Kceil has received a work order of Rs 17.1536899 crore from Rajasthan Rajya Vidyut Prasaran Nigam Limited (Rvpn) for maintenance of 220 KV and 132 KV EHV substations and lines under the Rvpn transmission system for the Jaipur Rural circle, as disclosed to exchanges on 21 Aug 2026.

Order Details

The contract covers maintenance of various 220 KV and 132 KV extra high voltage (EHV) substations and lines under the Rvpn transmission system for the Jaipur Rural circle. The order value is Rs 17.1536899 crore, inclusive of taxes, and is executable as per the terms of the Letter of Award (LOA). This is a confirmed, significant-classified order. The transaction is not a related-party transaction, and the promoter, promoter group, and group companies of Kceil do not have any interest in the awarding entity.

Kceil had earlier received a separate order from the same entity, Rvpn, valued at Rs 9.2699079 crore, for maintenance of 220 KV and 132 KV EHV substations and lines under the Rvpn transmission system for the Hindaun Circle. Both orders were disclosed in Q2FY27, and both are classified as significant. The company has thus received multiple orders from the same domestic awarding entity within the same quarter.

Order History

Company Order Track Record

Order inflow activity in Q2FY27 is concentrated with Rvpn as the sole disclosed awarding entity. The quarterly summary below is as per pre-computed exchange filing data.

Execution and Revenue Quality

Kceil reported consolidated revenue of Rs 164.30 crore and net profit of Rs 18.80 crore in FY26, with an operating profit margin (OPM) of 19.32%. In FY25, consolidated revenue was Rs 153.20 crore and net profit was Rs 17.10 crore, with an OPM of 17.77%. Revenue grew by +7.2% year-on-year in FY26, and net profit grew by +9.9%.

Revenue Growth - Order Wins Translating to Revenue

Kceil's annual revenue has grown from Rs 153.20 crore in FY25 to Rs 164.30 crore in FY26, representing a YoY growth of +7.2% based on the latest annual data. On a standalone basis, revenue growth was +136.1% in FY25 and +5.6% in FY24. Net profit on a standalone basis grew +160.7% in FY25.

Working Capital and Execution Capacity

The balance sheet shows a current ratio of 1.82x as of FY26, indicating adequate short-term liquidity to fund operations. Total assets stood at Rs 238.30 crore and total equity at Rs 103.00 crore. Total Liabilities/Equity stands at 1.31x, which includes trade payables and other non-debt liabilities. Operating cashflow was negative at -Rs 74.50 crore in FY25, and free cashflow proxy was -Rs 77.00 crore, indicating that the working capital cycle requires monitoring as new orders commence execution.

Key Observations

• Contract structure: Both orders are confirmed work orders from Rvpn. Revenue recognition begins upon commencement of services as per the respective LOA terms.
• Client concentration: Rvpn is the sole disclosed awarding entity in Q2FY27, accounting for all order inflows in the quarter.
• Cash conversion: Operating cashflow of -Rs 74.50 crore in FY25 indicates the backlog is not converting to cash efficiently; the working capital cycle may be stretched.
• Valuation check (as of 21 Aug 2026): P/E of 4.9x against ROCE of 34.43% and ROE of 27.66%. (P/E is price-derived and will change; ROCE and ROE are from audited financials.)

Kay Cee Energy & Infra Limited has confirmed that its promoters and promoter group did not create any encumbrance on shares during the financial year ending March 31, 2026. Managing Director Lokendra Jain submitted the disclosure to the National Stock Exchange on April 07, 2026, in compliance with Regulation 31(4) and 31(5) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The declaration covers all shares held directly or indirectly by the promoters, promoter group, and persons acting in concert.

The filing provides a detailed breakdown of the shareholding held by the promoter group. The table below outlines the number of fully paid-up equity shares held by each member and confirms that none of these shares have been pledged or otherwise encumbered.

Lokendra Jain holds the majority stake with 7,613,000 shares, representing 62.2791% of the total share capital. Other members of the promoter group, including Shalini Jain, Kanak Jain, Kusum Lata Jain, and Purvika Jain, hold smaller percentages. The disclosure explicitly states that no new encumbrances have been created beyond those previously disclosed. The company has requested the exchange to place this information on record.