Kalpataru Projects reports 22% revenue jump to Rs. 27,143 crore in FY26; net debt plummets 53% to Rs. 915 crore, dividend at Rs. 11 per share
Kalpataru Projects International Limited delivered its highest-ever consolidated revenue in FY26.
Revenue stood at Rs. 27,143 crore.
This was up 22% year-on-year.
The company also cut net debt sharply.
Net debt declined 53% to Rs. 915 crore.
This makes FY26 one of Kalpataru Projects’ strongest years in terms of both growth and deleveraging.
EBITDA and profit growth
EBITDA grew 22% to Rs. 2,240 crore.
Pre-tax profit surged 62% year-on-year to Rs. 1,334 crore.
Pre-tax margin expanded by 120 basis points to 4.9%.
Consolidated EPS rose 71% to Rs. 60.90 per share.
The numbers show that the company delivered not only higher revenue but also better profitability.
Q4 performance
Q4 FY26 revenue stood at Rs. 7,778 crore.
This was up 10% year-on-year.
Q4 EBITDA stood at Rs. 640 crore.
This was up 19% year-on-year.
Q4 pre-tax profit rose 73% year-on-year to Rs. 511 crore.
The quarterly performance confirms strong execution momentum heading into FY27.
Order book strength
Kalpataru Projects closed FY26 with an order book of Rs. 65,457 crore.
This provides approximately 2.4 years of revenue visibility.
Order intake during FY26 stood at Rs. 26,400 crore.
This exceeded annual revenue.
The positive book-to-bill ratio supports continued order book growth.
Transmission and distribution
The transmission and distribution business remained a key growth pillar.
It contributed the largest share of FY26 order inflows.
The company benefited from domestic transmission orders as well as international opportunities.
Markets such as the Middle East and Africa continued to support demand for transmission infrastructure.
India transmission opportunity
India’s transmission build-out remains a major opportunity for Kalpataru Projects.
The tariff-based competitive bidding pipeline is large.
CEA data points to a major under-construction transmission project pipeline.
Transmission expansion is being driven by renewable energy evacuation, inter-state power transfers, and grid reliability requirements.
This positions EPC contractors such as Kalpataru Projects for sustained demand.
Dividend recommendation
The Board recommended a dividend of Rs. 11 per equity share.
This represents 550% payout on face value of Rs. 2 per share.
The dividend rewards shareholders after a strong year of earnings growth.
It also reflects confidence in cash generation after meaningful deleveraging.
Balance sheet improvement
The 53% reduction in net debt is one of the most important elements of the FY26 performance.
Lower debt improves financial flexibility.
It can reduce interest burden.
It also strengthens the company’s ability to bid for large EPC contracts and manage working capital.
For lenders, the improvement indicates stronger credit metrics.
Working capital watchpoint
Net working capital days stood at 75.
This remains an important monitorable.
EPC companies need disciplined working capital management because execution often requires upfront mobilisation, inventory, and receivable funding.
Sustained growth will depend on maintaining order execution while controlling cash conversion cycles.
Strategic message
Kalpataru Projects’ FY26 results show a strong combination of revenue growth, profit expansion, deleveraging, and shareholder payout.
The company enters FY27 with a large order book, improving balance sheet, and strong exposure to transmission, buildings, factories, and oil and gas pipeline opportunities.
The key monitorables will be execution discipline, order conversion, working capital efficiency, and further value unlocking from non-core assets.
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