Kalpataru Projects International Ltd.

“KPIL is a well-executed but structurally limited EPC business: ROIC barely covers WACC, FCF conversion is chronically weak, the moat confers no pricing power, and the India infrastructure tailwind is already priced in at 25x trailing earnings. The expected 10-year return of ~4–7% CAGR fails to compensate for the financial risk from elevated leverage and working capital intensity. This is a business to admire from a distance, not to own at current prices.”