Infra Stock Jumps 4% After Securing Orders Worth ₹1,002 Cr Across Segments

Synopsis:-Crossing the ₹1,000-crore mark in a single order announcement, KEC International has secured new orders worth Rs. 1,002 crore across its T&D, Renewables, Transportation, and Cables & Conductors businesses, with the flagship HVDC win in Western India giving fresh momentum to an already dense order book.

Shares of KEC International came into focus this week after the global infrastructure EPC major disclosed a fresh round of order wins spanning its transmission, renewables, transportation, and cables businesses. The announcement cuts across domestic and international geographies, with the headline being an HVDC transmission line contract in Western India, a technically complex, higher-margin segment where very few players can compete. 

With a market capitalization of approximately Rs. 15,466 crore, the shares of KEC International were trading at Rs. 596 per share, up by 4.5 percent from their previous closing price of Rs. 570. It is trading at a P/E of 21.03.

Order Update

The company won new orders worth Rs. 1,002 crores. The headline win is a ±500 kV HVDC transmission line contract from a reputed private developer in Western India, a segment where KEC has been deliberately building its position. HVDC projects carry both technical complexity and longer revenue cycles, which typically means better margins and stickier client relationships compared to conventional EHV line work. Alongside this, the T&D vertical also picked up 132 kV cabling works from a steel producer in Eastern India and a supply contract for towers, hardware, and poles in the Americas.

The Renewables business added a 100+ MW wind project in Southern India, awarded by an existing private developer as a repeat order, which indicates execution confidence from the client side. Transportation secured two contracts in the Automatic Block Signaling (ABS) segment in Southern India, extending what has been a steady run in technology-enabled railway infrastructure. Cables & Conductors rounded out the announcement with multiple orders in India and overseas.

MD & CEO Vimal Kejriwal noted that the HVDC order has strengthened the India T&D order book in a space where competition remains limited to a handful of capable players. His comment on the wind project being a repeat win from an existing customer also matters; it is a signal of a delivery track record, not just pipeline.

Business & Financial Overview 

KEC International, founded in 1945 and listed on both NSE and BSE, is a global infrastructure EPC major and the flagship company of the RPG Group. It operates across six verticals: Transmission & Distribution, Civil, Transportation, Renewables, Oil & Gas Pipelines, and Cables & Conductors, with a presence in 110+ countries and eight manufacturing facilities

KEC reported consolidated revenues of Rs. 6,001 crore for Q3 FY26, a 12 percent growth year-on-year. Operating PAT stood at Rs. 171 crore for the quarter, up 32 percent YoY, while EBITDA margins improved to 7.2 percent from 7.0 percent a year ago. For the nine-month period ending December 2025, revenues were Rs. 17,116 crore with an operating PAT of Rs. 457 crore, a 51 percent YoY jump. 

The order book stands at Rs. 36,725 crore (YTD FY26), dominated by T&D at 64%, followed by Civil at 26%, with Transportation, Cables & Conductors, and Others making up the remaining 10%. Including L1 positions, the total order book crosses Rs. 41,000 crore, with a near-even split between domestic (55%) and international (45%) geographies. 

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