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KEC International Limited (KEC)

₹345.85 -1.82% on 19 Oct, as of 12:25 IST · NSE

📊 NSE: KEC 🏢 Transmisson Line Towers / Equipment 📢 Latest filing: 10 Oct 2026 📝 Analysis written: 14 Dec 2025

Latest quarterly results (Q4 FY26)

In its latest reported quarter, Q4 FY26, KEC International's revenue was ₹6,390 Cr (-7.0% year on year, +6.5% on the previous quarter), and net profit ₹193 Cr (-28.0% year on year); the operating margin was 7.0%.

Q4 FY26 (₹ Cr)	Value	YoY vs Q4 FY25	QoQ
Revenue	₹6,390	-7.0%	+6.5%
Operating profit	₹448	-16.9%	+4.2%
Net profit	₹193	-28.0%	+52.0%
EPS (₹)	7.24	-28.2%	+51.1%
Operating margin	7.0%	—	—

Full quarterly financials → Results calendar →

KEC delivery percentage

NSE end-of-day data for Fri, 16 Oct 2026

On Fri, 16 Oct 2026, 49.07% of the KEC shares traded on NSE were taken to delivery, against the stock's own 20-session average of 42.53%. That is close to its usual level.

49.07%Delivery, 16 Oct

42.53%Own 20-session average

1.3×Volume vs its average

₹352.25NSE close · -1.08%

Delivery in the last 5 sessions: 26.7% · 39.5% · 45.5% · 46.4% · 49.1%

Delivery across the market →

A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed

📢 Recent Corporate Announcements

KEC Secures Rs 1,014 Cr Domestic T&D Orders, YTD Inflows Cross Rs 9,600 Cr

🟢 POSITIVE ⭐ 6/10

OTHER 📅 10 Oct 2026, 02:50 PM

KEC International has bagged new orders worth Rs 1,014 crore in its India Transmission & Distribution (T&D) business. The package includes its first order for establishing a 765 kV transmission line to evacuate power from a Pumped Storage Plant in Western India from an existing client. With these additions, the company's Year-To-Date (YTD) order intake has surpassed Rs 9,600 crore. The order size represents approximately 4.3% of KEC's TTM revenue of Rs 23,506 crore.

Secured new orders worth Rs 1,014 crore in India T&D business
Wins include first 765 kV transmission line for power evacuation from a Pumped Storage Plant (Western India)
Brings total YTD order intake to over Rs 9,600 crore
Order size represents ~4.3% of TTM revenue (Rs 23,506 crore)

💡 Track execution timelines and working capital intensity of these domestic T&D contracts, along with margin trajectory in upcoming quarterly earnings releases.

KEC International Secures New Orders Worth Rs 1,030 Crore; YTD Inflows Cross Rs 8,600 Crore

🟢 POSITIVE ⭐ 6/10

OTHER 📅 08 Oct 2026, 08:57 PM

KEC International has bagged new orders worth Rs 1,030 crore across its Transmission & Distribution (T&D), Renewables, and Cables businesses. The new intake represents approximately 4.4% of its TTM revenue of Rs 23,506 crore. With this win, the company's YTD order intake stands at over Rs 8,600 crore. Key wins include a 400 kV line in Bhutan, a 380 kV line addition in Saudi Arabia, and a 300+ MW Wind project in Southern India.

Secured new orders totaling Rs 1,030 crore across T&D, Renewables, and Cables & Conductors
Year-to-date (YTD) order intake crossed Rs 8,600 crore
Won a 400 kV transmission line project in Bhutan and an additional 380 kV line in Saudi Arabia
Secured an EPC order for a 300+ MW wind project from a private developer in Southern India

💡 Track execution milestones and margin performance on these contracts in upcoming quarterly results, particularly given raw material exposure on fixed-price EPC contracts.

KEC International Submits Demat Compliance Certificate for Q2 FY27

🟡 NEUTRAL ⭐ 1/10

ROUTINE 📅 07 Oct 2026, 05:24 PM

KEC International has submitted its compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate was issued by Registrar and Transfer Agent MUFG Intime India Private Limited on October 07, 2026. It confirms that share certificates received for dematerialisation during the quarter were verified, mutilated, and cancelled as per standard timelines. This is a recurring administrative filing with no financial or operational impact.

Compliance certificate filed under Regulation 74(5) for the quarter ended September 30, 2026
Certificate issued by Registrar and Transfer Agent MUFG Intime India Private Limited dated October 07, 2026
Confirmation that dematerialisation requests received during the quarter were processed within prescribed timelines

💡 This is a routine regulatory filing; investors should track upcoming Q2 FY27 earnings announcements and new order win disclosures for material performance updates.

KEC International Faces Rs 12.89 Cr Tax and Penalty Demand from Mali Tax Authority

🟡 NEUTRAL ⭐ 3/10

LEGAL 📅 29 Sep 2026, 10:50 PM

KEC International received an assessment order from the Directorate of Large Enterprise (DGE), Mali, covering the period January 2020 to December 2021. The authority imposed a tax demand of FCFA 367 Mn (Rs 6.10 crore) and a penalty of FCFA 408 Mn (Rs 6.79 crore), totaling approximately Rs 12.89 crore. The dispute stems from taxing offshore supplies and rejecting a Ministerial Decree tax exemption. KEC stated the demand is incorrect, plans to seek legal remedies, and does not foresee any material financial impact given its size relative to FY26 net profit of Rs 429.81 crore.

Tax demand of FCFA 367 Mn (Rs 6.10 crore) raised by DGE Mali
Penalty of FCFA 408 Mn (Rs 6.79 crore) imposed
Total financial exposure is Rs 12.89 crore (~0.06% of TTM revenue)
Pertains to offshore supplies assessment for January 2020 to December 2021
Company will contest the order through legal remedies

💡 Track the progress of legal remedies and appeals filed in Mali; immaterial to overall financials but relevant for monitoring overseas regulatory compliance.

KEC Wins Rs 1,303 Cr Orders Across T&D and Cables Businesses

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 14 Sep 2026, 09:06 AM

KEC International has secured new orders worth Rs 1,303 crore across its Transmission & Distribution (T&D) and Cables & Conductors segments. The new wins represent ~6.1% of its TTM revenue of Rs 21,320 crore and bring the company's YTD order intake to over Rs 7,600 crore. T&D orders include a 400 kV line for a private hydroelectric plant in Northern India, 380 kV lines in Saudi Arabia, and tower/pole supplies in the Americas. This order intake reinforces order visibility amidst a challenging environment and supports the company's growth target.

Secured new orders worth Rs 1,303 crore across T&D and Cables businesses
YTD order intake crossed Rs 7,600 crore as of announcement date
Wins include 400 kV transmission lines in India and 380 kV lines in Saudi Arabia
Additional orders secured for tower and hardware supply in the Americas

💡 Monitor execution milestones and operating margins in the upcoming Q2 FY27 results to see if international T&D and fixed-price contracts protect the current ~7.8% operating margin profile.

KEC International Shareholders Approve ₹5.50/Share Dividend & All 5 AGM Resolutions

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 21 Aug 2026, 06:23 PM

KEC International Limited concluded its 21st Annual General Meeting on August 21, 2026, where shareholders approved all five proposed resolutions with the requisite majority. Key approvals include the declaration of a dividend of ₹5.50 per equity share for FY26 and the adoption of audited standalone and consolidated financial statements. Shareholders also approved the re-appointment of MD & CEO Mr. Vimal Kejriwal (99.90% votes in favour) and the payment of commission to Non-Executive Chairman Mr. Harsh V. Goenka (90.43% votes in favour).

Shareholders approved dividend of ₹5.50 per equity share for FY26 (100.00% votes in favour).
Approval granted for payment of commission to Non-Executive Chairman Mr. Harsh V. Goenka with 90.43% votes in favour.
Re-appointment of Director Mr. Vimal Kejriwal approved with 99.90% votes in favour.
A total of 2,50,198 shareholders were registered as on the cut-off date of August 14, 2026.

💡 Track the upcoming corporate action for the dividend payout timeline and monitor order book execution in Q2 FY27.

KEC Issues AED 300 Mn Corporate Guarantee for Subsidiary Al Sharif Group & KEC

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 19 Aug 2026, 09:41 PM

KEC International Limited has issued an enhanced corporate guarantee of AED 300 million in favor of an overseas bank on August 19, 2026. This guarantee supports enhanced credit facilities for its subsidiary, Al Sharif Group & KEC Limited Company. It substitutes a previous corporate guarantee of AED 181.50 million issued to the same bank. The guarantee represents a contingent liability for KEC with no immediate financial impact.

Corporate guarantee issued for AED 300 million on August 19, 2026
Substitutes an earlier corporate guarantee of AED 181.50 million to the same bank
Issued on behalf of subsidiary Al Sharif Group & KEC Limited Company
Qualifies as a contingent liability with zero immediate P&L impact

💡 Track execution progress and project wins in the Middle East T&D segment, which this enhanced credit line likely supports.

KEC International Releases Q1 FY27 Earnings Call Transcript

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 14 Aug 2026, 03:33 PM

KEC International has made the transcript of its Q1 FY27 earnings conference call, held on August 11, 2026, available on its website. This follows the announcement of unaudited financial results for the quarter ended June 30, 2026. The transcript provides management's detailed perspective on the company's record order book and L1 position exceeding ₹44,000 Cr, which is approximately 2.06x its TTM revenue of ₹21,320 Cr. Investors can now access the full Q&A session regarding project execution and margin outlook.

Transcript released for the earnings call held on August 11, 2026
Covers financial performance for the quarter ended June 30, 2026
Company maintains a record order book plus L1 position of over ₹44,000 Cr
Planned capex of ₹400 Cr in FY26 allocated for Cables factory expansion
Debt stands at ₹4,631 Cr as per latest financial context

💡 Investors should review the transcript for management commentary on the ₹180,000 Cr PGCIL tender pipeline and the strategy to mitigate margin pressure on the 40-50% fixed-price portion of the order book.

Rs 17.12 Lakh Penalty Imposed on KEC International by Tamil Nadu Tax Authorities

🟡 NEUTRAL ⭐ 2/10

REGULATORY 📅 13 Aug 2026, 06:32 PM

KEC International received a penalty order of Rs 17.12 lakh from the Assistant Commissioner (ST), Salem, on August 12, 2026. The penalty relates to an alleged turnover mismatch for the Assessment Year 2014-15 under the Central Sales Tax Act. The company plans to contest the demand through appropriate legal channels. This penalty is financially immaterial, representing less than 0.001% of the company's TTM revenue of Rs 21,320 crore.

Penalty of Rs 17,12,024 imposed under Central Sales Tax Act.
Order pertains to alleged turnover mismatch for Assessment Year 2014-15.
Official communication was received by the company on August 12, 2026.
The disclosure follows SEBI Master Circular dated January 30, 2026.

💡 Investors should monitor if such tax disputes become frequent, though this specific demand is immaterial relative to the company's Rs 430 Cr TTM PAT.

KEC International Releases Q1 FY27 Earnings Call Audio Recording

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 11 Aug 2026, 05:29 PM

KEC International has made the audio recording of its Q1 FY27 earnings conference call available to the public. The call, held on August 11, 2026, discussed the unaudited financial results for the quarter ended June 30, 2026. This is a standard regulatory disclosure to ensure transparency for all shareholders. Investors can access the recording to hear management's perspective on the company's Rs 44,000 Cr order book and its Rs 400 Cr capex plan for FY26.

Earnings conference call conducted on August 11, 2026, at 10:00 a.m. IST
Relates to the unaudited financial results for the quarter ended June 30, 2026
Company maintains a record order book and L1 position exceeding Rs 44,000 Cr
Planned capex of Rs 400 Cr for FY26 focused on Cables factory expansion

💡 Investors should review the call recording or upcoming transcript for management's guidance on margin recovery and the status of the Rs 180,000 Cr PGCIL tender pipeline.

KEC International releases audio recording of Q1 FY27 earnings conference call

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 11 Aug 2026, 05:20 PM

KEC International has made the audio recording of its Q1 FY27 earnings conference call available on its website following the session held on August 11, 2026. The call discussed the unaudited financial results for the quarter ended June 30, 2026. This is a standard procedural disclosure following the quarterly results announcement. Investors can access the recording to gain insights into management's commentary on the current order book of over ‡44,000 Cr and the ‡400 Cr capex plan for FY26.

Earnings conference call for Q1 FY27 held on August 11, 2026, at 10:00 a.m. IST
Audio recording made available on the company website as per regulatory requirements
Discussion centered on unaudited financial results for the quarter ended June 30, 2026
Company context includes a record order book plus L1 position exceeding ‡44,000 Cr

💡 Investors should review the recording or upcoming transcript for management's guidance on margin recovery and the status of the ‡180,000 Cr PGCIL tender pipeline.

Rs 40,000 Cr Order Book + L1; KEC Reports Q1 FY27 Revenue of Rs 5,024 Cr

🟡 NEUTRAL ⭐ 6/10

EARNINGS 📅 10 Aug 2026, 06:52 PM

KEC International reported Q1 FY27 revenues of Rs 5,024 Cr with a PAT of Rs 73 Cr, reflecting a thin PAT margin of 1.4%. The company maintains a robust Order Book + L1 position of over Rs 40,000 Cr, which is approximately 1.88x its TTM revenue. Net debt including acceptances was reduced by over Rs 150 Cr to Rs 6,568 Cr, though management noted execution headwinds from the West Asia crisis and labor shortages. A massive tender pipeline of Rs 2,00,000 Cr provides significant long-term visibility across T&D and Non-T&D segments.

Order Book + L1 position stands at over Rs 40,000 Cr, with T&D accounting for more than 60% of the mix.
YTD order intake reached Rs 6,303 Cr across T&D, Civil, Renewables, and Transportation.
Net debt including acceptances reduced by Rs 150 Cr to Rs 6,568 Cr as of June 30, 2026.
Tender pipeline remains robust at over Rs 2,00,000 Cr, equally distributed between T&D and Non-T&D segments.
Q1 FY27 PBT stood at Rs 90 Cr (1.8% margin) and PAT at Rs 73 Cr (1.4% margin).

💡 Monitor the realization of delayed collections from Afghanistan expected in Q2 and the impact of the West Asia crisis on logistics costs and project timelines.

Rs 73 Cr PAT in Q1 FY27; Order Book + L1 exceeds Rs 40,000 Cr despite margin pressure

🔴 NEGATIVE ⭐ 7/10

EARNINGS 📅 10 Aug 2026, 06:42 PM

KEC reported flat consolidated revenue of Rs 5,024 crore for Q1 FY27, while PAT declined 41.6% YoY to Rs 73 crore. Profitability was impacted by EBITDA margins contracting to 5.8% from 7.0% in the previous year, driven by geopolitical disruptions and labor shortages. On the positive side, the company reduced net debt by over Rs 150 crore to Rs 6,568 crore and improved its working capital cycle to 134 days. The order book plus L1 position remains robust at over Rs 40,000 crore, representing approximately 1.87x TTM revenue.

Consolidated PAT dropped 41.6% YoY to Rs 73 crore from Rs 125 crore in Q1 FY26
EBITDA margins contracted by 120 basis points to 5.8% compared to 7.0% YoY
Net debt including acceptances reduced by over Rs 150 crore to Rs 6,568 crore as of June 30, 2026
Total Order Book and L1 position stands at a strong Rs 40,000 crore
YTD Order Intake reached Rs 6,303 crore across T&D, Civil, and Renewables

💡 Monitor the recovery in EBITDA margins and the execution pace of the Rs 40,000 crore order book, particularly in the Middle East. Watch for further debt reduction and the impact of interest costs, which rose to 3.3% of revenue this quarter.

KEC Q1 FY27 Net Profit drops to ₹0.52 Cr; Operating Margin at 4.0%

🔴 NEGATIVE ⭐ 7/10

EARNINGS 📅 10 Aug 2026, 06:33 PM

KEC International reported a significant decline in consolidated net profit to ₹0.52 Cr for the quarter ended June 30, 2026, compared to ₹36.83 Cr in the same quarter last year. Operating margins compressed to 4.00% from 4.89% YoY, while the net profit margin fell to a marginal 0.01%. The company is also managing a legal risk as a government agency has filed a chargesheet involving a company employee and a PSU official. Working capital cycles showed signs of stress with debtor turnover increasing to 117 days from 103 days YoY.

Net Profit for Q1 FY27 fell to ₹0.52 Cr from ₹36.83 Cr in Q1 FY26
Operating Margin contracted to 4.00% compared to 4.89% in the year-ago period
Debtors Turnover Ratio increased to 117 days from 103 days YoY
Inventory Turnover Ratio rose to 37 days from 25 days in Q1 FY26
Legal chargesheet filed by a government agency involving a PSU official and a company employee is now sub-judice

💡 Monitor the company's ability to pass on costs in its 40-50% fixed-price order book and track the legal proceedings which could impact future PSU tender eligibility.

CRISIL ESG Rating upgraded to '62' from '57' for KEC International

🟢 POSITIVE ⭐ 3/10

ROUTINE 📅 08 Aug 2026, 12:27 PM

KEC International has received an upgraded ESG rating from CRISIL ESG Ratings & Analytics Limited. The score improved to 'CRISIL ESG 62' from the previous 'CRISIL ESG 57' as of August 07, 2026. While this is a non-financial metric, it reflects improving sustainability practices which are increasingly critical for global institutional investors and international project bidding. The company continues to operate with a substantial order book of over ₹44,000 Cr and TTM revenue of ₹21,320 Cr.

ESG rating upgraded to 'CRISIL ESG 62' from 'CRISIL ESG 57'
Rating assigned by CRISIL ESG Ratings & Analytics Limited on August 07, 2026
Company maintains a robust order book and L1 position of over ₹44,000 Cr
TTM revenue stands at ₹21,320 Cr with a presence in 110+ countries

💡 Monitor if the improved ESG profile leads to lower cost of debt or increased participation from ESG-focused institutional investors in future fundraises.

View All KEC Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

The T&D segment grew 44% YoY in Q2 FY26 (INR 4,080 Cr vs INR 2,831 Cr) and 36% in H1 FY26. The Cables & Conductors business achieved 15% YoY growth in order intake during FY25, reaching INR 2,212 Cr. Standalone revenue growth (excluding Cables) was 22% for Q2 FY26 and 19% for H1 FY26.

Geographic Revenue Split

KEC derives approximately 33-45% of its total revenues from overseas projects across 110+ countries. Domestic demand is driven by government infrastructure spending and private capex cycles.

Profitability Margins

Net Profit Margin (PAT Margin) improved to 2.1% in Q2 FY26 from 1.3% in Q2 FY25. PBT margins rose to 2.7% in Q2 FY26 from 1.6% YoY. Operating Profit Margins (OPM) improved from 5.3% in FY23 to 7.7% in FY25, with a further 50 bps improvement targeted for H2 FY26.

EBITDA Margin

EBITDA margin expanded by 80 bps to 7.1% in Q2 FY26 compared to 6.3% in Q2 FY25. H1 FY26 EBITDA margin stood at 5.6% compared to 5.1% in H1 FY25, driven by the execution of higher-margin projects and the completion of low-margin Brazil EPC contracts.

Capital Expenditure

KEC plans a total capex of INR 400 Cr for FY26, which includes the expansion of Cables Factories. Maintenance capex is expected to be INR 150-250 Cr per annum over the medium term.

Credit Rating & Borrowing

ICRA reaffirmed the [ICRA]A+ (Stable) rating. Finance costs (including bank charges) were 3.8% of Operating Income in FY25 and are projected to be 3.4%-3.6% in FY26. Interest as a percentage of sales was 2.9% in Q2 FY26.

⚙️ Operational Drivers

Raw Materials

Key raw materials include Steel (used in towers), Aluminum and Zinc (for conductors/cables), and Copper. Steel represents a significant risk as 40-50% of the order book is fixed-price.

Import Sources

KEC operates manufacturing facilities in India, Dubai, Brazil, and Mexico, sourcing materials locally and globally to support projects in 110+ countries.

Key Suppliers

Not disclosed in available documents; however, the company notes that purchases from the top 10 trading houses account for 62.70% of total trading house purchases.

Capacity Expansion

Planned capex of INR 400 Cr in FY26 is specifically allocated for expanding Cables Factories to meet growing demand in solar and power sectors.

Raw Material Costs

Raw material costs are a major component of the EPC business; 40-50% of the order book is fixed-price, making margins vulnerable to steel price volatility. Aluminum and Zinc are hedged via board-approved policies.

Manufacturing Efficiency

The company has implemented ISO 9001:2015 across all verticals and uses SAP ERP to enhance operational efficiency and monitor key processes.

Logistics & Distribution

Not disclosed as a specific percentage; however, distribution is global, with sales to dealers/distributors accounting for 8.64% of total sales.

📈 Strategic Growth

Expected Growth Rate

18%

Growth Strategy

Growth is driven by a record order book + L1 position of over INR 44,000 Cr. Strategy includes diversifying into non-T&D segments (Civil, Railways, Oil & Gas), focusing on high-tech HVDC and Kavach projects, and streamlining the Cables business through a new subsidiary, KEC Asian Cables Limited.

Products & Services

Power transmission towers, power cables, solar cables, aluminum conductors, fiber optic cables, railway electrification, metro civil works, Train Collision Avoidance Systems (Kavach), and oil & gas pipelines.

Brand Portfolio

KEC International, RPG Group, KEC Asian Cables, KEC Spur Infrastructure.

New Products/Services

Expansion into HVDC projects, urban infra (metro civil), and TCAS/Kavach for railways. Cables business reached record intake of INR 2,212 Cr in FY25.

Market Expansion

Targeting growth in India, West Asia, Africa, and Americas. Recent strategic wins in Kuwait-Saudi Arabia interconnection projects.

Market Share & Ranking

KEC is a global infrastructure EPC major and a leader in the domestic power transmission segment, with a presence in 110+ countries.

Strategic Alliances

Uses project-specific technical collaborations and joint ventures to mitigate execution risks in technologically enabled areas like HVDC and Renewables.

🌍 External Factors

Industry Trends

The industry is shifting toward renewable energy integration and technologically advanced infrastructure (HVDC, Metro, Kavach). KEC is positioning itself by diversifying into these high-growth non-T&D segments.

Competitive Landscape

Operates in an extremely competitive scenario in India, particularly in the Oil & Gas and T&D sectors, competing with other global EPC majors.

Competitive Moat

Moat is built on a global footprint (110+ countries), RPG Group heritage, and strong technical qualifications in specialized EPC segments. This is sustainable due to high entry barriers in large-scale international turnkey projects.

Macro Economic Sensitivity

Highly sensitive to infrastructure spending cycles and interest rates. A 1% change in interest rates would impact the INR 146 Cr quarterly interest burden.

Consumer Behavior

Shift toward green energy and efficient public transport (Metro/Railways) is driving demand for KEC's Renewables and Transportation divisions.

Geopolitical Risks

Operations in 110+ countries expose KEC to political unrest and supply chain disruptions, particularly in West Asia and Africa.

⚖️ Regulatory & Governance

Industry Regulations

Subject to tightening environmental regulations on effluent treatment and safety standards, necessitating increased investment in compliance.

Environmental Compliance

Emissions and waste are within CPCB/SPCB limits. No pending show cause/legal notices from environmental boards as of end-FY25.

Taxation Policy Impact

Effective tax rate was 22.9% in H1 FY26 compared to 22.8% in H1 FY25.

Legal Contingencies

The company is examining legal recourse regarding a PGCIL matter that could impact a tender pipeline of INR 180,000 Cr. There were no pending show cause notices from CPCB/SPCB at the end of FY25.