KEC International Ltd

KEC

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Market Cap

₹ 18,774 Cr

P/E

27.48

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Performance

STEADY PERFORMER

Valuation

OVERVALUED

Growth

SLUGGISH

Profitability

MODERATE MARGIN

Technicals

Bearish

Risk

MODERATE RISK

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Price

PE Ratio

Price

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Overview

Detailed Summary

KEC International Limited is a major player in the engineering, procurement, and construction (EPC) sector, focused on power transmission and infrastructure projects globally.

KEC has seen record revenues of ₹6,092 crores in Q2 FY26, driven by robust execution in its Transmission & Distribution (T&D) business, marking a solid 19% YoY growth.

The company secured strategic orders, notably a ₹3,100 crore EPC contract in the UAE, reinforcing its prominent market position in the Middle East region.

KEC's debt level increased due to strong revenue growth and strategic inventory management, yet the company expects normalization as large payments and project retentions materialize.

KEC's T&D segment's significant contribution of 65% to overall revenues showcases its strategic focus and strengthens its position as a dominant force in the global infrastructure space.

Sector

Infrastructure Developers & Operators

Industry

Transmisson Line Towers / Equipment

Market Cap

18,774 Cr

Volatility

High Risk

P/E Ratio

27.5

Industry P/E

13.7

PEG Ratio

0.9

P/B Ratio

3.3

52W High

1,263.00

52W Low

605.05

Sales CAGR

9.70%

15.11%

12.87%

10Y

10.38%

Profit CAGR

64.58%

-9.33%

-9.91%

10Y

5.77%

ROE

TTM

12.11%

8.28%

9.80%

10Y

13.04%

ROCE

TTM

14.03%

21.28%

21.42%

10Y

25.30%

Technicals

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Forecasts

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Price, EPS and Revenue Projections

Strong SellSellHoldBuyStrong Buy

Strong Buy

Buy

Hold

Sell

Strong Sell

updated on

Nov 14, 2025

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
KPIL	1161.05	20,097 Cr	24.48	2.89	0.76	11.79	13.44	3.05
KEC	703.15	18,774 Cr	27.48	3.33	0.78	12.11	14.03	2.89
VIKRAN	90.75	2,383 Cr	27.66	2.05	0.00	7.43	12.70	4.38
GTLINFRA	1.27	1,627 Cr	—	0.00	0.00	13.86	-3.84	-22.72
JYOTISTRUC	10.19	1,239 Cr	28.05	2.44	0.00	8.72	1.73	1.52
SARTELE	225.15	1,073 Cr	22.95	1.32	0.00	7.55	8.48	6.36
VIVIANA	773.25	787 Cr	32.59	11.21	0.00	34.41	25.97	11.14

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	4,244	4,499	5,007	6,165	4,512	5,113	5,349	6,872	5,023	6,092
Expenses	3,999	4,225	4,699	5,777	4,242	4,793	4,975	6,333	4,673	5,661
Operating Profit	244	274	308	388	270	320	374	539	350	430
OPM %	5.76	6.10	6.15	6.29	5.99	6.26	7.00	7.84	6.97	7.07
Other Income	2.83	16	26	7.79	43	6.63	0.91	20	5.39	4.63
Interest	159	178	164	154	155	168	170	170	151	171
Depreciation	42	47	49	48	47	45	45	47	46	51
Profit Before Tax	47	66	121	193	112	113	160	342	159	213
Tax %	9.36	15.13	19.76	21.49	21.83	24.73	18.94	21.62	21.39	24.52
Net Profit	42	56	97	152	88	85	130	268	125	161
EPS in Rs	1.59	2.10	3.64	5.70	3.29	3.32	4.87	10.08	4.68	6.04

Consolidated Profit Loss (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	8,755	10,091	11,001	11,965	13,114	13,742	17,282	19,914	21,847	22,358
Expenses	7,767	9,047	9,851	10,731	11,973	12,839	16,480	18,705	20,343	20,774
Operating Profit	989	1,044	1,150	1,234	1,141	904	802	1,209	1,504	1,584
OPM %	11.29	10.35	10.45	10.32	8.70	6.57	4.64	6.07	6.88	7.08
Other Income	29	21	23	11	30	-30	60	58	71	33
Interest	254	229	312	308	263	316	539	655	664	660
Depreciation	130	110	117	147	153	158	161	185	184	183
Profit Before Tax	463	687	744	790	756	399	161	426	727	774
Tax %	34.24	33.32	34.58	28.44	26.88	16.86	-9.35	18.69	21.55	21.47
Net Profit	305	458	486	566	553	332	176	347	571	608
EPS in Rs	11.42	17.30	18.63	21.25	20.76	12.47	6.62	13.03	21.56	25.67
Dividend Payout %	13.49	13.40	14.00	15.45	18.60	30.96	43.80	29.65	25.23	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	51	51	51	51	51	51	51	51	51	53
Reserves	1,239	1,535	1,946	2,384	2,746	3,308	3,569	3,720	4,044	5,294
Borrowings	3,023	2,008	1,639	1,697	2,207	2,066	3,065	3,383	3,985	3,957
Other Liabilities	4,578	5,134	6,902	7,563	7,872	8,621	9,657	10,124	10,951	12,875
Total Liabilities	8,891	8,728	10,539	11,694	12,877	14,047	16,342	17,279	19,031	22,180
Fixed Assets	1,198	1,149	1,112	1,182	1,352	1,398	1,538	1,583	1,628	1,647
CWIP	8.39	5.10	78	7.32	84	18	2.46	11	14	39
Investments	25	130	39	13	23	1.06	13	0.00	0.00	0.00
Other Assets	7,660	7,444	9,309	10,492	11,419	12,630	14,789	15,684	17,389	20,495
Total Assets	8,891	8,728	10,539	11,694	12,877	14,047	16,342	17,279	19,031	22,180

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	-75	1,662	660	199	87	840	-284	614	311	419
Cash from Investing Activity	-23	-183	-4.46	-69	-118	-127	-192	-142	-223	-68
Cash from Financing Activity	-28	-1,379	-638	-150	2.52	-659	496	-401	-145	-32
Net Cash Flow	-126	100	17	-21	-28	53	20	71	-57	319

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	51.88%	51.88%	51.88%	51.88%	51.88%	51.88%	51.88%	50.10%	50.10%	50.10%	50.10%	50.10%
FIIs	12.62%	12.60%	11.58%	11.25%	10.90%	12.45%	12.66%	13.60%	15.20%	15.41%	16.02%	15.92%
DIIs	25.57%	25.80%	26.65%	27.15%	26.95%	25.84%	25.30%	26.33%	24.91%	24.18%	22.56%	22.54%
Public	9.94%	9.72%	9.89%	9.72%	10.28%	9.83%	10.16%	9.97%	9.79%	10.30%	11.32%	11.44%
Total Shareholders	1,00,154	98,145	98,643	1,03,019	1,16,281	1,10,618	1,25,227	1,36,627	1,37,820	1,59,540	1,73,927	1,79,525

Projection

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Actions

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Announcements

Last 7 days

Newest

Sentiment

Press Release

3 days ago

KEC International Secures Orders Worth Rs. 1,150 Crores

KEC International Ltd. has announced securing new orders worth Rs. 1,150 crores in T&D and civil sectors, marking a significant achievement for the company.

Change in Directors

3 days ago

Change in Senior Management Personnel

Mr. Manjit Singh Sethi, Executive Director - Renewables, has resigned from KEC International Ltd due to personal reasons, effective December 12, 2025.

Documents

Presentations

Concalls

Reports

Presentations

Investor Presentation

Q2 FY26

Investor Presentation

Q1 FY26

Investor Presentation

Q4 FY25

Investor Presentation

Q3 FY25

Investor Presentation

Q2 FY25

Investor Presentation

Q1 FY25

Investor Presentation

Q4 FY24

Investor Presentation

Q4 FY24

Showing 1 - 8 of 40

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Financial Statements

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Discover detailed, AI-driven financial summaries that break down key metrics, trends, and insights—empowering you to make smarter investment decisions.

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Consolidated Quarterly Results (in ₹ Crores)

View Standalone

Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	4,244	4,499	5,007	6,165	4,512	5,113	5,349	6,872	5,023	6,092
Expenses	3,999	4,225	4,699	5,777	4,242	4,793	4,975	6,333	4,673	5,661
Operating Profit	244	274	308	388	270	320	374	539	350	430
OPM %	5.76	6.10	6.15	6.29	5.99	6.26	7.00	7.84	6.97	7.07
Other Income	2.83	16	26	7.79	43	6.63	0.91	20	5.39	4.63
Interest	159	178	164	154	155	168	170	170	151	171
Depreciation	42	47	49	48	47	45	45	47	46	51
Profit Before Tax	47	66	121	193	112	113	160	342	159	213
Tax %	9.36	15.13	19.76	21.49	21.83	24.73	18.94	21.62	21.39	24.52
Net Profit	42	56	97	152	88	85	130	268	125	161
EPS in Rs	1.59	2.10	3.64	5.70	3.29	3.32	4.87	10.08	4.68	6.04

Consolidated Profit Loss (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	8,755	10,091	11,001	11,965	13,114	13,742	17,282	19,914	21,847	22,358
Expenses	7,767	9,047	9,851	10,731	11,973	12,839	16,480	18,705	20,343	20,774
Operating Profit	989	1,044	1,150	1,234	1,141	904	802	1,209	1,504	1,584
OPM %	11.29	10.35	10.45	10.32	8.70	6.57	4.64	6.07	6.88	7.08
Other Income	29	21	23	11	30	-30	60	58	71	33
Interest	254	229	312	308	263	316	539	655	664	660
Depreciation	130	110	117	147	153	158	161	185	184	183
Profit Before Tax	463	687	744	790	756	399	161	426	727	774
Tax %	34.24	33.32	34.58	28.44	26.88	16.86	-9.35	18.69	21.55	21.47
Net Profit	305	458	486	566	553	332	176	347	571	608
EPS in Rs	11.42	17.30	18.63	21.25	20.76	12.47	6.62	13.03	21.56	25.67
Dividend Payout %	13.49	13.40	14.00	15.45	18.60	30.96	43.80	29.65	25.23	—

Consolidated Balance Sheet (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	51	51	51	51	51	51	51	51	51	53
Reserves	1,239	1,535	1,946	2,384	2,746	3,308	3,569	3,720	4,044	5,294
Borrowings	3,023	2,008	1,639	1,697	2,207	2,066	3,065	3,383	3,985	3,957
Other Liabilities	4,578	5,134	6,902	7,563	7,872	8,621	9,657	10,124	10,951	12,875
Total Liabilities	8,891	8,728	10,539	11,694	12,877	14,047	16,342	17,279	19,031	22,180
Fixed Assets	1,198	1,149	1,112	1,182	1,352	1,398	1,538	1,583	1,628	1,647
CWIP	8.39	5.10	78	7.32	84	18	2.46	11	14	39
Investments	25	130	39	13	23	1.06	13	0.00	0.00	0.00
Other Assets	7,660	7,444	9,309	10,492	11,419	12,630	14,789	15,684	17,389	20,495
Total Assets	8,891	8,728	10,539	11,694	12,877	14,047	16,342	17,279	19,031	22,180

Consolidated Cash Flows (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	-75	1,662	660	199	87	840	-284	614	311	419
Cash from Investing Activity	-23	-183	-4.46	-69	-118	-127	-192	-142	-223	-68
Cash from Financing Activity	-28	-1,379	-638	-150	2.52	-659	496	-401	-145	-32
Net Cash Flow	-126	100	17	-21	-28	53	20	71	-57	319

Overview

Detailed Summary

KEC International Limited is a major player in the engineering, procurement, and construction (EPC) sector, focused on power transmission and infrastructure projects globally.

KEC has seen record revenues of ₹6,092 crores in Q2 FY26, driven by robust execution in its Transmission & Distribution (T&D) business, marking a solid 19% YoY growth.

The company secured strategic orders, notably a ₹3,100 crore EPC contract in the UAE, reinforcing its prominent market position in the Middle East region.

KEC's debt level increased due to strong revenue growth and strategic inventory management, yet the company expects normalization as large payments and project retentions materialize.

KEC's T&D segment's significant contribution of 65% to overall revenues showcases its strategic focus and strengthens its position as a dominant force in the global infrastructure space.

Sector

Infrastructure Developers & Operators

Industry

Transmisson Line Towers / Equipment

Market Cap

18,774 Cr

Volatility

High Risk

P/E Ratio

27.5

Industry P/E

13.7

PEG Ratio

0.9

P/B Ratio

3.3

52W High

1,263.00

52W Low

605.05

Sales CAGR

9.70%

15.11%

12.87%

10Y

10.38%

Profit CAGR

64.58%

-9.33%

-9.91%

10Y

5.77%

ROE

TTM

12.11%

8.28%

9.80%

10Y

13.04%

ROCE

TTM

14.03%

21.28%

21.42%

10Y

25.30%