KEC International reported record revenue of ₹23,506 crore in FY26, representing a growth of 8% year-on-year. The company achieved an Operating PAT of ₹650 crore, an increase of 18% compared to the previous year. The order book stood at ₹36,267 crore, providing a strong visibility for future growth. The disclosures were made during the RPG Annual Investor Conference 2026 held on May 26, 2026.

Financial Performance

The company's financial performance for FY26 was driven by robust growth across its business segments. The Transmission & Distribution (T&D) segment reported a record revenue of ₹15,883 crore, a growth of 24% YoY. The Civil segment generated revenues of ₹3,823 crore, while the Cables segment reported revenues of ₹2,217 crore, growing by 23%. The Transportation segment achieved a revenue of ₹1,555 crore.

*Operating PAT excludes provision of ₹59 crore made in Q3 FY26 towards the new labour code & income of ₹24 crore from arbitration award last year in Q1 FY25.

Segment Highlights and Order Book

The T&D segment's revenue share increased to 68% in FY26 from 59% in FY25, supported by robust order inflows of approximately ₹17,700 crore. The Civil segment secured a robust order intake of over ₹5,000 crore, recording growth of more than 2x. The Cables business delivered its highest ever revenues, order intake, and profitability. The Renewables segment forayed into the Wind Energy segment, securing two orders for 100+ MW.

The total order book and L1 position stands at over ₹40,000 crore. The order book is diversified across segments, with T&D leading at approximately ₹25,200 crore, followed by Civil at around ₹10,400 crore.

Balance Sheet and Outlook

The company's net worth surpassed ₹6,000 crore, with Return on Net Worth maintained at 10%. Debt levels increased to ₹6,722 crore in Mar'26, attributed to elevated inventory due to delayed dispatches in Dubai, strategic inventory build-up amid steel price volatility, and muted collections in the Water business. Management expects debt levels to normalise further by Q2 FY27.

Looking ahead, KEC International identified key growth drivers including rising T&D demand in the Middle East and India, real estate opportunities, and AI-led data centre expansion. The company noted risks such as the West Asia crisis, labour availability, and delays in payments and claim settlements.

KEC International has outlined key operational and financial milestones targeted for Q2 FY27, with the company set to expand its cable manufacturing capabilities while also working towards improved debt management.

Elastomeric Cable Production and E-Beam Process Launch

KEC International has announced that elastomeric cable production is slated to commence in Q2 FY27. The E-Beam process is also scheduled to begin within the same quarter, marking a significant step in the company's manufacturing expansion.

The following table summarises the key production milestones:

Debt Normalisation Expected by Q2 FY27

Alongside its manufacturing developments, KEC International has indicated that debt levels are expected to normalise further by Q2 FY27. This signals the company's focus on strengthening its financial position in tandem with its operational growth initiatives.

The concurrent timelines for both production launches and debt normalisation in Q2 FY27 reflect KEC International's integrated approach to scaling its cable business while maintaining financial discipline.