Kalpataru Projects International Limited (KPIL.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-144.6%

-₹586.59

vs ₹1,316.00 price

Levered DCF

₹678.19

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

—

Rating

B-

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	17.37×	27.67×	35.62×	18.38×	10.11×	8.52×	7.23×	15.7×
P/B	2.32×	2.49×	3.53×	1.72×	1.28×	1.53×	0.84×	2.35×
P/S	0.67×	0.73×	0.92×	0.5×	0.37×	0.44×	0.22×	0.68×
EV / EBITDA	8.44×	10.31×	13.05×	7.94×	6.74×	5.62×	3.78×	7.45×
Gross margin	13.5%	26.2%	26.5%	25.9%	26.3%	29.5%	29.2%	29.5%
Operating margin	6.4%	13.8%	15.2%	15.0%	15.1%	18.9%	18.5%	19.2%
Net margin	3.8%	2.6%	2.6%	2.7%	3.7%	5.2%	3.1%	4.3%
Current ratio	1.25×	1.27×	1.24×	1.25×	1.35×	1.31×	1.29×	1.39×
Debt / equity	0.46×	0.66×	0.78×	0.8×	0.9×	0.87×	1.01×	0.84×
Interest coverage	3.46×	4.18×	4.29×	3.99×	4.31×	4.54×	3.95×	4.32×
Dividend yield	0.9%	0.8%	0.6%	1.2%	0.4%	2.2%	4.3%	0.6%
Payout ratio	14.8%	22.2%	22.3%	22.0%	4.1%	18.9%	31.0%	10.1%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	13.4%	9.0%	9.9%	9.3%	12.6%	17.9%	11.6%	15.0%
Return on invested capital	10.9%	18.6%	22.5%	17.5%	17.4%	20.8%	17.2%	18.5%
Return on assets	3.8%	2.3%	2.3%	2.3%	3.1%	4.4%	2.5%	3.3%
Free cash flow yield	1.6%	2.1%	2.7%	-1.4%	7.4%	11.7%	16.6%	4.4%
Earnings yield	5.8%	3.6%	2.8%	5.4%	9.9%	11.7%	13.8%	6.4%
Enterprise value	₹200.9B	₹187.6B	₹211.5B	₹109.4B	₹82.4B	₹84.4B	₹57.1B	₹97.1B
Net debt / EBITDA	0.85×	1.4×	1.85×	2.06×	2.27×	1.81×	1.91×	1.83×
Cash conversion cycle (days)	31	13	121	128	124	143	144	122