Kaushalya Infrastructure Development Corporation Ltd (KAUSHALYA) AI Stock Analysis

• Market Cap: ₹261.84M
• Dividend Yield: N/A
• Average Volume (3M): 254.00
• Price to Earnings (P/E): 13.9
• Beta (1Y): 0.66
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: IN
• Employees: 6
• Sector: Real Estate
• Sector Strength: 53
• Industry: Engineering & Construction
• EPS (TTM): 15.45
• Shares Outstanding: 346,306
• 10 Day Avg. Volume: 703
• 30 Day Avg. Volume: 254
• PEG Ratio: -0.09
• Price to Book (P/B): 0.40
• Price to Sales (P/S): 234.37
• P/FCF Ratio: 0.00
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 51 Neutral
• Price Target: ₹760.00 ▼(-24.70% Downside)
• Action: N/A Date: 01/04/26
• Date: Action: N/A 01/04/26

The score is held back mainly by weak cash-flow reliability and inconsistent operating performance despite a strong, deleveraged balance sheet. Technicals also pressure the score due to a clear downtrend and bearish momentum, while valuation appears roughly moderate based on the provided P/E.

Positive Factors

Deleveraged Balance Sheet

Zero reported debt across 2024–2025 gives durable financial flexibility: it lowers fixed financing costs, improves ability to weather project payment delays, and supports bidding on capital-intensive EPC contracts without immediate refinancing stress, a lasting advantage for project execution.

Solid Equity & Asset Base

A sizeable equity and asset base enhances the firm's capacity to underwrite long-dated infrastructure projects and meet contractual guarantees. This capital foundation supports sustained operations, collateral for bonds/performance security, and strategic reinvestment over the medium term.

Stable End-Market Exposure (EPC/Public Infrastructure)

Focus on government and institutional EPC civil works exposes the company to structurally recurring public infrastructure spending. Long procurement cycles and multi-year projects create a durable revenue runway and predictability relative to purely private cyclical demand.

Negative Factors

Volatile Cash Generation

Highly inconsistent operating cash flows and a recent zero free-cash-flow year indicate working-capital swings and weak cash conversion. This undermines the firm's ability to self-fund capex or absorb project overruns, increasing reliance on external liquidity even with low reported debt.

Inconsistent Operating Profitability

Repeated negative EBIT years and a recent revenue decline signal uneven core operating performance. While net margins look strong in some years, the underlying operating earnings volatility suggests margins are not reliably sustainable and may depend on one-offs or accounting variations.

Very Small Scale / Limited Internal Capacity

An employee base of six points to limited in-house project management and technical capacity, implying heavy reliance on subcontractors. This raises execution risk for larger or simultaneous EPC contracts and constrains the company's ability to scale operations sustainably.

Kaushalya Infrastructure Development Corporation Ltd Business Overview & Revenue Model

Company Description

Kaushalya Infrastructure Development Corporation Limited primarily engages in executing construction contracts relating to infrastructure and real estate developments in India. It operates in two segments, Construction and Hotel. The company develops highways, bridges, and industrial infrastructure; electrification and irrigation projects; and residential and commercial complexes. It is also involved in the operation of hotels; and acquisition, development, and sale of land. The company was incorporated in 1992 and is headquartered in Kolkata, India.

How the Company Makes Money

KAUSHALYA primarily makes money by undertaking infrastructure construction contracts and recognizing revenue as projects progress (or upon completion, depending on contract terms and applicable accounting). Key revenue streams typically include (1) contract receipts from government or public-sector bodies and other customers for executing civil works (e.g., road/highway or other infrastructure packages), where earnings are driven by bid wins, project execution, certified bills/measurements, and milestone-based payments; and (2) any additional income associated with project variations, escalation clauses, and claims where contractually permitted. Profitability depends on the spread between contract price and delivery costs such as materials, subcontracting, equipment deployment, labor, financing/working-capital costs, and project overheads. Specific details on KAUSHALYA’s segment-wise revenue mix, major clients, or significant partnerships are not available in the provided prompt; null.

Kaushalya Infrastructure Development Corporation Ltd Financial Statement Overview

Summary

Balance sheet strength is a major positive (reported zero debt in 2024–2025 and higher equity), but operating fundamentals are mixed: EBIT is negative in multiple years, revenue declined in 2025, and cash conversion is weak/volatile (zero free cash flow in 2025 and operating cash flow far below net income). Overall, solvency is strong while earnings quality and cash-flow reliability are key risks.

Income Statement

Profitability appears strong on the surface with very high net profit margins in 2023–2025 (including ~41% in 2025), but operating performance is inconsistent: EBIT is negative in multiple years (2020–2024) and revenue growth is volatile, including a decline in 2025 (~-10%). Gross margin improved versus earlier years, but the combination of sharp swings between EBITDA/EBIT and net income suggests earnings quality is uneven and may be influenced by non-operating items.

Balance Sheet

Balance sheet strength is a clear positive: total debt is reported at zero in 2024 and 2025 (down from meaningful debt in 2020–2023), and equity has grown to ~772M by 2025 with assets of ~806M. Returns on equity are solid in recent years (about ~21% in 2024 and ~7% in 2025), though the step-down in 2025 indicates profitability is not consistently compounding at the same pace.

Cash Flow

Cash generation is the weak point. Operating cash flow is highly volatile, including negative operating cash flow in 2020 and 2022, strong conversion in 2024 (operating cash flow comfortably exceeding net income and free cash flow near net income), followed by a sharp drop in 2025 (very low operating cash flow versus net income and zero free cash flow). This pattern raises concerns about working-capital swings and the sustainability of reported profits.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	1.20M	1.31M	1.44M	1.24M	1.38M	22.73M
Gross Profit	972.00K	1.06M	1.05M	112.00K	364.00K	10.40M
EBITDA	-2.34M	48.07M	-12.29M	-11.73M	11.49M	47.98M
Net Income	14.05M	53.31M	149.68M	154.59M	4.28M	6.38M
Balance Sheet
Total Assets	805.06M	805.50M	739.18M	808.43M	659.77M	687.23M
Cash, Cash Equivalents and Short-Term Investments	11.09M	10.92M	1.64M	1.01M	1.52M	880.00K
Total Debt	0.00	0.00	0.00	222.01M	239.01M	244.01M
Total Liabilities	16.14M	18.18M	6.67M	236.95M	248.93M	285.51M
Stockholders Equity	773.17M	772.42M	719.51M	559.84M	400.41M	392.63M
Cash Flow
Free Cash Flow	-312.00K	0.00	23.96M	6.80M	-41.91M	47.57M
Operating Cash Flow	-312.00K	738.00K	24.15M	6.80M	-41.91M	47.57M
Investing Cash Flow	147.00K	-796.00K	36.49M	9.74M	47.86M	6.82M
Financing Cash Flow	-27.00K	0.00	-60.01M	-17.05M	-5.31M	-55.16M

Kaushalya Infrastructure Development Corporation Ltd Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	65 Neutral	$2.17B	12.19	3.79%	4.94%	3.15%	1.96%
KAUSHALYA	51 Neutral	₹261.84M	13.89	―	―	―	―
COUNCODOS	50 Neutral	₹329.79M	164.47	―	―	-20.49%	-13.10%