KEC International delivered a strong Q2 FY26, with revenues up 19% YoY to 6,092 Cr. Profitability soared, with EBITDA jumping 34% to 430 Cr (7.1% margin) and PAT up 88% to 161 Cr (2.6% margin). The T&D segment was the key driver, growing 44% and contributing 67% of revenue.
The company is strategically expanding T&D capacity and actively pursuing international opportunities in the Middle East and Americas, alongside India's digital substation and renewables growth. Recent wins include new KAVACH system orders and prequalification from a major Middle East utility for pipeline projects.
Management is positive about sustained profitable growth, backed by a record order book + L1 of over 44,000 Cr and a robust tender pipeline. They highlight strong tailwinds from global T&D and the Indian infrastructure push, though acknowledge challenges in transportation and geopolitical risks. Debt levels are anticipated to normalize.