Kalpataru Projects International (KPIL) Q3 25/26 earnings summary

Executive summary

• Achieved robust operational and financial performance in Q3 and 9M FY26, with revenue and earnings growth outpacing guidance and supported by strong execution in T&D, Buildings & Factories, Oil & Gas, and Urban Infra segments.

• Order inflows and backlog at record highs, providing strong multi-year revenue visibility.

• Strategic divestments, including the sale of Vindhyachal Road Asset for over ₹600 crore, have strengthened liquidity and reduced net debt.

• Board approved unaudited financial results for Q3 and 9M FY26, with unmodified review reports from statutory auditors.

• No deviation or variation in the use of proceeds from listed non-convertible debt securities for the quarter ended December 31, 2025.

Financial highlights

• Q3 FY26 consolidated revenue rose 16% YoY to ₹6,665 crore; 9M revenue up 27% YoY to ₹19,365 crore.

• Standalone revenue grew 20% in Q3 and 28% for nine months.

• Consolidated EBITDA for 9M FY26 at ₹1,600 crore (+23% YoY, margin 8.3%); Q3 EBITDA at ₹513 crore (margin 7.7%).

• Consolidated Q3 FY26 PAT at ₹171 crore (+23% YoY); 9M PAT at ₹622 crore (+78% YoY).

• Net debt declined 29% sequentially to ₹2,240 crore as of December 31, 2025; net debt/equity at 0.31x.

Outlook and guidance

• Full-year FY26 revenue growth expected at ~25% for both consolidated and standalone.

• Earnings margin improvement of at least 50 bps standalone and 100 bps consolidated targeted.

• Order inflows and L1/favorably placed orders exceed ₹26,000 crore, supporting future growth.

• Confident in achieving net working capital and order inflow targets; growth momentum expected to continue into FY27.

• Management does not expect material adverse impact from the termination of the Wainganga Expressway concession agreement.