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Informist, Friday, Oct. 31, 2025

 

By Arundathi A R

 

MUMBAI – Kalpataru Projects International Ltd. is expected to post robust on-year growth in both its top line and bottom line for the September quarter, according to various brokerage firms. The growth will be supported by strong execution of projects in verticals such as power transmission and distribution, buildings and factories, and oil and gas, despite the slowdown of its water segment due to delayed payments.

 

The engineering and construction company is likely to post a net profit of INR 2 billion for the September quarter, up almost 51% on year but down nearly 1% over the trailing quarter, according to the average of estimates from nine brokerages. The company is expected to report net sales of INR 52.49 billion for the September quarter, up almost 27% on year and over 4% on quarter, according to the estimates.

 

The highest estimate for net profit is INR 2.12 billion by Nuvama Wealth Management Ltd. and the lowest is INR 1.84 billion by Anand Rathi Share and Stock Brokers Ltd. The highest estimate for net sales is INR 61.97 billion by Nuvama Wealth, while the lowest is INR 50.46 billion from Sharekhan Ltd.

 

Kalpataru Projects has a diversified portfolio of projects in power transmission and distribution, buildings and factories, water supply and irrigation, railways, oil and gas pipelines, urban mobility, highways, and airports. 

 

The company's strong execution of projects in transmission and distribution, as well as in buildings and factories segments is expected to drive its revenue growth for the reporting quarter, according to brokerages. "We expect Kalpataru's standalone revenue to grow by about 24% on year, driven by strong execution in T&D (transmission and distribution) and B&F (buildings and factories) business," brokerage Prabhudas Lilladher said in its report.

 

Motilal Oswal Financial Services Ltd. and Kotak Securities Ltd. expect the company's revenue to grow 25% on year on the back of strong execution of projects across segments, barring water and railways in which execution of projects is expected to remain slower. Nuvama expects some recovery in the water segment during the reporting quarter.

 

"Order inflows in Q2FY26 (Jul-Sept) are likely to remain healthy, driven by infrastructure verticals such as T&D (transmission and distribution), B&F (buildings and factories), and thermal EPC (engineering, procurement, and construction) along with defence companies where strong traction continues to be seen," according to Prabhudas Lilladher.

 

Kalpataru Projects has secured new orders for its power transmission and distribution, and buildings and factories verticals, valued at INR 27.20 billion during the September quarter. With these orders, the company's order intake so far in 2025-26 (Apr-Mar) reached INR 126.20 billion, the company had said in an exchange filing in September.

 

The company is expected to post earnings before interest, tax, depreciation, and amortisation of INR 4.54 billion for the September quarter, up over 30% on year and almost 6% over the trailing quarter, according to the average of estimates from seven brokerages. The highest estimate for EBITDA is INR 5.47 billion from Nuvama Wealth and the lowest is INR 4.32 billion from Emkay Global Financial Services Ltd. The company's EBITDA margin growth is expected to be flat, according to Prabhudas Lilladher Pvt. Ltd. Motilal Oswal expects the company's EBITDA margin to improve 20 basis points on year to 8.6% in the September quarter and to gradually improve through FY26.

 

Kalpataru Projects will announce its September quarter earnings Friday. Market participants will watch out for management's comments about the pace of execution, payment collections from water projects, execution of rail projects, margin outlook, and update on the working capital cycle.

 

At 1013 IST, shares of Kalpataru Projects were almost 1% higher at INR 1,273.30 on the National Stock Exchange. Since reporting its June quarter earnings on Aug. 7, the company's shares have risen nearly 7%. All 11 research reports available with Informist about the company have a 'buy' recommendation on the stock with an average target price of INR 1,468.

 

Following are the Jul-Sept earnings estimates for Kalpataru Projects International Ltd., in INR million, from nine brokerages in descending order of net profit:

 

Brokerages	Net sales	Net profit	EBITDA
Nuvama Wealth Management Ltd.	61,974	2,121	5,470
Sharekhan Ltd.	50,460	2,120	--
Emkay Global Financial Services Ltd.	50,874	2,063	4,324
HDFC Securities Ltd.	51,900	2,000	4,400
Motilal Oswal Financial Services Ltd.	51,718	1,973	4,448
Prabhudas Lilladher Pvt. Ltd.	51,327	1,957	4,363
JM Financial Institutional Securities Pvt. Ltd.	50,874	1,952	4,329
Kotak Securities Ltd.	51,613	1,949	4,411
Anand Rathi Share and Stock Brokers Ltd.	51,709	1,841	--
Average	52,494.33	1,997.33	4,535.00

 

End

 

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

 

Edited by Tanima Banerjee

 

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