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, reflecting strong execution and a diversified business model.

• Order book reached ₹65,475 crore as of June 30, 2025, up 14% YoY, with YTD order inflows of ₹9,899 crore, mainly from B&F and T&D businesses.

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

• Board approved unaudited standalone and consolidated financial results for the quarter ended June 30, 2025, with statutory auditors issuing an unmodified review report.

• Strategic review of LMG, including potential IPO, and divestment of Vindhyachal Expressway on track.

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 was ₹5,040 crore (up 35% YoY); EBITDA ₹428 crore (up 37% YoY, margin 8.5%); PBT ₹274 crore (up 67% YoY, margin 5.4%); PAT ₹201 crore (up 72% YoY, 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).

• Total comprehensive income for the quarter was ₹329.48 crore, up from ₹94.36 crore year-over-year.

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.

• Robust order book and inflows provide strong visibility for future growth; confident in delivering sustainable and profitable growth.

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