Kalpataru Projects International (KPIL) Q3 24/25 earnings summary

Executive summary

• Achieved consolidated Q3 FY25 revenue of ₹5,732 crore, up 17% year-over-year, with strong execution in T&D, B&F, and oil & gas segments.

• EBITDA grew 13% YoY to ₹479 crore with an 8.4% margin; profitability supported by healthy order backlog.

• Net debt reduced 27% QOQ and 22% YoY to ₹2,694 crore, aided by QIP proceeds and improved working capital.

• Record order backlog of ₹61,429 crore as of December 2024, with strong order inflows and robust tender pipeline.

• Secured ₹20,181 crore in orders YTD FY25, driven by capex in T&D and major wins in buildings, airports, industrial, and metro rail.

Financial highlights

• Q3 FY25 consolidated revenue: ₹5,732.48 crore (+17% YoY); 9M FY25: ₹15,249.01 crore (+12% YoY).

• Q3 FY25 consolidated EBITDA: ₹479 crore (+13% YoY); margin at 8.4%.

• Q3 FY25 consolidated PAT: ₹139.59 crore (-3% YoY); 9M FY25 PAT: ₹349.10 crore (+1% YoY).

• Standalone Q3 FY25 revenue: ₹4,825.72 crore (+16% YoY); PAT: ₹157.35 crore (+9% YoY).

• Net debt reduced to ₹2,694 crore (consolidated) and ₹1,820 crore (standalone) as of Q3 FY25.

Outlook and guidance

• Targeting 15%-20% revenue growth in Q4 FY25, with PBT margin around 5% at standalone level.

• Strong order inflows and record backlog provide improved visibility for future growth; robust tender pipeline supported by government spending.

• For FY25, consolidated revenue growth expected at 13%-15% due to water business shortfall; next year, aiming for 15%-20% growth, with all segments except railways expected to deliver double-digit growth.