Kalpataru Projects International (KPIL) Q4 24/25 earnings summary

Executive summary

• Achieved record consolidated revenue of ₹22,316 crore in FY25, up 14% year-over-year, with highest-ever EBITDA and PBT, driven by strong project execution and diversified backlog.

• Strong growth in Power T&D, Buildings & Factories, and Oil & Gas segments, offsetting weaker Water and Railways performance.

• Order book reached ₹64,495 crore as of March 31, 2025, providing robust visibility for future growth.

• Net debt at multi-year lows due to improved working capital and prudent capital management.

• Audited consolidated and standalone financial results for FY25 were approved with unmodified opinions from statutory auditors.

Financial highlights

• FY25 consolidated revenue: ₹22,316 crore (+14% YoY); EBITDA: ₹1,834 crore (+13% YoY); PBT: ₹823 crore (+17% YoY); PAT: ₹567 crore (+10% YoY).

• Standalone revenue: ₹18,888 crore (+13% YoY); EBITDA: ₹1,587 crore (+16% YoY); PBT: ₹929 crore (+20% YoY); PAT: ₹648 crore (+22% YoY).

• Q4 FY25 consolidated revenue: ₹7,067 crore (+18% YoY); PAT: ₹218 crore (+29% YoY).

• Net working capital days at 79 (consolidated) and 94 (standalone), lowest in recent years.

• Net debt reduced 40% standalone (to ₹1,107 crore) and 25% consolidated (to ₹1,953 crore).

Outlook and guidance

• FY26 order inflow guidance: ₹26,000–28,000 crore, with better margins than previous years.

• Targeting 20%+ revenue growth for both standalone and consolidated.

• Standalone PBT margin guidance: 5.25–5.5%; consolidated PBT margin: 4.5–4.75%.

• Net working capital to remain below 100 days; finance cost below 2% of sales.

• Targeting divestment of Vindhyachal Expressway and sale of Indore Real Estate inventory in FY26 to further strengthen balance sheet.