Kay Cee Energy & Infra Ltd(KCEIL)

NSE: KCEIL

₹ 72.9-1.22%refreshed 26 Oct, 03:30 pm ISTMarket cap: ₹ 89 crUpdated: 27 Oct 2026

About

Kay Cee Energy & Infra Ltd (KCEIL) is a Kota-based EPC contractor specialising in high-voltage transmission line construction, EHV substation work, and operation & maintenance services, primarily for Rajasthan's power utilities. The company reported FY26 revenue of ₹164.3 crore and held an unexecuted order book of ₹481 crore as of 31 March 2026.^[1][2]

Business segments

EPC (Engineering, Procurement and Construction) is the primary revenue segment; FY25 EPC income was ₹5,545.45 lakhs vs ₹3,947.30 lakhs in FY24.^[3]
Within EPC contracts, revenue splits between a supply component (material) and a service component (erection); H2 FY25 mix was 75% supply and 25% service.^[4]

Key operating numbers

Unexecuted order book was ₹481 cr as of 31 March 2026, with a 12 - 18 month execution horizon.^[2]
Order book was ₹57,524.74 lakhs (unexecuted) out of a gross ₹80,584.84 lakhs as of October 2025.^[5]
FY26 EBITDA margin was ~20.1%, up from ~18.1% in FY25; the company maintained its self-imposed floor of 17 - 18%.^[2]
~₹431 cr of the ₹481 cr order book (as of Q4 FY26) is on price-variation terms; only ~₹50 cr is fixed-price. IEEMA-based clauses pass ~80% of metal cost increases to customers.^[2]
Tender win rate was above 70% in FY25, with a total pipeline of ₹800 - 900 crore at that time.^[4]
Company can independently execute projects up to ₹200 crore; JV partnerships are used for larger-scale opportunities.^[5]

Customers and distribution

Private clients make up ₹73 cr of the Q4 FY26 order book, including Wonder Cement (Jaisalmer), JSW, Saint-Gobain, NHAI (765 kV tower shifting), and RVNL.^[2]
Over 90% of revenue originates from Rajasthan, where more than 35% of India's renewable energy is generated.^[4]
All current operations are domestic; all disclosed orders are from domestic entities.^[6][7]

Operations

Core operations cover construction and stringing of high-voltage transmission lines, EHV substation work (220 kV and 132 kV), and underground EHV cable laying for railways in Rajasthan.^[5][7]
832 permanent employees on rolls as of 31 March 2025; median employee remuneration rose 43.46% to ₹40,170 p.a. in FY25.^[3]
Non-fund based bank facility (BG/LC) stood at ~₹30 cr utilised of a ₹40 cr limit as of Q4 FY26.^[2]

Expansion and capex

Plant II (B-16, IPIA, Kota) is under construction for full-fledged manufacturing of hardware, connectors (up to 765 kV), bird diverters, and substation structures; now targeting September 2026 after earlier March 2026 deadline was missed.^[2][5]
Plant I (G-249, Kota), purchased 2018 and 85% complete as of Q2 FY26, is targeted for ancillary manufacturing in FY2026-27.^[2][5]
Total backward integration capex is estimated at ₹7 - 10 crore; ₹3 crore had already been invested as of Q4 FY25.^[4]
Once at scale, in-house manufacturing is targeted to cover 5 - 7% of total turnover raw material needs and generate third-party revenue, with management estimating ~1 - 2% PAT margin uplift.^[2]
50:50 JV 'Suryavayu Renewable and Energy Solutions Pvt. Ltd.' formed with Josts Engineering to execute power-sector EPC contracts and develop renewable energy businesses.^[5]

Geographic diversification

In response to a stalemate in Rajasthan government tenders (repeated cancellations with no LOI issuance over 6 - 8 months to Q4 FY26), the company quoted ~₹300 cr in tenders in Assam, Bihar, and Railways.^[2]
An additional ~₹200 cr in tenders in the same geographies was submitted in May 2026; ~₹140 - 150 cr conversion was expected from the ₹300 cr pipeline.^[2]

Recent developments

FY26 revenue of ₹164.3 crore came in well below the ₹275 - 300 crore guidance, with management attributing ~₹50 - 60 crore of impact to ERS supply stuck in transit from Canada due to the Middle East conflict.^[2][1]
QIP of ₹25 crore was completed at ₹198 per share in FY25; proceeds were deployed entirely into working capital.^[4]
Security deposits and retention money (other current assets) rose to ₹102 crore by Q4 FY26 from ~₹60 crore at end-FY25; management expected ₹50 - 55 crore to be released within 2 - 3 months.^[2]

Market Cap

₹89 Cr

High / Low

₹252 / 73

Stock P/E

5.1

Price / Book

1.0

Book Value

₹84

EPS

₹15.4

No. of Shares

1.22 Cr

ROCE

22.3%

ROE

22.8%

OPM

19.8%

Debt / Equity

0.73

Sales

₹164 Cr

Net Profit

₹19 Cr

Promoter holding

63.4%

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