RPG group EPC major and one of the world's largest transmission-tower builders; T&D is about three-fifths of its order book, alongside civil, railways and cables
Price
₹333.00
snapshot 6 Nov 2026
Strengths
Order book including L1 bids passed ₹40,000 Cr in Jun 2026, with power T&D ~62% of the unexecuted book
Long track record in Middle East (Saudi Arabia, UAE), Africa and the Americas, plus own tower and cable plants
Power T&D was 57% of FY27 order inflow so far - the core business is growing again
Risks
Q1 FY27 profit fell ~42% on flat revenue - margins in non-T&D segments and legacy contracts drag
Fixed-price contracts exposed to steel and zinc prices
High working capital and debt for an EPC company
Key stats — company snapshot as of 6 Nov 2026
Mkt Cap
₹8,871 Cr
Stock P/E
18.9x
Div Yield
1.65%
ROCE
16.5%
ROE
11.4%
P/B
1.5x
Revenue growth
+7.6%FY26
Profit growth
+6.1%FY26
Net margin
2.6%FY26
1Y vs Nifty
−56 ptsNifty −1.9%
Revenue, ₹ Cr (5-yr) — company table
13,742FY22
17,282FY23
19,914FY24
21,847FY25
23,506FY26
Stock price return · as of 6 Nov 2026
1Y price return
−58%
3Y CAGR
−16%
5Y CAGR
−7%
Trend1st percentile
52-week range as of 6 Nov 2026 vs snapshot price · 59% below its high
Note: Railways is a named segment but not broken out numerically
Market cap, ratios, CAGR and revenue: company table snapshot as of 6 Nov 2026 (the same figures on every page). Price: snapshot as of 6 Nov 2026. Not investment advice.
Where it fits
Designs, fabricates and galvanises steel towers and foundations, then builds and strings the line on a turnkey (EPC) contract for POWERGRID, Adani Energy Solutions, state transcos and overseas utilities. The EPC firm usually also buys the conductor and hardware, so it controls most of a line's cost.
Why it matters
Lines are the biggest single slice of grid capex, and the order books show it: KEC's order book (with L1 bids) passed ₹40,000 Cr and Kalpataru's hit a record ₹66,607 Cr in Jun 2026, with T&D the largest part of both. When awards stall (FY25 line additions fell to 8,830 ckm), these companies feel it first.
Where the value pool sits
A large but low-margin pool: tower EPC earns roughly 6-10% EBITDA, squeezed by steel and zinc prices, labour and fixed-price contracts. Returns depend on execution speed, working capital and the mix of overseas work (Middle East, Africa, Latin America), which usually pays better than domestic TBCB jobs.
Key drivers
NEP ISTS pipeline: ~₹2.64L Cr of schemes still in planning or bidding (CareEdge, Jan 2026)
Renewable evacuation from Rajasthan, Gujarat, Andhra Pradesh and Karnataka REZs
Gulf and African grid build-outs (Saudi Arabia, UAE) for Indian EPC firms
Reconductoring and high-capacity lines for data-centre and city demand
Potential bottlenecks
Right-of-way: farmers' compensation disputes and forest clearances delay many ISTS lines
Skilled gangs for stringing and erection, especially at 765 kV
Working capital tied up in milestone billing and retention money
Investor metrics to watch
T&D order book and L1 position (₹ Cr) and book-to-bill