NSE: KEC · BSE: 532714
KEC INTL. LIMITED
Builds power transmission lines, civil works, cables and renewable-energy projects on an engineering, procurement and construction (EPC) basis across more than 110 countries. EPC is the dominant line, contributing 90.8% of segment revenue at Rs 21,988.29 crore in FY26, with an EBIT of Rs 1,513.01 crore; the residual "Others" segment made up 9.2% at Rs 2,216.7 crore (EBIT Rs 145.56 crore). Recent order wins include a 400 kV transmission line powering a data centre in Western India (its first such order), a 200+ MW solar PV project, and what the company describes as its largest-ever tower supply order from the USA, alongside Middle East and Americas business. FY26 order intake was Rs 25,280 crore and the closing order book stood at Rs 36,267 crore, giving multi-quarter revenue visibility. Total FY26 revenue was Rs 23,505.54 crore with an EBITDA margin of 7.02%, and materials at 49.2% of revenue are by far the biggest cost input, ahead of other opex at 38.0% and employee cost at 7.1%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. EPC (91%), Others (9%). Project-driven, asset-heavy global EPC contractor in infrastructure with a long order-to-revenue cycle.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 13,742 | 17,282 | 19,914 | 21,847 | 23,506 |
| EBITDA (ex other income) | 860 | 830 | 1,215 | 1,504 | 1,600 |
| margin % | 6.3 | 4.8 | 6.1 | 6.9 | 6.8 |
| Owners' profit | 332 | 176 | 0 | 0 | 0 |
| EPS, as reported (₹) | 12.92 | 6.85 | 13.49 | 21.80 | 22.75 |
| ROE % · ROCE % | 9.2 · 16.9 | 4.7 · 15.7 | 8.5 · 23.9 | 10.7 · 23.4 | 9.8 · 20.3 |
| Debt / equity (x) | 0.85 | 0.90 | 0.97 | 0.74 | 0.83 |
| Cash from operations | (284) | 607 | 311 | 419 | (414) |
| Capex | (143) | (178) | (237) | (183) | (329) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 5,113 | 5,349 | 6,872 | 5,023 | 6,092 | 6,001 | 6,390 | 5,024 |
| Profit before tax | 113 | 160 | 342 | 159 | 213 | 160 | 258 | 90 |
| Net profit | 85 | 130 | 268 | 125 | 161 | 127 | 193 | 73 |
| EPS (₹) | 3.32 | 4.87 | 10.08 | 4.68 | 6.04 | 4.79 | 7.24 | 2.73 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| EPC | 21,988 | 90.8 |
| Others | 2,217 | 9.2 |
| Total, before eliminations | 24,205 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| LARSEN & TOUBRO LTD. | 5,22,964 | 31.5 | 4.07 | 19.0 | 14.7 | 11.9 | 16.0 | 12.5 |
| RAIL VIKAS NIGAM LIMITED | 38,385 | 42.7 | 3.91 | 27.6 | 8.9 | 7.5 | 5.8 | 7.5 |
| KALPATARU PROJECT INT LTD | 22,786 | 20.1 | 2.95 | 10.3 | 13.3 | 15.0 | 16.0 | 10.0 |
| CEMINDIA PROJECTS LIMITED | 21,114 | 35.1 | 8.80 | 17.9 | 24.9 | 31.7 | 29.8 | 10.5 |
| IRB INFRA DEV LTD. | 19,421 | 14.9 | 0.93 | 9.4 | 4.1 | 2.5 | 7.6 | 55.6 |
| NBCC (INDIA) LIMITED | 18,857 | 25.5 | 5.86 | 15.3 | 23.1 | 29.7 | 13.5 | 9.6 |
| ENGINEERS INDIA LTD | 14,470 | 18.5 | 4.60 | 16.1 | 22.0 | 26.5 | 4.6 | 20.1 |
| TECHNO ELEC & ENG CO. LTD | 9,873 | 22.9 | 2.38 | 16.2 | 11.4 | 12.4 | 29.6 | 20.4 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 16.3 | 13.5 | 59 of 101 | 42% |
| P/B | 1.5 | 1.3 | 48 of 85 | 44% |
| ROCE | 11.0 | 10.0 | 52 of 107 | 52% |
| ROE | 9.8 | 9.1 | 40 of 87 | 55% |
| Debt / Equity | 0.8 | 0.4 | 70 of 87 | 20% |
| EBITDA margin | 6.1 | 12.4 | 73 of 88 | 17% |
| Revenue growth | 0.0 | 6.2 | 53 of 86 | 39% |
| Profit growth | (41.7) | 2.7 | 59 of 84 | 30% |
| Market cap | 9023 | 456 | 11 of 107 | 91% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 26 Oct 2026 · KEC International schedules Q2 FY27 earnings call for November 3 | board shareholder meetings | low | — | — |
| 26 Oct 2026 · KEC International board to approve September quarter and half-year results | results | low | — | — |
| 24 Oct 2026 · KEC wins Rs 2,872 crore PGCIL transmission orders | compliance | low | — | — |
| 23 Oct 2026 · KEC International secures Rs. 1,006 crore in new orders | compliance | low | — | — |
| 16 Oct 2026 · KEC International gets ESG rating upgrade to 66 for FY26 | business updates | medium | — | — |
| 10 Oct 2026 · KEC International secures Rs 1,014 crores new T&D orders | business updates | high | — | — |
| 9 Oct 2026 · Notice: Special Window for Physical Share Transfer and Dematerialisation | compliance | minimal | — | — |
| 8 Oct 2026 · KEC International wins new orders worth Rs. 1,030 crores | compliance | low | — | — |
| 7 Oct 2026 · Routine compliance certificate under Reg 74(5) for Q2 FY27 | compliance | minimal | — | — |
| 29 Sept 2026 · KEC International's Mali branch receives tax order of Rs 6.79 crore | regulatory legal | high | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
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Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.