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1. At a Glance
Revenue for the quarter came in at ₹5,024 Cr against ₹5,023 Cr a year earlier — a movement of roughly one crore, which on a ₹5,000 Cr base is the financial equivalent of a company standing perfectly still and holding its breath. Operating Profit was ₹291 Cr versus ₹350 Cr, down 17%. PAT was ₹72.6 Cr against ₹124.6 Cr, down 42%. EPS was ₹2.73 versus ₹4.68.
Management’s own framing was that performance “could have been better but for the West Asia crisis, shortage of labour and slower execution in water projects.” The presentation headline chose the word resilient, which in the EPC dictionary sits somewhere between “we shipped it” and “please look at the order book instead.”
So look at the order book: ₹37,697 Cr at quarter-end, with order book plus L1 above ₹40,000 Cr, and a tender pipeline management pegs at over ₹2 lakh crore. Order intake for the quarter was ₹6,303 Cr — more than the revenue booked in the same three months, which is a company selling faster than it can build.
Net debt including acceptances came down by more than ₹150 Cr to ₹6,568 Cr as on 30 June 2026. Interest cost for the quarter was ₹164 Cr, or 3.3% of sales, against management’s stated full-year expectation of about 2.3%. Cables & Conductors grew 57% to ₹601 Cr. Transportation revenue fell 45% to ₹259 Cr. The full segment story sits in Section 4.
2. Introduction
KEC International is the flagship company of the RPG Group, a conglomerate that traces business history back to 1820 in banking, textiles, jute and tea, was founded in its current form in 1979, and now reports annual gross revenues of USD 5.2 Bn across infrastructure, tyres, pharmaceuticals, IT, plantations and speciality businesses. Somewhere in that list is a company that makes tea and a company that builds 765 kV substations, filed under the same annual report, which is the kind of range most conglomerates only dream about.
KEC itself carries what the company calls eight-plus decades of experience, a footprint in 110+ countries, 250+ ongoing projects, 7,800+ employees and 40+ nationalities. The auditor’s annexure lists 41 branches — Abu Dhabi, Afghanistan, Algeria, Armenia, Bangladesh, Benin, Burkina Faso, and that’s still only the letters A and B — alongside 34 jointly controlled operations and 16 subsidiaries. Reviewing this set requires branch auditors, other auditors, and then auditors to read the auditors, which Price Waterhouse duly did.
The recent stretch has been eventful in ways that show up in the filings rather than the brochure. On 26 June 2026, PGCIL revoked KEC’s exclusion order, and the company was free to bid again immediately — Ind-Ra had noted the exclusion ran nine months from 18 November 2025, during which order inflow still came in at roughly INR 250 billion for FY26. In May 2026 the board approved FY26 results, a ₹5.50 dividend, and the merger of wholly owned subsidiary KEC Spur Infrastructure into KEC International.
The auditor’s limited review report for this quarter draws attention to Note 6: an investigation by a government agency in connection with a transmission project, involving one PSU official and an employee of the company, where the chargesheet has been filed and the court has taken cognizance. The company states the matter is sub-judice and is of the view that it will not have any material impact on operations or financial results. The auditor’s conclusion is not modified in respect of the matter.
FY26 closed with revenue of ₹23,506 Cr, PAT of ₹606 Cr and an order book of ₹36,267 Cr.
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3. Business Model: WTF Do They Even Do?
KEC builds the things electricity travels along, the things trains travel along, and increasingly the buildings that everything else happens inside.
Transmission & Distribution is the anchor — 68% of FY26 revenue against 59% in FY25. This covers transmission lines, underground cabling, air-insulated substations up to 1150 kV, gas-insulated substations up to 765 kV, hybrid substations up to 220 kV, and HVDC systems. Note the ceiling drops as the technology gets fancier, which is the entire history of engineering compressed into three numbers.
Civil was 16% of FY26 revenue, spanning factories, buildings, public spaces, water pipelines, water treatment plants, data centres, hospitals, logistics and warehouses. The company is currently constructing roughly 80 high-rise buildings across major metros — a portfolio that started life as a transmission-tower business and now includes marquee automobile clients and high-rise residential.
Cables (9%) runs through subsidiary KEC Asian Cables, whose product list reads like a cable enthusiast’s fever dream: EHV, HT and LV power cables, telecom and optical fibre, control and instrumentation, railway cables, conductors, plus cathodic protection, concentric, flat submersible, EV charging, hybrid and green cables. There is a cable for every occasion and apparently for several occasions nobody has had yet.
Transportation (6%) covers overhead electrification, track laying, railway bridges, stations, workshops, tunnel ventilation, gauge conversion, automatic block signalling, KAVACH and electronic interlocking, plus metro viaducts, depots and ballastless track. KAVACH — the train collision avoidance system — has been implemented across
