Kalpataru Projects International

KPIL · NSE · Mid Cap

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Transmission & Grid·Listed·Directness 60/100

Kalpataru Projects International

Transmission and infrastructure EPC; international + domestic renewable evacuation work.

Transmission & GridEPC
Sell / Avoid
Last price
₹1261.00
52W: ₹943 – ₹1,336
-5.6% from 52W high
Mkt Cap
₹21.53K Cr
P/E
25.4x
EV/EBITDA
12.7x
ROCE
16.0%
ROE
10.0%
Book Value
₹408.0
Promoter
33.6%
Real financial data sourced from Screener.in · annual + quarterly statements below

Scoring breakdown

SageOne-style fundamental · TQ-100 technical · solar overlays

A
Fundamental (30%)
49
Valuation (20%)
80
Technical (20%)
77
Solar exposure (10%)
60
Policy beneficiary (7.5%)
70
Project pipeline (5%)
75
Governance safety (7.5%)
80

52-week position

Real snapshot from Screener

₹943Current: ₹1,261₹1,336
P/E
25.4x
P/B
3.1x
Div Yield
0.71%

Investment thesis

One-liner · bull · bear · monitorables

One-liner. Kalpataru Projects International: renewable evacuation super-cycle + grid modernization order book provide multi-year visibility.

Bull case

Bull case for Kalpataru Projects International: continued capacity ramp at attractive unit economics, supportive policy (PLI / ALMM / RPO / open access), benign module + commodity cycle, healthy receivable conversion, and re-rating from current valuation as execution beats consensus.

Bear case

Bear case for Kalpataru Projects International: module/tariff price crash, working-capital blowout from DISCOM receivables, leverage spiking past 4x net-debt/EBITDA, ALMM/PLI delays, Chinese dumping, and de-rating to historical median multiples on growth disappointment.

Key monitorables
  • 01Quarterly capacity commissioned vs guidance
  • 02Receivable days from DISCOMs and large customers
  • 03Net debt / EBITDA trajectory
  • 04Order book to revenue cover

Solar exposure

Directness · policy linkage · BOM

Primary segmentTransmission & Grid
Directness60/100
ALMM eligible—
PLI beneficiary—
Imported BOM—

Valuation snapshot

Multiple methods · solar-specific multiples

MethodValueHist %ile
P/E (TTM)25.4x—
Forward P/E——
EV/EBITDA12.7x—
EV/Sales1.2x—
P/B3.1x—
FCF Yield0.9%—

Project pipeline

0 tracked projects

No tracked projects.

Financials

Source: Screener.in (consolidated) · ticker KPIL · last updated 2026-05-11

Open on Screener.in
Market Cap
₹21.53K Cr
Price
₹1,261.00
Stock P/E
25.4x
Book Value
₹408.0
ROCE
16.0%
ROE
10.0%
Div Yield
0.71%
52W Range
₹943 – ₹1,336

Ratio analysis (derived from statements)

Growth · profitability · returns · leverage · cash flow · valuation

Growth
Sales 1Y13.7%
Sales 3Y CAGR14.7%
Sales 5Y CAGR14.6%
PAT 1Y9.9%
PAT 3Y CAGR2.0%
PAT 5Y CAGR-3.8%
Profitability
OPM latest9.0%
PAT margin latest2.5%
PAT margin 3Y avg2.6%
ROE10.0%
ROCE16.0%
Asset turnover0.87x
Leverage & cash
D / E0.66x
Net Debt / EBITDA2.12x
Borrowings / Assets16.9%
CFO / EBITDA0.45x
CFO / PAT1.61x
FCF (TTM proxy)₹196 Cr
Valuation
P/E25.4x
EV/EBITDA12.7x
EV/Sales1.16x
P/B3.09x
FCF Yield0.91%
Div Yield0.71%

Annual P&L · 5 years

₹ Crore. Source: Screener.in consolidated.

MetricMar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Sales12,94914,77716,36119,62622,316
Operating Profit1,5741,2951,4901,8142,031
OPM %12%9%9%9%9%
Net Profit662535435516567
EPS (₹)45.0636.2827.1331.3734.30

Quarterly results · last 4 quarters

₹ Crore.

MetricJun 2024Sep 2024Dec 2024Mar 2025
Sales4,5874,9305,7327,067
OPM %8%9%8%8%
Net Profit84126140218

Balance sheet · 5 years

₹ Crore.

ItemMar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Equity Capital3030323234
Reserves3,7094,2494,6885,1066,479
Borrowings3,2603,8383,7864,0084,314
Fixed Assets—————
Total Assets15,32117,11619,52122,01425,573

Cash flow · 5 years

₹ Crore.

ActivityMar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Operating931714656843914
Investing-6-214-323-266-718
Financing-89725-438-524400
Net Cash Flow28525-10553596

Shareholding pattern

Latest disclosed

Promoters
33.58%
FII
10.92%
DII
45.12%
Public
10.38%

Policy linkages

Schemes where this company is a confirmed or likely beneficiary

No direct policy linkages tracked.