K2 Infragen FY26: Growth With Margin Pressure, Order Book Tilts to Railways

FY26 revenue from operations was INR 1,852 million, EBITDA was INR 229 million (EBITDA margin 12.37%), and PAT was INR 133 million (PAT margin 7.18%), as per the investor presentation financial tables.

FY26 segmental revenue share was Roads and Bridges 77.64%, Power Transmission and Distribution 11.82%, Railways 7.83%, and Civil Infrastructure and Development 2.71% (presentation).

Total ongoing project value was INR 6,623 million and unexecuted order book was INR 4,240 million, as disclosed in the Order Book slide (data as of 31 March 2026).

In the concall Q&A, management stated it expects to maintain more than 25% growth in FY27.

The half-year table shows EBITDA margin of 14.85% in H1 FY26 versus 9.85% in H2 FY26. On the concall, management attributed H2 pressure to geopolitical disruptions and crude-linked input inflation impacting road projects, and also indicated the company slowed in a period while focusing on direct orders.

The investor presentation lists a capex plan of INR 12 crore for machinery upgrades under Business Strategies.