• Order intake: KEC reported ₹8,600 crore of inflows and almost ₹7,500 crore of L1 orders, which it expects to convert quickly; management said inflows could reach around 15, 16,000 crores in a month. With a pipeline of more than ₹2 lakh crore, it remains confident of getting around the FY27 target of 30,000 crores, though Middle East order finalizations have slowed in one or two countries.
• Order book execution: Management put the order book at around 41, 42, not ₹46,000 crore. Most orders run 12 to 24 months, and the entire book should be executed within this year and next year, by FY28.
• Middle East exposure: Execution across around 25 projects has continued despite disturbances, but logistics issues could have a 500, 600 crores revenue impact based on current conditions. Management also noted that tenders for war-proof, missile-proof substations could be worth double, potentially bringing tailwinds once conditions settle.
• T&D margins: Management expects T&D margins to remain at current levels or improve slightly, citing large and more complex projects and less competitive intensity. It sees continued demand from government plans including 1,85,000 crores of REZ-III and 900 GW of renewable by 2035.
• HVDC opportunity: KEC sees the transmission-line portion of each HVDC project as a 4 to 5,000 crores market, with 7 or 8 HVDCs expected in the next few years. Converter-station work could add another 500, 600 crores of opportunity; management said no investment is required for the capabilities.