MUMBAI: Shares of B L Kashyap and Sons Ltd surged as much as 9% on Thursday, February 19, after the construction and engineering firm announced that it has secured a new order worth ₹300 crore (excluding GST) from CRC Greens Private Limited for a group housing project in Greater Noida, Uttar Pradesh [citation:1][citation:2][citation:3].
The stock opened at ₹52.95 and touched an intraday high of ₹54.55, rising 8.49% from the previous close of ₹50.28, before settling with strong gains [citation:5][citation:8]. Trading volumes were robust, with about 2.42 lakh shares changing hands, generating a turnover of approximately ₹1.27 crore [citation:5]. The company's market capitalisation rose to around ₹1,177 crore following the surge [citation:8].
Order details
In an exchange filing on Wednesday, the company announced that it received and accepted the Letter of Intent (LOI) on February 17, 2026, at 4:30 pm [citation:3][citation:6]. The order involves the construction and supervision of civil and structural works for a group housing project located in Greater Noida, Uttar Pradesh [citation:1][citation:4].
The project is expected to be executed over a period of approximately 42 months, implying a steady revenue stream spread over multiple quarters, although the pace of billing and profitability will depend on milestone-based execution and site mobilisation [citation:1][citation:5]. The company clarified that the order does not qualify as a related-party transaction and that its promoters have no interest in the entity awarding the contract [citation:3][citation:4].
- Order value: ₹300 crore (excluding GST) [citation:4]
- Client: CRC Greens Private Limited [citation:2]
- Project: Group housing project, Greater Noida [citation:6]
- Scope: Construction & supervision of civil & structural works [citation:1]
- Timeline: 42 months execution period [citation:3]
- LOI received: February 17, 2026, 4:30 pm [citation:6]
Stock performance
| Metric | Value |
|---|---|
| Previous close | ₹50.28 |
| Day's open | ₹52.95 |
| Day's high | ₹54.55 (+8.49%) |
| Day's low | ₹51.22 |
| VWAP | ₹52.89 |
| 52-week high | ₹80.07 |
| 52-week low | ₹42.71 |
The stock remains well off its 52-week high of ₹80.07, with the current rally representing a recovery from recent lows. Trading metrics show trailing P/E of approximately 41.46x, keeping valuation-sensitive investors focused on consistent execution and cash flows alongside fresh order announcements [citation:5].
Impressive Q3 earnings
The order win comes on the back of stellar quarterly results. B L Kashyap and Sons reported a remarkable consolidated net profit surge of 965.8%, reaching ₹11.83 crore for Q3 FY26, compared to the same quarter in the previous fiscal year [citation:2][citation:4].
This impressive growth came alongside a 33.9% increase in revenue from operations, which climbed to ₹323.87 crore in Q3 FY26 compared to Q3 FY25 [citation:2][citation:4]. The company's revenue rose from ₹242 crore in December 2024 to ₹324 crore in December 2025, while net profit jumped from just ₹1 crore to ₹12 crore in the same period [citation:8].
Robust order book
As of December 31, 2025, B L Kashyap and Sons Limited had orders worth ₹5,293 crore in its order book, with a sectoral mix of 52.13% commercial, 42.88% residential, and 4.99% institutional projects [citation:8]. The company has secured new orders worth ₹3,258 crore during the current financial year [citation:8].
Recent order wins include:
- December 2025: ₹364.07 crore order from ESNP Property Builders and Developers for "Embassy Splendid Tech Zone – Block" in Chennai [citation:3][citation:6]
- Earlier: ₹615.69 crore contract from Sattva CKC Pvt Ltd for "Sattva Chennai Knowledge City" in Chennai [citation:3][citation:6]
Ongoing major projects
B L Kashyap's top ongoing projects as of December 2025 include [citation:8]:
| Project | Value (₹ crore) |
|---|---|
| BPTP Amstoria Verti Green | 910 |
| Mall of India DLF Downtown – Phase 2 | 841 |
| Sattva Knowledge City | 616 |
| Sky Palazzo | NA |
Company background
B L Kashyap and Sons Ltd. (BLK) is a premier Indian civil construction and engineering company established in 1978. Listed since 2006, it delivers integrated EPC services for diverse projects, including IT campuses, high-rise residential, commercial spaces, and industrial facilities across India [citation:8].
The company has completed over 250 projects across India, totalling approximately 140 million sq. ft. of built-up area, with planned capex of ₹55 crore for FY26 focused on innovation, upskilling, and fixed assets. Fund-based debt has been reduced from ₹700 crore to ₹270 crore [citation:8].
The company is strategically targeting 25% of government projects by FY27, with current project distribution showing 94.29% private and 5.71% public sector involvement [citation:8].
Analytical perspective
Analysts note that the key positive is that the contract adds incremental visibility to the order book and reinforces the company's positioning in the residential construction segment, where timely execution and repeat relationships can support further inflows [citation:5].
However, investors typically monitor two sensitivities in such long-duration building contracts: working-capital intensity (receivables, mobilisation advances, and retention money) and margin stability amid commodity/contracting cycles, as both influence cash conversion even when reported revenues rise [citation:5].
Key takeaways
- Stock surge: B L Kashyap jumps 9% to ₹54.55 intraday on order win [citation:1]
- Order value: ₹300 crore contract from CRC Greens for Greater Noida housing project [citation:2]
- Execution timeline: 42 months for civil & structural works [citation:3]
- Q3 performance: Profit zooms 965.8% to ₹11.83 crore; revenue up 33.9% to ₹323.87 crore [citation:4]
- Order book: ₹5,293 crore as of December 2025 [citation:8]
- Recent wins: ₹364 crore Chennai project in December, ₹616 crore Sattva order [citation:6]
Disclaimer: This report is based on provisional closing data. Market conditions are subject to change. Please consult your financial advisor before making investment decisions.