KPILKalpataru Projects International Ltd.
Kalpataru Projects International Q2 FY27 Results: Consolidated Net Profit ₹292 Crore on Total Income of ₹7,048 Crore
- Earnings
- Engineering, procurement and construction
Reviewed byRachit TripathiBlacklitt Research
Kalpataru Projects International (NSE: KPIL) reported consolidated total income of ₹7,048.29 crore and net profit of ₹291.95 crore for the quarter ended 30 Sep 2026, it said in a filing on 05 Nov 2026. Standalone total income for the quarter was ₹6,248.06 crore, with net profit of ₹269.02 crore.
Key highlights
Consolidated
Including its subsidiaries
- Total income: ₹7,048.29 crore, up 7.6% YoY and 8.7% QoQ
- Net profit: ₹291.95 crore, up 23.0% YoY and down 6.3% QoQ
- EPS: ₹16.92 basic, against ₹14.06 a year earlier
- Finance costs: ₹90.54 crore, down 33.9% YoY
Standalone
The company on its own, without its subsidiaries
- Total income: ₹6,248.06 crore, up 14.8% YoY and 12.9% QoQ
- Net profit: ₹269.02 crore, up 34.6% YoY and 1.4% QoQ
- EPS: ₹15.75 basic, against ₹11.70 a year earlier
- Finance costs: ₹80.48 crore, down 21.5% YoY
Summary
| Particulars | Q2 FY27 | Q2 FY26 | YoY | Q1 FY27 | QoQ |
|---|---|---|---|---|---|
| 7,048.29 | 6,551.96 | +7.6% | 6,485.17 | +8.7% | |
| Revenue from operations | 7,004.27 | 6,528.57 | +7.3% | 6,407.97 | +9.3% |
| Other income | 44.02 | 23.39 | +88.2% | 77.20 | -43.0% |
| 291.95 | 237.39 | +23.0% | 311.53 | -6.3% | |
| Profit before tax | 397.76 | 321.59 | +23.7% | 420.47 | -5.4% |
| Finance costs | 90.54 | 136.95 | -33.9% | 81.98 | +10.4% |
| Depreciation | 136.70 | 126.31 | +8.2% | 136.62 | +0.1% |
| Tax expense | 105.81 | 84.20 | +25.7% | 108.94 | -2.9% |
| Net profit margin | 4.14% | 3.62% | +0.52 pp | 4.80% | -0.66 pp |
| EPS, basic (₹) | 16.92 | 14.06 | +20.3% | 18.16 | -6.8% |
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Profit before tax rose 23.7% YoY, a little faster than net profit, which points to a tax charge that rose faster than pre-tax profit; tax expense of ₹105.81 crore is 26.6% of profit before tax of ₹397.76 crore.
Other income of ₹44.02 crore is 0.6% of total income and 11.1% of profit before tax. Revenue from operations rose 7.3% YoY, slower than other income, which rose 88.2% from ₹23.39 crore. Finance costs of ₹90.54 crore are 1.3% of total income, against ₹136.95 crore in the year-earlier quarter, a 33.9% fall.
The statement's exceptional items for the year ended 31 Mar 2026 include a ₹156.56 crore gain on disposal of Vindhyachal Expressway Private Limited and a ₹90.50 crore impairment provision, but the quarter's table shows no exceptional item. Consolidated net profit attributable to owners of the parent was ₹288.97 crore, with a basic EPS of ₹16.92 for the quarter.
Consolidated net profit of ₹291.95 crore is ₹22.93 crore higher than standalone net profit of ₹269.02 crore. Consolidated total income of ₹7,048.29 crore is ₹800.23 crore higher than standalone, and its YoY growth of 7.6% trails the standalone rate of 14.8%.
| Particulars | Q2 FY27 | Q2 FY26 | YoY | Q1 FY27 | QoQ |
|---|---|---|---|---|---|
| 6,248.06 | 5,443.00 | +14.8% | 5,534.27 | +12.9% | |
| Revenue from operations | 6,212.69 | 5,418.78 | +14.7% | 5,481.86 | +13.3% |
| Other income | 35.37 | 24.22 | +46.0% | 52.41 | -32.5% |
| 269.02 | 199.91 | +34.6% | 265.36 | +1.4% | |
| Profit before tax | 367.15 | 272.28 | +34.8% | 360.95 | +1.7% |
| Finance costs | 80.48 | 102.49 | -21.5% | 67.66 | +18.9% |
| Depreciation | 111.09 | 96.61 | +15.0% | 111.68 | -0.5% |
| Tax expense | 98.13 | 72.37 | +35.6% | 95.59 | +2.7% |
| Net profit margin | 4.31% | 3.67% | +0.63 pp | 4.79% | -0.49 pp |
| EPS, basic (₹) | 15.75 | 11.70 | +34.6% | 15.54 | +1.4% |
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Standalone net profit rose 34.6% YoY, faster than total income (up 14.8%), and 1.4% QoQ, slower than total income (up 12.9%). Profit before tax rose 34.8%, so the tax line moved broadly with pre-tax profit; tax expense of ₹98.13 crore is 26.7% of profit before tax of ₹367.15 crore.
Other income of ₹35.37 crore is 0.6% of total income and 9.6% of profit before tax. Revenue from operations rose 14.7% YoY, slower than other income, which rose 46.0%. Finance costs of ₹80.48 crore are 1.3% of total income, down 21.5% from ₹102.49 crore a year earlier.
The standalone statement's exceptional items for the year ended 31 Mar 2026 include a ₹188.36 crore gain on disposal of Vindhyachal Expressway and a ₹515.04 crore impairment on investments, loans and receivables relating to Estrela Reluzente and Fasttel Engenharia. The quarter itself shows no exceptional item in the table.
Inference
The auditors issued unmodified limited review reports on both the consolidated and standalone results. Consolidated net worth stood at ₹8,490.46 crore at 30 Sep 2026, against ₹6,962.06 crore a year earlier, and the debt equity ratio was 0.32 times consolidated and 0.25 times standalone.
The filing reports that Linjemontage i Grastorp AB listed on Nasdaq Stockholm on 25 Sep 2026, and that a subsidiary sold 13,319,670 shares for a net SEK 592 million (₹568 crore), accounted as an equity transaction. The company says its shareholding will be 66.45% after a greenshoe issue, while it keeps control.
The filing does not state the expected outcome of the Kurukshetra Expressway Supreme Court petition, and it does not give the reasons for the fall in finance costs or the rise in total income. The effect of these items on future results is not known.
Filed with BSE on . Reference: Original filing (PDF)
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