B.L.Kashyap & Sons Ltd (BLKASHYAP)
🎯 Key Takeaways
- B.L.
- Revenue declined 5.1% QoQ to ₹345 in Q1FY27.
- ⚠️ 1) Margin volatility persists despite order book growth, with EBITDA margin at 8.28% in Q1 FY27 — vulnerable to input cost pressures and project mix.
- Market Cap
- ₹1,136
- P/E Ratio
- 1680.0
- P/B Ratio
- 2.16
- ROE
- 0.1%
- ROCE
- 8.6%
- Debt/Equity
- 0.57
- Promoter
- 61.7%
📖 The Story
B.L. Kashyap & Sons Ltd is transitioning from a cyclical construction contractor to a more diversified infrastructure and commercial services player, with growing emphasis on data centers and innovation-driven capex. Despite modest revenue growth and persistent margin volatility, the company maintains a healthy order book and strategic focus on monetizing non-core assets and scaling high-potential segments like data infrastructure.
📰 What's Happening
In Q1 FY27, revenue rose 2.5% YoY to ₹345.12 Cr with EBITDA margin expanding to 8.28%, supported by ₹4,712 Cr order book and ₹282 Cr new orders. Management highlighted ₹65 Cr planned FY27 capex focused on innovation, upskilling, and fixed assets, particularly in data center operations. The company also secured a ₹183.18 Cr order from Realkraft Ventures for civil and structural works, underscoring continued project pipeline strength. At the 37th AGM, shareholders approved director reappointments including Vinod Kashyap as Chairman and Vineet Kashyap as Managing Director for five-year terms starting April 2027, reinforcing leadership continuity.
Source: Stock Announcements
📊 Quarterly Results (₹ Cr)
| Metric | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|
| Revenue | 336 | 355 | 324 | 364 | 345 |
| Operating Profit | 23 | 17 | 25 | 23 | 24 |
| OPM % | 6.7% | 4.7% | 7.7% | 6.3% | 7.1% |
| Net Profit | 11 | -9 | 12 | -13 | 10 |
| EPS | ₹0.48 | ₹-0.38 | ₹0.52 | ₹-0.56 | ₹0.44 |
Revenue shows sequential improvement from ₹324 Cr (Dec 2025) to ₹364 Cr (Mar 2026), then stabilized at ₹345 Cr (Jun 2026), indicating resilience in execution despite macro pressures. Operating performance turned positive in Q1 FY27 with ₹24 Cr operating profit and 7.1% OPM after a temporary dip in Q3 FY26 (-₹13 Cr NP). The order book growth from ₹5,000 Cr (FY26) to ₹4,712 Cr (Q1 FY27) reflects sustained demand, while margin expansion suggests incremental operational leverage. However, profitability remains volatile, with net losses in Q3 and Q4 FY26 before recovery.
🔮 Management Outlook & What's Next
Management indicated ₹65 Cr of FY27 capex focused on innovation, upskilling, and fixed assets, particularly to scale data center operations and support infrastructure projects. No formal forward guidance on revenue or margins was provided in the latest filings, but the emphasis on monetizing non-core assets and strategic capex suggests a shift toward higher-value, technology-driven segments. The absence of explicit financial targets implies a cautious, execution-focused approach rather than aggressive growth commitments.
Extracted from official company announcements. Not StockFin.ai's opinion.
🏦 Balance Sheet (₹ Cr)
| Item | Mar 2025 | Mar 2025 | Mar 2026 | Mar 2026 |
|---|---|---|---|---|
| Equity Capital | 23 | 23 | 23 | 23 |
| Reserves | 501 | 503 | 504 | 503 |
| Borrowings | 316 | 282 | 299 | 309 |
| Total Liabilities | 1,516 | 1,428 | 1,662 | 1,608 |
| Fixed Assets | 191 | 172 | 162 | 219 |
| Investments | 0 | 0 | 71 | 0 |
| Total Assets | 1,516 | 1,428 | 1,662 | 1,608 |
The balance sheet shows stable equity of ₹23 Cr with reserves growing to ₹504 Cr by March 2026, indicating retained earnings accumulation. Borrowings remain moderate at ₹299 Cr (March 2026), slightly up from ₹309 Cr in prior year, suggesting controlled leverage. Total assets have grown steadily to ₹1,662 Cr, reflecting capital deployment in line with capex plans. The company appears to be funding growth through a mix of internal accruals and debt, without aggressive balance sheet expansion.
💰 Cash Flow Statement (₹ Cr)
| Item | Mar 2025 | Mar 2026 |
|---|---|---|
| Operating | +76 | +115 |
| Investing | -29 | -54 |
| Financing | -43 | -61 |
| Net Cash Flow | +4 | -0 |
👥 Shareholding Pattern
| Category | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoters | 61.7% | 61.7% | 61.7% | 61.7% |
| FII | 0.3% | 0.3% | 0.3% | 0.3% |
| DII | 0.6% | 0.2% | 0.2% | 0.2% |
| Public | 27.8% | 28.8% | 28.4% | 28.9% |
| # Shareholders | 44,066 | 43,801 | 42,623 | 41,453 |
Promoter holding remains stable near 61.7% over recent quarters, indicating confidence in long-term prospects. Institutional interest is minimal, with FII ownership below 0.3% and DII under 0.2% in Q1 FY27, down slightly from higher DII levels in Q2 FY26. The growing shareholder base (41,453 investors) suggests retail participation but limited institutional conviction. No significant selling or accumulation trends are evident, though the low institutional footprint may reflect sector-specific investor preferences.
⚖️ Peer Comparison — Construction
🔗 Peer Stock Analyses
⚠️ Risk Factors
1) Margin volatility persists despite order book growth, with EBITDA margin at 8.28% in Q1 FY27 — vulnerable to input cost pressures and project mix. 2) Recurring net losses in two of the last four quarters raise concerns about sustainable profitability, especially without clear margin improvement guidance. 3) Heavy reliance on infrastructure and government projects exposes the company to policy delays, regulatory risks, and execution challenges in large-scale bids.
📋 Recent Filings
- 🟡 Board Meeting2026-09-30B.L. Kashyap & Sons held its 37th AGM on 30 September 2026 via video conference, approving audited standalone and consolidated financial statements fo…
- Announcement2026-09-22B.L. Kashyap & Sons Ltd announced the closure of its insider trading window effective October 1, 2026, lasting until 48 hours after the unaudited Q3 r…
- 🟡 Board Meeting2026-09-07B.L. Kashyap & Sons Ltd announced its 37th AGM scheduled for 30 September 2026 via video conference, where shareholders will vote on reappointing dire…
- 🔴 annual report2026-09-07B.L. Kashyap & Sons reported a 19.55% revenue jump to ₹1,379.14 crore for FY26, driven by infrastructure growth and a ₹5,000 crore order book, while m…
- Announcement2026-08-31B.L. Kashyap & Sons informed exchanges it received a communication from the lead bank of a consortium regarding settlement of a Right of Recompense (R…
- 🟡 related party transaction2026-08-20B. L. Kashyap and Sons Limited announced it received a ₹183.18 Crores order from Realkraft Ventures LLP for civil and structural works on a residentia…
- 🟡 Board Meeting2026-08-12B. L. Kashyap and Sons Limited announced that its 37th Annual General Meeting will be held on Wednesday, 30th September 2026 via video conference, wit…
- 🔴 Corporate Action2026-08-12B. L. Kashyap and Sons Limited announced that its 37th Annual General Meeting will be held on Wednesday, 30th September 2026 via video conference, wit…
- 🟡 Board Meeting2026-08-12B. L. Kashyap and Sons Limited announced the outcome of its board meeting held on August 12, 2026, where directors approved unaudited standalone and c…
- 🔴 Financial Results2026-08-12B. L. Kashyap and Sons reported consolidated revenue of ₹345.12 Cr for Q1 FY27, up from ₹336.42 Cr YoY, with gross margin expanding to ₹62.29 Cr and E…
🧠 Analyst's Read
B.L. Kashyap & Sons is executing a strategic pivot toward innovation and data infrastructure, supported by a robust order book and stable promoter backing. Investors should monitor margin trends, execution of FY27 capex, and early signs of profitability recovery in upcoming quarters, as the company transitions from volume-driven growth to value-driven scaling.
Based on filing content and financial data. Not a recommendation.
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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-10-01.
Editorial & Data Transparency Notice
This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.
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