KEC International Ltd logo

KEC International Ltd

KEC NSE

Key Fundamentals

MicrocapCivil ConstructionConstruction
Market Cap
₹11,473 Cr
Volatility
Low Risk
P/E Ratio
20.61
EBITDA
₹1,709 Cr
Return on Equity
9.83%
Debt to Equity
0.87
Book Value
₹231.39
EPS
₹15.25
52W High
₹937.8
52W Low
₹433.35

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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43 extracted metrics + investor summaries across FY14–FY26.

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Tapetide Score

Data-driven rating, 0–100. How it works →

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 10.8% over last 3 years.

Growth Rate

Revenue Growth
7.47% ↗
Net Income Growth
6.12% ↗
Cash Flow Change
-198.82% ↘
ROE
-7.87% ↗
ROCE
-13.05% ↗
EBITDA Margin (Avg.)
0.97% ↗

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 13d ago
AI opinion · based on fundamentals
Risk high

KEC International is a ₹12,806 Cr market-cap infrastructure EPC company that delivered record FY26 revenue of ₹23,506 Cr (up 8% YoY) and FY26 net profit of ~₹605 Cr (up 6% YoY), trading at a PE of 20.8x. The company carries a sizable order book of ₹33,398 Cr (as of March 2025) providing 18-24 months of revenue visibility, but operates with elevated net debt of ~₹6,722 Cr and low interest coverage.

Bull Case 8
  • Record FY26 revenue of ₹23,506 Cr, up 8% YoY, following FY25 revenue of ₹21,847 Cr (up 10% YoY), demonstrating consistent top-line momentum
  • Compounded sales growth of 11-12% over 3, 5, and 10-year periods indicates durable business expansion
  • Order book of ₹33,398 Cr as of March 2025, with FY25 order inflow of ₹24,689 Cr, providing 18-24 months of revenue visibility
  • FY26 operating PAT grew 18% YoY, and compounded profit CAGR of 55% over 3 years reflects significant margin recovery
  • EBITDA margins improving consistently — Q4 FY25 reached 7.8%, up 150 bps YoY, with FY26 guidance of 8-8.5%
  • Net debt reduced by ₹532 Cr YoY to ₹4,558 Cr in FY25, with net debt-to-equity improving to 0.9x; management targeting further ₹1,000 Cr debt reduction in FY27
  • Healthy dividend payout of 26.5% maintained; FY26 dividend of ₹5.50 per share declared, current yield at 1.16%
  • FY27 revenue growth guidance of 12-15% with order intake target of ₹30,000 Cr and 30%+ civil segment growth outlook
Bear Case 8
  • Stock has declined 44% over the past 1 year and delivered -10% CAGR over 3 years, significantly underperforming the market
  • Low interest coverage ratio flagged as a concern, with interest cost at 2.8-3.2% of revenue despite improvement — elevated debt burden of ₹6,722 Cr as of March 2026
  • 3-year average ROE of only 10.8% (last year 11%), well below cost of equity for an EPC business with this risk profile
  • FY26 net profit growth of only 6% despite 8% revenue growth, and Q4 FY26 PAT dropped to ₹193 Cr, indicating margin volatility
  • TTM profit growth of 16% has decelerated sharply from the 55% 3-year CAGR, suggesting the profit recovery cycle may be maturing
  • FY26 revenue growth of 8% missed the company's own 15% guidance, raising questions about execution consistency
  • Negative operating cash flow in FY26 and working capital at 137 days indicates significant cash conversion challenges in the EPC model
  • 5-year stock CAGR of only 3% versus 10-year CAGR of 13% suggests returns have meaningfully compressed despite business growth

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

AI News Digest

Anthropic anthropic claude-opus-4.6 7d ago
Positives 4
  • Rs 1,180 cr order wins Jul 14

    KEC secured orders worth Rs 1,180 crore across T&D, Renewables, Civil, and Cables. YTD order intake stands at over Rs 5,200 crore.

  • Rs 1,063 cr multi-segment orders Aug 03

    KEC wins Rs 1,063 crore in orders for civil, T&D, and renewables with book-to-bill ratio at 1.58x. Q1FY27 saw peak inflows though execution capacity remains a constraint.

  • ESG rating upgraded to 62 Aug 08

    CRISIL upgraded KEC International's ESG rating to 62 from 57 on August 7, 2026, reflecting improved sustainability metrics.

  • ₹5.50 final dividend declared Jul 25

    KEC recommends a final dividend of ₹5.50 per share for FY26 with record date August 7 and AGM on August 21, 2026.

Neutral 3
  • Q1FY27 earnings call Aug 11 Aug 03

    KEC will hold a conference call on August 11, 2026 to discuss unaudited Q1FY27 results for the quarter ended June 30, 2026.

  • Emkay Confluence 2026 participation Aug 06

    KEC will participate in the Emkay Confluence 2026 analyst meet in Mumbai on August 12, 2026 to discuss company outlook with institutional investors.

  • ED Anand Kulkarni superannuates Jul 15

    Executive Director Anand Kulkarni superannuated on July 15, 2026, ceasing to be Senior Management Personnel from close of business hours.

TL;DR: KEC International is on a strong order momentum trajectory with over Rs 5,200 crore YTD inflows and a healthy 1.58x book-to-bill ratio across diversified segments. No material headwinds emerged in recent weeks, and the ESG upgrade and dividend signal management confidence. The key watch item is execution capacity, which management itself flagged as a constraint amid peak order inflows. Trend is clearly improving on the order book front, though margin sustainability will be the next thing to monitor at the Aug 11 earnings call.

Quarterly Results

  Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
4,244
4,499
5,007
6,165
4,512
5,113
5,349
6,872
5,023
6,092
6,001
6,390
5,024
Expenses
3,999
4,225
4,699
5,777
4,242
4,793
4,975
6,333
4,673
5,661
5,571
5,942
4,733
Operating Profit
244
274
308
388
270
320
374
539
350
430
430
448
291
OPM %
6%
6%
6%
6%
6%
6%
7%
8%
7%
7%
7%
7%
6%
Other Income
3
16
26
8
43
7
1
20
5
5
-49
30
14
Interest
159
178
164
154
155
168
170
170
151
171
171
170
164
Depreciation
42
47
49
48
47
45
45
47
46
51
50
51
51
PBT
47
66
121
193
112
113
160
342
159
213
160
258
90
Tax %
9%
15%
20%
21%
22%
25%
19%
22%
21%
25%
20%
25%
19%
Net Profit
42
56
97
152
88
85
130
268
125
161
127
193
73
EPS in Rs
1.65
2.17
3.77
5.9
3.41
3.21
4.87
10.08
4.68
6.04
4.79
7.24
2.73
Figures in ₹ Crores

Profit & Loss

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
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
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
21,636
21,907
Operating Profit
579
785
911
1,095
1,237
1,330
1,240
1,001
920
1,359
1,683
1,869
1,599
OPM %
7%
9%
11%
11%
11%
11%
9%
7%
5%
7%
8%
8%
7%
Other Income
146
6
14
22
31
11
29
-31
59
50
68
-11
0
Interest
376
368
332
318
398
403
360
413
656
797
839
872
677
Depreciation
88
132
130
110
117
147
153
158
161
185
184
197
202
PBT
261
291
463
689
753
790
756
399
161
426
727
789
721
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
554
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
20.8
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
13,596
Total Liabilities
7,727
8,874
8,715
10,512
11,663
12,855
13,992
16,298
17,271
19,031
22,164
25,133
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
23,246
Total Assets
7,727
8,874
8,715
10,512
11,663
12,855
13,992
16,298
17,271
19,031
22,164
25,133
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
-231
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
-134
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
-6
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%
17%

Shareholding Pattern

As of Jun 2026
Promoters 50.10%
DIIs 23.34%
Public 13.28%
FIIs 9.92%
Others 3.35%
Total 99.99%
  Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 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%
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%
9.92%
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%
23.34%
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%
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%
13.28%
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%
3.35%
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
2,26,492

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 Construction sector within the Civil 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 ₹11473.22 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 20.61. 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 ₹433.35 and a high of ₹937.8. 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 1.26%. 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 9.83%. 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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