K2 Infragen Ltd.

•

₹ 52.34.08%

2026-08-21

k2infra.com/BSE: -NSE: K2INFRA

Market Cap₹ 64 Cr.

Current Price₹ 69

High / Low₹ 83 / 41

Stock P/E0.0

Book Value₹ 61

Price to Book1.21

Dividend Yield0.00 %

ROCE18.0 %

ROE21.5 %

Face Value₹ 10

Add ratio to table

ABOUT

KEY POINTS

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

PROS

Company has a good return on equity (ROE) track record: 3 Years ROE 74.7%
Company has a healthy return on capital (ROCE) of 37.6%
Operating margins have improved to 12.5% from 3.0%

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 -1.09x)
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

EDIT COLUMNS

ConstructionInfrastructureEngineering - Construction

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

S.No.	Name	CMP Rs.	P/E	Mar Cap Rs.Cr.	Div Yld %	NP Qtr Rs.Cr.	Qtr Profit Var %	Sales Qtr Rs.Cr.	Qtr Sales Var %	ROCE %	OPM %
1.	LT	4030.10	33.42	554487.79	0.94	4988.03	15.51	67941.74	6.69	15.98	12.00
2.	RVNL	223.10	51.71	46516.80	0.32	1595.20	1087.26	43212.30	1005.52	10.81	4.41
3.	KPIL	1377.05	20.69	23516.23	0.80	311.53	45.85	6407.97	3.84	18.95	8.77
4.	IRB	18.97	24.01	22911.97	0.69	3062.70	1412.58	21372.72	918.25	24.76	53.93
5.	CEMPRO	1263.50	36.08	21705.36	0.24	140.83	2.64	2720.92	7.02	33.53	10.09
6.	ENGINERSIN	236.95	16.98	13317.59	2.11	157.94	141.49	819.84	-5.80	25.84	20.61
7.	TECHNOE	997.70	26.92	11603.21	0.70	93.33	-31.44	630.34	19.84	16.54	15.79
8.	IRCON	122.60	22.02	11530.72	1.55	92.03	-43.92	1955.83	9.49	12.69	9.81
9.	KEC	423.05	20.34	11261.59	1.30	72.62	-41.72	5023.54	0.01	16.35	5.79
10.	AFCONS	277.95	70.65	10222.57	0.72	30.30	-77.95	2671.00	-20.75	12.88	9.42
11.	WAAREERTL	880.80	18.09	9193.72	0.00	118.98	37.72	924.25	53.23	81.92	18.77
12.	K2INFRA	51.00	4.84	64.35	0.00	—	—	—	—	17.90	—

Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

No standalone quarterly results found

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

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	35	20	67	109	147
	33	20	47	88	128
Operating Profit	3	1	19	21	20
OPM %	8	3	29	20	14
Other Income	0	0	0	1	2
Interest	1	2	2	3	3
Depreciation	1	2	2	2	2
	1	-3	15	17	15
Tax %	47	-2	26	25	22
Net Profit	0	-3	11	13	12
EPS	1	-6	15	14	9
Dividend Payout %	0	0	0	0	0
Minority Interest	0	0	0	0	0
Share of Associates	0	0	0	0	0
Adjusted EPS	1	-4	13	14	9
Minority Interest	0	0	0	0	0
Share of Associates	0	0	0	0	0
Adjusted EPS	1	-4	13	14	9

Mar 2021

: 35
: 33
Operating Profit: 3
OPM %: 8
Other Income: 0
Interest: 1
Depreciation: 1
: 1
Tax %: 47
Net Profit: 0
EPS: 1
Dividend Payout %: 0
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 1
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 1

Mar 2022

: 20
: 20
Operating Profit: 1
OPM %: 3
Other Income: 0
Interest: 2
Depreciation: 2
: -3
Tax %: -2
Net Profit: -3
EPS: -6
Dividend Payout %: 0
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: -4
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: -4

Mar 2023

: 67
: 47
Operating Profit: 19
OPM %: 29
Other Income: 0
Interest: 2
Depreciation: 2
: 15
Tax %: 26
Net Profit: 11
EPS: 15
Dividend Payout %: 0
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 13
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 13

Mar 2024

: 109
: 88
Operating Profit: 21
OPM %: 20
Other Income: 1
Interest: 3
Depreciation: 2
: 17
Tax %: 25
Net Profit: 13
EPS: 14
Dividend Payout %: 0
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 14
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 14

Mar 2025

: 147
: 128
Operating Profit: 20
OPM %: 14
Other Income: 2
Interest: 3
Depreciation: 2
: 15
Tax %: 22
Net Profit: 12
EPS: 9
Dividend Payout %: 0
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 9
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 9

COMPOUNDED SALES GROWTH

10 Years:: —
5 Years:: —
3 Years:: 94%

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:: 1%
3 Years:: 75%
Last Year:: 22%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
LIABILITIES	-	-	-	-	-
Equity Capital	2	2	2	9	13
	-0	-1	12	23	64
	8	11	20	20	50
Trade Payables	2	2	13	20	48
	11	11	9	28	8
Total Liabilities	22	25	56	100	182
ASSETS	-	-	-	-	-
	10	10	8	9	10
	0	1	1	1	1
	1	1	0	0	0
	0	0	0	61	130
Cash & Bank	1	1	2	22	25
	11	12	45	7	16
Total Assets	22	25	56	100	182
Total Debt	18	21	24	25	55
Net Working Capital	2	1	4	36	60
Contingent Liabilities	0	0	0	1	1
Book Value per Share	7.36	6.04	62.17	34.57	60.56
Face Value	10.00	10.00	10.00	10.00	10.00
Total Debt	18	21	24	25	55
Net Working Capital	2	1	4	36	60
Contingent Liabilities	0	0	0	1	1
Book Value per Share	7.36	6.04	62.17	34.57	60.56
Face Value	10.00	10.00	10.00	10.00	10.00

Mar 2021

Equity Capital: 2
: -0
: 8
Trade Payables: 2
: 11
Total Liabilities: 22
: 10
: 0
: 1
: 0
Cash & Bank: 1
: 11
Total Assets: 22
Total Debt: 18
Net Working Capital: 2
Contingent Liabilities: 0
Book Value per Share: 7.36
Face Value: 10.00
Total Debt: 18
Net Working Capital: 2
Contingent Liabilities: 0
Book Value per Share: 7.36
Face Value: 10.00

Mar 2022

Equity Capital: 2
: -1
: 11
Trade Payables: 2
: 11
Total Liabilities: 25
: 10
: 1
: 1
: 0
Cash & Bank: 1
: 12
Total Assets: 25
Total Debt: 21
Net Working Capital: 1
Contingent Liabilities: 0
Book Value per Share: 6.04
Face Value: 10.00
Total Debt: 21
Net Working Capital: 1
Contingent Liabilities: 0
Book Value per Share: 6.04
Face Value: 10.00

Mar 2023

Equity Capital: 2
: 12
: 20
Trade Payables: 13
: 9
Total Liabilities: 56
: 8
: 1
: 0
: 0
Cash & Bank: 2
: 45
Total Assets: 56
Total Debt: 24
Net Working Capital: 4
Contingent Liabilities: 0
Book Value per Share: 62.17
Face Value: 10.00
Total Debt: 24
Net Working Capital: 4
Contingent Liabilities: 0
Book Value per Share: 62.17
Face Value: 10.00

Mar 2024

Equity Capital: 9
: 23
: 20
Trade Payables: 20
: 28
Total Liabilities: 100
: 9
: 1
: 0
: 61
Cash & Bank: 22
: 7
Total Assets: 100
Total Debt: 25
Net Working Capital: 36
Contingent Liabilities: 1
Book Value per Share: 34.57
Face Value: 10.00
Total Debt: 25
Net Working Capital: 36
Contingent Liabilities: 1
Book Value per Share: 34.57
Face Value: 10.00

Mar 2025

Equity Capital: 13
: 64
: 50
Trade Payables: 48
: 8
Total Liabilities: 182
: 10
: 1
: 0
: 130
Cash & Bank: 25
: 16
Total Assets: 182
Total Debt: 55
Net Working Capital: 60
Contingent Liabilities: 1
Book Value per Share: 60.56
Face Value: 10.00
Total Debt: 55
Net Working Capital: 60
Contingent Liabilities: 1
Book Value per Share: 60.56
Face Value: 10.00

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	-3	-1	-1	5	-43
Cash from Investing	-6	-2	-1	-22	-1
Cash from Financing	8	3	2	17	46
	-0	-0	0	-0	2
Free Cash Flow	-3	-3	-1	3	-46
OCF / Net Profit	-9.69	0.47	-0.05	0.41	-3.72
Cumulative 5-Year FCF	0	0	0	0	0
OCF / Net Profit	-9.69	0.47	-0.05	0.41	-3.72
Cumulative 5-Year FCF	0	0	0	0	0

Mar 2021

: -3
Cash from Investing: -6
Cash from Financing: 8
: -0
Free Cash Flow: -3
OCF / Net Profit: -9.69
Cumulative 5-Year FCF: 0
OCF / Net Profit: -9.69
Cumulative 5-Year FCF: 0

Mar 2022

: -1
Cash from Investing: -2
Cash from Financing: 3
: -0
Free Cash Flow: -3
OCF / Net Profit: 0.47
Cumulative 5-Year FCF: 0
OCF / Net Profit: 0.47
Cumulative 5-Year FCF: 0

Mar 2023

: -1
Cash from Investing: -1
Cash from Financing: 2
: 0
Free Cash Flow: -1
OCF / Net Profit: -0.05
Cumulative 5-Year FCF: 0
OCF / Net Profit: -0.05
Cumulative 5-Year FCF: 0

Mar 2024

: 5
Cash from Investing: -22
Cash from Financing: 17
: -0
Free Cash Flow: 3
OCF / Net Profit: 0.41
Cumulative 5-Year FCF: 0
OCF / Net Profit: 0.41
Cumulative 5-Year FCF: 0

Mar 2025

: -43
Cash from Investing: -1
Cash from Financing: 46
: 2
Free Cash Flow: -46
OCF / Net Profit: -3.72
Cumulative 5-Year FCF: 0
OCF / Net Profit: -3.72
Cumulative 5-Year FCF: 0

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
PER SHARE	-	-	-	-	-
EPS (₹)	1.97	-14.09	50.26	13.57	9.23
Book Value (₹)	7.36	6.04	62.17	34.57	60.56
Dividend per Share (₹)	0.00	0.00	0.00	0.00	0.00
Cash EPS (₹)	2.10	-1.68	14.95	15.71	10.92
PROFITABILITY	-	-	-	-	-
Operating Margin %	7.62%	2.98%	29.12%	19.21%	12.53%
Net Margin %	0.88%	-14.98%	16.95%	11.50%	7.94%
ROE %	26.76%	-244.81%	148.05%	54.60%	21.51%
ROCE %	8.81%	-4.88%	58.88%	36.01%	17.99%
	1.40%	-12.68%	27.69%	16.03%	8.27%
EFFICIENCY	-	-	-	-	-
Debtor Days	82	160	126	163	237
Inventory Days	9	18	0	0	0
Payable Days	38	77	145	271	541
	53	102	-18	-107	-304
FINANCIAL HEALTH	-	-	-	-	-
Debt to Equity (x)	15.75x	16.04x	1.71x	0.79x	0.72x
Interest Coverage (x)	1.52x	-0.52x	7.66x	7.22x	5.67x
	1.22x	1.05x	1.11x	1.67x	1.58x
GROWTH	-	-	-	-	-
Revenue Growth %	0.00%	-43.60%	232.67%	63.35%	34.85%
Operating Profit Growth %	0.00%	-77.97%	3153.53%	10.57%	-5.21%
Net Profit Growth %	0.00%	-1062.59%	476.32%	10.83%	-6.85%
	0.00%	0.00%	0.00%	-73.00%	-32.00%
VALUATION	-	-	-	-	-
P/E (x)	0.00x	0.00x	0.00x	0.00x	7.93x
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	6.03x

Mar 2021

EPS (₹): 1.97
Book Value (₹): 7.36
Dividend per Share (₹): 0.00
Cash EPS (₹): 2.10
Operating Margin %: 7.62%
Net Margin %: 0.88%
ROE %: 26.76%
ROCE %: 8.81%
: 1.40%
Debtor Days: 82
Inventory Days: 9
Payable Days: 38
: 53
Debt to Equity (x): 15.75x
Interest Coverage (x): 1.52x
: 1.22x
Revenue Growth %: 0.00%
Operating Profit Growth %: 0.00%
Net Profit Growth %: 0.00%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2022

EPS (₹): -14.09
Book Value (₹): 6.04
Dividend per Share (₹): 0.00
Cash EPS (₹): -1.68
Operating Margin %: 2.98%
Net Margin %: -14.98%
ROE %: -244.81%
ROCE %: -4.88%
: -12.68%
Debtor Days: 160
Inventory Days: 18
Payable Days: 77
: 102
Debt to Equity (x): 16.04x
Interest Coverage (x): -0.52x
: 1.05x
Revenue Growth %: -43.60%
Operating Profit Growth %: -77.97%
Net Profit Growth %: -1062.59%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2023

EPS (₹): 50.26
Book Value (₹): 62.17
Dividend per Share (₹): 0.00
Cash EPS (₹): 14.95
Operating Margin %: 29.12%
Net Margin %: 16.95%
ROE %: 148.05%
ROCE %: 58.88%
: 27.69%
Debtor Days: 126
Inventory Days: 0
Payable Days: 145
: -18
Debt to Equity (x): 1.71x
Interest Coverage (x): 7.66x
: 1.11x
Revenue Growth %: 232.67%
Operating Profit Growth %: 3153.53%
Net Profit Growth %: 476.32%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2024

EPS (₹): 13.57
Book Value (₹): 34.57
Dividend per Share (₹): 0.00
Cash EPS (₹): 15.71
Operating Margin %: 19.21%
Net Margin %: 11.50%
ROE %: 54.60%
ROCE %: 36.01%
: 16.03%
Debtor Days: 163
Inventory Days: 0
Payable Days: 271
: -107
Debt to Equity (x): 0.79x
Interest Coverage (x): 7.22x
: 1.67x
Revenue Growth %: 63.35%
Operating Profit Growth %: 10.57%
Net Profit Growth %: 10.83%
: -73.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.60x

Mar 2025

EPS (₹): 9.23
Book Value (₹): 60.56
Dividend per Share (₹): 0.00
Cash EPS (₹): 10.92
Operating Margin %: 12.53%
Net Margin %: 7.94%
ROE %: 21.51%
ROCE %: 17.99%
: 8.27%
Debtor Days: 237
Inventory Days: 0
Payable Days: 541
: -304
Debt to Equity (x): 0.72x
Interest Coverage (x): 5.67x
: 1.58x
Revenue Growth %: 34.85%
Operating Profit Growth %: -5.21%
Net Profit Growth %: -6.85%
: -32.00%
P/E (x): 7.93x
P/B (x): 1.21x
Dividend Yield %: 0.00%
: 6.03x

Shareholding Pattern

Numbers in percentages

TRADES

	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

Sep 2024

: 40.36
: 0.88
: 0.01
Government: 0.00
: 58.75

Mar 2025

: 40.36
: 0.87
: 0.00
Government: 0.00
: 58.77

Sep 2025

: 39.66
: 0.85
: 0.00
Government: 0.00
: 59.50

Mar 2026

: 40.70
: 0.85
: 0.00
Government: 0.00
: 58.45

Documents

Announcements

Nothing filed yet.

Annual Reports

Annual Report FY2025
2025

Credit Ratings

Nothing filed yet.

Concalls

Jun 2026
Transcript PPTREC
Dec 2025
TranscriptPPTREC
Jun 2025
TranscriptPPTREC