Kayceeenergyinfra earnings calls.

Kaycee Energy & Infra reported a challenging Q4 FY26 with H2 revenue of ₹81.57 crore declining from H2 FY25's ₹115 crore—attributed to ₹50-60 crore of deferred ERS (Emergency Restoration System) shipments delayed due to geopolitical disruptions affecting shipping from the UAE region. Management explicitly chose margin protection over revenue acceleration, rejecting cheaper local sourcing that would have shrunk EBITDA margins by 30-40%. The company maintained EBITDA margins at 10-12% and PAT at 10% by accepting revenue deferral rather than margin compression. The order book stands at ₹481 crCurrent ₹481 Cr. Reported change: ₹94 Cr decline from Oct-25.ore (executable over 18 months), with a ₹300 crCurrent ₹300 Cr. Reported change: Pending finalization.ore tender pipeline pending government decisions—particularly in Rajasthan where tender finalization has stalled for 6-8 months with repeated cancellations and re-tenders. The company is expanding geographically to Bihar and Assam while building captive manufacturing for CT/CVT transformers expected to contribute 5-7% of turnover with 1-2% PAT margin improvement. Working capital concerns are being addressed as retention money (₹50-60 crore of the ₹102 crCurrent ₹102 Cr. Reported change: 63% of revenue trapped.ore other current assets) gets released over the next 2-3 months. Risk: Heavy Rajasthan concentration (72% of order book from RVPNL) combined with 6-8 months of tender finalization delays creates meaningful execution uncertainty.