Kalpataru Projects International (KPIL IN) – Q2FY27 Result Update – Healthy Q2; Order prospects remain strong – ACCUMULATE
Published on 07 Nov 2026
Kalpataru Projects International (KPIL) reported a strong operating performance in Q2FY27, supported by robust order inflows, healthy execution and improving profitability. YTD order inflows surged ~60% YoY to ~INR240bn, with an additional ~INR50bn of projects where the company is favorably placed, prompting management to upgrade FY27 order inflow guidance to INR350-360bn from INR300bn. The stock is trading at a P/E of 15.6x/12.8x on FY28/29E. We roll forward to Sep’28E and maintain our ‘Accumulate’ rating valuing the core business at a PE of 15.5x Sep’28E (16x Mar’28E earlier) arriving at a SoTP derived TP of INR1,544 (earlier TP of INR 1,472).
