Kalpataru Projects International (KPIL) Q1 25/26 earnings summary

Executive summary

• Achieved highest-ever Q1 revenue and profitability, with consolidated revenue up 35% YoY to ₹6,171 crore and PAT up 154% YoY to ₹214 crore, driven by strong execution in T&D, B&F, Oil & Gas, and Urban Infra segments.

• Order book reached ₹65,475 crore as of June 30, 2025, up 14% YoY, with robust order inflows of ₹9,899 crore YTD FY26.

• Net debt reduced by 33% YoY (standalone) and 26% YoY (consolidated); net working capital days improved to 106 (standalone) and 91 (consolidated).

• Strategic review initiated for LMG, including potential IPO; divestment of Vindhyachal Expressway on track.

• Board approved unaudited financial results for Q1 FY26, with statutory auditors issuing an unmodified review report.

Financial highlights

• Consolidated EBITDA grew 39% YoY to ₹525 crore (margin 8.5%); PBT up 112% YoY to ₹290 crore (margin 4.7%); PAT up 154% YoY to ₹214 crore (margin 3.5%).

• Standalone revenue rose 35% YoY to ₹5,040 crore; standalone EBITDA up 37% YoY to ₹428 crore (margin 8.5%).

• Standalone PBT increased 67% YoY to ₹274 crore (margin 5.4%); PAT up 72% YoY to ₹201 crore (margin 4.0%).

• Basic and diluted EPS (consolidated) stood at ₹12.51, up from ₹5.71 year-over-year.

• Finance cost as % of sales reduced to 1.7% (standalone) and 2% (consolidated).

Outlook and guidance

• Revenue growth guidance for FY26 raised to 20%-25% at both standalone and consolidated levels, with margin improvement expected.

• Order inflow target for FY26 set at INR 26,000–28,000 crores.

• Management expects no material impact from the termination of the Wainganga Expressway concession agreement or recent appellate tax orders.

• Confident in delivering sustainable and profitable growth, with strong order visibility across segments.

• Continued focus on execution, operating leverage, and strategic expansion in core and international markets.