Synopsis: Small-cap infra stock rose 5 percent after securing a Rs 1,476 Cr global order including its largest Middle East T&D project. Year-to-date order intake reached Rs 22,800 Cr with total order book and L1 around Rs 41,000 Cr.
A small-cap infrastructure EPC company operating across power T&D, railways, and civil construction announced its largest composite T&D order in Saudi Arabia, covering 380 kV transmission lines, substations, and EHV cabling. The project strengthens its Transmission & Distribution order book, now exceeding Rs 26,000 crore, which remains the largest contributor to its overall order pipeline.
With a market cap of more than Rs 14,000 Cr, KEC International Ltd saw its stock hit an intraday high of Rs 576, which is 5 percent higher than the previous close of Rs 547. The company stock has given a compounded return of 6 percent in the last three years.
What’s the News?
KEC International has secured new orders worth Rs 1,476 crore, taking its YTD order intake to around Rs 22,800 crore. The highlight is its largest composite Transmission & Distribution (T&D) order in Saudi Arabia. The projects are spread across India, the Middle East, Africa, and the Americas, reflecting the company’s strong global execution presence.
The Saudi Arabia project includes 380 kV transmission lines, substations, and EHV cabling, while Africa involves 132 kV transmission lines. Orders in the Americas cover the supply of towers, hardware, and poles, and India includes tower supply. CEO Vimal Kejriwal said the wins signal continued Middle East investment and gradual African recovery.
Segmental Order Book & Growth
As of Q3FY26, the company’s Order Book & L1 as of Q3FY26 stands at Rs 41000 Crore. The company saw strong order momentum across all segments. T&D led with Rs 13,500 cr in new orders, including its largest-ever India T&D order of Rs 1,050 cr, taking its order book to over Rs 26,000 cr.
Civil recorded Rs 4,000 cr in YTD orders, with an order book of Rs 10,000 cr. Transportation secured three TCAS/KAVACH orders, with an order book above Rs 3,000 cr. Renewables won a 100+ MW wind project and continues selective solar, wind, and BESS bids. Oil & Gas booked its third international pipeline order, while Cables & Conductors maintained steady traction.
Segmental Revenue & Growth
The company reported strong revenue across its diverse business segments. The T&D segment led with Rs. 4,161 Cr, reflecting 31 percent YoY growth, Cables & Conductors followed with Rs. 556 Cr, growing 37 percent YoY, while Civil projects generated Rs. 923 Cr amid execution delays.
Transportation revenues stood at Rs. 349 Cr, while Renewables contributed Rs. 122 Cr to the total revenue. Oil & Gas also posted Rs. 77 Cr. Overall, all segments show promising growth and order pipelines.
Business & Financial Overview
KEC International, incorporated in 1945 and headquartered in Mumbai, is a global infrastructure EPC leader. It operates across Power Transmission & Distribution, Railways, Civil, Urban Infrastructure, Solar, Oil & Gas Pipelines, and Cables. As the flagship of the RPG Group, it delivers large-scale engineering, procurement, and construction solutions worldwide.
In the latest quarter the company saw a YoY revenue growth of 12 percent, going from Rs 5,349 Cr in Q3FY25 to Rs 6,001 Cr in Q3FY26, while the QoQ went down by 1 percent from Rs 6,092 Cr in Q2FY26. The YoY Net Profits fell by 2 percent, going from Rs 130 Cr in Q3FY25 to Rs 127 Cr in Q3FY26, while the QoQ fell by 21 percent from Rs 161 Cr in Q2FY26.
The company has a 3 year sales CAGR of 17 percent, while the TTM is at 13 percent. The company’s 3 year profit CAGR is at 17 percent, while the TTM number is at 60 percent. The company also has a ROCE of 18 percent and a ROE of 12 percent.
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