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BLKASHYAP - B.L.Kashyap

📊 NSE: BLKASHYAP 🏢 Construction 📅 Last Updated: 12/13/2025 18:50

📢 Recent Corporate Announcements

B. L. Kashyap Secures ₹300 Crore Order for Housing Project in Greater Noida

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 18 Feb 2026, 03:41 PM

B. L. Kashyap and Sons Limited has bagged a domestic contract worth ₹300 Crores from CRC Greens Private Limited. The project entails the construction and supervision of civil structural works for a group housing project located in Greater Noida, Uttar Pradesh. The contract is expected to be executed over a period of approximately 42 months. This new order adds significant value to the company's existing order book and provides long-term revenue visibility.

New order worth ₹300 Crores (excluding GST) secured from CRC Greens Private Limited
Scope includes civil structural works for a group housing project in Greater Noida
Project execution timeline is approximately 42 months
The contract is a domestic order with no promoter interest or related party involvement

💡 Investors should view this as a positive development for the company's order book and future revenue. Monitor the company's quarterly execution progress and operating margins to ensure the project remains profitable over its 3.5-year tenure.

BL Kashyap Q3 FY26 Revenue at ₹323.87 Cr; Order Book Strong at ₹5,293 Cr

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 11 Feb 2026, 07:48 PM

B. L. Kashyap and Sons Limited reported a consolidated revenue of ₹323.87 Cr for Q3 FY26 with an EBITDA margin of 8.91%. The company's order book stands at a robust ₹5,293 Cr, supported by new order wins worth ₹3,258 Cr in the current financial year. A significant financial turnaround is highlighted by the reduction of fund-based debt from ₹700 Cr to ₹270 Cr, with no outstanding term loans. The company is strategically diversifying its portfolio, targeting a 25% share of government projects by FY27.

Consolidated Revenue for Q3 FY26 reached ₹323.87 Cr with a PAT of ₹11.83 Cr.
Total order book as of December 31, 2025, stands at ₹5,293 Cr, with ₹3,258 Cr added in the current FY.
Fund-based debt significantly reduced to ₹270 Cr from ₹700 Cr, leaving only working capital and BG limits.
Planned capex of ₹55 Cr for FY26 is nearly complete with ₹48 Cr already incurred.
Major ongoing projects include BPTP Amstoria (₹910 Cr) and DLF Downtown Phase 2 (₹841 Cr).

💡 Investors should focus on the company's execution capabilities regarding its ₹5,293 Cr order book and the improving margin profile. The successful debt reduction and shift towards a balanced private-public sector mix signal a strong recovery phase.

BL Kashyap Q3 Net Profit Jumps to ₹11.83 Cr; Consolidated Revenue Up 34% YoY

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 11 Feb 2026, 01:32 PM

B. L. Kashyap and Sons Limited reported a strong financial performance for Q3 FY2025-26, with consolidated revenue from operations rising 34.3% YoY to ₹324.77 crore. The consolidated net profit witnessed a massive surge to ₹11.83 crore, compared to a marginal profit of ₹0.12 crore in the same quarter last year. Standalone net profit also showed significant improvement, reaching ₹10.92 crore against ₹0.94 crore YoY. The results were achieved despite a one-time non-recurring employee cost of ₹2.83 crore due to the implementation of the New Wage Code.

Consolidated Revenue from operations grew 34.3% YoY to ₹324.77 crore in Q3 FY26.
Consolidated Net Profit surged to ₹11.83 crore from ₹0.12 crore in the year-ago period.
Standalone EPS increased significantly to ₹0.48 from ₹0.04 in Q3 FY25.
Nine-month consolidated total income crossed the ₹1,000 crore mark, reaching ₹1,021.07 crore.
Results include a one-time incremental employee benefit cost of ₹2.83 crore related to the New Wage Code.

💡 The significant jump in profitability and robust revenue growth indicate strong execution and improved operational efficiency. Investors should maintain a positive outlook while monitoring the sustainability of these margins and the company's order book growth.

BL Kashyap Q3 Results: Consolidated Net Profit Surges to ₹11.83 Cr; Revenue up 34% YoY

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 11 Feb 2026, 01:23 PM

B. L. Kashyap and Sons Limited reported a strong year-on-year performance for the quarter ended December 31, 2025. Consolidated revenue grew by 34.3% YoY to ₹324.77 crore, while net profit saw a massive jump to ₹11.83 crore compared to just ₹1.12 crore in the same period last year. The company successfully turned around from a consolidated loss of ₹8.52 crore in the preceding quarter (Q2 FY26). The results were achieved despite a one-time non-recurring cost of ₹2.83 crore related to the implementation of the New Wage Code.

Consolidated Revenue from operations rose 34.3% YoY to ₹324.77 crore.
Consolidated Net Profit increased to ₹11.83 crore from ₹1.12 crore in Q3 FY25.
Standalone Net Profit surged to ₹10.92 crore from ₹0.94 crore in the year-ago quarter.
One-time incremental cost of ₹2.83 crore incurred due to New Wage Code implementation.
Basic Earnings Per Share (EPS) improved significantly to ₹0.52 from ₹0.05 YoY.

💡 Investors should view this as a strong recovery in profitability and operational scale. The significant YoY growth in both standalone and consolidated bottom lines suggests improved execution efficiency, making the stock worth watching for further margin stability.

B. L. Kashyap and Sons Submits SEBI Reg 74(5) Compliance Certificate for Q3 FY26

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 09 Jan 2026, 03:03 PM

B. L. Kashyap and Sons Limited has filed its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The filing confirms that the Registrar and Share Transfer Agent, MUFG Intime India Private Limited, has processed share certificates for dematerialization for the quarter ended December 31, 2025. This is a standard administrative procedure to ensure that the company's shareholding records are accurately maintained with the depositories. The announcement contains no material financial information or changes to business operations.

Compliance certificate submitted for the quarter ended December 31, 2025.
Issued in accordance with Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018.
MUFG Intime India Private Limited acted as the Registrar and Share Transfer Agent (RTA).
Confirms the processing and cancellation of share certificates received for dematerialization.

💡 No action is required as this is a routine regulatory filing. Investors should monitor the company's upcoming quarterly earnings report for material performance updates.

B. L. Kashyap and Sons Announces Trading Window Closure from January 1, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 31 Dec 2025, 10:11 AM

B. L. Kashyap and Sons Limited has announced the closure of its trading window starting January 1, 2026, in compliance with SEBI Insider Trading regulations. The window will remain closed for all designated persons and their immediate relatives until 48 hours after the declaration of the unaudited financial results for the quarter ended December 31, 2025. This is a standard regulatory procedure conducted by listed companies prior to the release of quarterly earnings. Investors should note that the specific date for the board meeting to approve these results has not yet been disclosed.

Trading window closure effective from January 1, 2026.
Closure pertains to the unaudited financial results for the quarter ended December 31, 2025.
Restriction applies to all designated persons and their immediate relatives as per SEBI regulations.
Trading window will reopen 48 hours after the official publication of the quarterly results.

💡 This is a routine regulatory filing with no direct impact on stock fundamentals; investors should wait for the upcoming Q3 earnings announcement for performance updates.

B.L. Kashyap Secures ₹364.07 Crore Order for Commercial Project in Chennai

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 30 Dec 2025, 02:58 PM

B. L. Kashyap and Sons Limited has secured a significant domestic order worth ₹364.07 Crores from ESNP Property Builders and Developers Pvt. Ltd. The contract involves civil and structural work for the 'Embassy Splendid Tech Zone- Block' located in Pallavaram, Chennai. This project is part of a Special Economic Zone (SEZ) and is expected to be executed over a period of approximately 24 months. This win strengthens the company's order book and provides clear revenue visibility for the upcoming two fiscal years.

New order worth ₹364.07 Crores secured for civil and structural works
Project awarded by ESNP Property Builders and Developers Pvt. Ltd. for a Chennai-based commercial site
Execution timeline is approximately 24 months from the date of commencement
The contract pertains to an SEZ project, specifically the Embassy Splendid Tech Zone
No promoter interest or related party transactions involved in the contract award

💡 Investors should monitor the company's execution progress and margin performance as this order adds to the revenue pipeline. The stock may see positive momentum due to improved order book visibility.

CRISIL Upgrades B. L. Kashyap and Sons' Credit Rating to BB-/Stable on ₹539.34 Cr Facilities

🟢 POSITIVE ⭐ 6/10

REGULATORY 📅 16 Dec 2025, 04:11 PM

CRISIL Ratings has upgraded the long-term credit rating of B. L. Kashyap and Sons Limited to 'CRISIL BB-/Stable' from 'CRISIL B+/Stable'. The short-term rating has also been improved to 'CRISIL A4+' from 'CRISIL A4'. This upgrade covers total bank loan facilities amounting to ₹539.34 crore across multiple lenders including SBI, PNB, and Canara Bank. The revision indicates a positive shift in the company's creditworthiness and financial risk profile.

Long-term rating upgraded to 'CRISIL BB-/Stable' from 'CRISIL B+/Stable'
Short-term rating upgraded to 'CRISIL A4+' from 'CRISIL A4'
Total bank loan facilities rated stand at ₹539.34 crore
Major facilities include ₹136.2 crore cash credit and ₹130 crore bank guarantee from State Bank of India
The upgrade reflects an improved likelihood of timely payment of financial obligations

💡 This upgrade is a positive signal regarding the company's debt-servicing capabilities and may lead to lower borrowing costs. Investors should monitor if this improved credit profile translates into better net margins in the coming quarters.

BLKASHYAP bags order worth ₹615.69 Crores

🟢 POSITIVE ⭐ 6/10

ROUTINE 📅 15 Dec 2025, 04:28 PM

B. L. Kashyap and Sons Limited has secured a new order worth ₹615.69 Crores (Exclusive of GST) from Sattva CKC Private Limited. The order is for structural and civil work for a commercial project named “Sattva Chennai Knowledge City” at Chennai, Tamilnadu. The project is expected to be completed in approximately 31 months. This new order will contribute to the company's revenue over the next few years.

Secured order worth ₹615.69 Crores (Exclusive of GST)
Order awarded by Sattva CKC Private Limited
Project to be completed in approximately 31 months
Order is for Structural and Civil work for Commercial project

💡 Investors should monitor the company's progress on this project and its impact on future revenue. This order adds to the company's order book and provides revenue visibility.

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💰 Financial Performance

Revenue Growth by Segment

The company operates in a single segment: Construction (100% of revenue). Standalone operational revenue decreased by 5.9% to INR 1,165 crore in FY2025 compared to INR 1,238 crore in FY2024 due to delays in the commencement of large-ticket projects. Consolidated revenue for FY2024 was INR 1,245 crore, up 12.16% from INR 1,110 crore in FY2023.

Geographic Revenue Split

The company maintains a pan-India presence across commercial, residential, and industrial segments. Specific regional percentage splits are not disclosed, but the order book is diversified across various Indian states to service infrastructure-owning companies.

Profitability Margins

Profit After Tax (PAT) margin stood at 4.2% in FY2024, improving from 2.0% in FY2023. However, standalone net profits reduced by 36% in FY2025 due to a resource build-up for large projects that had not yet reached the revenue recognition stage under the Percentage of Completion Method.

EBITDA Margin

Operating margins remained largely steady at approximately 8.5% to 10%. EBITDA for FY2025 was INR 107.0 crore compared to INR 89.9 crore in FY2024, representing a 19% increase in absolute EBITDA despite lower revenues, driven by cost management.

Capital Expenditure

The company is investing in its equipment pool to enhance project execution capabilities for the next scale of projects. While specific INR values for planned CAPEX are not disclosed, the focus is on upgrading the equipment base and manpower to support an order book exceeding INR 3,000 crore.

Credit Rating & Borrowing

Assigned [ICRA]BB- (Stable) and [ICRA]A4 ratings as of March 2025. The company has a history of Corporate Debt Restructuring (CDR) from 2014, with term loans entirely repaid by FY2025. Interest coverage ratio was 2.51 times in FY2024.

⚙️ Operational Drivers

Raw Materials

Primary raw materials include steel, cement, and aggregates. The combined cost of materials and contracting-out expenses represented 83.4% of operating revenues in FY2025, up from 82.3% in FY2024.

Import Sources

Not disclosed in available documents; however, procurement is primarily domestic to support pan-India construction sites.

Capacity Expansion

Current capacity is represented by an unexecuted order book of INR 3,090 crore as of December 2024, which is 2.5 times the FY2024 revenue. The company is gearing up for 'the next level of operations' by expanding its equipment base and human resource pool.

Raw Material Costs

Raw material and contracting costs accounted for 83.4% of revenue in FY2025. These costs increased as a percentage of revenue because mobilization for new projects started before significant revenue could be recognized.

Manufacturing Efficiency

The company uses the Percentage of Completion Method for accounting. Efficiency is driven by 'focused execution' and 'optimized deployment of working capital' to manage fixed costs.

📈 Strategic Growth

Expected Growth Rate

23%

Growth Strategy

The company aims to achieve growth by leveraging its INR 3,090 crore order book, focusing on niche segments like transport infrastructure and industrial buildings, and securing repeat orders from long-standing clients like DLF. The strategy involves phased execution and meticulous bidding to ensure profitability over mere revenue growth.

Products & Services

Construction services for commercial office parks, residential complexes, institutional buildings, hospitals, and industrial facilities.

Brand Portfolio

B. L. Kashyap (BLK)

New Products/Services

Expansion into transport infrastructure and specialized industrial buildings to diversify from core commercial and residential segments.

Market Expansion

Focusing on large-scale infrastructure projects and new investment corridors opened by government initiatives in India.

🌍 External Factors

Industry Trends

The residential market has grown at an annualized rate of 23% since 2020. The office market saw record transaction volumes of 71.9 million sq ft in 2024. The industry is shifting toward larger, more complex EPC projects requiring higher technical competency.

Competitive Landscape

Operates in a highly competitive market with intense pressure on margins and bidding, competing with other large-scale civil construction firms in India.

Competitive Moat

The moat is built on a 30-year track record, established client relationships leading to repeat orders, and a significantly de-risked balance sheet with a debt-equity ratio of 0.3.

Macro Economic Sensitivity

Highly sensitive to interest rates and inflation, which affect construction costs and the financial health of infrastructure-owning clients.

Consumer Behavior

Increased demand for premium office spaces and residential units post-COVID is driving the current order book growth.

Geopolitical Risks

Global capital flows for Indian infrastructure are being affected by the war in Ukraine and global tensions, impacting project funding.

⚖️ Regulatory & Governance

Industry Regulations

Compliance with Indian Accounting Standards (Ind AS) and Section 133 of the Companies Act, 2013. Operations are subject to RERA and standard construction safety and environmental norms.

Taxation Policy Impact

The effective tax rate is approximately 27-30%, with INR 14.9 crore tax paid on INR 49.8 crore PBT in FY2025.

Legal Contingencies

The company faced a bank guarantee invocation of INR 20.85 crore in January 2025 by a client, which was settled. Total contingent liabilities in the form of BGs were INR 243.13 crore as of March 2024.

⚠️ Risk Analysis

Key Uncertainties

Project execution delays (impacted FY25 revenue by 6%), liquidity constraints (90% limit utilization), and potential invocation of performance bank guarantees.