1. Cables revenue growth - at least 15% in FY27 On track - At the Q4 FY26 call, management guided the cables business to revenue growth of "at least 15%, if not more" from ₹2,300 cr in FY27. Q1 FY27 Cables & Conductors revenue was ₹601 cr, +57% YoY, with no full-year outcome yet.
2. T&D order inflow - \~₹17,000-18,000 cr in FY27 On track - At the Q4 FY26 call, management targeted T&D order inflow of around ₹17,000-18,000 cr, \~60% of the ₹30,000 cr FY27 target, reiterated at Q1 FY27 as roughly ₹20,000 cr at \~60%-65% share. Q1 FY27 T&D order intake was \~₹3,600 cr, with no full-year outcome yet.
3. Civil order intake - \~₹8,000 cr in FY27 On track - At the Q4 FY26 call, management set a Civil order intake target of around ₹8,000 cr for FY27. Q1 FY27 Civil order intake/L1 was over ₹1,400 cr, with no full-year outcome yet.
4. Civil revenue growth - at least 30% in FY27 On track - At the Q4 FY26 call, management guided Civil revenue growth of "at least 30% or maybe more than that" for FY27. Q1 FY27 Civil revenue was ₹993 cr, +6% YoY, with management expecting a significant turnaround "hopefully from Q2 onwards" as labor returns.
5. FY27 net working capital - 110 days by end of FY27 On track - At the Q4 FY26 call, management targeted net working capital of 110 days by end of FY27, \~120 days by H1 with another 10 days reduction in H2, reiterated at Q1 FY27. Q1 FY27 NWC was 134 days, down from 137 days at March 2026, and management said it is "pretty okay" on both targets.
6. FY27 net debt reduction - \~₹1,000-1,200 cr to \~₹5,500 cr On track - At the Q4 FY26 call, management targeted overall debt reduction of almost ₹1,000 cr in FY27 - ₹500 cr by end Q2 and another ₹500 cr by year-end, the CFO implying \~₹5,500 cr by March; at Q1 FY27 this was set at \~₹1,200 cr from \~₹6,700 cr. Q1 FY27 net debt including acceptances reduced by over ₹150 cr to ₹6,568 cr, held back by delayed Afghanistan collections and higher inventory.
7. FY27 order intake - \~₹30,000 cr On track - At the Q4 FY26 call, management guided FY27 order intake of around ₹30,000 cr, reiterated at Q1 FY27. Q1 FY27 new orders were over ₹6,300 cr with an L1 position of almost ₹3,000 cr, with no full-year outcome yet.
8. FY27 revenue growth - 12% to 15% On track - At the Q4 FY26 call, management guided FY27 consolidated revenue growth of around 12% to 15%, reiterated at Q1 FY27. Q1 FY27 revenue was ₹5,024 cr, growth of 0.01% YoY, with management saying "we are okay with the guidance" and only "maybe half or 1%" slippage possible depending on the Middle East war.
9. First wind EPC order - announced this year (FY26) Delivered - At the Q2 FY26 call, management noted it "had said earlier that this year, we should announce our first wind EPC also", implying the commitment stood. In Q3 FY26 the renewables business entered Wind Energy with a breakthrough order for a 100-plus MW wind project in Southern India; FY26 closed with two wind orders for 100 MW in Southern India.
10. Renewables revenue - ₹3,000-4,000 cr in 2-3 years Pending - At the Q1 FY26 call, management targeted the renewables business to reach ₹3,000-4,000 cr in the next 2 years; at Q2 FY26 it was reiterated as "not next year, but a year after", i.e. \~FY28. FY26 Renewables revenue was ₹516 cr, down 40% YoY, and Q1 FY27 revenue was ₹56 cr, down 58% YoY, though \~₹800 cr of new wind and solar orders were secured in Q1 FY27.
11. FY26 net debt - down to \~₹4,500 cr by year-end Missed - At the Q1 FY26 call, the CFO guided debt to come down to about ₹4,500 cr by year-end despite 15% top-line growth; this was revised to around ₹5,000 cr at Q2 FY26 and to "₹5,500 crores is a safe number. We will definitely achieve that number" at Q3 FY26. FY26 net debt including acceptances was ₹6,722 cr as on 31 March 2026.
12. CMRL ECV 03 metro project - partial handover in Q1 FY26 Partial - At the Q4 FY25 call, management said partial handover of the CMRL ECV 03 metro project was expected in the next quarter, Q1 FY26. No Q1 FY26 handover was disclosed; by Q2 FY26 the Chennai project was to be commissioned in January, and by Q4 FY26 three metro projects (two Delhi, one Chennai) were completed with Delhi inaugurated by the PM, though at Q1 FY27 the second DMRC and Chennai projects still awaited takeover/commissioning.
13. 500 MW Rajasthan solar project - first phase completion in Q1 FY26 Delivered - At the Q4 FY25 call, management said the first phase of the 500 MW Rajasthan solar project was slated for completion within Q1 FY26, reiterated at Q1 FY26; at Q2 FY26 completion slipped to "early next year", with Q3 FY26 execution progressing toward completion within that quarter. FY26 saw a record 1,000 MW of solar commissioned across Rajasthan and Karnataka, and Q1 FY27 brought 1 GW of commissioned solar for Ircon (Karnataka) and NTPC (Rajasthan) operating at rated capacity.
14. Afghanistan dues - \~₹250 cr recovery expected by Q2 FY26 Partial - At the Q4 FY25 call, management said Afghanistan dues (\~₹250 cr net receivable) were hopeful of a large amount coming in by Q2 FY26; expectations then slipped to Q3 (Q1 FY26), to majority in Q4 (Q2 FY26), and by Q1 FY27 the \~₹300 cr ADB portion was told for Q2 "else definitely Q3" after being earlier said for Q1. Q2 FY26 saw \~₹450 cr recovered so far via World Bank/USAID, but as of Q1 FY27 the ADB portion remains outstanding.
15. Tower capacity debottlenecking - additional 10,000-20,000 tons Delivered - At the Q4 FY25 call, management said it may debottleneck for another 10,000-20,000 tons of tower capacity with no active expansion plan right now; the Butibori (Nagpur) expansion of around 10,000 to 12,000 tons then commenced at Q1 FY26, with completion dates moving to year-end, March '26, Q1 FY27 and finally within Q1 FY27. The Butibori expansion was completed in Q1 FY27, taking global manufacturing capacity to 483,800 MT, with the Q4 FY26 PPT citing a \~15% increase to over 4,80,000 MT.
16. FY27 capex - \~₹400 cr Pending - At the Q4 FY25 call, management expected FY27 capex in the same range as FY26 (\~₹400 cr plus), "maybe a similar amount for next year", reiterated at Q4 FY26 as around ₹400 cr. No FY27 capex figure is disclosed as of Q1 FY27; FY26 CWIP rose from ₹38.52 cr to ₹114 cr.
17. Cables value unlocking / dilution decision - "maybe a year or 6 quarters down the line" Pending - At the Q4 FY25 call, management said a decision on cables value unlocking/dilution would be taken "maybe a year or maybe 6 quarters down the line", with no plans to take cables out of KEC even in the long term; at Q4 FY26 management said it would look at strategic action on the cables subsidiary around FY28-29, consistent with "three years from 1st January '25". No strategic action is disclosed as of Q1 FY27; the cables business was transferred to KEC Asian Cables Limited effective January 1, 2025.
18. E-Beam and Elastomeric cables - commercial production Pending - At the Q4 FY25 call, management expected commercial production of E-Beam and Elastomeric cables to commence in Q4 FY26, reiterated as by end of FY26 at Q1 FY26; timelines then moved to elastomeric Q4 FY26 and E-Beam Q1 FY27 (Q2 FY26), end of FY26 (Q3 FY26), Q2 FY27 for both (Q4 FY26), and finally Elastomeric Q2 FY27 and EBM Q3 FY27 (Q1 FY27). As of Q1 FY27 no production commencement is disclosed, with the Q1 FY27 PPT stating Elastomeric in Q2 FY27 and E-Beam in Q3 FY27.
19. Cables margins - reach 8% in 2 years Pending - At the Q4 FY25 call, management expected cables margins to reach 8% in 2 years from 5.7-5.8% in FY25. FY26 Cables & Conductors achieved its highest-ever profitability, but Q1 FY27 cable margins were \~5%, \~200 bps below market, expected to inch up as specialty cables ramp, with no explicit FY26 or FY27 cable margin figure disclosed.
20. Cables revenue - \~₹3,500 cr by FY27 On track - At the Q4 FY25 call, management expected cables revenue of \~₹3,500 cr by FY27, with \~₹2,300-2,400 cr in FY26; at Q4 FY26 the guidance became growth of "at least 15%, if not more" from ₹2,300 cr, and at Q1 FY27 cables were said to do \~₹3,000 cr with current assets. FY26 Cables & Conductors revenue was ₹2,217 cr, growth of 23%, and Q1 FY27 revenue was ₹601 cr, +57% YoY.
21. Water revenue - ₹1,200-1,500 cr target for FY26 Missed - At the Q4 FY25 call, management set a water revenue target of ₹1,200-1,500 cr for FY26, conditional on payments continuing; at Q3 FY26 this was cut to around ₹800 cr for the year. FY26 Civil revenue, which includes water, was ₹3,823 cr, but no separate FY26 water figure is disclosed; Q3 FY26 noted \~₹600 cr of water cash flow in 9M, and Q1 FY27 cited a \~₹1,300 cr water order book still under execution.
22. Railways turnaround - positive in FY27 Pending - At the Q4 FY25 call, management expected railways to turn around and be positive in FY27, saying it had bottomed out and did not want to go below \~₹2,100 cr turnover; later, railways was seen at ₹2,000 cr-plus and flattish (Q2 FY26), subject to "a very conscious decision to degrow" Transportation for a couple of years (Q3 FY26), with about a year further to stabilize (Q4 FY26). FY26 Transportation revenue was ₹1,555 cr, down 26% YoY, and Q1 FY27 was ₹259 cr, down 45% YoY, with no FY27 profitability outcome yet.
23. FY26 interest cost - \~2.5% of revenue Missed - At the Q4 FY25 call, the CFO expected interest cost at about 2.5% of total revenue in FY26, reiterated at Q1 FY26 and Q2 FY26. FY26 interest cost was 2.8% of revenue, and Q1 FY27 interest was 3.3% of revenue.
24. Net working capital - down to \~100 days by end of FY26 Missed - At the Q4 FY25 call, CFO Rajeev Agarwal expected net working capital to come down to closer to about 100 days by end of FY26; this was revised to 110 days at Q1 FY26, around 118-120 days by Q2 FY26, and 110 to 115 days at Q3 FY26. FY26 NWC was 137 days as on 31 March 2026, reducing to 134 days in Q1 FY27.
25. Civil margins - back to at least 7%-8% "in the coming years" Pending - At the Q4 FY25 call, management expected Civil margins to go back to at least 7% to 8% "in the coming years"; at Q2 FY26 this became mid-single digit for FY26, higher single digit the next year, and 9-10% "the year after" (FY28). FY26 Civil revenue was ₹3,823 cr with no explicit margin disclosed; Q2 FY26 Civil was at "significantly lower single-digit margins" and Q1 FY27 water projects were profitable at \~8%-10% margin.
26. Civil business FY26 growth - at least 25% Missed - At the Q4 FY25 call, management expected the Civil business to grow by at least 25% in FY26; this was cut to \~10-12% (maybe 15%) at Q2 FY26 and to a marginal decline vs ₹4,500 cr at Q3 FY26. FY26 Civil revenue was ₹3,823 cr, a decline of 15% YoY, though Civil order intake exceeded ₹5,000 cr, more than double the prior year.
27. FY26 T&D order intake - \~₹20,000-21,000 cr, \~70% of total Partial - At the Q4 FY25 call, management expected \~70% of FY26 order intake from T&D, or \~₹20,000-21,000 cr, roughly equally split between domestic and international. FY26 T&D order inflows were \~₹17,700 cr, representing \~70% of the ₹25,280 cr total, with international T&D orders exceeding ₹11,300 cr.
28. FY26 order intake - \~₹30,000 cr Missed - At the Q4 FY25 call, management guided FY26 order intake of around ₹30,000 cr, reiterated at Q1 FY26. FY26 order intake was ₹25,280 cr, an all-time high but below the ₹30,000 cr target, described by management as "₹25,000-odd crores achieved in FY26".
29. FY27 EBITDA margin - 9% / "closer to 10%" Pending - At the Q4 FY25 call, management said FY27 margin "has to be 9%, yes. No doubt about it", and at Q1 FY26 guided at least 50-100 bps improvement toward closer to 10%; at Q3 FY26 it was "too early right now to say" though FY27 would "definitely be better than" FY26's 7%-7.5%, at Q4 FY26 guidance was declined as "too hazy", and at Q1 FY27 double-digit FY27 margin was "not possible" with high single digit in FY28 "should be possible". Q1 FY27 EBITDA margin was 5.8%, with no full-year outcome yet.
30. FY26 EBITDA margin - 8% to 8.5% Partial - At the Q4 FY25 call, management guided FY26 EBITDA margin of 8% to 8.5%, revised from an earlier 9%, reiterated at Q1 FY26 with confidence of meeting at least the lower end; it was effectively trimmed to 8% at Q2 FY26 and revised down to 7% to 7.5% at Q3 FY26. FY26 EBITDA margin was 7.1% with Q4 FY26 at 7.0%.
31. FY26 revenue growth - 15% to \~₹25,000 cr Missed - At the Q4 FY25 call, management guided FY26 revenue growth of 15%, taking revenue to \~₹25,000 cr, reiterated at Q1 FY26 and Q2 FY26 with 9M growth of 14%. FY26 revenue was ₹23,506 cr, growth of 8% YoY, attributed to Middle East supply-chain disruption, labour shortages and delayed domestic order inflows.
32. KEC equity raise - \~₹1,000 cr for debt reduction Pending - In September 2024, CARE Ratings noted KEC plans to raise equity in the near term, of which \~₹1,000 cr would be utilised towards growth capital for reduction of debt. No equity raise is disclosed as of Q1 FY27, and at Q4 FY25 management clarified no intention to raise capital at KEC level.
33. FY25 PBILDT margin - \~8% (CARE rating sensitivity) Missed - In September 2024, CARE Ratings anticipated KEC's consolidated PBILDT margin to remain \~8% in FY25, a key rating sensitivity. FY25 closed with an OPM of 6.88% on a statement basis, and CARE's negative sensitivity flagged inability to improve PBILDT margins above 7.5% - well short of the anticipated level.
34. NCD issuance - \~₹500 cr Missed - In September 2024, CARE Ratings noted a long-term fund-raising plan including issuance of NCDs of \~₹500 cr expected to improve capital structure. In December 2025, CARE reaffirmed ratings but the NCD rating was withdrawn as the instrument was not placed.
35. Railway cables/conductors capacity enhancements - completion by H1 FY21 Missed - The FY20 Annual Report stated railway cables/conductors capacity enhancements were planned to be completed by H1 FY21. The deadline lapsed without any completion disclosure in our record; an aluminium conductor plant at Vadodara was commissioned only in March 2025.
36. ICRA FY2025 OPM expectation - \~7.75-8.25% Missed - In May 2024, ICRA expected OPM to improve further to \~7.75-8.25% during FY2025. FY25 OPM was 6.88%, with FY25 EBITDA margin of 7.0%.
37. ICRA FY2024 OPM expectation - \~6.8-7% Missed - In May 2024, ICRA expected KEC's OPM at \~6.8-7% during FY2024. FY24 OPM was 6.10%, with FY24 EBITDA margin of 6.1%.
38. KEC equity raise - \~₹1,000 cr for debt reduction Pending - Wait - skipped. See next.
39. FY23 order intake - ₹18,000-20,000 cr Delivered - At the FY23 call, management guided FY23 order intake of ₹18,000-20,000 cr. FY23 order intake was ₹22,378 cr, the highest ever, growth of 30%.
40. FY23 revenue growth - 15%/20% YoY Delivered - At the FY23 call, management guided FY23 revenue growth of 15%/20% YoY. FY23 revenue was ₹17,282 cr, growth of 26% YoY.