About B. L. Kashyap and Sons Limited

L. Kashyap and Sons Limited (BLK) is a public limited company incorporated on May 08, 1989, with its origins as a partnership firm founded in 1978 by Shri B. L. Kashyap, a veteran construction professional. Its equity shares are listed on the Bombay Stock Exchange and the National Stock Exchange of India Limited, and the registered office is at 409, 4th Floor, DLF Tower-A, Jasola, New Delhi-110025. BLK is positioned among India’s respected construction and infrastructure development companies, with a pan-India presence and a service portfolio spanning factories and manufacturing facilities, IT campuses, commercial and residential complexes, malls and hotels.

Operationally, the company has built up strong project-management hubs in Delhi NCR and Bengaluru, and remains selective about project intake to ensure execution quality and working-capital discipline as it explores growth in other parts of India. As on the date of the report, BLK has four subsidiaries; the consolidated group also includes a joint venture. Among recent milestones, the company secured a Rs 924 crore project for civil and composite steel structural works for a DLF development in Gurgaon, reflecting a conscious shift toward larger-sized projects that leverage economies of scale.

The latest year marked continued balance-sheet strengthening and a platform for the next phase of growth. Notably, the company is moving towards closure of its Corporate Debt Restructuring (CDR) and Right of Recompense (RoR) by the third quarter of FY2026, and it reported an improvement in its credit rating during the year; CRISIL upgraded the rating to ‘CRISIL B+/Stable’, while ICRA assigned ‘BB-’ on an unallocated basis of Rs 25 crore. BLK has also articulated a plan to monetise non-core assets to achieve “financial freedom” by FY2027, allowing resources to be redeployed to higher-growth areas.

1. L. Kashyap and Sons Limited Key Management

• Vinod Kashyap – Chairman
• Vineet Kashyap – Managing Director
• Vikram Kashyap – Joint Managing Director
• Vikesh Kumar Agarwal – Chief Financial Officer
• Pushpak Kumar – VP & Company Secretary

Latest Updates of B. L. Kashyap and Sons Limited

• Order wins and order book: BLK received orders worth Rs 1,618 crore during the year, closing with an order book of Rs 3,021 crore as of March 31, 2025. New wins included prestigious projects from DLF City Centre Ltd., Sattva Homes Pvt. Ltd., SSS Realty & Co., and Anant Raj Limited.
• Large marquee project: The company secured a Rs 924 crore building contract in Gurgaon for DLF, marking a significant step-up in project scale and aligning with the strategy to take on larger works for better efficiencies.
• Strategic focus: BLK is diversifying within core capabilities, including railway development and metro ancillary building developments, and is targeting an increased share of government projects in its order book to 25% over time (the private-to-government project ratio stood at 93:07 at the end of FY2025).
• Financial and rating developments: The company reported an improvement in credit ratings (CRISIL to ‘CRISIL B+/Stable’; ICRA ‘BB-’ for Rs 25 crore) and continues to progress towards formal closure of CDR and RoR by the third quarter of FY2026, supporting expansion plans through improved non-fund-based limits.
• Exceptional items: On a consolidated basis, the year included a net exceptional gain. Key items were a one-time income of Rs 5,650.71 lakh from litigation decided in the company’s favour, a provision of Rs 1,500.00 lakh towards RoR obligations linked to CDR closure, recognition of bad debts of Rs 1,663.15 lakh relating to a customer under NCLT proceedings, and a write-off of contract assets of Rs 727.00 lakh, among others.
• Execution footprint: The company continues to strengthen delivery across its hubs in Delhi NCR and Bengaluru while cautiously extending to other Indian geographies, supported by selective bidding and capital discipline.