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1. At a Glance
Kalpataru Projects International builds infrastructure to order, from power lines and buildings to pipelines and water systems. Consolidated revenue in the three months to June 2026 was ₹6,408 crore. A year earlier it was ₹6,171 crore. Management describes that 3.8% move as 9% once road project companies and the Brazil subsidiary are stripped out. Those two contributed ₹283 crore last year and ₹12 crore this year. An entire subsidiary now turns over roughly what a mid-sized housing society collects in annual maintenance.
Operating profit was ₹562 crore, against ₹525 crore a year earlier. Profit attributable to owners was ₹310 crore, against ₹214 crore. Earnings per share came in at ₹18.16, against ₹12.51. The gap between the revenue line and a 45% rise in profit before tax sits mostly in two rows. Finance costs fell from ₹122 crore to ₹82 crore. Other income rose from ₹16 crore to ₹77 crore.
The order book closed the quarter at ₹66,607 crore, the highest the company has reported. Consolidated net debt was ₹917 crore, against ₹2,765 crore a year earlier. That is a decline of 67%, and net debt stood at a tenth of equity. Net working capital, the cash tied up in work not yet paid for, was 80 days against 91.
The quarter also brought a rolling mill approval at Raipur and a first water order in the Middle East. A Saudi subsidiary was taken to full ownership. A Dominica branch, an Eswatini tax office and a UAE authority all wrote letters. For a firm whose paperwork travels this widely, the founding product moves remarkably little. That founding product is the steel lattice tower.
2. Introduction
Kalpataru Projects International was incorporated in 1981 by Mr Mofatraj P. Munot. It began life doing what its old name said out loud. Kalpataru Power Transmission put up transmission lines and substations for extra-high-voltage power. The product is essentially a very tall, very tested metal triangle. It is repeated across a landscape until electricity arrives somewhere it was not.
From there the company diversified, with the enthusiasm of an outfit that had noticed something useful. The same site engineers, the same cranes and the same tolerance for monsoon delays work on almost anything. Bridges, flyovers, highways and captive power plants followed. So did industrial projects, buildings, railways and water. JMC Projects (India) Limited was amalgamated into it along the way. That is why a GST authority once came asking about Cenvat credit, a tax set-off claimed on inputs, from the financial year ending March 2015. It was asking about a company that no longer exists. The Company reported a demanded penalty of ₹7.11 crore, and stated it does not have any significant impact.
Today the company reports more than 250 projects executed across five continents and a reach in 75 countries. It reports live projects in over 30 countries, more than 11,000 employees and over 50 nationalities. Crisil, a credit-rating agency, reaffirmed Crisil AA/Stable and Crisil A1+ in its October 2025 rationale. The rated bank facilities behind that had been enhanced to ₹26,329 crore. Management stated in the August 2026 call that India Ratings, another rating agency, has since upgraded the rating to AA+ Stable.
The recent record is mostly a list of things being tidied up and things being started. The road BOOT portfolio has been exiting. Under BOOT the company builds a road, runs it for a set period, then hands it back. Wainganga’s toll operations were handed to NHAI from 30 September 2025. The sale of Vindhyachal Expressway completed, producing a consolidated exceptional gain of ₹156.56 crore in the March 2026 quarter. That quarter also carried a ₹90.50 crore impairment on goodwill and intangibles. Brazil went the other way. Step-down subsidiary Fasttel Engenharia filed for judicial reorganization on 5 March 2026. Management stated that the entire invested amount has been nearly written off.
In June 2026 the residual 26% of KMTL went to Apraava. In April, Saudi approvals completed and KIOCL became wholly owned for 10 million Saudi riyals. On 11 August 2026 the board approved capex of up to ₹150 crore for a rolling mill at the Raipur plant. It approved the quarter’s results on the same day, which is efficient use of a single board meeting. That meeting ran from noon to 2:15 p.m.
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3. Business Model: WTF Do They Even Do?
The company builds the parts of a country that people only notice when they stop working. Its trade is EPC: the contractor designs the job, buys the materials and builds it.
Six EPC verticals carry the order book as at 30 June 2026. Transmission and distribution of electricity is 44% of it, and buildings and factories 29%. Water is 11% and urban infrastructure 6%. Oil and gas is another 6%, and railways 4%. Revenue in the three months to June 2026 followed roughly the same order. Transmission and distribution brought in ₹2,924 crore, up 10% excluding the Brazil subsidiary. Buildings and factories brought ₹1,588 crore, up 15%. Oil and gas brought ₹693 crore, up 18%. Water brought ₹626 crore, down 7%. Urban infrastructure brought ₹295 crore, up 15%. Railways brought ₹195 crore, down 23%.
Transmission and distribution is the ancestral business: lines, substations, solar EPC and an in-house tower factory. That factory is rated at 240,000 tonnes a year. The record runs to more than 38,000 km of completed transmission contracts and 2.8 million tonnes of towers delivered. More than 600 towers have been tested. Somebody in Gandhinagar has a career built on trying to break large metal objects on purpose, then certifying that it could
