Target: ₹1,470
CMP: ₹1,235.10
In FY25, achieved revenue of ₹22,316 crore, up 14 per cent y-o-y, attributed to robust execution of T&D and B&F segments. The company’s net profit stood at ₹567 crore, a 10 per cent growth y-o-y, reflecting improved operational efficiency and resilient margins.
The company has demonstrated strong capital stewardship by reducing net debt and maintaining a healthy Net Debt-to-Equity ratio of 0.3x as of March 31, 2025. Consolidated net debt declined by 25 per cent y-o-y to ₹1,953 crore by the end of FY25.
Successful qualified institutional placement garnered strong support from leading domestic and international investors, signifying deep market confidence in the long-term strategy.
KPIL’s oil & gas business delivered revenue of ₹1,758 crore, registering about 114 per cent y-o-y growth, driven by improved execution of domestic projects and the ramp-up of international engagements. The business gained strong momentum by executing a project for a leading Saudi energy.
The company is well-placed to capitalise on its strong order book, favourable sectoral trends in domestic and international T&D and B&F segments, improved performance of international subsidiaries, supportive government initiatives and anticipated margin gains. It is projected to deliver a CAGR of 19/24/47 per cent over FY25–FY27. . We maintain our Buy rating with a TP of ₹1,470.