Kalpaturu Projects International
Stock Snapshot
Price Performance
Vista Outlook
Basis of our Recommendation
Kalpataru Projects International Limited (KPIL) is positioned for sustained growth, bolstered by a record order book of INR 666 billion and a strategic pivot towards high-margin segments such as Transmission & Distribution (T&D), Buildings & Factories (B&F), and Oil & Gas. Management's focus on disciplined capital allocation and international expansion, particularly in the Middle East, enhances revenue visibility and mitigates domestic cyclicality. Despite facing short-term challenges like labor availability and geopolitical risks, the structural demand for energy infrastructure and urbanization trends provide a robust multi-year growth trajectory. Vista's financial outlook reflects moderate revenue growth expectations, stable margins, and an attractive valuation, with a target price of INR 1,728.49, indicating an expected upside of approximately 21.92%. The infrastructure sector's expansion, supported by government initiatives and increased private capital expenditure, further underpins KPIL's growth potential. Over the next 12-24 months, key opportunities include capitalizing on the global T&D investment surge and urban infrastructure projects, while watchpoints include execution risks and potential slowdowns in project awards
Why We Like This Stock
- Record order book of INR 666 billion provides significant revenue visibility
- Strategic pivot towards high-margin segments and international markets enhances growth potential
- Government initiatives and increased private capex support infrastructure sector expansion
Things To Watch Out For
- Short-term headwinds from labor availability and geopolitical risks may impact execution
- Projected slowdown in road construction could affect project awards and order book growth
- Execution risks associated with large-scale EPC operations remain a concern
Key Parameters
Financial Snapshot
View Technicals Analysis →| Actuals | Forecast | ||||
|---|---|---|---|---|---|
| FY24 | FY25 | FY26 | FY27 | FY28 | |
| Revenue (Cr.) | 19,626 | 22,316 | 27,143 | 26,950 | 30,122 |
| Profit Before Tax (Cr.) | 703 | 814 | 1,334 | 1,589 | 1,760 |
| PBT Margin | 3.6% | 3.6% | 4.9% | 5.9% | 5.8% |
| Net Profit (Cr.) | 479 | 504 | 926 | 1,102 | 1,209 |
| Earnings Per Share | 27.7 | 30.6 | 54.7 | 63.9 | 70.8 |
Analyst Recommendations
| Broker | Recommendation | Target Price | Date |
|---|---|---|---|
| Axis Securities | ▲ Buy | 1,500 | 12-Aug-2026 |
| Kotak Securities | ▲ Buy | 1,710 | 12-Aug-2026 |
| Motilal Oswal | ▲ Buy | 1,600 | 12-Aug-2026 |
| Nuvama | ▲ Buy | 1,554 | 12-Aug-2026 |
| Prabhudas Liladhar | ► Accumulate | 1,472 | 12-Aug-2026 |
| HDFC Securities | ▲ Buy | 1,764 | 18-May-2026 |
Company Overview
Show Company Profile
Kalpataru Projects International Limited provides engineering, procurement, and construction (EPC) services for power transmission and distribution, buildings and factories, water supply and irrigation, railways, oil and gas, and urban infrastructure sectors in India and internationally. The company operates in Engineering, Procurement and Construction; Developmental Project; and Others segments. It designs, tests, procures, fabricates, erects, installs, and commissions power transmission lines, substations, and underground cable works; executes civil works, design and build composite works, structural works, finishing works, utility installations, and area development for buildings and factories; and designs and builds water intake, pipeline installation, treatment, storage, supply, distribution, and operation and maintenance of water projects. The company also offers services under its railway arm, including overhead electrification, traction substations, station buildings, railway track laying, earthwork, workshops, signaling and telecommunication, power systems, and civil works with railway networks and projects; and EPC services for the design and construction of highways, bridges and flyovers, airports, metro rail corridor stations and transit terminals and hubs, as well as undertakes EPC contracting for cross-country pipelines, terminals, and gas gathering stations for the oil and gas sectors. In addition, it is involved in agri-storage infrastructure with value added services, such as testing and certification, collateral management, pest control activities, preservation, maintenance, and security services, as well as management and operation of warehouses; and operates biomass power generation plants. The company was formerly known as Kalpataru Power Transmission Limited and changed its name to Kalpataru Projects International Limited in May 2023. Kalpataru Projects International Limited was incorporated in 1981 and is based in Mumbai, India.