Kay Cee Energy & Infra Ltd. (KCEIL)
SME CapPower stocks · SME cap · NSE
KCEIL is an ISO 9001:2015 certified EPC company with 27+ years of experience in power transmission infrastructure, specializing in EHV lines (132 kV to 765 kV) and substations (up to 400 kV). It offers end-to-end solutions including design, procurement, construction, testing, commissioning, and O&M services for government and private clients.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Investable fundamentals, management trust needs verification, price trend argues for patience, and recent execution is mixed.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Average · 30/100YoY data unavailable — classification deferred
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹81 Cr | NDF | -2.4% |
| EBITDA | ₹16 Cr | -15.8% | +6.7% |
| Operating margin | 20.0% | +300 bps | +200 bps |
| PAT | ₹10 Cr | NDF | +11.1% |
| PAT margin | 12.3% | +192 bps | +151 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
FY26 revenue grew 8% YoY to ₹165 Cr, driven by strong EPC execution, despite delayed ERS supply shipments impacting revenue recognition. EBITDA increased to ₹330.46 Cr (FY25: ₹276.18 Cr) and PAT to ₹187.84 Cr (FY25: ₹170.62 Cr), with PAT margin improving to 11.34%.
KCEIL's FY26 performance was resilient, showing YoY growth in revenue and profitability despite geopolitical delays in ERS supplies and raw material volatility. The company missed its revenue guidance due to these external factors, deferring ₹50-60 Cr revenue. Focus on operational discipline and margin protection is positive, but execution on delayed projects and new initiatives is key.
Revenue from Private Entities
Latest issuer-disclosed distribution across 2 reported categories.
Backward Integration
Setting up manufacturing facility in Kota for connectors, hardware, panels & structures to reduce procurement time/costs and create new revenue streams.
Solar EPC Projects
Expanding into EPC space for Renewable Energy Plant construction, including Solar Parks for captive and third-party sales.
Railway Electrification
Expanding into railway electrification infrastructure, including underground EHV lines and overhead lines across railway tracks.
Diversified Service Portfolio
Offering substation automation, long-distance underground/monopole power transmission, and installing lines across railway tracks.
Manufacturing Facility (Plant-I)
Ancillary manufacturing part will be operational by Fiscal 2026-27 at G-249, Kota-5 (85% work complete).
Manufacturing Facility (Plant-II)
Plant-II at B-16, IPIA, Kota-5, purchased in 2021, is under construction and expected to be ready by September 2026 for full-fledged manufacturing.
Power Transmission Infrastructure Investment
India expects 277 GW power demand by 2027, requiring ₹4.25 trillion investment in transmission infrastructure.
Transmission Capacity Expansion
NEP outlines 114,687 ckm of transmission lines and 776,330 MVA transformation capacity by 2027.
Renewable Energy Integration
Transmission system planned to integrate over 600 GW RE capacity by 2031-32, with significant line and transformation capacity additions.
Strong Order Book Visibility
Strong order book visibility supporting future growth, with total unexecuted orders of ₹48,139.03 Lakhs as of March 31, 2026.
Geopolitical Tensions & Supply Delays
Delays in ERS supply shipments (₹5,000–6,000 lakhs) due to geopolitical tensions and war-related disruptions in the Middle East.
Raw Material Price Volatility
Raw material prices witnessed significant volatility and upward pressure during FY26.
Supply Chain Disruptions
Geopolitical tensions caused delays in ERS supply shipments, deferring revenue recognition and highlighting reliance on external factors.
Raw Material Cost Pressure
Significant volatility and upward pressure on raw material prices can impact project profitability and margins.
Project Execution Delays
Failure to fully achieve FY26 revenue guidance due to supply delays indicates execution risks tied to external factors.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
The investor presentation explicitly provides financial results for H2 FY26 vs H2 FY25 and FY26 vs FY25, indicating a primary focus on year-over-year comparison for assessing performance trends.
Revenue
FY26 Revenue reached ₹165 Cr vs ₹153 Cr in FY25 (8% YoY growth)
EBITDA
FY26 EBITDA ₹330.46 Cr vs ₹276.18 Cr in FY25
PAT
FY26 PAT ₹187.84 Cr vs ₹170.62 Cr in FY25
PAT Margin
FY26 PAT Margin 11.34% vs 11.14% in FY25
Optimistic Growth Outlook
With delayed ERS supplies now expected to be executed and continued momentum in power infrastructure, management is optimistic about growth.
Focus on Operational Discipline
Company remained focused on maintaining operational discipline, protecting margins, and prudent project execution over aggressive revenue growth.
Improving Margins
Focus on improving margins through backward integration via new manufacturing facilities.
Strategic Expansion
Expanding into Solar EPC projects and Railway electrification infrastructure.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Delayed ERS Supply Execution | ₹5,000–6,000 lakhs revenue deferred from FY26. | Timely execution and revenue recognition of these delayed supplies in the current financial year. |
| Manufacturing Facility Commissioning | Plant-I ancillary manufacturing by FY26-27; Plant-II full-fledged manufacturing by Sep 2026. | Adherence to commissioning timelines and ramp-up of in-house production. |
| Order Book Conversion | ₹48,139.03 Lakhs unexecuted order book as of March 31, 2026. | Consistent conversion of order book into revenue and new order inflows, especially from new segments. |
| Margin Improvement | FY26 PAT Margin 11.34%. | Impact of backward integration on raw material costs and overall profitability margins. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
26Bearishfull bear SMA stack · SMA20 -9.6% / mo · MACD + · near 52W low
Technical chart
KCEILdaily · 1Y · AUTO-35.6%Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 42.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~10.6% over last month) — short-term momentum negative.
- RSI(14) at 42 — falling, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 70% off 52W high · 7% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation & score drivers
U-Score 65 · UNDERVALUED · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 65 · UNDERVALUED · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
UNDERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Fair-value margin of safety is positive at 82.7%.
- Valuation contributes 30/30 to the score.
- Quality contributes 15/20 to the score.
Main drags
- Penalty bucket subtracts 7 points.
- Cash flow is weaker at 0/10; verify the latest quarterly trend.
- Balance sheet is weaker at 8/15; verify the latest quarterly trend.
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: Claim history is still being built. It ranks around the 23rd percentile of the scored universe and 27th percentile within Power. Main check: cash conversion is weak at 28/100.
Mixed Trust Lite: Promoter holding is 63.4%. Key concern: Promoter holding fell 6.9%.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Power: 27th pctile, median 65 · SME: 24th pctile, median 64
6 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 63.4%.
- ▸Promoter pledge is zero.
- ▸ROCE is 22.3%.
Trust risks
- ▸Promoter holding fell 6.9%.
- ▸Operating cash flow is negative at ₹-35 Cr.
- ▸Only 0 years of positive FCF.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 5.15
- P/B
- 0.94
- EV/EBITDA
- 5.37
- Market Cap
- 96.70Cr
Profitability
- ROE
- 22.80%
- ROCE
- 22.30%
- ROA
- 7.98%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 7.19%
- EPS 5Y
- 11.76%
- Revenue 3Y
- 7.19%
- EPS 3Y
- 11.76%
Balance Sheet
- Debt/Equity
- 0.73
- Interest Coverage
- 4.00×
- Altman Z
- 2.25
- Book Value
- 84.30
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 0/5
- OCF
- -35.00 Cr
- EPS TTM
- 15.36
Shareholding
- Promoter Hold
- 63.41%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 3%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
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Peers
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Peers
Business-comparable peers in Power — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.