KEC International Ltd logo

KEC International Ltd

KEC NSE

KEC International is a global infrastructure EPC major. It has presence in the verticals of Power Transmission and Distribution, Railways, Civil, Urban Infrastructure, Solar, Oil & Gas Pipelines, and Cables. It is the flagship Company of the RPG Group.[1]

AI Verdict: BUY Confidence: 6%

KEC International enjoys strong analyst consensus with 82% buy ratings, consistent 11% sales CAGR over 10 years, and accelerating profit growth at 55% CAGR over 3 years. However, the sharp 40% stock decline in the past year and modest ROE of 10.9% warrant caution, making this a conviction buy only for patient investors with a 2-3 year horizon.

Key Fundamentals

SmallcapCivil ConstructionConstruction
Market Cap
₹14,210 Cr
Volatility
Moderate
P/E Ratio
23.22
EBITDA
₹1,600 Cr
Return on Equity
8.47%
Debt to Equity
0.84
Book Value
₹231.39
EPS
₹15.25
52W High
₹947
52W Low
₹466

Technical Indicators

Key Insights

Strengths

1
  • Company has been maintaining a healthy dividend payout of 26.5%

Weaknesses

1
  • Company has a low return on equity of 10.9% over last 3 years.

Growth Rate

Revenue Growth
7.24% ↗
Net Income Growth
6.66% ↘
Cash Flow Change
34.68% ↗
ROE
25.97% ↘
ROCE
-2.83% ↘
EBITDA Margin (Avg.)
-5.43% ↘

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 3d ago
BUY
Risk high

KEC International enjoys strong analyst consensus with 82% buy ratings, consistent 11% sales CAGR over 10 years, and accelerating profit growth at 55% CAGR over 3 years. However, the sharp 40% stock decline in the past year and modest ROE of 10.9% warrant caution, making this a conviction buy only for patient investors with a 2-3 year horizon.

Bull Case 8
  • Overwhelming analyst consensus with 81.82% buy ratings (18 out of 22 analysts recommend buy)
  • Compounded profit growth of 55% CAGR over 3 years indicates strong earnings momentum
  • Consistent revenue compounder with 11% compounded sales CAGR over 10 years
  • TTM profit growth of 15% shows continued earnings expansion in the most recent period
  • Healthy dividend payout ratio of 26.5% demonstrates shareholder-friendly capital allocation
  • P/E of 23.1x is reasonable for an industrial compounder with double-digit earnings growth
  • 10-year stock CAGR of 15% demonstrates long-term wealth creation track record
  • P/B of 2.27x is moderate for an asset-heavy EPC company with improving profitability
Bear Case 8
  • Stock has declined 40% over the past 1 year, indicating severe near-term sentiment deterioration
  • Low return on equity of 10.9% over 3 years suggests suboptimal capital efficiency for an industrial company
  • 3-year stock CAGR of -1% shows the market has not rewarded recent profit growth
  • 5-year compounded profit CAGR of only 3% reveals that recent profit surge follows years of stagnation
  • 5-year stock CAGR of just 4% significantly lags broader market returns over the same period
  • Dividend yield of only 1.05% provides limited downside cushion at current levels
  • 5-year ROE average of only 10% is below cost of equity for most industrial firms
  • TTM sales growth has decelerated to 8% from the 3-year CAGR of 11%, signaling potential slowdown

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 1d ago
Headwinds 2
  • Sharp stock decline over 12 months May 27

    KEC International shares show -42.06% return over 1 year, -28.67% over 6 months, and -13.22% over 1 month, indicating sustained selling pressure despite order wins.

  • Near-term price weakness persists May 27

    Stock closed at ₹498.80 on May 26, down 1.72% on the day, with broader market decline (Nifty down 118 points to 23,913.70) adding pressure.

Positives 5
  • ₹1,303 Cr multi-segment order win May 26

    KEC secured ₹1,303 crore in orders across T&D (400/220 kV substations, towers in Americas), Civil (auto press shop), Renewables (150+ MW wind), and Cables, with cumulative orders exceeding ₹2,500 crore in the last 60 days.

  • Americas expansion strengthens international book May 27

    Supply orders for towers, hardware and poles in the Americas market demonstrate KEC's ability to compete in high-entry-barrier international markets, indicating a maturing international business model.

  • Civil segment adds marquee auto client May 27

    KEC won construction order for a press shop and facilities for a leading automobile manufacturer in Northern India, diversifying away from pure-play power transmission.

  • Geojit issues buy recommendation May 26

    Anand James of Geojit Investments recommended buying KEC at ₹507 with target ₹540 and stop-loss ₹489, citing inside bar formation and base-building near ₹496-510 demand zone.

  • Renewables wind EPC portfolio grows May 27

    KEC secured a 150+ MW wind project in Western India from a private developer, marking successive order wins in the renewables segment aligned with green energy transition.

Neutral 2
  • Citi India Conference attendance Jun 4 May 28

    KEC International will attend the Citi India Conference 2026 in Mumbai on June 4 for a group meeting with analysts and institutional investors.

  • Elastomeric cables launch Q2 FY27 May 26

    KEC announced elastomeric cable production and E-Beam process to commence in Q2 FY27, with debt levels also expected to normalise further by Q2 FY27.

TL;DR: KEC International is winning orders at a strong pace with ₹2,500+ crore secured in the last 60 days across diversified segments including T&D, civil, renewables, and cables. The company is expanding internationally in the Americas and adding marquee clients in the auto sector. However, the stock has suffered severe erosion of -42% over one year despite healthy order inflows, suggesting the market is pricing in margin or execution concerns. The trend could improve if Q2 FY27 debt normalisation and new product launches translate into better earnings visibility.

Quarterly Results

  Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales
5,525
4,244
4,499
5,007
6,165
4,512
5,113
5,349
6,872
5,023
6,092
6,001
6,390
Expenses
5,242
3,999
4,225
4,699
5,777
4,242
4,793
4,975
6,333
4,673
5,661
5,571
5,942
Operating Profit
283
244
274
308
388
270
320
374
539
350
430
430
448
OPM %
5%
6%
6%
6%
6%
6%
6%
7%
8%
7%
7%
7%
7%
Other Income
6
3
16
26
8
43
7
1
20
5
5
-49
30
Interest
162
159
178
164
154
155
168
170
170
151
171
171
170
Depreciation
42
42
47
49
48
47
45
45
47
46
51
50
51
PBT
86
47
66
121
193
112
113
160
342
159
213
160
258
Tax %
16%
9%
15%
20%
21%
22%
25%
19%
22%
21%
25%
20%
25%
Net Profit
72
42
56
97
152
88
85
130
268
125
161
127
193
EPS in Rs
2.81
1.65
2.17
3.77
5.9
3.41
3.21
4.87
10.08
4.68
6.04
4.79
7.24
Figures in ₹ Crores

Profit & Loss

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Sales
8,468
8,518
8,584
10,053
11,001
11,965
13,114
13,742
17,282
19,914
21,847
23,506
Expenses
7,889
7,733
7,673
8,957
9,764
10,635
11,874
12,742
16,362
18,556
20,164
21,847
Operating Profit
579
785
911
1,095
1,237
1,330
1,240
1,001
920
1,359
1,683
1,659
OPM %
7%
9%
11%
11%
11%
11%
9%
7%
5%
7%
8%
7%
Other Income
146
6
14
22
31
11
29
-31
59
50
68
-8
Interest
376
368
332
318
398
403
360
413
656
797
839
664
Depreciation
88
132
130
110
117
147
153
158
161
185
184
197
PBT
261
291
463
689
753
790
756
399
161
426
727
789
Tax %
38%
49%
34%
33%
34%
28%
27%
17%
-9%
19%
22%
23%
Net Profit
161
148
305
460
496
566
553
332
176
347
571
606
EPS in Rs
6.26
5.75
11.86
17.91
19.28
22
21.5
12.92
6.85
13.49
21.44
22.75
Div. Payout %
14%
17%
14%
13%
14%
15%
19%
31%
44%
30%
26%
24%
Figures in ₹ Crores

Balance Sheet

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
51
51
51
51
51
51
51
51
51
51
53
53
Reserves
1,278
1,239
1,535
1,946
2,384
2,746
3,308
3,569
3,720
4,044
5,294
6,106
Borrowings
2,214
3,221
2,106
1,766
1,839
2,519
2,066
3,065
3,383
3,961
3,957
5,378
Other Liabilities
4,183
4,362
5,023
6,749
7,389
7,538
8,566
9,613
10,117
10,975
12,859
13,621
Total Liabilities
7,727
8,874
8,715
10,512
11,663
12,855
13,992
16,298
17,271
19,031
22,164
25,158
Fixed Assets
1,259
1,198
1,149
1,112
1,182
1,352
1,398
1,538
1,583
1,628
1,647
1,773
CWIP
16
8
5
78
7
84
18
2
11
14
39
114
Investments
0
25
130
39
13
22
1
13
0
0
0
0
Other Assets
6,452
7,643
7,431
9,283
10,460
11,396
12,575
14,745
15,677
17,389
20,479
23,271
Total Assets
7,727
8,874
8,715
10,512
11,663
12,855
13,992
16,298
17,271
19,031
22,164
25,158
Figures in ₹ Crores

Cash Flow

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
153
-75
1,662
660
199
87
840
-284
614
311
419
-414
Investing
125
-7
-182
-4
-67
-113
-134
-204
-139
-243
-46
-242
Financing
-216
-28
-1,379
-638
-150
3
-659
496
-401
-145
-32
511
Net Cash Flow
62
-110
101
17
-18
-23
47
8
74
-76
341
-145
Free Cash Flow
269
-99
1,595
524
90
-115
726
-425
451
78
270
-691
CFO/OP
47
7
194
81
40
33
85
0
90
41
16
-25
Figures in ₹ Crores

Ratios

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
166
200
179
183
162
166
150
136
90
76
84
101
Inventory Days
38
32
35
45
43
51
54
65
59
53
41
50
Days Payable
266
248
278
331
324
327
395
420
433
401
380
351
Cash Conversion Cycle
-62
-17
-64
-103
-119
-111
-191
-219
-284
-272
-255
-201
Working Capital Days
7
8
21
33
43
34
37
35
27
25
42
57
ROCE %
15%
16%
20%
27%
29%
25%
21%
14%
12%
16%
18%
14%

Shareholding Pattern

As of Mar 2026
Promoters 50.10%
DIIs 26.87%
Public 10.36%
FIIs 9.84%
Others 2.82%
Total 99.99%
  Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters
51.82%
51.82%
51.82%
51.82%
51.82%
51.88%
51.88%
51.88%
51.88%
51.88%
51.88%
51.88%
51.88%
51.88%
50.10%
50.10%
50.10%
50.10%
50.10%
50.10%
50.10%
FIIs
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
11.25%
10.90%
12.46%
12.66%
13.60%
15.20%
15.42%
16.02%
15.92%
11.76%
9.84%
DIIs
24.93%
26.06%
26.53%
25.90%
25.94%
26.01%
26.07%
25.56%
25.79%
26.65%
27.15%
26.95%
25.84%
25.30%
26.33%
24.91%
24.18%
22.56%
22.54%
25.48%
26.87%
Government
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Public
9.00%
8.01%
7.62%
7.17%
7.14%
7.07%
7.45%
7.36%
7.45%
7.55%
7.43%
7.96%
7.51%
7.76%
7.58%
7.40%
7.90%
8.59%
8.94%
9.93%
10.36%
Others
14.26%
14.11%
14.03%
15.11%
15.11%
15.04%
14.60%
15.20%
14.88%
13.93%
2.29%
2.31%
2.33%
2.40%
2.39%
2.38%
2.40%
2.73%
2.51%
2.73%
2.82%
No. of Shareholders
0
1,01,297
1,09,532
1,14,526
1,10,793
1,12,259
1,07,632
1,06,248
98,145
98,643
1,03,019
1,16,281
1,10,618
1,25,227
1,38,549
1,37,820
1,59,540
1,73,927
1,79,525
1,91,228
1,97,513

Documents

1
Concall - Jun 2017 Jun 2017
2
Concall - Jun 2018 Jun 2018
3
Concall - Nov 2019 Nov 2019
4
Concall - May 2020 May 2020
5
Concall - May 2020 May 2020

Frequently Asked Questions about KEC International Ltd

What does KEC International Ltd do?
KEC International is a global infrastructure EPC major. It has presence in the verticals of Power Transmission and Distribution, Railways, Civil, Urban Infrastructure, Solar, Oil & Gas Pipelines, and Cables. It is the flagship Company of the RPG Group.[1]
Where is KEC International Ltd (KEC) listed?
KEC International Ltd is listed on the Indian stock exchanges. It is listed on NSE: KEC and BSE: 532714. You can view its live share price, financials, and ratios on Tapetide.
Which sector does KEC International Ltd belong to?
KEC International Ltd operates in the Industrials sector within the Construction industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of KEC International Ltd?
KEC International Ltd has a market capitalisation of approximately ₹14209.76 Cr. Based on this, it is classified as a Mid Cap stock.
What is the PE ratio of KEC International Ltd?
The Price-to-Earnings (PE) ratio of KEC International Ltd is 23.22. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of KEC International Ltd?
Over the past 52 weeks, KEC International Ltd has traded between a low of ₹466 and a high of ₹947. This range helps investors understand the stock's price volatility and recent trading levels.
Does KEC International Ltd pay dividends?
Yes, KEC International Ltd has a dividend yield of 1.04%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
What is the Return on Equity (ROE) of KEC International Ltd?
KEC International Ltd has a Return on Equity (ROE) of 8.47%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research KEC International Ltd on Tapetide?
On Tapetide, you can view KEC International Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.

Company Information

KEC International is a global infrastructure EPC major. It has presence in the verticals of Power Transmission and Distribution, Railways, Civil, Urban Infrastructure, Solar, Oil & Gas Pipelines, and Cables. It is the flagship Company of the RPG Group.[1]

Website kecrpg.com
CEO Mr. Vimal Kejriwal B.Com., D.T.M., F.C.A., F.C.S.
Employees 6,709
Listed 2006-03-10
Face Value ₹ 2
Issued Size 26,62,00,000

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