Today, BL Kashyap Ltd (also referred to as BLK or the Company) is well on its path to recovery with steady growth in the post COVID period. Since 2011, the Company faced strong financial headwinds due to certain market adversities and issues in the real estate cycle. In 2014, BLK went into Corporate Debt Restructuring (CDR). Since then, it has been a steady story of step- by- step business revival. Under compulsions of no access to external debt, the Company redeveloped its businesses with two strategic compulsions. First, was to develop the business with limited access to financial capital. This resulted in a steadfast focus on business execution with minimal capital utilization - both fixed and working. Consequently, there had to be detailed evaluations and careful selection of projects that were well funded and where the project developers gave greater stress on timely completion. Second, BLK could not bid for large, tendered projects that required large bank guarantees. Hence, it had to operate in the negotiated deal space by building on individual customer relations and developing its reputation with respective clients with on time cost optimized project deliveries. These two business imperatives have over the years translated into BLKs core business pillars - operational excellence and customer relations. Today, these are the cornerstone of BLKs business competitiveness and the core driver of the next round of growth for the BLK Brand.
Today, the Company has its fundamentals well in place and is steadily moving to the next round of growth. The key components of its brand positioning comprise:
Reliability: The Company is delivering its focused service excellence through core teams that have been developed in its base offices in Delhi (North India) and Bangalore (South). From these hubs, projects are being managed effectively establishing the Company as a reliable partner for its clients. Diverse Yet Focused Clientele: On time efficient project execution has helped establish strong relationships with individual clients. This is resulting in repeat orders and is further establishing BLK as a trusted partner for project developers across the core markets of Delhi NCR and Bangalore South India. Timely and Trusted: BLK has maintained strong focus on execution. With a proven track record, it has firmly established itself as a trusted partner for efficient project execution with quality, safety and on- time delivery. Digitized Operations: A cornerstone of the Companys operational efficiency is the focus on technology driven systems with integrated in- house Mechanical, Electrical and Plumbing (MEP) systems; department wide adoption and execution of ERP systems; and wide adoption of drone technology, AI in different aspects of project execution. Sustainable Financials: With a balance sheet under restructuring focused on repaying old debt, financial sustenance has been central to all the Companys business operations. There remains a focus on regaining steady business growth with minimal capital deployment. It is part of the continuous efforts at driving incremental growth by steadily improving operating ratios and profit margins. While these efforts have over the last few years borne fruit and the balance sheet is today in a position for a round of financial leveraging, the Company continues to remain committed to its cautious approach to business with lower exposures to financial risk.
While the Company remains steadfast on adopting these core values in its business growth strategy by focusing on the civil structure construction space, its prospects are also largely dependent on the prevailing market conditions.
Chart A: Real GVA Growth
10.00% 9.00% 8.00% 7.00% 6.00% 5.00% 4.00% 3.00% 2.00% 1.00% 0.00%
GVA growth (Const Prices): FY2025 6.40%, FY2026 7.30% Construction growth GVA terms: FY2025 9.40%, FY2026 7%
In FY2026, Indias growth story remained intact. As per advanced estimates, Real Gross Value Added (GVA) increased by 7.3% 7.3% in FY2026 on the back of 6.4% 6.4% growth in FY2025. Construction, which accounts for a large 9% 9% share of total nominal GVA continued to grow at strong rates. Although in terms of Real GVA its growth reduced from 9.4% 9.4% in FY2025 to 7% 7% in FY2026 - the levels continue to remain strong. Chart A gives the data.
Source: MOSPI, Government of India
For the construction industry, the key growth drivers continue to be strong public infrastructure spending; continued urbanization; recovery in private investment; expansion in manufacturing and logistics; and growth in residential and commercial construction. While the long- term opportunities are galore, there are some issues
adversely affecting the Indian construction industry. These include higher steel and cement costs; continued delays in project execution across projects in India; issues with land acquisition and regulatory approvals; working- capital pressure for contractors; the ongoing US- Iran war and shortages in availability of skilled labour and engineers. The Economic Survey projects Indias economic growth potential to be around 7% 7% per annum over the next few years, and the construction sector continues to play a critical role in sustaining this growth.
Overall, FY 2025- 26 reinforced constructions role as a core engine of Indias economic growth. Continued investment in transport, housing, industrial infrastructure, and urban development is expected to keep the sector among the countrys strongest growth contributors over the coming years. The economic revival since the COVID period has been a story of the gradual transformation of the Indian economy. Indias economic transformation is characterized by a shift toward higher- value industries, large- scale infrastructure development, digitalization, and stronger integration with global supply chains. Continued reforms and investment will play a central role in determining the pace and breadth of this transformation over the coming decade.
For BL Kashyap, with a focus on civil construction, progress on urbanization is the core to market opportunities. Urbanization is one of the defining forces shaping Indias economic and social development. As cities expand and new urban centers emerge, urbanization is driving growth in infrastructure, housing, manufacturing, services, and technology. At the same time, it presents significant challenges related to planning, affordability, and sustainability. India is home to more than 1.45 billion people, with an estimated 37-38% 37 - 38% of the population living in urban areas in 2026. Although this is lower than many developed countries, Indias urban population is growing rapidly in absolute terms, adding millions of new city residents each year.
Some key facts about India that impact the civil construction industry are:
Urban population: Over 540 million More than 4,800 statutory towns and hundreds of census towns Nearly 65% 65% of Indias GDP is generated by urban areas By 2047, urban India is expected to account for almost 70% 70% of GDP
The private sector has become a central driver of Indias urbanization. While governments provide policy direction and invest in core public infrastructure, private companies increasingly finance, build, operate, and maintain the assets that support growing cities. This partnership is shaping housing, commercial real estate, transport, logistics, utilities, and digital infrastructure.
The steady economic growth providing opportunities from rapid urbanization, much of which is being driven by private sector participation augers well for BL Kashyaps business prospects as it develops itself as a leading EPC player in the civil construction space with strong relationships with private sector developers, which is evolving and spreading well over the last few years.
Clearly, with no access to long term external debt, BL Kashyap has had to chalk out its revival plan since 2014, operating with minimum capital deployment and reaching customers on a one- on- one basis and not through large formal tenders. The growth path adopted has borne dividend. With concerted efforts over the last 6 years, the Company today:
Has an order book approx Rs.5,000 crore A performance record of over 255 successfully completed projects across India. Fund based debt reduced from Rs.700 crore to Rs.270 crore, which is all operational cash credit while operating with barely any Non Fund Based limits. A total strength of over 1,300 trained and 20000 + + untrained workers Total built up area exceeding 140 million square feet.
Clearly, the Company has strongly established its positioning as an efficient player in Indias civil construction space. Over the last 5 years, there has been steady growth in orders and most importantly there has been effective
1400 1200 1000 800 600 400 200 0
FY22 1115.71 FY23 1109.96 FY24 1244.53 FY25 1153.63 FY26 1379.14
execution of these orders, which has translated into steady growth in revenues. Chart B shows that in the last 5 years between FY2022 and FY 2026, total consolidated revenues of BL Kashyap increased by a CAGR of 5.4% 5.4% and reached a peak of Rs.1,379 crore in FY2026
This is the foundation of the Companys strategic imperatives. Not only is the stress translating into steady revenue growth, but the on- ground initiatives have translated into faster growth in operating profits and operating profit margins. In fact, on a consolidated basis, operating profits (EBITDA) increased by 56.44% 56.44% in FY2026 compared to FY2025, and EBITDA margins (a measure for operational
profitability) increased from 5.66% 5.66% in FY2025 to 7.41% 7.41% in FY2026.
This stress on operational excellence is supported by certain specific strategic imperatives. From a customer perspective, there is a focus on increasing the project portfolio with mixed use development in the commercial segment, and high- end premium projects in the residential segment. The Company has successfully delivered 2 data centers and is well positioned to scale this segment up in its order book. From an operations perspective, there is focus on advancing composite steel structures to reduce labour dependence. While doing so, there is continuous focus on enhancing the skillsets of the Companys workforce through internal training and the BLK Wizards program. Amongst customers, there is a focus on increasing government clients and large blue- chip developers. Right now, work is focused on building relationships, which will take time to bear fruit - the target is to increase the share of government projects from 5% 5% today to 15% 15% soon. Finally, the Company continues to work on cleaning up issues with its balance sheet from the difficult previous years. In financial terms, sometimes these affect the companys profits adversely as entries in extra- ordinary incomes.
Today, with a stronger order book and steady revenue growth, the Company is utilization primarily internal resources to invest in capital expansion (capex) that is essential to sustain the next round of growth. These investments are targeted at developing innovation and technology, upskilling human capital and procuring targeted equipment that is the need for modern construction. In the previous year, the Company has incurred Rs.56 crore as planned capital investment. A further Rs.65 crore capex is expected in FY2027.
Clearly, with emphasis on continuously improving project execution capabilities, BL Kashyap is today well positioned to leverage its strong operation rigor, to spearhead tomorrows growth. In FY2026, this is the strategic imperative driving the business ahead.
From a business development perspective, FY2026 has seen the Company secure a much larger quantum of new orders. This also highlights the Companys focus on growing the size of individual projects, which has translated into a strong growth in new orders. During FY2026, the Company secured over Rs.3,500 crore of new orders. Given the steady levels of execution during FY2026 of orders in hand translating into good growth in revenues, the significant growth in new orders has resulted in the unexecuted order book increasing from Rs.3,021 crore as on 31 March 2025 to Rs.5,296 crore as on 31 March 2026. Table 1 gives the details of the major new projects secured by the Company in FY2026.
Table 1: Major New Orders secured by the Company in FY2026
| Client | Value | Project Details | Location | Time Frame |
| Manyata Promoters Private Limited | Rs.157.26 crore (without GST) | Civil and Structural Works for the project-Embassy Manyata Business Park | Bengaluru | 16 Months |
| ESNP Property Builders and Developers Pvt. Ltd. | Rs.364.07 crore (without GST) | Civil and Structural work for commercial project Embassy Splendid Tech Zone-Block | Pallavaram, Chennai | 24 Months |
| Embassy Development Limited | Rs.152 crore (without GST) | Execution of Civil and Structural work | Bengaluru | 18 Months |
| BPTP Limited | Rs.910 crore (without GST) | Construction of civil structure for residential towers, including associated non-tower areas, community building etc. | Delhi, NCR | 36 Months |
| DLF Home Developers Limited | Rs.254.22 crore (without GST) | Civil structural works; rough finishing; waterproofing; construction of Highrise tower; and many ancillary low-rise buildings and support structures | Delhi, NCR | 37 Months |
| CRC Green Private Limited | Rs.300 crore (without GST) | Civil and structural works for a group housing project | Delhi, NCR | 42 Months |
| Embassy Construction Pvt. Ltd. | Rs.295 Crores (without GST) | Execution of Civil and Structural work at Embassy Business Hub Phase II | Bengaluru | 18 Months |
| Sattva CKC Private Limited | 615.69 Crores (without GST) | Structural and Civil work for Commercial project Sattva Chennai Knowledge City | Chennai, Tamilnadu | 31 Months |
BL Kashyaps greatest competitive advantage lies in the depth and diversity of its execution experience along with its corporate culture. Over more than three decades, the Company has successfully delivered complex construction projects in the civil construction space across a wide spectrum of sectors, including commercial offices, IT parks, shopping malls, hotels, residential developments, educational institutions, manufacturing facilities, healthcare infrastructure, and transportation projects. Many of these developments have evolved into iconic landmarks, reflecting the Companys ability to execute projects that meet the highest standards of safety, quality, engineering excellence, and timely delivery.
This rich portfolio of completed projects has not only strengthened the Companys technical credentials but has also enhanced its credibility among leading developers and institutional clients.
The Indian construction industry continues to offer substantial long- term growth potential, driven by rapid urbanization, infrastructure development, and expanding real estate investments. However, the industry is also characterized by intense competition, with many projects awarded primarily based on the lowest commercial bid. Such pricing pressures often compress margins and increase execution risks, making disciplined project selection critical for sustainable profitability.
Within the broader construction market, a distinct segment of developers places a premium on execution quality, safety, engineering excellence, and timely project delivery. For these clients, the selection of a construction partner extends beyond cost considerations, with proven capability, reliability, and execution track record playing an equally important role. As a result, project awards in this segment are often secured through negotiated contracts rather than purely being L1 in a price- driven competitive bidding.
While not participating in direct competitive tenders was necessitated by the Companys financial condition and part of its history, the focused business growth by direct client engagements resulting in negotiated construction works has today evolved into a unique strategic market positioning for the Company. In fact, by operating through a partnership model with clients, BL Kashyap leverages its proven culture of execution capabilities, established reputation, and strong technical expertise to secure projects that offer balanced risk profiles and sustainable value creation. In these works, the Company also has a much greater understanding of the nuances of the project from an earlier stage. This disciplined approach continues to strengthen the Companys market position while reinforcing its legacy as one of Indias most trusted and premium construction companies.
To successfully grow in this market segment, BL Kashyap has adopted a focused business strategy centred on quality and safety rather than volume. The Company selectively pursues projects where clients value execution capability, engineering expertise, and delivery certainty alongside competitive pricing. This approach has enabled BL Kashyap to build long- standing relationships with developers who prefer negotiated contracts and seek reliable construction partners capable of delivering superior world standard outcomes. Over the last few years, the Company has successfully increased the number of customers with whom it has started exploring new projects and even secured new contracts.
With this philosophy of business development, BL Kashyap has established a strong regional presence, with its core operations concentrated in the Delhi NCR region and Bengaluru. As of the current order book, Delhi and Haryana together account for 62.9% 62.9% of the Companys unexecuted orders, while Karnataka, led by the Bengaluru market, contributes 17.4% 17.4% . During FY2026, there was good growth in Tamil Nadu, who share has increased to 18.1% 18.1% surpassing that of Bengaluru.
Building on its stronghold in these key markets, the Company continues to expand its geographic footprint by selectively pursuing opportunities across high- growth states such as Uttar Pradesh, Gujarat, Tamil Nadu, Maharashtra, Bihar, and Telangana. This measured expansion strategy enables BL Kashyap to diversify its project portfolio while leveraging its execution capabilities and established reputation in new markets. Chart C gives the state- wise spread of the unexecuted order book as on 31 March 2026.
Chart C: Statewise Share of Unexecuted Order Book
Delhi 4.4% Gujarat 0.6% Bihar 0.5% Maharashtra 0.4% Chhattisgarh 0.1% Telangana 0.0% Uttar Pradesh 6.0% Karnataka 17.4% Haryana 52.5% Tamil Nadu 18.1%
Within the civil construction segment, the Company is strategically focused on diversifying its project portfolio across a broad spectrum of asset classes, thereby reducing concentration risk while expanding its presence in high- potential sectors. There is also focus on securing larger size projects in both commercial and residential space. On this front it has secured large projects with some marquee clients like DLF, BPT Limited, Embassy, Rites and Sattva.
The Company has significantly increased orders in the residential segment, and its share in the unexecuted order book has increased
FY2026 Others 4% Residential 47% Commercial 49%
FY2025 Others 13% Residential 17% Commercial 70%
from 17% 17% in FY2025 to 47% 47% in FY2026. Consequently, the share of commercial real estate has reduced from 70% 70% in FY2025 to 49% 49% in FY2026. Chart D gives the data.
The others segment including infrastructure and institutions, have reduced from 13% 13% in FY2025 to 4% 4% in FY2026.
In terms of project mix, the Company has a strategic objective to increase its presence in Government projects with primary emphasis on railways and hospitals. It has already made some headway and secured works for the Bijwasan Metro Station. It has also executed the Sabarmati Bullet Train Multi Nodal Station, Gomi Nagar Railway Station, AIIMS Patna and Raipur, Chennai Metro Station among others. The company is in the phase of nurturing and building relationships in this segment and has a strategic goal of increasing its orders from government businesses to 15% 15% of the total order book in the next few years.
Project execution has been the cornerstone of BL Kashyaps growth and reputation for over three decades. The Company has consistently demonstrated its ability to deliver complex and large- scale construction projects across diverse sectors, including commercial developments, IT parks, residential complexes, hospitality, healthcare, industrial facilities, and institutional infrastructure. Its execution framework is built on meticulous planning, robust engineering practices, stringent quality and safety standards, and disciplined project management, enabling timely delivery while maintaining the highest levels of safety and operational efficiency.
BL Kashyaps proven execution capabilities have earned the trust of leading developers and institutional clients, resulting in long- standing relationships and repeat business. By integrating technical expertise with effective resource management and a strong focus on quality and safety, the Company continues to execute projects that meet evolving client expectations and contribute to the creation of landmark developments across the country. This consistent delivery excellence remains a key differentiator, reinforcing the Companys brands competitive position in the civil construction industry.
With a wider pan- India focus as an EPC contractor specializing in commercial, residential and institutional buildings, with growing exposure to rail and transport infrastructure, BL Kashyap has been prioritizing cash- disciplined execution while reducing legacy leverage. The Company continues to focus on increasing the share of large, high- quality projects that deliver economies of scale. Through rigorous project selection, it strives to secure projects that limit working- capital strain, and by adopting composite steel and modular techniques it is driving hard to shorten execution schedules and lower labour dependency. The Companys near- term priorities include accelerating execution to normalize percentage of completion (POC) revenue recognition, converting order book into free cash flow, where one must continue the growth cycle with no long- term external debt.
Project execution at BL Kashyap encompasses the entire project lifecycle, from planning, estimating, and bid preparation to resource mobilization, construction, project delivery, and final collections. The Companys integrated approach ensures that insights from the execution teams are incorporated during the bidding stage, enabling accurate project costing, effective risk assessment, and competitive yet sustainable pricing. Ultimately, successful project outcomes are driven by disciplined execution, efficient resource management, and rigorous project controls.
Over the years, BL Kashyap has cultivated a culture focused on creating value for its clients through quality, safety, timely delivery, and collaborative project management. This commitment is reinforced through the application of value engineering principles, robust planning methodologies, technologies, trainings and advanced project management practices that optimize cost, quality, and execution efficiency. The Companys execution operations are managed through two strategic hubs - the Corporate Office in Delhi, which oversees projects across North and West India, and the Regional Office in Bengaluru, responsible for projects in South and East India.
This deentralized operating model is supported by a lean organizational structure that empowers project teams while ensuring strong governance through centralized oversight, periodic performance reviews, and structured reporting mechanisms. A defining strength of BL Kashyaps cultural execution model is the seamless collaboration between project teams and senior management. Continuous communication and rapid information flow enable timely decision- making, allowing site teams to proactively address execution challenges and maintain project momentum. Within clearly defined governance and control frameworks, project leaders are empowered to take informed operational decisions, ensuring swift resolution of on- site issues while maintaining quality, safety, and schedule commitments.
The same collaborative philosophy extends to the Companys network of vendors and subcontractors, who are integrated into the execution process as strategic partners. Supported by well- established systems, standardized processes, technology and transparent coordination mechanisms, this cohesive execution ecosystem enhances productivity, improves responsiveness, and enables the successful delivery of complex projects across diverse sectors.
In FY2026, the Company successfully closed 3 projects with a total value of Rs. 613.05 crore. The details of the projects completed are given below
? Bhutan Cyberium Project
? Parmesh Construction Company Ltd.-243.93 Cr- Divyashree Technopolis Building 8
? M/s Divyasee Town Centre Pvt. Ltd.-105.02 Cr.- Construction of Civil and Structural Works for Block-4, Gurugram
? DLF Cyber City Developers Ltd.-263.92 Cr.
As of 31 March 2026, 25 number of projects are under execution. Table 2 lists some of major projects that are under execution.
Table 2: Some of the Major Projects under Execution as on 31 March 2026
| Project Name | Type | Value (Rs.Crore) |
| Mall of India DLF Downtown Phase 2 | Commercial | 781 |
| BPTP Amstoria Verti Greens | Residential | 629 |
| Sattva Knowledge City | Commercial | 616 |
| Embassy Splendid Techzone - Block B-5,6,7,8 (SEZ) | Commercial | 344 |
| BPTP Amstoria GAIA Residences | Residential | 284 |
| Embassy Business Hub Phase - 2 | Commercial | 281 |
| The DLF Arbour | Residential | 250 |
There are certain key support functions that drive operations at BL Kashyap. Developments on these fronts are described below:
The strength of B L Kashyaps competitive advantage lies in its management and team culture of quality, safety, experience, and commitment of its people. In an industry characterized by high employee attrition, particularly at senior leadership levels, the Company has consistently retained a significant proportion of its experienced workforce. This continuity has enabled the preservation of institutional knowledge, strengthened client relationships, and fostered consistent execution excellence across projects.
The Companys people- centric culture is underpinned by a decentralized management framework that empowers project teams with operational decision- making authority while maintaining robust governance and control mechanisms. This balance of accountability and autonomy has enabled BL Kashyap to respond swiftly to project- specific challenges, ensuring efficient execution even under demanding external conditions.
To further strengthen its talent base, the Company has implemented a centralized, pan- India recruitment framework across all organizational levels since FY2025. This standardized hiring approach enhances talent acquisition, promotes consistency in workforce quality, and supports the Companys long- term growth by ensuring the availability of skilled professionals across its expanding project portfolio.
Workforce development remains a strategic priority for BL Kashyap, with continuous investment in enhancing the capabilities of its employees. The Company regularly conducts upskilling initiatives aimed at strengthening technical competencies and promoting the adoption of advanced construction methodologies, systems, and technologies. These learning interventions ensure that the workforce remains equipped to meet the evolving demands of the construction industry.
BL Kashyap also places strong emphasis on in- house learning and knowledge development across all functions and organizational levels. Through structured training programs, cross- functional exposure, and capability- building initiatives, the Company fosters a culture of continuous learning and professional excellence.
To support long- term organizational growth, the Company has established a well- defined career development framework focused on identifying high- potential talent and nurturing future leaders. By providing clear progression pathways and opportunities for professional advancement, BL Kashyap continues to strengthen its leadership pipeline while enhancing employee engagement and retention.
In October 2025, the Company re- launched its flagship BLK Wizards Program, a 15- month transformative journey designed to develop fresh civil engineering graduates into future project leaders through structured technical training, leadership development, and live project exposure. The program aims to build a pipeline of future project managers and business leaders; bridge the gap between classroom education and practical construction execution; standardize engineering, safety, quality, and project management practices across the organization; develop technical competence alongside leadership and behavioural skills; and create a culture of continuous learning and innovation
The latest cohort in FY2026 brings together 120+ 120+ young civil engineers who will undergo a rigorous development cycle blending technical training, leadership readiness, and on- ground exposure. With new batches inducted after each graduation, the Wizards Program will serve as a sustained talent pipeline for the company. Notably, the top 15% 15% high- performers will be placed on an accelerated growth trajectory, with specialised opportunities mapped for their future within BLK.
This initiative goes beyond conventional training by combining on- ground experience, technical proficiency, and leadership development to build a generation of professionals who will not just deliver projects but also drive innovation and shape the future of Indias construction industry.
Over the course of 15 months, participants engage in a 360- degree curriculum covering technical foundations such as tendering, budgeting, planning, execution, safety and quality standards, along with cross- functional exposure across multiple departments. They also sharpen soft skills including communication, time management, teamwork, and problem- solving through team- building activities and hackathons. A defining feature of the program is its mentorship framework, where senior leaders guide participants through structured learning sessions, leadership shadowing, and performance recognition
Technology has become an integral enabler of BL Kashyaps project execution and operational efficiency. The Company continues to strengthen its digital capabilities by integrating modern engineering and project management technologies across the construction lifecycle. From project planning and scheduling to execution, monitoring, safety and quality control, technology- driven processes enhance transparency, improve coordination, and enable timely decision- making.
BL Kashyap leverages advanced project management tools to monitor project progress, optimize resource utilization, and track cost and schedule performance in real time. Digital reporting systems facilitate seamless collaboration between project sites and management, enabling faster resolution of operational issues while maintaining strict adherence to quality, safety, and delivery timelines.
The Company also emphasizes the adoption of modern construction methodologies, engineering software, and data- driven planning techniques to improve productivity and execution accuracy. Technology- enabled workflows support better project planning, efficient procurement, effective risk management, and enhanced stakeholder communication throughout the project lifecycle ensuring systems through technology.
As digital transformation continues to reshape the construction industry, BL Kashyap remains committed to investing in technologies that enhance operational excellence, strengthen project governance, and deliver greater value to clients. By combining technological innovation with engineering expertise and execution discipline, the Company continues to improve efficiency, optimize project outcomes, and reinforce its competitive advantage.
The Company is increasing investments in construction equipment and fixed assets to support the execution of a larger and more complex project pipeline. The value of plant and machinery on its consolidated balance sheet has increased from Rs.121 crore at the end of FY2025 to Rs.161 crore at the end of FY2026.
BL Kashyap leverages an enterprise- wide ERP system to strengthen operational efficiency, process integration, and organizational control. The ERP platform supports standardization and automation of key business processes, enabling seamless coordination across functions and improving the accuracy and availability of critical information.
BL Kashyap has developed a robust Quality Management System (QMS) that is aligned with the Companys strategic objectives and operational priorities. The Companys Integrated Management System (IMS) is certified under ISO 9001:2015 (Quality Management), ISO 14001:2015 (Environmental Management), and ISO 45001:2018 (Occupational Health and Safety Management). The initial certifications were obtained in 2012 and have since undergone periodic audits, renewals, and extensions, with the latest assessment in 2024 extending their validity until 2027.
The QMS is embedded across the Companys operations and serves as a framework for consistent process management, continuous improvement, and effective execution. While based on internationally recognized standards, the system has been customized to address the Companys specific operational requirements and business environment. The emphasis remains on creating processes that enable execution efficiency rather than adding procedural complexity, with flexibility in documentation and implementation.
A key strength of the QMS framework is its focus on customer engagement and communication. Through structured interaction mechanisms, the Company ensures alignment with client expectations, strengthens transparency, and builds long- term trust. Risk management is also an integral component of the QMS, enabling proactive identification, assessment, and mitigation of potential challenges across project execution cycles.
At BL Kashyap, Quality and Health, Safety and Environment (HSE) are independent functions that work closely with project execution teams to maintain strong oversight throughout the construction lifecycle and are an inherent part of its DNA. The Quality and HSE teams conduct regular training sessions, awareness programs, and site- level initiatives across regions to reinforce the Companys commitment to excellence, safety, and responsible execution.
Safety remains a core organizational priority, with a strong focus on prevention rather than corrective action. The Company is committed to achieving zero accidents through a comprehensive safety framework that extends across the entire project lifecycle from planning and execution to project completion and encompasses all stakeholders, including employees, subcontractors, and construction partners.
BL Kashyaps safety practices are supported by structured field procedures, regular workforce training, health assessments, compliance monitoring, and behavioural safety programs and a culture which is driven top down by the management. Key initiatives include adherence to statutory requirements under applicable regulations, implementation of corrective and preventive action (CAPA) mechanisms, periodic emergency preparedness drills, incident analysis, and continuous improvement of safety practices. Through these measures, the Company promotes a safety- first culture across its operations and aspires to lead the industry in workers safety.
The Companys initiatives on the safety front was well recognised externally and in FY2026, the Company secured the following awards:
? B.L. Kashyap & Sons received the Gold Award at the 10th Apex India Occupational Health & Safety Awards 2025- The company announced the recognition in July 2025, highlighting its commitment to workplace health and safety.
Haryana Safety, Health and Welfare Award 2024 (presented during 2025)
Sustainability and environmental responsibility are integral to BL Kashyaps approach to project execution. Recognizing the environmental impact associated with construction activities, the Company incorporates environmental management practices into its project planning, execution, and post- completion processes.
The Companys commitment extends beyond constructing physical structures to creating developments that coexist responsibly with the environment. All buildings constructed by BL Kashyap are designed to meet green building standards, with projects achieving LEED Platinum or Gold certifications.
Environmental considerations are integrated into project execution through initiatives focused on minimizing pollution, optimizing resource utilization, reducing waste generation, and supporting regulatory compliance. The Company works closely with customers to identify potential environmental risks, implement sustainable engineering solutions, and adopt construction practices that reduce ecological impact.
BL Kashyap recognizes its workforce as a critical enabler of its success and places strong emphasis on employee health, safety, and well- being. The Company has established a comprehensive healthcare framework across project locations to support employees and minimize health- related risks.
Site- level healthcare facilities, partnerships with hospitals, ambulance support, biomedical waste management systems, regular health screenings, and awareness programs form part of the Companys employee welfare initiatives. These efforts are aimed at promoting a healthier workforce and improving the overall quality of life for employees and their families.
The Companys commitment to quality, safety, sustainability, and operational excellence enables it to build enduring relationships across its ecosystem, including customers, suppliers, employees, and partners. BL Kashyaps focus on disciplined execution, adherence to high standards, and timely delivery has been instrumental in securing repeat business and strengthening stakeholder confidence.
With over three decades of experience in the construction and infrastructure sector, the Company continues to leverage its established reputation and proven track record of delivering complex projects within committed timelines and budgets. These capabilities remain central to BL Kashyaps brand promise of reliability, excellence, and long- term value creation.
The core EPC business is the fundamental operating business at BL Kashyap. Since most other businesses are now in a very nascent stage, there is not much difference between the standalone numbers and the consolidated ones.
Table 3: Abridged P&L BL Kashyap (Standalone & Consolidated)-Rs.Core
| PARTICULARS | STANDALONE FY25-26 | STANDALONE FY24-25 | CONSOLIDATED FY25-26 | CONSOLIDATED FY24-25 |
| REVENUE FROM OPERATION | 1347.91 | 1142.30 | 1379.14 | 1153.63 |
| COST OF MATERIAL CONSUMED | 569.67 | 539.57 | 591.03 | 547.40 |
| CONSTRUCTION EXPENSES | 545.88 | 423.11 | 546.90 | 424.04 |
| GROSS MARGIN | 232.36 | 179.62 | 241.21 | 182.19 |
| GROSS MARGIN (%) | 17.24% | 15.72% | 17.49% | 15.97% |
| STAFF COST | 110.57 | 97.82 | 112.64 | 100.05 |
| OTHER EXPENSES | 20.85 | 14.64 | 26.35 | 16.80 |
| EBIDTA | 100.93 | 67.17 | 102.22 | 65.34 |
| EBIDTA MARGIN (%) | 7.49% | 5.88% | 7.41% | 5.66% |
| OTHER INCOME | 17.34 | 23.54 | 21.57 | 26.97 |
| EXCEPTIONAL ITEM-GAIN/(LOSS) | (37.82) | 17.61 | (37.82) | 18.65 |
| FINANCE COST | 42.24 | 47.51 | 43.43 | 48.33 |
| DEPRECIATION | 13.98 | 11.30 | 15.24 | 12.41 |
| PBT | 24.23 | 49.51 | 27.31 | 50.23 |
| TAX | 5.66 | 13.59 | 25.76 | 22.75 |
| PAT | 18.58 | 35.92 | 1.55 | 27.48 |
| PAT MARGIN (%) | 1.38% | 3.14% | 0.11% | 2.38% |
Highlights of the standalone financial performance of the Company are:
The Company gained traction in execution of its growing order book. Revenue from operations increased by 18% 18% to Rs.1,347.91 crore in FY2026
Gross margins increased from 15.72% 15.72% in FY2025 to 17.24% 17.24% in FY2026
EBIDTA has increased by 50.3% 50.3% to Rs.100.93 crore in FY2026. With this clearly EBITDA margin increased from 5.88% 5.88% in FY2025 to 7.49% 7.49% in FY2026
During FY2026, the Company reported an exceptional loss of Rs.37.82 crore. This includes an amount of Rs.20 crore towards
Right of Recompense (ROR) payable by the Company and Rs17.82 crore towards the write- off of contract assets arising from an arbitration settlement. These were exceptional and non- recurring items recognized during the year and had an impact on the reported profitability for the period.
This has resulted in PBT reducing by (-)48.3% ( - ) 48.3% to Rs.24.23 crore in FY2026 and PAT reduced by (-)48.3% ( - ) 48.3% to Rs.18.58 crore in FY2026 Cash and bank balance increased from Rs.33.21 crore in FY2025 to Rs.41 crore in FY2026
Table 4 gives the key financial ratios for the Company on a standalone basis.
Table 4:Key Operating Ratios (Standalone Results)
| Ratio | FY2026 | FY2025 |
| Trade Receivable Turnover (times) | 3.09 | 2.31 |
| Inventory turnover (times) | 16.58 | 15.97 |
| Current Ratio (times) | 1.23 | 1.31 |
| Operating Profit Margin (%) | 6.45% | 4.89% |
| Net Profit Margin (%) | 1.38 | 3.02% |
| Return on Net Worth (%) | 2.53 | 5% |
| Debt Service Coverage Ratio | 2.81 | 1.44 |
| Debt Equity Ratio | 0.04 | 0.04 |
Highlights of the consolidated financial performance of the Company are:
The Company gained traction in execution of its growing order book. Revenue from operations increased by 19.5% 19.5% to Rs.1,379.14 crore in FY2026 Gross margins increased from 15.97% 15.97% in FY2025 to 17.49% 17.49% in FY2026 EBITDA has increased by 56.4% 56.4% to Rs.102.22 crore in FY2026. With this clearly EBITDA margin increased from 5.66% 5.66% in FY2025 to 7.41% 7.41% in FY2026 During FY2026, the Company reported an exceptional loss of Rs.37.82 crore as was declared in the standalone results. This has resulted in PBT reducing by (-)45.6% ( - ) 45.6% to Rs.27.31 crore in FY2026 and PAT reduced by (-)94.4% ( - ) 94.4% to Rs.1.55 crore in FY2026 because of Rs.25.6 crore tax collections Cash and bank balance increased from Rs.35.06 crore in FY2025 to Rs.43.09 crore in FY2026
BL Kashyap enters FY2027 with a strong foundation supported by a robust order book, improving execution momentum, and a focused strategy aimed at sustainable growth. The Companys unexecuted order book of approximately 5,296 crore as of March 31, 2026 provides significant revenue visibility and offers a strong base for future growth.
During FY2027, the Companys key priority will remain the efficient execution of its existing order pipeline while maintaining its focus on quality, profitability, and timely project delivery. BL Kashyap intends to leverage its established execution capabilities across commercial developments, residential projects, data centres, composite steel and infrastructure segments to capitalize on emerging opportunities in the construction sector.
The Company continues to strengthen its operational capabilities through investments in advanced construction technologies, digital project management systems, innovation, and workforce development. The Company has a planned capital expenditure of 65 crore for FY2027. In the previous year, it has done Rs.56 crore in capex towards innovation, upskilling, and fixed assets reflects BLKs commitment to improving productivity, execution efficiency, and project management capabilities.
BL Kashyap remains focused on enhancing its project portfolio mix by selectively pursuing opportunities that align with its technical expertise and execution strengths. The Company aims to maintain discipline in project selection, prioritize quality- led growth, and improve operational performance while strengthening its presence across key markets.
With a strong order pipeline, experienced execution team, improving financial position, and continued investments in capabilities, BL Kashyap is positioned to pursue sustainable growth while creating long- term value for customers and stakeholders.
BLKashyaphashistoricallyfocusedonservingprivate sectorclientshoweveraspartofitsbroaderriskdiversificationstrategythe Companywillnreaseitsparticipationingovemnt- edprojctsvertheext fewyearsThisstrategic shiftisaimedat creating a more balanced project portfolio while leveraging opportunities arising from Indias expanding public infrastructure development landscape and our goodwill through established best in class government deliverables.
The Companyhas successfully completed and is currently executing several marquee public sector projects across transportation and healthcare infrastructure. These include railway projects such as the Sabarmati Bullet Train Multi Nodal Station, Gomti Nagar Railway Station, NHSRCL Training Centre Vadodara and Bijwasan Railway Station; metro projects in Delhi, Chennai and Jaipur; and healthcare infrastructure projects like AIIMS Raipur and AIIMS Patna.
Building on its established execution capabilities and the strong relationships developed through its metro and railway projects, BL Kashyap aims to further strengthen its presence in the transportation infrastructure segment. The Company intends to leverage its proven track record, technical expertise, and project delivery capabilities to pursue larger opportunities in this high- growth sector.
In a specific initiative, B L Kashyap & Sons Limited has a partnership with Roots Football Club based on wider Corporate Social Responsibility (CSR) objectives with a focus on grassroots football development, particularly for women and youth.
The key pillars of the partnership are:
Womens football development: B.L. Kashyap sponsors the Roots FC womens team, enabling players to compete in state and national competitions while pursuing football as a career. Grassroots talent pathway: The partnership provides structured coaching, mentoring, and competitive opportunities for young footballers, helping them progress from youth to senior levels. Social impact: The initiative aims to increase womens participation in sports, create livelihood opportunities through football, and encourage inclusion of players from economically disadvantaged backgrounds. More than 60% 60% of the senior mens squad reportedly comes from underprivileged backgrounds. Long- term commitment: B.L. Kashyap announced a three- year backing of Roots FC beginning in 2023, emphasizing sustained support rather than a one- season sponsorship.
KSFA ANNUAL AWARDS 2024- 25 EMERGING PLAYER OF THE YEAR - MEN KSFA ANNUAL AWARDS 2024- 25 EMERGING PLAYER OF THE YEAR - WOMEN
Performance outcomes: The partnership has helped Roots FC qualify for the Indian Womens League 2 (IWL 2) and earn recognition at the KSFA Annual Awards 2024- 25 for youth development and football academy excellence. It is our privilege to share that Roots Football Club has been recognised at the first- ever Karnataka State Football Association (KSFA) Annual Awards 2024- 25, in recognition of the clubs outstanding contribution to football during the 2024- 25 season.
In addition to the awards received over the last 3 years this initiative has chalked several achievements. These include:
Supporting the senior mens division team, of which over 60% 60% of players come from economically disadvantaged backgrounds, enabling them to continue competitive football post- 18 while pursuing long- term professional pathways. Three players from the senior mens team have been drafted into ISL clubs One of our players is currently part of the Indian Mens National Team Four players from our womens team are now part of the Indian Womens National Team that qualified for the AFC. Multiple players supported under this programme have represented the states of Karnataka, UP and Punjab at the Nationals. For the second consecutive year, our BLK Roots womens team has qualified for the Indian Womens League (IWL2): the 2nd highest level of womens football in India. Last year we were the winners of the South region missing a qualifying chance for IWL.
Beyond performance outcomes, this partnership has allowed us to create meaningful impact in young lives, and most importantly, to offer young women the freedom of choice to pursue sport as a viable career and earn an income from it. This economic independence has helped shift societal and parental perceptions, enabling greater acceptance and long- term support for women in sport.
As a core EPC player, BL Kashyaps operations are primarily exposed to two key operational risks- volatility in input costs and project execution challenges. The Company addresses input cost risks, particularly those related to critical materials such as steel and cement, through appropriate price escalation mechanisms incorporated into customer contracts. However, effective management of these risks also requires continuous monitoring of market movements, strengthening of supplier relationships, and disciplined procurement practices to ensure cost efficiency within contractual parameters. These efforts are supported by a robust cost control framework and an efficient purchase function.
Execution risk remains central to EPC operations and is managed through a combination of experienced project management teams, empowered decision- making structures, strong monitoring systems, and continuous capability development across project teams. The Companys decentralized operating model enables faster resolution of site- level challenges while maintaining appropriate governance and oversight mechanisms.
Safety- related risks at construction sites are managed through stringent safety systems, well- defined processes, and continuous supervision by experienced quality and HSE professionals. Regular training programs, compliance monitoring, and proactive safety practices help reinforce a strong safety culture across projects.
Project delays can also arise due to factors beyond the Companys direct control, including delays at the developer or client level. To mitigate such risks, BL Kashyap follows a disciplined approach to project selection and bidding, with detailed evaluation of project feasibility, execution requirements, and associated risks. The Company prioritizes sustainable and profitable growth over pursuing revenue opportunities that may carry disproportionate execution challenges.
At a broader level, BL Kashyaps business is influenced by the financial health of infrastructure and real estate developers, prevailing economic conditions, movements in key macroeconomic indicators such as interest rates and inflation, and the evolving regulatory environment governing the EPC sector. These external factors are closely monitored and addressed through strategic evaluation and proactive decision- making by the Companys management.
The EPC industry continues to operate in an environment shaped by several global uncertainties. Geopolitical developments, including ongoing conflicts and regional tensions, have impacted global capital flows, supply chains, and the availability and pricing of key construction materials. Additionally, increased infrastructure activity in international markets has intensified competition for skilled construction manpower, creating pressure on labour availability and costs in India as more labour is sent to overseas markets
BL Kashyap continues to address these evolving risks through prudent project selection, strong execution capabilities, efficient supply chain management, and a proactive risk management approach. These measures enable the Company to navigate industry challenges while maintaining focus on operational excellence and long- term value creation.
BL Kashyap has an adequate system and processes of internal control to ensure that the resources of the Company are used efficiently and effectively; that, all assets are safeguarded and protected against loss from unauthorized use or disposition; and that all significant transactions are authorized, recorded and reported correctly, ; that financial and other data are reliable for preparing financial information; and that and other data and are appropriate for maintaining accountability of assets. The internal control is supplemented by extensive programme of internal audits, review by management, documented policies, guidelines and procedures. Internal financial controls and department- wise SOPs are in place. The Company is in the process of evaluating and finalizing the appointment of a new internal audit firm for FY2026 to further strengthen and enhance the efficiency of its internal control systems.
Statements in this Management Discussion and Analysis describing the Companys objectives, projections, estimates and expectations may be forward looking statements within the meaning of applicable laws and regulations. Actual results might differ substantially or materially from those expressed or implied. Important developments that could affect the Companys operations include a downturn in the infrastructure sector, significant changes in political and economic environment in India, exchange rate fluctuations, tax laws, litigation, labour relations and interest costs
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