Kalind

BSE: KALIND · Diversified Commercial Services

52W Range₹10 ₹106

Snapshot

Unlock Kalind's vital signs

Growth · Profitability · Valuation · Strength · Conviction

Company Overview

Business

Kalind Rail Nirman specialises in engineering, procurement, and construction (EPC) services for the Indian railway sector, focusing on signaling, telecommunications, and track infrastructure. The company delivers multi-disciplinary turnkey projects for Indian Railways and various metro rail corporations to support national network modernisation.

Business Model

The company generates revenue through the execution of complex infrastructure contracts, including the installation of signaling systems, overhead electrification, and track construction. It operates as a subsidiary within the Texmaco Rail and Engineering group, leveraging industrial synergies to scale operations in heavy engineering.

Management Commentary

Management emphasises the company's technical expertise in integrating complex rail systems and its strategic integration into the Texmaco fold to enhance operational scale. The focus remains on strengthening relationships with government bodies to secure large-scale infrastructure projects.

Growth Outlook

Growth is driven by the ongoing modernisation of the Indian national rail network and the expansion of metro rail infrastructure across the country. The company aims to leverage its parentage to capture larger turnkey project opportunities in the heavy engineering and rail infrastructure domains.

Key Risks

  • Project Execution Delays. Large-scale infrastructure projects are susceptible to delays caused by land acquisition issues, regulatory approvals, and site-specific challenges.
  • Concentration Risk. The company's heavy reliance on government contracts and Indian Railways makes it vulnerable to changes in public spending and policy shifts.
  • Input Cost Volatility. Fluctuations in the prices of raw materials like steel and copper can significantly impact the profitability of fixed-price EPC contracts.
  • Competitive Intensity. The railway infrastructure sector is highly competitive, with numerous players vying for limited large-scale government tenders.

Price

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Key Metrics

REVENUE

₹80 Cr

TTM · consolidated

+29444.4%YoY

NET PROFIT

₹32 Cr

TTM · consolidated

+35466.7%YoY

EPS

₹22.88

TTM · consolidated

+8071.4%YoY

RETURN ON EQUITY

55.4%

TTM · consolidated

+54.0 ppYoY

P/E

3.6x

Q4 FY26 · consolidated

3.6 vs 63.6x5Y avg

EV/EBITDA

23.5x

Q4 FY26 · consolidated

23.5 vs 4348.7x5Y avg

EBITDA MARGIN

59.0%

TTM · consolidated

+36.8 ppYoY

DEBT TO EQUITY

0.1x

Q4 FY26 · consolidated

-0.08xYoY

Peers · Diversified Commercial Services

CompanyMkt Cap (Cr)P/EEV/EBITDARev Gr YoYEBITDA MgnROEROCE1Y Return
KalindKALIND
1,0963.6423.4829444.4%59.0%55.4%72.3%
Texmaco Infrast.TEXINFRA
1,170132.5376.749.9%109.7%0.9%1.2%+13.6%
Updater ServicesUDS
98215.085.4733.0%5.5%11.4%12.2%-33.4%
Banganga PaperBANGANGA
880-71.1%-109.1%-3.4%-3.2%
Krystal IntegratKRYSTAL
76013.038.915.3%8.0%14.2%19.6%-8.3%
Bluspring Enter.BLUSPRING
74251.4616.663.2%5.5%8.3%+24.1%

As of Q4 FY26

Financials