Kalpataru Projects International Limited — Credit Ratings, 09-07-2025: Credit Rating

India Ratings & Research has affirmed Kalpataru Projects International Limited’s ratings at ‘IND AA/Stable’ for long-term bank facilities and non-convertible debentures, and ‘IND A1+’ for short-term bank facilities and commercial paper, while withdrawing the long-term issuer rating at the company’s request. The affirmation reflects sustained strong consolidated profitability driven by a robust order book of INR645 billion (orderbook-to-sales ratio ~3x), healthy business diversification, and stable credit metrics with net leverage improving to 0.94x from 1.8x in FY25. EBITDA margins remained steady, supported by improved execution and stable raw material costs. Adequate liquidity, including INR174 Cr cash reserves and enhanced working capital limits, alongside planned monetisation of toll road assets, underpin the stable outlook. The rating affirmation supports continued investor confidence and favorable borrowing costs.