B.L.Kashyap & Sons Ltd (BLKASHYAP)

Construction · Construction · NSE · Updated 1 September 2026

By StockFin Research Team • AI-Assisted Analysis • Source: BSE/NSE Filings

₹58.65 ↓ 16.03% (1Y)

🎯 Key Takeaways

B.L.
Revenue declined 5.1% QoQ to ₹345 in Q1FY27.
⚠️ 1) Execution risk in large-order delivery, as the ₹183.18 Cr order is still in early stages with 18-month timeline, requiring sustained project manage

Market Cap

₹1,322

P/E Ratio

2932.5

P/B Ratio

2.52

ROE

0.1%

ROCE

8.4%

Debt/Equity

0.60

Promoter

61.7%

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📖 The Story

B.L. Kashyap & Sons Ltd is navigating a cautious turnaround phase marked by modest revenue growth and improving operational efficiency amid a high base and sectoral volatility. Management is focused on monetizing non-core assets and scaling data center operations, signaling a strategic pivot toward high-margin, innovation-driven infrastructure. The company maintains a stable promoter holding but faces pressure from declining returns and rising leverage trends.

📰 What's Happening

In Q1 FY27, the company reported consolidated revenue of ₹345.12 Cr, up 2.5% YoY, with EBITDA margin expanding to 8.28% and gross margin at ₹62.29 Cr. A significant ₹4,712 Cr order book underscores sustained project pipeline momentum, including a new ₹183.18 Cr order from Realkraft Ventures for civil and structural works. Management plans ₹65 Cr capex for FY27 focused on innovation, upskilling, and fixed assets, particularly in data centers and government projects, aiming to increase government project share to 25% by FY27.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue	355	324	364	345
Operating Profit	17	25	23	24
OPM %	4.7%	7.7%	6.3%	7.1%
Net Profit	-9	12	-13	10
EPS	₹-0.38	₹0.52	₹-0.56	₹0.44

Revenue growth has stabilized after a sharp quarterly rebound, with Q1 FY27 revenue at ₹345.12 Cr, though still below the ₹5,296 Cr reported in Q4 FY26 (which appears to be an outlier or consolidation artifact). Operating performance shows improvement, with EBITDA margin rising to 8.28% from prior quarters, supported by cost discipline and project execution. However, net profit declined to ₹10 Cr in Q1 FY27 from ₹12.52 Cr in Q4 FY26, and earlier quarters showed volatility, including losses in Mar 2026 (₹-13 Cr PAT). The trend reflects operational stabilization rather than strong profitability recovery.

🔮 Management Outlook & What's Next

Management has not provided formal forward guidance on revenue or margins but emphasized ₹65 Cr capex for FY27 focused on innovation, upskilling, and fixed assets, particularly in data center and government infrastructure segments. The investor presentation highlights financial turnaround and ESG commitments, with leadership continuity noted as a strategic advantage. No specific targets for revenue growth or profitability were disclosed, but the order book of ₹4,712 Cr is cited as a key indicator of sustained momentum.

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	503	501	503	504
Borrowings	282	316	309	299
Total Liabilities	1,428	1,516	1,608	1,662
Fixed Assets	172	123	219	232
Investments	0	70	0	0
Total Assets	1,428	1,516	1,608	1,662

The balance sheet shows a stable equity base of ₹23 Cr plus reserves exceeding ₹500 Cr, indicating long-term capital resilience. Borrowings remain moderate at ₹299 Cr (Mar 2026), down from ₹316 Cr in the prior year, suggesting ongoing deleveraging efforts. Total assets have grown to ₹1,662 Cr, supporting expansion in project execution and data center infrastructure, while the capital structure remains conservative with no significant equity dilution or aggressive financing observed.

💰 Cash Flow Statement (₹ Cr)

Item	Mar 2025
Operating	+76
Investing	-29
Financing	-43
Net Cash Flow	+4

👥 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 at approximately 61.7% over the last four quarters, indicating confidence in long-term prospects. Institutional ownership (FII and DII) is minimal, collectively holding less than 1% combined, with DII declining slightly from 0.58% to 0.17% over the year. The number of public shareholders has increased to 41,453, suggesting broader retail interest, but the low institutional participation may reflect limited analyst coverage or perceived execution risks.

⚖️ Peer Comparison — Construction

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
MANINFRA	4,957	22.9	13.0%	9.5%	0.03
PSPPROJECT	3,521	48.0	9.1%	5.8%	0.25
MBEL	1,558	16.0	29.0%	31.5%	0.61
BLKASHYAP	1,322	2932.5	8.4%	0.1%	0.60
508929	1,271	—	1.4%	-12.9%	2.38
BLAL	691	301.6	88.2%	204.1%	0.00
CCCL	661	—	0.8%	-2.2%	0.00
511634	606	—	—	—	-1.28
544656	494	—	—	—	1.92
HILINFRA	321	12.1	22.5%	22.8%	0.64

🔗 Peer Stock Analyses

MANINFRA PSPPROJECT MBEL 508929 BLAL

⚠️ Risk Factors

1) Execution risk in large-order delivery, as the ₹183.18 Cr order is still in early stages with 18-month timeline, requiring sustained project management discipline. 2) Margin pressure from rising operational costs or underpricing in competitive bidding, despite EBITDA improvement. 3) Limited scale in data center operations, which may delay breakeven and require sustained capex without immediate returns. 4) Low institutional interest and thin trading liquidity, which can amplify price volatility.

📋 Recent Filings

🧠 Analyst's Read

B.L. Kashyap & Sons is in a stabilization phase with improving operational metrics and a healthy order book, but profitability remains fragile and growth is incremental. Investors should monitor execution of new orders, progress on data center monetization, and any shift in institutional interest as early signals of future momentum.

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 2026-09-01.

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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