Cables hold the line: KEC’s aluminium conductor Phase II rolls on as revenue jumps 17%

India-based KEC International Limited is pushing ahead with Phase II of its aluminium conductor capacity expansion, even as a difficult second quarter dragged consolidated profit down. The Q2 FY27 investor presentation, dated November 2, lists the expansion as underway in its Cables & Conductors business, one of the few segments that grew in the quarter.

The update comes over a year after KEC’s commissioning of the first phase of the plant in Vadodara in February 2025, marking an investment of about INR 600 million (USD 6.33 million). The company has not disclosed the capacity to be added, the investment or a completion date.

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KEC International Limited reported a weaker Q2, with lower revenue and sharply lower profit, as supply-chain disruptions in the Middle East, right-of-way (RoW) and land acquisition issues in India T&D, and calibrated supplies amid elevated global costs weighed on execution.

Vimal Kejriwal, Managing Director & CEO, said, “We navigated a challenging operating environment during the quarter on account of continued geopolitical and supply chain disruptions in the Middle East… Despite these near-term headwinds, we delivered sequential Revenue growth, led by our T&D business.”

Financial highlights: H1 FY27 vs H1 FY26

• Revenue: INR 104.91 billion, down 6 per cent Y-o-Y from INR 111.14 billion.
• EBITDA: INR 5.62 billion, down 28 per cent Y-o-Y from INR 7.81 billion. 
• Interest cost: INR 3.55 billion, up 10 per cent Y-o-Y from INR 3.23 billion. 
• Profit before tax (PBT): INR 1.31 billion, down 65 per cent Y-o-Y from INR 3.71 billion. 
• Profit after tax (PAT): INR 1.02 billion, down 64 per cent from INR 2.85 billion. 

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Financial highlights: Q2 FY27 vs Q2 FY26

• Revenue: INR 54.68 billion, down 10 per cent year-on-year (Y-o-Y) from INR 60.92 billion, but up 9 per cent quarter-on-quarter (Q-o-Q) against Q1 FY27.
• EBITDA: INR 2.71 billion, down 37 per cent Y-o-Y from INR 4.3 billion.
• EBITDA margin: 5 per cent against 7.1 per cent a year earlier.
• Interest cost: INR 1.91 billion, up 11 per cent Y-o-Y from INR 1.71 billion. 
• PBT: INR 4.1 million, down 81 per cent Y-o-Y from INR 2.13 billion. 
• PAT: INR 3 million, down 82 per cent Y-o-Y from INR 1.61 billion. 

Revenue has still improved with time, propelled by T&D, and the order book hit a record. Aluminium conductor capacity expansion (Phase II) remains underway within the Cables & Conductors business. 

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Regarding the upcoming months, Kejriwal stated that “With an order book and L1 position” worth INR 435 billion (approx.) alongside a tender pipeline exceeding INR 200 trillion, the company is “confident of an improved performance in the coming quarters.”

Note: As of November 4, INR 1=USD 0.11