Kay Cee Energy & Infra

Listed EPC / O&M — per-stock model.

As of 21 Aug 2026

EPC / O&M—

CMP ₹85NSE: KCEIL

Latest concall

H2 & FY26 · 16 May 2026

FY26 revenue Rs165.6cr, EBITDA Rs33cr, PAT Rs18.8cr, EPS Rs15.47 (consolidated)
Missed ~Rs270-300cr revenue target; Rs50-60cr ERS supplies delayed by Mideast war
Deferred revenue slips into FY27; raw-material price volatility pressured margins
H2 FY26 revenue Rs81.6cr, PAT Rs9.6cr

Order-book execution

Rs50-60cr delayed ERS supplies expected to be executed/recognised in FY27.

Management guidance

Deferred ERS supplies to be recognised in FY27; EBITDA margin held ~18-20%

H2 & FY26 results + earnings call, 16 May 2026

Order book

₹537cr

Revenue FY26E

164₹ cr

EBITDA margin

19%

P/E

5.5×

Financials

Annual · ₹ crore · E = estimate.

Annual financials

₹ crore · FY25 → FY28E

Period	Revenue	EBITDA	EBITDA %	PAT	Gross %	ROE %	ROCE %	Capex	Net debt	EPS ₹	WC days
FY25	153	27	18.0%	17	—	—	—	—	—	15.6	—
FY26	164	32	19.0%	19	—	—	—	—	—	15.4	—

Source NSE Emerge (SME)· As of 21 Aug 2026

Revenue, EBITDA & margin

Bars ₹cr (left) · margin % (right)

Source NSE Emerge (SME)· As of 21 Aug 2026

Quarterly

₹ crore · recent quarters.

Quarterly financials

₹ crore

Quarter	Revenue	EBITDA	EBITDA %	PAT	PAT %
Q4FY25	115	19	17.0%	12	10.4%
Q2FY26	83	15	18.0%	9	10.8%
Q4FY26	81	16	20.0%	10	12.3%

Source NSE Emerge (SME)· As of 21 Aug 2026

Revenue & margin trend

Bars ₹cr (left) · margin % (right)

Source NSE Emerge (SME)· As of 21 Aug 2026

Valuation

As of 21 Aug 2026

P/E

5.5×

EV / EBITDA

5.6×

P/B

1.0×

Operating & order mix

Unit economics and the order book.

Shareholding

% · as of 31 Mar 2026

Shareholding pattern

Source NSE Emerge (SME)· As of 21 Aug 2026