Kalpataru Projects International (KPIL) Q2 26/27 earnings summary

Executive summary

• H1 FY27 reported revenue was ₹13,412.24 crore (+6% YoY), PBT ₹818 crore (+34%) and PAT ₹603.48 crore (+34%); comparable revenue grew 11%.

• Order book stood at ₹71,846 crore, with ₹23,934 crore of FY27 YTD inflows and ~₹5,000 crore of L1/favorably placed orders.

• Net debt was ₹72 crore at September 30, 2026, and credit ratings were upgraded to AA+/Stable.

Financial highlights

• Q2 consolidated revenue was ₹7,004.27 crore (+7% YoY), PBT ₹397.76 crore (+24%) and PAT ₹291.95 crore (+23%).

• H1 consolidated PBT was ₹818 crore (+34%) and PAT ₹603.48 crore (+34%); comparable revenue, excluding Road SPVs and the Brazil subsidiary, rose 11%.

• H1 consolidated core EBITDA was ₹1,143 crore (+5% YoY) at an 8.5% margin (-10 bps); PBT margin rose 130 bps to 6.1% and PAT margin 90 bps to 4.5%.

• H1 standalone revenue was ₹11,782.33 crore and PAT ₹534.38 crore; standalone PBT was ₹728 crore (+33%) and core EBITDA ₹1,011 crore (+15%).

• Consolidated H1 EPS was ₹35.08 (+32% YoY); standalone EPS was ₹31.29 (+33%).

Outlook and guidance

• FY27 revenue growth target was reiterated at 15%; order inflow guidance increased to ₹35,000–36,000 crore from ₹30,000 crore.

• Order backlog and tender pipeline across T&D, B&F and Oil & Gas support stated growth visibility beyond 2028.

• Longer-term targets include a path to ₹50,000 crore consolidated revenue in three to four years; FY28 growth expectations remain subject to further visibility.

• Management expects to sustain or improve margins over the next two quarters at current commodity levels and expects PBT to exceed budget; annual guidance was unchanged.