Synopsis: Backed by broad-based execution across T&D, Buildings & Factories, and Oil & Gas, Kalpataru Projects International Limited delivered its best financial year on record in FY26, with consolidated PAT surging 82%, net debt falling 53% to Rs. 915 crore, and the order book crossing Rs. 65,457 crore, setting the company up for sustained execution momentum heading into FY27.
A multi-segment EPC player delivered one of its cleanest financial years on record in FY26, with revenue growing, margins expanding, debt falling sharply, and legacy overhangs from overseas operations and non-core assets finally cleared. The results also came with a strengthening order book and improving execution quality across business verticals, setting the company up well for the year ahead.
₹65,457 Cr
With a market capitalization of ~Rs. 21,500 crore, the shares of Kalpataru Projects International Limited were trading at Rs. 1,255 per share as of May 15, 2026, with a 52-week range of Rs. 1,335.60 to Rs. 1,003. The stock is trading at a P/E of 21x.
Q4 and Full-Year Financial Performance
For the quarter ended March 2026, consolidated revenue came in at Rs. 7,778 crore, up 10% year-on-year, while EBITDA rose 19% to Rs. 640 crore, with margins improving 60 basis points to 8.2%. PBT before exceptional items jumped 50% to Rs. 445 crore, reflecting strong operating leverage as execution picked up pace.
PAT for the quarter surged 98% to Rs. 431 crore, with EPS at Rs. 25.42 per share. The sharp bottom-line outperformance was supported by a gain on the divestment of the Vindhyachal road asset, which came in as a positive exceptional item during the quarter.
For the full year, consolidated revenue grew 22% to Rs. 27,143 crore, while EBITDA rose 22% to Rs. 2,240 crore, with margins holding steady at 8.3%. PBT before exceptional items surged 62% to Rs. 1,334 crore, and PAT jumped 82% to Rs. 1,031 crore. Full-year EPS stood at Rs. 60.90, up 71% from Rs. 35.53 in FY25. ROCE improved 410 basis points to 21.4%, and ROE reached 14.4%, up 470 basis points.
The balance sheet strengthened significantly; consolidated net debt fell 53% to Rs. 915 crore, with net debt-to-equity at just 0.1x. Operating cash flow surged 68% to Rs. 1,534 crore, and net working capital days improved from 79 to 75, underlining the quality of earnings behind the headline growth.
Order Book and Business Verticals
The consolidated order book stood at Rs. 65,457 crore as of March 31, 2026, double the FY22 level, with T&D accounting for 44% and Buildings & Factories at 28%. Fresh order inflows during FY’26 totalled Rs. 26,400 crore, led by T&D at Rs. 12,931 crore and B&F at Rs. 11,460 crore, reflecting strong tendering momentum across both domestic and international markets. Nearly 50% of orders booked in FY26 were above Rs. 1,000 crore in value, pointing to a deliberate shift toward larger, higher-margin projects.
The international order book contributed 39% of the total, with active projects spanning Africa, the Americas, Middle East, and Europe across 30+ countries. Oil & Gas was the fastest-growing revenue segment, up 55% to Rs. 2,723 crore, driven by strong execution on the Saudi project. B&F revenue hit an all-time high of Rs. 6,958 crore, up 19% year-on-year, with nearly half the portfolio now on a design-build basis. Urban Infra posted the sharpest growth at 49% to Rs. 1,158 crore, led by metro rail execution.
Early in FY27, the company has already secured Rs. 1,833 crore in fresh orders and holds an L1 position in projects worth approximately Rs. 3,200 crore, keeping the revenue visibility strong heading into the year.
Verdict
Kalpataru Projects delivered a genuinely strong FY26, not just in headline numbers, but in the quality of the underlying business. Margins expanded, debt fell sharply, cash flows improved, and legacy overhangs from Brazil and non-core assets were finally cleared. The order book provides solid multi-year revenue visibility, with international diversification adding resilience. For a capital-intensive EPC business, this combination of profitable growth and balance sheet discipline is rare and worth noting.
Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on tradebrains.in are their own, and not that of the website or its management. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution while investing or trading in stocks. Trade Brains Technologies Private Limited or the author are not liable for any losses caused as a result of the decision based on this article. Please consult your investment advisor before investing.
The post Infra Stock in Focus After It Reports an All-Time High Order Book of ₹65,457 Cr; Profit Surges 98% in Q4 appeared first on Trade Brains.