Kalpataru Projects International Ltd (KPIL), established in 1981, has built a strong reputation as one of India’s foremost Engineering, Procurement, and Construction (EPC) companies. Known for its expertise in delivering comprehensive, turnkey solutions, KPIL serves a wide array of sectors, including Power Transmission & Distribution, Buildings & Factories, Water Supply & Irrigation, Railways, and Oil & Gas Pipelines. The company’s capabilities also extend to Urban Mobility projects, such as flyovers and metro rail systems, as well as Highways and Airports, making KPIL a versatile player in infrastructure and industrial development.
With a presence in over 75 countries, KPIL consistently prioritizes quality, safety, and sustainability across its projects. This extensive global reach and commitment to high standards have positioned KPIL as a trusted partner in international infrastructure and construction, with the company continuously expanding its role in key growth sectors worldwide.
Kalpataru Projects Reports 40% Surge in Q2 Profit, Boosted by Strong Order Book and Operational Efficiency
- Net Profit Growth: KPIL reported a 39.7% YoY rise in net profit, reaching ₹125.6 crore for Q2 ending September 30, 2024, driven by a strong order book and execution capabilities.
- Revenue Increase: Revenue from operations climbed 9.1% YoY to ₹4,930 crore, up from ₹4,518.4 crore in the same quarter last year.
- EBITDA Surge: EBITDA rose significantly by 83.8%, totaling ₹438.3 crore compared to ₹238.4 crore last year, with the EBITDA margin increasing from 5.3% to 8.9%, indicating higher profitability and operational efficiency.
- Order Book Expansion: KPIL secured new orders worth ₹835 crore, while year-to-date FY25 order inflows reached ₹11,865 crore, supplemented by ₹7,000 crore in L1 positions.
- Strong Consolidated Order Book: The total order book grew by 29% YoY, totaling ₹60,631 crore, showing growth primarily in the transmission & distribution (T&D) and buildings & factories (B&F) segments.
- Divestment Agreement: KPIL signed binding agreements to divest Vindyachal Expressway for an enterprise value of ₹775 crore, with an anticipated transaction closure by FY26.
- CEO’s Statement: Manish Mohnot, KPIL’s MD and CEO, noted solid quarterly growth in revenue, PBT, and PAT, along with a robust order book of ₹60,631 crore and total YTD order inflows nearing ₹19,000 crore, including L1 positions over ₹7,000 crore, supporting KPIL’s strategic growth in core sectors.
| Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | |
| Promoters + | 41.06% | 40.59% | 40.59% | 35.24% | 35.24% |
| FIIs + | 8.50% | 7.69% | 8.17% | 10.06% | 10.71% |
| DIIs + | 42.70% | 43.81% | 43.64% | 45.61% | 45.93% |
| Public + | 7.73% | 7.92% | 7.60% | 9.09% | 8.14% |
| No. of Shareholders | 64,395 | 68,851 | 76,744 | 91,938 | 1,04,873 |
Kalpataru Projects International’s shareholding pattern has undergone some notable shifts from September 2023 to September 2024, indicating changes in promoter, institutional, and public interest. Promoter holdings have decreased from 41.06% in September 2023 to 35.24% by June 2024, where they have remained steady through September 2024, reflecting a reduction in direct promoter involvement over the year.
Foreign Institutional Investors (FIIs) increased their stake, rising from 8.50% in September 2023 to 10.71% in September 2024, showcasing growing foreign interest in Kalpataru Projects International. Domestic Institutional Investors (DIIs) also increased their holdings from 42.70% to 45.93% over the same period, reinforcing local institutional confidence. Meanwhile, public holdings fluctuated, growing from 7.73% to a peak of 9.09% in June 2024 before settling at 8.14% by September 2024. The number of shareholders expanded significantly, rising from 64,395 in September 2023 to 1,04,873 by September 2024, signaling broader public engagement and a widening investor base.
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➤ Zerodha
➤ Upstox
➤ Groww
➤ AngelOne
➤ ICICIDirect
| When | Maximum Price | Minimum Price |
| November 2024 | 1,320.15 | 1,147.96 |
| December 2024 | 1,333.36 | 1,159.44 |
As we approach November 2024, Kalpataru Projects International is expected to reach a maximum price of ₹1,320.15, with a minimum likely around ₹1,147.96. Moving into December 2024, projections suggest that Kalpataru Projects International’s price could peak at approximately ₹1,333.36, while the minimum may hover near ₹1,159.44.
| When | Maximum Price | Minimum Price |
| January 2025 | 1,346.69 | 1,035.91 |
| February 2025 | 1,360.29 | 1,046.38 |
| March 2025 | 1,388.86 | 1,068.35 |
| April 2025 | 1,375.11 | 1,057.77 |
| May 2025 | 1,335.06 | 1,026.97 |
| June 2025 | 1,395.13 | 1,073.18 |
| July 2025 | 1,367.78 | 1,052.14 |
| August 2025 | 1,410.08 | 1,084.68 |
| September 2025 | 1,427.00 | 1,097.69 |
| October 2025 | 1,464.10 | 1,126.23 |
| November 2025 | 1,500.71 | 1,154.39 |
| December 2025 | 1,568.24 | 1,206.34 |
As we move into January 2025, Kalpataru Projects International is projected to have a maximum price of ₹1,346.69 and a minimum of ₹1,035.91. February may see prices peak at ₹1,360.29, while March could reach ₹1,388.86 at its highest. In April, the maximum might be ₹1,375.11, followed by May with a peak of ₹1,335.06. By June, prices are expected to rise to ₹1,395.13. In July, a maximum of ₹1,367.78 is anticipated, with August reaching ₹1,410.08. September could see a peak of ₹1,427.00, while October may reach ₹1,464.10. November is projected to have a maximum of ₹1,500.71, and December could close the year at ₹1,568.24.
| When | Maximum Price | Minimum Price |
| January 2026 | 1,615.28 | 1,242.53 |
| February 2026 | 1,574.90 | 1,211.46 |
| March 2026 | 1,606.40 | 1,235.69 |
| April 2026 | 1,639.18 | 1,260.91 |
| May 2026 | 1,622.95 | 1,248.43 |
| June 2026 | 1,663.53 | 1,279.64 |
| July 2026 | 1,630.91 | 1,254.55 |
| August 2026 | 1,681.35 | 1,293.35 |
| September 2026 | 1,714.98 | 1,319.21 |
| October 2026 | 1,759.57 | 1,353.51 |
| November 2026 | 1,803.56 | 1,387.35 |
| December 2026 | 1,848.64 | 1,422.03 |
| When | Maximum Price | Minimum Price |
| January 2027 | 1,867.13 | 1,436.25 |
| February 2027 | 1,915.01 | 1,473.08 |
| March 2027 | 1,989.69 | 1,530.53 |
| April 2027 | 1,950.68 | 1,500.52 |
| May 2027 | 1,893.86 | 1,456.82 |
| June 2027 | 1,979.09 | 1,522.37 |
| July 2027 | 1,940.28 | 1,492.52 |
| August 2027 | 2,000.29 | 1,538.68 |
| September 2027 | 2,070.30 | 1,592.54 |
| October 2027 | 2,124.13 | 1,633.94 |
| November 2027 | 2,177.23 | 1,674.79 |
| December 2027 | 2,231.66 | 1,716.66 |
| When | Maximum Price | Minimum Price |
| January 2028 | 2,276.29 | 1,751.00 |
| February 2028 | 2,334.66 | 1,795.89 |
| March 2028 | 2,425.71 | 1,865.93 |
| April 2028 | 2,378.15 | 1,829.35 |
| May 2028 | 2,308.88 | 1,776.06 |
| June 2028 | 2,412.78 | 1,855.99 |
| July 2028 | 2,365.47 | 1,819.59 |
| August 2028 | 2,438.63 | 1,875.87 |
| September 2028 | 2,523.98 | 1,941.53 |
| October 2028 | 2,589.61 | 1,992.01 |
| November 2028 | 2,654.35 | 2,041.81 |
| December 2028 | 2,720.71 | 2,092.85 |
| When | Maximum Price | Minimum Price |
| January 2029 | 2,775.12 | 2,134.71 |
| February 2029 | 2,846.28 | 2,189.44 |
| March 2029 | 2,957.28 | 2,274.83 |
| April 2029 | 2,899.30 | 2,230.23 |
| May 2029 | 2,814.85 | 2,165.27 |
| June 2029 | 2,941.52 | 2,262.71 |
| July 2029 | 2,883.84 | 2,218.34 |
| August 2029 | 2,973.03 | 2,286.95 |
| September 2029 | 3,077.09 | 2,366.99 |
| October 2029 | 3,157.09 | 2,428.53 |
| November 2029 | 3,236.02 | 2,489.25 |
| December 2029 | 3,316.92 | 2,551.48 |
| When | Maximum Price | Minimum Price |
| January 2030 | 3,383.26 | 2,602.51 |
| February 2030 | 3,470.01 | 2,669.24 |
| March 2030 | 3,605.34 | 2,773.34 |
| April 2030 | 3,534.65 | 2,718.96 |
| May 2030 | 3,431.70 | 2,639.77 |
| June 2030 | 3,586.12 | 2,758.56 |
| July 2030 | 3,515.81 | 2,704.47 |
| August 2030 | 3,624.54 | 2,788.11 |
| September 2030 | 3,751.40 | 2,885.69 |
| October 2030 | 3,848.94 | 2,960.72 |
| November 2030 | 3,945.16 | 3,034.74 |
| December 2030 | 4,043.79 | 3,110.61 |
As we step into January 2030, Kalpataru Projects International is expected to reach a maximum price of ₹3,383.26, with a minimum of ₹2,602.51. In February, the maximum price may rise to ₹3,470.01, while March could see it peak at ₹3,605.34. In April, prices are anticipated to be a maximum of ₹3,534.65, followed by May at ₹3,431.70. June may witness a peak of ₹3,586.12, with July projected at a maximum of ₹3,515.81. As we approach August, prices could rise to ₹3,624.54, and September might see a maximum of ₹3,751.40. In October, the maximum price is projected to be ₹3,848.94, followed by November at ₹3,945.16. Finally, as we step into December 2030, Kalpataru Projects International may close the year with a maximum price of ₹4,043.79 and a minimum of ₹3,110.61.
Financial Condition of Kalpataru Projects International:
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | TTM | |
| Sales + | 12,676 | 12,949 | 14,777 | 16,361 | 19,626 | 20,384 |
| Expenses + | 11,133 | 11,376 | 13,482 | 14,872 | 17,812 | 18,690 |
| Operating Profit | 1,543 | 1,574 | 1,295 | 1,490 | 1,814 | 1,693 |
| OPM % | 12% | 12% | 9% | 9% | 9% | 8% |
| Other Income + | 48 | 277 | 274 | 165 | 64 | 73 |
| Interest | 603 | 532 | 522 | 621 | 704 | 561 |
| Depreciation | 340 | 373 | 351 | 392 | 473 | 477 |
| Profit before tax | 648 | 945 | 696 | 642 | 701 | 729 |
| Tax % | 40% | 30% | 23% | 32% | 26% | |
| Net Profit + | 390 | 662 | 535 | 435 | 516 | 523 |
| EPS in Rs | 25.18 | 45.06 | 36.28 | 27.13 | 31.37 | 32.28 |
| Dividend Payout % | 14% | 22% | 18% | 26% | 26% |
Kalpataru Projects International has demonstrated strong sales growth over recent years, with revenue increasing from ₹12,676 crore in 2020 to ₹19,626 crore in 2024, followed by a further rise to ₹20,384 crore in the trailing twelve months (TTM). This upward trend reflects the company’s robust execution capabilities and strategic positioning in high-demand sectors. Alongside sales growth, operating expenses have also increased, climbing from ₹11,133 crore in 2020 to ₹17,812 crore in 2024, reaching ₹18,690 crore in TTM, driven by expanded project activities and resource scaling.
Despite higher expenses, Kalpataru Projects International has maintained its profitability. Operating profit grew to a peak of ₹1,814 crore in 2024 before stabilizing at ₹1,693 crore in TTM. While the Operating Profit Margin (OPM) experienced a slight decline, settling at 8% in TTM compared to 12% in 2020, these figures highlight the company’s efficient cost management in a challenging market. Notably, other income reduced significantly from ₹277 crore in 2021 to ₹73 crore in TTM, while interest expenses remained steady, showing disciplined financial structuring.
Kalpataru’s net profit has shown resilience, advancing from ₹390 crore in 2020 to ₹516 crore in 2024, with Earnings Per Share (EPS) reflecting this positive trajectory by rising from ₹25.18 in 2020 to ₹32.28 in TTM. The company has also maintained a commitment to shareholder returns, with a consistent dividend payout ratio of 26% in recent years, compared to 14% in 2020. This sustained growth in net profit, EPS, and dividends reflects Kalpataru Projects International’s balanced approach to financial growth and shareholder value, positioning it for continued success in the EPC sector.
FAQs
What is Kalpataru Projects International’s current market capitalization?
Kalpataru Projects International’s current market capitalization is ₹19,436 Crores.
The projected share price target for Kalpataru Projects International in 2025 ranges from ₹1,026.97 to ₹1,568.24.
Kalpataru Projects International’s forecasted share price target for 2030 ranges from ₹2,602.51 to ₹4,043.79.
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Conclusion
In conclusion, Kalpataru Projects International Ltd (KPIL) has demonstrated significant growth and resilience in its financial performance, particularly highlighted by a 39.7% year-on-year increase in net profit for Q2 FY25, driven by a robust order book and operational efficiency. The company’s diverse portfolio across various sectors, including power, water supply, and urban mobility, positions it well for future opportunities, especially with a consolidated order book totaling ₹60,631 crore.
The shareholding pattern indicates an increase in foreign and domestic institutional investor confidence, although promoter holdings have declined. This shift reflects broader public engagement, as evidenced by the rising number of shareholders.
Looking ahead, KPIL’s share price targets indicate a strong upward trajectory, with projections suggesting significant price growth from ₹1,320.15 in November 2024 to over ₹4,000 by December 2030. Such projections highlight the company’s potential for substantial value appreciation, making it a noteworthy player in the infrastructure and EPC sectors.
What did we learn?
- 1 Kalpataru Projects Reports 40% Surge in Q2 Profit, Boosted by Strong Order Book and Operational Efficiency
- 2 Shareholdings Patterns of Kalpataru Projects International
- 3 How to Buy Kalpataru Projects International shares?
- 4 Kalpataru Projects International Share Price Target: 2024 to 2030
- 4.1 Kalpataru Projects International Share Price Target 2024
- 4.2 Kalpataru Projects International Share Price Prediction 2025
- 4.3 Kalpataru Projects International Share Price Target 2026
- 4.4 Kalpataru Projects International Share Price Prediction 2027
- 4.5 Kalpataru Projects International Share Price Target 2028
- 4.6 Kalpataru Projects International Share Price Prediction 2029
- 4.7 Kalpataru Projects International Share Price Target 2030
- 5 Financial Condition of Kalpataru Projects International:
- 6 FAQs
- 7 Conclusion
