KALPATARU PROJECTS INTERNATIONAL FUNDAMENTAL RESEARCH REPORT

Kalpataru Projects International (NSE: KPIL, BSE: 522287), Mumbai, is one of India’s largest EPC contractors. Power transmission & distribution (T&D) is the anchor (44% of the order book, in India and ~30 countries, including Linjemontage in Sweden), alongside buildings & factories, water, oil & gas pipelines, railways and urban infrastructure. FY26 revenue was Rs 27,143 Cr and PAT Rs 1,031 Cr. India Ratings upgraded it to AA+/Stable on 3-Jul-2026. Event 1 - record order book. Orders stood at Rs 66,607 Cr on 30-Jun (2.45x FY26 revenue). FY27 inflow reached Rs 13,219 Cr by 24-Sep with >Rs 12,000 Cr of L1 positions, and on 28-Sep it won a UAE gas-pipeline EPC above Rs 4,000 Cr, against a fullyear target of Rs 30,000 Cr. Management guides revenue growth of at least 15% and a PBT margin up more than 75 bp in FY27.