Kalpataru Projects International has won an elevated metro rail engineering, procurement and construction contract worth approximately Rs 719 crore for Thane in Maharashtra, the company said. The order, secured through a joint venture, bolsters KPIL’s urban mobility portfolio and adds to a busy order book for the EPC specialist.
Thane metro rail EPC secures strategic urban contract
Manish Mohnot, managing director and chief executive of KPIL, said the Thane metro order strengthens the company’s presence in the expanding urban transportation EPC sector and reinforces confidence in the growth potential of its urban infrastructure business in India. The company highlighted that the contract complements its ongoing work across flyovers, metro rail and other urban mobility projects.
The Thane project forms part of a wider run of recent wins. Earlier, Kalpataru announced new orders totalling around Rs 2,003 crore across buildings and factories and power transmission and distribution projects in India and overseas. In its Q2 FY26 update released on 31 October, KPIL said it had received Rs 14,951 crore of new orders in FY26 year to date, representing roughly 26 percent year on year growth.
As of 30 September 2025, the consolidated order book stood at Rs 64,682 crore. The company also said it is favourably placed for additional orders of about Rs 5,000 crore, largely in the power T&D segment. Management emphasised the diversity of its order book and its execution capability as key strengths that position the firm to meet its growth targets over the coming quarters.
Financial results for the quarter showed a strong operational performance. Kalpataru reported consolidated profit after tax of Rs 237 crore for the quarter, an increase of 89 percent year on year. Market reaction was muted but positive in the short term. The stock opened higher by about 1.87 percent on the announcement, though it has seen volatility, falling around 3.9 percent over the past three months and delivering a substantial year to date gain of over 1,200 percent.
Analysts say the Thane contract, while modest compared with some of KPIL’s larger orders, is strategically relevant. Urban metro projects tend to offer steady, long-duration revenue streams and provide opportunities for follow-on works such as signalling, station fit-outs and related civil works. For a contractor with expertise across power transmission, railways and urban mobility, such contracts deepen client relationships and improve prospects for integrated project execution.
Operationally, the contract will require coordination between civil teams, rail systems specialists and project management personnel. KPIL’s experience in delivering similar elevated metro structures will be an advantage as it mobilises resources and aligns timelines with the client and local authorities in Thane.
Looking ahead, the company’s immediate priorities include executing the new contract efficiently, converting the pipeline of potential orders and preserving margins amid rising input costs. If KPIL can maintain steady execution and secure additional power T&D awards, the firm could sustain the momentum seen in FY26 so far.
For investors and sector watchers, the Thane order confirms continued government and local authority spending on urban mobility, which should support demand for EPC contractors active in rail and urban infrastructure across India.
Key Takeaways:
- Kalpataru Projects International secures a Rs 719 crore elevated metro rail EPC order in Thane, Maharashtra.
- Order strengthens KPIL’s urban mobility portfolio amid a robust FY26 order intake and a consolidated order book of Rs 64,682 crore.
- Company cites strong execution capabilities and sees additional opportunities worth around Rs 5,000 crore, mainly in power T&D.
- Investors reacted positively with the stock opening higher, while KPIL reported an 89% YoY jump in quarterly PAT.
