Interim report
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Corporate Office: Kalpataru Synergy, 7th Floor, Opp. Grand Hyatt, Santacruz (E), Mumbai - 400055. India | Tel: +91 22 3064 2100/+91 22 6885 1500 Registered Office: Plot No. 101, Part-III, G.I.D.C. Estate, Sector - 28, Gandhinagar - 382 028, Gujarat, India | Tel: +91 79 2321 4000 Email: info@kalpataruprojects.com | Website: www.kalpataruprojects.com | CIN: L40100GJ1981PLC004281 KPIL/25-26 04th February, 2026 BSE Limited Corporate Relationship Department Phiroze Jeejeebhoy Towers Dalal Street, Fort Mumbai - 400 001 Scrip Code: 522287 National Stock Exchange of India Ltd. ‘Exchange Plaza’, C-1, Block ‘G’, Bandra-Kurla Complex Bandra (E) Mumbai – 400 051 Scrip Code: KPIL Sub.: Outcome of Board Meeting pursuant to provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 Respected Sir(s), In accordance with Regulation 30, 33 and other applicable provisions of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“LODR Regulations”), as amended from time to time and in continuation of our intimation dated 28 th January, 2026, we wish to inform that the Board of Directors (the "Board") of Kalpataru Projects International Limited (the "Company") at its meeting held today, i.e., 04th February, 2026 has inter alia- a) approved the Unaudited Financial Results (Standalone and Consolidated) for the quarter and nine months ended 31st December, 2025 as recommended by the Audit Committee. b) delegated authority to the Execut ive Committee of the Board of Direct ors of the Company for additional funding support by way of equity, in one or more tr anches to Kalpataru IBN Omairah Company Limited, subsidiary of the Company, upto USD 5 Mn or its equivalent. Pursuant to the provisions of the LODR Regulations, we enclose the following: i) Copy of the Limited Review Repo rt of the Statutory Auditors of t he Company on the Unaudited Financial Results (Standalone and Consolidated) for the quarter and nine months ended 31st December, 2025; ii) Statement of Unaudited Financi al Results (Standalone and Consolidat ed) for the quarter and nine months ended 31st December, 2025. The meeting of Board of Directors commenced at 12:30 p.m. IST and concluded at 04:15 p.m. IST. We request you to take the same on record. Thanking you, Yours faithfully, For Kalpataru Projects International Limited Shweta Girotra Company Secretary Enclosed: As Above
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B S R & Co. LLP Chartered Accountants 14th Floor, Central B Wing and North C Wing Nesco IT Park 4, Nesco Center Western Express Highway Goregaon (East), Mumbai – 400 063, India Telephone: +91 (22) 6257 1000 Fax: +91 (22) 6257 1010 Registered Office: B S R & Co. (a partnership firm with Registration No. BA61223) converted into B S R & Co. LLP (a Limited Liability Partnership with LLP Registration No. AAB-8181) with effect from October 14, 2013 14th Floor, Central B Wing and North C Wing, Nesco IT Park 4, Nesco Center, Western Express Highway, Goregaon (East), Mumbai - 400063 Page 1 of 5 Limited Review Report on unaudited consolidated financial results of Kalpataru Projects International Limited for the quarter ended 31 December 2025 and year to date results for the period from 1 April 2025 to 31 December 2025 pursuant to Regulation 33 and Regulation 52(4) read with Regulation 63 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, as prescribed in Securities and Exchange Board of India operational circular SEBI/HO/DDHS/P/CIR/2021/613 dated 10 August 2021, as amended To the Board of Directors of Kalpataru Projects International Limited 1. We have reviewed the accompanying Statement of unaudited consolidated financial results of Kalpataru Projects International Limited (hereinafter referred to as “the Parent”), and its subsidiaries (the Parent and its subsidiaries together referred to as “the Group”) and its share of the net profit after tax and total comprehensive income of its joint venture for the quarter ended 31 December 2025 and year to date results for the period from 1 April 2025 to 31 December 2025 (“the Statement”) (in which are included interim financial results of three joint operations), being submitted by the Parent pursuant to the requirements of Regulation 33 and Regulation 52(4) read with Regulation 63 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("Listing Regulations"), as prescribed in Securities and Exchange Board of India operational circular SEBI/HO/DDHS/P/CIR/2021/613 dated 10 August 2021, as amended. 2. This Statement, which is the responsibility of the Parent’s management and approved by the Parent’s Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 “ Interim Financial Reporting ” (“Ind AS 34”), prescribed under Section 133 of the Companies Act, 2013, and other accounting principles generally accepted in India and in compliance with Regulation 33 and Regulation 52(4) read with Regulation 63 of the Listing Regulations, as prescribed in Securities and Exchange Board of India operational circular SEBI/HO/DDHS/P/CIR/2021/613 dated 10 August 2021, as amended. Our responsibility is to express a conclusion on the Statement based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 “Review of Interim Financial Information Performed by the Independent Auditor of the Entity”, issued by the Institute of Chartered Accountants of India. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. We also performed procedures in accordance with the circular issued by the Securities and Exchange Board of India under Regulation 33(8) of the Listing Regulations, to the extent applicable. 4. The Statement includes the results of the entities mentioned in Annexure I to the Statement : 5. Based on our review conducted and procedures performed as stated in paragraph 3 above and based on the consideration of the review reports of the other auditors referred to in paragraph 6 below, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 and Regulation 52(4) read with Regulation 63 of the Listing Regulations, as prescribed in Securities and Exchange Board of India operational circular SEBI/HO/DDHS/P/CIR/2021/613 dated 10 August 2021,as amended, including the manner in which it is to be disclosed, or that it contains any material misstatement.
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B S R & Co. LLP Limited Review Report (Continued) Kalpataru Projects International Limited Page 2 of 5 6. We did not review the interim financial results of two joint operations included in the unaudited standalone interim financial results of the entities included in the Group, whose results reflect Company's share of total revenues of Rs. 61.77 crores and Rs. 179.39 crores, Company's share of total net profit after tax of Rs. 2.58 crores and Rs. 8.71 crores and Company's share of total comprehensive income of Rs. 2.58 crores and Rs. 8.71 crores, for the quarter ended 31 December 2025 and for the period from 1 April 2025 to 31 December 2025 respectively, as considered in the respective unaudited standalone interim financial results of the entities included in the Group. The interim financial results of these joint operations have been reviewed by the other auditor whose reports have been furnished to us, and our conclusion in so far as it relates to the amounts and disclosures included in respect of these joint operations, is based solely on the reports of such other auditor and the procedures performed by us as stated in paragraph 3 above. We did not review the interim financial information of twelve subsidiaries included in the Statement, whose interim financial information reflects total revenues (before consolidation adjustments) of Rs. 852.65 crores and Rs. 3,030.03 crores, total net profit / (loss) after tax (before consolidation adjustments) of Rs. (15.35) crores and Rs. 43.31 crores and total comprehensive income / (loss) (before consolidation adjustments) of Rs. (5.95) crores and Rs. 74.34 crores, for the quarter ended 31 December 2025 and for the period from 1 April 2025 to 31 December 2025 respectively, as considered in the Statement. These interim financial information have been reviewed by other auditors whose reports have been furnished to us by the Parent’s management and our conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries, is based solely on the reports of the other auditors and the procedures performed by us as stated in paragraph 3 above. Our conclusion is not modified in respect of this matter. 7. The Statement includes the interim financial results of one joint operation which has not been reviewed, whose interim financial results reflect Company's share of total revenues of Rs. 66.01 crores and Rs. 203.66 crores, Company's share of total net (loss) after tax of Rs. (3.68) crores and Rs. (3.86) crores and Company's share of total comprehensive loss of Rs. (3.68) crores and Rs. (3.86) crores, for the quarter ended 31 December 2025 and for the period from 1 April 2025 to 31 December 2025 respectively, as considered in the Statement. According to the information and explanations given to us by the Parent’s management, these interim financial results are not material to the Group. The Statement also includes the interim financial information of nine subsidiaries which have not been reviewed, whose interim financial information reflects total revenues (before consolidation adjustments) of Rs. 53.96 crores and Rs. 131.69 crores, total net (loss) after tax (before consolidation adjustments) of Rs. (12.24) crores and Rs. (22.08) crores and total comprehensive (loss) (before consolidation adjustments) of Rs. (14.10) crores and Rs. (27.64) crores, for the quarter ended 31 December 2025 and for the period from 1 April 2025 to 31 December 2025 respectively, as considered in the Statement. The Statement also includes the Group’s share of net profit/(loss) after tax of Rs. Nil and total comprehensive income / (loss) of Rs. Nil, for the quarter ended 31 December 2025 and for the period from 1 April 2025 to 31 December 2025 respectively as considered in the Statement, in respect of one joint venture, based on its interim financial information which has not been reviewed. According to the information and explanations given to us by the Parent’s management, these interim financial information are not material to the Group.
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B S R & Co. LLP Limited Review Report (Continued) Kalpataru Projects International Limited Page 3 of 5 Our conclusion is not modified in respect of this matter. For B S R & Co. LLP Chartered Accountants Firm’s Registration No.:101248W/W-100022 Bhavesh Dhupelia Partner Mumbai Membership No.: 042070 04 February 2026 UDIN:26042070IPIVVB6218 Bhaveshkumar Harshadkumar Dhupelia Digitally signed by Bhaveshkumar Harshadkumar Dhupelia Date: 2026.02.04 15:43:47 +05'30'
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B S R & Co. LLP Limited Review Report (Continued) Kalpataru Projects International Limited Page 4 of 5 Annexure I List of entities included in unaudited consolidated financial results. Sr. No Name of component Relationship 1 Kalpataru Projects International Limited Parent Company 2 Shree Shubham Logistics Limited Subsidiary 3 Energylink (India) Limited Subsidiary 4 Amber Real Estate Limited Subsidiary 5 Kalpataru Metfab Private Limited Subsidiary 6 Kalpataru Power Transmission (Mauritius) Limited Subsidiary 7 Kalpataru Power DMCC Subsidiary 8 Kalpataru Power Transmission USA Inc. Subsidiary 9 LLC Kalpataru Power Transmission Ukraine Subsidiary 10 Kalpataru IBN Omairah Company Limited Subsidiary 11 Kalpataru Power Transmission Sweden AB Subsidiary 12 Kalpataru Power Senegal SARL Subsidiary 13 Kalpataru Power DO Brasil Participacoes S.A. Subsidiary 14 Brij Bhoomi Expressway Private Limited Subsidiary 15 JMC Mining and Quarries Limited Subsidiary 16 Vindhyachal Expressway Private Limited Subsidiary 17 Wainganga Expressway Private Limited Subsidiary 18 Kalpataru Power Chile SpA Subsidiary 19 Saicharan Properties Limited Step down subsidiary 20 Punarvasu Financial Services Private Limited Step down subsidiary
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B S R & Co. LLP Limited Review Report (Continued) Kalpataru Projects International Limited Page 5 of 5 21 Linjemontage i Grastorp Aktiebolag Step down subsidiary 22 Linjemontage AS Step down subsidiary 23 Fasttel Engenharia S.A. Step down subsidiary 24 Kurukshetra Expressway Private Limited Joint Venture
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KALPATARU PROJECTS INTERNATIONAL LIMITED REGISTERED OFFICE : Plot No. 101, Part III, G.I.D.C. Estate, Sector - 28, Gandhinagar - 382 028 CIN : L40100GJ1981PLC004281 Tel Nos. : +91 79 232 14000; Fax Nos.: +91 79 232 11966 / 71; E Mail : cs@kalpataruprojects.com (Rs. in Crores) For the Year Ended December 31, 2025 (Unaudited) September 30, 2025 (Unaudited) December 31, 2024 (Unaudited) December 31, 2025 (Unaudited) December 31, 2024 (Unaudited) March 31, 2025 (Audited) 1 Revenue from Operations 6,665.42 6,528.57 5,732.48 19,365.16 15,249.01 22,315.78 2 Other Income 28.34 23.39 10.28 68.08 49.32 62.48 3 Total income (1+2) 6,693.76 6,551.96 5,742.76 19,433.24 15,298.33 22,378.26 4 Expenses (a) Cost of Materials Consumed 2,202.52 2,386.29 2,132.86 6,658.19 5,793.76 8,584.51 (22.08) (26.96) 43.21 (93.94) (45.16) (3.72) 2,913.88 2,392.25 2,114.17 7,880.40 5,739.04 8,357.68 (d) Employee Benefits Expense 609.79 709.45 554.43 1,987.48 1,498.17 2,113.47 (e) Finance Costs 136.94 136.95 164.37 395.92 458.96 576.53 (f) Depreciation and Amortization Expense 127.58 126.31 123.10 383.04 359.61 497.27 (g) Other Expenses 448.16 506.08 408.60 1,333.37 966.84 1,429.72 Total expenses 6,416.79 6,230.37 5,540.74 18,544.46 14,771.22 21,555.46 5 276.97 321.59 202.02 888.78 527.11 822.80 6 Exceptional items (Refer Note 7) (29.48) - - (29.48) - - 7 Profit before tax (5+6) 247.49 321.59 202.02 859.30 527.11 822.80 8 Tax expenses Current tax 59.54 94.53 60.01 237.77 202.02 312.25 Deferred tax 38.90 (10.33) 2.42 21.50 (24.01) (56.72) 9 Profit for the period (7-8) 149.05 237.39 139.59 600.03 349.10 567.27 10 Other Comprehensive Income (net of tax) 140.41 11.65 (84.17) 267.95 (117.20) (67.95) 11 Total Comprehensive Income (net of tax) (9+10) 289.46 249.04 55.42 867.98 231.90 499.32 12 Net Profit attributable to a) Owners of the parent 152.17 240.05 141.96 605.84 360.29 585.70 b) Non-Controlling interest (3.12) (2.66) (2.37) (5.81) (11.19) (18.43) 13 Other Comprehensive Income attributable to a) Owners of the parent 141.11 13.39 (83.48) 270.38 (116.05) (67.09) b) Non-Controlling interest (0.70) (1.74) (0.69) (2.43) (1.15) (0.86) 14 Total Comprehensive Income attributable to a) Owners of the parent 293.28 253.44 58.48 876.22 244.24 518.61 b) Non-Controlling interest (3.82) (4.40) (3.06) (8.24) (12.34) (19.29) 15 34.16 34.16 34.16 34.16 34.16 34.16 16 Other equity 6,479.17 17 Earnings per share (EPS) of (Face value of Rs. 2 each) (not annualised) a) Basic 8.91 14.06 8.67 35.48 22.11 35.53 b) Diluted 8.91 14.06 8.67 35.48 22.11 35.53 See accompanying notes to the financial results Profit before exceptional Items and tax (3-4) Paid up equity share capital (Face value of Rs. 2 each) STATEMENT OF CONSOLIDATED UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED DECEMBER 31, 2025 For the Nine Months Ended (b) Changes in Inventories of Finished Goods and Work- in-Progress For the Quarter Ended Particulars (c) Erection, Sub-Contracting & other Project Expenses Sr. No.
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1 2 3 4 (Rs. in Crores) For the Year ended December 31, 2025 (Unaudited) September 30, 2025 (Unaudited) December 31, 2024 (Unaudited) December 31, 2025 (Unaudited) December 31, 2024 (Unaudited) March 31, 2025 (Audited) A Segment Revenue EPC 6,573.59 6,313.85 5,616.28 18,932.34 14,910.04 21,802.61 Development Projects 50.66 167.58 65.83 292.09 184.29 306.41 Others 59.44 65.21 64.41 191.08 187.37 256.83 Total 6,683.69 6,546.64 5,746.52 19,415.51 15,281.70 22,365.85 Less: Inter Segmental Revenue (18.27) (18.07) (14.04) (50.35) (32.69) (50.07) Net Segment Revenue 6,665.42 6,528.57 5,732.48 19,365.16 15,249.01 22,315.78 B Segment Results EPC 345.68 325.90 323.36 1,025.58 854.72 1,260.54 Development Projects 30.60 133.97 24.70 204.47 73.07 63.52 Others (6.69) (12.32) 5.67 (14.60) 26.29 31.93 Total 369.59 447.55 353.73 1,215.45 954.08 1,355.99 Less: Finance Costs (136.94) (136.95) (164.37) (395.92) (458.96) (576.53) Add: Interest Income 14.84 10.99 12.66 39.77 31.99 43.34 Share of profit/(loss) of Joint Ventures - - - - - - Profit before Tax 247.49 321.59 202.02 859.30 527.11 822.80 C Segment Assets EPC 25,079.18 24,179.21 21,542.40 25,079.18 21,542.40 23,205.43 Development Projects 1,698.99 1,775.76 1,870.91 1,698.99 1,870.91 1,839.10 Others 512.95 535.52 535.24 512.95 535.24 539.56 Total 27,291.12 26,490.49 23,948.55 27,291.12 23,948.55 25,584.09 D Segment Liabilities EPC 19,173.53 18,563.68 16,567.07 19,173.53 16,567.07 17,960.04 Development Projects 730.58 818.07 1,003.34 730.58 1,003.34 964.85 Others 169.12 181.25 175.01 169.12 175.01 190.34 Total 20,073.23 19,563.00 17,745.42 20,073.23 17,745.42 19,115.23 5 Key standalone financial information: (Rs. in Crores) For the Year ended December 31, 2025 (Unaudited) September 30, 2025 (Unaudited) December 31, 2024 (Unaudited) December 31, 2025 (Unaudited) December 31, 2024 (Unaudited) March 31, 2025 (Audited) 5,813.08 5,443.00 4,844.26 16,319.20 12,758.20 18,985.85 284.27 272.28 217.72 830.70 565.35 896.43 211.24 199.91 157.35 611.91 406.31 647.95 6 7 8 9 For and on behalf of the Board of Directors For KALPATARU PROJECTS INTERNATIONAL LTD. Manish Mohnot Managing Director & CEO DIN : 01229696 Please visit our website: www.kalpataruprojects.com For the Quarter Ended For the Nine Months Ended The Company has consolidated the financial results of its subsidiaries, jointly controlled operations and joint ventures as per the applicable Indian Accounting Standards. For the Nine Months Ended Additional disclosure as per Regulation 52(4) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regu lation, 2015 are attached as annexure I. The above results were reviewed by the Audit Committee and approved by the Board at their meeting held on February 4, 2026. The statutory auditors have c onducted review of these financial results in terms of regulation 33 and regulation 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulation, 2015 a nd have issued unmodified review report. During the quarter ended 30th September 2025, Kalpataru Power Transmission Sweden AB (“KPTS”), a wholly owned subsidiary of the Company, has sold 3.45% equity shares of Linjemontage I Grastorp AB (“LMG”) to certain identified employee(s) and director(s) of LMG. Further, LMG has approved granting of stock options rep resenting 0.45% of its equity share capital of LMG to one of its director. Since then LMG and its subsidiaries are no longer wholly owned subsidiaries of the Company. Wainganga Expressway Private Limited (WEPL), a wholly owned subsidiary of the Company, issued a Termination Notice on 15th July 2025 to the National H ighways Authority of India (NHAI) on account of various contractual defaults by NHAI. Accordingly, the Concession Agreement stands terminated with effect from that date . Subsequently, on 1st August 2025, NHAI has also issued a Termination Notice to WEPL, alleging certain defaults by WEPL, including non-payment of Premium, non-payment of D amages, non- performance of routine and major maintenance obligations. WEPL has responded to the NHAI’s Termination Notice wherein it has refuted the tenability of the NHAI’s Termination Notice and the allegations made therein. Post termination of concession agreement, toll operations were also handed over to NHAI w.e.f. 30th Septemb er 2025. The management does not expect this matter to have any material adverse impact on the above financial results of the Company. Sr. No. On November 21, 2025, the Government of India notified four new Labour Codes. The Ministry of Labour & Employment published draft Central Rules and FAQ s to enable assessment of the financial impact due to changes in regulations. The Company has assessed and accounted for the incremental impact of these changes w ith the best information available, and guidance provided by the Institute of Chartered Accountants of India, considering that the impact is non-recurring in na ture and is driven by regulatory changes, the incremental impact of Rs. 29.48 Crore has been disclosed as "Exceptional items" in the Consolidated statement of profit and loss for the q uarter and nine months ended December 31, 2025. The Company continues to monitor the finalization of Central / State Rules and clarifications from the Government on other as pects of the Labour Codes and would provide appropriate accounting effect as and when such clarifications are issued/rules are notified. On October 9, 2024, the Company entered into definitive agreements to sell its entire 100% stake in Vindhyachal Expressway Private Limited (VEPL), a w holly owned subsidiary of the Company, to Actis Atlantic Holdings Limited (Actis), subject to requisite approvals and compliances of conditions precedent. Subsequently, on January 16, 2026, the Company completed the transfer of 100% equity in VEPL and accordingly, VEPL ceased to be a subsidiary of the company from that date. Dated : February 4, 2026 Place : Mumbai Business segments in consolidated results are Engineering, Procurement and Construction (EPC), Operation and Maintenance of Infrastructure Proj ects (Developmental Projects). Particulars Total Income Net Profit before tax Net Profit after tax Particulars For the Quarter Ended Manish Dashrathmal Mohnot Digitally signed by Manish Dashrathmal Mohnot Date: 2026.02.04 15:24:38 +05'30' Bhaveshkumar Harshadkumar Dhupelia Digitally signed by Bhaveshkumar Harshadkumar Dhupelia Date: 2026.02.04 15:46:49 +05'30'
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Annexure I For the Year Ended Particulars December 31, 2025 (Unaudited) September 30, 2025 (Unaudited) December 31, 2024 (Unaudited) December 31, 2025 (Unaudited) December 31, 2024 (Unaudited) March 31, 2025 (Audited) Debenture Redemption Reserve (Rs. in Crores) - - - - - - Capital Redemption Reserve (Rs. in Crores) 1.16 1.16 1.16 1.16 1.16 1.16 Net Worth* (Rs. in Crores) 7,255.37 6,962.06 6,240.76 7,255.37 6,240.76 6,513.33 Debt Equity Ratio Times 0.57 0.67 0.61 0.57 0.61 0.64 Debt Service Coverage Ratio (DSCR) Times 1.12 1.47 0.93 1.44 0.98 1.00 Interest Service Coverage Ratio (ISCR) Times 3.00 3.63 2.62 3.47 2.52 2.83 Current Ratio Times 1.25 1.25 1.29 1.25 1.29 1.27 Long Term Debt To Working Capital (LTDWC) Times 0.33 0.32 0.40 0.33 0.40 0.40 Bad Debts To Account Receivable Ratio Percent - - - - - - Current Liability Ratio Times 0.92 0.91 0.88 0.92 0.88 0.89 Total Debts To Total Assets Times 0.15 0.17 0.16 0.15 0.16 0.16 Debtors Turnover (Annualised) Days 99 104 103 107 113 113 Inventory Turnover (Annualised) Days 76 69 65 68 69 59 Operating Margin Percent 7.7% 8.6% 8.4% 8.3% 8.5% 8.2% Net Profit Margin Percent 2.2% 3.6% 2.4% 3.1% 2.3% 2.5% *As per section 2(57) of the Companies Act Net Worth = Share capital + Reserves (excluding revaluation reserve) Debt Equity Ratio = Total Debt / Equity (excluding revaluation reserve) DSCR = (PAT+Interest+Depreciation+Loss/gain on sale of PPE) / (Interest + Lease payment + Principal Repayment of long term debt) ISCR = (PAT+Interest+Depreciation+Loss/gain on sale of PPE) / Interest expenses Current Ratio = Current Assets / Current Liabilities LTDWC = Long term debt (Including current maturities of long term borrowing) / Net Working capital (excluding current maturities of long term borrowing) Bad Debts To Account Receivable Ratio = Bad debt written off / Average trade receivables Total Debts To Total Assets = Total Debts / Total Assets Current Liability Ratio = Current Liability / Total Liability Debtors Turnover = Average Accounts Receivable / Net Sales Inventory Turnover = Average Inventory / Cost of goods sold Operating Margin = Operating profit / Sales (Operating profit is profit before exceptional items and tax, depreciation, finance costs and other income) Net Profit Margin = Profit after tax / Sales For the Quarter Ended Additional disclosure as per Regulation 52 (4) of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015: For the Nine Months Ended
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B S R & Co. LLP Chartered Accountants 14th Floor, Central B Wing and North C Wing Nesco IT Park 4, Nesco Center Western Express Highway Goregaon (East), Mumbai – 400 063, India Telephone: +91 (22) 6257 1000 Fax: +91 (22) 6257 1010 Registered Office: B S R & Co. (a partnership firm with Registration No. BA61223) converted into B S R & Co. LLP (a Limited Liability Partnership with LLP Registration No. AAB-8181) with effect from October 14, 2013 14th Floor, Central B Wing and North C Wing, Nesco IT Park 4, Nesco Center, Western Express Highway, Goregaon (East), Mumbai - 400063 Page 1 of 2 Limited Review Report on unaudited standalone financial results of Kalpataru Projects International Limited for the quarter ended 31 December 2025 and year to date results for the period from 1 April 2025 to 31 December 2025 pursuant to Regulation 33 and Regulation 52(4) read with Regulation 63 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, as prescribed in Securities and Exchange Board of India operational circular SEBI/HO/DDHS/P/CIR/2021/613 dated 10 August 2021, as amended To the Board of Directors of Kalpataru Projects International Limited 1. We have reviewed the accompanying Statement of unaudited standalone financial results of Kalpataru Projects International Limited (hereinafter referred to as “the Company”) for the quarter ended 31 December 2025 and year to date results for the period from 1 April 2025 to 31 December 2025 (“the Statement”) (in which are included interim financial results of three joint operations). 2. This Statement, which is the responsibility of the Company’s management and approved by its Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 “Interim Financial Reporting” (“Ind AS 34”), prescribed under Section 133 of the Companies Act, 2013, and other accounting principles generally accepted in India and in compliance with Regulation 33 and Regulation 52(4) read with Regulation 63 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (“Listing Regulations”), as prescribed in Securities and Exchange Board of India operational circular SEBI/HO/DDHS/P/CIR/2021/613 dated 10 August 2021, as amended. Our responsibility is to issue a report on the Statement based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 “Review of Interim Financial Information Performed by the Independent Auditor of the Entity”, issued by the Institute of Chartered Accountants of India. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. 4. Based on our review conducted as above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 and Regulation 52(4) read with Regulation 63 of the Listing Regulations, as prescribed in Securities and Exchange Board of India operational circular SEBI/HO/DDHS/P/CIR/2021/613 dated 10 August 2021, as amended, including the manner in which it is to be disclosed, or that it contains any material misstatement. 5. We did not review the interim financial results of two joint operations included in the Statement of the Company, whose results reflect Company's share of total revenues of Rs. 61.77 crores and Rs. 179.39 crores, Company's share of total net profit after tax of Rs. 2.58 crores and Rs. 8.71 crores and Company's share of total comprehensive income of Rs. 2.58 crores and Rs. 8.71 crores, for the quarter ended 31 December 2025 and for the period from 1 April 2025 to 31 December 2025 respectively, The interim financial results of these joint operations have been reviewed by the other auditor whose reports have been furnished to us, and our conclusion in so far as it relates to the amounts and disclosures included in respect of these joint operations, is based solely on the reports of such other auditor.
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B S R & Co. LLP Limited Review Report (Continued) Kalpataru Projects International Limited Page 2 of 2 Our conclusion is not modified in respect of this matter. 6. The Statement includes the interim financial results of one joint operation which have not been reviewed, whose interim financial results reflect Company's share of total revenues of Rs. 66.01 crores and Rs. 203.66 crores, Company's share of total net (loss) after tax of Rs. (3.68) crores and Rs. (3.86) crores and Company's share of total comprehensive (loss) of Rs. (3.68) crores and Rs. (3.86) crores, for the quarter ended 31 December 2025 and for the period from 1 April 2025 to 31 December 2025 respectively, as considered in the Statement. According to the information and explanations given to us by the management, these interim financial results are not material to the Company. Our conclusion is not modified in respect of this matter. For B S R & Co. LLP Chartered Accountants Firm’s Registration No.:101248W/W-100022 Bhavesh Dhupelia Partner Mumbai Membership No.: 042070 04 February 2026 UDIN:26042070OXNOGQ8527 Bhaveshkumar Harshadkumar Dhupelia Digitally signed by Bhaveshkumar Harshadkumar Dhupelia Date: 2026.02.04 15:43:04 +05'30'
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KALPATARU PROJECTS INTERNATIONAL LIMITED REGISTERED OFFICE : Plot No. 101, Part III, G.I.D.C. Estate, Sector - 28, Gandhinagar - 382 028 CIN : L40100GJ1981PLC004281 Tel Nos. : +91 79 232 14000; Fax Nos.: +91 79 232 11966 / 71; E Mail : cs@kalpataruprojects.com (Rs. in Crores) For the Year ended December 31, 2025 (Unaudited) September 30, 2025 (Unaudited) December 31, 2024 (Unaudited) December 31, 2025 (Unaudited) December 31, 2024 (Unaudited) March 31, 2025 (Audited) 1 Revenue from Operations 5,787.56 5,418.78 4,825.72 16,246.08 12,683.76 18,887.91 2 Other Income 25.52 24.22 18.54 73.12 74.44 97.94 3 Total income (1+2) 5,813.08 5,443.00 4,844.26 16,319.20 12,758.20 18,985.85 4 Expenses (a) Cost of Materials Consumed 2,039.58 2,100.52 1,950.93 5,880.89 5,152.96 7,655.20 (22.08) (26.96) 43.22 (93.93) (45.16) (3.73) 2,484.67 2,041.95 1,752.46 6,699.86 4,746.42 7,087.84 (d) Employee Benefits Expense 442.31 460.15 348.12 1,329.74 987.46 1,395.51 (e) Finance Costs 92.55 102.49 107.05 279.03 292.92 380.65 (f) Depreciation and Amortization Expense 100.50 96.61 95.64 290.73 279.97 374.85 (g) Other Expenses 361.80 395.96 329.12 1,072.70 778.28 1,166.10 Total expenses 5,499.33 5,170.72 4,626.54 15,459.02 12,192.85 18,056.42 5 313.75 272.28 217.72 860.18 565.35 929.43 6 Exceptional Items (Refer Note 4) (29.48) - - (29.48) - (33.00) 7 Profit before tax (5+6) 284.27 272.28 217.72 830.70 565.35 896.43 8 Tax expenses Current tax 74.08 68.76 71.72 211.41 173.44 271.10 Deferred tax (1.05) 3.61 (11.35) 7.38 (14.40) (22.62) 9 Profit for the period (7-8) 211.24 199.91 157.35 611.91 406.31 647.95 10 Other Comprehensive Income (net of tax) 132.86 6.97 (63.05) 242.59 (97.12) (69.81) 11 Total Comprehensive Income (net of tax) (9+10) 344.10 206.88 94.30 854.50 309.19 578.14 12 34.16 34.16 34.16 34.16 34.16 34.16 13 Other equity 7,150.75 14 Earnings per share (EPS) of (Face value of Rs. 2 each) (not annualised) a) Basic 12.37 11.70 9.61 35.83 24.94 39.30 b) Diluted 12.37 11.70 9.61 35.83 24.94 39.30 See accompanying notes to the financial results STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED DECEMBER 31, 2025 Sr. No. (b) Changes in Inventories of Finished Goods and Work- in-Progress Particulars Paid up equity share capital (Face value of Rs. 2 each) (c) Erection, Sub-Contracting & other Project Expenses Profit before exceptional Items and tax (3-4) For the Quarter Ended For the Nine Months Ended
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1 2 3 4 5 6 7 For and on behalf of the Board of Directors For KALPATARU PROJECTS INTERNATIONAL LTD. Manish Mohnot Managing Director & CEO DIN : 01229696 Please visit our website: www.kalpataruprojects.com The Consolidated financial results of the Company contain segment information as per Ind AS 108 - Operating Segments accordingly separate segment in formation is not included in the Standalone financial results. The above results were reviewed by the Audit Committee and approved by the Board at their meeting held on February 4, 2026. The statutory auditors have c onducted review of these financial results in terms of regulation 33 and regulation 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulation, 2015 and have issued unmodified review report. Additional disclosure as per Regulation 52(4) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulation, 2015 are attached as annexure I. Dated : February 4, 2026 Place : Mumbai (A) On November 21, 2025, the Government of India notified four new Labour Codes. The Ministry of Labour & Employment published draft Central Rules and FAQs to enable assessment of the financial impact due to changes in regulations. The Company has assessed and accounted for the incremental impact of these changes with the best in formation available, and guidance provided by the Institute of Chartered Accountants of India, considering that the impact is non-recurring in nature and is driven by regulatory changes, the incremental impact of Rs. 29.48 Crore has been disclosed as "Exceptional items" in the Standalone statement of profit and loss for the quarter and nine months ended December 31,2025. The Co mpany continues to monitor the finalization of Central/ State Rules and clarifications from the Government on other aspects of the Labour Codes and would provide appropriate accou nting effect as and when such clarifications are issued/rules are notified. (B) Exceptional items for the year ended March 31, 2025 includes provision of Rs. 33 crores towards impairment in value of its investment in one of its su bsidiary company namely Shree Shubham Logistics Limited due to changes in market conditions and demand forecasts. On October 9, 2024, the Company entered into definitive agreements to sell its entire 100% stake in Vindhyachal Expressway Private Limited (VEPL), a w holly owned subsidiary of the Company, to Actis Atlantic Holdings Limited (Actis), subject to requisite approvals and compliances of conditions precedent. Subsequently, on January 16, 2026, the Company completed the transfer of 100% equity in VEPL and accordingly, VEPL ceased to be a subsidiary of the company from that date. Wainganga Expressway Private Limited (WEPL), a wholly owned subsidiary of the Company, issued a Termination Notice on 15th July 2025 to the National Highways Authority of India (NHAI) on account of various contractual defaults by NHAI. Accordingly, the Concession Agreement stands terminated with effect from that date. Subsequent ly, on 1st August 2025, NHAI has also issued a Termination Notice to WEPL, alleging certain defaults by WEPL, including non-payment of Premium, non-payment of Damages, non-performance of routine and major maintenance obligations. WEPL has responded to the NHAI’s Termination Notice wherein it has refuted the tenability of the NHAI’s Termination Notice and the allegations made therein. Post termination of concession agreement, toll operations were also handed over to NHAI w.e.f. 30th September 2025. The management does not expect this matter to have any material adverse impact on the above financial results of the Company. During the quarter ended 30th September 2025, Kalpataru Power Transmission Sweden AB (“KPTS”), a wholly owned subsidiary of the Company, has sold 3.4 5% equity shares of Linjemontage I Grastorp AB (“LMG”) to certain identified employee(s) and director(s) of LMG. Further, LMG has approved granting of stock options rep resenting 0.45% of its equity share capital of LMG to one of its director. Since then LMG and its subsidiaries are no longer wholly owned subsidiaries of the Company. Manish Dashrathmal Mohnot Digitally signed by Manish Dashrathmal Mohnot Date: 2026.02.04 15:23:41 +05'30' Bhaveshkumar Harshadkumar Dhupelia Digitally signed by Bhaveshkumar Harshadkumar Dhupelia Date: 2026.02.04 15:46:17 +05'30'
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Annexure I For the Year Ended Particulars December 31, 2025 (Unaudited) September 30, 2025 (Unaudited) December 31, 2024 (Unaudited) December 31, 2025 (Unaudited) December 31, 2024 (Unaudited) March 31, 2025 (Audited) Debenture Redemption Reserve (Rs. in Crores) - - - - - - Capital Redemption Reserve (Rs. in Crores) 1.16 1.16 1.16 1.16 1.16 1.16 Net Worth* (Rs. in Crores) 7,885.71 7,541.61 6,917.77 7,885.71 6,917.77 7,184.91 Debt Equity Ratio Times 0.44 0.49 0.44 0.44 0.44 0.47 Debt Service Coverage Ratio (DSCR) Times 1.74 2.02 1.03 2.11 1.16 1.25 Interest Service Coverage Ratio (ISCR) Times 4.37 3.90 3.40 4.24 3.32 3.68 Current Ratio Times 1.28 1.28 1.34 1.28 1.34 1.31 Long Term Debt To Working Capital (LTDWC) Times 0.29 0.33 0.34 0.29 0.34 0.35 Bad Debts To Account Receivable Ratio Percent - - - - - - Current Liability Ratio Times 0.94 0.93 0.91 0.94 0.91 0.91 Total Debts To Total Assets Times 0.14 0.15 0.14 0.14 0.14 0.14 Debtors Turnover (Annualised) Days 104 116 110 116 124 124 Inventory Turnover (Annualised) Days 80 77 65 75 71 62 Operating Margin Percent 8.3% 8.3% 8.3% 8.4% 8.4% 8.4% Net Profit Margin Percent 3.6% 3.7% 3.3% 3.8% 3.2% 3.4% *As per section 2(57) of the Companies Act For the Quarter Ended Additional disclosure as per Regulation 52 (4) of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015: Net Worth = Share capital + Reserves (excluding revaluation reserve) Debt Equity Ratio = Total Debt / Equity (excluding revaluation reserve) DSCR = (PAT+Interest+Depreciation+Loss/gain on sale of PPE) / (Interest + Lease payment + Principal Repayment of long term debt) ISCR = (PAT+Interest+Depreciation+Loss/gain on sale of PPE) / Interest expenses Current Ratio = Current Assets / Current Liabilities LTDWC = Long term debt (Including current maturities of long term borrowing) / Net Working capital (excluding current maturities of long term borrowing) Bad Debts To Account Receivable Ratio = Bad debt written off / Average trade receivables Total Debts To Total Assets = Total Debts / Total Assets Current Liability Ratio = Current Liability / Total Liability Debtors Turnover = Average Accounts Receivable / Net Sales Inventory Turnover = Average Inventory / Cost of goods sold Operating Margin = Operating profit / Sales (Operating profit is profit before exceptional items and tax, depreciation, finance costs and other income) Net Profit Margin = Profit after tax / Sales For the Nine Months Ended
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Corporate Office: Kalpataru Synergy, 7th Floor, Opp. Grand Hyatt, Santacruz (E), Mumbai - 400055. India | Tel: +91 22 3064 2100/+91 22 6885 1500 Registered Office: Plot No. 101, Part-III, G.I.D.C. Estate, Sector - 28, Gandhinagar - 382 028, Gujarat, India | Tel: +91 79 2321 4000 Email: info@kalpataruprojects.com | Website: www.kalpataruprojects.com | CIN: L40100GJ1981PLC004281 KPIL/25-26 04th February, 2026 BSE Limited Corporate Service Department Phiroze Jeejeebhoy Towers, Dalal Street, Fort, Mumbai - 400 001 Scrip Code: 522287 Subject: Statement of Deviation or Variation in the use of proceeds of issue of listed Non-Convertible Debt securities Respected Sir/Madam, Please find enclosed herewith a statement indicating no deviation or variation in utilization of proceeds of Non- Convertible Debt securities for the quarter ended December 31, 2025. This disclosure is being made in terms of the SEBI Master Circular No. SEBI/HO/DDHS/DDHS-PoD- 1/P/CIR/2025/0000000103 dated 11 th July, 2025 read with Regulations 52(7) and 52(7A) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Kindly take the same on your record. Thanking you, Yours faithfully, For Kalpataru Projects International Limited Shweta Girotra Company Secretary Enclosed: As above SHWETA GIROTRA Digitally signed by SHWETA GIROTRA Date: 2026.02.04 16:02:17 +05'30'
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Corporate Office: Kalpataru Synergy, 7th Floor, Opp. Grand Hyatt, Santacruz (E), Mumbai - 400055. India | Tel: +91 22 3064 2100/+91 22 6885 1500 Registered Office: Plot No. 101, Part-III, G.I.D.C. Estate, Sector - 28, Gandhinagar - 382 028, Gujarat, India | Tel: +91 79 2321 4000 Email: info@kalpataruprojects.com | Website: www.kalpataruprojects.com | CIN: L40100GJ1981PLC004281 Annexure A. Statement of utilization of issue proceeds: Name of the Issuer ISIN Mode of Fund Raising (Public issues/ Private placement) Type of instrument Date of raising funds Amount raised Funds utilized Any deviatio n (Yes/ No) If 8 is Yes, then specify the purpose of for which the funds were utilized Remarks, if any 1 234 5 6 7 8 9 1 0 Kalpataru Projects International Limited Not Applicable Not Applicable Not Applicable Not Applicable Not Applicable Not Applicable No Not Applicable None B. Statement of deviation/ variation in use of Issue proceeds: Particulars Remarks Name of listed entity Kalpataru Projects International Limited Mode of fund raising Not Applicable Type of instrument Not Applicable Date of raising funds Not Applicable Amount raised Not Applicable Report filed for quarter ended 31 st December, 2025 Is there a deviation/ variation in use of funds raised? No Whether any approval is required to vary the objects of the issue stated in the prospectus/ offer document? Yes/ No If yes, details of the approval so required? Not Applicable Date of approval Not Applicable Explanation for the deviation/ variation Not Applicable Comments of the Audit Committee after review Not Applicable Comments of the Auditors, if any Not Applicable Objects for which funds have been raised and where there has been a deviation/ variation, in the following table: Original object Modified object, if any Original allocation Modified allocation, if any Funds utilized Amount of deviation/ variation for the quarter according to applicable object (in Rs. Crore and in %) Remarks, if any Not Applicable Deviation could mean: a. Deviation in the objects or purposes for which the funds have been raised. b. Deviation in the amount of funds actually utilized as against what was originally disclosed. Name of signatory: Shweta Girotra Designation: Company Secretary Date: 04th February, 2026 SHWETA GIROTRA Digitally signed by SHWETA GIROTRA Date: 2026.02.04 16:01:47 +05'30'