Kalpataru Projects International (KPIL) Q4 25/26 earnings summary

Executive summary

• Achieved record consolidated revenue of INR 27,143 crore in FY26, up 22% YoY, with strong growth across core business segments and all stated targets met, including order inflows, margin expansion, and key project closures.

• PAT increased 82% YoY to INR 1,031 crore; EPS up 71% to INR 61 per share; EBITDA rose 22% to INR 2,240 crore with margin improvement to 8.3%.

• Net debt reduced by over 50% to INR 915 crore, with net debt/equity at a historic low of 0.1x and ROCE improved by 500 bps to 21.4%.

• Order book reached an all-time high of INR 65,457 crore, with 61% domestic and 39% international share.

• Audited standalone and consolidated financial results for FY26 were approved with unmodified audit opinions; final dividend of INR 11 per share (550%) recommended.

Financial highlights

• Consolidated PBT before exceptional items rose 62% YoY to INR 1,334 crore; PBT margin expanded 120 bps to 4.9%.

• Operating cash flow jumped 68% to INR 1,535 crore; ROCE exceeded 21%.

• Standalone revenue for FY26 was INR 23,210 crore, up 23% YoY; standalone PAT up 28% to INR 832 crore.

• Finance cost to sales reduced by 80 bps to 1.8%; proposed dividend per share of INR 11 for FY26.

• Earnings per share (consolidated, basic and diluted) for FY26 stood at INR 60.90, up from INR 35.53 in FY25.

Outlook and guidance

• FY27 order inflow guidance set at over INR 30,000 crore, with 15%+ top-line growth and 75 bps PBT margin expansion.

• Core businesses (T&D, B&F, oil & gas) expected to grow 20%+ annually; Q1 and Q2 flagged as challenging due to geopolitical and labor issues.

• CapEx for FY27 budgeted at INR 800+ crore, focused on capacity expansion and modernization.

• Management does not expect material adverse impact from the termination of the Wainganga Expressway concession agreement.

• The company continues to monitor regulatory changes and their financial impact, especially regarding new Labour Codes.