# Kalpataru Projects share price today (Kalpataru Projects International Ltd, NSE: KPIL)

> Kalpataru Projects share price today: ₹1,366.10 at the NSE close on 4 November 2026, up 5.4% in a year. Kalpataru Projects International (NSE: KPIL) is worth ₹23,324 crore, trades at a P/E of 21.0 and has closed between ₹1,071.00 and ₹1,445.50 over the past 52 weeks. > Kalpataru Projects International Ltd's earnings have grown faster than its share price. Earnings per share grew +77.6% in a year while the price moved +5.4%. KPIL · Infra - Power - Generation/Distribution · data as of 4 November 2026. Page: https://www.sectoralpha.in/stocks/kalpataru-projects-international-ltd

Sector Alpha also publishes a daily newsletter that explains one Indian stock at a time: https://newsletter.sectoralpha.in/?utm_source=sectoralpha&utm_medium=ai_text&utm_campaign=llms

## Key numbers

- Business trend: Growing steadily, from fewer quarters than usual
- Price: ₹1,366.10 (+5.4% in a year)
- P/E: 21.0× (lower than 60% of the last 11 years)
- Revenue (Jun 2026): ₹6,408 Cr (+3.8% on a year ago)
- Profit (Jun 2026): ₹312 Cr (+45.8% on a year ago)
- Operating margin: 9.0% (flat on a year ago)
- ROCE: 18%, FY26
- Profit that came in as cash: 156%, last 3 years

The main question: yearly earnings per share moved +77.6% while the share price moved +5.4%. ## What is the Kalpataru Projects share price today? Kalpataru Projects International Ltd's share price was ₹1,366.10 at the close on 4 November 2026. It has been rising for 24 weeks. That is 5.1% above its average price over the last 200 trading days. In the last 52 weeks it traded between ₹1,071 and ₹1,446, and at that close it sat 79% of the way up from that low. Over the past 13 weeks it has done better than the NIFTY 500, and it has stayed ahead for 11 weeks in a row. Over the last 11 years the share price moved +657% while the NIFTY 500 moved +249%, so it is ahead of the index over that whole period. The chart above shows the 13-week comparison for every week. This page treats a rise as over when the price closes below its 200-day average on two Fridays in a row. ## What changed at Kalpataru Projects this quarter? Three changes stood out: revenue up on a year earlier for 11 quarters in a row (every quarter we can compare), foreign funds (FIIs) cut their stake for 4 quarters in a row and profit up on a year earlier for 6 quarters in a row. 1. Revenue up on a year earlier for 11 quarters in a row (every quarter we can compare) In the June 2026 quarter revenue was ₹6,408 crore, +3.8% on a year earlier. Why: Revenue rose because more work was done on orders already won in its main power transmission, buildings and factories, and oil and gas businesses. Next results: check whether more bids turn into firm orders in these businesses. From the earnings call on 30 Sep 2026. 2. Foreign funds (FIIs) cut their stake for 4 quarters in a row From 12% to 10.8% of the company by the September 2026 quarter. 3. Profit up on a year earlier for 6 quarters in a row In the June 2026 quarter profit was ₹312 crore, +45.8% on a year earlier. Why: Profit rose because the company won work at better prices and paid less interest on its borrowings. Next results: check whether better-priced work and faster project closures keep lifting profit. From the earnings call on 30 Sep 2026. ## What are Kalpataru Projects' latest quarterly results? For April to June 2026 (the quarter ended 30 June 2026), Kalpataru Projects reported revenue of ₹6,408 crore, up 3.8% from ₹6,171 crore a year earlier, and a profit of ₹312 crore, up 45.8% from ₹214 crore. ### Kalpataru Projects results: April to June 2026 against a year earlier

| Measure | April to June 2026 | April to June 2025 | Change |
| --- | --- | --- | --- |
| Revenue | ₹6,408 crore | ₹6,171 crore | +3.8% |
| Profit | ₹312 crore | ₹214 crore | +45.8% |
| Earnings per share | ₹18.16 | ₹12.51 | +45.2% |
| Operating margin | 9.0% | 9.0% | 0.0 points |

The next results, for July to September 2026, are due by 14 November 2026: listed companies must publish quarterly results within 45 days of the quarter's end (60 days for the January to March quarter). Kalpataru Projects' management discussed these results on a call held on 30 September 2026; what it said is further down this page. (From the company's reported quarterly results (quarter ended 30 June 2026). Revenue and profit in ₹ crore.)

## What is the Kalpataru Projects share price history? Kalpataru Projects closed at ₹1,366.10 on 4 November 2026, up 5.4% from ₹1,295.90 a year earlier (7 November 2025) and up 227.8% over five years. Its highest weekly close since March 2016 was ₹1,445.50 on 18 September 2026. ### Kalpataru Projects share price: then and now

| When | Close | Change to 4 Nov 2026 |
| --- | --- | --- |
| 1 week ago · 30 Oct 2026 | ₹1,337.70 | +2.1% |
| 1 month ago · 1 Oct 2026 | ₹1,356.40 | +0.7% |
| 6 months ago · 8 May 2026 | ₹1,275.70 | +7.1% |
| 1 year ago · 7 Nov 2025 | ₹1,295.90 | +5.4% |
| 3 years ago · 3 Nov 2023 | ₹631.75 | +116.2% |
| 5 years ago · 4 Nov 2021 | ₹416.75 | +227.8% |
| 10 years ago · 4 Nov 2016 | ₹242.90 | +462.4% |
| Earliest weekly close in our records · 4 Mar 2016 | ₹180.35 | +657.5% |
| Highest weekly close since March 2016, also the 52-week high · 18 Sep 2026 | ₹1,445.50 | −5.5% |
| Lowest weekly close since March 2016 · 9 Apr 2020 | ₹175.85 | +676.9% |
| 52-week low (weekly close) · 20 Mar 2026 | ₹1,071.00 | +27.6% |

Weekly closing prices. Each change is the move from that price to the 4 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes. (565 weekly closes from 4 March 2016 to 4 November 2026.)

## What is the latest news on Kalpataru Projects? 4 Nov 2026: Kalpataru Projects closed at ₹1,366.10, up 2.1% on the week and up 0.7% on the month. Our read, 10 Oct 2026: A diversified EPC contractor two years past its debt clean-up: order wins are running ahead of goal, interest costs have halved, and the open questions are guidance discipline and how much of recent profit is other income. ### Earlier

- 30 Sep 2026: Kalpataru Projects held its results call for April to June 2026. Management guided: FY27 top-line growth of 15%. - Results for April to June 2026: Revenue up 3.8% and profit up 45.8% on a year earlier. - 29 Jun 2026: ex-date for a dividend of ₹11 a share. ### Our read of the business

Latest quarter: Profit +46% with half the rise from other income; order wins then accelerated into September. (Our read after the latest results, written 10 October 2026.)

## What dividend does Kalpataru Projects pay? Kalpataru Projects paid ₹11 a share in regular dividends in the 12 months to 5 November 2026 (1 payment), a yield of 0.81% at the ₹1,366.10 close on 4 November 2026. The last was a dividend of ₹11 a share, ex-date 29 June 2026. ### Kalpataru Projects dividends since 1 April 2021

| Ex-date | Dividend per share | Type | Record date |
| --- | --- | --- | --- |
| 29 Jun 2026 | ₹11 | Dividend | same day |
| 23 Jun 2025 | ₹9 | Dividend | same day |
| 28 Jun 2024 | ₹8 | Dividend | same day |
| 6 Jul 2023 | ₹7 | Dividend | same day |
| 27 Jul 2022 | ₹6.50 | Dividend | 28 Jul 2022 |
| 7 Jul 2021 | ₹1.50 | Dividend | 8 Jul 2021 |

Amounts as the company declared them on the NSE. A dividend goes to whoever owns the shares before the ex-date. 5 of 5 Of the last 5 financial years, years with an NSE dividend record

Yes. Kalpataru Projects International Ltd paid out 18% of its profit as dividends in FY26, and it paid a dividend in each of its last 13 reported years. (From the NSE corporate-actions record, read 5 November 2026.)

## What did Kalpataru Projects management say on the latest results call? On the call for April to June 2026, held on 30 September 2026, Kalpataru Projects' management guided: FY27 top-line growth of 15%. > “We will be able to easily surpass the capex guidance of 800 crores.”
> Kunal Jain, on the call for April to June 2026

### What management guided

- FY27 profit before tax margin improvement of at least 75 basis points. - FY27 working capital below 90 days. - FY27 order inflows above ₹30,000 crore; Q2 review may lift the goal. - FY27 capital spending to exceed ₹800 crore, driven by order intensity and project requirements. Management’s own plans and goals, from our notes of the call. A plan is not a result. Source: [the call transcript](https://files.tijoristack.ai/concall/transcript/2361-30-Sep-2026.pdf). (From the call for April to June 2026, 30 September 2026.)

## What is the future of Kalpataru Projects? What is changing in the business? One change in Kalpataru Projects' own numbers looks lasting: debt falling. Also showing up, but too early to call lasting: a bigger order book and new regions and countries. Debt falling looks lasting

Debt has come down sharply and the interest bill with it. Borrowings fell from ₹4,828 crore (Sep 2025) to ₹3,543 crore (Mar 2026); management reports consolidated net debt of ₹917 crore at June 2026, down from ₹3,169 crore in September 2025. Quarterly interest cost fell below the year-earlier level in every one of the last four quarters (137 vs 150, 137 vs 164, 105 vs 118, 82 vs 122). Over four quarters interest fell ₹93 crore, a big part of the profit rise. Why it may last: The loss-making Brazil arm, the road assets and the Indore real estate have been exited for good and capital spending is now paid from operating cash, so the lower debt base is something the company owns. Further gains are limited: interest is already ₹82 crore a quarter and management guides interest as a share of sales to stay in the current range. Next check: Interest cost stays at or below ₹90 crore for Sep 2026 and consolidated net debt stays near ₹900-1,000 crore while revenue grows. Quarter by quarter, 4 quarters

July to September 2025

Debt actually rose (borrowings ₹4,828 crore at Sep 2025 vs ₹4,314 crore at Mar 2025) because water dues were stuck and capital spending continued; interest ₹137 crore was still below ₹150 crore a year earlier. ✓ fact

October to December 2025

Consolidated net debt fell 29% in the quarter to ₹2,240 crore at 31 December 2025 (from ₹3,169 crore at September); the summary does not say what paid for this December drop. The Vindhyachal road-asset sale (₹600+ crore net cash, about ₹800 crore net-debt benefit) completed in January 2026, so it belongs to the next quarter, not this one. Interest ₹137 crore vs ₹164 crore a year earlier. ✓ fact

From our notes of the call for October to December 2025: Consolidated net debt declined 29% on the previous quarter to ₹2,240 crore; Standalone net debt ₹1,849 crore at Dec 31, 2025. January to March 2026

Borrowings ₹3,543 crore at Mar 2026; consolidated net debt ₹915 crore. This quarter includes the January 2026 Vindhyachal road-asset sale (₹600+ crore net cash, about ₹800 crore net-debt benefit by the October to December 2025 call's account; the April to June 2026 call's consistency check questions whether that sale became a handover instead). Interest ₹105 crore vs ₹118 crore. FY26 operating cash flow ₹1,534 crore (vs ₹914 crore in FY25), financing cash outflow ₹1,636 crore; share capital unchanged at ₹34 crore, so no new shares were issued. ✓ fact

From our notes of the call for January to March 2026: Consolidated net debt ₹915 crore (down 50% on a year earlier), net debt-to-equity 0.1x, working capital 75 days, finance cost to sales 1.8% (80 basis points better)

April to June 2026

Net debt flat quarter on quarter at ₹917 crore; interest fell further to ₹82 crore vs ₹122 crore a year earlier and ₹105 crore the quarter before. ✓ fact

From our notes of the call for April to June 2026: Net debt stayed stable on the previous quarter at ₹752 crore standalone and ₹917 crore consolidated despite higher execution and Water capital employed. A bigger order book too early to call

Kalpataru is an engineering-and-construction contractor (power lines, buildings and factories, oil and gas pipelines, water, metro). Its order book (work won but not yet done) sits at a record ₹66,607 crore at June 2026, about 2.4 years of sales, and that backlog is turning into revenue. But revenue growth over the same quarter a year earlier has slowed every quarter: +32.4% (Sep 2025: 6,529 vs 4,930), +16.3% (Dec 2025: 6,665 vs 5,732), +10.1% (Mar 2026: 7,778 vs 7,067) and +3.8% (Jun 2026: 6,408 vs 6,171). Management blames Middle East supply disruption, labour shortages and slow water collections, and guides 15%+ growth for FY27. Why it may last: The orders ride a global power-grid, Middle East oil-and-gas and Indian infrastructure spending cycle; the backlog gives about 2.5 years of visibility but new awards (domestic power lines fell to ₹4,500 crore in FY26 from ₹7,000 crore) rise and fall with that cycle. What could be flattering it: A big headline backlog that is converting slowly (delays, stuck water projects) or was won at thin margins, so revenue and cash do not follow. Next check: Revenue for Sep 2026 grows at least 10% over ₹6,529 crore (the FY27 15%+ guide needs acceleration from 3.8%) while operating margin stays at or above 8.6%. Quarter by quarter, 4 quarters

July to September 2025

Record second quarter. Revenue ₹6,529 crore, up 32.4% on ₹4,930 crore a year earlier; order book ₹64,652 crore; revenue guidance raised to 25%+. ✓ fact

From our notes of the call for July to September 2025: Consolidated revenue grew 32% year-over-year, and standalone revenue grew 31% year-over-year. October to December 2025

Revenue ₹6,665 crore, up 16.3% on ₹5,732 crore; order book slipped slightly to ₹63,287 crore as execution outran new wins that quarter. ✓ fact

From our notes of the call for October to December 2025: Order book at ₹63,287 crore providing strong revenue visibility. January to March 2026

Revenue ₹7,778 crore, up 10.1% on ₹7,067 crore; ₹200-250 crore of revenue lost to Middle East disruption. FY26 revenue ₹27,143 crore, up 21.6%. Order book at a record ₹65,457 crore; FY27 growth guidance cut to 15%+ from the earlier 20-25% range. ✓ fact

From our notes of the call for January to March 2026: Order book at all-time high ₹65,457 crore; strategic shift toward large-ticket orders. April to June 2026

Revenue ₹6,408 crore, up only 3.8% on ₹6,171 crore as reported (management says +9% on a comparable basis, i.e. without the exited Brazil business). Order book still rising to ₹66,607 crore and margin on executed work held (operating margin 8.77% vs 8.51%). ✓ fact

From our notes of the call for April to June 2026: Consolidated order book reached ₹66,607 crore, with FY27 inflow ₹7,668 crore and L1 pipeline of about ₹7,500 crore. New regions and countries too early to call

Growth outside India is a large part of the story: international power-line orders rose to ₹8,000 crore in FY26 from ₹6,500 crore, the Saudi oil-and-gas business grew revenue 55% in FY26, the Swedish arm (Linjemontage) has a ₹4,200 crore backlog, and a first Middle East water-treatment order (₹344 crore) came in April to June 2026. Against that, the Brazil expansion failed: ₹515 crore (standalone) was written off and that business is now near zero. Why it may last: Middle East oil-and-gas and Nordic and Latin American grid spending are capital-spending cycles; the slipping award dates in the Middle East show how timing depends on clients. Next check: At least one large Middle East oil-and-gas award (bids of $100-500 million) is signed by the July to September 2026 call, as management now expects within 3-6 months. Quarter by quarter, 4 quarters

July to September 2025

International power-line book ₹16,000 crore vs domestic ₹10,000 crore; Sweden revenue growing fast; Brazil (Fasttel) still loss-making. Group revenue ₹6,529 crore. ✓ fact

From our notes of the call for July to September 2025: Middle East projects offer strong revenue/delivery growth but yield slightly lower margins compared to LatAm or Africa. October to December 2025

Oil and gas revenue +58% in nine months on the Saudi Aramco project. International power-line orders were about ₹3,600 crore in nine months with ₹4,500 crore more where Kalpataru was lowest bidder; management expected FY26 international power-line orders (inflows, not revenue) of ₹9,500-10,000 crore vs ₹5,500 crore the year before, the full year came in at ₹8,000 crore per the next call. Brazil lost ₹186 crore at the operating level in nine months. ✓ fact

From our notes of the call for October to December 2025: Oil & Gas: 58% revenue growth (9M FY26) on Saudi Aramco project execution. January to March 2026

International power-line orders ₹8,000 crore (65% of power-line inflows); Brazil fully provided (₹515 crore standalone, about ₹180-200 crore consolidated in Q4). Middle East disruption cost ₹200-250 crore of revenue. ✓ fact

From our notes of the call for January to March 2026: International T&D orders (LMG, SAE, TLI, solar) grew to ₹8,000 crore FY26 from ₹6,500 crore FY25. April to June 2026

Sweden revenue ₹833 crore, up only 8%, and 'not expected to be exceptional' this year; large Middle East oil-and-gas awards slipped again to 3-6 months out; first Middle East water order won. Group revenue +3.8%. ✓ fact

From our notes of the call for April to June 2026: Water revenue ₹626 crore matched planned execution; first Middle East water-treatment order secured for ₹344 crore. We check 16 kinds of change in every company, such as costs spread over more sales, higher-value products, new orders, new regions or falling debt, against its reported numbers and what management said on its calls. Only changes the numbers back are shown. (Checked against results and calls up to April to June 2026, 10 October 2026.)

## What is Kalpataru Projects' order book? FY26 order inflow guidance reduced in Oct 2025 from ₹26,000-28,000 Cr to ₹25,000 crore+, then reverted to original range at May 2026 for success claim at exact lower bound. - 50-60% of orderbook from top-10 clients, some 25-year relationships; repeat business is primary measure of competitive moat. ✓ fact
- B&F FY26: revenue +19% on a year earlier; order inflows surged ~40% to ₹11,460 crore; order book ₹18,295 crore; design-build now ~50% of B&F mix delivering superior margins. ✓ fact

(Our read after the latest results, written 10 October 2026.)

## What could change the Kalpataru Projects story? What are the risks? July to September 2026 core profit before tax (excluding other income and any LMG stake-sale gain) growing under 10% year on year, together with FY27 revenue growth tracking under 12%, that would show the Q1 profit jump was mostly other income and that the record order book is not converting into earnings. ### Each change stops working if

- Balance Sheet Transformation, Net Debt Collapsed, Interest Cost Falling: Working capital expands (water receivables stay above ₹1,400 crore, supplier days normalise) and capital spending runs well past ₹800 crore, pushing consolidated net debt back above ₹2,000 crore. - Global T&D Capital spending Supercycle, Structural Multi-Decade Tailwind: Planned HVDC projects switch to another technology or stall in ministry review, and domestic transmission awards slow for two quarters. - B&F Design-Build Pivot, Premium Margin Mix Shift: 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. - Oil and Gas Middle East, Second Large Project Secured: The new project fails to start billing by January to March 2027, or the Aramco job overruns as it nears completion. ### The main risks

- Management Credibility, Systematic Guidance Goal-Post Movement: Guidance keeps moving: Brazil write-off, FY26 capital spending about 40% over guide, revenue and order ranges shifted, and in FY27 capital spending is again set to exceed guidance while two statements changed between August and September without explanation. ⚠ estimate
- Middle East Geopolitical Disruption, H1 FY27 Execution Headwind: T&D supply chain disruption ₹200-250 Cr in January to March 2026 is ongoing in H1 FY27; normalization expected Q2 but geopolitical uncertainty makes timing uncertain. ✓ fact
- Water Receivables Recovery, State-Dependent, Collections Must Sustain: Water collections of ₹380-400 Cr a quarter run below the ₹2,500 crore annual goal, and ₹1,400-1,500 Cr of billed and unbilled work is still outstanding. ✓ fact
- Revenue Growth Downside from H1 Headwinds: FY27 revenue guidance at 15%+ (reset from 20-25%), April to June 2026 delivered 9% comparable growth; H2-weighted order book requires clean execution to deliver the guided range. ⚠ estimate

(Our read after the latest results, written 10 October 2026.)

## What to watch in Kalpataru Projects' next results? When Kalpataru Projects reports July to September 2026, these are the 6 checks that show whether the story is still on course. First: Interest cost stays at or below ₹90 crore for Sep 2026 and consolidated net debt stays near ₹900-1,000 crore while revenue grows. | What to check | Why |
| --- | --- |
| Interest cost stays at or below ₹90 crore for Sep 2026 and consolidated net debt stays near ₹900-1,000 crore while revenue grows. | Debt falling |
| Revenue for Sep 2026 grows at least 10% over ₹6,529 crore (the FY27 15%+ guide needs acceleration from 3.8%) while operating margin stays at or above 8.6%. | A bigger order book |
| At least one large Middle East oil-and-gas award (bids of $100-500 million) is signed by the July to September 2026 call, as management now expects within 3-6 months. | New regions and countries |
| Q2 order-guidance review - check whether tender conversion produces an upward revision rather than a simple reaffirmation. | From the call |
| Water cash conversion in H2 - check whether billed and unbilled receivables start declining while project execution continues. | From the call |
| FY27 capital spending and Raipur rollout - check spending pace, commissioning progress, capacity disclosure and payback evidence. | From the call |

## Which stock lists is Kalpataru Projects on? Kalpataru Projects is on 4 of our India lists: Multibagger study list, Momentum stocks, Small & mid cap stocks and Power & green energy stocks. - [Multibagger study list Study stage: late](https://www.sectoralpha.in/multibagger-stocks-india)
- [Momentum stocks Market cap cr: 23328.988861478654](https://www.sectoralpha.in/momentum-stocks-india)
- [Small & mid cap stocks Size rank in India: 330](https://www.sectoralpha.in/small-cap-stocks-india)
- [Power & green energy stocks Group on the list: Power transmission and trading](https://www.sectoralpha.in/sectors/power-stocks-india)

## Is Kalpataru Projects profitable? Kalpataru Projects International Ltd earned ₹312 Cr of net profit in the Jun 2026 quarter, +45.8% on the same quarter a year earlier. That is the 6th quarter in a row of profit growth. Full-year FY26 profit was ₹1,031 Cr. Over 10 years profit has grown 29.8% a year on average. That is 4.9% of the quarter's revenue. The same quarter a year earlier earned ₹214 Cr. For the full year, FY26 profit was ₹1,031 Cr (+81.8% on the year before). Why profit moved: revenue changed +3.8% on a year earlier and the margin moved +0.0 percentage points. Sales did the work, and the margin was about flat. On average over the last four quarters, profit changed +59.5% and revenue +15.7%. Profit is growing faster than sales: fixed costs are spread over more sales, so each extra rupee of revenue adds more to profit. ## How much revenue does Kalpataru Projects make, and is it growing? Kalpataru Projects International Ltd reported ₹6,408 Cr of revenue in the Jun 2026 quarter, +3.8% on the same quarter a year earlier. That is the 11th quarter in a row with growth on the year before. Over 10 years it has grown 14.3% a year on average. The last full year, FY26, came in at ₹27,143 Cr. The last four reported quarters add to ₹27,380 Cr. FY26 revenue was ₹27,143 Cr, +21.6% on the year before. Recent pace: the last four quarters grew +15.7% on average, against 14.3% a year over the longer run, so this year is growing faster than its own long-run rate. Is growth speeding up? Revenue over the last 12 months grew +14.6%, against +17.1% a year over the last 8 quarters (stabilising); profit over the last 12 months grew +61.7%, against +52.3% a year (accelerating). ## How much of every ₹100 of sales does Kalpataru Projects keep? Kalpataru Projects International Ltd's operating margin was 9.0% in the Jun 2026 quarter, about the same as the same quarter a year ago. Across 13 years it has been between 9.0% and 13.0%. The latest quarter is within that range. In the latest quarter it moved +0.0 percentage points on the same quarter a year ago. Why the margin moved: operating margin changed +0.3 percentage points on the year while gross margin changed +3.0 points. So the gain came mostly from the gross margin, which means input costs and prices charged. ## Is Kalpataru Projects' profit turning into cash? Over the last 3 years, 156% of Kalpataru Projects International Ltd's reported profit came in as cash from its operations, so the profit is backed by cash. In FY26 it brought in ₹1,534 Cr of operating cash against ₹1,031 Cr of profit. After ₹441 Cr of spending on assets, ₹1,093 Cr was left over as free cash. Cash-flow figures here are yearly, because quarterly cash statements are not published, so this section changes once a year. Why 156% of profit came in as cash: the cash cycle got 31 days shorter between FY21 and FY26, so cash that used to wait in the business now arrives sooner. What to look at next: no single use of cash stands out. The next section checks both the cash tied up in daily operations and the spending on assets. ## Where does Kalpataru Projects' cash go? Kalpataru Projects International Ltd's cash cycle, the days between paying suppliers and getting paid by customers, was −94 days in FY26, down from −63 days in FY21. It spent ₹1,516 Cr on assets over the last 3 years. Customers take 113 days to pay, and stock sits for 69 days on average. At FY26 sales of ₹27,143 Cr, each day of that cycle ties up about ₹74.4 Cr, so roughly −₹6,990 Cr is tied up in the business at any time. FY26: customers took 113 days to pay and stock sat for 69 days, about 2.3 months of sales sitting as stock, for a full cycle of −94 days, shorter than FY21's −63. The full loop: cash goes out to suppliers and production on day 0. Stock sits for 69 days. Customers pay about 113 days after that. Suppliers are paid at 276 days. Together that makes the −94-day cycle. Spending on assets: ₹1,516 Cr over the last 3 years, against ₹1,480 Cr of depreciation (the yearly wear and tear on existing assets). So it is building a little beyond replacing what wears out. Work still in progress is ₹64.0 Cr (FY26): assets paid for that are not earning yet. In short: neither the daily cycle nor new spending is soaking up the cash, so the picture is fairly clean. ## What is Kalpataru Projects' P/E ratio, and how does it compare with its own history? Kalpataru Projects International Ltd's P/E is 21.0×, in the middle of its own history: higher than 40% of past readings. Its usual P/E (the middle reading) is 24.2×, over 11 years of weekly prices. This compares the share price with the company’s own past. It does not say 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. The P/E here, and its history, use a profit figure that can leave out one-off items, so it can differ from a P/E worked out on the quarterly results. Those results' earnings per share for the four quarters to Jun 2026 add up to ₹66.56. Why the multiple is where it is: over the past year earnings per share moved +77.6% while the price moved +5.4%. Earnings did better than the price, which pulled the multiple down within its own range. Where the price move came from: over 5 years the price moved +26.8% a year; about +12.0% a year came from earnings growth and about +14.8 percentage points from the multiple (the market paying more); over 10 years the price moved +18.9% a year; about +24.7% a year came from earnings growth and about −5.8 percentage points from the multiple (the market paying less). The split is approximate (price return minus earnings growth). It shows how much of the move came from the market paying a different multiple. In short: the multiple is about average against its own past, so the earnings trend underneath matters more than the multiple. The PEG ratio and its quarterly curve, which only the second data source has, are not shown on this page: its two data sources disagree by up to 11% on reported income across 15 comparable periods. When two sources disagree on a figure, we leave it out on purpose. The gap is a choice, not missing data. ## What growth does the Kalpataru Projects share price assume? Worked out from its price on 11 October 2026, Kalpataru Projects International Ltd's share price assumed profit growth of about 12.5% a year. Over the past 10 years its profit actually grew 29.8% a year. Today its P/E is 21.0×, lower than 60% of its own last 11 years. This is a one-day reading, taken on 11 October 2026. Every other number on this page, the multiple included, uses the latest price as of 4 November 2026. A higher price assumes more growth and a lower price less, so it changes whenever the price changes, and this page does not update it between measurements. ## Is the Kalpataru Projects business getting better or worse? Kalpataru Projects International Ltd's business is growing steadily. Revenue, profit and EPS growth have stayed positive throughout, and ROCE is steady at 18.0%. This is based on 8 quarters of 4 measures, with some gaps. Why it matters: steady growth with healthy returns is how a business compounds over time. The return figures here are yearly, not quarterly. They show level and direction only; they can support the growth lines but never decide the reading alone. This reading has some gaps: at least one line is short, or the return line is not the quarterly series, so treat it with a little more caution. ## What is the Kalpataru Projects story, and has it been checked? Kalpataru Projects International Ltd's story is not scored yet against the checks our research set on 10 October 2026. Where it sits in its own cycle: MID EXPANSION. Our read, 10 October 2026. A diversified EPC contractor two years past its debt clean-up: order wins are running ahead of goal, interest costs have halved, and the open questions are guidance discipline and how much of recent profit is other income. From the numbers. The business sits in the middle of an expansion: return on capital has risen from 13% to 18% over four years, trailing profit is up about 62% year on year, and operating margin (8.8%) is close to its own mid-cycle level…

From the price. Price stage 2, week 24, above its 200-day line, relative strength falling. From the research. A diversified EPC contractor two years past its debt clean-up: order wins are running ahead of goal, interest costs have halved, and the open questions are guidance discipline and how much of recent profit is other…

Where they disagree. The business sits in the middle of an expansion: return on capital has risen from 13% to 18% over four years, trailing profit is up about 62% year on year, and operating margin (8.8%) is close to its own mid-cycle level (9.3%). Foreign shareholders are trimming;. What is proven. A diversified EPC contractor two years past its debt clean-up: order wins are running ahead of goal, interest costs have halved, and the open questions are guidance discipline and how much of recent profit is other income. What is not proven yet. Q2 FY27 core profit before tax (excluding other income and any LMG stake-sale gain) growing under 10% year on year, together with FY27 revenue growth tracking under 12%, that would show the Q1 profit jump was mostly other income and that the record order book is not converting into earnings. What would change our mind. Q2 FY27 core profit before tax (excluding other income and any LMG stake-sale gain) growing under 10% year on year, together with FY27 revenue growth tracking under 12%, that would show the Q1 profit jump was mostly other income and that the record order book is not converting into earnings. The test written in advance. Q2 FY27 core profit before tax (excluding other income and any LMG stake-sale gain) growing under 10% year on year, together with FY27 revenue growth tracking under 12%, that would show the Q1 profit jump was mostly other income and that the record order book is not converting into earnings. Measured by: the thesis as written as stated by the next result. The test written in advance. Management Credibility, Systematic Guidance Goal-Post Movement. Measured by: Management Credibility, Systematic Guidance Goal-Post Movement by the next result. The test written in advance. Middle East Geopolitical Disruption, H1 FY27 Execution Headwind. Measured by: Middle East Geopolitical Disruption, H1 FY27 Execution Headwind by the next result. What the surface reading misses. The surface reading is: PAT +46% on revenue +9%, looks like margin-driven acceleration The research reads it further: Profit before tax rose Rs 130 Cr. Operating profit added Rs 37 Cr, lower interest Rs 40 Cr, other income Rs 61 Cr, and depreciation took back Rs 8 Cr. So roughly half the rise is other income; the rest is operating profit and debt reduction, both of which repeat. Lever 12 · New product launch: building. Consolidated net debt Rs 917 Cr, down almost Rs 1,900 Cr in a year; quarterly interest Rs 82 Cr vs Rs 122 Cr a year earlier, the most repeatable part of the profit rise. What proves it keeps working: Balance Sheet Transformation, Net Debt Collapsed, Interest Cost Falling. It stops working if Working capital expands (water receivables stay above Rs 1,400 Cr, supplier days normalise) and capex runs well past Rs 800 Cr, pushing consolidated net debt back above Rs 2,000 Cr. 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 Planned HVDC projects switch to another technology or stall in ministry review, and domestic transmission awards slow for two quarters. Sources: our stock research file (10 October 2026) · quarterly results through Jun 2026 · the company’s own earnings calls. The story check is re-scored every results season; the record below never changes. ## Did Kalpataru Projects management deliver what it promised? What Kalpataru Projects International Ltd's management promised, against what actually happened: 4 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. Middle East Water Margin Narrative Reversed · 30 September 2026. In the Aug 2026 call, management said the newly entered Middle East water business had positive margins but not yet the levels of T&D, B&F, and Oil & Gas. In the Sep 2026 call, it described the margin profile as broadly in line with those businesses and almost double-digit, without explaining what changed in the project economics or execution. LMG Fundraising Status Shifted Without Explanation · 30 September 2026. In Aug 2026, management said LMG was still evaluating fundraising options and that it could not provide an update. By Sep 2026, management said the IPO had concluded the prior week, that it had divested 30% of its stake, and that it had received the proceeds, representing a material change in transaction status that was not bridged or explained. Road Asset Sale Appears to Have Been Replaced by Handover · 11 August 2026. 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. Every quote above is taken word for word from the company’s own earnings calls. ## What is Kalpataru Projects management's track record? Core execution and debt reduction coexist with the Brazil write-off, higher spending and slow water collections. The delayed oil-and-gas award arrived. Changed margin wording does not by itself prove a lie. ### Regulatory and governance record

Minor UAE and GST penalties surfaced, not proven fraud or a SEBI/CBI/ED conduct order. 24.59% Promoter shares pledged

Sources:

- [kalpataruprojects.com](https://kalpataruprojects.com/api/view-file/KPILQ4_FY26_Earnings_Call_Transcript_final.pdf)
- [scanx.trade](https://scanx.trade/stock-market-news/stocks/kalpataru-projects-international-faces-aed-284-000-fine-in-uae-seeks-waiver/24505258)
- [kalpataruprojects.com](https://kalpataruprojects.com/api/view-file/Shareholding_Pattern-30-06-2025.pdf)

(Checked 14 October 2026.)

## How much does Kalpataru Projects earn on its capital? Kalpataru Projects International Ltd earned a ROCE of 18% in FY26. That is up from a low of 11% in FY14. We cannot compare its return on capital used with its cost of capital from the data we have. It comes from a 3.8% net margin and 0.98× asset turnover (sales divided by assets). Why the return is what it is (FY26): a 3.8% net margin × 0.98× asset turnover × 3.56× leverage (assets divided by equity) ≈ 13.3% on equity. The margin does its share; borrowing is a big part of it. The quarterly return lines and the return-on-capital-used (ROIC) line, which only the second data source has, are not shown on this page: its two data sources disagree by up to 11% on reported income across 15 comparable periods. When two sources disagree on a figure, we leave it out on purpose. The gap is a choice, not missing data. ## Does Kalpataru Projects have too much debt? Kalpataru Projects International Ltd had ₹3,543 Cr of borrowings against ₹7,776 Cr of equity in FY26, so its debt is 0.46× its equity. Its operating profit is 4 times its interest bill. Over 5 years borrowings went from ₹3,260 Cr to ₹3,543 Cr. Over the last 3 of those years it spent ₹1,516 Cr on assets. Part of the spending on assets is being paid for with borrowed money. The total-debt and debt-to-equity series, which only the second data source has, are not shown on this page: its two data sources disagree by up to 11% on reported income across 15 comparable periods. When two sources disagree on a figure, we leave it out on purpose. The gap is a choice, not missing data. ## What is the Kalpataru Projects shareholding pattern? Promoters cut their stake in Kalpataru Projects International Ltd by 1.7 percentage points over 8 quarters, the biggest change among its owners. Promoters now own 33.6% of the company. Domestic institutions moved −1.1 points over the same period, to 44.9%. This uses the four owner groups that companies report every quarter; nothing is guessed between filings. Why this happened. Collections are steady at about Rs 380-400 Cr a quarter, which annualises to roughly Rs 1,600 Cr, below the Rs 2,500 Cr FY27 collection goal set in May 2026. Receivables have eased only from about Rs 1,600 Cr (Q4 FY26) to Rs 1,400-1,500 Cr. Domestic water bidding remains paused until dues clear. The Rs 344 Cr UAE water project with Wabag opens a new market. Management changed its description of Middle East water margins between August and September without explaining why, so that margin claim is treated as unproven. Over the last two years: Promoters: −1.7 points over 8 quarters, to 33.6%; Domestic institutions: −1.1 points over 8 quarters, to 44.9%; Foreign institutions: +0.0 points over 8 quarters, to 10.8%. Why the owners changed: promoters drove it (−1.7 points), together with domestic institutions (−1.1 points). They reduced their stake. ## How far is Kalpataru Projects from balance-sheet trouble? For Kalpataru Projects International Ltd, the Z-score is not available, so we say so rather than guess one. It estimates how far the balance sheet is from trouble; it is not a forecast of failure. The debt, cash-flow and return sections show the balance-sheet figures we do have, each with its own date. Why this happened. After timing slips from Q4 FY26 to H1 FY27 to "3-6 months" in August, the September 30 call reported a second large Middle East oil and gas project above Rs 4,000 Cr. The Aramco execution platform is 60-65% complete and broadly on plan. This replaces the Aramco revenue that rolls off as that job finishes, so it protects the segment more than it expands it. Saudi and UAE tendering continues across onshore gas projects. ## How does Kalpataru Projects rank in its industry? 66.3 out of 100, rank 1 of 3 in Infra - Power - Generation/Distribution, with 75% of the evidence available. Kalpataru Projects International Ltd scores 66.3 out of 100 against the 3 companies it is compared with in Infra - Power - Generation/Distribution, ranking 1. The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. The four parts add up to the total exactly: 24.8 + 16.2 + 11 + 14.3 = 66.3. This is the same number shown on the industry page; it is worked out once for the whole group and read here. What would change it: The score would fall if profit growth turns negative or margins stop improving while the share price lags its sector. ## Which companies is Kalpataru Projects compared with? Kalpataru Projects ranks 1 of 3 Infra - Power - Generation/Distribution companies on the 4-Factor Sector Score, with 66.3 out of 100. 1. Kalpataru Projects International Ltd this page KPIL · breaking out · Most evidence points up · 75% evidence 66.3 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 24.8/35 · Revenue 14.6% · Profit 61.8% · Operating margin change 0 points · 83% evidence Capital efficiency 16.2/25 · ROCE 18.3% · Operating margin 9% · 76% evidence Valuation 11.0/20 · P/E 20.6× · PEG n/a · 35% evidence Relative strength 14.3/20 · Lead over its industry 27.9% · Lead over NIFTY 500 11.5% · 1 year 6.5% · 100% evidence · 9 of 12 weeks ahead Exact sum: 24.8 + 16.2 + 11 + 14.3 = 66.3 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 2. [GMR Power & Urban Infra Ltd](https://www.sectoralpha.in/stocks/gmr-power-urban-infra-ltd) GMRP&UI · losing its lead · Evidence leans down · 80% evidence 42.6 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 13.2/35 · Revenue 4.4% · Profit -80% · Operating margin change 4 points · 100% evidence Capital efficiency 10.4/25 · ROCE 12% · Operating margin 23% · 100% evidence Valuation 10.0/20 · P/E n/a · PEG n/a · 0% evidence Relative strength 9.0/20 · Lead over its industry 7.2% · Lead over NIFTY 500 -7.6% · 1 year -21.3% · 100% evidence · 4 of 12 weeks ahead Exact sum: 13.2 + 10.4 + 10 + 9 = 42.6 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 3. [Reliance Infrastructure Ltd](https://www.sectoralpha.in/stocks/reliance-infrastructure-ltd) RELINFRA · basing · Most evidence points down · 61% evidence 26.0 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 2.2/35 · Revenue -6.4% · Profit -44.6% · Operating margin change -6.5 points · 88% evidence Capital efficiency 6.3/25 · ROCE 15.4% · Operating margin -2.4% · 100% evidence Valuation 10.0/20 · P/E 0.8× · PEG n/a · 0% evidence Relative strength 7.5/20 · Lead over its industry n/a · Lead over NIFTY 500 -48.2% · 1 year -78.4% · 25% evidence · 0 of 12 weeks ahead Exact sum: 2.2 + 6.3 + 10 + 7.5 = 26 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. Missing figures are not scored as bad. They lower the confidence and pull the final score toward the middle. Relative strength counts only when the company has a reading for this week; with no reading, that factor is left out and its 20 points are shared across the other three in proportion. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step path the industry is placed on (basing, turning, breaking out, leader, fading, asleep), read from how many weeks running it has led NIFTY 500 and whether that lead is growing or shrinking. It describes where the share price stands, not the direction of earnings, and it is not a recommendation; it is left blank for a company whose weekly history is too short or too stale to read. The figures in this ranking come from the industry comparison: results through the Sep 2026 quarter, and the P/E at that quarter's end. The sections above use the latest weekly price, so a P/E or return there can differ a little from the one here. The stage words in this ranking (such as losing its lead or breaking out) describe the lead over the index, not the price phase in the price section. Related companies: [Infra - Power - Generation/Distribution](https://www.sectoralpha.in/sectors/infra-power-generation-distribution), all 3 compared on one page. ## Which companies are close to Kalpataru Projects in size? Kalpataru Projects is the largest of 3 Infra - Power - Generation/Distribution companies on Sector Alpha by market value (scores of 30 October 2026). It is the largest. Just below it: GMR Power & Urban Infra and Reliance Infrastructure. ### Infra - Power - Generation/Distribution companies close in size

1. Kalpataru Projects International Ltd ₹22,844 crore
2. [GMR Power & Urban Infra Ltd](https://www.sectoralpha.in/stocks/gmr-power-urban-infra-ltd) ₹7,210 crore
3. [Reliance Infrastructure Ltd](https://www.sectoralpha.in/stocks/reliance-infrastructure-ltd) ₹1,903 crore

[All 3 Infra - Power - Generation/Distribution companies, largest first](https://www.sectoralpha.in/sectors/infra-power-generation-distribution#all-companies)

### Companies close in size in other industries

1. [Granules India Ltd](https://www.sectoralpha.in/stocks/granules-india-ltd) ₹22,907 crore · Pharma - API & CRAMS
2. [Force Motors Ltd](https://www.sectoralpha.in/stocks/force-motors-ltd) ₹22,867 crore · Auto - Bus/LCVs
3. Kalpataru Projects International Ltd ₹22,844 crore
4. [Great Eastern Shipping Company Ltd](https://www.sectoralpha.in/stocks/great-eastern-shipping-company-ltd) ₹22,751 crore · Shipping
5. [IIFL Finance Ltd](https://www.sectoralpha.in/stocks/iifl-finance-ltd) ₹22,521 crore · Finance & Investments - Gold Loan

## What else do people ask about Kalpataru Projects? ### What is Kalpataru Projects's share price today? Kalpataru Projects International Ltd's share price is ₹1,366.10, +5.4% over the past year. The whole company is worth ₹23,324 Cr on the market. In the last 52 weeks it traded between ₹1,071 to ₹1,446; today it is 79% of the way up from the low, 5.1% above its 200-day average (as of 4 November 2026). ### What were Kalpataru Projects's latest quarterly results? Kalpataru Projects International Ltd reported revenue of ₹6,408 Cr and net profit of ₹312 Cr for the Jun 2026 quarter. Revenue rose 3.8% and profit rose 45.8% compared with a year earlier. Earnings per share were ₹18.16. The operating margin was 9.0%, 0.0 percentage points higher than a year earlier (as of 4 November 2026). ### What is Kalpataru Projects's market cap? Kalpataru Projects International Ltd's market capitalisation is ₹23,324 Cr at a share price of ₹1,366.10. Market cap is the share price times the number of shares, so it changes whenever the price moves (as of 4 November 2026). ### How is Kalpataru Projects performing? Kalpataru Projects International Ltd's share price has been rising for 24 weeks. In its latest quarter, revenue rose 3.8% and profit rose 45.8% compared with a year earlier. Over the past 13 weeks it has done better than the NIFTY 500, for 11 weeks running (as of 4 November 2026). ### Will Kalpataru Projects's share price go up? This page does not forecast Kalpataru Projects International Ltd's share price. What it shows instead: the share price is ₹1,366.10, and it has been rising for 24 weeks. Its P/E of 21.0× is higher than 40% of its own last 11 years (as of 4 November 2026). ### Where is Kalpataru Projects in its business cycle? Kalpataru Projects International Ltd's FY26 operating margin was 9.0%, against a 13-year range of 9.0% to 13.0%: the low end of its own range, which is often where recoveries start. The latest quarter was 9.0%. Comparing margins with a company's own long history is a good way to see where it is in its cycle (as of 4 November 2026). ### What could break the Kalpataru Projects story? The main question: yearly earnings per share moved +77.6% while the share price moved +5.4%. On price, this page treats a rise as over when the share price closes below its 200-day average on two Fridays in a row (as of 4 November 2026). ### Is Kalpataru Projects a stock worth studying right now? What the numbers show: Kalpataru Projects International Ltd's earnings have grown faster than its share price. Earnings per share grew +77.6% in a year while the price moved +5.4%. The main open question: whether the price catches up with earnings that have already grown. Every number on this page is worked out by code from the published figures, with no forecasts and no price opinions (as of 4 November 2026). ### Is there a Kalpataru Projects share price forecast for 2026? What management itself guided: FY27 top-line growth of 15%. One change in Kalpataru Projects' own numbers looks lasting: debt falling. Also showing up, but too early to call lasting: a bigger order book and new regions and countries. What would change the story: July to September 2026 core profit before tax (excluding other income and any LMG stake-sale gain) growing under 10% year on year, together with FY27 revenue growth tracking under 12%, that would show the Q1 profit jump was mostly other income and that the record order book is not converting into earnings. ### Where does this page get Kalpataru Projects' management information? From Kalpataru Projects' results calls, its filings and public records on governance, each dated on the page. Management’s plans are shown as plans, never as results. ## Lists

- Multibagger study list: https://www.sectoralpha.in/multibagger-stocks-india
- Momentum stocks: https://www.sectoralpha.in/momentum-stocks-india
- Small & mid cap stocks: https://www.sectoralpha.in/small-cap-stocks-india
- Power & green energy stocks: https://www.sectoralpha.in/sectors/power-stocks-india

This is research, not advice. We’re not SEBI-registered.