Kalpataru Projects International Limited (KPIL) Q2 Results FY27 Preview: Date, Time, Expectations & Key Things To Watch

Kalpataru Projects International (KPIL) is a global EPC player spanning power T&D, oil & gas, buildings & factories, water, railways and urban infra across 75+ countries, with a record order book of Rs. 66,607 Cr. This quarter's print will speak to whether revenue growth can accelerate toward the guided 'at least 15%' for FY27 after a muted Q1, and whether margins hold against rising copper/zinc costs and Middle East freight and diesel disruption.

Kalpataru Projects International Limited Q2 Results Date and Time

The Board of Directors will meet on November 05, 2026, to approve the unaudited standalone and consolidated financial results for Q2/H1 FY27 (period ended September 30, 2026). The trading window reopens 48 hours after the results.

The Q2FY27 earnings call is scheduled for November 06, 2026, at 09:00 IST, hosted by DAM Capital Advisors. Speakers are MD & CEO Manish Mohnot, DMD S K Tripathi, and President (Finance) & CFO Ram Patodia.

What to expect from Kalpataru Projects International Limited's Q2 FY27 results

The big question for Q2 FY27 is whether execution can catch up with an order funnel that has run hot — YTD FY27 inflows crossed Rs. 22,000 Cr by 21 October 2026, including a 'Major' UAE gas pipeline Letter of Award valued at over Rs. 4,000 Cr received on 28 September 2026.

Revenue is the laggard: Q1 FY27 grew only +4% reported (+9% excluding Road SPVs and the Brazil subsidiary) against the guided 'at least 15%' for FY27, so the implied H2 acceleration needs to start showing up, and management said it 'could revisit this number at the end of Q2'.

On margins, copper near record highs and zinc at multi-year highs land on a 50% variable-price order book with 90%+ hedging on aluminium, zinc and copper, while the Q1 results note flagged that a one-time steel inventory gain will not recur and higher replacement costs will pressure subsequent quarters. Middle East disruption is the live event cost — Hormuz transits ran ~90% below normal in late July and management has called diesel cost 'potentially the biggest challenge', echoing the Rs. 200-250 Cr FY26 revenue hit already attributed to the conflict.

Management is 'well on track' toward the Rs. 30,000 Cr FY27 order inflow target and flagged it 'may consider an upward revision at the end of Q2 FY27', with L1/favourably-placed orders exceeding Rs. 12,000 Cr as of 24 September 2026. The call should also cover water collections toward the >Rs. 2,500 Cr FY27 target, net working capital versus the 80-day Q1 level and sub-100-day guide, and the KEPL Section 37 petition after the 29 September 2026 Delhi High Court order.

Key Things To Watch

Guidance scorecard to probe: Management flagged an end-of-Q2 checkpoint on key FY27 guidance — here is what to track.

• Order inflow Rs. 30,000 Cr+ — FY27: YTD inflows already exceeded Rs. 22,000 Cr by 21 October 2026; watch for the upward revision management said it 'may consider... at the end of Q2 FY27'
• Revenue growth at least 15% — FY27: Q1 grew +4% reported / +9% comparable; watch the H2 acceleration implied and whether the 'revisit at end of Q2' option is exercised
• PBT margin +75 bps — FY27: Q1 consolidated PBT margin already +190 bps; watch reiteration and mix commentary
• Core segments (B&F, T&D, Oil & Gas) 20%+ growth — FY27; T&D inflow Rs. 13,000-15,000 Cr and international T&D Rs. 8,000-8,500 Cr — FY27
• Capex ~Rs. 800 Cr — FY27 with the Rs. 150 Cr rolling mill approval on 11 August 2026; NWC sub-100 days (80 days at Q1); ROCE 21-22%; interest cost Rs. 67-68 Cr; water collections >Rs. 2,500 Cr with Rs. 1,600 Cr receivables clearance timeline

UAE gas pipeline LoA and Middle East conversion

• The 'Major' UAE gas pipeline EPC Letter of Award (estimated over Rs. 4,000 Cr) was received 28 September 2026; watch formal conversion into the order book and further awards
• Oil & Gas Middle East wins of $100 million to $500 million guided for Q3 or late Q2 FY27; Middle East Oil & Gas order book approximately $600 million (~Rs. 5,000-odd Cr)

LMG IPO proceeds and strategic follow-ups

• Deployment of LMG IPO proceeds (~SEK 711.45 million gross to KPTS; KPTS stake now 66.45% after the green shoe) and balance-sheet impact post-listing on Nasdaq Stockholm
• Rolling mill execution timeline at Raipur and any new backward-integration announcements
• Shubham Logistics asset sales and reduction of the ~Rs. 332 Cr investment; any residual Brazil/Fasttel exposure after full impairment

Risks and litigation follow-ups

• KEPL Section 37 petition status after the Delhi High Court upheld its 28 July 2026 order partially setting aside the arbitral award against NHAI (29 September 2026); management states zero carrying value, zero project debt and 'no negative impact on cash flows or P&L'
• GST appeal outcomes on fresh penalties of Rs. 6.76 Cr (Section 73) and Rs. 1.05 Cr (Section 74), plus the Eswatini VAT objection (~Rs. 38.02 lakhs)
• Diesel cost and Middle East supply-chain watch items amid the Hormuz/Red Sea disruption

Order book and working capital metrics

• Order book trajectory beyond the record Rs. 66,607 Cr (30 June 2026); L1 pipeline conversion — Rs. 7,300 Cr at Q1, over Rs. 12,000 Cr favourably placed as of 24 September 2026
• NWC days versus 80 at Q1 and the sub-100-day FY27 target; finance cost trend versus the Rs. 67-68 Cr guidance