Kalpataru Projects International Ltd. share price target

Current exposure in the Middle East (ME) remains low (~10% of overall orderbook). The management sees potential revenue impact of USD20-30mn in Q4FY26 due to supply-related challenges for the Power T&D business.

Kalpataru Projects International (KPIL), during its analyst meet, highlighted a strong addressable market for both its T&D and B&F segments over the next 2-3 years, providing clear visibility for order inflows as well as execution.

Order Book: Rs 63,287 Cr. FY26 Inflows: Rs 19,456 Cr. Core Segments: ~70% of order book. Order book doubled in 4 years. Domestic 74% | International 26%.

KPIL reported ~Rs57.8bn revenue in Q3FY26 (vs. our estimate of ~Rs56.6bn), led by strong momentum in T&D, B&F, Oil & Gas and Urban Infra.

Kalpataru Projects’ (KPIL) 3QFY26 performance was strong, driven by T&D, building and factories, and oil & gas segment. We continue to expect KPIL to benefit from strong pipeline + order book of INR633b, execution ramp-up and diversified mix of projects.

Collections in the Water segment have begun to improve, with 9MFY26 collections at Rs12.5bn and Jan'26 collections of Rs2.2bn. Kalpataru Projects International (KPIL) reported healthy 19.9% YoY revenue growth and flattish YoY EBITDA margin of 8.3%. Backed by sustained momentum in T&D and B&F, a healthy L1 position of ~Rs70bn underpins management's FY26 order intake guidance of ~Rs260bn. Improving collections in the water segment further support growth visibility and strengthening...

We maintain our BUY rating on the stock.

Kalpataru Projects’ (KPIL) 2QFY26 performance was in line with our estimates as strong execution offset the impact of slightly lower margins. Revenue growth was driven by strong execution across T&D, B&F, and the oil & gas division.

Kalpataru Projects (KPIL) reported a sharp beat on revenue and PAT during 1QFY26. This was driven by strong execution across T&D, B&F, and the oil & gas division.

The management has guided 20-25% revenue growth with PBT margin of 5%5.5% on a standalone basis along with order intake of Rs260-280bn in FY26. Kalpataru Projects International (KPIL) reported revenue growth of 35.4% YoY driven by strong execution across T&D, B&F and O&G, while EBITDA margin remained flat YoY at 8.5%. The management has reiterated its guidance for 2025% revenue growth in FY26, supported by a robust tendering pipeline of ~Rs1.2trn in the T&D segment over the next 1218 months. The B&F segment...

Standalone numbers were strong with a revenue growth of 35% led by higher T&D sales though water and railways business slowed down.

We maintain BUY on Kalpataru Projects International Ltd (KPIL) with a TP of Rs1,450 (implying 30% upside). Standalone revenue/EBITDA/PAT grew by 21%/31%/48% YoY, led by strong order book, improved execution, and operating efficiencies.

Management guided for 20%+ revenue growth with PBT margins of 5.25%5.5% on a standalone basis along with order intake of Rs260-280bn in FY26. We revise our FY26/FY27E EPS estimate by 1.8%/-3.6%, due to delayed collection in the Water business impacting the revenue. Kalpataru Projects International (KPIL) reported a 20.5% YoY increase in standalone revenue, with EBITDA margin improving by 66 bps to 8.4%. Growth was driven by strong execution across a robust order book, though delays in payment collections...

We maintain our BUY rating on the stock.

We revise our FY26/FY27E EPS estimate by 6.0%/-4.9%, due to delayed collection in the Water business impacting the revenue and slowdown in the Railway segment, despite strong growth T&D, B&F and O&G. Kalpataru Projects -International (KPIL) reported decent quarterly performance with standalone revenue growth of 16.4% YoY and flattish EBITDA margin YoY at...

Kalpataru Projects (KPIL) reported a broadly in-line revenue growth of 16% YoY, while its EBITDA/PAT grew 17%/9% YoY. PAT was hit by higher-than-expected interest expenses, as the collections from Water projects continued to be delayed.

We continue to remain positive on Kalpataru Projects International (KPIL) based on its positioning across fast-growing power T&D EPC as well as the Buildings and Factories (B&F) segment.

We initiate coverage of Kalpataru Projects International Ltd (KPIL) with a BUY recommendation and a target price of Rs 1,590/share, implying an upside potential of 25% from the CMP

? KPIL’s standalone revenues growth of 7.6% led by strong growth in T&D business (25%), Oil & Gas (170%), Urban Infra (31%) and B&F (19%) but was compensated by a decline in water (43%) and Railways (40%). Results broadly met estimates.

Kalpataru Projects’ (KPIL) 2QFY25 revenue was in line with our estimate. KPIL reported a revenue growth of 8% YoY, while EBITDA/PAT grew 13%/17% YoY.