Kay Cee Energy & Infra Limited (KCEIL)
Latest quarterly results (H2 FY26)
In its latest reported quarter, H2 FY26, Kay Cee's revenue was ₹81.0 Cr (-29.6% year on year, -2.8% on the previous half-year), and net profit ₹9.6 Cr (-20.0% year on year); the operating margin was 20.2%.
| H2 FY26 (₹ Cr) | Value | YoY vs H2 FY25 | vs prev. half |
|---|---|---|---|
| Revenue | ₹81.0 | -29.6% | -2.8% |
| Operating profit | ₹16.4 | -13.9% | +6.2% |
| Net profit | ₹9.6 | -20.0% | +4.6% |
| EPS (₹) | 7.86 | -28.5% | +3.3% |
| Operating margin | 20.2% | — | — |
KCEIL delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 76.47% of the KCEIL shares traded on NSE were taken to delivery, against the stock's own 20-session average of 80.05%. That is close to its usual level. Turnover was only ₹7 lakh, so a handful of trades can move this figure.
Delivery in the last 5 sessions: 76.2% · 64.0% · 77.3% · 86.7% · 76.5%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Kay Cee Energy & Infra Limited has secured a Letter of Award (LOA) valued at ₹12.09 crore (inclusive of GST) from Rajasthan Rajya Vidyut Prasaran Nigam Limited (RVPN). The contract covers maintenance work across various 220KV EHV substations and transmission lines in Jaisalmer, Ramgarh, and Bhadla circles. Compared to the company's half-yearly revenue of ₹80.98 crore for Mar 2026, the order value represents approximately 14.9% of half-year sales. The project reinforces KCEIL's presence in high-voltage transmission infrastructure in Rajasthan.
- Received Letter of Award aggregating to ₹12,08,55,600 (inclusive of GST)
- Contract awarded by domestic entity Rajasthan Rajya Vidyut Prasaran Nigam Limited (RVPN)
- Scope covers maintenance of 220KV EHV Substations and Lines across Jaisalmer, Ramgarh & Bhadla Circles
- Order execution period is set as per terms of the LOA (not explicitly disclosed)
Kay Cee Energy & Infra Limited has received a Letter of Award (LOA) from Rajasthan Rajya Vidyut Prasaran Nigam Limited (RVPN) for turnkey modification work on the 132 kV Abu Road-RIICO Abu Road line. The total contract value is Rs 7.90 crore (inclusive of GST). Compared to the company's Mar 2026 quarterly revenue of Rs 80.98 crore, this order represents approximately 9.8% of a single quarter's revenue. The contract adds marginally to the company's existing unexecuted order book, which was reported at Rs 536.90 crore as of April 2025.
- Work order aggregate value is INR 7,90,00,000/- (Rs 7.90 crore), inclusive of GST
- Awarded by Rajasthan Rajya Vidyut Prasaran Nigam Limited (RVPN) on a turnkey basis
- Scope covers modification work of 132 kV Abu Road-RIICO Abu Road Line near Siyawa Village (Location No. 135-136)
- Execution timeline specified as per terms of the LOA
Kay Cee Energy & Infra Limited has secured a Letter of Award (LOA) valued at ₹21.84 crore (inclusive of GST) from Rajasthan Rajya Vidyut Prasaran Nigam Limited (RVPN). The domestic order covers the maintenance of 220 KV and 132 KV EHV substations and transmission lines across the Ajmer Zone (Bhilwara, Chittorgarh, and Udaipur Circles). The contract reinforces KCEIL's core business in public power transmission infrastructure within Rajasthan. Compared to its half-yearly revenue base (₹80.98 crore in H2 FY26), this win represents roughly 13-14% of annual turnover.
- Received Letter of Award worth ₹21,84,37,888 (inclusive of GST) from RVPN
- Scope entails maintenance of 220 KV & 132 KV EHV substations and transmission lines
- Covers Ajmer Zone including Bhilwara, Chittorgarh, and Udaipur Circles
- Domestic contract awarded by a state transmission utility without any related-party interest
Kay Cee Energy & Infra Limited has released newspaper advertisements concerning the notice of its 12th Annual General Meeting (AGM) for the financial year 2025-2026. The publications were issued on September 06, 2026, in Financial Express (English) and Nafa Nuksan (Hindi). The notice provides procedural instructions for electronic voting via KFin Technologies. Notably, the filing mentions that no dividend has been recommended or declared for FY 2025-2026.
- Published notice for the 12th Annual General Meeting for FY 2025-2026.
- Advertisements released on September 06, 2026, across Financial Express and Nafa Nuksan editions.
- Electronic voting facility and cut-off date details coordinated with KFin Technologies Limited.
- Company confirmed that no dividend is being declared for FY 2025-2026 at the AGM.
Kay Cee Energy & Infra Limited has issued notice for its 12th Annual General Meeting (AGM) scheduled for September 29, 2026. The key agenda includes the adoption of audited standalone and consolidated financial statements for FY26, the re-appointment of retiring director Mr. Divyanshu Jain, and ratification of cost auditor remuneration of Rs 40,000. Remote e-voting runs from September 26 to September 28, 2026, with a cut-off date of September 22, 2026.
- 12th Annual General Meeting scheduled for Tuesday, September 29, 2026, at 11:00 AM in Kota, Rajasthan
- Cut-off date for determining voting rights fixed as Tuesday, September 22, 2026
- Remote e-voting window opens September 26, 2026 (9:00 AM) and closes September 28, 2026 (5:00 PM)
- Proposed ratification of Cost Auditor remuneration set at Rs 40,000 plus applicable taxes and expenses
Kay Cee Energy & Infra Limited's Board of Directors met on September 5, 2026, to finalize dates for its 12th Annual General Meeting (AGM) and approve routine compliance matters. The AGM is scheduled for September 29, 2026, with the e-voting cut-off set for September 22, 2026. Additionally, the Board appointed M/s Vinay Kant Pareek & Co as the Cost Auditor for FY 2026-27, subject to shareholder approval. The Board also approved the FY 2025-26 Annual Report and Management Discussion and Analysis Report.
- 12th Annual General Meeting scheduled for Tuesday, September 29, 2026, at 11:00 AM.
- Cut-off date for remote e-voting and poll voting set for Tuesday, September 22, 2026.
- Remote e-voting window open from September 26, 2026 (9:00 AM) to September 28, 2026 (5:00 PM).
- Appointed M/s Vinay Kant Pareek & Co, Cost Accountants, as Cost Auditor for FY 2026-27.
Kay Cee Energy & Infra Limited (KCEIL) has bagged a work order valued at ₹17.15 Cr (inclusive of GST) from Rajasthan Rajya Vidyut Prasaran Nigam Limited (RVPN). The scope covers the maintenance of 220 KV and 132 KV EHV substations and transmission lines across the Jaipur Rural circle. Relative to the company's recent half-year revenue run-rate (~₹81 Cr in Mar 2026), the contract adds a healthy increment to its ongoing power infrastructure order book.
- Work order secured with an aggregate value of ₹17,15,36,899 (inclusive of GST)
- Awarded by domestic state utility Rajasthan Rajya Vidyut Prasaran Nigam Limited (RVPN)
- Covers maintenance of 220 KV and 132 KV extra-high-voltage (EHV) substations and lines in Jaipur Rural circle
- Contract does not involve any promoter interest or related-party transactions
Kay Cee Energy & Infra Limited has secured a domestic work order worth ₹17.15 crore (inclusive of GST) from Rajasthan Rajya Vidyut Prasaran Nigam Limited (RVPN). The scope involves the maintenance of 220 KV and 132 KV EHV substations and transmission lines across the Jaipur Rural circle. This order adds to the company's existing power transmission operations and maintenance portfolio in its core operating state of Rajasthan.
- Work order aggregate value is ₹17,15,36,899 (inclusive of GST)
- Awarded by domestic public utility Rajasthan Rajya Vidyut Prasaran Nigam Limited (RVPN)
- Scope covers maintenance of 220 KV and 132 KV EHV substations and lines for Jaipur Rural circle
- Execution timeline to be governed as per the terms of the Letter of Award (LOA)
Kay Cee Energy & Infra Limited (KCEIL) has secured a work order worth ₹9.06 crore from the National Highways Authority of India (NHAI). The contract involves utility shifting for the 765 KV Anta–Phagi Transmission Line Circuit–II at the Delhi–Mumbai Expressway. The project is scheduled for a very tight completion timeline by September 30, 2026. This order represents approximately 5.5% of the company's estimated TTM revenue of ₹164.31 crore.
- Aggregate work order value of ₹9,05,74,647 inclusive of GST
- Execution deadline set for September 30, 2026, requiring rapid mobilization
- Project involves high-voltage 765 KV transmission line utility shifting and height raising
- Direct engagement by NHAI under the supervision of Rajasthan Rajya Vidyut Prasaran Nigam Limited (RVPNL)
- Order value represents approximately 5.5% of the company's TTM revenue
Financial Performance
Revenue Growth by Segment
The EPC segment is the primary revenue driver, contributing to a total operating income of INR 152.68 Cr in FY25, representing a massive 136.7% YoY growth from INR 64.51 Cr in FY24. Revenue is projected to grow a further 44% to reach INR 220 Cr in FY26 driven by the execution of a robust order book.
Geographic Revenue Split
KCEIL maintains an established regional presence primarily in Rajasthan, where it is based. While specific % splits per state are not disclosed, the company is expanding its footprint through government and private tenders across the power transmission sector.
Profitability Margins
Net profit margin improved to 11.17% in FY25 from 10.15% in FY24. This 102 basis point improvement is attributed to increased operating efficiency and better cost management during the scaling phase.
EBITDA Margin
Operating margins remained healthy but saw a slight compression from 19.9% in FY24 to 17.77% in FY25 due to intense competition in the tender-based bidding process. Margins are expected to stabilize around 18% in FY26.
Capital Expenditure
The company does not have any major debt-funded capex plans over the medium term. Networth improved significantly from INR 22.16 Cr in FY23 to INR 61.69 Cr in FY25, supported by an INR 15.93 Cr IPO in Jan 2024 and an INR 25 Cr QIP in April 2025.
Credit Rating & Borrowing
The company maintains a 'Stable' outlook from CRISIL. Interest coverage ratio improved significantly to 5.74 times in FY25 from 3.11 times in FY24, indicating a strong ability to service debt despite a 50.85% increase in borrowings used for working capital.
Operational Drivers
Raw Materials
Primary inputs include extra high-voltage (EHV) transmission line materials, substation equipment, automation components, and power distribution hardware. Specific percentage breakdowns per material are not disclosed.
Import Sources
Materials are primarily sourced from domestic suppliers within India to support EPC projects for regional government and private power entities.
Key Suppliers
Not specifically named in the documents, though the company maintains long-term relationships with a diverse base of power equipment manufacturers and engineering suppliers.
Capacity Expansion
KCEIL operates as an EPC service provider rather than a manufacturer; its 'capacity' is measured by its order book, which stood at INR 536.90 Cr as of April 30, 2025, to be executed over 18-24 months.
Raw Material Costs
Total expenditure increased from INR 55.88 Cr in FY24 to INR 130.41 Cr in FY25, a 133% increase, closely tracking the 136% revenue growth, indicating stable procurement costs relative to scale.
Manufacturing Efficiency
Efficiency is measured by project execution timelines. Inventory turnover ratio improved significantly by 112.64% YoY, rising from 1.74 to 3.70 in FY25, reflecting faster movement of project materials.
Logistics & Distribution
Distribution costs are embedded within the EPC project costs for handling, erection, and commissioning at various substation and transmission sites.
Strategic Growth
Expected Growth Rate
44%
Growth Strategy
Growth will be achieved through the execution of the INR 536.90 Cr unexecuted order book. The strategy involves leveraging the INR 25 Cr QIP funds raised in April 2025 to reduce reliance on bank limits and support larger-scale project bidding in the EHV and power automation segments.
Products & Services
EPC services for power transmission and distribution, construction of substations, EHV line handling, testing and commissioning, and power system automation/modification.
Brand Portfolio
Kay Cee Energy & Infra Limited (KCEIL).
New Products/Services
Expansion into advanced power system automation and extension/modification of existing EHV power systems is expected to contribute to the projected INR 220 Cr revenue in FY26.
Market Expansion
The company is targeting a transition from a regional Rajasthan-based player to a broader EPC contractor by onboarding new private and government customers in the power sector.
Market Share & Ranking
Not disclosed; however, the company is categorized as a mid-sized player in a highly fragmented EPC industry.
Strategic Alliances
The company operates joint operations for certain projects, though specific partner names for current active JVs were not detailed.
External Factors
Industry Trends
The industry is shifting toward increased automation and EHV line expansion to stabilize the national grid. KCEIL is positioning itself by focusing on 'extra high-voltage' segments which have higher technical barriers to entry.
Competitive Landscape
Highly fragmented with several mid-sized players competing for EPC contracts, which constrains overall scalability and pricing power.
Competitive Moat
The moat is built on the promoters' 30 years of technical qualifications and established relationships with state utilities. This provides a competitive edge in meeting stringent technical pre-qualification criteria for large tenders.
Macro Economic Sensitivity
Highly sensitive to government fiscal policy and economic cycles, as PSU expenditure on power infrastructure is the primary revenue driver.
Consumer Behavior
Not applicable as the company serves B2B and B2G (Government) segments rather than retail consumers.
Geopolitical Risks
Minimal direct impact as operations are domestic, but global commodity price fluctuations (steel/copper) can impact the cost of materials used in EPC contracts.
Regulatory & Governance
Industry Regulations
Operations are governed by the Companies Act 2013 and technical standards for power transmission set by state and central electricity authorities. As an SME-listed entity, it is exempt from certain corporate governance certification requirements under Regulation 15(2).
Environmental Compliance
The company has adopted an Occupational Health & Safety Management System to ensure conformance with legal and statutory requirements.
Taxation Policy Impact
The company follows standard Indian corporate tax rates; specific effective tax rate % was not disclosed.
Legal Contingencies
The auditor's report issued an unmodified opinion, and no major pending litigation values in INR were disclosed in the provided documents.
Risk Analysis
Key Uncertainties
The primary uncertainty is the tender-based nature of the business; failure to win new contracts could lead to a revenue decline below the INR 10 Cr cash accrual threshold monitored by rating agencies.
Geographic Concentration Risk
High concentration in Rajasthan and regional power grids, making the company vulnerable to local policy shifts or regional economic slowdowns.
Third Party Dependencies
Significant dependency on government agencies for timely payments and project approvals, as evidenced by the high 369-day GCA.
Technology Obsolescence Risk
Risk is moderate; the company must continually update its capabilities in substation automation to remain competitive in modern grid tenders.
Credit & Counterparty Risk
Receivables stood at over 48 days as of March 2024. While the counterparty risk is mitigated by dealing with government entities, payment delays remain a key monitorable for liquidity.
