Growth Momentum Continues as KPIL Announces Financial Results for Last Quarter, Nine Months of 2025

Mumbai, February 5, 2026: Kalpataru Projects International Limited (KPIL), a leading infrastructure EPC company, has announced its results for the quarter and nine months ended December 31, 2025.

• Consol Revenue INR 6,665 Crores (Q3) +16 per cent YoY Growth INR 19,365 Crores (9M) +27 per cent YoY Growth
• Consol PBT* INR 277 Crores (Q3) +37 per cent YoY Growth INR 889 Crores (9M) +69 per cent YoY Growth
• 9M FY26 EPS INR 35.5 (Consol) +60 per cent YoY Growth INR 35.8 (Standalone) +44 per cent YoY Growth
• Order Book INR 63,287 Crores Further, favorably placed in projects ~ INR 7,000 crores

Commenting on the results, Manish Mohnot, MD & CEO, KPIL said: “The growth momentum witnessed in the first half of FY26 continued into the Q3 FY26, as we reported broad-based performance for KPIL, led by healthy revenue growth, sustained margin improvement, robust order book, and improved financial discipline. Most of our businesses delivered double-digit growth in Q3, with T&D and B&F continuing on a strong growth trajectory. We are further encouraged with the accelerating ordering momentum and business visibility in the T&D and civil business, reflected from our order backlog of INR 63,287 crore and order inflows of INR 19,456 crore received till date in FY26. I am pleased to highlight that our focus on financial discipline is reflected in the reduction of consolidated net debt by 29 per cent QoQ and 17 per cent YoY to INR 2,240 crore. We have further bolstered our financial position through the successful divestment of the Vindhyachal road asset in January 2026, which will generate cash inflows exceeding over INR 600 crore post repayment of external bank debt. Our strong order book, diversified business mix, global capabilities and strong balance sheet gives us confidence to sustain growth momentum with improved margins going forward.”

Highlights

• Revenue growth led by robust project execution and healthy order backlog in Transmission and Distribution (T&D), Buildings and Factories (B&F), Oil and Gas and Urban Infrastructure business
• PBT Margin expansion on back of improved operations, diversified project mix and efficient working capital management
• Business visibility continues to remain robust in T&D and B&F business; YTD FY26 Order Inflows at ~ INR19,456 crore; Additional L1/ favourable placed in projects worth INR 7,000 crore
• Completed sale of Vindhyachal Road Asset in January 2026 for an enterprise value of ~ INR 799 crore (post-closing adjustments)

Standalone Financial Performance

Quarterly Performance (Q3 FY26 vs Q3 FY25)

• Revenue at INR 5,788 crore, reporting a 20 per cent YoY growth in Q3 FY26
• EBITDA up 20 per cent YoY to INR 481 crore; EBITDA Margin at 8.3 per cent
• PBT (Before Exceptional items) up 44 per cent YoY to INR 314 crore with PBT Margin at 5.4 per cent.
• PAT up 34 per cent YoY to INR 211 crore ; PAT Margin at 3.6 per cent

Nine Month Performance (9M FY26 vs 9M FY25)

• Revenue stands at INR 16,246 crore, up 28 per cent YoY
• EBITDA up 28 per cent YoY to INR 1,357 crore; EBITDA Margin at 8.4 per cent
• PBT(Before Exceptional items) grew 52 per cent YoY to INR 860 crore; PBT Margin up 80 bps to 5.3 per cent
• PAT up 51 per cent YoY to INR 612 crore; PAT Margin at 3.8 per cent
• Net debt at INR 1,849 crore as of 31st December 2025, a decline of 16 per cent QoQ ; Net Working Capital at 97 days

Consolidated Financial Performance

Quarterly Performance (Q3 FY26 vs Q3 FY25)

• Revenue grew 16 per cent YoY to INR 6,665 crore on back of robust execution and healthy order backlog
• PBT (Before Exceptional items) grew 37 per cent YoY to INR 277 crore; PBT margin up 70 bps to 4.2 per cent
• PAT at INR 149 crore in Q3 FY26 compared to INR 140 crore in Q3 FY25, reflecting growth of 7 per cent YoY

Nine Month Performance (9M FY26 vs 9M FY25)

• Revenue stands at INR 19,365 crore, increase of 27 per cent YoY PBT(Before Exceptional items) grew 69 per cent YoY to INR 889 crore;
• PBT margin up 110 bps to 4.6 per cent PAT at INR 600 crores, up 72 per cent YoY in Q3 FY26
• Net debt at INR 2,240 crores, a decline of 29 per cent QoQ; Net Working Capital improves by 15 days to 79 days

Order Intake & Order Book

• Received new orders of ~ INR 1,782 crore in January 2026 mainly in T&D and B&F business; Total Order inflows of INR 19,456 crore till date in FY26

• Consolidated order book stands at INR 63,287 crore as on 31st December 2025, after giving effect to change in scope; Further, favourably placed/ L1 in orders worth ~ INR 7,000 crore