Kalpataru Projects International (KPIL) Q2 25/26 earnings summary

Executive summary

• Achieved record Q2 FY26 revenue and profitability, with consolidated revenue at ₹6,529 crore (up 32% YoY) and standalone at ₹5,419 crore (up 31% YoY), driven by strong growth in T&D, B&F, Oil & Gas, and Urban Infrastructure segments.

• Consolidated PAT rose 89% YoY to ₹237 crore; standalone PAT up 51% YoY to ₹200 crore, supported by efficient working capital management and a diverse business mix.

• Order book reached ₹64,682 crore as of 30 Sep 2025, with order inflows of ₹14,951 crore YTD FY26 and significant wins in T&D and B&F.

• Board approved unaudited results for the quarter and half year ended 30 September 2025.

Financial highlights

• Q2 FY26 consolidated revenue: ₹6,529 crore (+32% YoY); standalone: ₹5,419 crore (+31% YoY); consolidated EBITDA: ₹561 crore (margin 8.6%, +28% YoY); standalone EBITDA: ₹447 crore (margin 8.3%, +28% YoY).

• Q2 FY26 consolidated PAT: ₹237 crore (+89% YoY, margin 3.6%); standalone PAT: ₹200 crore (+51% YoY, margin 3.7%).

• H1 FY26 consolidated revenue: ₹12,739 crore (+33% YoY); PAT: ₹451 crore (+115% YoY).

• Finance cost as % of sales at 2%; consolidated PBT margin improved 110 bps to 4.9%.

• Basic and diluted EPS (consolidated) for H1 FY26 at ₹26.57, up from ₹13.44 in H1 FY25.

Outlook and guidance

• On track to achieve 25%+ revenue growth for FY26, above earlier 22%-25% guidance.

• Reaffirmed PBT margin improvement of at least 50 bps for FY26.

• Targeting order inflow of INR 25,000+ crore for FY26.

• Margins expected to improve further, with potential to reach or exceed 9% EBITDA in coming years.

• Positioned for growth on the back of a capex upcycle and long-term structural tailwinds in power transmission, real estate, urban mobility, industrial, and hydrocarbon sectors.