Kalpataru Projects (KPIL) reported a standout FY26 performance.

Revenue grew 22% YoY to ₹ 27,143 Cr, with PBT (before exceptional items) jumping 62% to ₹ 1,334 Cr, and PAT soaring 82% to ₹ 1,031 Cr.

EPS rose 71% to ₹ 60.9. Growth was broad-based, with Oil & Gas surging 55%, Urban Infra up 49%, and T&D expanding 25%. Order inflow for FY26 was strong at ₹ 26,400 Cr, boosting the total order book to ₹ 65,457 Cr.

ROCE improved to 21.4%, NWC days to 75, and operating cash flow grew 68% to ₹ 1,534 Cr.

KPIL focused on profitable growth, investing ~₹3,000 Cr in capex to strengthen capabilities and expand into high-value projects like airports and data centers.

Strategic divestments of non-core assets were completed, and legacy Brazil operations were closed, streamlining the portfolio.

These efforts led to a 53% reduction in net debt to ₹ 915 Cr.

KPIL proposed a dividend of ₹ 11 per share for FY26 and has already won new orders of ₹ 1,833 Cr in FY27, with L1 status on additional projects worth ₹ 3,200 Cr.

Management sees strong demand ahead in T&D, B&F, Oil & Gas, and Urban Infra, positioning KPIL for continued profitable growth, margin improvement, and disciplined capital allocation.