Last Updated on November 10, 2025 by Author
Kalpataru Projects International Limited (KPIL), a leading infrastructure EPC company, announced its financial results for the quarter and half year ended September 30, 2025, showcasing strong growth across key performance indicators.
For the quarter (Q2 FY26 vs Q2 FY25), KPIL reported a consolidated revenue of ₹6,529 crores, reflecting a robust 32% year-on-year increase driven by strong project execution and a healthy order backlog. The company’s EBITDA rose by 28% to ₹561 crores, maintaining an EBITDA margin of 8.6%. Profit before tax (PBT) grew significantly by 71% year-on-year to ₹322 crores, with PBT margin improving by 110 basis points to 4.9%. Net profit after tax (PAT) for the quarter stood at ₹237 crores compared to ₹126 crores in the same period last year, marking an impressive 89% year-on-year growth.
For the half year ended September 30, 2025 (H1 FY26 vs H1 FY25), KPIL reported consolidated revenue of ₹12,700 crores, a 33% increase over the previous year. EBITDA grew by 33% to ₹1,087 crores, maintaining an EBITDA margin of 8.6%. PBT rose sharply by 88% year-on-year to ₹612 crores, with PBT margin expanding by 140 basis points to 4.8%. PAT surged by 115% to ₹451 crores. The company also achieved a 14% year-on-year reduction in net debt, which now stands at ₹3,169 crores, while its net working capital improved by eight days to 90 days as of September 30, 2025.
On a standalone basis, KPIL reported quarterly revenue of ₹5,419 crores for Q2 FY26, up 31% year-on-year, supported by robust operational execution. EBITDA increased by 28% to ₹447 crores, with an EBITDA margin of 8.3%. PBT rose by 48% year-on-year to ₹272 crores, with a margin of 5.0%, and PAT grew by 51% to ₹200 crores. For the first half of FY26, standalone revenue reached ₹10,459 crores, reflecting a 33% year-on-year growth. EBITDA for the same period rose by 32% to ₹876 crores, with a margin of 8.4%. PBT grew by 57% to ₹546 crores, with a margin improvement of 80 basis points to 5.2%, while PAT increased by 61% to ₹401 crores. The company’s net debt reduced by 22% year-on-year to ₹2,189 crores, and net working capital stood at 102 days as of September 30, 2025, showing a reduction of 16 days year-on-year and four days quarter-on-quarter.
During FY26 to date, KPIL secured new orders worth ₹14,951 crores, reflecting a growth of approximately 26% year-on-year, and remains favourably placed for additional orders worth around ₹5,000 crores. The consolidated order book as of September 30, 2025, after accounting for changes in project scope, stands at a strong ₹64,682 crores, underscoring the company’s healthy project pipeline and continued growth momentum.
Commenting on the results, Mr. Manish Mohnot, MD & CEO, KPIL said, “We have delivered another quarter of strong performance, building on the momentum of the previous quarter. This quarter happens to be the best ever Q2 in terms of revenue and profitability, as our consolidated revenue grew by 32% YoY, PBT grew by 71% YoY with margin expansion of 110 bps to 4.9% and PAT grew by 89%YoY. Additionally, our order book stands strong at ₹64,682 Crores, as we have secured orders nearly worth ₹14,951 Crores and further are favourably placed in projects worth ₹5,000 Crores, mainly in the T&D business. The robust performance reflects the strength of our underlying business model, which focuses on profitable growth, diversified business mix, efficient working capital management and relentless focus towards building future-proof capabilities.
Looking ahead, we remain committed to improve our project delivery capabilities, further strengthen our balance sheet and continue investing to scale high-growth business verticals. We believe these objectives, coupled with strong business visibility in power T&D and civil construction, well positions us to deliver on our growth targets going forward.”
