5 Transmission Stocks With Strong Order Books of Up to ₹3.69 Lakh Cr to Keep on Your Radar

Synopsis: These five transmission-focused companies stand out with robust order books ranging from Rs. 21,000 crore to Rs. 1.70 lakh crore, providing strong revenue visibility and long-term growth potential.

India’s power transmission sector is benefiting from rising power demand, renewable energy expansion, and large-scale infrastructure investments. As a result, transmission and EPC companies are witnessing strong order inflows and growing project pipelines, providing long-term revenue visibility and supporting future growth prospects.

KEC International Ltd

KEC International Ltd is one of India’s leading engineering, procurement, and construction (EPC) companies and a flagship company of the RPG Group. The company specialises in power transmission and distribution, railways, civil infrastructure, urban infrastructure, oil & gas pipelines, and cables. With a market capitalisation of Rs. 13,211 cr, the shares of KEC International Ltd closed at Rs. 496.30 per share, down from its previous close of Rs. 497.50 per share.

The company has a diversified and robust order book, with a current order book and L1 position exceeding Rs. 40,000 crore. This reflects an Order Book-to-Revenue ratio of 1.7x, highlighting strong revenue visibility and a robust pipeline of future projects based on FY26 revenue of Rs. 23,506 crore. 

The order book is well distributed across multiple business segments. The Transmission & Distribution (T&D) segment constitutes the largest share, with an order book of approximately Rs. 25,200 crore. The Civil segment follows with around Rs. 10,400 crore, while Transportation contributes about Rs. 2,600 crore. The Cables business accounts for nearly Rs. 1,100 crore, and the Renewables segment contributes approximately Rs. 800 crore. The Oil & Gas segment has an order book of around Rs. 300 crore. This diversified sectoral mix reduces dependence on any single business segment and supports sustainable growth.

Geographically, the order book is primarily concentrated in India, which accounts for 55% of the total order book. The Middle East represents the second-largest market with a 27% share. Other international regions include the Americas (7%), SAARC countries (4%), Africa (4%), and the CIS region (3%). This broad geographic presence provides a balanced exposure to domestic and international markets while reducing concentration risk.

Adani Energy Solutions Ltd

Adani Energy Solutions Ltd (formerly Adani Transmission Ltd) is part of the Adani Group and is one of India’s largest private-sector power transmission companies. The company develops, owns, operates, and maintains transmission networks and also has a growing presence in smart metering and power distribution. 

With a market capitalisation of Rs. 1,79,952 cr, the shares of Adani Energy Solutions Ltd closed at Rs. 1498 per share, down from its previous close of Rs. 1,530.95 per share.

The transmission business delivered strong operational performance during FY26, maintaining a system availability of 99.7%, reflecting the high reliability of its transmission network. The company operated a transmission network spanning 27,949 circuit kilometers (ckms), with an addition of 48 ckms during Q4FY26. Its transformation capacity stood at 1,23,175 MVA, supporting efficient power transmission across its network.

The business also maintained a substantial growth pipeline, with an under-construction (UC) order book of Rs. 71,779 crore, compared to Rs. 59,936 crore in FY25, indicating strong future revenue visibility. During the year, the company successfully commissioned five transmission projects, including the Khavda Phase II Part-A HVDC project, KPS-1, Sangod Transmission Project, NKTL, and the Mumbai HVDC project, further strengthening its infrastructure portfolio.

The distribution business continued to demonstrate stable operational performance. Total electricity units sold during FY26 reached 10,584 million units (MUs), marginally higher than 10,558 MUs in FY25. Operational efficiency improved significantly, with distribution losses declining to 4.21% from 4.77% in FY25, reflecting enhanced network management and reduced technical and commercial losses.

Power Grid Corporation of India Ltd

Power Grid Corporation of India Ltd is a government-owned Maharatna enterprise under the Ministry of Power. It is India’s largest electric power transmission utility, operating the majority of the country’s interstate transmission network. It is responsible for transmitting electricity across regions, integrating renewable energy sources into the national grid, and ensuring reliable power delivery, making it a critical pillar of India’s energy infrastructure.

With a market capitalisation of Rs. 2,65,206 cr, the shares of Power Grid Corporation of India Ltd closed at Rs. 285.15 per share, up from its previous close of Rs. 282.30 per share.

The company maintains a strong and diversified project pipeline, with total works in hand of approximately Rs. 1.70 lakh crore (Rs. 1,70,518 crore) as of 31 March 2026, including Capital Work-in-Progress (CWIP) of Rs. 47,980 crore. This substantial order pipeline provides multi-year revenue visibility and supports long-term growth prospects across its infrastructure and energy businesses.

A significant portion of the works in hand is derived from Tariff-Based Competitive Bidding (TBCB) projects, which account for Rs. 1,37,370 crore, representing 81% of the total pipeline. Regulated Tariff Mechanism (RTM) projects contribute Rs. 28,931 crore, or 17% of the overall works in hand. The remaining 2%, amounting to Rs. 4,217 crore, comes from other businesses, including Smart Metering, Data Centres, Cross-Border Transmission Projects, International Operations, and Battery Energy Storage Systems (BESS). 

Kalpataru Projects International Ltd

Kalpataru Projects International Ltd (KPIL) is a major EPC company with expertise in power transmission and distribution, buildings and factories, water supply projects, railways, oil & gas infrastructure, and urban development. The company executes projects across India, the Middle East, Africa, and other international markets. 

With a market capitalisation of Rs. 22,068 cr, the shares of Kalpataru Projects International Ltd closed at Rs. 1292.25 per share, up from its previous close of Rs. 1,292.20 per share.

The company’s EPC business delivered strong growth during FY22–FY26, with the total order book expanding from Rs. 32,761 crore in March 2022 to Rs. 65,457 crore in March 2026, reflecting a twofold increase and a 5-year CAGR of 17%. This growth was supported by healthy execution across key infrastructure segments, with FY26 EPC revenue reaching Rs. 26,565 crore. 

The Transmission & Distribution (T&D) segment remained a key growth driver, with its order book rising from Rs. 11,081 crore to Rs. 28,572 crore at a CAGR of 18%. Similarly, the Buildings & Factories (B&F) segment recorded strong expansion, with the order book growing 2.3 times to Rs. 18,295 crore, while generating Rs. 6,958 crore in revenue during FY26.

The Oil & Gas segment also exhibited robust growth, with its order book increasing from Rs. 1,931 crore to Rs. 4,578 crore, translating into a CAGR of 31% over the period. Urban Infrastructure emerged as another high-growth area, with the order book reaching Rs. 4,143 crore and registering a CAGR of 37%, driven by increasing investments in urban development and infrastructure modernization. 

In comparison, the Water segment witnessed relatively moderate growth, with the order book rising from Rs. 6,500 crore to Rs. 7,486 crore between FY22 and FY26. The Railways segment, however, remained subdued, with the order book declining marginally from Rs. 2,611 crore to Rs. 2,382 crore, resulting in a negative CAGR of 9%, reflecting slower order inflows in the sector during the period.

GE Vernova T&D India Ltd

GE Vernova T&D India Ltd is the Indian transmission and distribution business of GE Vernova. The company provides advanced technologies and solutions for power transmission, grid automation, substations, and renewable energy integration. Serving utilities, industries, and infrastructure developers, it helps modernise electrical networks and improve grid reliability, efficiency, and sustainability as energy systems evolve toward cleaner power sources.

With a market capitalisation of Rs. 1,27,178 cr, the shares of GE Vernova T&D India Ltd closed at Rs. 4967 per share, up from its previous close of Rs. 4,783.15 per share. 

During FY26, the company reported strong growth in both order inflows and its execution pipeline. Order Intake increased from Rs. 10,780 crore in FY25 to Rs. 14,780 crore in FY26, registering a robust 37% year-on-year growth. This reflects strong order wins across business segments and indicates healthy demand for the company’s products and services.

The Order Backlog also witnessed substantial expansion, rising from Rs. 12,660 crore as of March 2025 to Rs. 21,460 crore as of March 2026, representing an impressive 70% increase. The significant growth in backlog provides strong revenue visibility for the coming years and underscores the company’s ability to secure and build a sustainable pipeline of projects.

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