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

Executive summary

• Achieved 27% year-over-year consolidated revenue growth for nine months FY 2026, surpassing full-year guidance of 25%.

• Robust order inflows and a healthy order book provide multi-year visibility, with order inflows reaching INR 19,456 crore YTD and additional INR 7,000+ crore in favorable position.

• Significant balance sheet strengthening through net debt reduction and strategic asset divestments, including the completed sale of Vindhyachal Road/Expressway asset for over INR 600 crore.

• Strong performance across most business verticals, with double-digit growth in T&D, B&F, oil & gas, and urban infra segments.

• Board approved unaudited financial results for Q3 and nine months ended December 31, 2025, with unmodified review reports.

Financial highlights

• Q3 FY 2026 consolidated revenue: INR 6,665 crore, up 16% YOY; nine months revenue: INR 19,365 crore, up 27% YOY.

• Consolidated EBITDA up 23% YOY for nine months; EBITDA margin at 8.3%.

• Consolidated Q3 FY26 PAT at INR 171 crore (+23% YOY); nine months PAT at INR 622 crore (+78% YOY).

• Net debt reduced to INR 2,240 crore (consolidated) and INR 1,849 crore (standalone) as of December 31, 2025.

• Net working capital days improved to 79 (consolidated) and 97 (standalone), both better than year-end targets.

Outlook and guidance

• Full-year FY 2026 revenue growth expected at 25% for both consolidated and standalone.

• Margin improvement guidance: minimum 50 bps at standalone and 100 bps at consolidated level.

• Targeting consolidated EPS exceeding INR 50 per share for FY 2026.

• Growth momentum expected to continue in FY 2027, with further margin improvement.

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