Kalpataru Projects International Limited has received a tax assessment order from the Eswatini Revenue Service (ERS) demanding a fine of SZL 1,717,787 (~ INR 99.12 lakhs) for the financial years 2022-23 to 2024-25. The order, received on June 8, 2026, arises from the wrongful addition of offshore supply revenue and the disallowance of certain expenses incurred by the company's branch in the Kingdom of Eswatini. The company stated that the fine does not have any significant impact on its operations and intends to exercise its right to file objections against the order within the prescribed timelines.

The disclosure was made to the exchanges in compliance with Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The intimation regarding the order was received by the company at 01:08 PM IST on June 8, 2026.

Details of the Order

The Eswatini Revenue Service passed the order based on alleged violations related to the tax assessment of the branch office. The authority disputed the revenue recognition and expense claims for the specified period.

Company Response

Kalpataru Projects International Limited has clarified that the branch office situated in the Kingdom of Eswatini will contest the order. The management affirmed that the penalty levied does not have a material financial impact on the listed entity. The objections will be filed as per the regulatory timelines applicable in the jurisdiction.

Kalpataru Projects International Limited and its international subsidiaries have secured new orders and notifications of awards worth approximately ₹2,002 crore. The orders were received across the Power Transmission & Distribution (T&D), Buildings & Factories (B&F), and Railways business segments. This development strengthens the company's position in high-growth markets, including the Middle East and Nordics, while reinforcing its footprint in the domestic metro rail segment.

Business Segment Breakdown

The new orders are distributed across the company's key operational verticals:

Management Commentary

Manish Mohnot, MD & CEO, highlighted the strategic value of these wins. He stated that the T&D orders strengthen the company's position across high-growth markets in the Middle East and the Nordics. Mohnot noted that the B&F business secured repeat orders from valued clients, while the Railways business reinforced its footprint in the metro rail segment. He expressed confidence in the future growth prospects of the company's businesses.

Company Profile

Kalpataru Projects International Limited is a specialized EPC company engaged in Power Transmission & Distribution, Buildings & Factories, Water Supply & Irrigation, Railways, Oil & Gas Pipelines, Urban Mobility, Highways, and Airports. The company is currently executing projects in over 30 countries and maintains a global footprint in 75 countries.