K2 Infragen Ltd
Incorporated in 2015, K2 Infragen Ltd
is in the business of infrastructure and
auxiliary activities[1]
- Market Cap ₹ 82.8 Cr.
- Current Price ₹ 65.6
- High / Low ₹ 205 / 52.5
- Stock P/E 5.68
- Book Value ₹ 66.3
- Dividend Yield 0.00 %
- ROCE 18.1 %
- ROE 19.5 %
- Face Value ₹ 10.0
Pros
- Stock is trading at 0.99 times its book value
- Company has delivered good profit growth of 86.1% CAGR over last 5 years
- Company has a good return on equity (ROE) track record: 3 Years ROE 36.4%
Cons
- Though the company is reporting repeated profits, it is not paying out dividend
- Promoter holding has decreased over last quarter: -0.70%
- Promoter holding is low: 39.7%
- Company might be capitalizing the interest cost
- Company has high debtors of 323 days.
- Working capital days have increased from 48.3 days to 86.2 days
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Peer comparison
Half Yearly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|
| 15 | 35 | 20 | 67 | 109 | 147 | 186 | |
| 14 | 33 | 20 | 47 | 88 | 128 | 161 | |
| Operating Profit | 2 | 2 | 0 | 19 | 21 | 19 | 25 |
| OPM % | 12% | 7% | 2% | 29% | 19% | 13% | 13% |
| -1 | 0 | 0 | 0 | 1 | 2 | 3 | |
| Interest | 1 | 1 | 2 | 2 | 3 | 3 | 6 |
| Depreciation | 0 | 1 | 2 | 2 | 2 | 2 | 3 |
| Profit before tax | 0 | 1 | -3 | 15 | 17 | 15 | 19 |
| Tax % | 61% | 46% | 2% | 26% | 25% | 22% | |
| 0 | 0 | -3 | 11 | 12 | 12 | 15 | |
| EPS in Rs | 1.16 | 1.96 | -14.11 | 50.26 | 13.57 | 9.23 | 11.55 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 57% |
| 3 Years: | 94% |
| TTM: | 85% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 86% |
| 3 Years: | 81% |
| TTM: | 37% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | -66% |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 36% |
| Last Year: | 19% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|
| Equity Capital | 2 | 2 | 2 | 9 | 13 | 13 |
| Reserves | -0 | -1 | 12 | 36 | 64 | 71 |
| 18 | 21 | 24 | 25 | 57 | 69 | |
| 3 | 3 | 19 | 31 | 51 | 36 | |
| Total Liabilities | 22 | 25 | 57 | 101 | 184 | 189 |
| 10 | 10 | 8 | 9 | 10 | 12 | |
| CWIP | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 0 | 1 | 1 | 1 | 1 | 1 |
| 13 | 15 | 48 | 91 | 173 | 176 | |
| Total Assets | 22 | 25 | 57 | 101 | 184 | 189 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|
| -3 | -1 | -1 | 5 | -43 | ||
| -6 | -2 | -1 | -22 | -1 | ||
| 8 | 3 | 2 | 17 | 46 | ||
| Net Cash Flow | -0 | -0 | 0 | -0 | 2 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|
| Debtor Days | 82 | 175 | 200 | 204 | 323 | |
| Inventory Days | 16 | 50 | 0 | |||
| Days Payable | 38 | 83 | ||||
| Cash Conversion Cycle | 60 | 141 | 200 | 204 | 323 | |
| Working Capital Days | 13 | -14 | 12 | 47 | 86 | |
| ROCE % | -5% | 58% | 36% | 18% |
Documents
Announcements
-
Investor Presentation
4 December 2025 - Investor presentation uploaded Dec 4, 2025; order book INR 5,962 Mn; nine ongoing projects.
-
Press Release
17 November 2025 - H1 FY2025-26: consolidated revenues Rs90.85cr, PAT Rs7.32cr; revenue +76.5%, PAT +70.6%, ROCE 29.7%
-
Change in Auditors
14 November 2025 - Board appointed M/s ASA & Associates LLP as internal auditor for FY2025-26 on November 14, 2025.
-
Statement of deviation(s) or variation(s) under Reg. 32
14 November 2025 - No deviation in IPO proceeds for half-year ended Sep 30, 2025; Rs.562 lakh unutilised in FD.
-
Outcome of Board Meeting
14 November 2025 - K2 Infragen Limited has informed regarding Outcome of Board Meeting held on November 14, 2025.
Business Overview:[1][2]
a) K2IL providing an end-to-end engineering, procurement, construction and turnkey construction services
b) It has a focus on power and project engineering
c) Company has executed projects across roads, railways, bridges, water supply, and civil construction, etc.
d) It has in-house capabilities to design, procurement, and construction supervision to subcontract and work order management, as well as post-construction activities.
e) Company is a ISO 14001:2015, ISO
45001:2018, and ISO 9001:2015 certified