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What is the story about?
KEC International has received a significant relief after Power Grid Corporation of India (PGCIL) revoked its exclusion order, allowing the company to immediately participate in PGCIL tenders and contracts as a bidder or sub-contractor.
The order, which came into effect on November 18, 2025, had barred the company from participating in Power Grid tenders for nine months. In an exchange filing, KEC said PGCIL revoked the restriction after considering the company's representations and the corrective actions undertaken since the order was imposed.
The development comes at a crucial time for KEC, given the scale of opportunities emerging in India's transmission and distribution sector.
Separately, Power Grid's board on Friday approved a proposal to increase its borrowing limit to ₹2.2 lakh crore from ₹1.8 lakh crore, subject to shareholder approval, while also clearing plans to raise up to $500 million through external commercial borrowings. The higher capital-raising capacity is expected to support future transmission infrastructure investments and tender activity.
The reinstatement also strengthens KEC's growth visibility. Speaking to CNBC-TV18 last month, Managing Director and CEO Vimal Kejriwal said the company expects 10-15% revenue growth in FY27, supported by a robust order book of around ₹37,000 crore and a strong tender pipeline across transmission and distribution, civil infrastructure and renewables.
Also Read: KEC International sees 10-15% FY27 growth despite West Asia, labour challenges
Kejriwal had also highlighted a ₹25,000-30,000 crore active opportunity pipeline in West Asia despite geopolitical uncertainties.
The company, however, is coming off a challenging March quarter. Q4FY26 net profit declined 28% year-on-year to ₹193 crore, while revenue fell 7% to ₹6,390 crore. EBITDA dropped 16.7% to ₹448.4 crore, with margins narrowing to 7% amid execution disruptions and elevated costs. The lifting of the exclusion order is therefore likely to be viewed as a positive development for KEC's order prospects going forward.
The order, which came into effect on November 18, 2025, had barred the company from participating in Power Grid tenders for nine months. In an exchange filing, KEC said PGCIL revoked the restriction after considering the company's representations and the corrective actions undertaken since the order was imposed.
The development comes at a crucial time for KEC, given the scale of opportunities emerging in India's transmission and distribution sector.
Separately, Power Grid's board on Friday approved a proposal to increase its borrowing limit to ₹2.2 lakh crore from ₹1.8 lakh crore, subject to shareholder approval, while also clearing plans to raise up to $500 million through external commercial borrowings. The higher capital-raising capacity is expected to support future transmission infrastructure investments and tender activity.
The reinstatement also strengthens KEC's growth visibility. Speaking to CNBC-TV18 last month, Managing Director and CEO Vimal Kejriwal said the company expects 10-15% revenue growth in FY27, supported by a robust order book of around ₹37,000 crore and a strong tender pipeline across transmission and distribution, civil infrastructure and renewables.
Also Read: KEC International sees 10-15% FY27 growth despite West Asia, labour challenges
Kejriwal had also highlighted a ₹25,000-30,000 crore active opportunity pipeline in West Asia despite geopolitical uncertainties.
The company, however, is coming off a challenging March quarter. Q4FY26 net profit declined 28% year-on-year to ₹193 crore, while revenue fell 7% to ₹6,390 crore. EBITDA dropped 16.7% to ₹448.4 crore, with margins narrowing to 7% amid execution disruptions and elevated costs. The lifting of the exclusion order is therefore likely to be viewed as a positive development for KEC's order prospects going forward.
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