Kaushalya Infrastructure Development Corporation Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2014 • Construction: 99.3% • Hotel: 0.7%
AI Sector View
AI GENERATEDConstruction
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.
PROS
- Operating margins have improved to -649.7% from -1158.3%
- Company generates healthy free cash flow
- Company maintains a comfortable, low leverage position
CONS
- Company is loss-making at the operating / net level
- Recent results are weak - TTM profit is down 139.8% versus prior year
- Company has a low return on capital employed of 5.9%
- Company has a low return on equity of 5.9% over last 3 years
- Interest coverage is weak at -1.0x - earnings barely cover interest
- Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT 0.33x)
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| LT | 3989.15 | 33.08 | 548853.62 | 0.95 | 4988.03 | 15.51 | 67941.74 | 6.69 | 15.98 | 12.00 |
| RVNL | 205.95 | 47.74 | 42940.99 | 0.34 | 159.52 | 18.73 | 4321.23 | 10.55 | 10.81 | 4.41 |
| KPIL | 1410.25 | 21.19 | 24083.20 | 0.78 | 311.53 | 45.85 | 6407.97 | 3.84 | 18.95 | 8.77 |
| IRB | 19.18 | 24.28 | 23165.60 | 1.36 | 3062.70 | 1412.58 | 21372.72 | 918.25 | 7.72 | 53.93 |
| CEMPRO | 1234.85 | 35.26 | 21213.19 | 0.24 | 140.83 | 2.64 | 2720.92 | 7.02 | 33.53 | 10.09 |
| ENGINERSIN | 276.40 | 19.81 | 15534.85 | 1.81 | 157.94 | 141.49 | 819.84 | -5.80 | 30.94 | 20.61 |
| TECHNOE | 969.70 | 26.16 | 11277.57 | 0.72 | 93.33 | -31.44 | 630.34 | 19.84 | 14.86 | 15.79 |
| IRCON | 118.30 | 21.25 | 11126.30 | 1.61 | 92.03 | -43.92 | 1955.83 | 9.49 | 10.15 | 9.81 |
| KEC | 407.85 | 19.61 | 10856.97 | 1.35 | 72.62 | -41.72 | 5023.54 | 0.01 | 16.35 | 5.79 |
| AFCONS | 284.95 | 72.43 | 10480.02 | 0.70 | 30.30 | -77.95 | 2671.00 | -20.75 | 12.88 | 9.42 |
| WELENT | 741.55 | 33.58 | 10264.08 | 0.40 | 56.36 | -44.29 | 773.72 | -8.44 | 16.44 | 19.49 |
| KAUSHALYA | 884.95 | 0.00 | 30.65 | 0.00 | -0.45 | -209.71 | 0.01 | -35.00 | 6.41 | -2515.38 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | |
| 1 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 0 | |
| Operating Profit | -1 | -1 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | 1 | -0 | -0 |
| OPM % | -2500.00% | -3433.33% | -475.00% | -680.00% | -1650.00% | -450.00% | -350.00% | -550.00% | -2450.00% | -533.33% | 82.28% | -385.71% | -1808.33% |
| Other Income | 0 | 0 | 0 | 16 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 0 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| -1 | -1 | -0 | 16 | -0 | -0 | -0 | -0 | 0 | -0 | 0 | -0 | -0 | |
| Tax % | -10.87% | 94.21% | 25.00% | 23.68% | -21.62% | -29.73% | -31.25% | 253.85% | 25.00% | 23.53% | 25.53% | 25.00% | -24.43% |
| Net Profit | -1 | -0 | -0 | 12 | -0 | -0 | -0 | 1 | 0 | -0 | 0 | -0 | -0 |
| -0 | -0 | -0 | 352 | -13 | -14 | -12 | 17 | 8 | -7 | 10 | -10 | -1 | |
| Equity Capital | 35 | 35 | 35 | 35 | 35 | 35 | 35 | 35 | 35 | 35 | 35 | 35 | 35 |
| Reserves | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Promoter Pledge % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 | 1 | 1 | 0 | 0 | 2 | 0 | 0 | 0 | 0 | 1 | |
| 56 | 5 | 1 | 9 | 6 | 3 | 2 | 2 | 2 | 1 | 1 | |
| Operating Profit | -54 | -4 | -1 | 18 | -5 | 5 | -2 | -1 | 14 | -1 | — |
| OPM % | -7,887 | -496 | -81 | 7,804 | -2,596 | 213 | -1,158 | -720 | 9,822 | -502 | — |
| Other Income | 1 | 1 | 0 | 26 | 1 | 5 | 0 | 1 | 16 | 0 | 0 |
| Interest | -0 | 0 | 0 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| -55 | -4 | -1 | 17 | -6 | 4 | 0 | -2 | 13 | -1 | -1 | |
| Tax % | 0 | 1 | 12 | -36 | 6 | 100 | 86 | -8 | 20 | 49 | -4 |
| Net Profit | -55 | -4 | -1 | 23 | -5 | 0 | 0 | -2 | 11 | -1 | -1 |
| EPS | -16 | -1 | -0 | 6 | -2 | 0 | 0 | -1 | 313 | -22 | — |
| Dividend Payout % | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | — |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share of Associates | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Adjusted EPS | -1,581 | -116 | -28 | 650 | -158 | 0 | 2 | -51 | 313 | -22 | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- -32%
- 5 Years:
- -6%
- 3 Years:
- -1%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
STOCK PRICE CAGR
- 10 Years:
- 5%
- 5 Years:
- 26%
- 3 Years:
- 20%
- 1 Year:
- -48%
RETURN ON EQUITY
- 10 Years:
- -5%
- 5 Years:
- 4%
- 3 Years:
- 6%
- Last Year:
- -1%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| LIABILITIES | - | - | - | - | - | - | - | - | - | - |
| Equity Capital | 35 | 35 | 35 | 35 | 35 | 35 | 35 | 35 | 35 | 35 |
| -4 | -8 | -9 | 13 | 6 | 6 | 6 | 5 | 17 | 16 | |
| 61 | 63 | 63 | 39 | 40 | 35 | 35 | 35 | 13 | 13 | |
| Trade Payables | 12 | 12 | 12 | 11 | 11 | 1 | 1 | 1 | 0 | 0 |
| 19 | 19 | 5 | -1 | -1 | 4 | -4 | -4 | -1 | -1 | |
| Total Liabilities | 123 | 120 | 106 | 97 | 89 | 79 | 72 | 71 | 63 | 63 |
| ASSETS | - | - | - | - | - | - | - | - | - | - |
| 4 | 3 | 3 | 2 | 2 | 1 | 1 | 1 | 1 | 1 | |
| 64 | 64 | 61 | 61 | 54 | 54 | 51 | 50 | 46 | 46 | |
| Inventories | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3 | 3 | |
| Cash & Bank | 1 | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 1 | 1 |
| 54 | 52 | 41 | 32 | 32 | 23 | 20 | 20 | 13 | 13 | |
| Total Assets | 123 | 120 | 106 | 97 | 89 | 79 | 72 | 71 | 63 | 63 |
| Total Debt | 61 | 63 | 63 | 39 | 40 | 35 | 35 | 35 | 13 | 13 |
| Net Working Capital | -51 | -56 | -63 | -30 | -33 | -31 | -32 | -32 | -9 | -11 |
| Contingent Liabilities | 8 | 27 | 27 | 20 | 20 | 32 | 34 | 34 | 29 | 29 |
| Book Value per Share | 8.06 | 7.60 | 7.31 | 13.82 | 12.24 | 12.24 | 12.26 | 11.74 | 1487.14 | 1465.57 |
| Face Value | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 1000.00 | 1000.00 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| -2 | -2 | -1 | -1 | -1 | 5 | -3 | -0 | 3 | 0 | |
| Cash from Investing | 1 | 1 | -0 | -0 | 1 | 0 | 4 | 1 | 4 | -0 |
| Cash from Financing | -0 | 2 | 1 | 1 | 0 | -5 | -1 | -1 | -7 | -0 |
| -0 | 0 | 0 | 0 | -0 | -0 | 0 | -0 | 0 | -0 | |
| Free Cash Flow | -2 | -2 | -1 | -1 | -1 | 5 | -3 | -0 | 3 | 0 |
| OCF / Net Profit | 0.03 | 0.56 | 0.65 | -0.04 | 0.12 | 1883.89 | -46.37 | 0.05 | 0.26 | -0.11 |
| Cumulative 5-Year FCF | 0 | 0 | 0 | 0 | -6 | 1 | 0 | 1 | 4 | 5 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| PER SHARE | ||||||||||
| EPS (₹) | -15.81 | -1.16 | -0.28 | 6.50 | -1.58 | 0.00 | 0.02 | -0.51 | 312.69 | -21.56 |
| Book Value (₹) | 8.06 | 7.60 | 7.31 | 13.82 | 12.24 | 12.24 | 12.26 | 11.74 | 1487.14 | 1465.57 |
| Dividend per Share (₹) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash EPS (₹) | -1568.33 | -103.23 | -16.09 | 663.06 | -145.78 | 11.16 | 9.86 | -47.39 | 315.09 | -19.90 |
| PROFITABILITY | ||||||||||
| Operating Margin % | -7887.41% | -495.51% | -80.91% | 7803.69% | -2595.79% | 213.47% | -1158.25% | -719.94% | -1612.61% | -649.73% |
| Net Margin % | -7939.63% | -555.50% | -148.86% | 0.00% | -3030.36% | 0.12% | 46.04% | -1428.54% | 7504.23% | -566.19% |
| ROE % | -99.02% | -14.78% | -3.82% | 61.56% | -12.12% | 0.01% | 0.15% | -4.28% | 23.50% | -1.46% |
| ROCE % | -46.99% | -4.50% | -1.09% | 19.49% | -6.06% | 5.61% | 1.35% | -1.35% | 20.23% | -1.13% |
| -36.27% | -3.30% | -0.87% | 22.18% | -5.88% | 0.00% | 0.08% | -2.47% | 16.12% | -1.19% | |
| EFFICIENCY | ||||||||||
| Debtor Days | 0 | 0 | 0 | 0 | 0 | 1483 | 0 | 8446 | 6879 | 7031 |
| Inventory Days | 407 | 261 | 267 | 773 | 942 | 41 | 120 | 0 | 0 | 0 |
| Payable Days | 2626 | 0 | 0 | 0 | 0 | 3927 | 3405 | 5148 | 0 | 4411 |
| -2218 | 261 | 267 | 773 | 942 | -2402 | -3285 | 3297 | 6879 | 2619 | |
| FINANCIAL HEALTH | ||||||||||
| Debt to Equity (x) | 2.20x | 2.38x | 2.51x | 0.81x | 0.93x | 0.82x | 0.82x | 0.85x | 0.24x | 0.26x |
| Interest Coverage (x) | 1617.12x | -69.35x | -6.20x | 29.51x | -7.34x | 5.90x | 1.79x | -1.70x | 22.90x | -0.99x |
| 0.44x | 0.39x | 0.21x | 0.45x | 0.40x | 0.20x | 0.10x | 0.10x | 0.27x | 0.25x | |
| GROWTH | ||||||||||
| Revenue Growth % | -88.92% | 4.62% | -8.23% | -66.06% | -19.67% | 1159.50% | -93.95% | -9.53% | 16.00% | -8.59% |
| Operating Profit Growth % | 0.00% | 93.43% | 85.02% | 3373.27% | -126.72% | 203.58% | -132.82% | 43.76% | 1682.46% | -104.68% |
| Net Profit Growth % | -652.27% | 92.68% | 75.41% | 2385.55% | -124.28% | 100.05% | 2160.71% | -2907.42% | 709.34% | -106.90% |
| 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | -106.90% | |
| VALUATION | ||||||||||
| P/E (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 1.89x | 0.00x |
| P/B (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.40x | 0.62x |
| Dividend Yield % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 2.29x | -66.20x |
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-03 - Kaushalya Infrastructure Development Corporation Limited has informed the Exchange regarding Notice of undefined to be held on September 28, 2026
2026-09-02 - Kaushalya Infrastructure Development Corporation Limited has informed the Exchange about Copy of Newspaper Publication
2026-08-17 - Kaushalya Infrastructure Development Corporation Limited has informed the Exchange about Copy of Newspaper Publication
2026-08-14 - Kaushalya Infrastructure Development Corporation Limited has informed the Exchange that Record date for the purpose of Meeting is 21-Sep-2026.
2026-08-14 - Kaushalya Infrastructure Development Corporation Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.
2026-07-15 - Kaushalya Infrastructure Development Corporation Limited has informed the Exchange about Certificate under SEBI (Depositories and Participants) Regulations, 2018
2026-06-29 - Karan Mehra has Submitted to the Exchange a copy of Disclosure under Regulation 31(4) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
2026-05-28 - Kaushalya Infrastructure Development Corporation Limited has informed the Exchange about Copy of Newspaper Publication
2026-05-27 - Kaushalya Infrastructure Development Corporation Limited has submitted to the Exchange, the financial results for the period ended March 31, 2026.
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