Mumbai-based engineering, procurement and construction (EPC) company Kalpataru Projects International Limited (KPIL) reported consolidated revenue of ₹7,004 crore for the quarter ended 30 September 2026, up 7% year on year. Profit after tax (PAT) rose 23% to ₹292 crore. The company filed its results with the stock exchanges on 5 November 2026. Its consolidated order book reached ₹71,846 crore, with power transmission and distribution (T&D) forming the largest share.
Key Financials
According to the company’s press release, the Q2 FY27 consolidated figures were:
- Revenue: ₹7,004 crore, up 7% from ₹6,529 crore; comparable growth excluding road special purpose vehicles (SPVs) and the Brazil business was 13%
- Profit before tax (PBT): ₹398 crore, up 24%, with the PBT margin rising 80 basis points to 5.7%
- PAT: ₹292 crore, up 23%
- Net debt: ₹72 crore on 30 September 2026, against ₹3,169 crore a year earlier
- Net working capital: 68 days, down 12 days from the previous quarter
For the first half of FY27, revenue was ₹13,412 crore, up 6%. PBT rose 34% to ₹818 crore and PAT rose 34% to ₹603 crore, while the H1 PBT margin rose 130 basis points to 6.1%.
T&D Business
The investor presentation shows T&D revenue of ₹3,069 crore in Q2 FY27, up 7% from ₹2,878 crore. For the first half, T&D revenue rose 8% to ₹5,993 crore from ₹5,533 crore. Excluding the Brazil subsidiary, Q2 T&D revenue rose 20% to ₹2,031 crore from ₹1,698 crore. The company has secured T&D projects worth ₹9,322 crore so far in FY27, with more than 60% of those inflows in India, and is favourably placed in T&D orders of about ₹5,000 crore.
T&D accounts for 41% of the order book, or ₹29,389 crore. Swedish subsidiary Linjemontage reported H1 FY27 revenue of ₹1,472 crore and an order book of ₹4,154 crore on 30 September 2026. Total order inflows for FY27 so far reached ₹23,934 crore, up 60% year on year.
Among the other businesses, water revenue rose 58% to ₹884 crore in the quarter, while buildings and factories revenue fell 4% to ₹498 crore and oil and gas revenue fell 11% to ₹440 crore. The release does not list the individual T&D customers or the voltage levels of the projects won in the quarter.
Management Comment
Managing Director and CEO Manish Mohnot said KPIL had delivered another strong quarter, with revenue growth, margin expansion and an all-time high order book. He said a focus on working capital had helped the company reach near net-debt-free status. Mohnot said wins over the last two quarters across power transmission, oil and gas, water and industrial plants reflected the company’s expanding capabilities. The company also said its credit rating had been upgraded to AA+/Stable by CRISIL and India Ratings. Announcing T&D orders on 13 October 2026, Mohnot said the momentum in order inflows highlighted the investments being made in transmission.
Policy Backdrop
Inaugurating the Bharat Renewable Energy Summit & Expo 2026 on 2 November 2026, Prime Minister Narendra Modi highlighted the Green Energy Corridors of dedicated transmission lines and substations. He said they are supported by the One Nation, One Power Grid network that unified five regional grids onto a single frequency. He added that the country is advancing to the next phase to further strengthen transmission infrastructure.
About the Company
KPIL describes itself as one of the largest EPC companies in the world, with a footprint spanning 75 countries. It works across power T&D, buildings and factories, water, railways, oil and gas, urban mobility, highways and airports.
The company runs two manufacturing facilities in India that fabricate transmission towers, heavy metal structures and scaffolding systems. In FY2026 it generated revenue of ₹27,143 crore and had more than 250 projects under execution in over 30 countries. KPIL says it became the first Indian company to list a foreign subsidiary on Nasdaq Stockholm when Linjemontage, which builds power infrastructure in the Nordic market, made its debut in September 2026. The company says the listing is meant to accelerate Linjemontage’s growth in that market.
The Company’s Recent Pipeline
- September 2026: step-down subsidiary Linjemontage was listed on Nasdaq Stockholm at an initial public offering (IPO) price of SEK 46 per share, valuing the company at SEK 2,357 million.
- September 2026: received a letter of award for an EPC gas pipeline project in the United Arab Emirates, classified as a major order of over ₹4,000 crore.
- October 2026 (13 October): announced new orders of ₹2,225 crore, including about ₹2,031 crore in T&D in India and abroad and about ₹194 crore for Linjemontage.
- October 2026 (21 October): announced orders of about ₹2,349 crore across T&D and buildings and factories in India.
- November 2026: reported a further ₹1,613 crore of new orders alongside its Q2 results.
Outlook
KPIL says its L1 and favourably placed positions of about ₹5,000 crore are mainly in T&D, which could add to inflows in the second half of FY27 once contracts are signed. Mohnot said the company’s diversified portfolio, integrated EPC capabilities and disciplined approach to growth and capital allocation position it to benefit from infrastructure and energy investment. He said the focus remains on profitable and sustainable growth across its chosen markets.
Official Sources
- Kalpataru Projects International Limited – Press Release on Q2 FY27 Results (NSE, 5 November 2026): https://nsearchives.nseindia.com/corporate/KALPATPOWR_05112026185140_SEIntimationPressRelease05112026.pdf
- Kalpataru Projects International Limited – Investor Presentation Q2 FY27 (NSE, 5 November 2026): https://nsearchives.nseindia.com/corporate/KALPATPOWR_05112026184946_SEIntimationIP05112026.pdf
- Kalpataru Projects International Limited – New Order Wins of ₹2,349 Crore (NSE, 21 October 2026): https://nsearchives.nseindia.com/corporate/KALPATPOWR_21102026084653_SEIntimationPR21102026.pdf
- Kalpataru Projects International Limited – New Order Wins of ₹2,225 Crore (NSE, 13 October 2026): https://nsearchives.nseindia.com/corporate/KALPATPOWR_13102026084709_SEIntimationPR13102026.pdf
- Kalpataru Projects International Limited – Listing of Linjemontage on Nasdaq Stockholm (NSE, 25 September 2026): https://nsearchives.nseindia.com/corporate/KALPATPOWR_25092026125040_SEIntimationPR25092026.pdf
- Prime Minister’s Office – PM Inaugurates Bharat Renewable Energy Summit & Expo 2026 (2 November 2026): https://www.pmindia.gov.in/en/news_updates/pm-inaugurates-bharat-renewable-energy-summit-expo-2026/
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