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B. L. Kashyap and Sons Limited (BLKASHYAP)

₹58.54 -0.41% last close, 16 Oct

📊 NSE: BLKASHYAP 🏢 Construction 📢 Latest filing: 16 Oct 2026 📝 Analysis written: 13 Dec 2025

Latest quarterly results (Q1 FY27)

In its latest reported quarter, Q1 FY27, B. L.'s revenue was ₹345 Cr (+2.6% year on year, -5.2% on the previous quarter), and net profit ₹10.0 Cr (-7.8% year on year); the operating margin was 8.4%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹345	+2.6%	-5.2%
Operating profit	₹29.0	+11.8%	+7.4%
Net profit	₹10.0	-7.8%	from loss
EPS (₹)	0.44	-8.3%	from loss
Operating margin	8.4%	—	—

Full quarterly financials → Results calendar →

BLKASHYAP delivery percentage

NSE end-of-day data for Fri, 16 Oct 2026

On Fri, 16 Oct 2026, 28.8% of the BLKASHYAP shares traded on NSE were taken to delivery, against the stock's own 20-session average of 51.61%. That is lower than usual for this stock.

28.8%Delivery, 16 Oct

51.61%Own 20-session average

1.6×Volume vs its average

₹58.54NSE close · -0.41%

Delivery in the last 5 sessions: 57.5% · 33.5% · 43.0% · 39.8% · 28.8%

Delivery across the market →

A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed

📢 Recent Corporate Announcements

BLKASHYAP Wins ₹200.02 Cr Commercial Civil Works Order from Nourish Developers

🟢 POSITIVE ⭐ 7/10

OTHER 📅 16 Oct 2026, 03:08 PM

B. L. Kashyap and Sons Limited has secured a domestic civil and structural works order worth ₹200.02 Crores (excluding GST) from Nourish Developers Private Limited. The contract pertains to Phase 3 civil structure works for a commercial building at One DXP, Sector 113, Gurugram, Haryana. The project is scheduled for completion within approximately 25 months. Relative to BLKASHYAP's TTM revenue of ₹1,388 Crores, this single contract represents approximately 14.4% of annual revenue, supporting order book replenishment.

Secured domestic commercial order worth ₹200.02 Crores (excluding GST)
Execution timeline is approximately 25 months
Client: Nourish Developers Private Limited for One DXP, Sector 113, Gurugram
Not a related party transaction; promoter has no interest in awarding entity
Letter of Acceptance (LOA) accepted on 16.10.2026

💡 Track quarterly order inflow trajectory and monitor revenue recognition milestone updates under the Percentage of Completion accounting method over the 25-month execution cycle.

BLKASHYAP Shareholders Approve All AGM Resolutions with Re-appointments of Key Directors

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 01 Oct 2026, 04:55 PM

B. L. Kashyap and Sons Limited reported the voting results and Scrutinizer's Report for its 37th Annual General Meeting held on September 30, 2026. All six resolutions were approved by shareholders with near-unanimous majorities (~99.999% in favour). Passed items include the adoption of FY2026 financial statements, re-appointment of Chairman Vinod Kashyap, MD Vineet Kashyap, and Joint MD Vikram Kashyap, as well as ratification of cost auditor remuneration. Total votes polled stood at 14,32,74,571 across 46,032 shareholders on record.

All 6 resolutions passed with ~99.9999% votes cast in favour
14,32,74,571 total votes polled out of 22,54,40,000 total shares (63.55% voter turnout)
Total shareholder count on record date (September 23, 2026) was 46,032
Key leadership re-appointments approved: Chairman Vinod Kashyap, MD Vineet Kashyap, and Joint MD Vikram Kashyap

💡 Track the execution of the existing order book and upcoming Q2 FY2027 financial results to monitor operational turnaround.

B. L. Kashyap Convenes 37th AGM on Sept 30, 2026; Proposes Re-appointment of Key Promoters

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 07 Sep 2026, 05:39 PM

B. L. Kashyap and Sons Limited has issued the notice for its 37th Annual General Meeting scheduled for September 30, 2026, via video conferencing. The agenda includes the adoption of FY2026 financial statements and 5-year re-appointments (effective April 1, 2027 to March 31, 2032) for key promoter-directors: Mr. Vinod Kashyap (Chairman), Mr. Vineet Kashyap (MD), and Mr. Vikram Kashyap (Joint MD). Remuneration drawn in FY26 was Rs 1.38 Cr, Rs 1.37 Cr, and Rs 1.40 Cr respectively. The company will also seek ratification of the cost auditor's remuneration for FY2027.

37th Annual General Meeting scheduled for September 30, 2026 at 11:00 AM IST via VC/OAVM.
Proposes 5-year re-appointment of Mr. Vinod Kashyap as Whole-Time Director & Chairman from April 1, 2027 to March 31, 2032.
Proposes 5-year re-appointment of Mr. Vineet Kashyap as Managing Director from April 1, 2027 to March 31, 2032.
Promoter-directors Vinod, Vineet, and Vikram Kashyap drew Rs 1.38 Cr, Rs 1.37 Cr, and Rs 1.40 Cr respectively in FY2026 remuneration.

💡 Track voting results post-AGM on September 30, 2026, and monitor quarterly execution updates against the company's order book.

Lead Bank Sets ₹52.5 Cr Right of Recompense Payable by March 31, 2027

🔵 WATCH ⭐ 6/10

OTHER 📅 31 Aug 2026, 09:19 AM

B. L. Kashyap and Sons Limited received communication from the Lead Bank of its Consortium Lenders regarding the settlement of Right of Recompense (ROR). The Lead Bank specified an ROR amount of ₹52.5 crore payable to CDR lenders before March 31, 2027. The proposed settlement and terms are subject to final approval and confirmation by other consortium lenders. This settlement amount represents approximately 7.1% of the company's net worth (₹736 crore) and roughly 18.8% of total debt (₹280 crore).

Lead Bank communicated Right of Recompense (ROR) amount of ₹52.5 crore payable to CDR lenders.
Payment deadline is set before March 31, 2027, along with applicable settlement conditions.
Settlement terms remain subject to approval and confirmation from other consortium lenders.

💡 Track formal approvals from the remaining consortium lenders and watch for details on how the ₹52.5 crore payment will be funded ahead of the March 2027 deadline.

BLKASHYAP Secures ₹183.18 Cr Residential Civil Works Order from Century Group

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 20 Aug 2026, 03:20 PM

B. L. Kashyap and Sons Limited has secured a domestic work order worth ₹183.18 crore (excluding GST) from Realkraft Ventures LLP (Century Group). The project involves civil and structural works for a residential building and has an execution timeline of approximately 18 months. The order size represents approximately 13.3% of the company's TTM revenue of ₹1,379.4 crore. The contract is non-related party and awarded on an arm's length basis.

Secured domestic order worth ₹183.18 crore (excluding GST)
Awarded by Realkraft Ventures LLP (Century Group) for residential civil & structural works
Execution timeline is approximately 18 months
Letter of Intent (LOI) accepted on August 19, 2026 at 03:53 PM

💡 Track execution progress and revenue recognition over the 18-month execution period, alongside operating margins given industry-wide margin pressures.

₹4,712 Cr Order Book Reached; BLKASHYAP Reports 8.28% EBITDA Margin in Q1 FY27

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 12 Aug 2026, 03:01 PM

B. L. Kashyap and Sons (BLKASHYAP) reported a consolidated revenue of ₹345.12 Cr for Q1 FY27, with a PAT of ₹10.02 Cr. The company's order book has surged to ₹4,712 Cr as of June 30, 2026, which is approximately 3.4x its TTM revenue of ₹1,379 Cr, providing strong revenue visibility. Operational efficiency improved with EBITDA margins rising to 8.28% from 7.72% YoY. Management is targeting a ₹65 Cr capex for FY27 and the monetization of non-core assets to further deleverage the balance sheet.

Order book reached ₹4,712 Cr as of June 30, 2026, representing 3.4x TTM revenue.
Consolidated EBITDA margin improved to 8.28% in Q1 FY27 from 7.72% in the previous year's quarter.
Secured new orders worth ₹282 Cr during the April-June 2026 quarter.
Fund-based debt reduced significantly to ₹270 Cr from a peak of ₹700 Cr in 2014.
Planned capital expenditure of ₹65 Cr for FY27 focused on innovation and fixed assets.

💡 Monitor the execution timeline of the ₹4,712 Cr order book and the impact of the ₹65 Cr capex on future operating margins. Watch for progress on the monetization of non-core assets by the end of FY27 as a catalyst for further debt reduction.

BLKASHYAP Schedules 37th AGM for Sept 30, 2026; Record Date Set for Sept 23

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 12 Aug 2026, 02:27 PM

B. L. Kashyap and Sons Limited has announced its 37th Annual General Meeting (AGM) will be held on September 30, 2026, via video conferencing. The company has established September 23, 2026, as the record date to determine shareholder eligibility for the meeting. Consequently, the register of members and share transfer books will be closed from September 24 to September 30, 2026. This is a standard regulatory procedure and does not involve any immediate financial or operational changes.

37th Annual General Meeting scheduled for September 30, 2026
Record date for shareholder eligibility set for September 23, 2026
Book closure period defined from September 24 to September 30, 2026
Meeting to be conducted through Video Conferencing/Other Audio Visual means

💡 Investors should review the upcoming Annual Report for detailed commentary on the execution of the Rs 3,090 crore order book and plans to improve the current low net profit margin of 0.07%.

B. L. Kashyap Sets Sept 23 as Record Date for 37th Annual General Meeting

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 12 Aug 2026, 02:15 PM

B. L. Kashyap and Sons Limited has scheduled its 37th Annual General Meeting (AGM) for September 30, 2026, to be conducted via video conferencing. The company has fixed September 23, 2026, as the record date (cut-off date) to determine shareholder eligibility for the meeting. The register of members will remain closed from September 24 to September 30, 2026. This is a standard procedural filing and does not indicate any immediate financial impact or dividend declaration.

37th Annual General Meeting scheduled for September 30, 2026
Record date for shareholder eligibility fixed as September 23, 2026
Book closure period set from September 24 to September 30, 2026
Meeting to be held through Video Conferencing/Other Audio Visual means

💡 Investors should review the upcoming AGM notice for management commentary on the execution of the Rs 3,090 crore order book and strategies to improve the current low TTM PAT of Rs 1 crore.

BL Kashyap Approves Q1 FY27 Results; Clean Auditor Report for Co with Rs 3,090 Cr Order Book

🟡 NEUTRAL ⭐ 6/10

EARNINGS 📅 12 Aug 2026, 01:55 PM

B. L. Kashyap and Sons Limited has approved its standalone and consolidated unaudited financial results for the quarter ended June 30, 2026. The statutory auditors, Sood Brij & Associates, issued a clean limited review report, indicating no material misstatements or qualifications. While specific quarterly figures were not detailed in the announcement text, the company is currently managing a large order book of Rs 3,090 crore against a thin TTM PAT of just Rs 1 crore.

Board meeting for result approval concluded at 1:42 p.m. on August 12, 2026, lasting 52 minutes
Auditor Sood Brij & Associates issued a clean limited review report for the quarter ended June 30, 2026
Consolidated results encompass 9 entities including subsidiaries like Soul Space Projects and the BLK NCC Consortium joint venture
Company maintains an unexecuted order book of Rs 3,090 crore, approximately 2.24 times its TTM revenue

💡 Investors should monitor the full financial tables to see if the company has improved its operating profit margin (TTM 7.4%) to better service its Rs 280 crore debt.

₹ 91.57 Cr Order Win for Civil and Structural Works in Bengaluru

🟢 POSITIVE ⭐ 6/10

OTHER 📅 29 Jul 2026, 03:46 PM

B. L. Kashyap and Sons Limited has secured a domestic contract worth ₹ 91.57 Crores (excluding GST) from Embassy Development Ltd. The project involves civil and structural works for 'Verde Phase II', a residential building in Bengaluru, with an execution timeline of approximately 17 months. This order represents roughly 6.6% of the company's TTM revenue of ₹ 1,379 Crores. Given the company's thin TTM PAT of only ₹ 1 Crore, efficient execution of this contract is vital for bottom-line contribution.

Secured a new order worth ₹ 91.57 Crores (excluding GST) for civil and structural works.
The project has a defined execution timeline of approximately 17 months.
The contract was awarded by Embassy Development Ltd for a residential project in Bengaluru.
Order value represents approximately 6.6% of the company's TTM revenue of ₹ 1,379 Crores.

💡 Monitor the company's quarterly operating margins to see if new orders like this can improve the current thin net profit levels (TTM PAT of ₹ 1 Cr).

BLKASHYAP Reports 100% Reconciliation of 22.54 Crore Equity Shares for June 2026 Quarter

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 24 Jul 2026, 11:46 AM

B. L. Kashyap and Sons Limited has filed its quarterly Reconciliation of Share Capital Audit Report for the period ended June 30, 2026. The report confirms that the total issued and listed capital remains unchanged at 22,54,40,000 equity shares. Nearly 99.99% of the company's shares are held in dematerialized form, with no pending demat requests beyond the 21-day limit. This is a standard regulatory filing ensuring the integrity of the company's share registry.

Total issued and listed capital remains at 22,54,40,000 equity shares with a face value of Re. 1/- each.
Dematerialized holdings account for 99.99% of the total capital, with 17,22,51,466 shares in CDSL and 5,31,83,176 in NSDL.
Physical shareholding is negligible, totaling only 5,358 shares (0.00% of total capital).
Zero demat requests were confirmed after 21 days or remained pending beyond the stipulated period during the quarter.

💡 This is a routine administrative filing. Investors should continue to monitor the company's execution of its Rs 3,090 crore order book and its ability to improve thin net profit margins.

BLKASHYAP Submits SEBI Regulation 74(5) Compliance Certificate for Q1 FY2027

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 10 Jul 2026, 11:36 AM

B. L. Kashyap and Sons Limited has filed its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The document confirms that the Registrar and Share Transfer Agent, MUFG Intime India Private Limited, has processed share certificates for dematerialization for the quarter ended June 30, 2026. This is a standard administrative filing required for all listed entities to ensure share records are synchronized with depositories. It does not reflect any change in the company's financial position or operational status.

Compliance certificate issued for the quarter ended June 30, 2026
Registrar and Share Transfer Agent identified as MUFG Intime India Private Limited
Filing pertains to Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018
ISIN Code for the company's equity shares is INE350H01032

💡 This is a routine procedural filing. Investors should monitor the upcoming Q1 FY2027 earnings results for updates on the execution of the Rs 3,090 crore order book.

BLKASHYAP Trading Window to Close from July 1, 2026 for Q1 Results

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 29 Jun 2026, 03:28 PM

B. L. Kashyap and Sons Limited has announced the closure of its trading window starting July 1, 2026, in compliance with SEBI Insider Trading regulations. This closure is ahead of the declaration of the unaudited financial results for the quarter ending June 30, 2026. The window will remain closed for all designated persons and their immediate relatives until 48 hours after the results are published. This is a standard administrative procedure and does not reflect any change in the company's operational status or its Rs 3,090 crore order book.

Trading window closure commences on July 1, 2026
Closure is for the purpose of announcing Q1 FY2026-27 financial results
Window to reopen 48 hours after the official publication of results
Applies to all designated persons and their immediate relatives as per SEBI norms

💡 Investors should wait for the announcement of the board meeting date to review the Q1 FY2026-27 financial performance and execution of the Rs 3,090 crore order book.

BL Kashyap Q4 Revenue Rises 24% to ₹364 Cr; Order Book Robust at ₹5,296 Cr

🔵 WATCH ⭐ 8/10

EARNINGS 📅 28 May 2026, 08:23 PM

B. L. Kashyap and Sons reported a 24% YoY increase in Q4 FY26 consolidated revenue to ₹363.71 crore, supported by a strong order book of ₹5,296 crore. Despite revenue growth, the company posted a consolidated net loss of ₹12.52 crore for the quarter, primarily due to a ₹37.82 crore exceptional charge involving arbitration settlements and debt recompense. For the full year FY26, revenue reached ₹1,379.14 crore, while fund-based debt was significantly reduced to ₹270 crore. The company is pivoting towards government projects, aiming for a 25% share of the mix by FY27.

Consolidated revenue for Q4 FY26 grew 24% YoY to ₹363.71 crore.
Order book stands at a healthy ₹5,296 crore, with ₹3,558 crore in new orders secured during FY26.
Fund-based debt reduced to ₹270 crore from a peak of ₹700 crore, with only working capital limits remaining.
Bottom line impacted by a ₹37.82 crore exceptional loss related to Right of Recompense and arbitration write-offs.
Planned capex of ₹65 crore for FY27, following ₹56 crore incurred in FY26.

💡 Investors should monitor the company's ability to convert its massive ₹5,296 crore order book into profitable execution now that legacy debt restructuring is largely complete. The shift toward a 25% government project mix and continued debt reduction are key metrics to track for long-term recovery.

BL Kashyap FY26 Revenue Jumps 78% Standalone; PAT Hit by ₹37.8 Cr Exceptional Item

🔵 WATCH ⭐ 8/10

EARNINGS 📅 28 May 2026, 01:37 PM

B. L. Kashyap and Sons Limited reported a robust 78.5% YoY growth in standalone revenue to ₹1,365.25 crore for FY26. However, consolidated net profit for the year plummeted to ₹1.55 crore from ₹27.48 crore in FY25, primarily due to a significant exceptional charge of ₹37.82 crore. This charge includes a ₹20 crore provision for Right of Recompense (ROR) under the CDR package and a ₹17.82 crore write-off from an arbitration settlement. Additionally, the company absorbed a one-time cost of ₹2.74 crore related to the New Wage Code implementation.

Standalone Revenue for FY26 surged to ₹1,365.25 crore, up from ₹765.04 crore in FY25.
Consolidated PAT dropped to ₹1.55 crore in FY26 compared to ₹27.48 crore in the previous year.
Recognized an exceptional loss of ₹37.82 crore involving ROR provisions and arbitration-related contract asset write-offs.
Employee benefit expenses included a non-recurring cost of ₹2.74 crore for New Wage Code compliance.
Standalone Q4 FY26 revenue grew 47.8% YoY to ₹375.07 crore, though the quarter ended in a net loss of ₹7.27 crore due to one-offs.

💡 Investors should focus on the strong operational revenue growth which suggests a healthy order book, while treating the bottom-line hit as largely driven by non-recurring exceptional items. Monitor the final quantification of the Right of Recompense (ROR) as it remains a pending liability.

View All BLKASHYAP Announcements on Live Market Tracking →

💰 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.