Update shared on 15 Dec 2025
Fair value Decreased 0.36%Analysts have nudged their fair value estimate for Kalpataru Projects International slightly lower to ₹1,471 from about ₹1,477, reflecting only marginal tweaks to discount rate, long term growth, and future P/E assumptions while maintaining a broadly constructive outlook.
What's in the News
- H.G. Infra Engineering and Kalpataru Projects International emerged as L-1 bidders in a joint venture for designing and constructing a 20.5 km elevated metro viaduct for the Thane Integral Ring Metro Project, with an estimated EPC project cost of roughly INR 14,240 million and a 36-month construction period (company announcement).
- In this metro JV, Kalpataru Projects International holds a 60 percent share while H.G. Infra Engineering holds 40 percent, underscoring Kalpataru's leading role in a large-scale urban transport project (company announcement).
- Kalpataru Projects International raised its FY 2026 earnings guidance and is now targeting revenue growth of more than 25 percent at both standalone and consolidated levels, compared with its earlier 20 to 25 percent range (corporate guidance).
- The company, together with its international subsidiaries, secured approximately INR 23,320 million in new orders, including overseas power transmission and distribution projects and domestic buildings and factories contracts (client announcements).
- The board scheduled a meeting on October 31, 2025, to consider and approve unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2025 (board notice).
Valuation Changes
- Fair Value Estimate edged down slightly to approximately ₹1,471 from about ₹1,477, implying a marginally lower upside from current levels.
- Discount Rate increased very slightly to around 16.08 percent from roughly 16.07 percent, reflecting a negligible reassessment of risk and return assumptions.
- Revenue Growth remained effectively unchanged at about 8.92 percent, indicating no material revision to the long term top line growth outlook.
- Net Profit Margin was virtually stable at roughly 4.80 percent, suggesting the earnings quality and profitability expectations are intact.
- Future P/E eased slightly to about 28.1x from roughly 28.2x, pointing to a marginally less aggressive multiple on long term earnings.
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