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Kalpataru Projects International Ltd. (KPIL) Fair Value & Analysis

Industrials · IN · Market cap ₹233B

KP Kalpataru Projects International Ltd. KPIL · NSE
Price₹1,404
Fair Value₹1,279
Upside-8.9%
Quality42/100
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Expensive Growth
Thin margins · 3.8% net margin
Low debt · generates free cash flow
0.81% dividend yield
Mixed vs. peers (8/14)
Narrow moat 38/100
Evidence: High Range ₹691.09 – ₹1,599 Share as image

Fair value as of: Aug 13, 2026

From 26 valuation models · updated 4 days ago

Share price +7.2% over the past month.

Below-average quality, currently priced close to our fair value.

What matters now

  • The price sits close to our fair value, market and models broadly agree here, little valuation tension.
  • A fairly wide model range (₹691.09 to ₹1,599) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

₹1,428 ₹322.97 Fair Value ₹1,279 Apr 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.

How to read this chart

60‑month range ₹322.97 – ₹1,428 · fair‑value band ₹691.09 – ₹1,599 · the ₹1,404 price screens above the ₹1,279 fair value. Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

Kalpataru Projects International Ltd. (KPIL) currently trades at ₹1,404, while our model-based Fair Value estimate is ₹1,279, implying the stock looks roughly 8.9% fairly valued today. The Quality Score stands at 42/100 (below-average quality), in the Industrials sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).

Over the trailing twelve months, Kalpataru Projects International Ltd. generated revenue of ₹271B at a net margin of 3.8%. Revenue grew 10.1% year over year. It earns a return on equity of 14.5%. Net debt stands at ₹20.3B. Fundamentals as of Aug 13, 2026

Our scenario range runs from ₹691.09 (bear case) to ₹1,599 (bull case); at ₹1,404, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 4% below its 52-week high and 41% above its 52-week low, currently above its 200-day average. For context, the median of 10 Industrials peers we cover trades at -34% fair-value upside, at -9%, KPIL screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
Growth DCF ₹292.42 ₹516.09 ₹941.82 80
Residual Income ₹443.66 ₹574.99 ₹1,628 76
Rev-Margin DCF ₹786.17 ₹1,537 ₹2,566 74
All 26 models by family
DCF Models
FCF DCF ₹297.07 ₹531.33 ₹1,043 38
Owner Earnings ₹689.61 ₹1,346 ₹2,633 31
5Y Revenue Exit ₹786.17 ₹1,582 ₹2,734 39
5Y EBITDA Exit ₹981.39 ₹2,007 ₹3,376 41
5Y P/E Exit ₹767.14 ₹1,540 ₹2,481 38
10Y Revenue Exit ₹600.05 ₹1,328 ₹2,589 36
10Y EBITDA Exit ₹770.84 ₹1,657 ₹3,168 37
10Y P/E Exit ₹622.18 ₹1,296 ₹2,360 35
Earnings-Based
Graham-Dodd ₹414.14 ₹2,289 ₹3,177 54
Lynch FV ₹638.20 ₹911.71 ₹1,185 50
PEG = 1.0 ₹638.20 ₹911.71 ₹1,185 46
EPV ₹866.55 ₹1,010 ₹1,138 59
Dividend Discount
Gordon GGM ₹86.57 ₹189.01 ₹318.01 70
DDM Multi-Stage ₹86.57 ₹154.83 ₹196.97 61
Multiples
P/E Multiple ₹959.22 ₹1,279 ₹1,599 63
P/S Multiple ₹776.51 ₹1,035 ₹1,294 58
P/B Multiple ₹776.51 ₹1,035 ₹1,294 55
EV/EBIT ₹1,344 ₹1,775 ₹2,205 53
EV/EBITDA ₹1,332 ₹1,758 ₹2,184 54
EV/Revenue ₹974.49 ₹1,370 ₹1,765 43
Asset-Based
NCAV (Graham) ₹227.69 ₹305.10 ₹455.37 50
Growth DCF
Growth DCF ₹292.42 ₹516.09 ₹941.82 80
Rev-Margin DCF ₹786.17 ₹1,537 ₹2,566 74
Economic Profit
Residual Income ₹443.66 ₹574.99 ₹1,628 76
ROIC Compounder ₹1,019 ₹1,423 ₹1,980 72
Growth Earnings
Growth-Adj P/E ₹924.83 ₹1,321 ₹1,718 68

Widest divergence: DCF Models (₹1,346) versus Dividend Discount (₹154.83). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) ₹271B
Revenue growth (YoY) +10.1%
Net margin 3.8%
Return on equity 14.5%
Free cash flow ₹2.8B FY2026
P/E ratio 23.1
More key figures
Operating margin 6.9%
EPS (TTM) ₹60.87
Dividend yield 0.8%
EPS growth (YoY) +89.4%
Net debt ₹20.3B FY2026

Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 42/100

Of which business quality 41 · Market factors (momentum, volatility) 70

Profitability 42
Margins and returns on capital today
Quality Growth 63
Are margins and returns improving?
Cashflow 21
Earnings quality: real cash, not paper profit
Fin. Strength 42
Balance sheet, leverage, solvency risk
Investment 48
Disciplined investing over empire-building
Low Volatility 85
Calm price path (market factor)
Momentum 61
Price trend over the last 3–12 months (market factor)
52W Momentum 68
Distance to the 52-week high (market factor)
Net Issuance 43
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Kalpataru Projects International Limited provides engineering, procurement, and construction (EPC) services for power transmission and distribution, buildings and factories, water supply and irrigation, railways, oil and gas, and urban infrastructure sectors in India and internationally.

Full company description

Kalpataru Projects International Limited provides engineering, procurement, and construction (EPC) services for power transmission and distribution, buildings and factories, water supply and irrigation, railways, oil and gas, and urban infrastructure sectors in India and internationally. The company operates in Engineering, Procurement and Construction; Developmental Project; and Others segments. It designs, tests, procures, fabricates, erects, installs, and commissions power transmission lines, substations, and underground cable works; executes civil works, design and build composite works, structural works, finishing works, utility installations, and area development for buildings and factories; and designs and builds water intake, pipeline installation, treatment, storage, supply, distribution, and operation and maintenance of water projects. The company also offers services under its railway arm, including overhead electrification, traction substations, station buildings, railway track laying, earthwork, workshops, signaling and telecommunication, power systems, and civil works with railway networks and projects; and EPC services for the design and construction of highways, bridges and flyovers, airports, metro rail corridor stations and transit terminals and hubs, as well as undertakes EPC contracting for cross-country pipelines, terminals, and gas gathering stations for the oil and gas sectors. In addition, it is involved in agri-storage infrastructure with value added services, such as testing and certification, collateral management, pest control activities, preservation, maintenance, and security services, as well as management and operation of warehouses; and operates biomass power generation plants. The company was formerly known as Kalpataru Power Transmission Limited and changed its name to Kalpataru Projects International Limited in May 2023. Kalpataru Projects International Limited was incorporated in 1981 and is based in Mumbai, India.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2022 – FY2026 · reported fiscal years

Kalpataru Projects International Ltd. reported revenue of ₹271B in FY2026 versus ₹148B in FY2022, a compound +16.4%/yr. Reported net income was ₹10.4B in FY2026, compounding +17.8%/yr from FY2022.

Growth Quality 62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2026)
₹271B
Latest YoY
+21.6%
Avg. growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+18.4%
Avg. growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+16.0%
Avg. growth/yr (21Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+20.5%
Revenue +16.4%/yr
FY22 ₹148B
FY23 ₹164B
FY24 ₹196B
FY25 ₹223B
FY26 ₹271B
Net income +17.8%/yr
FY22 ₹5.4B
FY23 ₹4.4B
FY24 ₹5.1B
FY25 ₹5.9B
FY26 ₹10.4B
Character of growth · EPS growth decomposed (2015-2026) +18.9 % p.a.
Revenue per share +12.6 pp

of which total revenue +13.6 pp · buybacks/dilution −1.0 pp

EBIT margin −13.3 pp
Tax rate +3.2 pp
Residual (interest, one-offs) +16.3 pp

Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).

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Cite: Fair Value Calculator (2026). "Kalpataru Projects International Ltd. Fair Value". https://www.fairvalue-calculator.com/stock/KPIL

Peer Group

Engineering & Construction · 838 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 42 · Below median
Fair Value upside −9% · Above median
Return on equity (TTM) 15% · Above median
Return on assets 4% · Above median
Net margin (TTM) 4% · Above median
Operating margin (TTM) 7% · Above median
Revenue growth 10% · Above median
Dividend yield (TTM) 0.8% · Bottom 25%
Debt / equity 0.08× · Lower than median

Valuation Multiples vs Engineering & Construction median · lower = cheaper

P/E (TTM) 23.1× · Pricier than median
P/B 3.00× · Pricier than 75% of peers
P/S (TTM) 0.86× · Pricier than median
P/FCF 0.9× · Cheaper than median
EV/EBITDA 10.4× · Pricier than median

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 21 · sector 15
FUTURE 51 · sector 14
PAST 58 · sector 26
HEALTH 96 · sector 94
DIVIDEND 16 · sector 43

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Engineering & Construction stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

Stock Price Fair Value vs Fair Value
Larsen & Toubro Limited LT ₹4,020 ₹1,994 -50%
Samsung C&T Corporation 028260 357,500 KRW 261,411 KRW -27%
Hyundai Engineering & Construction Co 000720 113,700 KRW 61,453 KRW -46%
Samsung E&A Co 028050 49,300 KRW 43,624 KRW -12%
Rail Vikas Nigam Limited RVNL ₹228.50 ₹48.92 -79%
Daewoo Engineering & Construction Co 047040 18,400 KRW 6,507 KRW -65%
KEPCO Engineering & Construction Company 052690 99,800 KRW 19,346 KRW -81%
GS Engineering & Construction Corporation 006360 35,200 KRW 23,135 KRW -34%
DL E&C Co 375500 73,500 KRW 148,433 KRW +102%
KEPCO Plant Service & Engineering Co 051600 46,350 KRW 43,924 KRW -5%

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Frequently asked questions

Is Kalpataru Projects International Ltd. (KPIL) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of ₹1,279 versus a price of ₹1,404, about −9% (fairly valued).
What is the fair value of KPIL?
Our model-based fair value for Kalpataru Projects International Ltd. is ₹1,279 (as of Aug 13, 2026), built from audited fundamentals. The current price is ₹1,404.
What is the quality score of KPIL?
Kalpataru Projects International Ltd. has a Quality Score of 42/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of Kalpataru Projects International Ltd. (KPIL)?
Kalpataru Projects International Ltd. reported trailing-twelve-month revenue of about ₹271B (latest available figure, as of Aug 13, 2026).
What is the net profit margin of KPIL?
The net profit margin of Kalpataru Projects International Ltd. is about 3.8%, meaning it keeps roughly 3.8% of revenue as net income. Based on the latest reported figures.
Does Kalpataru Projects International Ltd. pay a dividend?
Kalpataru Projects International Ltd. currently shows a dividend yield of about 0.81% relative to its recent price (as of Aug 13, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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