KEC International, Power Grid, Reliance Power, Solarworld report Q3 FY26 results

KEC International Limited, Power Grid Corporation of India Limited, Reliance Power Limited, and Solarworld Energy Solutions Limited have announced their financial results for the third quarter of FY26 and the nine month period ended December 31, 2025.

KEC International reported higher consolidated revenue and improved operating profitability during the quarter, while reported profit after tax remained broadly flat due to an exceptional provision. Consolidated revenue for Q3 FY26 rose 12% year on year to Rs 6,001 crore, compared with Rs 5,349 crore a year earlier. Revenue for the nine month period increased 14% to Rs 17,116 crore from Rs 14,975 crore in 9M FY25.

EBITDA for the quarter increased 15% to Rs 430.3 crore, with margins at 7.1% compared with 7.0% last year. Operating profit after tax rose 32% to Rs 171 crore for the quarter and 51% to Rs 457 crore for the nine month period. Reported PAT for Q3 FY26 was Rs 127 crore, compared with Rs 130 crore a year earlier, after an exceptional provision of Rs 59 crore related to the new labour code. Nine month PAT increased to Rs 413 crore from Rs 303 crore. As of December 31, 2025, the company’s order book, including lowest bidder projects, exceeded Rs 41,000 crore, while net debt stood at Rs 6,806 crore and net working capital increased to 135 days.

Power Grid reported revenue from operations of Rs 11,005.28 crore in Q3 FY26, up 8.70% from Rs 10,120.72 crore in the same quarter last year. Total income rose to Rs 12,436.03 crore, while net profit increased 6.80% to Rs 4,160.17 crore. Earnings per share rose to Rs 4.47 from Rs 4.19.

EBITDA for the quarter stood at Rs 10,650.00 crore, marking an 11.60% increase year on year. EBITDA margin expanded to 85.95% from 84.92%. During the quarter, the board approved a second interim dividend of Rs 3.25 per share and authorised borrowing of up to Rs 32,000 crore.

Reliance Power reported a 40% year on year decline in consolidated PAT for Q3 FY26, at Rs 2,511 lakh, compared with Rs 4,195 lakh in the same period last year. For the nine month period ended December 2025, consolidated PAT stood at Rs 15,711 lakh, sharply lower than Rs 2,82,180 lakh in the previous year. The earlier period included a one time exceptional gain of Rs 3,23,042 lakh from subsidiary deconsolidation. Consolidated revenue increased marginally to Rs 1,87,284 lakh from Rs 1,85,284 lakh.

On a standalone basis, the company reported a net loss of Rs 67 lakh for the quarter, compared with a profit of Rs 32 lakh a year earlier. Standalone operating margins deteriorated to minus 191%. Liquidity indicators weakened, with the standalone Current Ratio declining to 0.16 from 0.36 and the Interest Service Coverage Ratio falling to 0.97 from 1.16. The quarter was also marked by regulatory and legal developments involving subsidiary Rajasthan Sun Technique Energy Private Limited, the Enforcement Directorate, the Securities and Exchange Board of India, and arbitration proceedings at subsidiary Samalkot Power Limited.

Solarworld Energy Solutions reported total income of Rs 5,878 million for Q3 FY26, a 187% increase year on year. Revenue from operations rose 184% to Rs 5,782 million, while PAT increased 15% to Rs 492 million.

EBITDA for the quarter stood at Rs 754 million, up 26% year on year, although EBITDA margin declined to 12.8% from 29.3%. For the nine month period ended December 2025, revenue from operations increased 113% to Rs 7,843 million, while PAT rose to Rs 714 million from Rs 676 million. As of December 31, 2025, the company reported an order book of Rs 26,220.90 million.

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