KAY CEE order book is 87.1% tied to Rajasthan utility

KAY CEE reported that Rajasthan Rajya Vidyut Prasaran Nigam Limited accounted for 87.1% of its Rs 377.63 crore unexecuted order book at 30 September 2026. The remaining Rs 48.58 crore was distributed among eight disclosed customers, while six recently announced orders included Rs 68.25 crore of work from the Rajasthan transmission utility.

How concentrated is KAY CEE's unexecuted order book?

KAY CEE's unexecuted order book is concentrated with Rajasthan Rajya Vidyut Prasaran Nigam Limited, referred to as RVPN in the presentation, which held Rs 329.05 crore of the Rs 377.63 crore total on 30 September 2026. That equals 87.1% of the disclosed order book. The eight other named customers together represented Rs 48.58 crore, or 12.9% of the total.

This customer mix means that the stated order book is principally linked to one state transmission utility rather than being spread evenly across public and private customers. RVPN's Rs 329.05 crore position was more than 25 times the Rs 12.89 crore disclosed for Power Grid Corporation of India Limited, the next-largest customer. The presentation does not provide an execution schedule or customer-wise completion dates for the Rs 377.63 crore book.

Which customers diversify KAY CEE beyond RVPN?

KAY CEE's largest disclosed customer outside RVPN was Power Grid Corporation of India Limited, with Rs 12.89 crore of unexecuted work at 30 September 2026. Railway - Palakkad Division followed with Rs 8.75 crore, while the National Highways Authority of India, or NHAI, had Rs 6.29 crore and Gawar Construction Limited had Rs 6.07 crore. No disclosed non-RVPN position was above Rs 12.89 crore.

The non-RVPN book spans transmission, highways, railway, construction and industrial customers. The two railway divisions together accounted for Rs 13.03 crore, comprising Rs 8.75 crore for Palakkad and Rs 4.28 crore for Secunderabad. Power Grid Corporation of India Limited and the two railway divisions together therefore accounted for Rs 25.92 crore, still substantially below RVPN's Rs 329.05 crore position.

What do KAY CEE's recent orders show about customer dependence?

KAY CEE's six recently announced orders totalled Rs 77.31 crore, including goods and services tax, of which five RVPN orders totalled Rs 68.25 crore. The largest, worth Rs 21.84 crore, covers substation and transmission-line maintenance across the Bhilwara, Chittorgarh and Udaipur circles in Ajmer Zone. A further Rs 17.15 crore RVPN order covers 220 kilovolt (kV) and 132 kV substations and transmission lines in Jaipur Rural Circle.

The other RVPN contracts were Rs 12.09 crore for 220 kV extra-high-voltage substations and lines across Jaisalmer, Ramgarh and Bhadla circles, Rs 9.27 crore for 220 kV and 132 kV assets in Hindaun Circle, and Rs 7.90 crore for modifying the 132 kV Abu Road - RIICO Abu Road line near Siyawa village. These five assignments cover maintenance and modification work across several Rajasthan locations, rather than a single project site.

NHAI supplied the only non-RVPN order in the six-contract list, valued at Rs 9.06 crore. It covers utility shifting and height raising of the 765 kV Anta-Phagi transmission line at the Delhi-Mumbai Expressway. Its value was less than half the Rs 21.84 crore Ajmer Zone RVPN contract, reinforcing the concentration visible in the 30 September 2026 customer breakdown.

How does KAY CEE's order book compare with H1 FY27 revenue?

KAY CEE's Rs 377.63 crore unexecuted order book was about 2.82 times its Rs 133.89 crore revenue in the first half, or H1, of financial year (FY) 2027. This compares the order book reported at 30 September 2026 with revenue recognised in H1 FY27. The presentation does not state how much of the order book will be executed in FY27 or in later financial years.

Revenue increased from Rs 83.33 crore in H1 FY26 to Rs 133.89 crore in H1 FY27, while total income rose 59.92% to Rs 134.36 crore. Earnings before interest, tax, depreciation and amortisation, or EBITDA, increased 68.77% to Rs 27.17 crore. Profit after tax, or PAT, rose 83.76% to Rs 16.87 crore from Rs 9.18 crore in the prior-year half.

The H1 FY27 EBITDA margin was 20.22%, compared with 19.16% in H1 FY26, and the PAT margin was 12.55%, against 10.93%. Raw-material costs rose from Rs 41.45 crore to Rs 71.07 crore, while finance costs increased from Rs 3.66 crore to Rs 4.43 crore. Management attributed the margin improvement to pricing power and optimisation of employee and finance costs.

What plans could affect KAY CEE's future order conversion?

Management said KAY CEE is pursuing FY27 growth while maintaining its EBITDA and PAT levels and expanding into Maharashtra, Uttar Pradesh, West Bengal and Bihar. The presentation did not provide a numerical revenue, margin or order-book target for these markets. Its disclosed Rs 377.63 crore order book at 30 September 2026 remains weighted towards Rajasthan through RVPN's Rs 329.05 crore share.

Management also said Plant II, previously expected to begin commercial production in FY 2026-27, has been deferred. It attributed the reassessment to an unprecedented rise in raw-material prices following the ongoing war and said the production timeline had been revised in line with cost dynamics and market conditions. No new Plant II commissioning date was disclosed in the presentation.

Conclusion

KAY CEE's disclosed order book provides a clear view of pending work, but it also shows a high level of customer concentration. RVPN represented Rs 329.05 crore of the Rs 377.63 crore book at 30 September 2026, and its five contracts made up Rs 68.25 crore of the Rs 77.31 crore in recently announced orders. Revenue and PAT also increased in H1 FY27, to Rs 133.89 crore and Rs 16.87 crore respectively.

The next disclosures to watch are KAY CEE's conversion of the 30 September 2026 unexecuted order book, its progress in Maharashtra, Uttar Pradesh, West Bengal and Bihar, and any revised Plant II timetable. Management has said Plant II was deferred from its earlier FY 2026-27 commercial-production expectation, but the presentation does not specify a replacement date.