The company has built strong growth momentum supported by a sharply expanding order book, improving margins, and rising profitability. A diversified presence across transmission, railways, metros, civil works, and emerging sectors enhances stability. With global traction strengthening and execution improving, it remains a noteworthy infrastructure player to track.
India’s civil construction sector is booming, expected to reach around USD 1.21 trillion in 2025, growing at a CAGR of 12.1%. The market, spanning residential, commercial, industrial, and infrastructure projects, contributes 8-9% to GDP and is supported by strong government investments totaling over ₹11 lakh crore in 2025-26. This growth fuels job creation and urban development.
With a market capitalization of Rs 18,252 crores, the shares of KEC International Ltd closed at Rs 685.65 per share, decreasing around 1.61 percent as compared to the previous closing price of Rs 696.90 apiece.
Order Book Double
KEC’s order book has nearly doubled, rising from Rs 21,167 crore in FY22 to Rs 39,325 crore in FY26, reflecting a strong 86% expansion. T&D’s share increased from 42% to 74%, signalling deeper traction in core segments. Domestic contribution eased from 61% to 55%, while international exposure strengthened from 39% to 45%, highlighting improved global scale and a far more robust execution pipeline.
The company posted a strong Q2 FY26 performance, with total net sales rising 19% to Rs 6,092 crore. T&D remained the key driver, growing 44% year-on-year, supported by a 45% rise in core T&D and 35% growth in SAE Towers. However, Non-T&D revenue fell 9%, with notable declines in civil, transportation, and oil & gas, partially offset by growth in cables and renewables.
Additionally, the company’s quarterly performance shows strong operational momentum, with EBITDA rising steadily and margins improving from 4.4% in to 7.1% over four years. Profitability strengthened sharply as PBT surged nearly eightfold, with margins climbing to 3.5%. PAT also grew consistently, supported by better execution, cost controls, and improving mix, leading to a healthier 2.6% margin in Q2 FY26.
KEC International Ltd has highly diversified portfolio spanning power transmission, railways, metros, civil infrastructure, and emerging areas like semiconductors, smart cities, solar, and defence. Its capabilities range from substations and HVDC to data centres, ropeways, and oil & gas pipelines. This broad spectrum strengthens cross-sector presence, reduces dependency on any single vertical, and supports sustainable long-term growth.
Written by Abhishek Singh
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