Small-cap companies with solid financials and healthy order books often point to strong growth potential. This article highlights four such firms whose order books are far larger than their projected FY25 revenue, some by as much as 10.31 times. Such strength reflects robust business visibility, steady demand, and exciting opportunities for expansion in the years ahead.
1. K E C International Limited
With a market capitalization of Rs. 22,742.80 crore, the shares of K E C International Limited were currently trading at Rs. 854.35 per equity share. As of June 30, 2025, K E C International Limited’s total order book stands at over Rs. 40,000 crore, which includes Rs. 26,000 crore from T&D, Rs. 10,000 crore from Civil, and the remaining orders from Transportation, Cables, Renewables, and Oil & Gas.
K E C International Limited’s revenue has increased from Rs. 19,914 crore in FY24 to Rs. 21,847 crore in FY25, which has grown by 9.71 percent. The company’s order book is 1.83 times larger than its revenue for the financial year 2025.
KEC International Limited was founded in 1945 as Kamani Engineering Corporation and is a leading global infrastructure EPC company headquartered in Mumbai. It operates in power transmission, railways, civil, renewable energy, and cables sectors. The company is part of the RPG Group and has a strong manufacturing and engineering footprint worldwide.
2. Power Mech Projects Limited
With a market capitalization of Rs. 9,674.59 crore, the shares of Power Mech Projects Limited were currently trading at Rs. 3,060 per equity share. As of June 30, 2025, Power Mech Projects Limited’s total order book stands at Rs. 53,972 crore. The order book is dominated by Mining (73.34 percent), followed by Civil & Other Work (16.72 percent), with smaller contributions from O&M (4.61 percent), Erection (3.86 percent), and Electrical Works (1.48 percent).
Power Mech Projects Limited’s revenue has increased from Rs. 4,207 crore in FY24 to Rs. 5,234 crore in FY25, which has grown by 24.41 percent. The company’s order book is 10.31 times larger than its revenue for the financial year 2025.
Power Mech Projects Limited was founded in 1999 by S. Kishore Babu and is a Hyderabad-based company providing infrastructure and construction services in the power sector. It specializes in erection, testing, commissioning, operation, and maintenance of power plants in India and abroad.
3. Titagarh Rail Systems Limited
With a market capitalization of Rs. 11,339.53 crore, the shares of Titagarh Rail Systems Limited were currently trading at Rs. 842 per equity share. As of June 30, 2025, Titagarh Rail Systems Limited’s total order book stands at Rs. 26,021 crore. This includes Rs. 12,695 crore from standalone operations and Rs. 13,326 crore as the company’s share from joint ventures.
Titagarh Rail Systems Limited’s revenue has increased from Rs. 3,853 crore in FY24 to Rs. 3,868 crore in FY25, which has grown by 0.39 percent. The company’s order book is 6.73 times larger than its revenue for the financial year 2025.
Titagarh Rail Systems Limited was established in 1997 and is an Indian company that manufactures railway freight wagons, passenger coaches, metro trains, and components. It serves Indian Railways and global markets, supporting infrastructure with advanced transit and propulsion systems.
4. Rites Limited
With a market capitalization of Rs. 12,613.45 crore, the shares of Rites Limited were currently trading at Rs. 262.45 per equity share. As of June 30, 2025, Rites Limited’s total order book stands at Rs. 8,790 crore. The largest share comes from Turnkey projects (Rs. 4,209 crore), followed by Consultancy (Rs. 2,903 crore) and Exports (Rs. 1,388 crore). Smaller contributions include Lease (Rs. 170 crore) and REMC Ltd (Rs. 120 crore), reflecting a healthy mix of domestic, international, and service-oriented contracts.
Rites Limited’s revenue has decreased from Rs. 2,453 crore in FY24 to Rs. 2,218 crore in FY25, which is a drop of 9.58 percent. The company’s order book is 3.96 times larger than its revenue for the financial year 2025.
RITES Limited, established in 1974, is an Indian government-owned company under the Ministry of Railways. It provides engineering consultancy, project management, and transport infrastructure services for railways, highways, airports, and ports in India and abroad.
5. PSP Projects Limited
With a market capitalization of Rs. 2,795.94 crore, the shares of PSP Projects Limited were currently trading at Rs. 705.30 per equity share. As of June 30, 2025, PSP Projects Limited’s total order book stands at Rs. 6,514 crore. The order book is primarily driven by Government projects (45 percent) and Institutional projects (43 percent), together accounting for nearly nine-tenths of the total. The balance is contributed by Residential projects (8 percent) and Industrial projects (4 percent)
PSP Projects Limited’s revenue has increased from Rs. 2,506 crore in FY24 to Rs. 2,512 crore in FY25, which has grown by 0.24 percent. The company’s order book is 2.59 times larger than its revenue for the financial year 2025.
PSP Projects Limited was incorporated in 2008 and is an Indian construction company offering diverse services across industrial, institutional, residential, and government projects. It works from planning to post-construction and has expanded beyond Gujarat to other states in India.
Written By – Nikhil Naik
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