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Stock Analysis

Description

B.L. Kashyap & Sons Ltd is an EPC company engaged in the business of construction of buildings, high-rise residential and commercial complexes, IT parks, and institutional buildings with a pan-India presence.

Key Growth Triggers

The company has recently secured multiple significant work orders totaling over ₹1200 Crores towards the end of 2025, significantly bolstering its order backlog.
A substantial reduction in fund-based debt from approximately ₹700 Crores to ₹275 Crores has improved the company's financial flexibility.
The company aims to increase the share of government projects in its revenue to 25% by FY27.

Order Book

Order Book: As of late 2025, recent large orders secured include ₹295 Cr (Embassy), ₹615.69 Cr (Sattva), and ₹364.07 Cr (Embassy), cumulatively exceeding ₹1200 Cr in new orders. The previous overall order book stood at ₹4,435 Cr.

Key Red Flags

Recent Q2 FY26 performance saw a sharp decline in standalone PAT and a consolidated net loss, indicating operational challenges.
The company has historically shown a low return on equity and has a poor sales growth record over certain periods.

Key Dates To Watch

Investors will be awaiting the declaration of Q3 and H2 FY26 financial results, typically announced around February 2026.

Corporate Announcements

10th Apr 26

Impact Rating: 2

B.L. Kashyap and Sons Limited has complied with SEBI regulations by submitting a confirmation certificate from its Registrar and Share Transfer Agent, MUFG Intime India, for the quarter ended March 31, 2026.

31st Mar 26

Impact Rating: 6

B.L. Kashyap & Sons announces trading window closure from April 1, 2026, aligning with SEBI's insider trading code. The window will reopen 48 hours after the publication of audited financial results for the quarter and year ended March 31, 2026.

19th Mar 26

Impact Rating: 6

B.L. Kashyap has updated its promoter group classification following the transmission of shares from the deceased promoter, Mrs. Aradhana Kashyap, to Mr. Saurabh Kashyap. Mr. Saurabh Kashyap received 76,968 shares.

18th Feb 26

Impact Rating: 7

This new order, valued at ₹300 Crores (excluding GST), is to be executed over approximately 42 months.

17th Feb 26

Impact Rating: -

No description available.

Peer Comparision

S.No.	Name	Current Price (Rs.)	Price to Earning	Market Capitalization (Rs.Cr.)	Dividend yield (%)	Net Profit latest quarter (Rs.Cr.)	YOY Quarterly profit growth (%)	Sales latest quarter (Rs.Cr.)	YOY Quarterly sales growth (%)	Return on capital employed (%)	Sales (Rs.Cr.)	OPM (%)	Profit after tax (Rs.Cr.)	Profit after tax latest quarter (Rs.Cr.)	Price to book value	Return on assets (%)	Debt to equity
1.	Larsen & Toubro	4157.00	35.57	571732.32	0.82	4678.01	15.63	67983.53	10.44	14.49	270722.51	12.67	16074.88	3926.09	5.64	4.98	1.32
2.	Rail Vikas	357.40	65.56	74435.52	0.48	230.52	-19.73	5122.97	5.52	14.72	20026.00	4.70	1135.41	230.29	7.80	6.40	0.52
3.	NBCC	116.05	46.91	31330.86	0.58	156.69	25.71	2910.20	18.99	33.17	12751.71	5.04	667.83	153.52	11.73	4.68	0.00
4.	IRB Infra.Devl.	42.33	29.21	25569.19	0.71	140.82	41.00	1751.02	10.42	7.82	8024.67	48.08	875.41	140.82	1.25	2.01	1.02
5.	Kalpataru Proj.	1173.70	24.31	19958.36	0.77	237.39	91.27	6528.57	32.43	15.95	25498.99	8.25	821.04	240.05	2.88	2.36	0.69
6.	KEC International	717.05	27.95	19094.43	0.77	160.75	88.21	6091.56	19.13	17.98	23335.94	7.26	683.11	160.75	3.38	2.75	0.94
7.	Ircon Intl.	177.42	27.77	16682.86	1.49	136.51	-32.68	1976.75	-19.23	11.60	9787.96	7.43	600.65	138.65	2.58	3.74	0.80
8.	B.L.Kashyap	52.17	110.11	1177.04	0.00	4.20	-61.36	350.75	32.52	6.63	1213.66	4.86	10.69	4.20	1.61	0.86	0.39
–	Median: 116 Co.	132.98	18.57	526.96	0.0	9.21	23.05	149.57	10.73	18.3	510.67	12.79	31.74	9.16	2.26	6.93	0.43

Quarterly Results

Standalone figures in ₹ crores

	Dec 2022	Dec 2023	Dec 2024	Jun 2023	Jun 2024	Jun 2025	Mar 2023	Mar 2024	Mar 2025	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Sales	248.20	319.72	239.14	248.34	347.56	332.85	270.37	322.76	290.92	289.29	323.41	264.68	350.75
Expenses	225.58	296.41	233.47	223.22	315.80	307.01	243.04	304.20	282.86	267.87	293.50	242.99	331.31
Operating Profit	22.62	23.31	5.67	25.12	31.76	25.84	27.33	18.56	8.06	21.42	29.91	21.69	19.44
Other Income	3.17	3.27	8.00	4.11	8.67	2.10	11.73	0.44	12.64	7.78	2.31	10.99	1.28
Profit before tax	13.44	12.45	1.11	16.21	26.53	14.44	24.10	1.77	5.52	15.57	19.42	16.34	6.61
Tax %	27.01%	28.67%	16.22%	26.22%	26.88%	25.76%	28.71%	96.05%	14.67%	34.68%	27.81%	33.41%	36.61%
Net Profit	9.81	8.87	0.94	11.95	19.39	10.72	17.19	0.06	4.71	10.16	14.01	10.87	4.20
EPS in Rs	0.44	0.39	0.04	0.53	0.86	0.48	0.76	0.00	0.21	0.45	0.62	0.48	0.19

Profit & Loss

Standalone Figures in ₹ Crores / Yearly

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	1,282	808	842	890	937	748	793	749	1,140	1,092	1,214	1,142	1,214
Expenses	1,246	792	774	804	840	688	775	684	1,046	988	1,117	1,075	1,155
Operating Profit	36	16	68	85	97	61	18	65	94	104	97	67	59
Other Income	-54	37	27	21	44	17	2	28	53	24	10	40	24
Interest	92	75	75	77	66	47	56	47	47	47	48	47	43
Depreciation	22	44	20	10	9	9	10	9	8	8	9	11	12
Profit before tax	-131	-67	0	19	66	22	-46	37	91	74	50	50	28
Net Profit	-86	-52	1	13	49	14	-31	2	66	52	35	36	21
EPS in Rs	-4.19	-2.55	0.05	0.61	2.27	0.62	-1.36	0.11	2.93	2.31	1.55	1.59	0.92
Dividend Payout %	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	–

Balance Sheet

Standalone figures in ₹ crores

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Sep 2025
Equity Capital	21	21	21	21	22	23	23	23	23	23	23	23	23
Reserves	464	411	412	405	496	533	502	506	571	623	657	693	707
Borrowings	567	591	627	615	494	445	396	415	334	304	305	291	283
Other Liabilities	638	533	570	500	521	499	634	579	533	501	574	643	740
Total Liabilities	1,690	1,555	1,630	1,540	1,532	1,499	1,555	1,523	1,461	1,450	1,558	1,649	1,753
Fixed Assets	129	81	91	81	77	72	64	62	57	67	86	117	144
Gross Block	270.39	249.38	271.17	263.10	254.14	242.67	233.86	228.84	214.46	219.30	236.61	251.18	–
Accumulated Depreciation	141.56	168.24	180.11	181.83	177.19	170.28	169.93	166.61	157.57	152.76	150.18	134.48	–
CWIP	4	4	4	5	7	4	5	0	0	0	2	0	0
Investments	14	14	13	12	12	12	12	12	12	12	12	12	12
Other Assets	1,543	1,455	1,521	1,441	1,436	1,410	1,474	1,448	1,392	1,371	1,458	1,521	1,597
Total Assets	1,690	1,555	1,630	1,540	1,532	1,499	1,555	1,523	1,461	1,450	1,558	1,649	1,753

Cash Flows

Standalone Figures in ₹ Crores / Yearly

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	6	14	38	85	132	50	63	38	60	63	83	87
Cash from Investing Activity	28	39	-3	5	14	21	45	-3	36	-5	-29	-23
Cash from Financing Activity	-34	-52	-38	-91	-99	-69	-104	-28	-87	-75	-48	-61
Net Cash Flow	-0	1	-3	-1	47	2	3	6	9	-16	6	4

Ratios

Standalone Figures in ₹ Crores / Yearly

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	121	179	198	171	129	173	192	199	119	148	120	138
Inventory Days	224	350	311	260	262	328	312	–	188	231	59	69
Days Payable	148	187	162	115	169	166	176	–	116	147	134	150
Cash Conversion Cycle	197	343	348	315	223	335	327	199	191	232	45	57
Working Capital Days	34	66	86	-0	-16	17	65	73	65	70	54	69
ROCE %	4%	1%	7%	9%	13%	7%	2%	9%	10%	13%	10%	7%

Shareholding Pattern

Numbers in percentages

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	61.56%	61.58%	61.61%	61.65%	61.65%	61.65%	61.65%	61.65%	61.65%	61.67%	61.69%	61.70%
FIIs	0.54%	0.22%	0.43%	0.35%	0.30%	0.89%	1.65%	1.87%	0.59%	0.72%	0.40%	0.34%
DIIs	0.00%	0.09%	0.00%	0.00%	0.00%	0.02%	0.00%	0.00%	0.35%	0.92%	0.88%	0.59%
Public	37.91%	38.12%	37.96%	38.00%	38.04%	37.44%	36.70%	36.48%	37.40%	36.68%	37.03%	37.37%