B.L. Kashyap & Sons Ltd Q2FY25 – The ₹3,311 Crore Order Book Rollercoaster: From Debt Drama to Metro Dreams

1. At a Glance

B.L. Kashyap & Sons Ltd (BLK) — the name that once built India’s swankiest offices and campuses — is back in the limelight, this time for its rollercoaster financials and a “workaholic” order book that could make even Larsen & Toubro blush. As of November 2025, the stock trades at ₹49, sporting a market cap of ₹1,107 crore and a P/E that’s basically “not meaningful,” since profits are flirting with the red.

Revenue for the latest quarter (Q2FY25) hit ₹355 crore, up a flashy33% YoY, but the PAT collapsed from ₹9.38 crore last year to aloss of ₹8.62 crore, a tragicomic plot twist that only an EPC firm can pull off. The operating profit margin (OPM) tumbled to 5.76%, and ROE stands at a humble2%, roughly what a savings account gives you if you squint hard enough.

And yet, this “Debt to Destiny” story continues: BLK’s order book now stands at a staggering ₹3,311 crore, 78% of it in commercial projects, and the company claims to be“moving towards zero debt.”The only suspense now — will it get there before the next Metro tender drops?

2. Introduction – The Comeback Contractor

Once upon a time, in the chaos of India’s real estate boom, B.L. Kashyap was the go-to name for building everything that screamed “premium” — malls, offices, and campuses for the country’s richest corporates. Then came 2014, a time when the company slipped into the Corporate Debt Restructuring (CDR) abyss — construction dust met interest cost, and balance sheets cried for mercy.

Fast forward to FY25, and the company has staged a comeback that could rival a Bollywood sequel. From ₹700 crore debt down to ₹240 crore, it’s now armed with CC limits, BG guarantees, and a dream to go completely debt-free. The EPC contractor that once builtSelect City WalkandDLF Downtownis now busy signing new contracts like an overenthusiastic Tinder user.

But make no mistake — EPC is not for the faint-hearted. Delays, margin squeezes, and client disputes can turn a ₹900 crore project into a ₹9 crore headache. Yet BLK, like a construction phoenix, keeps rising from the rubble. The recent ₹910 crore BPTP order and ₹295 crore Embassy project are proof that the cranes are swinging again.

Still, one can’t ignore the elephant in the room:promoter pledging of 99.4%. Imagine holding 61.7% of your company, but every bit of it being mortgaged. That’s like owning a mansion but sleeping in the servant quarter because the bank has the keys.

3. Business Model – WTF Do They Even Do?

Let’s decode this brick-and-mortar beast. BL Kashyap & Sons Ltd is anEPC (Engineering, Procurement, and Construction)company. Translation: they design, procure, and construct everything from high-rise apartments to swanky tech parks to government infrastructure.

Their portfolio screams diversity — not in gender, but in project types. Think commercial hubs likeEmbassy Tech VillageandDLF Downtown, residential castles likeThe Arbour, institutional builds likeAIIMS Raipur and Patna, and even metro projects in Chennai and Jaipur. The company doesn’t just pour concrete — it builds skylines.

And yes, BLK is not just chasing private glamour anymore. About 13% of revenues now come from government contracts, and the management wants to push that to25–30% by FY26. Because let’s face it, private clients might delay payments, but at least the government ensures long litigation with interest!

Their client list reads like a “Who’s Who” of Indian infrastructure: DLF, Embassy Group, Flipkart, Hero MotoCorp — basically every brand that needs a “campus” big enough to host a cricket match.

In short, BLK’s business model is simple: take large orders, execute them with precision, hope for no delays, and pray that inflation doesn’t eat your margin before the building’s roof gets laid.

4. Financials Overview

Commentary:Revenue growth is the party trick here — 33% up YoY. But when it comes to profits, it