KEC International Limited (NSE: KEC) has reported an FY27 order book above ₹39,000 crore, while L1 orders of nearly ₹3,000 crore take the combined position above ₹40,000 crore. The company also has a tender pipeline exceeding ₹2 lakh crore. The latest order inflow includes ₹1,303 crore across Transmission & Distribution and Cables & Conductors. This gives the company visibility across India, the Middle East and the Americas, rather than relying on a single geography. My view: The order book supports medium-term revenue visibility, but conversion remains the key issue. KEC needs to execute this backlog while protecting margins and working capital. The company has maintained FY27 revenue-growth guidance of 12–15%, making execution against this guidance an important trigger. What to watch next: Order intake, execution pace and margin recovery through Q2 and Q3 FY27.

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