Synopsis: The infrastructure EPC player maintains a robust Rs 41,000 crore order book, up 49% since 2021, with a strong presence across T&D, Civil, and Transportation. Operating margins improved to 7–8%, while borrowings stood at Rs 6,806 crore. Diversified execution and segmental momentum support long-term visibility.
India’s construction sector in civil construction is booming due to massive government spending on infrastructure creation. The construction market size is expected to reach INR 25.31 trillion by the end of the FY2025, growing by 11.2% annually. Infrastructure will account for more than 55% share. GVA creation in construction grew by 9.4%, with an expenditure of INR 11.11 trillion on capex (3.4% of GDP).
With a market capitalization of Rs 16,267.48 crore, the shares of KEC International Ltd were trading at Rs 611.10 per share, decreasing around 1.71 percent as compared to the previous closing price of Rs 621.75 apiece.
Order Book Comparison
KEC International’s order book stood at Rs 41,000 crore as of December 31, 2025, unchanged from 2024 levels, after rising from Rs 38,000 crore in 2023, Rs 35,000 crore in 2022, and Rs 28,500 crore in 2021. The order book has increased 49% since 2021. The diversified backlog spans Transmission & Distribution, Civil, Transportation, Renewables, Oil & Gas, and Cables & Conductors segments.
KEC International reported strong order book visibility across key segments in Q3 FY26. The T&D segment holds an order book of over Rs 26,000 crore, Civil exceeds Rs 10,000 crore, and Transportation stands above Rs 3,000 crore. This diversified and robust order book underpins revenue visibility and supports sustained execution momentum across infrastructure verticals.
The company reported steady top-line growth in Q3FY26, with revenue rising 12% year-on-year to Rs 6,001 crore from Rs 5,349 crore. However, profitability remained slightly under pressure as net profit declined 2.3% to Rs 127 crore, indicating margin challenges despite improved operational scale during the quarter.
KEC International reported healthy revenue momentum in Q3 FY26, led by the T&D segment, which generated Rs 4,161 crore, marking 31% YoY growth. Civil contributed Rs 923 crore, while Transportation added Rs 349 crore. Cables & Conductors delivered Rs 556 crore with a strong 37% growth, Renewables posted Rs 122 crore, and Oil & Gas recorded Rs 77 crore during the quarter.
Over the past year, KEC International’s operating performance has remained relatively stable. Operating profit improved from Rs 374 crore in December 2024 to Rs 430 crore in December 2025, despite some quarterly fluctuations. OPM expanded from 7% to 7–8% levels during FY25, indicating better cost control and improved execution across key infrastructure segments.
As of 31-Dec-25, total borrowings stood at Rs 6,806 crore, comprising net debt of Rs 4,865 crore and interest-bearing acceptances of Rs 1,941 crore. Net working capital was at 135 days. While debt levels rose year-on-year, management indicated a partial reduction in January and expects normalization by March-end, supported by improved cash flow monitoring and collections.
KEC International Limited is a leading global infrastructure engineering, procurement, and construction (EPC) company. It operates across Transmission & Distribution, Civil, Transportation, Renewables, Oil & Gas, and Cables & Conductors. With a strong international presence, the company executes large-scale projects and plays a vital role in infrastructure development across multiple geographies.
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