Kalpataru Projects International Ltd.
NSE: KPILKalpataru Projects International Ltd.: A 30-second snapshot
Kalpataru Projects International (KPIL) is an infrastructure EPC company currently priced at Rs 1,257.6, up 37.82% over the past 12 months and trading above both its 50-DMA (Rs 1,172.58) and 200-DMA (Rs 1,195.35). Q4 FY26 results showed net profit doubling to Rs 431 cr and FY26 full-year revenue of Rs 27,143 cr, though the business carries a debt-to-equity of 45.8 and a net profit margin of 3.82%, characteristic constraints of the EPC model.
P/E
20.7
Forward P/E
15.0
ROE
+14.5%
Debt / Equity
45.81
Profit Margin
+3.8%
Div. Yield
+0.7%
5Y ROE > 15%
0/5
5Y FCF > 0
3/5
Quality
55/100
News
8 headlines · 5 positive · 0 negative
Kalpataru Projects International Q4 profit doubles to Rs 431 cr - MSN
MSN
Kalpataru Projects FY26: ₹27,143 Cr Revenue, ₹1,030 Cr Profit & ₹11 Dividend - Whalesbook
Whalesbook
KPIL completes acquisition of balance 35% stake in Kalpataru Projects Arabia Company - Business Standard
Business Standard
KPIL Consolidated March 2026 Net Sales at Rs 7,777.90 crore, up 10.06% Y-o-Y - Moneycontrol.com
Moneycontrol.com
Kalpataru Projects: Surging Profits and Global Expansion - Devdiscourse
Devdiscourse
Recent context
- ·Q4 FY26 net profit doubled to Rs 431 cr year-on-year, and FY26 full-year revenue reached Rs 27,143 cr with PAT of Rs 1,030 cr — the strongest annual earnings in KPIL's recent history per available data.
- ·KPIL completed the acquisition of the remaining 35% stake in Kalpataru Projects Arabia Company (Business Standard, April 28 2026), taking the international joint venture to full ownership.
- ·Q4 FY26 consolidated net sales of Rs 7,777.9 cr represented a 10.06% year-on-year increase, with an Rs 11 per share dividend declared for FY26 (yield: 0.72% at current price).
Strengths
- +5-year earnings CAGR of 89.4% alongside 10.6% revenue CAGR indicates earnings have grown meaningfully faster than topline, pointing to operating leverage and cost absorption over the business cycle.
- +Trailing PE of 20.66 is the lowest among the 6 tracked infrastructure peers, with comparables ranging from 33.4x (LT) to 108.7x (CGPOWER), placing KPIL at the least expensive end of the peer group on this metric.
- +Price is 37.82% higher than 12 months ago and 10.5% higher over 3 months, with RSI at 56 (neutral range) and a drawdown of only 5.84% from the 52-week high, reflecting broad momentum without near-term overbought signals.
- +KPIL completed acquisition of the remaining 35% stake in Kalpataru Projects Arabia Company in April 2026, consolidating its international EPC footprint and signalling a structural step toward geographic diversification of the order book.
Weaknesses
- −Debt-to-equity of 45.8 is materially elevated; in a capital-intensive EPC business with 3.82% net margins, any contraction in working capital cycles or rise in borrowing costs compresses already thin profitability directly.
- −ROE of 14.51% has never exceeded 15% in any tracked year, and FCF was positive in only 3 of available years — the consistency score of 34 out of 100 reflects a pattern of capital intensity outpacing returns generated for equity holders.
- −Forward PE of 14.96 versus trailing PE of 20.66 implies the market is pricing in a meaningful step-up in earnings; if execution on the order book slips or margins do not expand as embedded in estimates, that gap closes unfavorably.
- −Quality score of 47 ranks KPIL second-lowest among the 6 tracked infrastructure peers, above only LT (26), indicating that on composite fundamental quality the stock sits at the mid-to-lower tier within its sector comparison set.
Open questions
- ?How has KPIL's order backlog and order inflow trended over the past four quarters, and what proportion of the backlog is domestic infrastructure versus international EPC?
- ?Given debt-to-equity of 45.8 and FCF positive in only 3 of available years, how is the company managing working capital, and what is the trajectory of net debt in absolute terms?
- ?The 5-year earnings CAGR of 89.4% is striking relative to the 10.6% revenue CAGR — is this operating leverage that can persist, or does it reflect a recovery from an unusually depressed base that may not repeat?
- ?With the forward PE at 14.96 versus trailing PE of 20.66, what earnings assumptions are embedded in consensus estimates, and how sensitive is the valuation to a 100-200 basis point margin shortfall?
Peer comparison: Infrastructure
Ranks 2 of 6 on quality| Symbol | Name | P/E | ROE | Quality |
|---|---|---|---|---|
| KPIL | Kalpataru Projects International Ltd.You're viewing | 20.7 | +14.5% | 47 |
| Industry avg | across 5 peers | 69.5 | +18.3% | 40 |
| BEL | Bharat Electronics Ltd. | 51.8 | — | 57 |
| ABB | ABB India Ltd. | 87.0 | — | 47 |
| CGPOWER | CG Power and Industrial Solutions Ltd. | 108.7 | +19.6% | 45 |
| LT | Larsen & Toubro Ltd. | 33.4 | +16.9% | 26 |
| CUMMINSIND | Cummins India Ltd. | 66.7 | — | 24 |
Technical state
Current price
₹1,257.60
SMA 50
₹1,172.58
SMA 200
₹1,195.35
RSI (14)
56.0 (neutral)
From 52w high
-5.8%
1Y return
+37.8%
3M return
+10.5%
50-DMA
Above
200-DMA
Above
Algorithmic support levels
Algorithmic resistance levels
Risk flags
- mediumDebt-to-equity of 45.8 is elevated for an EPC infrastructure company; at a net profit margin of 3.82%, thin margins mean that any slowdown in order execution or lengthening of working capital cycles amplifies the leverage impact on earnings.
- mediumFundamental consistency is weak: ROE of 14.51% has never exceeded 15% in any tracked year (roeYearsAbove15 = 0), FCF was positive in only 3 of available years, and the overall consistency score is 34 out of 100, ranking KPIL 4th of 6 infrastructure peers on quality score (47).
- lowAnalyst rating data is unavailable (null) despite 16 analysts tracked; the absence of a consensus rating figure limits comparative signal from sell-side coverage.
- lowPeer price-change data is missing for all 5 comparable stocks (BEL, LT, ABB, CGPOWER, CUMMINSIND), and ROE is missing for 3 of 5 peers, limiting the reliability of sector-relative momentum and return comparisons.
Cross-section contradictions
- 5-year earnings CAGR of 89.4% co-exists with a ROE that has never crossed 15% in any tracked year and a current profit margin of 3.82%, suggesting the earnings recovery reflects operating leverage off a trough rather than a structural improvement in returns on equity.
- News sentiment is positive across all 8 recent articles, including a Q4 profit doubling and FY26 revenue of Rs 27,143 cr, yet the forward PE of 14.96 is a significant discount to trailing PE of 20.66 — implying the market is already pricing in material earnings growth in forward estimates rather than treating strong results as a surprise.
For informational purposes only. Not investment advice. VivaTrades is not a SEBI-registered Investment Adviser or Research Analyst. Market data sourced from public feeds; consult a registered adviser before any investment decision.
Fundamentals & technicals: refreshed 25 Jun 2026 · refreshed daily at 01:00 IST
AI synthesis (narrative, snapshot, strengths/weaknesses, peer ranking): generated 17 May 2026 · rotates through NIFTY 500 every ~5 days