set FY26 capex guidance at INR 600-650 crores in May 2025, consistent with FY25 actuals, and never formally revised this upward in any subsequent call. The Oct 2025 H1 run-rate of INR 340 crores implied an annualised range of only roughly INR 680 crores, with no indication that H2 spending would accelerate sharply. Actual FY26 capex came in at approximately INR 900 crores, roughly 40% above the original guidance, a material undisclosed change with direct implications for free cash flow models.

Every quote above is taken word for word from the company’s own earnings calls.

Frequently asked questions