KEC International plummeted over 5% on Wednesday, November 19, after the company disclosed that Power Grid Corporation of India has excluded it from bidding for fresh work. The action follows a letter dated November 18, 2025, which KEC reported to the exchanges a day earlier.
Power Grid clarifies ongoing projects won’t be affected
The RPG Group company said Power Grid has excluded it from all tenders and new contract awards for nine months starting November 18, 2025. The restriction is tied to an alleged breach of contractual terms that KEC had first reported to the market on March 24, 2025. Power Grid has clarified that ongoing projects will not be affected.
KEC International share price dropped as much as 5.78% to Rs 736.85 on the NSE in early trade.
In its disclosure, KEC repeated that the restriction covers only new bids and not current work. The company added, “The company is examining various options available to it, including legal recourse/approaching PGCIL for reconsideration of the above.” It also said it does not expect a major impact on operations or finances given its order book and pipeline.
KEC Order wins earlier this week
On November 17, KEC announced fresh orders worth Rs 1,016 crore across multiple businesses. Managing director and chief executive Vimal Kejriwal said, “We are pleased with the new order wins secured across our businesses. Our civil business has expanded its portfolio with a maiden order for the development of luxury villas in India and has strengthened its order book in the metals & mining segment through an order for an upstream project in a steel plant.”
He added, “In a significant milestone, our oil & gas business has marked its entry into the GCC region with an order for the composite station works project, opening a large and attractive market for future growth. With these additions, our YTD order intake has crossed Rs 17,000 crore, a strong growth of ~17% over the previous year, reaffirming our confidence in achieving our growth targets.”
KEC Q2: Strong quarterly performance
KEC has reported steady momentum in earnings for Q2 FY26. Consolidated revenue rose 19% year on year to Rs 6,092 crore compared with Rs 5,113 crore in the same quarter last year. EBITDA came in at Rs 430 crore, up from Rs 320 crore, with the margin improving to 7.1% from 6.3%. Profit after tax jumped 88% to Rs 161 crore against Rs 85 crore a year earlier.
For the first half of FY26, revenue grew 15% to Rs 11,114 crore while profit after tax climbed 65% to Rs 285 crore.