₹64,500 Cr Order Book: Smallcap stock in focus after company to receive ₹1,000 Cr from Jal Jeevan Mission

Synopsis: The construction company in its guidance, has said that the Jal Jeevan Mission contributes nearly 10% of its order book, with Rs 1,000 crore in receivables still pending. The company sees strong long-term opportunities in the global T&D market and also highlighted significant growth potential in its water, infrastructure and urban mobility businesses in international markets.

The shares of this company, which is a global engineering and construction company with industry-leading capabilities in energy and infrastructure projects, were in focus after the company gave guidance regarding its order book as well as about its growing segments and the potential future outlook. 

With a market cap of Rs 20,025 crore, the shares of Kalpataru Projects International Ltd gained almost 2 per cent, reaching a high of Rs 1176.10 in today’s trading session when compared to its previous day’s closing price of Rs 1153.15. The shares are trading at a PE of 24.4, whereas the industry PE is 18.2, and have given a return of 120% since their listing in June 2023.  

Management Guidance

The update from Kalpataru Projects highlights that the Jal Jeevan Mission contributes roughly 10% of the company’s order book, with about Rs 1,000 crore in receivables still pending from the project. This underscores both the scale of Kalpataru’s involvement in the mission and the significance of government-backed projects in its overall portfolio.

Management also noted that they see strong and continuous opportunity in the global Transmission & Distribution (T&D) market for the next decade, reflecting confidence in long-term demand for power infrastructure. They added that the company will keep looking at opportunities to maximise value, reinforcing their focus on strategic growth and operational efficiency.

Additionally, Kalpataru highlighted the opportunity to grow its water, infrastructure and urban mobility businesses in the international market, indicating that these segments hold meaningful potential alongside its core T&D operations. The company in its june guidance had stated an order inflow for FY26 is in the range of Rs 28,000 to Rs 30,000 crore

Financials and more

The revenue from operations is at Rs 6,529 crore in Q2 FY26 versus Rs 4,930 crore in Q2 FY25, which is an increase of about 32 per cent YoY. Similarly, the net profit also increased from Rs 126 crore in Q2 FY25 to Rs 237 crore in Q2 FY26, which is a growth of about 88% YoY. 

Kalpataru Projects’ order book as of 30 September 2025 stands at a strong Rs 64,682 crore, showcasing a well-diversified pipeline across major infrastructure segments. Power Transmission & Distribution contributes the largest share with Rs 26,275 crore, accounting for 40 percent of the total. Buildings and factories follow with Rs 18,758 crore, or 29 per cent, while water projects add Rs 8,379 crore, representing 13 per cent of the book. 

The company also holds Rs 5,826 crore in oil and gas pipeline orders, Rs 2,977 crore in railway projects and Rs 2,467 crore in urban infrastructure work. Geographically, 63 percent of the order book comes from domestic projects and 37 percent from international markets, highlighting KPIL’s strong presence both in India and abroad.

Kalpataru Projects International Limited (KPIL) is one of India’s largest engineering and construction companies, known for its wide and diversified portfolio of projects across the world. The company is active in several major infrastructure segments, including Power Transmission & Distribution (T&D), buildings and factories, water supply and irrigation, railways, oil and gas pipelines, and urban mobility projects such as flyovers and metro rail. It also works on highways and airport projects, giving it a strong presence across multiple critical sectors.

With operations spanning 75-plus countries, KPIL has built a global reputation for delivering large and complex infrastructure projects. Its broad portfolio and international reach position the company strongly in both domestic and global markets, allowing it to tap into long-term opportunities across various infrastructure themes.

Written by Leon Mendonca

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