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Informist, Monday, Feb. 2, 2026

 

By Shreya Shetty

 

MUMBAI – Kalpataru Projects International Ltd.'s December quarter earnings are expected to be supported by strong order inflows and execution in its transmission and distribution and buildings and factories verticals. However, a slowdown in the water segment is expected to limit growth in both profit and revenues.

 

Kalpataru Projects is expected to post a net profit of INR 2.17 billion for the December quarter, up nearly 38% from a year ago, according to the average of estimates from seven brokerages. The company's revenue for the reporting quarter is expected to rise by over 18% to INR 57.02 billion, according to the average of estimates.

 

A robust order backlog, along with strong execution in the transmission and distribution, buildings and factories, and oil and gas pipelines, is likely to be partly offset by modest execution in the water segment. "Execution in the water segment remains impacted due to JJM (Jal Jeevan Mission), as payments remain delayed and execution was done in sync with payments," according to JM Financial Institutional Securities Pvt Ltd. Jal Jeevan Mission receivable still remains elevated with improved recoveries expected in the fourth quarter of the year, according to the brokerage.

 

Execution growth during the quarter could also be impacted by labour unavailability due to the Bihar elections and a slowdown in construction activity in the National Capital Region, according to Motilal Oswal Financial Services Ltd.

 

The highest estimate for the company's net profit is INR 2.25 billion from Prabhudas Lilladher Pvt Ltd. and the estimate is INR 2.04 billion from Mirae Asset Sharekhan Ltd. The highest estimate for the company's revenue is INR 58.39 billion by Mirae Asset Sharekhan and the lowest is INR 56.46 billion by Motilal Oswal.

 

Kalpataru Projects is expected to report consolidated earnings before interest, tax, depreciation, and amortisation of INR 4.83 billion, according to the average of six estimates. The company's EBITDA was INR 4.02 billion in the year-ago quarter.

 

The brokerages expect the company's EBITDA margin to increase by 17–20 basis points on year. "EBITDA margin is likely to remain flattish YoY (year on year). During the quarter, the company has announced a healthy order intake of INR 43.4 billion primarily across the transmission and distribution and buildings and factories segments across domestic and international markets," according to Prabhudas Lilladher.

 

Sequentially, the company's net profit is expected to rise by over 8% and revenue by over 5%. Kalpataru Projects had reported a consolidated net profit of INR 2.0 billion for the September quarter on revenues of INR 54.19 billion. In the December quarter last year, the company had reported a consolidated net profit of INR 1.57 billion on revenues of INR 48.26 billion.

 

The company will announce its December quarter earnings Wednesday. Management commentary on execution growth, road asset monetisation, booking momentum, and customer collections will be the key aspects to monitor in this quarter, according to brokerages. "We will monitor the working capital cycle closely, with payment trends in the water projects remaining a key focus area," according to Motilal Oswal.

 

Monday, shares of Kalpataru Projects closed at INR 1,127.30 on the National Stock Exchange, down 3.3%. The stock is down over 11% since the company reported its September-quarter results.

 

All nine research recommendations on Kalpataru Projects available with Informist have a "buy" recommendation on the stock with an average target price of INR 1,501, implying an upside of over 33% from the current level.

 

Kalpataru Projects is an engineering and construction company focusing on large-scale infrastructure projects. The company offers comprehensive solutions encompassing design, testing, fabrication, erection, construction, and maintenance for transmission lines, oil and gas infrastructure, and railway projects on a turnkey basis. 

 

The following are the Oct-Dec earnings estimates for Kalpataru Projects from seven brokerages in descending order of the estimate of net profit in INR billion:

 

Brokerage	Net sales	Net profit	EBITDA
Prabhudas Lilladher Pvt Ltd.	57.12	2.25	4.86
JM Financial Institutional Securities Pvt Ltd.	57.04	2.25	4.85
Emkay Global Financial Services Ltd.	56.94	2.25	4.84
Motilal Oswal Financial Services Ltd.	56.46	2.18	4.80
HDFC Securities Ltd.	56.50	2.10	4.80
Kotak Securities Ltd.	56.65	2.08	4.81
Mirae Asset Sharekhan Ltd.	58.39	2.04	-
Average	57.02	2.17	4.83

 

End

 

Edited by Saji George Titus

 

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