Kalpataru Projects wins Rs 2,225 crore orders as T&D momentum builds across India and overseas

Kalpataru Projects International Ltd has won fresh orders worth Rs 2,225 crore, led by about Rs 2,031 crore of transmission and distribution, or T&D, contracts and letters of comfort across India and overseas markets. Its Swedish subsidiary, Linjemontage i Grästorp AB, has separately secured a contract worth about Rs 194 crore for work on a 130 kV substation in Sweden.

The order wins add to the company’s stated order inflow of around Rs 20,000 crore so far in FY27, which management said represents growth of more than 30 per cent year-on-year. The latest set of contracts is therefore not just a routine addition to the backlog, but further evidence of T&D remaining the principal driver of KPIL’s growth pipeline.

T&D was already KPIL’s largest order-book vertical, accounting for 44 per cent of its consolidated Order Book of Rs 66,607 crore as of June 30, 2026. The newly announced Rs 2,225 crore orders are equivalent to about 3.3 per cent of that June-end backlog, based on calculations. The business is benefiting from higher spending on grid expansion, renewable-energy evacuation and electricity-network reliability in India as well as overseas markets.

The Swedish contract was awarded by electricity distribution company Ellevio AB through a public procurement process. Valued at around SEK 200 million, the project involves refurbishment and expansion of an existing 130 kV substation at Repbäcken in Borlänge.

Linjemontage will build a new 130 kV substation within an expanded station area and connect it with the existing facility, which will remain operational during Construction. The work is aimed at raising grid redundancy and capacity. Ellevio has also indicated plans to subsequently connect four new overhead lines and a 400 kV bay to the new station, linking it to Svenska kraftnät’s transmission network.

The Swedish subsidiary will execute the assignment on a turnkey basis, covering civil and foundation work, a control building, control equipment, installation, testing and commissioning. Work is expected to begin after the contract is signed, while final inspection is scheduled for October 15, 2029.

Manish Mohnot, Managing Director and Chief Executive Officer of KPIL, said the order inflows reflected customer confidence in the company’s execution and engineering capabilities. He said investment in transmission infrastructure, grid expansion and renewable-energy integration was supporting opportunities in domestic and global markets.

The order also provides support to KPIL’s strategy of pursuing more complex T&D work, including high-voltage direct current, gas-insulated substations and design-build projects. In the June quarter, the company had reported T&D revenue excluding Brazil of Rs 2,924 crore, up 10 per cent year-on-year, while Linjemontage’s revenue rose 8 per cent to Rs 833 crore.

The Swedish project, however, will require careful execution because construction and refurbishment work must be undertaken around an operating substation. Linjemontage Chief Executive Officer Anders Åkerberg said such projects place high demands on planning, coordination and execution.

KPIL’s recent financial performance provides a broader backdrop to the order momentum. Consolidated net sales rose 3.8 per cent year-on-year to Rs 6,407.97 crore in the June 2026 quarter, while profit after Tax increased 45.9 per cent to Rs 311.53 crore. The company’s operating margin before other income improved to 8.77 per cent from 8.51 per cent a year earlier.

As of 10:00 am on October 13, 2026, KPIL shares were trading at Rs 1,402.90, down 1.06 per cent from the previous close. The stock was about 3.7 per cent below its 52-week high of Rs 1,456.60. Over the past year, it gained 15.79 per cent, outperforming the BSE 500, which declined 6.29 per cent over the same period.

Disclaimer: The article is for informational purposes only and not investment advice.