KEC International Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2026 • Engineering, Procurement & Construction Business (EPC): 90.8% • Others: 9.2%
AI Sector View
AI GENERATEDConstruction
Construction fundamentals are strong, led by government and infrastructure spending. Capital expenditure was up 66% YoY (2026-06), cement output grew 13.1% YoY (2026-07), and the sector also benefits from improving housing and GFCF conditions. FPI flows turned supportive with INR 1720 crore net inflow over 3 months to 2026-08-31 from INR -9439 crore in the prior 3 months, reinforcing the positive view.
PROS
- Company has consistently been profitable over the last 5 years
- Stock looks reasonably valued - P/E of 18.9 is below its historical median
- Company has a consistent dividend-paying track record
- Company generates healthy free cash flow
- Attractively priced for its growth - PEG of 0.4
CONS
- Operating cash flow has been negative in recent years
- Recent results are weak - TTM profit is down 29.5% versus prior year
- Receivables are growing faster than sales - a possible quality concern
- Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT 0.21x)
- Interest coverage is weak at 1.9x - earnings barely cover interest
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| LT | 3925.00 | 32.55 | 540027.44 | 0.97 | 4988.03 | 15.51 | 67941.74 | 6.69 | 15.98 | 12.00 |
| RVNL | 207.00 | 47.98 | 43159.92 | 0.34 | 159.52 | 18.73 | 4321.23 | 10.55 | 10.81 | 4.41 |
| KPIL | 1408.65 | 21.17 | 24055.87 | 0.78 | 311.53 | 45.85 | 6407.97 | 3.84 | 18.95 | 8.77 |
| IRB | 19.07 | 24.14 | 23032.75 | 1.36 | 3062.70 | 1412.58 | 21372.72 | 918.25 | 7.72 | 53.93 |
| CEMPRO | 1268.60 | 36.23 | 21792.97 | 0.24 | 140.83 | 2.64 | 2720.92 | 7.02 | 33.53 | 10.09 |
| ENGINERSIN | 273.15 | 19.58 | 15352.19 | 1.83 | 157.94 | 141.49 | 819.84 | -5.80 | 30.94 | 20.61 |
| TECHNOE | 983.20 | 26.53 | 11434.57 | 0.71 | 93.33 | -31.44 | 630.34 | 19.84 | 14.86 | 15.79 |
| WELENT | 782.45 | 35.43 | 10830.19 | 0.38 | 56.36 | -44.29 | 773.72 | -8.44 | 16.44 | 19.49 |
| IRCON | 115.10 | 20.67 | 10825.34 | 1.65 | 92.03 | -43.92 | 1955.83 | 9.49 | 10.15 | 9.81 |
| KEC | 392.85 | 18.89 | 10457.67 | 1.40 | 72.62 | -41.72 | 5023.54 | 0.01 | 16.35 | 5.79 |
| AFCONS | 274.30 | 69.72 | 10088.33 | 0.73 | 30.30 | -77.95 | 2671.00 | -20.75 | 12.88 | 9.42 |
| NCC | 145.55 | 13.06 | 9138.31 | 1.51 | 228.90 | 11.85 | 5811.83 | 12.22 | 16.77 | 9.43 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 | |
| 3,999 | 4,225 | 4,699 | 5,777 | 4,242 | 4,793 | 4,975 | 6,333 | 4,673 | 5,661 | 5,571 | 5,942 | 4,948 | |
| Operating Profit | 244 | 274 | 308 | 388 | 270 | 320 | 374 | 539 | 350 | 430 | 430 | 448 | 76 |
| OPM % | 5.76% | 6.10% | 6.15% | 6.29% | 5.99% | 6.26% | 7.00% | 7.84% | 6.97% | 7.07% | 7.16% | 7.01% | 1.51% |
| 3 | 16 | 26 | 8 | 43 | 7 | 1 | 20 | 5 | 5 | -49 | 30 | 14 | |
| Interest | 159 | 178 | 164 | 154 | 155 | 168 | 170 | 170 | 151 | 171 | 171 | 170 | 164 |
| Depreciation | 42 | 47 | 49 | 48 | 47 | 45 | 45 | 47 | 46 | 51 | 50 | 51 | 51 |
| Profit before Tax | 47 | 66 | 121 | 193 | 112 | 113 | 160 | 342 | 159 | 213 | 160 | 258 | 90 |
| Tax % | 9.36% | 15.13% | 19.76% | 21.49% | 21.83% | 24.73% | 18.94% | 21.62% | 21.39% | 24.52% | 20.30% | 25.20% | 19.22% |
| Net Profit | 0 | 0 | 0 | 0 | 88 | 85 | 130 | 268 | 125 | 161 | 127 | 193 | 73 |
| 1.65 | 2.17 | 3.77 | 5.90 | 3.41 | 3.32 | 4.87 | 10.08 | 4.68 | 6.04 | 4.79 | 7.24 | 2.73 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 8,584 | 10,053 | 11,001 | 11,965 | 13,114 | 13,742 | 17,282 | 19,914 | 21,847 | 23,506 | 23,506 | |
| 7,715 | 8,978 | 9,965 | 10,757 | 11,896 | 12,821 | 16,374 | 18,585 | 20,182 | 21,746 | 22,122 | |
| Operating Profit | 869 | 1,074 | 1,036 | 1,209 | 1,219 | 921 | 908 | 1,329 | 1,665 | 1,760 | 1,384 |
| OPM % | 10.12% | 10.69% | 9.42% | 10.10% | 9.29% | 6.70% | 5.25% | 6.67% | 7.62% | 7.49% | 5.89% |
| 56 | 41 | 223 | 132 | 50 | 48 | 70 | 80 | 85 | 98 | 0 | |
| Interest | 332 | 318 | 398 | 403 | 360 | 413 | 656 | 797 | 839 | 872 | 677 |
| Depreciation | 130 | 110 | 117 | 147 | 153 | 158 | 161 | 185 | 184 | 197 | 202 |
| Profit before Tax | 463 | 687 | 744 | 790 | 756 | 399 | 161 | 426 | 727 | 789 | 721 |
| Tax % | 34.24% | 33.32% | 34.58% | 28.44% | 26.88% | 16.86% | -9.35% | 18.69% | 21.55% | 23.26% | 23.17% |
| Net Profit | 305 | 458 | 486 | 566 | 553 | 332 | 176 | 347 | 571 | 606 | 554 |
| EPS | 11.86 | 17.91 | 19.28 | 22.00 | 21.50 | 12.92 | 6.85 | 13.49 | 21.44 | 22.75 | — |
| Dividend Payout % | 13.50% | 13.40% | 14.00% | 15.46% | 18.61% | 30.97% | 43.82% | 29.66% | 25.65% | 24.18% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 11%
- 5 Years:
- 12%
- 3 Years:
- 11%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 15%
- 5 Years:
- 2%
- 3 Years:
- 51%
STOCK PRICE CAGR
- 10 Years:
- 13%
- 5 Years:
- -1%
- 3 Years:
- -15%
- 1 Year:
- -52%
RETURN ON EQUITY
- 10 Years:
- 15%
- 5 Years:
- 9%
- 3 Years:
- 10%
- Last Year:
- 11%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 51 | 51 | 51 | 51 | 51 | 51 | 51 | 51 | 53 | 53 |
| 1,535 | 1,946 | 2,384 | 2,746 | 3,308 | 3,569 | 3,720 | 4,044 | 5,294 | 6,106 | |
| 2,069 | 1,723 | 1,799 | 2,396 | 1,956 | 2,958 | 3,082 | 3,629 | 3,793 | 5,089 | |
| Trade Payables | 3,167 | 4,658 | 4,801 | 5,007 | 6,170 | 6,847 | 8,388 | 9,231 | 10,503 | 10,824 |
| 1,893 | 2,135 | 2,629 | 2,654 | 2,498 | 2,702 | 1,709 | 1,723 | 2,083 | 2,610 | |
| Total Liabilities | 8,715 | 10,512 | 11,663 | 12,855 | 13,985 | 16,128 | 16,951 | 18,678 | 21,727 | 24,683 |
| 1,149 | 1,112 | 1,182 | 1,352 | 1,398 | 1,538 | 1,583 | 1,628 | 1,647 | 1,773 | |
| Capital Work in Progress | 5 | 78 | 7 | 84 | 18 | 2 | 11 | 14 | 39 | 114 |
| 130 | 39 | 13 | 22 | 1 | 13 | 0 | 0 | 0 | 0 | |
| 395 | 627 | 641 | 776 | 842 | 1,066 | 1,137 | 1,213 | 1,140 | 1,533 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4,137 | 5,051 | 6,474 | |
| Cash & Bank | 208 | 231 | 276 | 164 | 249 | 262 | 344 | 273 | 656 | 512 |
| 6,828 | 8,424 | 9,543 | 10,457 | 11,477 | 13,246 | 13,876 | 11,412 | 13,195 | 14,277 | |
| Total Assets | 8,715 | 10,512 | 11,663 | 12,855 | 13,985 | 16,128 | 16,951 | 18,678 | 21,727 | 24,683 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 1,766 | 889 | 496 | 437 | 1,048 | 3 | 828 | 311 | 419 | -414 | |
| Cash from Investing | -183 | -4 | -69 | -118 | -127 | -205 | -142 | -223 | -68 | -242 |
| Cash from Financing | -1,379 | -638 | -150 | 3 | -659 | 496 | -401 | -145 | -32 | 511 |
| 100 | 17 | -21 | -28 | 53 | 7 | 71 | -57 | 319 | -145 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-08-21 - Please find enclosed herewith proceedings of the Annual General Meeting held on August 21, 2026 along with copy of the Scrutinizer's report and voting results
2026-08-19 - KEC International Limited has informed the Exchange about issuance of Corporate Guarantee on behalf of its subsidiary company
2026-08-14 - We would like to inform that the Transcript of the Earnings Conference Call held on Tuesday, August 11, 2026, for the Unaudited Financial Results of the Company for the quarter ended June 30, 2026, has been made available on the Company's website.
2026-08-13 - Pursuant to regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and SEBI Master Circular dated January 30, 2026, details of the order received from Assistant Commissioner (ST), Salem, Tamil Nadu are enclosed.
2026-08-13 - Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with SEBI Circular dated January 30, 2026, please find enclosed copies of newspaper advertisements published today, reiterating to the Members on the opening of a special window to facilitate the transfer and dematerialisation of physical securities.
2026-08-11 - Pursuant to Regulation 30 read with Para A of Part A of Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the details of the Analyst/Institutional Investors meet to be attended by the Company are enclosed.
2026-08-11 - In continuation to our letter dated August 03, 2026, we would like to inform that Audio Recording of the Earnings Conference Call held today i.e. on Tuesday, August 11, 2026, at 10:00 a.m. (IST) for the Unaudited Financial Results of the Company for the quarter ended June 30, 2026, has been made available on the Company s website.
2026-08-11 - Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed herewith copies of newspaper advertisements published regarding Unaudited Financial Results of the Company for the quarter ended June 30, 2026.
2026-08-10 - KEC International Limited has informed the Exchange about Investor Presentation
News
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