KEC International shares recovered on Thursday after securing new contracts worth ₹1,050 crores across various business segments, marking a significant milestone with its maiden entry into the wind energy sector. The diversified contract portfolio spans renewable energy, industrial construction, and power transmission segments, while recent legal relief provides additional operational clarity.

Contract Portfolio and Market Entry

The newly acquired contracts demonstrate KEC International's strategic positioning across key infrastructure sectors:

The breakthrough order for a 100+ MW Wind Project - Balance of Plant (BoP) package in Southern India represents KEC International's first foray into the wind energy segment. Secured from a renowned private developer, this contract marks the company's strategic expansion into the fast-growing wind power market.

Legal Relief and Operational Continuity

The Delhi High Court has suspended Power Grid Corporation of India Ltd.'s order that barred KEC International from bidding for its projects for nine months. This relief allows the company to continue participating in ongoing tenders, including those floated by the state-owned transmission utility.

Power Grid had excluded KEC International from participating in its tenders on November 18 for alleged transgression of contractual provisions. The Mumbai-based firm clarified that the restriction has no bearing on execution of existing projects.

Stock Performance and Market Response

KEC International shares showed recovery following the positive developments:

Analyst Outlook and Business Impact

Out of 27 analysts tracking the company, 22 maintain a 'buy' rating, four recommend a 'hold,' and one suggests 'sell.' The average 12-month consensus price target stands at ₹931.36, indicating an upside of 26.20%.

Vimal Kejriwal, MD & CEO of KEC International, expressed satisfaction with the new order wins, particularly highlighting the maiden entry into the wind energy segment. The company's year-to-date order intake now stands at approximately ₹19,300 crores, strengthening revenue visibility across multiple business verticals while reducing concentration risk through diversification across high-growth infrastructure segments.

KEC International Limited has disclosed receiving an adjudication order from the GST Authority in Rajasthan on December 30, 2025, as per its regulatory filing under SEBI Listing Obligations and Disclosure Requirements Regulations, 2015.

Order Details and Financial Impact

The GST adjudication order relates to alleged disallowance of GST input tax credit for non-compliance by suppliers during the financial year 2018-19. The order encompasses both tax liability and penalty components as detailed below:

The company received this communication from the GST Authority on December 30, 2025, and has formally disclosed the matter to stock exchanges on December 31, 2025.

Company's Response and Legal Strategy

KEC International has indicated it is currently reviewing the adjudication order in detail. The company plans to pursue appropriate legal remedies to contest the demand raised by the GST Authority. Management has expressed confidence regarding the financial implications of this development.

According to the disclosure, the company does not foresee any material financial impact on account of this order. This assessment suggests that KEC International believes it has strong grounds to challenge the GST Authority's findings through the available legal channels.

Regulatory Compliance

The disclosure was made pursuant to Regulation 30 of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015, along with the relevant SEBI Master Circular dated November 11, 2024. The filing was signed by Suraj Eksambekar, Company Secretary and Compliance Officer, ensuring proper regulatory compliance in communicating this development to stakeholders.