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Indian EPC contractor (Kalpataru Group) building power transmission lines, buildings, water infrastructure and pipelines globally.
Indian EPC contractor (Kalpataru Group) building power transmission lines, buildings, water infrastructure and pipelines globally.
Works on competitively tendered, mostly fixed-price contracts and records revenue as construction progresses, so the order book and cost control matter more than any product price. Transmission lines are the longest-standing speciality; buildings, water and pipelines were added later, along with business abroad.
Moat: narrow (scale, process know-how). Large order book and global transmission-EPC execution track record, but tender-driven pricing.
Headquarters: Mumbai, India · Founded: 1981 · Employees: 28,649
Size Kalpataru Projects International (KPIL.NS) is an India Industrials company (Engineering & Construction) with a market value of $2.48B, the 324th largest of 1,058 India companies the cockpit tracks. Shares closed at ₹1,371 on 6 Nov 2026.
Performance Over six months the shares gained 5.6%, against -7.8% for the median peer and 0.0% for the India market (cap-weighted) — 5th highest of 21 in its peer set.
Growth Revenue grew 14.6% over the last twelve months (peer median +7.8%); the operating margin is 6.4% (peer median 5.5%).
Valuation It trades at 18.6× forward earnings against a peer median of 14.5× (7th most expensive of 21).
Price implies For today's price to make sense, revenue must grow about 15% a year for seven years (Req g). Recent delivered growth is +16%, so the hurdle is -1 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 4.4 points above its cost of capital (12.7% WACC).
Next results Next results expected around 10 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹274B | ₹271B | ₹223B | ₹196B | ₹163B |
| Revenue growth | — | +22% | +14% | +20% | — |
| Gross profit | ₹38.3B | ₹34.5B | ₹26.0B | ₹25.0B | ₹20.1B |
| EBITDA | ₹22.8B | ₹24.4B | ₹20.3B | ₹19.2B | ₹14.7B |
| Net income | ₹11.4B | ₹10.4B | ₹5.86B | ₹5.10B | ₹4.41B |
| Free cash flow | n/a | ₹2.84B | -₹1.96B | ₹401M | -₹5.73B |
| Capital expenditure | n/a | ₹8.10B | ₹5.75B | ₹3.52B | ₹7.71B |
| Total debt | n/a | ₹35.4B | ₹43.1B | ₹40.1B | ₹37.9B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Kalpataru Projects International KPIL.NS | $2.48B | +6% | +15% | 6% | 18.6× | 14.9% |
| KEC International KEC.NS | $939M | -46% | -2% | 5% | 13.3× | n/a |
| Larsen & Toubro LT.NS | $59.8B | +2% | +11% | 8% | 27.6× | 29.7% |
| Transrail Lighting TRANSRAILL.NS | $628M | -25% | +14% | 11% | 10.5× | 5.9% |
| Skipper SKIPPER.NS | $669M | +7% | +17% | 9% | 21.7× | n/a |
| NCC NCC.NS | $816M | -28% | -2% | 8% | 11.1× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | KPIL.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -6.0% | +1.3% | 6th lowest of 21 |
| 6-month return | +5.6% | -7.8% | 5th highest of 21 |
| Distance from 52-week high | -8.0% | -25.2% | 2nd highest of 21 |
| Revenue growth (TTM) | +14.6% | +7.8% | 4th highest of 21 |
| Operating margin | 6.4% | 5.5% | 7th highest of 21 |
| Forward P/E | 18.6× | 14.5× | 7th most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | 14.9% | -0.6% | 3rd most demanding of 18 |
| Growth delivered (Del g) | +16.0% | +9.4% | 4th highest of 18 |
| Hurdle (Req g minus delivered) | -1.1 pp | -5.8 pp | 5th most demanding of 18 |
| ROIC minus cost of capital | +4.4 pp | +4.0 pp | 10th highest of 21 |
| EV / EBITDA | 10.3× | 9.0× | 6th most expensive of 16 |
| Net debt / EBITDA | 0.7× | 0.2× | 8th most indebted of 19 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Kalpataru Projects International KPIL.NS | India | $2.48B | +6% | +15% | 6% | 18.6× | 14.9% | +16.0% |
| Arcplus 600629.SS | China | $2.43B | -17% | -25% | -3% | 38.4× | n/a | n/a |
| AF Gruppen AFG.OL | Norway | $2.42B | +13% | +11% | 5% | 16.2× | -9.7% | +3.4% |
| Koninklijke Heijmans HEIJM.AS | Netherlands | $2.55B | -7% | +11% | 6% | 13.5× | 3.9% | +9.7% |
| Shanghai Tunnel Engineering 600820.SS | China | $2.56B | -9% | -9% | 6% | 8.0× | -0.6% | +1.4% |
| Webuild WBD.MI | Italy | $2.39B | -22% | +2% | -1% | 6.5× | -2.1% | +24.4% |
| Bilfinger GBF.DE | Germany | $2.57B | -31% | +6% | 5% | 15.5× | -6.7% | +9.4% |
| Tecnicas Reunidas TRE.MC | Spain | $2.57B | -5% | +33% | 4% | 13.5× | -2.5% | +12.9% |
| Toda 1860.T | Japan | $2.58B | -3% | +10% | 6% | 11.1× | -0.8% | +5.0% |
| Cemindia Projects CEMPRO.NS | India | $2.58B | +36% | +10% | 9% | 32.8× | 42.2% | +29.9% |
| Aecon ARE.TO | Canada | $2.59B | -4% | +23% | 2% | 26.3× | 5.1% | +8.3% |
| Keller KLR.L | United Kingdom | $2.63B | +24% | +10% | 7% | 11.8× | 4.4% | +8.4% |
| Bird Construction BDT.TO | Canada | $2.70B | +28% | +7% | 4% | 21.5× | 6.1% | +17.7% |
| Penta-Ocean Construction 1893.T | Japan | $2.25B | -29% | +7% | 7% | 8.9× | n/a | n/a |
| Grenergy Renovables GRE.MC | Spain | $2.24B | -40% | +8% | 23% | 18.9× | n/a | n/a |
| Nbcc (india) NBCC.NS | India | $2.23B | -19% | +4% | 6% | 26.0× | 40.1% | +12.9% |
| Elecnor ENO.MC | Spain | $2.76B | -30% | +7% | 4% | 17.0× | -4.9% | +12.3% |
| Morgan Sindall MGNS.L | United Kingdom | $2.77B | -7% | +11% | 5% | 11.7× | -4.7% | +10.6% |
| Peab PEAB-B.ST | Sweden | $2.80B | +5% | +4% | 4% | 11.4× | 6.6% | -0.4% |
| IRB Infrastructure Developers IRB.NS | India | $2.18B | -21% | -14% | 27% | 16.0× | 9.2% | +4.2% |
| EXEO 1951.T | Japan | $2.84B | -22% | +18% | 7% | 12.2× | -5.0% | +6.6% |