India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

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<ul>
<li>Power Grid Corporation of India (PGCIL) has barred KEC from new tenders for nine months starting November 18, 2025, though ongoing Rs.39,000 crore plus projects is unaffected.</li>
<li>KEC's diverse orders limit PGCIL's impact, PGCIL's share in new orders is only 4% YTD, much lower than last year.</li>
<li>KEC's Q2 success counters the PGCIL ban. With strong Q2 results and 8% FY26 margin guidance, the focus is now on execution and cash flow from its global pipeline.</li>
</ul>


Power Grid Corporation of India (PGCIL) has barred KEC from new tenders for nine months starting November 18, 2025, though ongoing Rs.39,000 crore plus projects is unaffected.
KEC's diverse orders limit PGCIL's impact, PGCIL's share in new orders is only 4% YTD, much lower than last year.
KEC's Q2 success counters the PGCIL ban. With strong Q2 results and 8% FY26 margin guidance, the focus is now on execution and cash flow from its global pipeline.


Temporary Shock, Structural Strength: Why KEC’s Upcycle Still Holds

External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Healthy Order Backlog Ensuring Revenue Visibility: As of 30th Sep 2025, the company’s order book stood at Rs 39,325 Cr.</li><li>Additionally, it holds an L1 position in projects worth Rs 5,000 Cr, primarily in the T&amp;D segment, offering strong revenue visibility over the next 18–24 months.</li><li>Backed by its proven execution capabilities and the government’s continued emphasis on infrastructure development, the company remains well-placed to deliver consistent growth, projecting a 16% CAGR between FY25 and FY27E.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Healthy Order Backlog Ensuring Revenue Visibility: As of 30th Sep 2025, the company’s order book stood at Rs 39,325 Cr.Additionally, it holds an L1 position in projects worth Rs 5,000 Cr, primarily in the T&amp;D segment, offering strong revenue visibility over the next 18–24 months.Backed by its proven execution capabilities and the government’s continued emphasis on infrastructure development, the company remains well-placed to deliver consistent growth, projecting a 16% CAGR between FY25 and FY27E.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

KEC International Ltd - Margin Improvement to Continue; Retain BUY

<ul><li>Healthy Order Backlog Ensuring Revenue Visibility: As of 30 th June, 2025, the company's order book stands at Rs 34,409 Cr.</li><li>This, combined with an order inflow of Rs 5,517 Cr, provides strong revenue growth visibility for the next 18-24 months.</li><li>Additionally, KEC holds the L1 position in projects valued at over Rs 40,000 Cr, primarily in the T&amp;D business. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Healthy Order Backlog Ensuring Revenue Visibility: As of 30 th June, 2025, the company's order book stands at Rs 34,409 Cr.This, combined with an order inflow of Rs 5,517 Cr, provides strong revenue growth visibility for the next 18-24 months.Additionally, KEC holds the L1 position in projects valued at over Rs 40,000 Cr, primarily in the T&amp;D business. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

KEC International Ltd - T&D Business Gaining Traction; Order Book Provides Revenue Visibility

<ul><li>Robust order book &amp; L1 position: The company holds a robust order book and L1 position of over Rs 44,639 Cr, with a T&amp;D and Non-T&amp;D mix of 61:39.</li><li>Additionally, a strong bid pipeline of Rs 1,80,000 Cr is under evaluation. As of now, order intake for FY26 stands at Rs 4,639 Cr, with management expecting total inflows of Rs 30,000 Cr during the year.</li><li>This order book provides clear revenue visibility for the next 6-8 quarters. The company has guided for 15% revenue growth in FY26. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Robust order book &amp; L1 position: The company holds a robust order book and L1 position of over Rs 44,639 Cr, with a T&amp;D and Non-T&amp;D mix of 61:39.Additionally, a strong bid pipeline of Rs 1,80,000 Cr is under evaluation. As of now, order intake for FY26 stands at Rs 4,639 Cr, with management expecting total inflows of Rs 30,000 Cr during the year.This order book provides clear revenue visibility for the next 6-8 quarters. The company has guided for 15% revenue growth in FY26. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Pick of the Week: KEC International Ltd - 12th July, 2025

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>We attended the KEC International (KECI) Annual Investor Conference 2025 on June 3, 2025</li><li>We note the following key takeaways from the meet: (1) Current OB (incl L1) of INR 400bn,</li><li>(2) T&amp;D bid pipeline is robust at INR 600bn (overall INR 1.8tn including all segments) and there is robust traction in domestic and international markets</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We attended the KEC International (KECI) Annual Investor Conference 2025 on June 3, 2025We note the following key takeaways from the meet: (1) Current OB (incl L1) of INR 400bn,(2) T&amp;D bid pipeline is robust at INR 600bn (overall INR 1.8tn including all segments) and there is robust traction in domestic and international marketsContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

KEC International: On Recovery Path. Maintain ADD

India

KEC International Limited is a power transmission company which is involved in the design, manufacture, supply and construction of turnkey projects of power transmission lines. The company also installs fiber optical cable and provides services for Satellite/GPRS surveys.

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KEC International (KECI IN)

Temporary Shock, Structural Strength: Why KEC’s Upcycle Still Holds

PGCIL bars KEC from new tenders for 9 months, but ongoing projects unaffected. KEC's diverse orders limit impact, with strong Q2 results and focus...

Sudarshan Bhandari

KEC International Ltd - Margin Improvement to Continue; Retain BUY

Healthy Order Backlog Ensuring Revenue Visibility: As of 30th Sep 2025, the company’s order book stood at Rs 39,325 Cr. Additionally, it holds an...

Axis Direct

KEC International Ltd - T&D Business Gaining Traction; Order Book Provides Revenue Visibility

Healthy Order Backlog Ensuring Revenue Visibility: As of 30 th June, 2025, the company's order book stands at Rs 34,409 Cr. This, combined with an...

Axis Direct

Pick of the Week: KEC International Ltd - 12th July, 2025

Robust order book & L1 position: The company holds a robust order book and L1 position of over Rs 44,639 Cr, with a T&D and Non-T&D mix of 61:39.

Axis Direct

KEC International: On Recovery Path. Maintain ADD

We attended the KEC International (KECI) Annual Investor Conference 2025 on June 3, 2025. We note the following key takeaways from the meet: (1)...

HDFC Securities

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Temporary Shock, Structural Strength: Why KEC’s Upcycle Still Holds

​PGCIL bars KEC from new tenders for 9 months, but ongoing projects unaffected. KEC's diverse orders limit impact, with strong Q2 results and focus...

Sudarshan Bhandari

KEC International Ltd - Margin Improvement to Continue; Retain BUY

Healthy Order Backlog Ensuring Revenue Visibility: As of 30th Sep 2025, the company’s order book stood at Rs 39,325 Cr. Additionally, it holds an...

Axis Direct

KEC International Ltd - T&D Business Gaining Traction; Order Book Provides Revenue Visibility

Healthy Order Backlog Ensuring Revenue Visibility: As of 30 th June, 2025, the company's order book stands at Rs 34,409 Cr. This, combined with an...

Axis Direct

Pick of the Week: KEC International Ltd - 12th July, 2025

Robust order book & L1 position: The company holds a robust order book and L1 position of over Rs 44,639 Cr, with a T&D and Non-T&D mix of 61:39.

Axis Direct

KEC International: On Recovery Path. Maintain ADD

We attended the KEC International (KECI) Annual Investor Conference 2025 on June 3, 2025. We note the following key takeaways from the meet: (1)...

HDFC Securities

PGCIL bars KEC from new tenders for 9 months, but ongoing projects unaffected. KEC's diverse orders limit impact, with strong Q2 results and focus...