KEC International, a global infrastructure Engineering, Procurement, and Construction (EPC) major and an RPG Group company, has secured new contract wins totaling ₹1,303 crore. The company concurrently reported a record annual revenue of ₹23,506 crore for the fiscal year ending March 31, 2026 (FY26), representing an 8% year-on-year (YoY) growth rate. The latest order intake includes Wind Balance of Plant (BoP) projects, high-voltage substations, and industrial civil infrastructure.
Segmented Order Analysis
The recent ₹1,303 crore in contract awards is distributed across domestic and international markets within the following business segments:
- Transmission & Distribution (T&D): The segment secured orders for 400/220 kV Gas Insulated Substation (GIS) and Air Insulated Substation (AIS) projects, including associated transmission lines, for a private developer in Southern India. It also received orders for the supply of towers, hardware, and poles in the Americas.
- Renewables: KEC secured a contract for a 150+ MW Wind Balance of Plant (BoP) project in Western India from a private developer, further expanding its Wind EPC portfolio.
- Civil: The business obtained an order for the construction of a press shop and associated facilities for an automobile factory in Northern India, adding a marquee automotive client to its portfolio.
- Cables & Conductors: Multiple orders were secured for the supply of various types of cables and conductors in both domestic and international markets.
FY26 Financial Performance Review
The company’s FY26 financial performance was characterized by a significant divergence between segments. The T&D division reported record revenue of ₹15,883 crore, a 24% YoY increase, raising its share of total corporate revenue to 68%. This growth in T&D helped offset relative flatness in other divisions, such as Transportation and Oil & Gas, resulting in a consolidated revenue growth rate of 8%.
KEC International FY26 Financial Highlights
| Metric | Value (₹ Crore) | YoY Growth (%) |
| Revenue | 23,506 | 8% |
| Operating Profit After Tax (PAT)* | 650 | 18% |
| EBITDA | 1,659 | 10.3% |
*Operating PAT excludes a ₹59 crore provision for the new labor code in Q3 FY26 and a ₹24 crore arbitration award income from Q1 FY25.
Operational Status and Order Book Visibility
KEC International’s total order book and L1 (lowest bidder) position stands at over ₹40,000 crore as of March 31, 2026. The order book reflects the company’s ongoing diversification efforts, though it remains heavily weighted toward power and industrial infrastructure:
- Transmission & Distribution: ~₹25,200 crore
- Civil: ~₹10,400 crore
- Transportation: ~₹2,600 crore
- Cables: ~₹1,100 crore
- Renewables: ~₹800 crore
- Oil & Gas: ~₹300 crore
During the fiscal year, the company’s net worth surpassed the ₹6,000 crore milestone, while the return on net worth was maintained at 10%.
Executive Commentary and Strategic Outlook
Vimal Kejriwal, Managing Director & CEO of KEC International, stated that the recent wins are strategically significant, particularly the repeat business from private clients in the T&D sector and the expansion of the Wind EPC portfolio.
The company’s debt level stood at ₹6,722 crore as of March 2026. Management attributed this figure to elevated inventory resulting from delayed dispatches in Dubai, strategic inventory build-up necessitated by steel price volatility, and muted collections within the Water business. KEC has targeted the second quarter of the 2027 fiscal year (Q2 FY27) to further normalize these debt levels.
Operational milestones scheduled for Q2 FY27 include the commencement of elastomeric cable production and the launch of the E-Beam process. These technical expansions are intended to strengthen the company’s specialized manufacturing capabilities as it targets a revenue growth of 12-15% for the upcoming fiscal year.
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