Kalpataru Projects International (KPIL IN) – Q1FY27 Result Update – Healthy Q1; Growth Outlook intact – Downgrade to ‘ACCUMULATE’
Published on 12 Aug 2026
Kalpataru Projects International (KPIL) reported a decent revenue growth of 8.8% YoY in Q1FY27, while EBITDA margin expanded by 40bps to 8.9% led by a 242bps Gross Margin expansion. Sustained momentum across T&D, B&F and O&G supports the FY27 order inflow target of Rs300bn, revenue growth of 15%+ and ~75bps PBT margin expansion. The company is favorably placed in projects worth ~Rs73bn, while the Rs1–1.25tn annual T&D addressable market over the next five years, provides multi-year visibility across domestic and international markets. B&F continues to benefit from residential, commercial, airport and data-centre projects, while O&G growth is supported by Saudi execution and tenders spanning across onshore high-end projects, process lines, pipelines etc. We downgrade our rating from ‘Buy’ to ‘Accumulate’ despite healthy performance in Q1 FY27 given the recent rally in share price valuing the core business at a PE of 16x Mar’28E (same as earlier) arriving at a SoTP derived TP of INR1,472 (earlier TP of INR 1,466).
