Kalpataru Projects International Ltd(KPIL)

NSE: KPILBSE: 522287

₹ 1,302.55+0.01%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 22,244 crWebsite: www.kalpataruprojects.comUpdated: 24 Oct 2026

About

Kalpataru Projects International Ltd (KPIL) is an Indian EPC contractor working across six verticals: power transmission and distribution, buildings and factories, oil and gas, water and irrigation, railways and urban infrastructure. It reported revenue of 27143.06 crore in FY26 and is executing projects in over 25 countries, with a footprint in more than 75 countries. KPIL describes itself as one of the world's largest transmission tower manufacturers, and its Swedish subsidiary Linjemontage is among the top three T&D EPC companies in the Nordics. Its consolidated order book was ₹66,607 crores as of 30 June 2026.^[1][2]

Business segments

EPC is the only reported segment: 97.9% of consolidated revenue (₹26,648.74 crores) in FY26, with an EBIT margin of 6.1%.^[3]
Power T&D revenue was INR 12,501 Crore in FY 2025-26. T&D made up around 46% of revenue and 44% of the order book at the consolidated level.^[1]
Buildings & Factories revenue was ₹6,958 crores in FY26, up 19% YoY, and grew a further 15% YoY in Q1 FY27.^[4]
Oil & Gas revenue was ₹2,723 crores in FY26, up 55% YoY on Saudi Arabia project execution, and grew a further 18% YoY in Q1 FY27.^[4]
Water revenue was ₹2,112 crores in FY26, down 8% YoY because of Jal Jeevan Mission collection delays. It was ₹626 crores in Q1 FY27, down 7% YoY.^[4]
Railways revenue fell 23% YoY in Q1 FY27. Urban Infra grew 65% YoY in Q2 FY26 on metro project execution.^[5]

Operations and capacity

Two transmission tower plants, at Raipur (Chhattisgarh) and Gandhinagar (Gujarat), have a combined commissioned capacity of 2,40,000 MTPA as of FY26.^[1]
As of FY26 the company had 4 plants and 257 project sites globally: 193 in India and 64 international.^[1]
The Water business has laid 45,000+ km of piped water network and operates in India, Sri Lanka and the Maldives (FY26).^[1]
Urban Infrastructure is executing metro projects in Delhi, Thane, Bhopal, Nagpur, Kanpur and Indore, and won about INR 2,009 Crore of orders in FY26.^[1]
Six tunnel boring machines were fully deployed in Urban Infra as of Q1 FY27.^[5]

Order book and inflows

The consolidated order book reached an all-time high of ₹66,607 crores as of 30 June 2026, split 61% domestic and 39% international.^[5]
FY27 order inflows to date were ₹7,668 crores, with an L1 pipeline of ₹7,300 crores, as of Q1 FY27.^[5]
FY26 order inflows reached ₹26,400 crores, with nearly half from orders above ₹1,000 crores each.^[4]
The T&D order book was INR 28,572 Crore at 31 March 2026, after record T&D order intake of over INR 12,931 Crore in FY26.^[1]
The B&F order book was over ₹19,600 crores as of Q1 FY27, with FY27 wins to date of over ₹2,800 crores plus ₹2,200 crores in L1 positions.^[5]
The remaining Jal Jeevan Mission order book was ~₹4,000 crores as of Q1 FY27.^[5]

Key operating numbers

Consolidated net working capital fell to 80 days in Q1 FY27, 11 days lower YoY. Standalone fell to 94 days, 12 days lower YoY.^[5]
Water billed plus unbilled receivables were ~₹1,500 crores as of Q1 FY27. Collections for the year to date, including July 2026, were ~₹650 crores.^[5]
Consolidated ROCE rose 410 bps to 21.4% in FY26.^[4]

International operations

LMG Sweden revenue was INR 3,023 Crore in FY26, up 64% YoY, with an order book of INR 3,258 Crore. Q1 FY27 revenue was ₹833 crores, up 8% YoY.^[1][5]
LMG Sweden's order backlog was ~₹4,200 crores as of 30 June 2026, after ~₹1,500 crores of new orders in FY27 to date.^[5]
LMG Sweden's EBITDA margin was ~6.7 - 6.8% and its PBT margin ~5.6 - 5.7% in FY26.^[4]
KPIL filed for judicial reorganisation of its weak Brazilian subsidiary Fasttel on 5 March 2026.^[1]

Customers and geographic reach

Clients include government bodies, utilities, top-tier real estate developers, municipal authorities and private enterprises (FY26).^[1]
Exports were 30.02% of standalone turnover in FY26.^[1]
International orders made up 39% of the consolidated order book as of Q1 FY27, spanning the Nordics, South America, Africa and the Middle East.^[5]
The B&F order book is concentrated: 5 - 6 marquee clients made up 75 - 80% of it as of Q2 FY26.^[6]
Oil & Gas clients include Saudi Aramco, ADNOC and customers in Kuwait and Qatar. Large bids of $100M - $500M each were pending in Q3 FY27.^[5]
Water won its first Middle East project, a ₹344 crores water treatment contract, in Q1 FY27.^[5]

Expansion and capex

On 11 August 2026 the board approved capex of up to ₹150 crores for a rolling mill at the Raipur plant, as a backward integration step.^[7]
FY27 capex is budgeted at ~₹800 crores. As of Q1 FY27 management said it was on track and could be slightly higher.^[5]
Expanding tower capacity beyond 2,40,000 MTPA was under evaluation, with a decision expected by the end of Q2 FY27.^[4]
Options for a strategic fundraise or IPO of LMG Sweden are being evaluated with advisers appointed. No timeline has been given.^[5]

Recent developments

13 October 2026: new orders worth ₹2,225 crores, including a ₹194 crore export order from Ellevio AB to refurbish and expand a 130 kV substation in Repbäcken, Borlänge, Sweden, over three years.^[8]
9 October 2026: received a GST penalty order of ₹1.05 crores over alleged excess input tax credit for FY 2021-22. No significant financial impact is expected.^[9]
28 September 2026: won an EPC order for a gas pipeline project in the UAE worth over ₹4,000 crores.^[10]
24 September 2026: new orders totalling ₹2,025 crores across T&D, B&F and Oil & Gas.^[11]
14 August 2026: orders worth ₹3,526 crores, including an industrial plant EPC contract, T&D contracts and residential building orders in India.^[12]
India Ratings upgraded KPIL to AA+/Stable, as reported on the Q1 FY27 earnings call.^[5]
Shree Shubham Logistics became fully debt-free as of 30 July 2026, and receivables from the Indore project were fully recovered.^[5]

Market Cap

₹22,244 Cr

High / Low

₹1,500 / 1,008

Stock P/E

20.5

Price / Book

3.0

Book Value

₹455

EPS

₹60.9

No. of Shares

17.08 Cr

ROCE

16.1%

ROE

14.6%

OPM

6.7%

Debt / Equity

0.43

Sales

₹27,143 Cr

Net Profit

₹1,031 Cr

Promoter holding

33.6%

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Kalpataru Projects International Ltd(KPIL)

About

Business segments

Operations and capacity

Order book and inflows

Key operating numbers

International operations

Customers and geographic reach

Expansion and capex

Recent developments

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