Overview

Detailed Summary

B L Kashyap and Sons Ltd is an Indian EPC and civil construction company delivering offices, commercial complexes, residential projects, institutional buildings, hospitals and transport infrastructure, with a legacy since 1978/1989 and a built-up portfolio of roughly 140 million sq. ft and 250+ completed projects across India, coordinated from New Delhi with regional hubs in Bengaluru and Pune.
The company reports a consolidated Q3 FY26 revenue of ₹323.87 crore with a gross margin of 20.8%, EBITDA margin near 8.9% and PAT of ₹11.83 crore, demonstrating meaningful quarter-on-quarter margin recovery and a nine-month turnover of ~₹1,015 crore that signals improving operating performance for BLK.
BLK materially improved its balance sheet by reducing fund-based debt from ~₹700 crore to ~₹270 crore and secured a CRISIL rating upgrade to BB-/Stable/A4, leaving only working-capital and bank guarantee facilities; this debt transformation enhances financial flexibility for bidding and capex execution.
Strategically the company is pivoting to higher-quality work mix: targeting 25% government projects by FY27, advancing composite steel construction to cut labour dependence, investing in digitization (ERP, MEP integration, drones) and signaling intent to scale a nascent data-center portfolio, reflecting deliberate portfolio rebalancing.
Geographically BLK’s order book is concentrated in Haryana (54.8%), Karnataka and Tamil Nadu, while private work dominates at ~94% of the current order book, exposing the company to regional and client concentration but also reflecting strong relationships with repeat marquee clients and sizeable commercial/residential pipelines.

Sector: Construction
Industry: Civil Construction
Market Cap: 1,158 Cr
Volatility: High Risk
P/E Ratio: 752.2
Industry P/E: 25.0
PEG Ratio: -1.7
P/B Ratio: 2.2
52W High: 80.07
52W Low: 40.79

Sales CAGR

1Y: -7.30%
3Y: 0.07%
5Y: 7.58%
10Y: 3.45%

Profit CAGR

1Y: -47.69%
3Y: -18.35%
5Y: —
10Y: 49.62%

ROE

TTM: 2.58%
3Y: 6.97%
5Y: 3.87%
10Y: 0.85%

ROCE

TTM: 11.60%
3Y: 14.80%
5Y: 14.06%
10Y: 10.13%

Technicals

‌

Forecasts

Peers

Industrials Construction Construction Civil Construction

Symbol	Watchlist	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
GPTINFRA		112.70	1,415 Cr	14.54	2.35	2.46	16.14	17.09	7.06
SEPC		6.19	1,185 Cr	22.14	0.63	0.00	2.79	4.48	1.73
BLKASHYAP		51.40	1,158 Cr	752.15	2.20	0.00	2.58	11.60	0.09
GKWLIMITED		1829.20	1,092 Cr	-472.74	2.70	0.00	-0.09	0.44	-0.07
SRM		466.35	1,068 Cr	9.62	2.88	0.00	29.92	30.12	11.16
GAYAPROJ		20.66	969 Cr	0.47	1.10	0.00	14.63	7.21	96.56
LIKHITHA		224.10	885 Cr	22.58	2.15	0.00	9.51	13.06	8.33
Median: 7 Co.	—	112.70	1,092 Cr	14.54	2.20	0.00	9.51	11.60	7.06

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

View Standalone

Total Figures

QoQ Changes

Total Figures

	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Sales	324	341	350	267	242	294	336	355	324	364
Expenses	300	308	319	247	236	287	310	335	295	337
Operating Profit	24	33	32	20	6.27	7.22	26	20	29	27
OPM %	7.27	9.70	9.05	7.53	2.59	2.45	7.71	5.77	8.91	7.40
Other Income	0.89	7.61	9.31	12	8.89	15	2.71	1.95	0.99	16
Interest	12	15	11	14	10	12	11	11	10	12
Depreciation	2.63	2.78	2.89	3.12	3.13	3.27	3.40	3.81	4.00	4.03
Profit Before Tax	10	22	27	15	1.89	6.58	15	7.73	16	-11
Tax %	31.04	-5.48	24.30	37.51	40.74	149.70	25.58	211.38	25.21	-15.60
Net Profit	6.91	24	20	9.38	1.12	-3.26	11	-8.62	12	-13
EPS in Rs	0.31	1.05	0.90	0.42	0.05	-0.14	0.48	-0.38	0.52	0.00

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	925	1,013	769	820	762	1,158	1,110	1,245	1,154	1,140
Expenses	834	922	713	799	699	1,067	1,012	1,134	1,088	1,080
Operating Profit	91	91	57	21	63	90	98	110	65	60
OPM %	9.83	8.94	7.36	2.57	8.25	7.81	8.81	8.86	5.66	5.23
Other Income	0.31	31	5.07	-22	6.91	41	-16	12	45	38
Interest	83	77	59	69	59	55	51	49	47	47
Depreciation	13	12	12	12	11	10	9.74	10	12	13
Profit Before Tax	-6.17	31	-9.57	-82	-0.69	66	21	63	50	38
Tax %	180.55	19.46	34.36	23.36	-8,416.30	33.34	-7.43	16.99	45.30	52.47
Net Profit	4.97	25	-6.28	-63	-58	44	22	53	27	18
EPS in Rs	—	—	—	-1.89	-2.59	1.96	0.97	2.33	1.23	0.62
Dividend Payout %	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	21	21	22	23	23	23	23	23	23	23
Reserves	379	414	476	493	436	357	400	422	474	501
Borrowings	673	500	434	417	428	422	380	320	310	316
Other Liabilities	760	840	816	891	931	719	629	531	606	676
Total Liabilities	1,833	1,774	1,748	1,824	1,818	1,520	1,432	1,295	1,412	1,516
Fixed Assets	99	88	84	79	70	68	62	73	93	123
CWIP	139	95	97	94	95	0.00	0.00	0.00	1.71	0.21
Investments	301	343	330	334	241	168	168	60	62	70
Other Assets	1,294	1,247	1,236	1,316	1,412	1,284	1,202	1,162	1,256	1,323
Total Assets	1,833	1,774	1,748	1,824	1,818	1,520	1,432	1,295	1,412	1,516

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	117	245	117	164	-23	-181	87	20	79	76
Cash from Investing Activity	-34	-2.67	-22	-2.35	84	142	-14	110	-31	-29
Cash from Financing Activity	-89	-243	-45	-160	-60	52	-69	-110	-80	-43
Net Cash Flow	-7.09	-0.78	50	1.74	2.06	14	4.62	19	-33	4.35

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Promoters	61.61%	61.65%	61.65%	61.65%	61.65%	61.65%	61.65%	61.67%	61.68%	61.70%	61.71%	61.72%
FIIs	0.42%	0.35%	0.31%	0.90%	1.65%	1.87%	0.59%	0.72%	0.40%	0.35%	0.31%	0.29%
DIIs	0.00%	0.00%	0.08%	0.03%	0.00%	0.00%	0.36%	0.93%	0.88%	0.58%	0.17%	0.18%
Public	37.96%	38.01%	37.97%	37.43%	36.70%	36.48%	37.41%	36.68%	37.04%	37.37%	37.80%	37.81%
Total Shareholders	25,099	26,225	30,430	38,581	39,133	45,122	45,651	44,712	44,231	44,066	43,801	42,623

Market Transactions

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Projection

Documents

Presentations

Concalls

Reports

Presentations

Investor Presentation

Q4 FY26

Investor Presentation

Q3 FY26

Investor Presentation

Q2 FY26

Available on Pro Plan