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KEC International

KEC NSE
₹321.55 +5.20 (+1.64%)
P/E
15.46
View as Markdown
MCP
Close 4 Nov 2026 ₹321.55 −465.45 −59.1% 1Y
Start ₹787.00

Key Fundamentals

MicrocapConstructionIndustrials

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
16.50%
Debt to Equity
0.87
EPS (TTM)
₹20.80
Book Value
₹228.83
Market Cap
—
P/E (TTM)
15.46
P/B
1.41
ROE
11.40%
Dividend Yield
1.74%
EBITDA
₹1,709 Cr
52W High
₹811.10
52W Low
₹299.00
Day Range
₹299.00 – ₹323.05
Volume
1,12,26,413

Peer Comparison

Industrials › Construction › Civil Construction

KEC International peer comparison
L&T
₹3,944.4030.37₹5,47,193 Cr4.800.96%15.90%14.60%₹3,00,904 Cr₹20,895 Cr
Rail Vikas Nigam
₹191.2344.37₹39,292 Cr4.060.93%9.02%10.80%₹20,825 Cr₹897 Cr
Cemindia Projects
₹1,310.1037.40₹23,549 Cr6.360.24%27.80%32.80%₹10,205 Cr₹602 Cr
Kalpataru Projects International
₹1,366.1020.52₹22,726 Cr3.000.83%13.70%18.30%₹27,380 Cr₹1,129 Cr
NBCC
₹77.7428.37₹20,666 Cr6.950.20%20.40%29.30%₹12,756 Cr₹766 Cr
IRB Infrastructure Developers
₹16.7921.25₹19,929 Cr0.940.31%4.29%7.47%₹7,686 Cr₹954 Cr
Engineers India
₹300.8521.55₹16,653 Cr5.060.52%23.40%30.40%₹3,878 Cr₹784 Cr
KEC International (this company)
₹321.5515.46₹8,027 Cr1.411.74%11.40%16.50%₹23,506 Cr₹554 Cr
Median 8 companies₹311.2024.96₹21,696 Cr4.430.68%14.80%17.40%₹16,791 Cr₹841 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

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

Overall score

32 Poor

Data confidence 100/100

Category scores

Quality
21
Poor
Returns, margins, earnings quality 22% weight
Valuation
69
Strong
Cheap vs sector & own history 24% weight
Growth
27
Poor
Sales & profit trajectory 9% weight
Financial Health
16
Poor
Solvency, leverage, coverage 9% weight
Momentum
10
Poor
Trend strength, vol-adjusted 12% weight
Ownership
18
Poor
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

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.

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallStrong Bearish1162
OscillatorsBullish162
Moving AveragesStrong Bearish1000

Key readings

RSI (14)
36.97
Neutral
MACD (12,26,9)
−15.66
Bullish
SMA (50)
379.05
Bearish
SMA (200)
501.14
Bearish

As of

Analyst Rating

Based on 24 analysts
BUY88%

21 of 24 analysts rate Buy, 1 Hold, 2 Sell.

As of

BUY
21
88%
HOLD
1
4%
SELL
2
8%

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
10Y+10.68%
5Y+12.38%
3Y+10.80%
1Y+7.59%
TTM+5.14%

Net profit

Net profit growth by window
10Y+15.14%
5Y+1.85%
3Y+51.00%
1Y+6.13%
TTM−8.88%

Operating cash flow

Operating cash flow growth by window
10YOutflow widened by ₹339 Cr
5YTurned negative
3YTurned negative
1YTurned negative
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10Y−1.27 pp
5Y−1.51 pp
3Y+2.63 pp
1Y+0.25 pp
TTM−0.28 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹8,584 Cr
Mar 2018₹10,053 Cr
Mar 2019₹11,001 Cr
Mar 2020₹11,965 Cr
Mar 2021₹13,114 Cr
Mar 2022₹13,742 Cr
Mar 2023₹17,282 Cr
Mar 2024₹19,914 Cr
Mar 2025₹21,847 Cr
Mar 2026₹23,506 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017₹305 Cr
Mar 2018₹460 Cr
Mar 2019₹496 Cr
Mar 2020₹566 Cr
Mar 2021₹553 Cr
Mar 2022₹332 Cr
Mar 2023₹176 Cr
Mar 2024₹347 Cr
Mar 2025₹571 Cr
Mar 2026₹606 Cr

Analyst Forecasts

Forecast For
Dec 26 consensus · EBITDA
₹470 Cr +65.1% vs Sep 26
Reported High Mean Low

AI Analysis — Bull vs Bear

Generated 5 Aug 2026
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 7
  • 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%
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

85d ago

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.

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.

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.

Quarterly Results

₹ Cr
KEC quarterly results, ₹ crore
Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 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
5,468
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
5,196
Operating Profit
244
274
308
388
270
320
374
539
350
430
430
448
291
271
OPM %
6%
6%
6%
6%
6%
6%
7%
8%
7%
7%
7%
7%
6%
5%
Other Income
3
16
26
8
43
7
1
20
5
5
−49
30
14
13
Interest
159
178
164
154
155
168
170
170
151
171
171
170
164
191
Depreciation
42
47
49
48
47
45
45
47
46
51
50
51
51
53
PBT
47
66
121
193
112
113
160
342
159
213
160
258
90
41
Tax %
9%
15%
20%
21%
22%
25%
19%
22%
21%
25%
20%
25%
19%
27%
Net Profit
42
56
97
152
88
85
130
268
125
161
127
193
73
30
EPS (₹)
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
—

Sep 2026: from the results filed on 2 Nov 2026, ahead of the full statement, so some rows are blank.

Profit & Loss

₹ Cr
KEC profit and loss, annual, ₹ crore
Particulars 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 (₹)
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%
—

Balance Sheet

₹ Cr
KEC balance sheet, annual, ₹ crore
Particulars 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

Cash Flow

₹ Cr
KEC cash flow, annual, ₹ crore
Particulars 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

Ratios

KEC financial ratios, annual
Particulars 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%

Insights

Beta

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

Log in to view KEC International insights

64 extracted metrics across FY08–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 50.10%
  • DIIs 20.76%
  • Public 16.67%
  • FIIs 8.69%
  • Others 3.78%

No promoter shares pledged as of Sep 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

Documents

Frequently Asked Questions about KEC International

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.
Where is KEC International Ltd (KEC) listed?
KEC International Ltd trades as KEC on the NSE and under code 532714 on the BSE.
Which sector does KEC International Ltd belong to?
KEC International Ltd is classified under the Construction sector, in the Civil Construction industry.
What is the PE ratio of KEC International Ltd?
KEC International Ltd trades at a PE ratio of 15.46 as of 4 Nov 2026, on earnings per share of ₹20.8, against a book value of ₹228.83 per share.
What is the 52-week high and low of KEC International Ltd?
Over the last 52 weeks KEC International Ltd has traded between ₹299 and ₹811.1 as of 4 Nov 2026.
Does KEC International Ltd pay dividends?
KEC International Ltd has a dividend yield of 1.74%.
What is the Return on Equity (ROE) of KEC International Ltd?
KEC International Ltd reported a return on equity of 11.40%. Its debt-to-equity ratio is 0.87.

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.

Website kecrpg.com
CEO Mr. Vimal Kejriwal B.Com., D.T.M., F.C.A., F.C.S.
Employees 6,709
Listed 10 Mar 2006
Face Value ₹2

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