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KEC International Ltd.

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kecrpg.comBSE: 532714NSE: KEC
Market Cap₹ 10,820 Cr.
Current Price
High / Low₹ 938 / 389
Stock P/E27.6
Book Value₹ 207
Price to Book2.47
Dividend Yield1.35 %
ROCE13.9 %
ROE8.1 %
Face Value₹ 2

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ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • Transmission & distribution: 66.0% • Civil: 21.8% • Railways: 8.3%

AI Sector View

AI GENERATED

Construction

Buy

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.

Confidence
80%
View full sector analysis →

PROS

  • Company has been maintaining a healthy dividend payout of 34.2%
  • Stock looks reasonably valued - P/E of 27.6 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 0.8

CONS

  • Operating cash flow has been negative in recent years
  • Receivables are growing faster than sales - a possible quality concern
  • Recent results are weak - TTM profit is down 22.0% versus prior year
  • A large part of profit comes from other income (31.0% of PBT)
  • Company has a low return on equity of 6.3% over last 3 years
  • Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT -0.11x)

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

ConstructionInfrastructureEngineering - Construction
Part ofNIFTY TOTAL MKTNIFTY SMLCAP 50NIFTY 500NIFTY SMLCAP 250
S.No.Name
1.LT3915.0032.47538651.570.974988.0315.5167941.746.6915.9812.00
2.RVNL205.0047.5242742.910.35159.5218.734321.2310.5510.814.41
3.KPIL1435.0521.5624506.710.77311.5345.856407.973.8418.958.77
4.IRB19.6424.8623721.191.323062.701412.5821372.72918.257.7253.93
5.CEMPRO1244.1035.5321372.090.24140.832.642720.927.0233.5310.09
6.ENGINERSIN269.2019.3015130.181.86157.94141.49819.84-5.8030.9420.61
7.TECHNOE972.5026.2411310.130.7293.33-31.44630.3419.8414.8615.79
8.WELENT782.7535.4510834.340.3856.36-44.29773.72-8.4416.4419.49
9.KEC406.4519.5410819.701.3572.62-41.725023.540.0116.355.79
10.IRCON113.2020.3310646.641.6892.03-43.921955.839.4910.159.81
11.AFCONS253.9564.559339.890.7930.30-77.952671.00-20.7512.889.42
12.NCC141.0012.658852.641.56228.9011.855811.8312.2216.779.43
Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
3,7013,9824,3985,3023,8884,4844,7586,0484,0304,9494,8085,2603,898
3,5323,7984,1875,0183,7154,2544,4775,6963,8334,6414,5324,9873,914
Operating Profit169184211284174230281352197308276273-15
OPM %4.58%4.62%4.79%5.36%4.47%5.13%5.90%5.83%4.89%6.21%5.74%5.19%-0.39%
4172912443342899-4020017
Interest135155146136137152154139123146148142136
Depreciation33373839383737343236363636
Profit before Tax595612143749320850135522951
Tax %30.57%27.67%21.23%23.12%25.35%21.31%21.90%22.62%25.97%21.81%24.35%16.40%61.19%
Net Profit47449332587316137106392471
0.150.261.713.611.252.262.746.041.383.971.469.260.02

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
7,5669,03710,11810,47111,85212,57315,41317,38319,17819,04718,915
6,8068,0579,1399,38010,55211,43014,50316,43818,00517,91718,074
Operating Profit7609819791,0911,3001,1449119451,1731,130841
OPM %10.05%10.85%9.67%10.42%10.97%9.10%5.91%5.44%6.12%5.93%4.45%
643622814152-49691129279186
Interest285279366369333359539699739737572
Depreciation11595106118122123127146146140144
Profit before Tax424641735745897613250192418531483
Tax %33.46%32.96%32.30%26.78%27.94%29.11%27.94%22.99%22.51%19.44%18.89%
Net Profit282430498546646434180148324428392
EPS10.9616.7319.3621.2325.1316.907.015.7412.1716.08—
Dividend Payout %14.60%14.35%13.95%16.02%15.92%23.67%42.79%69.71%45.20%34.20%—

COMPOUNDED SALES GROWTH

10 Years:
9%
5 Years:
10%
3 Years:
7%

COMPOUNDED PROFIT GROWTH

10 Years:
8%
5 Years:
-8%
3 Years:
33%

STOCK PRICE CAGR

10 Years:
12%
5 Years:
-1%
3 Years:
-15%
1 Year:
-53%

RETURN ON EQUITY

10 Years:
14%
5 Years:
7%
3 Years:
6%
Last Year:
8%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Corporate actions

2026

Aug 7

₹ 2.75

Rs.5.5000 per share(275%)Final Dividend

2025

Jul 25

₹ 2.75

Rs.5.5000 per share(275%)Final Dividend

2024

Aug 9

₹ 2

Rs.4.0000 per share(200%)Final Dividend

2023

Jul 25

₹ 1.50

Rs.3.0000 per share(150%)Final Dividend

2022

Jun 15

₹ 2

Rs.4.0000 per share(200%)Final Dividend

2021

Jul 19

₹ 2

Rs.4.0000 per share(200%)Final Dividend

2020

Feb 13

₹ 1.70

Interim Dividend

2018

Jul 20

₹ 1.20

Rs.2.4000 per share(120%)Dividend

2017

Jul 18

₹ 0.80

Rs.1.6000 per share(80%)Dividend

2016

Mar 22

₹ 0.50

Rs.1.0000 per share(50%)Interim Dividend

2026

Jul 24

₹ 2.75

Rs.5.5000 per share(275%)Final Dividend

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital51515151515151515353
1,6041,9872,4432,7873,4683,8043,9124,0245,0445,453
1,4651,3341,5772,1861,7752,4712,5943,0383,2264,485
Trade Payables2,9744,4514,6174,7365,8416,2557,8418,6739,4439,808
1,5951,9112,4122,3602,3102,6011,6151,7161,9262,205
Total Liabilities7,6909,73511,10012,12013,44615,18216,01317,50119,69322,003
712686728757709767779833647635
Capital Work in Progress47159182871311
1223184366168079641,0761,1591,2571,423
270448469597681706767886619785
00000003,7564,2225,594
Cash & Bank15521424796182210181161581384
6,4257,9989,21510,04611,05012,53213,20210,70112,35413,170
Total Assets7,6909,73511,10012,12013,44615,18216,01317,50119,69322,003

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
1,6329864414541,040352762335245-675
Cash from Investing-153-347-94-292-179-361-297-267-35-86
Cash from Financing-1,327-374-108105-600293-309-95151565
6553-31-675436-30-26360-196

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026

Shareholding Pattern

Numbers in percentages

Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
51.8850.1050.1050.1050.1050.1050.1050.1050.10
12.6613.6015.2015.4216.0215.9211.759.849.92
25.2926.3324.9124.1822.5522.5425.4726.8623.34
Government0.000.000.000.000.000.000.000.000.00
10.179.979.7910.3011.3211.4412.6713.1816.64

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-08-21
Shareholders meeting

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
Giving guarantees/indemnity/ becoming a surety for third party

2026-08-19 - KEC International Limited has informed the Exchange about issuance of Corporate Guarantee on behalf of its subsidiary company

2026-08-14
Analysts/Institutional Investor Meet/Con. Call Updates

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
Action(s) taken or orders passed

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
Copy of Newspaper Publication

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
Analysts/Institutional Investor Meet/Con. Call Updates

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
Analysts/Institutional Investor Meet/Con. Call Updates

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
Copy of Newspaper Publication

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
Investor Presentation

2026-08-10 - KEC International Limited has informed the Exchange about Investor Presentation

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