Kalpataru Projects International (KPIL) Q4 25/26 earnings summary

Executive summary

• Achieved record consolidated revenue of INR 27,143 crore in FY26, up 22% YoY, with robust growth across core business segments except water.

• Consolidated PBT before exceptional items rose 62% YoY to INR 1,334 crore, with margin expansion to 4.9%.

• PAT surged 82% YoY to INR 1,031 crore; EPS increased 71% to INR 60.9 per share; net debt reduced by over 50% to INR 915 crore.

• Order inflows surpassed INR 26,000 crore, with order book at an all-time high of INR 65,457 crore, 61% domestic and 39% international.

• Audited standalone and consolidated financial results for FY26 were approved with unmodified audit opinions; final dividend of INR 11 per share (550%) recommended.

Financial highlights

• Standalone revenue for FY26 was INR 23,210 crore, up 23% YoY; standalone PAT up 28% to INR 832 crore.

• Operating cash flow jumped 68% to INR 1,535 crore; ROCE improved to 21.4%.

• Net debt/equity at a historic low of 0.1x; working capital cycle improved to 75 days.

• Finance cost to sales reduced by 80 bps to 1.8% consolidated; proposed dividend per share of INR 11 for FY26.

• Consolidated net profit for FY26 was INR 1,030.63 crore, up from INR 567.27 crore in FY25.

Outlook and guidance

• FY27 order inflow guidance set at over INR 30,000 crore, with 15%+ top-line growth and 75 bps PBT margin expansion.

• Focus remains on operational rigor, margin improvement, and disciplined capital allocation.

• T&D, B&F, and oil & gas expected to drive growth, with oil & gas and urban infra inflows accelerating in H2 FY27.

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