Kalpataru Projects International Limited – Investor Presentation Summary

Key Operational Highlights

  • Secured new orders of ₹7,668 crore till date in FY27; Company is L1 in projects worth approximately ₹7,300 crore.
  • Order book for LMG (Sweden) stood at ₹4,266 crore as of 30th June 2026.
  • The average project size has increased 2.5X, nearing ₹500 crore.
  • Global employee headcount is 11,000+.

Key drivers of operational performance: Robust execution across projects, focus on large-size design-built building works, industrial projects, data centers, and airports.

Segment-wise Performance

  • Transmission & Distribution (Excluding Brazil Subsidiary): Revenue of ₹2,924 crore, growth of +10% YoY.
  • Building & Factories: Revenue of ₹1,588 crore, growth of +15% YoY.
  • Water: Revenue of ₹626 crore, decline of -7% YoY.
  • Oil & Gas: Revenue of ₹693 crore, growth of +18% YoY.
  • Railways: Revenue of ₹195 crore, decline of -23% YoY.
  • Urban Infra: Revenue of ₹295 crore, growth of +15% YoY.
  • Brazil Business / Fasttel: Revenue of ₹1 crore.
  • Others (Road SPVs, SSL, Biomass Plant): Revenue of ₹87 crore, decline of -41% YoY.

Explanation of significant changes in segment performance: Water business execution remained slow given lower collections in JJM projects. Oil & Gas revenue improved due to execution in the Saudi Project. Railways business revenue was in-line with order book and focus on project closures. Urban Infra revenue growth was in-line with execution of elevated and underground metro rail projects.

Financial Highlights

Revenue: Rs. 6,408 crores (Reported); Rs. 6,396 crores (Excluding Road SPVs & Brazil Subsidiary)

Core EBITDA: Rs. 562 crores

PAT: Rs. 312 crores

EPS: Rs. 18.16 per Share

Margins: Core EBITDA Margin 8.8% (+30 bps YoY); PBT Margin 6.6% (+190 bps YoY); PAT Margin 4.9% (+140 bps YoY)

YoY/QoQ comparison: Consolidated PAT increased 46% YoY; Standalone PAT increased 32% YoY.

Drivers of financial performance: Robust execution, improved profitability, and efficient working capital management.

Comparison to market estimates: Not Specified

Key Risks: Not explicitly disclosed in the presentation.

Geographical Revenue Split

Domestic vs Export/Regional Revenue: Not Specified in the presentation.

Regional Breakdown: The company has an incomparable global presence in 75 countries. LMG (Sweden) reported revenue of ₹833 crores in Q1 FY27.

Balance Sheet Snapshot

Net Debt/Equity: Net Debt to Equity at 0.1x (Consolidated, as of Q4 FY26)

Reserves: Not Specified

Current Assets/Liabilities: Not Specified

Working Capital/Leverage Metrics: Net Working Capital Days were 80 days (Consolidated, Q1 FY27) and 94 days (Standalone, Q1 FY27).

Financial Health Insights: Strong balance sheet with prudent working capital and declining debt levels. Net debt reduced to ₹917 crore (Consolidated) from ₹2,765 crore YoY.

Capex & Cash Flow Health

Capital Expenditure: The company invested closer to ~₹3,000 crores in growth capex from FY22-FY26.

Free Cash Flow: Not Specified

Operating Cash Flow: Not Specified

Net Debt Movement: Consolidated Net Debt decreased by ₹1,848 crore YoY to ₹917 crore in Q1 FY27.

Investment Rationale: Owned equipment fleet provides control on project execution, building operational scale, and improves competitiveness.

Strategic & R&D Initiatives

Investments in Innovation: Increasing adoption of technology to improve construction productivity. Automation-led manufacturing productivity.

Expected impact on growth: Not Specified

Strategic Rationale: Expanding into high-growth markets, reducing operational costs. Focus on energy transition, urban transport, hydrocarbon, housing, industrial capex, and data centers.

Industry Trends & Business Environment

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

Impact on Company: The company's market presence and capabilities across electrical and civil construction position it to benefit from these trends.

Management Commentary & Growth Outlook

Strategic Outlook: The company is positioned to deliver long-term & sustainable value through integrated EPC capabilities, a strong asset base, and robust risk management.

FY Guidance: Not Specified in the presentation.

Market Share Targets: Not Specified

Risks and Opportunities: Not Specified

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 Outcomes: T&D International Business achieved carbon neutrality for the 2nd consecutive year; 25% share of RE in electricity in FY26; 100% employee covered under health and accidental insurance; 17,345 mandays of training conducted in FY 2025-26.