Kalpataru IPO: Open Date, Price, Allotment & Listing Details

Kalpataru IPO is scheduled to open on June 24, 2025, and will close on June 26, 2025. This is a Book Build Issue through which the company plans to raise approximately ₹1,590 crores, entirely via a fresh issue of shares. The price band for the IPO is fixed at ₹387 to ₹414 per share, with a face value of ₹10 per equity share. The retail investor quota is 10%, while Qualified Institutional Buyers (QIB) are allocated 75%, and High Net-worth Individuals (HNI) hold a 15% quota. The IPO allotment date is expected to be June 27, 2025, and the shares will be listed on both BSE and NSE on July 1, 2025.

On the financial front, Kalpataru reported a revenue of ₹2,029.94 crores in FY 2024, a decline from ₹3,716.61 crores in FY 2023. However, the company has shown improvement in its bottom line, with its net loss reducing to ₹113.81 crores in 2024, compared to a loss of ₹226.79 crores in 2023. Given this improvement in financial performance and the potential for future growth, the Kalpataru IPO could be a promising opportunity for long-term investors.

Kalpataru IPO Date & Price Band Details

Kalpataru Company Overview, Strengths, and Risks

Kalpataru Projects International Limited (KPIL) is a large, diversified Indian engineering, procurement, and construction (EPC) company. Part of the Kalpataru Group, it has been a significant player in infrastructure development since its inception in 1981. KPIL operates across various critical sectors globally, with a presence in over 75 countries.

Company Overview:

KPIL specializes in providing end-to-end EPC solutions, encompassing design, testing, fabrication, erection, and construction, as well as maintenance services. Their diverse business streams include:

• Power Transmission & Distribution (T&D): A core strength, with capabilities for EHV transmission lines (up to 800 KV), substations, and a global presence. They also have two manufacturing facilities for transmission towers in India.
• Buildings & Factories (B&F): Engaged in civil construction for industrial, commercial, residential buildings, urban infrastructure, healthcare, institutional, and IT office spaces. They recently secured their largest-ever B&F contract for a large residential project.
• Water Supply & Irrigation: Providing EPC solutions for drinking water supply, distribution systems, and wastewater collection and treatment.
• Railways: A leading EPC contractor for railway infrastructure, including overhead electrification, traction substations, track laying, bridges, and signaling & telecommunications.
• Oil & Gas Pipelines: A key player in cross-country oil & gas pipelines, processing facilities, refineries, and fertilizer plants.
• Urban Infrastructure: Involved in multi-disciplinary heavy civil and urban infrastructure projects, including metro rail and flyovers.
• Biomass Plants: Owns and operates two biomass power plants in Rajasthan.

KPIL has expanded its international reach through subsidiaries like Fasttel Engenharia S.A. in Brazil and Linjemontage i Grastorp AB (LMG) in Sweden, further solidifying its global footprint.

Financial Highlights (Consolidated, as of March 31, 2025):

• Revenue from Operations (FY25): ₹22,316 crore (up 14% YoY)
• EBITDA (FY25): ₹1,834 crore (up 13% YoY); EBITDA Margin at 8.2%
• Profit After Tax (PAT) (FY25): ₹567 crore (up 19% YoY for FY24, latest full year PAT is Rs 647.95 cr)
• Order Book (as of March 31, 2025): ₹64,495 crore (all-time high, provides strong revenue visibility for ~3.5 years based on FY25 revenue)
• Net Debt (as of March 31, 2025): ₹1,953 crore

Strengths of Kalpataru Projects International Limited:

• Diversified Business Portfolio: KPIL’s presence across multiple, high-growth infrastructure segments (T&D, B&F, Water, Railways, O&G) reduces dependence on any single sector, providing revenue stability and resilience against cyclical downturns in specific industries.
• Strong Order Book: A robust and growing order book exceeding ₹64,000 crore provides excellent revenue visibility and a strong pipeline for future growth. A significant portion of this is also from overseas projects, often backed by multilateral agencies, reducing counterparty risk.
• Global Footprint & Established Market Position: With operations in over 75 countries and strong subsidiaries in key international markets, KPIL has an established global presence and diversified revenue streams across geographies.
• Integrated Capabilities: Possessing in-house capabilities for design, engineering, manufacturing, testing, and project execution enables them to offer comprehensive turnkey solutions, ensuring quality control and timely project delivery. They also have their own tower testing facility.
• Experienced Management & Execution Track Record: Over four decades of operational experience and a seasoned management team contribute to a proven track record of successful project execution, even for large and complex infrastructure ventures.
• Strong Financial Performance: The company has demonstrated consistent revenue growth and healthy profitability margins, with improved EBITDA and PAT in recent fiscal years. They maintain a moderate debt-to-equity ratio and strong liquidity.
• Focus on ESG: KPIL is committed to sustainable practices, with targets for carbon neutrality by 2040 and water neutrality by 2032, and a focus on renewable energy integration and waste management. This enhances their appeal to investors and lenders who prioritize ESG factors.
• Synergies from Amalgamation: The amalgamation with JMC Projects (India) Ltd. (now part of KPIL) has further strengthened their capabilities in civil construction, urban infrastructure, and water projects, enhancing their overall competitive position.

Risks of Kalpataru Projects International Limited:

• Exposure to Cyclical Nature of EPC Sector: The infrastructure and construction sector is inherently cyclical and sensitive to economic slowdowns, government spending patterns, interest rate fluctuations, and regulatory changes, which can impact project awarding and execution.
• Working Capital Intensive Operations: EPC projects often require significant working capital. Delays in payments from clients, especially government entities, or unforeseen project extensions can strain liquidity and increase borrowing costs.
• Project Execution Risks: Large-scale infrastructure projects are exposed to risks such as cost overruns, delays in land acquisition and regulatory clearances, unforeseen geological conditions, labor shortages, and fluctuations in raw material prices.
• Geopolitical and Currency Risks (International Operations): Given their significant international presence, KPIL is exposed to geopolitical instability, currency fluctuations, and varying regulatory environments in different countries, which can impact profitability and project viability.
• Intense Competition: The EPC sector in India and globally is highly competitive, with numerous domestic and international players. This can lead to aggressive bidding, pressure on margins, and challenges in securing new orders.
• Contingent Liabilities: As is common with large project companies, KPIL may have significant contingent liabilities related to ongoing projects, guarantees, and legal disputes, which could materialize and impact financial performance.
• High Promoter Pledging (Historically, though steadily reducing): While improving, historically there has been some promoter share pledging, which can be viewed as a risk by some investors. (Latest reports suggest it’s around 24.59%).
• Reliance on Government Policies and Funding: A substantial portion of their projects are government-funded. Changes in government priorities, budget allocations, or delays in project approvals can directly impact their order pipeline and revenue.

Kalpataru IPO Market Lot

The Kalpataru IPO has a minimum market lot of 36 shares, requiring an application amount of ₹14,904 for a single lot. Retail investors can apply for a maximum of 13 lots, which totals 468 shares with an application amount of ₹1,93,752. This allows retail participants to strategically plan their investment based on their budget and interest in the IPO.

Kalpataru IPO Allotment & Listing Dates

The Kalpataru IPO will open for subscription on June 24, 2025, and will close on June 26, 2025. The allotment of shares is expected to be finalized on June 27, 2025, and the IPO is scheduled to list on BSE and NSE on July 1, 2025. Investors should keep these dates in mind for application, allotment tracking, and listing gains, if any.

Kalpataru IPO: Promoters

The promoters of Kalpataru are Mofatraj P. Munot and Parag M. Munot.

Kalpataru IPO Company Financial Report

The company reported a revenue of ₹2,029.94 crores in FY 2024, which declined from ₹3,716.61 crores in FY 2023. However, despite the drop in revenue, the company showed an improvement in profitability by reducing its net loss to ₹113.81 crores in 2024, compared to a loss of ₹226.79 crores in 2023.

Amount ₹ in Crores

Kalpataru IPO Valuation – FY2024

Kalpataru Peer Group Comparison

Objects of the Issue – Kalpataru IPO

The Kalpataru IPO proceeds will be utilized for the following purposes:

1. Repayment/pre-payment, in full or in part, of certain borrowings availed by the Company and its Subsidiaries.
2. General corporate purposes, which may include strategic initiatives, working capital, and other business needs.

Kalpataru IPO Review

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Kalpataru IPO Registrar

MUFG Intime India Private Limited (Link Intime)
Phone: +91-22-4918 6270
Email: kalpataru.ipo@linkintime.co.in
Website: https://linkintime.co.in/Initial_Offer/public-issues.html

IPO Lead Managers aka Merchant Bankers

• ICICI Securities Limited
• Jm Financial Limited
• Nomura Financial Advisory And Securities (India) Pvt Ltd

Company Address

Kalpataru Limited
91, Kalpataru Synergy,
Opposite Grand Hyatt,
Santa
Mumbai, Maharashtra, 400055
Phone: +91 22 3064 5000
Email: investor.cs@kalpataru.com
Website: http://www.kalpataru.com/

FAQs on Kalpataru IPO