Kalpataru Projects International financials and balance sheet

NSE: KPILBSE: 522287ConstructionSmall Cap

Formerly Kalpataru Power Transmission

₹1,291.60₹11.20 (0.86%)BSE ₹1,279.95

Share price at the NSE close on 23 Oct 2026. Previous close ₹1,302.80.

52-week range of traded prices to 23 Oct 2026

₹1,007.10Low, 23 Mar 2026₹1,490.00High, 6 Oct 2026

Market cap: ₹22,057 Cr341st largest listed
P/E: 19.4
P/B: 2.8
Dividend yield: 0.85%
ROE: 15.9%
ROCE: 15.9%
Debt to equity: 0.43
Volume, NSE: 1,19,05943.3% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.Kalpataru Projects International annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings

Peak revenue ₹27,143 Cr, year to Mar 2026

Operating and net margin, per cent

Operating margin
Net margin

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out. Lease payments were 4.5% of operating profit in the first full year.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue27,143
Materials and goods−9,340
Employee costs−2,650
Other expenses−12,913
Operating profit2,240
Depreciation−510
Other income+105
One-off items+37
Finance costs−501
Profit before tax1,371
Tax−340
Net profit1,031

What the company owns

Plant, investments and other assets₹15,690 Cr
Receivables₹8,405 Cr
Cash and bank₹1,842 Cr
Inventory₹1,776 Cr

What pays for it: net worth and liabilities

Other liabilities₹9,602 Cr
Net worth₹7,733 Cr
Owed to suppliers₹7,071 Cr
Borrowings₹3,307 Cr

Kalpataru Projects International business segments, year to Mar 2026

A reportable segment is a line of business the company must report on its own. Consolidated, ₹ crore, as the company reports them. A segment at a loss has no share of profit.Kalpataru Projects International segment results by quarter

Revenue by segment

₹27,212 CrTotal

EPC₹26,649 Cr97.9% of total
Development Projects₹309 Cr1.1% of total
Others₹255 Cr0.9% of total

Profit by segment

EPC₹1,618 Cr88.6% of total
Development Projects₹209 Cr11.4% of total

Segment results by year

Consolidated, ₹ crore, years to March.

EPC
Revenue, ₹ crore
10,361
12,195
12,424
14,443
15,979
19,148
21,803
26,649
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
975
1,000
1,171
977
964
1,003
1,261
1,618
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Development Projects
Revenue, ₹ crore
344
345
371
213
272
280
306
309
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
135
131
175
103
112
136
64
209
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Others
Revenue, ₹ crore
137
142
152
123
116
199
257
255
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
34
25
37
−3
−1
22
32
−10
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue of all businesses	10,842	12,682	12,947	14,779	16,367	19,627	22,366	27,212
Company revenue, as in its results	10,840	12,676	12,949	14,777	16,361	19,626	22,316	27,143
Revenue	10,361	12,195	12,424	14,443	15,979	19,148	21,803	26,649
Revenue growth	–	17.7%	1.9%	16.3%	10.6%	19.8%	13.9%	22.2%
Profit	975	1,000	1,171	977	964	1,003	1,261	1,618
Profit growth	–	2.6%	17.1%	−16.6%	−1.3%	4.0%	25.7%	28.4%
Margin	9.4%	8.2%	9.4%	6.8%	6.0%	5.2%	5.8%	6.1%
Return on capital	–	42.8%	41.2%	30.6%	25.7%	25.4%	24.0%	22.9%
Assets	–	11,988	12,507	14,397	17,148	19,581	23,205	26,455
Liabilities	–	9,651	9,664	11,203	13,396	15,639	17,960	19,404
Capital employed	–	2,337	2,843	3,194	3,752	3,942	5,245	7,051
Revenue	344	345	371	213	272	280	306	309
Revenue growth	–	0.4%	7.5%	−42.6%	27.7%	2.9%	9.4%	0.7%
Profit	135	131	175	103	112	136	64	209
Profit growth	–	−2.9%	33.6%	−41.1%	8.7%	21.4%	−53.3%	228.3%
Margin	39.3%	38.0%	47.2%	48.4%	41.2%	48.6%	20.7%	67.6%
Return on capital	–	15.1%	24.6%	10.9%	16.3%	16.4%	7.3%	62.7%
Assets	–	3,205	2,280	2,301	1,957	1,937	1,839	783
Liabilities	–	2,337	1,568	1,360	1,269	1,106	965	450
Capital employed	–	868	712	941	688	831	874	333
Revenue	137	142	152	123	116	199	257	255
Revenue growth	–	3.6%	7.0%	−19.1%	–	–	29.1%	−0.8%
Profit	34	25	37	−3	−1	22	32	−10
Profit growth	–	−26.2%	48.0%	–	–	–	45.1%	–
Margin	24.7%	17.6%	24.3%	−2.4%	−0.9%	11.1%	12.4%	−3.9%
Return on capital	–	8.6%	12.2%	−1.1%	−0.4%	6.5%	9.1%	−2.8%
Assets	–	586	567	514	476	520	540	475
Liabilities	–	296	263	231	223	180	190	126
Capital employed	–	290	304	283	253	340	349	349
	0	0	–	0	–	–	–	–
Profit	−18	−23	–	−20	–	–	–	–
Assets	0	0	–	0	–	–	–	–
Liabilities	0	0	–	0	–	–	–	–

Profit is before tax and finance costs, the way companies report their segments.

Profit and loss

Consolidated, ₹ crore, years to March.Kalpataru Projects International quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 10 May	Mar 2020Filed 21 May	Mar 2021Filed 12 May	Mar 2022Filed 16 May	Mar 2023Filed 9 May	Mar 2024Filed 9 May	Mar 2025Filed 12 Jun	Mar 2026Filed 14 May
Revenue from operations	7,629	8,742	10,840	12,676	12,949	14,777	16,361	19,626	22,316	27,143
	6,762	7,720	9,493	11,192	11,440	13,608	14,991	17,998	20,482	24,903
Materials and goods bought	2,944	3,746	4,475	5,268	4,759	6,446	6,971	8,205	8,581	9,340
Employee costs	–	–	789	997	1,042	1,299	1,447	1,718	2,113	2,650
Other expenses	–	–	4,230	4,927	5,639	5,863	6,573	8,075	9,787	12,913
Operating profit before depreciation	867	1,022	1,347	1,484	1,509	1,169	1,370	1,628	1,834	2,240
Operating margin	11.4%	11.7%	12.4%	11.7%	11.7%	7.9%	8.4%	8.3%	8.2%	8.3%
Materials, % of revenue	–	–	41.3%	41.6%	36.8%	43.6%	42.6%	41.8%	38.5%	34.4%
Employee costs, % of revenue	–	–	7.3%	7.9%	8.0%	8.8%	8.8%	8.8%	9.5%	9.8%
Other expenses, % of revenue	–	–	39.0%	38.9%	43.5%	39.7%	40.2%	41.1%	43.9%	47.6%
Depreciation and amortisation	181	192	211	340	373	351	392	473	497	510
Operating profit after depreciation	687	830	1,136	1,144	1,136	818	978	1,155	1,337	1,730
Other income	24	25	44	44	67	89	40	64	62	105
Finance costs	384	378	401	521	436	396	467	518	577	501
Profit before one-off items and tax	326	478	779	667	767	511	551	701	823	1,334
One-off items	0	0	0	4	210	185	91	0	0	37
Profit before tax	326	478	779	671	977	696	642	701	823	1,371
	138	183	274	258	283	161	207	185	256	340
Current tax	–	209	278	226	303	191	266	223	312	417
Deferred tax	–	−26	−4	32	−20	−30	−59	−38	−57	−77
Share of profit of joint ventures and associates	−32	−17	−18	−23	−32	–	–	–	–	–
	157	278	487	390	662	535	435	516	567	1,031
Belonging to the company's shareholders	157	278	467	390	671	540	441	510	586	1,040
Belonging to outside owners of subsidiaries	–	–	20	0	−9	−5	−6	6	−18	−9
Other comprehensive income	–	–	26	−39	10	44	−56	9	−68	352
Total comprehensive income	–	–	513	351	672	579	379	525	499	1,383
Net margin	2.1%	3.2%	4.5%	3.1%	5.1%	3.6%	2.7%	2.6%	2.5%	3.8%
Net margin without joint ventures and associates	2.5%	3.4%	4.7%	3.3%	5.4%	–	–	–	–	–

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the years to Mar 2017 and Mar 2018 they do not, so they are left blank.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 10 May	Mar 2020Filed 21 May	Mar 2021Filed 12 May	Mar 2022Filed 16 May	Mar 2023Filed 9 May	Mar 2024Filed 9 May	Mar 2025Filed 12 Jun	Mar 2026Filed 14 May
	3,280	3,495	3,859	4,418	4,693	5,113	6,469	7,733
	3,119	3,358	3,739	4,279	4,720	5,138	6,513	7,777
Share capital	31	31	30	30	32	32	34	34
Reserves	3,089	3,327	3,709	4,249	4,688	5,106	6,479	7,742
Belonging to outside owners of subsidiaries	161	137	120	139	−27	−25	−44	−44
	2,362	2,929	2,502	3,708	3,683	3,910	4,189	3,307
Repayable after a year	1,918	1,797	1,607	1,553	1,215	1,448	1,467	611
Repayable within a year	443	1,132	895	2,155	2,468	2,462	2,721	2,696
	6,693	8,334	8,343	9,533	12,136	14,378	16,613	18,582
Trade payables	3,245	3,445	3,739	4,253	4,903	5,855	6,588	7,071
Other financial liabilities	628	924	1,284	754	612	910	1,105	1,311
Other liabilities	1,991	2,407	1,770	1,909	3,614	4,637	5,469	6,598
Provisions	369	423	621	434	417	470	617	739
Tax owed	17	3	34	28	122	44	113	167
	3,228	3,144	3,152	3,261	2,287	2,138	2,172	1,390
Other financial liabilities	371	486	516	519	448	475	534	569
Other liabilities	492	345	530	674	327	24	19	15
Provisions	120	128	128	93	76	52	60	87
Deferred tax	13	38	33	96	60	23	11	11
Trade payables	313	350	338	326	161	116	79	97
Liabilities going with businesses held for sale	947	806	–	–	465	409	330	8
	14,148	15,779	15,354	17,212	19,581	22,038	25,584	27,713
Held for sale or for a demerger	1,403	1,306	375	517	1,023	1,019	1,024	312
	3,542	3,980	4,033	4,300	3,830	3,759	4,074	4,459
Plant in use, after depreciation	1,476	1,671	1,622	1,627	2,087	2,099	2,343	2,900
Plant being built	11	50	29	20	52	33	29	64
Intangible assets	1,643	1,666	1,625	1,613	854	790	724	115
Goodwill	20	106	115	184	184	184	185	133
Intangible assets being developed	5	4	5	5	–	0	–	0
Property held to earn rent	1	1	1	1	–	0	–	0
Investments	1	1	1	2	2	0	0	2
Loans given	48	76	89	0	0	0	0	16
Other financial assets	37	37	43	161	156	195	292	693
Deferred tax	140	119	130	198	178	188	271	264
Trade receivables	124	187	188	215	189	131	81	144
Other assets	36	62	185	274	128	139	150	129
	9,202	10,493	10,946	12,395	14,728	17,260	20,487	22,942
Inventories	1,117	1,209	1,071	1,096	1,228	1,353	1,429	1,776
Trade receivables	4,214	4,616	5,017	4,577	5,251	5,805	7,817	8,405
Cash and cash equivalents	228	499	538	1,062	956	1,009	1,602	1,512
Other bank balances	17	47	54	132	103	23	158	330
Current investments	0	0	0	3	3	0	150	0
Loans given	258	301	460	151	58	63	69	18
Other financial assets	61	119	123	272	423	466	403	627
Tax paid in advance	36	66	67	122	186	161	192	193
Other assets	3,272	3,636	3,616	4,980	6,520	8,380	8,668	10,081
Net debt	2,117	2,383	1,910	2,511	2,621	2,878	2,279	1,465

Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2021Filed 12 May	Mar 2022Filed 16 May	Mar 2023Filed 9 May	Mar 2024Filed 9 May	Mar 2025Filed 12 Jun	Mar 2026Filed 14 May
	931	714	656	843	914	1,534
	1,177	977	883	1,125	1,186	1,918
	−427	−293	−591	−629	−677	−430
Receivables	−616	−950	−2,323	−504	−2,339	−2,196
Inventories	138	14	−132	−125	−75	−348
Payables	51	643	1,864	0	1,737	2,114
Tax paid	−246	−263	−227	−282	−272	−384
Capital spending	262	309	771	352	575	810
Free cash flow	669	405	−115	491	339	724
	−7	−214	−326	−263	−719	0
Plant and property sold	26	47	52	33	0	0
Companies bought	0	−62	0	0	0	0
Interest received	32	35	34	53	31	43
Dividends received	16	0	0	0	0	0
	−896	24	−438	−524	400	−1,636
Borrowings raised	484	1,060	1,199	824	1,172	−268
Borrowings repaid	−595	−547	−609	−666	−976	−674
Interest paid	−433	−406	−492	−504	−566	−483
Lease payments	0	−53	−62	0	−82	−92
Dividends paid	131	38	102	114	130	154
Shares bought back	177	0	0	0	0	0
Shares issued	0	0	0	0	0	0
Net change in cash	28	524	−108	56	595	−102

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Consolidated, ₹ per share, years to March.Kalpataru Projects International dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 10 May	Mar 2020Filed 21 May	Mar 2021Filed 12 May	Mar 2022Filed 16 May	Mar 2023Filed 9 May	Mar 2024Filed 9 May	Mar 2025Filed 12 Jun	Mar 2026Filed 14 May
Earnings per share	₹10.25	₹18.29	₹30.42	₹25.25	₹44.25	₹36.28	₹29.06	₹31.37	₹35.53	₹60.90
Diluted earnings per share	₹10.25	₹18.29	₹30.42	₹25.25	₹44.25	₹36.28	₹29.06	₹31.37	₹35.53	₹60.90
Dividend per share	₹2.00	₹2.50	₹3.00	₹3.50	₹10.00	₹6.50	₹7.00	₹8.00	₹9.00	₹11.00
Book value per share	–	–	₹203.29	₹216.65	₹249.27	₹285.27	₹295.00	₹321.13	₹381.34	₹455.30
Dividend payout	19.5%	13.8%	9.9%	13.9%	22.4%	18.1%	25.4%	25.1%	26.2%	18.1%
Shareholder yield	–	–	–	–	5.5%	0.7%	1.2%	0.7%	0.8%	0.9%
Market cap at the year end (₹ crore)	4,952	7,431	7,224	2,826	5,614	5,461	8,679	17,379	16,642	18,061

Ratios

Consolidated, years to March.Kalpataru Projects International PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 10 May	Mar 2020Filed 21 May	Mar 2021Filed 12 May	Mar 2022Filed 16 May	Mar 2023Filed 9 May	Mar 2024Filed 9 May	Mar 2025Filed 12 Jun	Mar 2026Filed 14 May
Revenue growth	3.4%	14.6%	24.0%	16.9%	2.2%	14.1%	10.7%	20.0%	13.7%	21.6%
Operating profit growth	7.5%	17.8%	31.9%	10.2%	1.7%	−22.5%	17.2%	18.8%	12.7%	22.1%
Net profit growth	33.8%	76.9%	75.0%	−19.9%	69.7%	−19.2%	−18.7%	18.6%	9.9%	81.7%
Earnings per share growth	34.2%	78.4%	66.3%	−17.0%	75.2%	−18.0%	−19.9%	8.0%	13.3%	71.4%
	–	–	15.0%	12.0%	18.9%	13.5%	9.8%	10.3%	10.1%	14.6%
	–	–	–	−2.9 pts	6.9 pts	−5.4 pts	−3.7 pts	0.5 pts	−0.3 pts	4.5 pts
From the net margin	–	–	–	−4.3 pts	8.2 pts	−5.6 pts	−3.5 pts	−0.4 pts	0.1 pts	4.6 pts
From asset turnover	–	–	–	1.1 pts	−0.4 pts	1.2 pts	−0.2 pts	0.6 pts	−0.1 pts	1.3 pts
From borrowing	–	–	–	0.2 pts	−1.0 pts	−1.1 pts	0.1 pts	0.3 pts	−0.3 pts	−1.4 pts
Return on capital employed	–	–	20.1%	17.8%	17.9%	10.1%	11.7%	12.8%	12.5%	15.7%
Cash conversion	–	–	–	–	140.6%	133.5%	150.8%	163.4%	161.1%	148.9%
Interest cover	1.8	2.2	2.8	2.2	2.6	2.1	2.1	2.2	2.3	3.5
Debt to equity	–	–	0.72	0.84	0.65	0.84	0.78	0.76	0.65	0.43
Receivable days	–	–	142	133	141	113	117	108	128	113
Inventory days	–	–	91	84	82	62	64	60	61	69
Payable days	–	–	265	239	287	241	257	260	280	276
Cash conversion cycle, days	–	–	−32	−22	−63	−66	−75	−92	−92	−94
Working capital days	–	–	91	79	82	94	89	80	77	70
Asset turnover	–	–	0.77	0.85	0.83	0.91	0.89	0.94	0.94	1.02
Assets per rupee of net worth	–	–	4.54	4.62	4.39	4.06	4.09	4.22	4.09	3.73
Sales per rupee of plant	–	–	7.34	7.59	7.98	9.08	7.84	9.35	9.52	9.36
Capital spending to depreciation	–	–	–	–	0.70	0.88	1.97	0.74	1.16	1.59
Plant being built, % of plant in use	–	–	0.7%	3.0%	1.8%	1.2%	2.5%	1.6%	1.2%	2.2%

No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 3.9%
Cash from operations against operating profit: 68.5%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	13.9%	16.0%	18.4%
Profit growth, yearly rate	24.4%	9.2%	33.1%
Return on equity, average	–	11.6%	11.7%
Return on capital employed, average	–	12.6%	13.7%
Operating margin, average	10.0%	8.2%	8.3%
Net margin, average	3.3%	3.0%	3.0%
Asset turnover, average	–	0.94	0.97
Cash conversion cycle, days, average	–	−84	−93
Interest cover, average	2.4	2.4	2.7
Debt to equity, average	–	0.69	0.61

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	4,661	3,291	1,534
Cash from investing	−1,522	−982	0
Cash from financing	−2,175	−1,761	−1,636
Capital spending	2,817	1,737	810
Dividends paid	538	398	154
Shares bought back	0	0	0
Shares issued for cash	0	0	0
Borrowings repaid	3,472	2,316	674

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	–	8	6	5	7	7	9
Altman Z-scorePublished threshold 1.81	–	–	1.96	1.65	1.98	1.87	1.86	2.16	2.11	2.32
Beneish M-scorePublished threshold −1.78	–	–	–	–	−2.62	−2.53	−2.51	−2.53	−2.33	−2.65
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	−1.68	0.21	0.57	−0.31	1.56	−1.89
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	1.41	1.49	1.59	1.56
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	−7.38	6.53	−22.89	4.01	−9.41	20.95	−14.11
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	−9.43	−1.75	−33.11	3.90	−7.52	1.02	15.48
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	3.57	−0.12	10.61	10.73	9.57	1.15	6.04
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	0.09	0.09	0.06	0.06	0.07	0.04	0.06
Effective tax ratePublished threshold 17.16 per cent	42.13	38.23	35.18	38.45	28.97	23.13	32.24	26.39	31.06	24.81
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	−14.66	−3.12	−13.84	−1.99	−3.19

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
15 Oct 2026	CRISIL Ratings Limited (opens in a new tab)	Non Convertible DebenturesLong-term scale	Crisil AA+Ratings UpgradedINE220B08126 Debt ISIN	Stable	150
15 Oct 2026	CRISIL Ratings Limited (opens in a new tab)	Bank FacilitiesLong-term scale	Crisil AA+Ratings Upgraded	Stable	66.67
15 Oct 2026	CRISIL Ratings Limited (opens in a new tab)	Non Convertible DebenturesLong-term scale	WithdrawnRatings WithdrawnINE220B08100 Debt ISIN		300
15 Oct 2026	CRISIL Ratings Limited (opens in a new tab)	Commercial PaperShort-term scale	Crisil A1+Ratings Reaffirmed		250
15 Oct 2026	CRISIL Ratings Limited (opens in a new tab)	Bank FacilitiesShort-term scale	Crisil A1+Ratings Reaffirmed		22,640
3 Jul 2026	India Ratings and Research Private Limited (opens in a new tab)	Commercial paper	IND A1+Review, Re-affirm		750
3 Jul 2026	India Ratings and Research Private Limited (opens in a new tab)	Non-convertible debentures	IND AA+Review, Upgrade	Stable	200
3 Jul 2026	India Ratings and Research Private Limited (opens in a new tab)	Bank loan facilities	IND AA+; IND A1+New, New	Stable	900

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.