Kalpataru Projects International Limited

Industrials — Engineering & Construction · NSE

₹1,365.00−₹30.70 (−2.20%)

DalalBaazaar Score

67 / 100

🟢 Good

Verdict

REASONABLE

Risk

Low

Driven by small-cap size, which brings sharper price swings.

In simple words: Strong business and financial position, with modest growth. Nothing on this snapshot stands out as an immediate concern — the usual checks on business quality and management still apply.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 7:47 pm

Understanding the Business

Company site ↗

The 60-second version of Kalpataru Projects International Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Kalpataru Projects International Limited provides engineering, procurement, and construction (EPC) services for power transmission and distribution, buildings and factories, water supply and irrigation, railways, oil and gas, and urban infrastructure sectors in India and internationally.

IndustryEngineering & Construction

SectorIndustrials

Employees11,188

Annual revenue₹26,911 Cr

How does it make money?

Turns over ₹26,911 Cr a year. Of every ₹100 of sales, about ₹4 reaches shareholders as profit, with ₹8 left at the operating level before interest, tax and depreciation. Each of its 11,188 employees supports ₹2.41 Cr of revenue a year, the signature of a capital- or asset-led business.

Revenue / employee₹2.41 Cr

Who are its competitors?

The closest listed comparisons in its industry are LARSEN & TOUBRO LTD., ADANI PORT & SEZ LTD, SIEMENS LTD. These are the companies its valuation and returns are measured against elsewhere in this report.

Compared side by side in Peers ↓

What is its competitive advantage?Some evidence

ROCE of 19.9% is above what capital typically costs, which suggests some pricing power, though not yet the sustained, wide gap that marks a durable advantage.

Peer median ROE14.1%

What is the outlook?

12 analysts covering the stock expect revenue to grow about 31.1% and earnings to grow about 24.7% in the year to 2028. These are estimates by people who follow the company, not a forecast for the wider industry.

Est. revenue growth+31.1%

Est. earnings growth+24.7%

Analysts12

What has been driving growth?

Growth has come mainly from selling more, rather than from keeping more of each sale. Over 3 years revenue moved +66% while net margin moved +42% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect+66%

Margin effect+42%

DalalBaazaar Score

67/ 100

Good

Weighted across six categories. Every point is explained below.

• ROE of 13.4% is moderate
✓ ROE has improved by 4.0 points over the period

Quality vs. Valuation

Company Quality

66/ 100

Good

How good the business is, ignoring the share price entirely.

Valuation

77/ 100

Cheap

What you are being asked to pay, ignoring how good the business is.

A good business currently available at an undemanding price — the combination this framework is built to look for.

Historical Valuation

Current P/E

20.5x

3Y Median

35.2x

40 monthly readings · mean 33.3x · range 21.7x–47.2x

Sector Median

30.1x

median of 3 sector peers

🟢Current valuation is approximately 42% below its 3y median of 35.2x. Cheaper than its own history, which is worth a reason too: the market may be pricing in something the backward-looking numbers do not show.

🟢Against its sector it trades 32% below the peer median of 30.1x.

vs. its own history

Cheap

35.2x median over 40 months · -42%

vs. sector peers

Cheap

30.1x median of 3 peers · -32%

vs. generic bands

Fair

15x–35x

EV/EBITDA

11.2x

PEG

0.62

What's Good / What's Bad

🟢 What's Going Well4

Cash flow has turned positive
Free cash flow moved from negative to positive over 3 years.
Return on equity is rising
ROE has improved from 9.3% to 13.4%.
Return on capital is rising
ROCE has improved from 15.5% to 19.9%.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention0

Nothing stands out as clearly deteriorating on the years of data available.

Red Flags

No automated checks triggered

None of the automated financial checks below were triggered on the years of data available. That is not the same as a clean bill of health — see what could not be checked.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Capital compounds at a high rate
ROCE of 19.9% means each rupee reinvested earns well above what capital costs. If the company can keep deploying at this rate, growth creates value rather than just consuming cash.
Priced below its own history
The stock trades 42% below its own median multiple. If the business performs as it has and simply re-rates back to normal, that gap is return on its own.
Cheaper than its peers
It trades 32% below the sector median. Either the market sees a problem the numbers do not show, or the discount closes.
Self-funding with balance-sheet headroom
Positive free cash flow of ₹724 Cr alongside low debt means growth, buybacks or dividends need no outside money — and a downturn can be absorbed rather than refinanced.
Earnings have proved durable
Profitable in every one of the last 4 reported years. Consistency lowers the risk that any single bad year is structural rather than cyclical.

🔴 Bear CaseWhat could go wrong?

Size brings its own risk
Small Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1Revenue growth stays above 14% a year✓ 18.4% CAGR
Latest reported year was 3.8%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 6%✓ 8.4%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Free cash flow remains positive✓ ₹724 Cr
Profit that never becomes cash eventually stops being profit.
4Debt / EBITDA stays below 2x✓ 1.6x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
5ROCE stays above 17%✓ 19.9%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

10 / 12 checks passed

✗ Strong return on equity (ROE ≥ 15%)
✓ Strong return on capital employed (ROCE ≥ 15%)
✗ Healthy net margin (≥ 10%)
✓ Generates positive free cash flow
✓ Manageable leverage (Debt/Equity < 1.0)
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✓ Revenue growing year-over-year
✓ Profit growing year-over-year
✓ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✓ Analyst consensus isn't majority-sell
✓ Short-term technical trend isn't bearish

Price history

Quick Metrics

5 good · 6 neutral · 0 weak

Market Cap

₹23,310 Cr

Small Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

20.5x

Fair

Fairly valued against the generic band

P/B Ratio

3.00x

Fair

Moderate premium to the company's book value

EPS (TTM)

₹66.55

Profitable

Profitable on a per-share basis

ROE

13.4%

Moderate

Moderate capital efficiency

ROCE

19.9%

Strong

Earns comfortably above its likely cost of capital

Debt/Equity

0.46x

Low

Conservative leverage

Revenue Growth (YoY)

3.8%

Modest

Modest growth

Profit Growth (YoY)

45.2%

Healthy

Profits growing at a healthy clip

Dividend Yield

0.81%

Modest

Small cash return — most of the return has to come from the price

Free Cash Flow

₹724 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

P/E (Forward)

14.9x

Improving

Below the trailing multiple — the street expects earnings to grow into the price

Operating Margin

6.6%

Average

Average margins

Net Margin

4.2%

Average

Average bottom-line conversion

Current Ratio

1.25

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.46

Defensive

Steadier than the market

52W Range Position

74%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

1402.1 / 1393.2

Bullish alignment (short > long)

Price vs SMA 200

Above

Long-term uptrend

RSI (14)

45.7

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹16,214 Cr	₹19,459 Cr	₹22,106 Cr	₹26,911 Cr	+18.4%
EBITDA	₹1,354 Cr	₹1,666 Cr	₹1,823 Cr	₹2,272 Cr	+18.8%
EBITDA Margin	8.3%	8.6%	8.2%	8.4%	—
PAT (Net Profit)	₹441 Cr	₹510 Cr	₹586 Cr	₹1,040 Cr	+33.1%
EPS	₹29.06	₹31.37	₹35.53	₹60.9	+28.0%
ROE	9.3%	9.9%	9.0%	13.4%	—
ROCE	15.5%	16.4%	15.5%	19.9%	—
Total Debt	₹3,786 Cr	₹4,008 Cr	₹4,314 Cr	₹3,543 Cr	-2.2%
Free Cash Flow	-₹115 Cr	₹491 Cr	₹339 Cr	₹724 Cr	—

🟢 Revenue has grown at 18.4% a year over 3 years.

🟢 EBITDA has grown at 18.8% a year over 3 years.

🟡 EBITDA Margin has held roughly flat at 8.4% over 3 years.

🟢 PAT (Net Profit) has grown at 33.1% a year over 3 years.

🟢 EPS has grown at 28.0% a year over 3 years.

🟢 ROE has risen from 9.3% to 13.4% over 3 years (+4.0 pts).

🟢 ROCE has risen from 15.5% to 19.9% over 3 years (+4.4 pts).

🟢 Total Debt has shrunk at 2.2% a year over 3 years.

🟢 Free Cash Flow has turned positive, from -₹115 Cr to ₹724 Cr.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹27,713 Cr

Total Liabilities

₹19,980 Cr

Cash & Equivalents

₹1,512 Cr

Operating Cash Flow

₹1,534 Cr

Capex

-₹810 Cr

Shareholding (proxy)

Institutional Holding

49.5%

Insider Holding

33.7%

Corporate Actions

Next Earnings

29 Oct 2026

Dividend Rate

₹11

Ex-Dividend Date

29 Jun 2026

Analyst Consensus

Recommendations

20 Buy · 0 Hold · 0 Sell

Target Price (Mean)

₹1,623.95

+19.0% vs CMP

Target Range

₹1,400 – ₹1,865

Peer Comparison

Company	P/E	ROE
LARSEN & TOUBRO LTD.	30.1x	15.2%
ADANI PORT & SEZ LTD	29.9x	14.1%
SIEMENS LTD	88.8x	10.5%

Recent News

2 positive2 mixed2 general

Kalpataru Power Transmission Share Price - Live NSE: KPIL Stock Price & Chart

Upstox, 16 Oct

Kalpataru Projects International (NSEI:KPIL) Stock Forecast & Analyst Predictions

Simply Wall Street, 14 OctAnalyst view

🟡Mixed / dependsBroker commentary — an opinion about the price rather than new information about the business.

Kalpataru Projects International wins new orders worth ₹2,225 crore; Stock gives up early gains

CNBC TV18, 13 OctOrder win

🟢Potentially positiveOrder wins add to future revenue, though the effect depends on the contract's size against annual sales and on when it is executed.

Kalpataru Projects International: CRISIL-ன் அதிரடி அப்கிரேட்! முதலீட்டாளர்களுக்கு உற்சாக செய்தி

Whalesbook, 16 Oct

Kalpataru Projects Wins Rs 2,225 Crore Orders, Order Book Hits Record High

NDTV Profit, 13 OctOrder win

🟢Potentially positiveOrder wins add to future revenue, though the effect depends on the contract's size against annual sales and on when it is executed.

Kalpataru Projects International Ltd. (KPIL) Share Price Rise Streak Extends to Second Straight Session

Univest, 06 OctPrice move

🟡Mixed / dependsA price move, which is not by itself a change in the business. Worth finding the cause before reading it as either good or bad.

Watch Items

Cross-check against the company's latest quarterly filing / investor presentation before acting.

DalalBaazaar Thesis

StrongFinancial Health · Growth · Valuation

MiddlingBusiness Quality · Profitability · Risk

Points for each in the Score ↑

Attractive on both counts

A good business currently available at an undemanding price — the combination this framework exists to look for. The work left is qualitative: whether the advantage the numbers imply is one you can identify and expect to last.

All 5 tripwires holding · see Key things to watch ↑