KEC International Secures Record ₹2,872 Crore PGCIL Order for 765 kV Transmission Lines

Key numbers

Market Cap	₹8,724.7 CrGeneral Industrials
P/E Ratio	15.76Sector: 50.57
Day RSI	24.62Oversold Zone
Order from	Power Grid Corporation of India Limited (PGCIL)
Deal value	₹2,872 Cr
Share of market cap	32.9%
Share of annual revenue	12.2%

Key highlights

• Largest-ever single order for the company's India T&D business at ₹2,872 Crore
• Turnkey scope includes Design, Supply, and Installation of 765 kV Transmission Lines
• Projects facilitate the evacuation of 8.5 GW of renewable energy from Gujarat
• Year-to-date (YTD) total order intake has surpassed ₹13,500 Crore
• T&D segment accounts for approximately ₹9,500 Crore of the YTD intake

Record Domestic Win Dominates YTD Performance

The ₹2,872 Crore order from PGCIL represents a significant milestone for KEC International, equating to approximately 32.9% of its current market capitalization and 12.2% of its trailing twelve-month (TTM) revenue. This single contract substantially outpaces other recent individual wins, which had been averaging around ₹1,000 Crore to ₹1,300 Crore per announcement earlier this year. The company's total order book plus L1 position stood at over ₹40,000 Crore as of June 30, 2026, and this latest win significantly advances its trajectory toward achieving the management's annual order inflow target of ₹30,000 Crore for FY27.

A Consistent Stream of High-Voltage Orders

• 23 Oct 2026: Secured ₹1,006 Crore in orders across Oman, the Americas, and Eastern India
• 10 Oct 2026: Won ₹1,014 Crore for 765 kV lines for a Western India pumped storage plant
• 08 Oct 2026: Bagged ₹1,030 Crore for projects in Bhutan, Saudi Arabia, and Southern India
• 14 Sep 2026: Announced orders worth ₹1,303 Crore for 400 kV lines in Northern India and Saudi Arabia
• 03 Aug 2026: Secured ₹1,063 Crore for civil and T&D projects across India, Africa, and Americas

Strategic Role in Gujarat Renewable Evacuation

The orders secured from PGCIL include the largest-ever order for our India T&D business. These prestigious 765 kV projects, associated with the evacuation of 8.5 GW of renewable energy from Gujarat, have substantially expanded our India T&D order book. We remain confident in the growth prospects of India’s T&D market, supported by rising energy demand and the country’s continued focus on strengthening its transmission infrastructure.

Infrastructure Sector Momentum and Operational Context

KEC International continues to benefit from India's aggressive expansion of its green energy corridor. The tender bidding pipeline for the company remains robust, recorded at over ₹2.1 lakh crore as of mid-September 2026. However, the company faces some financial headwinds as it executes these large-scale projects; for the quarter ended June 30, 2026, net profit fell 41.7% year-on-year to ₹72.62 Crore, with operating margins narrowing to 5.8%.

Despite a 61.63% decline in the stock price over the past year, the company's valuation at 15.76x P/E remains lower than the industry average of 58.42x, reflecting a conservative market stance amid the execution of its massive order book.

What to watch next

• Declaration of Q2 FY27 financial results for the half-year ended September 30, 2026
• Trading window reopening 48 hours after the Q2 FY27 results announcement
• Progress on the evacuation of 8.5 GW of renewable energy infrastructure in Gujarat
• Achievement of the 12% to 15% revenue growth target guided for FY27

“With these wins, our YTD order intake has crossed Rs. 13,500 crores, including ~Rs. 9,500 crores from the T&D business.”

KEC International · financial snapshot

Share price	₹327.75
Market capitalisation	₹8,724.70 Cr
Revenue (annual)	₹23,505.54 Cr
Net profit (annual)	₹605.59 Cr
Revenue (latest quarter)	₹5,023.54 Cr-21.38% vs previous quarter
Net profit (latest quarter)	₹72.62 Cr-62.33% vs previous quarter
P/E (TTM)	15.76×Sector 50.57×
Promoter holding	50.1%0.00% QoQ
FII holding	8.69%Current quarter

Reference market data from a third-party provider, as of the story. Not a valuation or a recommendation.