Kalpataru Projects International Ltd Q4 FY25 Results & Concall Highlights: Revenue, Margins & Order Book

Published 4 Aug 2026 | Construction | Market Cap: ₹21.9K Cr

Targeting over 20% growth in sales/revenue for FY '26, driven by healthy order books and strong execution in T&D, Building & Factories (B&F), Water, Oil & Gas, and Urban Infrastructure segments. EPS is expected to increase from around INR 40 in the previous year to a minimum target of INR 50 in the current year (Page 11).

From Kalpataru Projects International Ltd's Q4 FY25 earnings-call transcript · updated 23 Aug 2026.

Price

₹1,404

Market Cap

₹21.9K Cr

P/E Ratio

22.4

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Kalpataru Projects International Ltd — Quarterly revenue & net profit

Revenue Net Profit

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Reported quarterly figures (₹ Cr). Latest: revenue ₹7.8K Cr, net profit ₹431 Cr.

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📊 Revenue & Sales Performance

→Targeting over 20% growth in sales/revenue for FY '26, driven by healthy order books and strong execution in T&D, Building & Factories (B&F), Water, Oil & Gas, and Urban Infrastructure segments.
→Expect T&D order book growth of 20%+, supported by factory capacity expansion (~50,000 tons), robust order pipeline, and rational competition.
→B&F business to see 18-20% growth, backed by a strong INR 14,000+ crore order book and demand across residential, commercial, industrial, airports, and data centers.
→Oil & Gas segment projected to grow over 100% internationally, particularly in the Middle East.
→Water business expected to improve by 10%+ with better collections and execution.
→Urban Infrastructure anticipated to grow 40-50%.
→Railway segment likely to decline ~10%.
→Realistic guidance prioritizing improved margins over sheer order flow volume.

📈 Profitability & Margins

→EPS is expected to increase from around INR 40 in the previous year to a minimum target of INR 50 in the current year (Page 11).
→Consol margin improvement of 100 basis points is guided, mainly from subsidiaries like Saudi IBN Omairah turning positive and exits from loss-making assets (Page 20).
→EBITDA margins in subsidiaries such as Linjemontage (LMG) and Fasttel are expected to improve over the next 2 years, with LMG margins rising from ~5% to 6-6.25% and Fasttel from ~2.9% to 4-5% (Page 14).
→Non-T&D businesses like B&F expected to grow 18-20%, Oil & Gas 100%+, Water 10%+, Urban Infra 40-50%, while Railways may decline ~10% (Page 15).
→Focus on quality large orders with better margins over volume; aim for improving ROCE and profitability (Page 9).
→Overall positive outlook on profits supported by better order book execution and exit from loss-making ventures (Pages 11, 20).

🏗️ Capital Expenditure Plans

→Capex for FY '25 was approximately INR 620 crores, with a similar guidance for FY '26 in the range of INR 600-650 crores.
→Current capex includes plant expansion, with total expected capex of INR 30-35 crores; INR 10 crores already spent in Q4 and INR 20-odd crores planned over the next 6 to 12 months.
→Factory production capacity is being significantly ramped up, including an additional capacity of around 50,000 tons at existing factories.
→Fundraising and strategic investment options are being explored for the Sweden subsidiary (Linjemontage) over the next 6 to 9 months to capitalize on opportunities in Sweden, Norway, and neighboring countries.
→Focus on selective large orders utilizing strong capex and design engineering capabilities for improved profitability.
→Capex plans align with depreciation levels and support projected growth and order book expansion.

💰 Fundraising & Capital Structure

- Kalpataru Projects International Limited is exploring fundraising options for its Sweden subsidiary, Linjemontage. - The company has approved the appointment of bankers and intermediaries to look at fund options and fundraising possibilities for Linjemontage. - These plans are expected to be developed and communicated over the next 6 to 9 months. - There is no specific mention of other new fundraising through debt or equity for the parent company or other subsidiaries in the provided text. - The company remains bullish on the Sweden, Norway, and neighboring markets with limited players, benefiting both top line and profitability. Hence, new fundraising discussions are currently focused on the Linjemontage unit, with no immediate large-scale capital raise reported at the parent level.

📋 Order Book & Pipeline

→Current L1 order book is around INR 2,000+ crores, with INR 2,300 crores declared recently (Page 21).
→Overall order book across segments:
→ - Total B&F segment order book: Approx INR 14,000 crores (Page 18).
→ - Industrial portion: INR 1,500 crores; Airports: INR 1,000 crores; remainder is residential/commercial (Page 18).
→Average order book size increased from ~INR 280 crores (FY '23-'24) to around INR 390-400 crores currently (Page 8).
→Around 8-10 large orders above INR 1,000 crores constitute approx 50% of the order book (Page 8).
→Fixed price order book approx 45-50%, variable portion 45-50% (Page 16).
→Order intake guidance for the year is INR 25,000 crores, with focus on margin improvement over just volume (Page 9).
→T&D and B&F continue to dominate order book share but diversification into other segments ongoing (Page 7, 21).

Key Metrics

What Kalpataru Projects International Ltd's management said in earlier quarters

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Frequently Asked Questions

What were Kalpataru Projects International Ltd Q4 FY25 results?

What is Kalpataru Projects International Ltd share price analysis?

Kalpataru Projects International Ltd currently shows a neutral. The stock trades at a P/E of 22.4 with a market cap of ₹21,910 Cr. Investors should review the full earnings analysis for detailed insights.

Is Kalpataru Projects International Ltd planning capital expenditure?

Capex for FY '25 was approximately INR 620 crores, with a similar guidance for FY '26 in the range of INR 600-650 crores.

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This analysis is AI-generated based on publicly available earnings data and concall transcripts. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.