Kalpataru Projects International Limited – Investor Presentation Summary

Key Operational Highlights

  • Order inflows of ₹23,934 crores till date in FY27 (YTD), representing 60% YoY growth.
  • Additional L1 / Favorably Placed Orders of ~₹5,000 crores.
  • Order Book of ₹71,846 crores as of 30 September 2026, up 11% YoY.
  • Manufacturing footprint of 50+ Hectares with annual installed capacity of 2,40,000 MT.
  • Key drivers: Execution on complex, large-scale projects and a favorable business mix.

Segment-wise Performance

Transmission & Distribution (T&D) (Excl. Brazil): H1 FY27 Revenue: ₹5,993 crores (+8% YoY). Secured projects of ₹9,322 crores in FY27; over 60% of order inflows in India. Linjemontage (Sweden) revenue at ₹1,472 crores in H1 FY27; Order book at ₹4,154 crore.

Building & Factories (B&F): H1 FY27 Revenue: ₹3,619 crores (+17% YoY). Growth driven by favorable project mix and strong execution in residential building projects. Secured strategic orders in metal industry and residential segment.

Water: H1 FY27 Revenue: ₹1,124 crores (-5% YoY). Execution remained in-line with planned project progress. Secured first project in the Middle East for water treatment and supply.

Oil & Gas: H1 FY27 Revenue: ₹1,577 crores (+38% YoY). Growth led by Middle East projects. Secured first major project in UAE for a gas pipeline infrastructure project.

Infrastructure: H1 FY27 Revenue: ₹929 crores (-7% YoY). Reflects focus on project closure in conventional railway business; execution on metro rail projects continues.

Financial Highlights

Consolidated H1 FY27 (Ex. Road SPVs & Brazil Subsidiary):

  • Revenue: ₹13,391 crores (+11% YoY)
  • PBT: ₹818 crores (+34% YoY); PBT Margin: 6.1% (+130 bps YoY)
  • PAT: ₹603 crores (+34% YoY); PAT Margin: 4.5% (+90 bps YoY)
  • EPS: ₹35.1 (+32% YoY)
  • Core EBITDA: ₹1,143 crores (+5% YoY); Core EBITDA Margin: 8.5% (-10 bps YoY)

Consolidated Q2 FY27 (Ex. Road SPVs & Brazil Subsidiary):

  • Revenue: ₹6,995 crores (+13% YoY)
  • PBT: ₹398 crores (+24% YoY); PBT Margin: 5.7% (+80 bps YoY)
  • PAT: ₹292 crores (+23% YoY); PAT Margin: 4.2% (+60 bps YoY)
  • EPS: ₹16.92 (+20% YoY)
  • Core EBITDA: ₹581 crores (+3% YoY); Core EBITDA Margin: 8.3% (-30 bps YoY)

Standalone H1 FY27:

  • Revenue: ₹11,695 crores (+12% YoY)
  • PBT: ₹728 crores (+33% YoY); PBT Margin: 6.2% (+100 bps YoY)
  • PAT: ₹534 crores (+33% YoY); PAT Margin: 4.6% (+80 bps YoY)
  • EPS: ₹31.29 (+33% YoY)
  • Core EBITDA: ₹1,011 crores (+15% YoY); Core EBITDA Margin: 8.6% (+20 bps YoY)

Drivers of financial performance: Improved project execution, favorable business mix, and lower finance costs.

Key Risks: Not explicitly disclosed in the presentation.

Geographical Revenue Split

Not explicitly broken down by geography in the presentation. Primary markets include India and the Middle East.

Balance Sheet Snapshot

Consolidated (as of Q2 FY27):

  • Gross Debt: ₹2,582 crores (down ₹1,894 crores YoY)
  • Net Debt: ₹72 crores (down ₹3,097 crores YoY)
  • Net Working Capital Days: 68 days (improved from 90 days in Q2 FY26)
  • ROCE: ~21% (TTM basis)

Standalone (as of Q2 FY27):

  • Gross Debt: ₹2,041 crores (down ₹1,273 crores YoY)
  • Net Debt: ₹398 crores (down ₹1,791 crores YoY)
  • Net Working Capital Days: 81 days (improved from 102 days in Q2 FY26)

Financial Health Insights: Near net debt-free status, robust cash flows, disciplined capital allocation. Credit rating upgraded to AA+/Stable by CRISIL and India Ratings.

Capex & Cash Flow Health

Capital Expenditure: Not specified.

Free Cash Flow: Not specified.

Operating Cash Flow: Not specified.

Net Debt Movement: Significant reduction as detailed in balance sheet snapshot.

Investment Rationale: Focus on scaling manufacturing capabilities, backward integration, and automation to enhance execution efficiency.

Strategic & R&D Initiatives

Investments in Innovation: Strategic backward integration to strengthen core EPC business; evaluating foray into new segments ancillary to existing EPC businesses. Focus on automation and tech-enabled processes to enhance productivity.

Strategic Rationale: Expanding into high-growth markets (e.g., Middle East), reducing operational costs through manufacturing scale and efficiency.

Industry Trends & Business Environment

Macro/Industry Trends: Global megatrends in energy transition, urban transport, hydrocarbon, housing, industrial capex, and data centers.

Impact on Company: Market presence and capabilities across electrical and civil construction position the company to benefit from these trends.

Management Commentary & Growth Outlook

Strategic Outlook: Positioned to capitalize on favorable market trends. Relentless focus on improving quality of earnings and working capital management. Disciplined approach to profitability.

FY Guidance: Not explicitly provided.

Market Share Targets: Not explicitly provided.

Risks and Opportunities: Not explicitly highlighted beyond general market trends.

ESG Updates

Sustainability Mission: "We will continuously endeavor to make products & services sustainable by driving carbon & water neutrality in our business and achieving zero waste in all our operations to preserve our planet, people and prosperity"

Sustainability Goals: Carbon Neutrality by 2040; Water Neutrality by 2032; Circularity in construction and demolition waste by 2035.

Key ESG Initiatives:

  • Completed estimation of Scope 1, 2 & 3 Emissions.
  • 25% share of RE in electricity in FY26.
  • Solar installation at manufacturing plants in Gandhinagar and Raipur.
  • T&D International Business achieved carbon neutrality for the 3rd consecutive year.
  • 17,345 mandays of training conducted in FY 2025-26.
  • Launched KalpaSetu Project for Sustainable Supply Chain Assessment.

Community Initiatives (Q2 FY27):

  • Healthcare: 58,494 beneficiaries through MMUs; 5,631 patients at Kalpa Seva Aarogya Kendra.
  • Education & Skilling: 436 Activity-based Learning Sessions; 60 students in Electronics Lab; 63 youth under NAPS.
  • Animal Welfare & Environment: 6,550 OPD cases treated; 2,600 saplings planted in Gandhinagar.