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Key Financials Snapshot

TTM · Consolidated · ₹ in Cr
Market Cap
₹13511 Cr.
Stock P/E
23.7
P/B
2.2
Current Price
₹507.6
Book Value
₹ 231.4
Face Value
2
52W High
₹947.3
52W Low
₹ 466.1
Dividend Yield
1.08%

KEC International Overview

Business

KEC International Ltd. is a global infrastructure EPC (Engineering, Procurement, Construction) major, part of the RPG Group. The company specializes in delivering complex infrastructure projects across various sectors. Its core business involves design, manufacture, supply, construction, and commissioning of turnkey solutions. KEC makes money by securing contracts for large-scale infrastructure projects from governments, public sector undertakings, and private clients, executing them, and earning a profit margin on the total project value.

Revenue Mix

KEC's operations are diversified across several key segments, with Power Transmission & Distribution (T&D) historically being its largest contributor.

Power Transmission & Distribution (T&D): Design, manufacture, supply, and construction of transmission lines, substations, and distribution networks. This includes both domestic and international projects.

Railways: EPC services for railway infrastructure, including track laying, overhead electrification (OHE), signaling & telecommunication, and civil works for metros and mainline railways.

Civil: Construction of residential, commercial, industrial, and public buildings, as well as water infrastructure projects.

Cables: Manufacturing of power cables, control cables, instrumentation cables, and railway cables. This segment serves both internal project requirements and external customers.

Renewables: EPC for solar power projects.

Smart Infrastructure: Projects related to smart cities, telecom infrastructure, and other emerging areas.

While exact segment contribution varies quarter to quarter, T&D and Railways typically form the bulk of its revenue.

Industry

The Indian Engineering - Construction industry is highly competitive, characterized by a mix of large integrated players, mid-sized specialists, and numerous smaller contractors. It is largely driven by government infrastructure spending, private capital expenditure, and foreign investments. KEC International is positioned as one of the leading global EPC players, particularly dominant in the Power T&D sector (both domestic and international). In Railways, Civil, and other segments, it competes with major Indian infrastructure companies like Larsen & Toubro, Tata Projects, Kalpataru Projects International (formerly Kalpataru Power Transmission), Ircon International, and others. KEC's strong international footprint in over 100 countries gives it a competitive edge over purely domestic players.

MOAT

KEC International possesses several competitive advantages:

Scale & Global Reach: It is one of the largest global T&D EPC players, capable of executing large, complex projects across diverse geographies, including challenging terrains and hostile environments. This global presence diversifies risk and provides access to a wider pool of projects.

Technical Expertise & Experience: Decades of experience in complex EPC projects, particularly in T&D, railways, and civil infrastructure, have built significant engineering capabilities and project management expertise.

Integrated Model: Its ability to handle projects end-to-end (design, manufacturing, supply, construction) provides better control over project timelines, costs, and quality. The in-house cables manufacturing unit supports its EPC projects.

Client Relationships: Long-standing relationships with various national governments, utilities, and large corporations globally.

Strong Order Book: A consistently robust order book provides revenue visibility for several quarters.

Growth Drivers

Government Infrastructure Push (India): Significant capital outlay by the Indian government on infrastructure development (power, railways, roads, urban infrastructure, water) under programs like the National Infrastructure Pipeline (NIP) and Gati Shakti.

Global T&D Investment: Growing demand for power, grid modernization, inter-regional grid connectivity, and integration of renewable energy sources globally, particularly in emerging markets, drives T&D order inflow.

Railway Modernization & Expansion: India's focus on electrifying railway networks, dedicated freight corridors, high-speed rail, and metro expansion projects.

Renewable Energy Integration: Increased adoption of solar and wind power requires associated transmission infrastructure, creating demand for KEC's T&D and solar EPC services.

Urbanization & Industrialization: Driving demand for civil infrastructure, commercial buildings, and smart city solutions.

Diversification: Successful diversification into newer segments like Civil and Smart Infrastructure can open new revenue streams.

Risks

Commodity Price Volatility: Fluctuations in prices of key raw materials like steel, aluminum, and copper can impact project profitability, especially for fixed-price contracts.

Working Capital Management: EPC projects are typically working capital intensive, requiring significant funds for project execution until payments are received. Delays in client payments or extended project cycles can strain liquidity.

Geopolitical & Currency Risks: Exposure to international projects introduces risks related to political instability, regulatory changes, and currency fluctuations in various operating countries.

Intense Competition: The industry is highly competitive, leading to pricing pressure and potentially lower margins on new projects.

Execution Risks: Delays in project execution, cost overruns, or unforeseen site conditions can impact profitability and reputation.

Interest Rate Fluctuations: Higher interest rates can increase borrowing costs for working capital and project finance, impacting financial performance.

Management & Ownership

KEC International is part of the well-established RPG Group, a diversified Indian conglomerate with a history spanning over four decades. The company is professionally managed with an experienced leadership team. The promoter group (RPG Group) holds a significant stake, indicating alignment of interests. The balance ownership is distributed among institutional investors (both domestic and foreign) and the public. The RPG Group's reputation generally contributes to the perceived stability and governance quality of KEC.

Outlook

KEC International is poised to benefit from significant global and domestic infrastructure development tailwinds, particularly in power transmission and railways. Its diversified portfolio, global presence, and strong execution capabilities provide a robust foundation for order book growth and revenue expansion. However, the company operates in a cyclical and capital-intensive industry susceptible to commodity price volatility, geopolitical risks, and intense competition. Effective working capital management, timely project execution, and judicious bidding remain critical for sustained profitability amidst these challenges. The outlook hinges on the continued flow of large infrastructure projects and KEC's ability to maintain its competitive edge and manage operational risks efficiently.

KEC International Share Price

Live · BSE / NSE · Inception: 2005
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Volume
Price

Key Financials — Profit & Loss

₹ in Cr · Consolidated · annual

KEC International Quarterly Results

#(Fig in Cr.) Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
Net Sales 5007 6165 4512 5113 5349 6872 5023 6092 6001 6390
Other Income 26 8 43 7 1 20 5 5 10 30
Total Income 5033 6173 4555 5120 5350 6892 5028 6096 6012 6420
Total Expenditure 4699 5777 4242 4793 4975 6333 4673 5661 5571 5942
Operating Profit 334 396 314 327 375 559 355 435 440 478
Interest 164 154 155 168 170 170 151 171 171 170
Depreciation 49 48 47 45 45 47 46 51 50 51
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 -59 0
Profit Before Tax 121 193 112 113 160 342 159 213 160 258
Provision for Tax 24 42 24 28 30 74 34 52 32 65
Profit After Tax 97 152 88 85 130 268 125 161 127 193
Adjustments 0 0 0 0 0 0 0 0 0 0
Profit After Adjustments 97 152 88 85 130 268 125 161 127 193
Adjusted Earnings Per Share 3.8 5.9 3.4 3.2 4.9 10.1 4.7 6 4.8 7.2

KEC International Profit & Loss

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 TTM
Net Sales 8468 8518 8584 10053 11001 11965 13114 13742 17282 19914 21847 23506
Other Income 147 32 56 41 223 132 50 92 70 80 85 50
Total Income 8615 8549 8640 10093 11223 12097 13165 13834 17352 19994 21932 23556
Total Expenditure 7890 7758 7715 8978 9965 10757 11896 12821 16374 18585 20182 21847
Operating Profit 725 792 925 1115 1259 1341 1269 1013 978 1408 1750 1708
Interest 376 368 332 318 398 403 360 413 656 797 839 663
Depreciation 88 132 130 110 117 147 153 158 161 185 184 198
Exceptional Income / Expenses 0 0 0 0 0 0 0 -44 0 0 0 -59
Profit Before Tax 261 291 463 687 744 790 756 399 161 426 727 790
Provision for Tax 100 144 159 229 257 225 203 67 -15 80 157 183
Profit After Tax 161 148 305 458 486 566 553 332 176 347 571 606
Adjustments 0 0 0 2 9 0 0 0 0 0 0 0
Profit After Adjustments 161 148 305 460 496 566 553 332 176 347 571 606
Adjusted Earnings Per Share 6.3 5.8 11.9 17.9 19.3 22 21.5 12.9 6.8 13.5 21.4 22.7

KEC International Balance Sheet

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Shareholder's Funds 1330 1290 1586 1997 2435 2798 3360 3620 3771 4096 5347
Minority's Interest 0 0 0 0 0 0 0 0 0 0 0
Borrowings 737 593 776 738 541 153 219 393 493 236 358
Other Non-Current Liabilities 74 124 139 118 132 181 120 11 -132 -188 -206
Total Current Liabilities 5586 6867 6214 7658 8555 9724 10286 12103 12819 14534 16227
Total Liabilities 7727 8874 8715 10512 11663 12855 13985 16128 16951 18678 21727
Fixed Assets 1259 1198 1149 1112 1182 1352 1398 1538 1583 1628 1647
Other Non-Current Assets 521 519 512 561 330 482 705 900 933 892 694
Total Current Assets 5869 7155 7054 8836 10149 11019 11882 13690 14436 16158 19387
Total Assets 7727 8874 8715 10512 11663 12855 13985 16128 16951 18678 21727

KEC International Cash Flow

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Opening Cash & Cash Equivalents 132 185 75 176 193 175 153 200 208 281 205
Cash Flow from Operating Activities 153 -75 1662 660 199 87 840 -284 614 311 419
Cash Flow from Investing Activities 125 -23 -183 -4 -69 -118 -127 -205 -142 -223 -68
Cash Flow from Financing Activities -216 -28 -1379 -638 -150 3 -659 496 -401 -145 -32
Net Cash Inflow / Outflow 62 -126 100 17 -21 -28 53 7 71 -57 319
Closing Cash & Cash Equivalent 194 75 176 193 175 153 200 208 281 205 546

KEC International Ratios

# Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Earnings Per Share (Rs) 6.26 5.75 11.86 17.91 19.28 22 21.5 12.92 6.85 13.49 21.44
CEPS(Rs) 9.69 10.88 16.9 22.09 23.48 27.72 27.43 19.06 13.13 20.7 28.34
DPS(Rs) 0.9 1 1.6 2.4 2.7 3.4 4 4 3 4 5.5
Book NAV/Share(Rs) 51.73 50.19 61.7 77.69 94.71 108.81 130.68 140.8 146.69 159.3 200.88
Core EBITDA Margin(%) 6.68 8.73 9.93 10.65 9.42 10.1 9.29 6.7 5.25 6.67 7.62
EBIT Margin(%) 7.36 7.58 9.08 9.96 10.38 9.97 8.51 5.91 4.73 6.14 7.17
Pre Tax Margin(%) 3.02 3.35 5.29 6.81 6.76 6.6 5.76 2.91 0.93 2.14 3.33
PAT Margin (%) 1.86 1.7 3.48 4.54 4.42 4.73 4.21 2.42 1.02 1.74 2.61
Cash Profit Margin (%) 2.88 3.21 4.96 5.63 5.49 5.96 5.38 3.57 1.95 2.67 3.45
ROA(%) 2.13 1.78 3.47 4.77 4.39 4.61 4.12 2.21 1.06 1.95 2.83
ROE(%) 12.77 11.29 21.19 25.58 21.95 21.61 17.95 9.52 4.76 8.82 12.09
ROCE(%) 18.56 16.38 19.38 26.96 28.41 25.27 21.35 13.8 12.15 16.47 18.5
Receivable days 161.49 178.33 184.65 167.1 164.48 157.12 150.44 139.32 99.14 77.15 76.75
Inventory Days 20.69 17.53 15.73 18.48 21.04 21.61 22.52 25.35 23.27 21.54 19.66
Payable days 245.08 214.93 172.15 157.76 194.14 223.67 231.5 239.73 215.22 224.96 237.22
PER(x) 12.75 21.23 17.54 21.8 15.54 8.43 19.09 29.35 66.63 51.45 36.5
Price/Book(x) 1.54 2.43 3.37 5.02 3.16 1.7 3.14 2.69 3.11 4.36 3.9
Dividend Yield(%) 1.13 0.82 0.77 0.61 0.9 1.83 0.97 1.05 0.66 0.58 0.7
EV/Net Sales(x) 0.48 0.74 0.84 1.15 0.84 0.58 0.93 0.9 0.84 1.07 1.09
EV/Core EBITDA(x) 5.6 7.93 7.83 10.38 7.36 5.21 9.64 12.18 14.9 15.16 13.64
Net Sales Growth(%) 7.16 0.59 0.78 17.1 9.43 8.77 9.6 4.79 25.76 15.23 9.7
EBIT Growth(%) 30.61 3.59 20.47 26.44 13.58 4.53 -6.45 -27.27 0.59 49.74 28.08
PAT Growth(%) 141.15 -8.16 106.15 50.37 6.14 16.26 -2.26 -39.92 -46.99 97 64.58
EPS Growth(%) 141.18 -8.15 106.11 51.06 7.68 14.07 -2.26 -39.92 -46.99 97 58.96
Debt/Equity(x) 1.67 2.5 1.33 0.88 0.76 0.85 0.57 0.79 0.85 0.92 0.69
Current Ratio(x) 1.05 1.04 1.14 1.15 1.19 1.13 1.16 1.13 1.13 1.11 1.19
Quick Ratio(x) 0.97 0.99 1.07 1.07 1.11 1.05 1.07 1.04 1.04 1.03 1.12
Interest Cover(x) 1.69 1.79 2.4 3.16 2.87 2.96 3.1 1.97 1.25 1.54 1.87
Total Debt/Mcap(x) 1.08 1.03 0.39 0.18 0.24 0.5 0.18 0.29 0.27 0.21 0.18

Growth Rates

Compounded annual
# 1 Year 3 Year 5 Year 10 Year
Sales CAGR +10% +17% +13% +10%
Operating Profit CAGR +24% +20% +5% +9%
PAT CAGR +65% +20% 0% +13%
Share Price CAGR -41% -1% +4% +15%
ROE Average +12% +9% +11% +15%
ROCE Average +19% +16% +16% +20%

KEC International Shareholding Pattern

Latest · Mar 2026
100% held
Promoters 50.1 %
FII 9.84 %
DII (MF + Insurance) 26.87 %
Public (retail) 49.9 %
# Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
Promoter 51.8851.8851.8850.150.150.150.150.150.150.1
FII 10.912.4512.6613.615.215.4116.0215.9211.759.84
DII 26.9525.8425.326.3324.9124.1822.5622.5425.4826.87
Public 48.1248.1248.1249.949.949.949.949.949.949.9
Others 0000000000
Total 100100100100100100100100100100

KEC International Peer Comparison

Engineering - Construction Edit Columns

KEC International Quarterly Price

10-year quarterly close · BSE
Show Value Show %

News & Updates

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KEC International Pros & Cons

Pros

Cons

  • Company has a low return on equity of 9% over the last 3 years.
  • Debtor days have increased from 224.96 to 237.22days.
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