K2 Infragen

Listed EPC / O&M — per-stock model.

As of 21 Aug 2026

EPC / O&M—

CMP ₹52NSE: K2INFRA

Latest concall

Q4 / FY26 · 27 May 2026

FY26 revenue Rs185cr (+26%), EBITDA Rs27cr (+33%), PAT Rs13.3cr ex-exceptional (+14%)
Debtor days improved ~15%, operating cash flow +61%, cash balances up sharply
New orders ~Rs412cr since Dec-25 across energy, T&D, railways, renewable; Rs57cr RRVPNL wins
Live bid pipeline ~Rs580cr in roads and railways

Order-book execution

Rs424cr unexecuted order book to be executed largely across FY27.

Management guidance

Order-led visibility from Rs424cr unexecuted book across railways, roads and power T&D

Q4/FY26 results + concall, 27 May 2026

Order book

₹424cr

Revenue FY26E

185₹ cr

EBITDA margin

12%

P/E

5.0×

Financials

Annual · ₹ crore · E = estimate.

Annual financials

₹ crore · FY25 → FY28E

Period	Revenue	EBITDA	EBITDA %	PAT	Gross %	ROE %	ROCE %	Capex	Net debt	EPS ₹	WC days
FY21	35	2	7.0%	0	—	—	—	—	—	1.6	—
FY22	37	0	0.6%	-3	—	—	—	—	—	-14.4	—
FY23	75	19	26.0%	11	—	—	—	—	—	50.5	—
FY24	109	21	19.0%	12	—	—	—	—	—	13.5	—
FY25	147	19	13.0%	12	—	—	—	—	—	9.2	—
FY26	185	23	12.0%	13	—	—	—	—	—	10.5	—

Source NSE Emerge (SME)· As of 21 Aug 2026

Revenue, EBITDA & margin

Bars ₹cr (left) · margin % (right)

Source NSE Emerge (SME)· As of 21 Aug 2026

Quarterly

₹ crore · recent quarters.

Quarterly financials

₹ crore

Quarter	Revenue	EBITDA	EBITDA %	PAT	PAT %
Q4FY23	60	18	31.0%	12	20.0%
Q2FY24	59	10	17.0%	6	10.2%
Q4FY24	49	11	22.0%	6	12.2%
Q2FY25	51	7	14.0%	4	7.8%
Q4FY25	95	11	12.0%	7	7.4%
Q2FY26	91	14	15.0%	7	7.7%
Q4FY26	94	9	10.0%	6	6.4%

Source NSE Emerge (SME)· As of 21 Aug 2026

Revenue & margin trend

Bars ₹cr (left) · margin % (right)

Source NSE Emerge (SME)· As of 21 Aug 2026

Valuation

As of 21 Aug 2026

P/E

5.0×

EV / EBITDA

7.4×

P/B

0.7×

Operating & order mix

Unit economics and the order book.

Shareholding

% · as of 31 Mar 2026

Shareholding pattern

Source NSE Emerge (SME)· As of 21 Aug 2026