KEC International Limited KEC NIFTY_SMALLNSEINFRA

Industrials · Engineering & Construction · India

https://www.kecrpg.com

KEC International Limited engages in the engineering, procurement, and construction (EPC) business. It designs, manufactures, supplies, and erects transmission lines on turnkey basis; executes gas insulated transmission lines; undertakes EPC projects of high voltage electrical switching and distribution substations, as well as transmission lines in oil field areas; and turnkey solutions for railway contracts. The company also provides civil engineering solutions for transportation; urban infrastructure; industrial; residential and defense; commercial, public space, and datacenters; water; and international projects. In addition, it is involved in the provision of solar EPC services for large solar PV projects and PV solutions for industrial and commercial consumers; and design and engineering, project execution and management, bid management, and project feasibility analysis for large-scale solar photovoltaic power plants, as well as roof-top solar PV projects. Further, the company undertakes the construction of oil and gas / slurry pipelines and composite mechanical, civil, electrical, and instrumentation work in hydrocarbon facilities. The company manufactures and exports power cables, including EHV, HT and LV, telecom and optical fiber cables, control and instrumentation cables, and railway cables and conductors; special-purpose cables, such as cathodic protection, concentric, flat submersible, electric vehicle charging, hybrid, and green cables; and provides turnkey cabling solutions. KEC International Limited was founded in 1945 and is headquartered in Mumbai, India. KEC International Limited is a subsidiary of RPG Enterprises Limited.

Market & Price

Market Cap

₹13,300.68 Cr

Current Price

₹499.65

High / Low (52W)

₹928.19 / ₹469.40

Beta

0.15

Valuation

Stock P/E

21.98

Industry PE

27.78

Forward P/E

12.64

PEG Ratio

Book Value

₹231.32

Price to Book

2.16

P/S

0.57

EV/EBITDA

10.96

Dividend Yield

1.10%

Profitability & Returns

ROCE

20.32%

ROE

10.52%

ROA

3.86%

Profit Margin

2.58%

Op Margin

6.22%

EPS (Latest Qtr)

₹7.24

EPS (TTM)

₹22.73

Balance Sheet & Liquidity

Debt/Equity

0.87

Quick Ratio

1.06

Current Ratio

1.23

Debt

₹5,377.76 Cr

Total Assets

₹25,158.06 Cr

Current Assets

₹22,209.08 Cr

Working Capital

₹4,201.27 Cr

Ownership

Promoter Holding

4.56%

Chg in Prom Hold

FII / Inst Holding

77.60%

Chg in FII Hold

Financial Snapshot

Enterprise Value

₹18,170.74 Cr

Total Revenue (TTM)

₹23,505.54 Cr

EBITDA

₹1,658.57 Cr

Free Cash Flow

₹-1,843.81 Cr

Operating Cash Flow

₹-414.13 Cr

Shares Outstanding

₹26.62 Cr

Gross Margin

22.08%

Payout Ratio

24.18%

Growth (CAGR)

Revenue 5Y

11.41%

Profit 5Y

50.96%

Revenue (YoY)

-7.00%

Earnings (YoY)

-28.10%

PROS

Healthy ROCE of 20.3%.
Compounding revenue at 11.4% over 5 years.
Profit CAGR of 51.0% over 5 years.

CONS

Trading 46.2% below its 52-week high.
In a downtrend (50-DMA below 200-DMA).

* The pros and cons are auto-generated from financial metrics.

Price Chart

NSE TradingView Screener.in

Fundamental Growth

Period: Metric:

Figures from the latest reported periods. CAGR is computed across the displayed window (quarterly CAGR is annualised assuming 4 quarters per year).

Peer comparison

Peer companies in the same sector (Industrials).

#	Name	CMP ₹	P/E	Mkt Cap	Div Yld %	ROCE %	ROE %	Rev CAGR 5Y %	Profit CAGR 5Y %
1	KEC KEC International Limited NIFTY_SMALLNSEINFRA	499.65	21.98	₹13,300.68 Cr	1.10%	20.32%	10.52%	11.41%	50.96%
2	LT Larsen & Toubro Limited NIFTY50NSEAIINFRA	4,076.50	34.84	₹5.61 L Cr	0.93%	14.55%	16.95%	16.09%	15.38%
3	ADANIPORTS Adani Ports and Special Economic Zone Limited NIFTY50NSEINFRA	1,804.60	30.96	₹4.16 L Cr	0.42%	11.02%	15.59%	22.93%	34.11%
4	HAL Hindustan Aeronautics Limited NSEAIDEFENCEINFRAPSU	4,303.80	31.55	₹2.88 L Cr	1.16%	13.80%	23.98%	7.87%	16.08%
5	POWERINDIA Hitachi Energy India Limited NIFTY_MIDNSEINFRA	38,445.00	172.41	₹1.71 L Cr	0.02%	24.92%	21.04%	22.24%	119.12%
6	INDIGO InterGlobe Aviation Limited NSEINFRA	4,405.00	-	₹1.70 L Cr	0.24%	15.53%	-	44.12%	72.60%
7	CUMMINSIND Cummins India Limited NSEINFRA	5,881.00	68.97	₹1.63 L Cr	1.12%	34.95%	29.45%	16.07%	24.35%
8	CGPOWER CG Power and Industrial Solutions Limited NSEINFRA	917.45	118.99	₹1.44 L Cr	0.14%	19.35%	19.56%	21.67%	7.81%
9	POLYCAB Polycab India Limited NIFTY_MIDNSEAIINFRA	9,477.50	53.48	₹1.43 L Cr	0.37%	30.44%	24.58%	26.57%	28.11%

Quarterly Results

Figures in INR.

Metric	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Revenue	-	6,872.12 Cr	5,022.88 Cr	6,091.56 Cr	6,001.35 Cr	6,389.75 Cr
Cost of Revenue	-	5,391.54 Cr	3,876.60 Cr	4,756.65 Cr	4,658.99 Cr	5,022.31 Cr
Gross Profit	-	1,480.58 Cr	1,146.28 Cr	1,334.91 Cr	1,342.36 Cr	1,367.44 Cr
Operating Expenses	-	988.28 Cr	842.04 Cr	955.07 Cr	962.74 Cr	969.95 Cr
Operating Income	-	492.30 Cr	304.24 Cr	379.84 Cr	379.62 Cr	397.49 Cr
EBITDA	-	559.03 Cr	355.49 Cr	435.04 Cr	381.44 Cr	478.16 Cr
Interest Expense	-	170.34 Cr	151.12 Cr	171.49 Cr	171.14 Cr	169.85 Cr
Pretax Income	-	342.16 Cr	158.51 Cr	212.98 Cr	159.93 Cr	257.73 Cr
Tax Provision	-	73.97 Cr	33.91 Cr	52.23 Cr	32.47 Cr	64.94 Cr
Net Income	-	268.19 Cr	124.60 Cr	160.75 Cr	127.46 Cr	192.79 Cr
Diluted EPS	-	10.08	4.68	6.04	4.79	7.24

Profit & Loss (Annual)

Figures in INR.

Metric	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue	-	16,996.80 Cr	19,595.34 Cr	21,846.70 Cr	23,505.54 Cr
Cost of Revenue	-	13,643.54 Cr	15,625.23 Cr	16,910.31 Cr	18,314.55 Cr
Gross Profit	-	3,353.26 Cr	3,970.11 Cr	4,936.39 Cr	5,190.99 Cr
Operating Expenses	-	2,566.71 Cr	2,779.33 Cr	3,616.17 Cr	3,729.80 Cr
Operating Income	-	786.55 Cr	1,190.78 Cr	1,320.22 Cr	1,461.19 Cr
EBITDA	-	856.50 Cr	1,261.82 Cr	1,574.76 Cr	1,650.12 Cr
Interest Expense	-	534.04 Cr	649.97 Cr	663.59 Cr	663.60 Cr
Pretax Income	-	160.98 Cr	426.49 Cr	727.49 Cr	789.14 Cr
Tax Provision	-	-15.05 Cr	79.71 Cr	156.75 Cr	183.55 Cr
Net Income	-	176.03 Cr	346.78 Cr	570.74 Cr	605.59 Cr
Diluted EPS	-	6.85	13.49	21.80	22.75

Compounded Sales Growth

5 Years:	11.41%
1 Year:	-7.00%

Compounded Profit Growth

5 Years:	50.96%
1 Year:	-28.10%

Stock Price Performance

1 Year:	-41.86%
6 Months:	-28.60%
3 Months:	-15.41%
1 Month:	-10.89%

Balance Sheet (Annual)

Figures in INR.

Metric	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Total Assets	-	17,278.59 Cr	19,031.47 Cr	22,179.92 Cr	25,158.06 Cr
Current Assets	-	14,435.61 Cr	16,157.85 Cr	19,386.64 Cr	22,209.08 Cr
Cash & Equivalents	-	273.67 Cr	203.60 Cr	542.21 Cr	411.26 Cr
Inventory	-	1,137.16 Cr	1,213.31 Cr	1,140.46 Cr	1,532.74 Cr
Receivables	-	4,281.67 Cr	4,136.62 Cr	5,051.10 Cr	6,474.21 Cr
Total Liabilities	-	13,507.16 Cr	14,935.77 Cr	16,832.47 Cr	18,998.37 Cr
Current Liabilities	-	12,819.06 Cr	14,533.70 Cr	16,226.88 Cr	18,007.81 Cr
Long Term Debt	-	493.16 Cr	236.01 Cr	358.46 Cr	661.37 Cr
Total Debt	-	3,383.37 Cr	3,960.99 Cr	3,957.48 Cr	5,377.73 Cr
Total Equity	-	3,771.43 Cr	4,095.70 Cr	5,347.45 Cr	6,159.69 Cr
Shares Outstanding	-	25.71 Cr	25.71 Cr	26.62 Cr	26.62 Cr

Cash Flows (Annual)

Figures in INR.

Metric	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow	-	613.74 Cr	311.13 Cr	419.07 Cr	-414.13 Cr
Investing Cash Flow	-	-142.21 Cr	-223.06 Cr	-67.87 Cr	-241.79 Cr
Financing Cash Flow	-	-400.81 Cr	-144.67 Cr	-32.12 Cr	510.97 Cr
Capital Expenditure	-	-178.29 Cr	-237.38 Cr	-182.52 Cr	-328.68 Cr
Free Cash Flow	-	435.45 Cr	73.75 Cr	236.55 Cr	-742.81 Cr
Net Change in Cash	-	70.72 Cr	-56.60 Cr	319.08 Cr	-144.95 Cr

Ratios (Annual)

Figures in %.

Metric	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Gross Margin %	-	19.7%	20.3%	22.6%	22.1%
Operating Margin %	-	4.6%	6.1%	6.0%	6.2%
Net Margin %	-	1.0%	1.8%	2.6%	2.6%
ROE %	-	4.7%	8.5%	10.7%	9.8%
ROCE %	-	17.6%	26.5%	22.2%	20.4%

Shareholding Pattern

Insiders

4.56%

Institutions

77.60%

Public Float

81.31%

Analyst View

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KEC · Industrials