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KEC International Q2 FY27 results: net profit down 81.5% to ₹29.74 crore, revenue down 10.2%
KEC International Limited reported consolidated Q2 FY27 revenue of ₹5,468 crore, EBITDA of ₹271.28 crore and a net profit of ₹29.74 crore. Revenue rose 8.8% from Q1 FY27, while profit fell 59.0% and EBITDA margin declined to 5.0%; on a standalone basis, revenue was ₹4,160.45 crore and profit was ₹80.41 crore.
Key points
- Consolidated Q2 FY27 revenue was ₹5,468 crore, down 10.2% from ₹6,092 crore in Q2 FY26 but up 8.8% from ₹5,024 crore in Q1 FY27.
- EBITDA was ₹271.28 crore, down 37.0% year on year and 6.7% sequentially; the EBITDA margin fell 2.1 percentage points to 5.0%.
- The company reported a net profit of ₹29.74 crore and basic EPS of ₹1.12, down 81.5% and 59.0%, respectively, from Q2 FY26.
- H1 FY27 revenue was ₹10,491.25 crore and net profit was ₹102.37 crore, down 5.6% and 64.1% from H1 FY26.
- Total assets were ₹24,818.26 crore and borrowings were ₹6,020.78 crore as of 30 September 2026; operating cash flow for H1 FY27 was negative ₹400.37 crore.
How did KEC International perform in Q2 FY27?
Consolidated revenue for Q2 FY27 was ₹5,468 crore, down 10.2% from ₹6,092 crore in Q2 FY26 but up 8.8% from ₹5,024 crore in Q1 FY27. EBITDA was ₹271.28 crore, compared with ₹430.41 crore a year ago and ₹290.81 crore in the previous quarter, while the EBITDA margin was 5.0% against 7.1% and 5.8%, respectively.
The company reported profit before tax of ₹40.88 crore, tax of ₹11.14 crore and a net profit of ₹29.74 crore. Basic EPS was ₹1.12, against ₹6.04 in Q2 FY26 and ₹2.73 in Q1 FY27. On the standalone basis, revenue was ₹4,160.45 crore and profit was ₹80.41 crore, against ₹105.72 crore a year earlier.
The board unanimously approved the consolidated and standalone unaudited financial results for the quarter and half year ended 30 September 2026. Price Waterhouse said its review found nothing that caused it to believe the statements were not prepared in all material respects under Indian Accounting Standard 34, while noting that the possible impact of an ongoing government-agency investigation could not be determined.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 5,468 | 5,024 | 6,092 | −10.2% | +8.8% |
| Other income | 13.27 | 13.94 | 4.63 | +186.6% | −4.8% |
| Total expenses | 5,440 | 4,948 | 5,883 | −7.5% | +10.0% |
| EBITDA | 271.28 | 290.81 | 430.41 | −37.0% | −6.7% |
| EBITDA margin | 5.0% | 5.8% | 7.1% | −2.1 pp | −0.8 pp |
| Profit before tax | 40.88 | 89.90 | 212.98 | −80.8% | −54.5% |
| Tax | 11.14 | 17.28 | 52.23 | −78.7% | −35.5% |
| Net profit | 29.74 | 72.62 | 160.75 | −81.5% | −59.0% |
| EPS (₹) | 1.12 | 2.73 | 6.04 | −81.5% | −59.0% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in KEC International's costs and profit?
Total expenses were ₹5,440 crore, down 7.5% from ₹5,883 crore in Q2 FY26. Cost of materials fell ₹710.94 crore, or 22.9%, to ₹2,400 crore and other expenses fell ₹10.78 crore, or 0.5%, to ₹2,188 crore, while employee cost rose ₹30.39 crore, or 7.1%, to ₹456.22 crore.
Finance costs increased ₹19.17 crore, or 11.2%, to ₹190.66 crore and depreciation rose ₹2.44 crore, or 4.8%, to ₹53.01 crore. Other income increased ₹8.64 crore, or 186.6%, to ₹13.27 crore, and tax fell ₹41.09 crore, or 78.7%, to ₹11.14 crore. There was no exceptional item.
Against Q1 FY27, total expenses rose ₹492.52 crore, or 10.0%, as cost of materials increased ₹152.82 crore, employee cost ₹25.34 crore and finance costs ₹26.63 crore. Other expenses fell ₹21.34 crore and other income fell ₹0.67 crore, while tax declined ₹6.14 crore to ₹11.14 crore.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 2,400 | 3,111 | −710.94 | −22.9% |
| Employee cost | 456.22 | 425.83 | +30.39 | +7.1% |
| Finance costs | 190.66 | 171.49 | +19.17 | +11.2% |
| Depreciation | 53.01 | 50.57 | +2.44 | +4.8% |
| Other expenses | 2,188 | 2,199 | −10.78 | −0.5% |
| Total expenses | 5,440 | 5,883 | −443.11 | −7.5% |
| Other income | 13.27 | 4.63 | +8.64 | +186.6% |
| Tax | 11.14 | 52.23 | −41.09 | −78.7% |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
For H1 FY27, revenue was ₹10,491.25 crore, down ₹623.19 crore or 5.6% from ₹11,114.44 crore in H1 FY26. Total income was ₹10,518.46 crore, down ₹605.99 crore or 5.4% from ₹11,124.45 crore.
Profit before tax fell ₹240.70 crore, or 64.8%, to ₹130.78 crore, while net profit declined ₹182.97 crore, or 64.1%, to ₹102.37 crore. Basic EPS was ₹3.85, down ₹6.87 or 64.1% from ₹10.72 in H1 FY26.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 10,491 | 11,114 | −5.6% |
| Profit before tax | 130.78 | 371.48 | −64.8% |
| Net profit | 102.37 | 285.34 | −64.1% |
| EPS (₹) | 3.85 | 10.72 | −64.1% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
As of 30 September 2026, total assets were ₹24,818.26 crore, down from ₹25,158.06 crore as of 31 March 2026. Total equity was ₹6,091.35 crore against ₹6,159.69 crore, borrowings were ₹6,020.78 crore against ₹5,103.23 crore, and cash was ₹315.47 crore against ₹411.26 crore.
Inventories rose to ₹1,693.23 crore from ₹1,532.74 crore, while trade receivables fell to ₹5,609.55 crore from ₹6,474.21 crore and trade payables fell to ₹7,570.74 crore from ₹8,703.27 crore. H1 FY27 operating cash flow was negative ₹400.37 crore, compared with negative ₹917.08 crore in H1 FY26.
Investing cash flow for H1 FY27 was negative ₹91.73 crore, compared with negative ₹124.77 crore a year earlier, while financing cash flow was positive ₹398.49 crore against positive ₹797.89 crore. Capital expenditure was ₹126.83 crore, compared with ₹152.68 crore in H1 FY26.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 24,818 | 25,158 |
| Total equity | 6,091 | 6,160 |
| Borrowings | 6,021 | 5,103 |
| Cash and equivalents | 315.47 | 411.26 |
| Inventories | 1,693 | 1,533 |
| Trade receivables | 5,610 | 6,474 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | −400.37 | −917.08 |
| Cash from investing | −91.73 | −124.77 |
| Cash from financing | 398.49 | 797.89 |
| Capital expenditure | 126.83 | 152.68 |
Source: Company's results filing (XBRL).
How has KEC International done over the last 8 quarters?
Revenue peaked at ₹6,872.12 crore in Q4 FY25 and was lowest at ₹5,022.88 crore in Q1 FY26. It reached ₹5,467.71 crore in Q2 FY27, up from ₹5,023.54 crore in the preceding quarter but below ₹6,091.56 crore in Q2 FY26.
Net profit peaked at ₹268.21 crore in Q4 FY25 and bottomed at ₹29.74 crore in Q2 FY27. The EBITDA margin peaked at 7.8% in Q4 FY25 and fell to 5.0% in Q2 FY27, after easing from 7.1% in Q2 FY26. Revenue and profit rose sequentially from Q1 FY27, while the margin declined.
Which businesses drove the quarter?
The EPC segment reported revenue of ₹4,941.44 crore, down 13.5% from ₹5,711.37 crore in Q2 FY26. EBIT was ₹237.64 crore, compared with ₹398.26 crore a year earlier, and the EBIT margin was 4.8%.
The Others segment reported revenue of ₹613.3 crore, up 17.0% from ₹524.17 crore in Q2 FY26. EBIT was ₹33.64 crore against ₹32.15 crore, with an EBIT margin of 5.5%.
| Segment | Revenue | Revenue YoY | EBIT | EBIT margin |
|---|---|---|---|---|
| EPC | 4,941 | −13.5% | 237.64 | 4.8% |
| Others | 613.30 | +17.0% | 33.64 | 5.5% |
Source: Company's results filing (XBRL segment data).
What else did the company announce?
The board approved the appointment of Anant Vardhan Goenka as an additional non-executive, non-independent director effective 2 November 2026. He is the son of H. V. Goenka, the chairman, and is proposed to retire by rotation; shareholder approval is to be obtained within three months.
The same-day filings included the consolidated and standalone unaudited results and the investor presentation. No dividend or fund-raising announcement was included in the same-day filings provided.
What did KEC International's management say?
Management said it was confident of improved performance in the coming quarters and expected net debt including acceptances to come down to approximately ₹6,000 crore by the end of the year. The presentation showed a tender pipeline exceeding ₹2 lakh crore and said production at the elastomeric cables and E-Beam facility was expected to commence in Q3 FY27.
Management identified Middle East geopolitical disruption, logistics problems, elevated costs and extended lead times as risks. It also cited right-of-way and land-acquisition constraints for India T&D projects, delayed project awards and collections, lower Water and Metro realisation, and legal claims taking longer to resolve.
The presentation said net working capital was 155 days and net debt including acceptances was ₹7,793 crore. Management also flagged continuous pressure on the Oil & Gas Pipelines order book from a low tender pipeline and a highly competitive Indian market; no analyst questions were provided.
How did KEC International shares react?
After the after-market filing, the stock was up 0.1% after five minutes, down 0.2% after 15 minutes and down 1.7% after 30 minutes. It closed 9.5% below the previous close on the reaction day, against a Civil Construction industry median move of negative 0.1%, a relative move of negative 9.4 percentage points.
By the next day's close, the stock was down 7.7% from its pre-results close, compared with a 1.9% rise for the industry median; the relative move was negative 9.6 percentage points. Earlier reaction-day moves included negative 5.2% on 10 August 2026 and negative 10.9% on 16 May 2026.
| After the filing | Stock | Civil Construction median |
|---|---|---|
| 5 minutes | +0.1% | |
| 15 minutes | −0.2% | |
| 30 minutes | −1.7% | |
| Reaction day | −9.5% | −0.1% |
| Next day | −7.7% | +1.9% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 10 August 2026 | −5.2% |
| 16 May 2026 | −10.9% |
| 30 January 2026 | −7.4% |
| 10 November 2025 | +6.1% |
| 28 July 2025 | −0.0% |
| 26 May 2025 | −0.9% |
| 3 February 2025 | +2.4% |
| 4 November 2024 | −2.3% |
Source: MarketPing price-reaction measurement.
How did other Civil Construction companies do?
Among 16 Civil Construction companies compared, the median revenue growth was 8.5%. Three peers grew more slowly than KEC International, while 13 peers grew faster than KEC International.
Of the 17 peers used for the profit comparison, 13 reported higher profit. KEC International's consolidated Q2 FY27 revenue fell 10.2% from Q2 FY26.
| KEC International revenue growth (YoY) | −10.2% |
|---|---|
| Median of 16 other Civil Construction companies | +8.5% |
| Companies with slower revenue growth than KEC International | 3 of 16 |
| Companies with faster revenue growth than KEC International | 13 of 16 |
| Companies whose net profit rose | 13 of 17 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was KEC International's revenue in Q2 FY27?
Revenue from operations was ₹5,468 crore, down 10.2% from ₹6,092 crore in Q2 FY26 (consolidated).
Did KEC International make a profit in Q2 FY27?
Yes. Net profit was ₹29.74 crore, against a net profit of ₹160.75 crore in Q2 FY26.
What was KEC International's EPS in Q2 FY27?
Basic earnings per share were ₹1.12, against ₹6.04 in Q2 FY26.
How did KEC International shares react to the Q2 FY27 results?
On the reaction day the stock moved −9.5% from the previous close; the median Civil Construction stock moved −0.1%.
When did KEC International announce its Q2 FY27 results?
On 2 November 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for Approval Of The Consolidated And Standalone Unaudited Financial Results Of The Company For The Quarter And Half Year Ended On September 30, 2026 (BSE, 26 October 2026) · PDF
- Board Meeting Outcome for Board Meeting Outcome For Consolidated And Standalone Unaudited Financial Results Of The Company For The Quarter And Half Year Ended September 30, 2026 (BSE, 2 November 2026) · PDF
- Board Meeting Outcome For Consolidated And Standalone Unaudited Financial Results Of The Company For The Quarter And Half Year Ended September 30, 2026 (BSE, 2 November 2026) · PDF
- The investor presentation (2 November 2026)
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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