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Kalpataru Projects International Limited (formerly Kalpataru Power Transmission Limited) is a global EPC company specializing in infrastructure projects. The company operates in multiple sectors including power transmission and distribution, buildings and factories, water supply, railways, oil and gas pipelines, urban mobility, highways, and airports. It has a presence in over 70 countries and executes projects in more than 30 nations. The company's services encompass design, testing, fabrication, erection, and construction for various infrastructure projects. Kalpataru has manufacturing facilities in Gandhinagar and Raipur, and has expanded its capabilities through acquisitions and subsidiaries. The company has a strong track record in transmission line projects and has diversified into other infrastructure segments. In 2023, Kalpataru merged with its subsidiary JMC Projects (India) Ltd., further expanding its project portfolio and capabilities.
The Quarter story
The two most recent quarterly results, compared side-by-side.
Kalpataru Projects strengthens its balance sheet and margins while navigating seasonal order normalization.
Consolidated gross debt fell from ₹4,042 Cr in Q1 FY26 to ₹2,595 Cr in Q1 FY27, signaling aggressive deleveraging.
Consolidated order inflows peaked at ₹26,400 Cr in Q4 FY26 and fell to ₹7,668 Cr in Q1 FY27, reflecting seasonal booking patterns.
Consolidated PAT margin grew from 3.5% in Q1 FY26 to 4.9% in Q1 FY27, reflecting improved operational leverage.
Consolidated revenue dropped from ₹7,778 Cr in Q4 FY26 to ₹6,396 Cr in Q1 FY27, indicating a temporary slowdown in project billing.
Transmission & Distribution order book expanded from ₹26,725 Cr in Q1 FY26 to ₹29,609 Cr in Q1 FY27, securing long-term execution visibility.
Water segment order book contracted from ₹8,903 Cr in Q1 FY26 to ₹7,208 Cr in Q1 FY27, signaling pipeline pressure in this vertical.
Consolidated net working capital days dropped from 91 days in Q1 FY26 to 80 days in Q1 FY27, indicating faster cash conversion.
Standalone cash and investments fell from ₹1,721 Cr in Q4 FY26 to ₹1,353 Cr in Q1 FY27, as funds were deployed toward capex and debt repayment.
Water segment revenue recovered from ₹386 Cr in Q3 FY26 to ₹626 Cr in Q1 FY27, showing steady project execution.
Oil & Gas order book shrank from ₹7,148 Cr in Q1 FY26 to ₹3,985 Cr in Q1 FY27, requiring closer monitoring for future bookings.