Kalpataru Projects International posted a 20.4% year-on-year increase in consolidated net profit to ₹289 crore for the second quarter of FY27, backed by heavy execution across its energy infrastructure operations. Revenue rose 7.3% to ₹7,004 crore from ₹6,529 crore a year earlier. Earnings before interest, taxes, depreciation, and amortization grew 3.4% to ₹581 crore. Margin pressure lingered, however, as the headline EBITDA margin compressed 30 basis points to 8.3%.
Shares of the engineering major ended 0.6% higher at ₹1,374 on the National Stock Exchange. The core operational numbers told a sharper story. Stripping out road special purpose vehicles and the company's Brazilian subsidiary, revenue advanced 13% to ₹6,995 crore, according to the regulatory investor presentation. On that identical core basis, operating profit leaped 16% to ₹582 crore, nudging core operating margin up to 8.3% from 8.1% a year ago.
Execution pace diverged sharply across segments. The oil and gas division led all verticals with a 58% surge in revenue to ₹884 crore, driven by expanding energy contracts. The buildings and factories division grew 20% to ₹2,031 crore, while transmission and distribution—the company's largest business by volume—rose 7% to ₹3,069 crore. Weakness hit civil segments: water infrastructure revenue slid 4% to ₹498 crore, while general infrastructure contracted 11% to ₹440 crore.
| Business Segment | Q2 Revenue (₹ Cr) | YoY Change (%) |
|---|---|---|
| Transmission & Distribution | 3,069 | +7% |
| Buildings & Factories | 2,031 | +20% |
| Oil & Gas | 884 | +58% |
| Water Infrastructure | 498 | -4% |
| Other Infrastructure | 440 | -11% |
Cash conversion proved the quarter's cleanest win. Net debt plummeted to ₹72 crore at the close of September from ₹917 crore at the end of June. The net working capital cycle shrank to 68 days from 80 days in the previous quarter—freeing up tied-up capital across multi-year engineering sites.
The consolidated order book stood at ₹71,846 crore as of September 30, 2026. Cumulative FY27 order inflows reached ₹23,934 crore, including ₹17,940 crore captured in the first half and ₹5,994 crore locked in during the early weeks of the third quarter. International traction quickened. The company bagged its first major UAE gas pipeline infrastructure package alongside its maiden water treatment and supply contract in the Middle East. Kalpataru holds lowest-bidder or favorably placed status on an additional ₹5,000 crore worth of tenders heading into the second half of the fiscal year.