India's largest EPC group; its Power Transmission & Distribution business builds substations, lines and grid projects in India and the Gulf (also in the energy sector for generation EPC)
Price
₹4,118
snapshot 6 Nov 2026
Strengths
Among the largest T&D EPC players globally, with big Middle East grid orders (Saudi Arabia, UAE)
Balance sheet and execution scale few rivals match
Can bid for HVDC civil and 765 kV packages
Risks
T&D is one division of a conglomerate - small share of group earnings
Middle East concentration in large orders
Selective bidding means it does not chase every Indian TBCB EPC job
Key stats — company snapshot as of 6 Nov 2026
Mkt Cap
₹5.68L Cr
Stock P/E
30.0x
Div Yield
0.92%
ROCE
14.6%
ROE
15.9%
P/B
5.0x
Revenue growth
+11.8%FY26
Profit growth
+7.2%FY26
Net margin
6.6%FY26
1Y vs Nifty
+8 ptsNifty −1.9%
Revenue, ₹ Cr (5-yr) — company table
1,56,521FY22
1,83,341FY23
2,21,113FY24
2,55,734FY25
2,85,874FY26
Stock price return · as of 6 Nov 2026
1Y price return
+6%
3Y CAGR
+12%
5Y CAGR
+17%
Trend62nd percentile
52-week range as of 6 Nov 2026 vs snapshot price · 7.3% below its high
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