KPILConstruction

Kalpataru Projects International Limited

Civil Construction · ISIN INE220B01022 · BSE 522287 · NSE EQ · FV ₹2
Last price
₹1,399
+0.60%today
What this company does

Kalpataru Projects International Limited operates in Civil Construction, part of the Construction sector. It booked ₹6,408 cr of revenue in its latest quarter (Q1 FY27) and kept 4.8% of sales as profit. It is the 3rd largest of 9 Civil Construction companies we track, by market value.

In the report:
70out of 100
Equitytale Health Score
Solid

Healthier than 70% of companies in Construction, on all six measures of filed financials. Each measure is ranked against the 7–23 companies that reported it.

Measures financial condition, not whether to buy. Learn what this score means · How this is calculated

Price momentum
neutral
RSI (14)
51

At close. Not part of the score.

Profitability & returns72

How much profit it earns on the money it employs

Balance sheet65

How much it owes, and whether earnings cover the interest

Cash quality84

Whether reported profit actually arrives as cash

Growth & consistency79

Whether sales and profit have grown, and how steadily

Valuation57

What today's price implies, against our models or its peers

Governance & risk55

How much of the promoters' stake is pledged, and how much they hold

Is this company doing well?
not investment advice
Strengths
Makes a profit
Profit up 45% vs last year
Strong 16% return on equity
Watch-outs
! Thin 4.8% net margin
! 24.6% of promoter stake pledged
! Operating cash flow is negative

What if I invest in KPIL?

Set a growth rate and see what a monthly SIP would add up to. Your assumption, our arithmetic.

You would put in
₹12.00 lakh
120 instalments
At 10% a year, it would become
₹20.15 lakh

The slider starts at 10%, taken from this company's own free-cash-flow trend. That is history, not a forecast — this is your assumption, and the figure above is arithmetic on it. Returns are not steady year to year, and a real holding would not grow in a straight line. We do not publish price targets or predict returns.

Key ratios · latest quarter + price
₹1,399 +0.60%
latest close · 2026-09-17
1-year return
+256.6%
52-wk low ₹33252-wk high ₹1,468
Is it cheap or expensive?
What you pay for the profits, book value and cash flow. Higher isn't automatically worse — it can signal faster growth.
P/E ratio19.3Average
LowAverageHigh
P/B ratio3.07High
Below bookModerateHigh
EV / EBITDA10.1Average
LowAverageHigh
How good is the business?
How much profit it earns from its money and its sales.
Return on equity15.9%Strong
WeakFairStrong ▸15%
Return on capital22.0%Strong
WeakFairStrong
Net margin4.8%Thin
ThinDecentStrong
EBITDA margin10.0%Thin
ThinDecentHealthy
Is it financially safe?
How much it owes, and whether it can comfortably cover it.
Debt to equity0.43Comfortable
LowModerateHigh ▸1
Interest cover6.1×Strong
RiskyOkayStrong ▸5×
Current ratio1.23Healthy
Tight ◂1HealthyAmple
More figures
Market cap
₹23,900 cr
Book value
₹455
EPS
₹18.16
latest quarter
Net debt
₹1,795 cr
owes more than its cash
Enterprise value
₹25,695 cr
EBITDA
₹2,556 cr
annualised
EBIT
₹2,010 cr
annualised
Operating margin
7.8%
Return on assets
4.5%
Earnings yield
5.19%
P/S
0.93
Sales / share
₹1,500.7
Tax rate
25.9%
Face value
₹2
Shares
17.1 cr
Working capital
₹4,360 cr
Current assets
₹22,942 cr
Current liabilities
₹18,582 cr
Delivery %
50.1%
Strong / safeFairWeak / riskyValuation — a level, not good/badBands are general rules of thumb, not advice.

P/E, ROE, ROCE and margins are annualised from the latest quarter; per-share and balance-sheet ratios use the most recent balance sheet on file · prices as of 2026-09-17.

Worth vs price · from the FY 2026 report & filings
not investment advice
Hard to value confidentlyLow confidence
The market price is far above what these earnings- and book-based models support — a fast-growing or asset-light business can trade well above them for years, so we won't put a confident number on how overpriced it is.
Models span ₹385₹602, midpoint ₹481

An educational model from the company's own filings, every assumption shown — not investment advice or a price target. Prices can stay above or below any model for years.

P&L · Q1 FY27 (consolidated)
Revenue from Operations₹6,408 cr
Other Income₹77 cr
Total Income₹6,485 cr
Cost of Materials₹1,948 cr
Purchases of Stock-in-Trade₹0 cr
Inventory Change (±)₹-37 cr
Employee Benefit Expense₹701 cr
Finance Costs₹82 cr
Depreciation & Amortisation₹137 cr
Other Expenses₹3,234 cr
Total Expenses₹6,065 cr
Profit before Tax₹420 cr
Tax Expense₹109 cr
Net Profit₹312 cr
Net margin on total income4.8%
Where the money goes · Q1 FY27
% of total income
Materials + stock-in-trade₹1,911 cr29.5%
Employee benefit expense₹701 cr10.8%
Finance costs₹82 cr1.3%
Depreciation & amortisation₹137 cr2.1%
Other expenses₹3,234 cr49.9%
Tax expense₹109 cr1.7%
Profit for the period₹312 cr4.8%
Total income ₹6,485 cradds up to ₹100 ✓
Quarterly results · consolidated (₹ cr)
MetricQ3 FY26Q4 FY26Q1 FY27
Revenue6,665 cr7,778 cr6,408 cr
Total income6,694 cr7,815 cr6,485 cr
Expenses6,417 cr7,369 cr6,065 cr
Profit before tax247 cr511 cr420 cr
Tax98 cr81 cr109 cr
Net profit (owners' share)152 cr434 cr310 cr
Net margin (owners' share, on revenue)2.3%5.6%4.8%
EPS (₹)8.9125.4218.16
YoY (latest quarter): total income +4.8% · net profit +45.1%
Balance sheet & cash flow · as of Mar 2026
Low debt
Total assets
₹27,713 cr
Shareholder equity
₹7,777 cr
parent shareholders
Total debt
₹3,307 cr
Cash
₹1,512 cr
Cash flow · H1 FY26
Operating
₹-412 cr
Investing
₹-395 cr
Financing
₹-29 cr
Peer comparison
Civil Construction · by market value
CompanyPriceMarket capP/E
Larsen & Toubro Limited₹3,836₹5.28 L cr32.0
Rail Vikas Nigam Limited₹202₹42,055 cr66.3
Kalpataru Projects International Limitedthis company₹1,399₹23,900 cr19.3
IRB Infrastructure Developers Limited₹19₹22,767 cr18.9
NBCC (India) Limited₹82₹22,175 cr36.0
Cemindia Projects Limited₹1,255₹21,563 cr38.3
Engineers India Limited₹264₹14,824 cr23.5
Techno Electric & Engineering Company Limited₹985₹11,452 cr30.7
KEC International Limited₹402₹10,700 cr36.8
Same industry · latest reported numbers · not a recommendation.
Corporate actions
Dividend yield
0.79%
trailing 12 months
Dividend / share (TTM)
₹11
Last dividend
₹11
ex 29 Jun 2026
ActionDetailEx-date
Dividend₹11 / share29 Jun 2026
Dividend₹9 / share23 Jun 2025
Dividend₹8 / share28 Jun 2024
Dividend₹7 / share6 Jul 2023
Dividend₹6.5 / share27 Jul 2022
Dividend₹1.5 / share7 Jul 2021
Who owns it · 2026-06-30
24.6% pledged
Promoter
33.6%
FII / Foreign
10.8%
DII / Domestic
44.8%
Retail / others
10.8%
Promoter stake down 7.0% over the last 12 quarters.
Smart-money activity
Insider trades
SoldK C HOLDINGS PRIVATE LIMITED · Promoter Group3.36 L · ₹11.9 cr21 Dec 21
SoldKALPATARU CONSTRUCTIONS PRIVATE LIMITED · Promoter Group2.67 L · ₹9.4 cr21 Dec 21
SoldKalpataru Properties Private Limited · Promoter Group2.14 L · ₹7.6 cr21 Dec 21
Bulk / block deals
short · NSE3004 Sep 26
short · NSE4003 Sep 26
short · NSE2001 Sep 26
Stake changes
SoldICICI Prudential Mutual Fund→ 7.12% · 14.98 L16 Jun 26
BoughtSBI Mutual Fund under its various schemes→ 9.46% · 4.90 L18 Jun 24
SoldKalpataru Constructions Pvt. Ltd. alongwith PAC · promoter→ 35.24% · 94.88 L21 Dec 23
Promoter pledges
ReleasedIIFL Wealth Prime Limited1.32 L · 10.17% held6 Apr 23
PledgedIIFL Wealth Prime Limited1.32 L · 10.09% held6 Apr 23
PledgedIIFL Wealth Prime Limited2.40 L · 12.75% held6 Apr 23
What shareholders were asked to approve

A company cannot decide everything on its own. Things like a top executive’s pay, issuing new shares, or re-appointing a director have to be put to the people who own the company, and they vote — one vote per share. So whoever owns the most shares has the most say.

Yearly shareholder meeting · 10 Jul 2025
See the official result
1
To receive, consider and adopt: (a) the Audited Standalone Financial Statements of the Company for the financial year ended March 31, 2025, and the Reports of the Board of Directors and Auditors thereon; and (b) the Audited Consolidated Financial Statements of the Company for the financial year ended March 31, 2025 and the report of Auditors thereon.
Backed by 100% of shareholders other than promotersneeded 50%
8.73 cr votes for, 827 against · 0% of mutual funds and other big investors said no
2
To declare final dividend on equity shares at the rate of Rs. 9/- per equity share for the financial year ended March 31, 2025
Backed by 100% of shareholders other than promotersneeded 50%
8.74 cr votes for, 202 against · 0% of mutual funds and other big investors said no
3
To re-appoint a Director in place of Mr. Shailendra Kumar Tripathi (DIN: 03156123), who retires by rotation and being eligible, offers himself for re-appointment.
Backed by 99% of shareholders other than promotersneeded 50%
8.70 cr votes for, 4.69 L against · 1% of mutual funds and other big investors said no
4
To ratify remuneration of the Cost Auditor for the Financial Year ending March 31, 2026
Backed by 100% of shareholders other than promotersneeded 50%
8.74 cr votes for, 1,892 against · 0% of mutual funds and other big investors said no

Every vote count above is taken from the result the company filed with the stock exchange, certified by an independent counter. To work out what would have happened without the promoters, we simply remove their votes and re-apply the same legal bar the proposal had to clear. Nothing here is an estimate or an opinion.

Who controls this company, and what it pays them

Most Indian companies are controlled by a family or group — the promoters. The exchange requires them to be listed by name, including members who own no shares at all, and requires the company to disclose any business it does with them.

The promoter group — 199 named members
owning 33.6% between them · as of 2026-06-30
K C Holdings Pvt Ltd12.17%
Mofatraj Pukhraj Munot9.57%
Kalpataru Constructions Private Limited8.00%
Late Tara Kanga1.02%
Sunita Vijay Choraria0.51%
Mofatraj P. Munot (Shares held by Mofatraj Munot as one of the Trustee of Aaryaveer Benefit Trust)0.45%
Mofatraj P. Munot (Shares held by Mofatraj P. Munot as one of the Trustee of Saachi Benefit Trust)0.45%
Mofatraj P. Munot (Shares held by Mofatraj P. Munot as one of the Trustee of Shubhika Benefit Trust)0.45%
Business done with them
FY2026 · 11 of the group
The company paid ₹92 cr to companies in the promoter group last year — about 0.3% of its ₹27,143 cr revenue and received ₹121 cr back from them.
KALPATARU PROPERTIES PVT.LTD.
Sold goods to them · Revenue from Operations, Advance from Customers received/ (adjusted) (net), Advances given / (Adjusted) (net)
₹70 cr
company received
ABACUS REAL ESTATE PRIVATE LIMITED
Sold goods to them · Reimbursement of Expenses Payable / (Receivable), Revenue from Operations, Advance from Customers received/ (adjusted) (net)
₹34 cr
company received
MOFATRAJ PUKHRAJ MUNOT
Other payments to them · Salary and Commission, Sitting Fees, Dividend Paid
also owns 9.57% of the company
₹19 cr
company paid
KALPATARU LIMITED
Other payments to them · Purchase / (Sales) of Materials, Other Expenses / Service Charges, Reimbursement of Expenses Payable / (Receivable), Rent Expenses, Security Deposit paid, Other Income
₹19 cr
company paid
K C HOLDINGS PRIVATE LIMITED
Other payments to them · Rent Expenses, Dividend Paid, Advances given / (Adjusted) (net)
also owns 12.17% of the company
₹19 cr
company paid
KALPATARU PROPERTIES PVT.LTD.
Contribution received from them · Revenue from Operations, Advance from Customers received/ (adjusted) (net), Advances given / (Adjusted) (net)
₹17 cr
company received
KALPATARU CONSTRUCTIONS PRIVATE LIMITED
Other payments to them · Dividend Paid
also owns 8.00% of the company
₹12 cr
company paid
KALPATARU BUSINESS SOLUTIONS PRIVATE LIMITED
Other payments to them · Other Expenses / Service Charges
₹10 cr
company paid
PARAG MOFATRAJ MUNOT
Other payments to them · Salary and Commission, Sitting Fees, Dividend Paid
also owns 0.37% of the company
₹5 cr
company paid
K C HOLDINGS PRIVATE LIMITED
Contribution made to them · Rent Expenses, Dividend Paid, Advances given / (Adjusted) (net)
also owns 12.17% of the company
₹4 cr
company paid
ABACUS REAL ESTATE PRIVATE LIMITED
Contribution made to them · Reimbursement of Expenses Payable / (Receivable), Revenue from Operations, Advance from Customers received/ (adjusted) (net)
₹1 cr
company paid
KALPATARU PROPERTIES PVT.LTD.
Contribution made to them · Revenue from Operations, Advance from Customers received/ (adjusted) (net), Advances given / (Adjusted) (net)
₹84 L
company paid
ARGOS ARKAYA POWER SOLUTIONS LLP
Bought goods from them · Purchase of Property, Plant and Equipments, Advances given / (Adjusted) (net), Purchase / (Sales) of Materials, Job work Charges
₹64 L
company paid
DYNACRAFT MACHINE COMPANY PRIVATE LIMITED
Other payments to them · Rent Expenses, Security Deposit paid, Security Deposit Received back
₹56 L
company paid
KALPATARU HOLDINGS PVT LTD
Other payments to them · Dividend Paid
also owns 0.19% of the company
₹30 L
company paid
DYNACRAFT MACHINE COMPANY PRIVATE LIMITED
Other income from them · Rent Expenses, Security Deposit paid, Security Deposit Received back
₹17 L
company received
KALPATARU LIMITED
Other income from them · Purchase / (Sales) of Materials, Other Expenses / Service Charges, Reimbursement of Expenses Payable / (Receivable), Rent Expenses, Security Deposit paid, Other Income
₹9 L
company received
ARGOS ARKAYA POWER SOLUTIONS LLP
Contribution made to them · Purchase of Property, Plant and Equipments, Advances given / (Adjusted) (net), Purchase / (Sales) of Materials, Job work Charges
₹5 L
company paid
ABACUS REAL ESTATE PRIVATE LIMITED
Other payments to them · Reimbursement of Expenses Payable / (Receivable), Revenue from Operations, Advance from Customers received/ (adjusted) (net)
₹1 L
company paid

The company also transacted with 8 other related parties — subsidiaries, joint ventures, directors and others — that we could not match by name to the promoter list above. Some may still be connected to the family; we only count the ones the filings let us match with certainty.

Names and holdings from the company’s shareholding pattern filed with the exchange; transactions from the related-party note in its annual report. Every figure is as filed — these are legal, disclosed dealings, and what to make of them is your call.

Money it raised, and what it did with it

When a company raises money from investors, it has to say up front what the money is for. The rules then make it report, every three months until the money is gone, how much of each of those things it has actually paid for — so a promise made while asking for the money can be checked afterwards.

₹200 cr raised in Nov 2024 by private placement

The company has not broken this money down into purposes in its filing for Jun 2026, so there is nothing to measure it against yet.

₹1,000 cr raised in Dec 2024 by selling shares to large investors

As of Mar 2025, the company says it has spent 100% of what it set aside. Crisil Ratings Limited watches the spending on the exchange’s behalf.

Repayment / pre-payment, in part or in full, of certain outstanding borrowings availed by our Company
100%
₹750 cr of ₹750 cr
General corporate purposes
100%
₹232 cr of ₹232 cr
Issue related expenses (Including applicable taxes)
100%
₹18 cr of ₹18 cr

Every figure above is taken from the statement the company files with the stock exchange each quarter, for as long as money it has raised remains unspent. The only thing we work out is how much of each stated purpose has been paid for — one number divided by another from the same filing. Whether a plan that changed was a good change is not something a filing can tell you. See the filing

How the stock has moved · adjusted for splits & bonuses
Data from primary exchange filings · analysis tool, not investment advice.