K2 Infragen Ltd.

•

k2infra.com/BSE: -NSE: K2INFRA

Market Cap₹ 62 Cr.

Current Price

High / Low₹ 83 / 41

Stock P/E4.6

Book Value₹ 60

Price to Book1.21

Dividend Yield0.00 %

ROCE17.9 %

ROE21.4 %

Face Value₹ 10

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ABOUT

KEY POINTS

Revenue Breakup Mar 2024 • Construction & Design Works: 100.0%

AI Sector View

AI GENERATED

Construction

Buy

Construction fundamentals are strong, led by government and infrastructure spending. Capital expenditure was up 66% YoY (2026-06), cement output grew 13.1% YoY (2026-07), and the sector also benefits from improving housing and GFCF conditions. FPI flows turned supportive with INR 1720 crore net inflow over 3 months to 2026-08-31 from INR -9439 crore in the prior 3 months, reinforcing the positive view.

Confidence

80%

View full sector analysis →

PROS

Company has a good return on equity (ROE) track record: 3 Years ROE 75.2%
Company has a healthy return on capital (ROCE) of 37.6%
Operating margins have improved to 12.5% from 1.4%

CONS

Operating cash flow has been negative in recent years
Receivables are growing faster than sales - a possible quality concern
Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT -1.11x)
Equity base is being diluted - shares outstanding up 493.3%
Total debt has risen sharply - up 118.8% year on year
Free cash flow has been persistently negative

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

ConstructionInfrastructureEngineering - Construction

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	LT	3966.00	32.89	545668.49	0.96	4988.03	15.51	67941.74	6.69	15.98	12.00
2.	RVNL	212.00	49.14	44202.43	0.33	159.52	18.73	4321.23	10.55	10.81	4.41
3.	KPIL	1406.55	21.14	24020.01	0.78	311.53	45.85	6407.97	3.84	18.95	8.77
4.	IRB	19.65	24.87	23733.27	1.32	3062.70	1412.58	21372.72	918.25	7.72	53.93
5.	CEMPRO	1296.70	37.03	22275.70	0.23	140.83	2.64	2720.92	7.02	33.53	10.09
6.	ENGINERSIN	279.45	20.03	15706.27	1.79	157.94	141.49	819.84	-5.80	30.94	20.61
7.	TECHNOE	979.25	26.42	11388.64	0.71	93.33	-31.44	630.34	19.84	14.86	15.79
8.	WELENT	813.00	36.82	11253.04	0.37	56.36	-44.29	773.72	-8.44	16.44	19.49
9.	IRCON	119.20	21.41	11210.95	1.59	92.03	-43.92	1955.83	9.49	10.15	9.81
10.	KEC	408.35	19.63	10870.28	1.35	72.62	-41.72	5023.54	0.01	16.35	5.79
11.	AFCONS	292.55	74.36	10759.54	0.68	303.00	120.52	26710.00	692.49	12.88	9.42
12.	K2INFRA	48.80	4.63	61.58	0.00	—	—	—	—	17.90	—

Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

No quarterly results found

We don't have this information yet. Please check back later.

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	35	37	75	109	147
	33	36	56	88	128
Operating Profit	2	0	19	21	18
OPM %	6.82%	0.63%	25.61%	19.21%	12.52%
	0	0	0	1	2
Interest	1	2	2	3	3
Depreciation	1	2	2	2	2
Profit before Tax	1	-3	15	17	15
Tax %	55.23%	-1.83%	26.12%	25.49%	22.38%
Net Profit	0	-3	11	12	12
EPS	0.69	-5.95	15.40	13.52	9.15
Dividend Payout %	0.00%	0.00%	0.00%	0.00%	0.00%

COMPOUNDED SALES GROWTH

10 Years:: —
5 Years:: —
3 Years:: 59%

COMPOUNDED PROFIT GROWTH

10 Years:: —
5 Years:: —
3 Years:: —

STOCK PRICE CAGR

10 Years:: —
5 Years:: —
3 Years:: —
1 Year:: -58%

RETURN ON EQUITY

10 Years:: —
5 Years:: -5%
3 Years:: 75%
Last Year:: 21%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	2	2	2	9	13
	-0	-1	12	23	64
	18	21	24	23	55
Trade Payables	2	3	13	20	48
	1	1	6	25	3
Total Liabilities	22	26	56	100	182
	10	10	8	9	10
	0	0	1	1	1
	1	1	0	0	0
	0	0	0	61	130
Cash & Bank	1	2	2	22	25
	11	13	45	7	16
Total Assets	22	26	56	100	182

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	-3	-1	3	5	-43
Cash from Investing	-5	-1	-2	-22	-1
Cash from Financing	9	3	2	17	46
	-0	1	-1	-0	2

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
PER SHARE
EPS (₹)	1.67	-14.44	50.54	13.52	9.15
Book Value (₹)	7.06	5.61	62.04	34.51	60.44
Dividend per Share (₹)	0.00	0.00	0.00	0.00	0.00
Cash EPS (₹)	1.97	-1.82	15.00	15.65	10.84
PROFITABILITY
Operating Margin %	7.40%	1.40%	25.76%	19.21%	12.52%
Net Margin %	0.63%	-8.51%	15.14%	11.46%	7.86%
ROE %	20.16%	-269.61%	149.80%	54.48%	21.36%
ROCE %	8.38%	-5.45%	58.90%	35.94%	17.90%
	1.01%	-12.94%	27.53%	15.98%	8.20%
EFFICIENCY
Debtor Days	82	90	114	163	237
Inventory Days	9	10	0	0	0
Payable Days	38	33	105	271	540
	53	67	9	-107	-303
FINANCIAL HEALTH
Debt to Equity (x)	16.42x	17.27x	1.71x	0.80x	0.73x
Interest Coverage (x)	1.45x	-0.58x	7.89x	7.20x	5.66x
	1.23x	1.09x	1.11x	1.67x	1.58x
GROWTH
Revenue Growth %	0.00%	3.09%	104.52%	45.36%	35.04%
Operating Profit Growth %	0.00%	-80.48%	3660.51%	11.22%	-5.22%
Net Profit Growth %	0.00%	-1483.99%	463.79%	9.99%	-7.31%
	0.00%	0.00%	0.00%	-73.25%	-32.35%
VALUATION
P/E (x)	0.00x	0.00x	0.00x	0.00x	8.00x
P/B (x)	0.00x	0.00x	0.00x	0.00x	1.21x
Dividend Yield %	0.00%	0.00%	0.00%	0.00%	0.00%
	0.00x	0.00x	0.00x	0.60x	6.02x

Shareholding Pattern

Numbers in percentages

	Sep 2024	Mar 2025	Sep 2025	Mar 2026
	40.36	40.36	39.66	40.70
	0.88	0.87	0.85	0.85
	0.01	0.00	0.00	0.00
Government	0.00	0.00	0.00	0.00
	58.75	58.77	59.50	58.45

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

No announcements filed.

News

Recent coverage and analyst commentary for K2INFRA

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