Kay Cee H1 FY27 PAT rises 84% as revenue and margins expand

KAY CEE ENERGY & INFRA LIMITED reported profit after tax of Rs 16.8694 crore in H1 FY27, up 83.76% from Rs 9.18 crore in H1 FY26, while revenue rose 60.67% to Rs 133.8853 crore and PAT margin increased to 12.55% from 10.93%.

How did Kay Cee’s revenue and profit change in H1 FY27?

Kay Cee’s revenue increased to Rs 133.8853 crore in H1 FY27 from Rs 83.3276 crore in H1 FY26, a rise of 60.67%. Total income, which includes other income, rose 59.92% to Rs 134.3646 crore from Rs 84.02 crore. Other income declined to Rs 47.93 lakh from Rs 69.24 lakh over the same comparison.

Profit grew faster than income during the six-month period. Earnings before interest, tax, depreciation and amortisation, or EBITDA, rose 68.77% to Rs 27.1679 crore from Rs 16.0976 crore. Profit before tax, or PBT, increased 83.59% to Rs 22.6297 crore from Rs 12.3259 crore, and profit after tax, or PAT, rose 83.76% to Rs 16.8694 crore.

The difference between revenue and profit growth is also reflected in earnings per share, or EPS, which increased to Rs 13.80 in H1 FY27 from Rs 7.61 in H1 FY26. Tax rose to Rs 5.7603 crore from Rs 3.1459 crore, while the increase in PBT was larger, leaving PAT growth above both revenue and total-income growth.

Why did Kay Cee’s margins expand in H1 FY27?

Kay Cee’s EBITDA margin increased by 1.06 percentage points to 20.22% in H1 FY27 from 19.16% in H1 FY26, while PAT margin increased by 1.62 percentage points to 12.55% from 10.93%. The margins expanded as EBITDA grew 68.77%, faster than the 59.92% increase in total income.

Total expenditure rose 57.82% to Rs 107.1967 crore in H1 FY27 from Rs 67.9224 crore in H1 FY26. This was below the rate of total-income growth, producing EBITDA of Rs 27.1679 crore on total income of Rs 134.3646 crore, compared with EBITDA of Rs 16.0976 crore on total income of Rs 84.02 crore a year earlier.

Management attributed the result to pricing power and effective optimisation of employee and finance costs. Management also said Kay Cee was pursuing its FY27 growth targets while maintaining EBITDA and PAT levels, but the presentation did not provide a full-year revenue, EBITDA or PAT target.

Which Kay Cee cost lines changed during H1 FY27?

Kay Cee’s raw-material expense rose to Rs 71.0702 crore in H1 FY27 from Rs 41.4476 crore in H1 FY26, while direct expenses increased to Rs 23.2519 crore from Rs 14.957 crore. These two operating cost lines totalled Rs 94.3221 crore in H1 FY27, against total expenditure of Rs 107.1967 crore.

Employee costs increased to Rs 8.9777 crore from Rs 8.3332 crore, an increase of Rs 64.45 lakh, and other expenses rose to Rs 3.8969 crore from Rs 3.1846 crore. The presentation identifies these cost movements but does not provide individual explanations for changes in raw materials, direct expenses or other expenses.

Finance costs increased to Rs 4.4277 crore from Rs 3.6641 crore, while depreciation was Rs 11.05 lakh compared with Rs 10.76 lakh. Despite the higher finance cost, PBT rose to Rs 22.6297 crore from Rs 12.3259 crore as EBITDA increased by Rs 11.0703 crore.

What does Kay Cee’s order book show after H1 FY27?

Kay Cee reported an unexecuted order book of Rs 377.6296 crore as of 30 September 2026. Rajasthan Rajya Vidyut Prasaran Nigam Limited accounted for Rs 329.0478 crore of that total, while Power Grid Corporation of India Limited accounted for Rs 12.8949 crore and Railway-Palakkad Division accounted for Rs 8.7474 crore.

The company also disclosed Rs 77.31 crore of recently announced orders, including goods and services tax, or GST. The six orders included a Rs 21.84 crore Rajasthan Rajya Vidyut Prasaran Nigam maintenance contract across Bhilwara, Chittorgarh and Udaipur circles, and a Rs 17.15 crore maintenance contract in Jaipur Rural Circle. The presentation does not state whether the Rs 77.31 crore announced-order figure overlaps with the unexecuted order book.

Management said the order book and bid pipeline provided revenue visibility and that Kay Cee was expanding into Maharashtra, Uttar Pradesh, West Bengal and Bihar. It also said the company had adequate working capital and no plans for equity dilution in the near term, without disclosing a working-capital balance or a value for the bid pipeline.

Conclusion

Kay Cee’s H1 FY27 income statement shows PAT rising faster than revenue, with PAT increasing 83.76% to Rs 16.8694 crore and revenue increasing 60.67% to Rs 133.8853 crore. EBITDA and PAT margins increased as total expenditure grew 57.82%, below the 59.92% growth in total income.

The next disclosed matter to watch is Plant II’s revised production schedule. Management said commercial production had earlier been expected in FY 2026-27, but deferred manufacturing plans after an unprecedented rise in raw-material prices following the ongoing war; no replacement date was provided. Order execution from the Rs 377.6296 crore unexecuted order book as of 30 September 2026 is another stated operating measure to monitor.