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1. At a Glance
Consolidated revenue for the June 2026 quarter came in at ₹6,408 crore, against ₹6,171 crore a year earlier — a 3.8% move that management describes as +9% once income from Road SPVs and the Brazil subsidiary is stripped out, those two having contributed ₹283 crore last year and ₹12 crore this year. Twelve crore. An entire subsidiary reduced to the revenue equivalent of a mid-sized housing society’s annual maintenance collection.
Operating profit was ₹562 crore against ₹525 crore. PAT attributable to owners was ₹310 crore against ₹214 crore, and EPS was ₹18.16 against ₹12.51. The gap between a 3.8% revenue line and a 45% profit-before-tax line sits mostly in two rows: finance costs fell from ₹122 crore to ₹82 crore, and 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 ago, a decline of 67%, with net debt/equity at 0.1x. Net working capital stood at 80 days versus 91.
Elsewhere in the quarter: a rolling mill approved at Raipur, a first water order in the Middle East, a Saudi subsidiary taken to 100%, and a Dominica branch, an Eswatini tax office and a UAE authority all writing letters. For a company whose founding product is a steel lattice tower that stands very still, the paperwork travels remarkably widely.
2. Introduction
Kalpataru Projects International was incorporated in 1981 by Mr. Mofatraj P. Munot, and began life doing what its old name said out loud: power transmission. Kalpataru Power Transmission put up transmission lines and substations for extra-high-voltage power, which is a business where the product is essentially a very tall, very tested metal triangle repeated across a landscape until electricity arrives somewhere it wasn’t.
From there the company diversified with the enthusiasm of someone who has discovered that the same site engineers, the same cranes and the same tolerance for monsoon delays work on almost anything: bridges, flyovers, highways, captive power plants, industrial projects, buildings, railways, water. JMC Projects (India) Limited was amalgamated into it along the way, which is why a GST authority once came asking about Cenvat credit from FY 2014-15 and 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 250+ projects executed across 5 continents, a reach in 75 countries, live projects in 30+ countries, 11,000+ employees and 50+ nationalities. Crisil, in its October 2025 rationale, reaffirmed Crisil AA/Stable and Crisil A1+ across a rated bank facility pile enhanced to ₹26,329 crore, and management stated in the August 2026 call that the rating has since been upgraded to AA+ Stable by India Ratings.
The recent record is mostly a list of things being tidied up and things being started. The road BOOT portfolio has been exiting: Wainganga’s toll operations were handed to NHAI from 30 September 2025, and the sale of Vindhyachal Expressway completed, producing a ₹156.56 crore consolidated exceptional gain in the March 2026 quarter alongside 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, and management stated 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 SAR 10 million.
Meanwhile the board approved capex of up to ₹150 crore for a rolling mill at the Raipur plant, on 11 August 2026 — the same day it approved the quarter’s results, which is efficient use of a board meeting that ran from noon to 2:15 p.m.
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3. Business Model: WTF Do They Even Do?
They build the parts of a country that people only notice when they stop working.
Six EPC verticals, and the order book as of 30 June 2026 splits them: T&D 44%, B&F 29%, Water 11%, Urban Infra 6%, Oil & Gas 6%, Railways 4%. Revenue in Q1 FY27 followed roughly the same order — T&D ₹2,924 crore (+10% YoY excluding the Brazil subsidiary), B&F ₹1,588 crore (+15%), Oil & Gas ₹693 crore (+18%), Water ₹626 crore (-7%), Urban Infra ₹295 crore (+15%), Railways ₹195 crore (-23%).
T&D is the ancestral business: transmission lines, substations, solar EPC, and an in-house tower factory rated at 2,40,000 MTPA. Track record: 38,000+ km of completed transmission contracts, 2.8 million tons of towers delivered, 600+ towers tested. Somebody, somewhere in Gandhinagar, has physically tested six hundred towers, which is a career built entirely on trying to break large metal objects on purpose and then filing a certificate saying you couldn’t.
Buildings & Factories does residential, commercial, industrial plants, data centres and airports — 150+ million sq ft under construction, 80+ ongoing projects in India, and nearly half the portfolio design-build. Management stated it has qualified for both civil and MEP on data centres, completed two and is executing a third.
Oil & Gas has laid 12,200+ km of pipeline and completed associated works at 635+ stations, with a large fleet of owned equipment including HDD and robotic welding machines. Water covers supply, treatment, irrigation, storage, O&M and
