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KEC - K E C Intl.

📊 NSE: KEC 🏢 Transmisson Line Towers / Equipment 📅 Last Updated: 12/14/2025 8:45

📢 Recent Corporate Announcements

KEC International to Attend Jefferies Group Investor Meet on March 10, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 04 Mar 2026, 05:23 PM

KEC International Limited has scheduled an in-person group meeting with analysts and institutional investors on March 10, 2026. The event is organized by Jefferies India Private Limited and will be held in Mumbai. The company has clarified that no new material information will be shared, and any presentations used will be consistent with existing public disclosures. This is a routine regulatory filing to maintain transparency and investor engagement.

Group meeting with institutional investors scheduled for March 10, 2026.
The meeting is organized by Jefferies India Private Limited in Mumbai.
Disclosure made under Regulation 30 of SEBI (LODR) Regulations, 2015.
Presentations will be limited to information already available on the Company/Stock Exchange websites.

💡 No immediate action is required as this is a routine investor relations event. Investors may monitor for any post-meeting transcripts that could offer qualitative insights into the company's project execution or order pipeline.

KEC International Secures New Orders Worth Rs. 1,002 Crores

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 24 Feb 2026, 01:26 PM

KEC International has bagged new orders totaling Rs. 1,002 crores across its Transmission & Distribution (T&D) and Cables businesses. A significant portion of this comes from a composite T&D project in India involving 220/132 kV lines and substations, alongside international orders in the Americas. This latest win brings the company's year-to-date (YTD) order intake to a substantial Rs. 21,300 crores. The management highlighted that these wins further diversify their customer mix in the domestic T&D segment.

Total new orders worth Rs. 1,002 crores secured across T&D and Cables segments
Year-to-date (YTD) order intake reaches approximately Rs. 21,300 crores
Major composite order in India for 220/132 kV transmission lines, substations, and EHV cabling
International expansion continues with a 400 kV line order and tower supplies in the Americas
Diversified customer mix achieved in the India T&D order book

💡 Investors should take this as a positive indicator of strong order book momentum and future revenue visibility. The stock remains a key play in the global infrastructure and power transmission space, though execution efficiency and margins should be monitored.

KEC International Assigned ESG Rating of 65 for FY2025 by NSE Sustainability Ratings

🟡 NEUTRAL ⭐ 4/10

REGULATORY 📅 20 Feb 2026, 06:56 PM

KEC International Limited has announced that it has been assigned an ESG (Environmental, Social, and Governance) rating of 65 for the financial year 2025. The rating was provided by NSE Sustainability Ratings & Analytics Limited in accordance with SEBI's updated disclosure requirements. This score provides a quantitative measure of the company's sustainability performance and governance standards. While the score is a benchmark for the company, its impact on the stock price is likely to be minimal in the short term.

NSE Sustainability Ratings & Analytics Limited assigned an ESG rating of 65.
The rating pertains to the company's performance during the 2025 financial year (FY2025).
Disclosure made under Regulation 30 of SEBI (LODR) Regulations and Master Circular dated January 30, 2026.
The rating reflects the company's ongoing commitment to ESG transparency and regulatory compliance.

💡 Investors should monitor the company's ESG score trends in future years to assess improvements in sustainability practices. No immediate buy or sell action is required based on this disclosure.

KEC International to Attend Institutional Investor Meet on February 26, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 19 Feb 2026, 03:24 PM

KEC International Limited has scheduled an in-person group meeting with institutional investors and analysts on February 26, 2026. The event is organized by Kotak Securities Limited and will be held in Mumbai. This interaction is part of the company's routine engagement with the financial community to discuss business updates. The company has clarified that any presentations used will be consistent with information already available in the public domain.

Meeting scheduled for February 26, 2026, in Mumbai
Organized by Kotak Securities Limited as an in-person group meet
Disclosure made pursuant to Regulation 30 of SEBI (LODR) Regulations, 2015
Presentations will align with existing data available on Stock Exchange websites

💡 No immediate action is required as this is a routine disclosure. Investors may look for post-event transcripts or updated investor presentations for insights into the company's growth outlook.

KEC International to Attend Institutional Investor Meetings in Mumbai (Feb 10-12, 2026)

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 04 Feb 2026, 04:52 PM

KEC International Limited has scheduled a series of in-person group meetings with institutional investors and analysts in Mumbai. The meetings are slated to occur over three days from February 10 to February 12, 2026. These sessions are organized by Systematix Corporate Services, Nuvama Wealth Management, and Axis Capital. The company has clarified that any presentations shared will be consistent with existing public disclosures available on stock exchange websites.

Three-day investor engagement scheduled for February 10, 11, and 12, 2026.
Meetings organized by Systematix, Nuvama Wealth Management, and Axis Capital.
Format is designated as in-person Group Meets located in Mumbai.
Disclosure made pursuant to Regulation 30 of SEBI Listing Obligations and Disclosure Requirements.

💡 Investors should monitor for any post-meeting transcripts or updated investor presentations that may provide insights into the company's future growth guidance and order book execution.

KEC International Bags New Orders Worth Rs. 1,020 Crores; YTD Intake Hits Rs. 20,300 Crores

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 03 Feb 2026, 08:28 AM

KEC International has secured new orders worth Rs. 1,020 crores across its Civil, Transportation, T&D, and Cables segments. A notable win includes a multispeciality hospital project in Central India, which strengthens the company's presence in the healthcare infrastructure vertical. The company's year-to-date order intake has now reached approximately Rs. 20,300 crores, providing strong revenue visibility for the coming quarters. Additionally, its subsidiary SAE Towers continues to see momentum in the North American market with new tower supply orders.

Total new order wins of Rs. 1,020 crores across multiple business verticals.
Year-to-date (YTD) order intake reaches a significant milestone of approximately Rs. 20,300 crores.
Civil business strengthens its hospital segment presence with a new project in Central India.
T&D segment secured cabling orders in Eastern India and tower supply contracts in the Americas.
Transportation business secured a strategic railway siding order for a private player.

💡 The steady order flow and diversification into Civil and Railway segments are positive indicators of long-term growth. Investors should maintain a positive outlook while monitoring the company's execution efficiency and margin performance.

KEC International Releases Q3 FY26 Earnings Call Transcript

🟡 NEUTRAL ⭐ 3/10

EARNINGS 📅 02 Feb 2026, 06:04 PM

KEC International Limited has released the official transcript of its earnings conference call held on January 30, 2026. The transcript provides detailed management commentary regarding the unaudited financial results for the third quarter and nine months ended December 31, 2025. This disclosure is a routine regulatory requirement following the earnings announcement to ensure transparency for all shareholders. Investors can access the full discussion on the company's website to understand operational nuances and future guidance.

Transcript of the Q3 FY26 earnings call held on January 30, 2026, is now available.
Covers financial performance for the quarter and nine-month period ended December 31, 2025.
The document provides management's detailed perspective on business operations and outlook.
Available for public viewing on the company's official investor relations portal.

💡 Investors should read the transcript to gain deeper insights into management's commentary on order book execution and margin sustainability. This is a routine update and does not contain new material financial data beyond what was previously reported.

KEC International Releases Q3 FY26 Earnings Call Audio Recording

🟡 NEUTRAL ⭐ 3/10

EARNINGS 📅 30 Jan 2026, 10:03 PM

KEC International has officially released the audio recording of its Q3 FY26 earnings conference call held on January 30, 2026. The call discussed the company's unaudited financial results for the quarter and nine-month period ending December 31, 2025. This disclosure is part of the company's regulatory requirement to provide transparency regarding management commentary and analyst interactions. Investors can access the recording on the company's website to gain deeper insights into operational performance and the order book.

Audio recording of the Q3 FY26 earnings call is now available on the company's website.
The conference call was held on January 30, 2026, at 5:00 p.m. IST.
Covers financial performance for the quarter and nine months ended December 31, 2025.
Provides access to management's detailed discussion on the company's unaudited financial results.

💡 Investors should listen to the recording to understand management's outlook on the infrastructure sector and specific project execution timelines. This is a routine administrative update and does not require immediate portfolio changes.

KEC International Schedules Q3 FY26 Earnings Conference Call for January 30

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 23 Jan 2026, 01:55 PM

KEC International Limited has announced its Q3 FY26 earnings conference call scheduled for January 30, 2026, at 5:00 PM IST. The call will address the unaudited financial results for the quarter and nine-month period ending December 31, 2025. Senior management, including MD & CEO Vimal Kejriwal and CFO Rajeev Agarwal, will lead the discussion. This is a standard regulatory disclosure providing dial-in details for domestic and international participants to evaluate the company's recent performance.

Earnings call date set for January 30, 2026, following Q3 FY26 results.
Management presence includes MD & CEO Vimal Kejriwal and CFO Rajeev Agarwal.
Universal dial-in numbers provided: +91 22 6280 1213 and +91 22 7115 8114.
International toll-free access available for major markets including USA, UK, and Singapore.

💡 Investors should prepare to review the financial results on the day of the call to assess the company's growth trajectory and order book health.

KEC International Appoints Somraj Roy as Chief Human Resources Officer

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 15 Jan 2026, 04:47 PM

KEC International has appointed Mr. Somraj Roy as its new Chief Human Resources Officer (CHRO) effective January 15, 2026. Mr. Roy is a seasoned professional with over 30 years of experience in HR transformation across the EPC, manufacturing, and defense sectors. He rejoins the company from CEAT Limited and has previously held significant roles at Reliance Industries and Larsen & Toubro. This appointment is expected to strengthen KEC's organizational development and talent management strategies.

Mr. Somraj Roy appointed as Chief Human Resources Officer effective January 15, 2026
Brings over 30 years of experience in HR business partnering and transformation
Previous leadership stints at CEAT Limited, Reliance Industries, and Larsen & Toubro
Educational credentials from IIM Calcutta and Ross School of Business, University of Michigan

💡 No immediate action is required as this is a routine senior management appointment. Investors should view this as a move to strengthen internal leadership and organizational culture.

KEC International Submits Routine SEBI Compliance Certificate for Q3 FY26

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 07 Jan 2026, 04:52 PM

KEC International has filed its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations for the period ending December 31, 2025. The certificate, issued by Registrar MUFG Intime India Private Limited, confirms that all dematerialization requests were processed within prescribed timelines. It verifies that security certificates were mutilated and cancelled after verification, and the depositories' names were updated in the register of members. This is a standard procedural filing ensuring regulatory adherence regarding share registry and dematerialization.

Compliance certificate submitted for the quarter ended December 31, 2025
Confirmation provided by Registrar and Transfer Agent, MUFG Intime India Private Limited
Securities received for dematerialization were confirmed and listed on stock exchanges
Physical certificates were mutilated and cancelled after due verification by depository participants
The filing confirms adherence to SEBI (Depositories and Participants) Regulations, 2018

💡 No action is required as this is a routine regulatory filing. Investors should continue to monitor the company's order book and upcoming quarterly financial results for material impact.

KEC International Wins Rs. 1,050 Crore Orders; Enters Wind Energy Segment

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 01 Jan 2026, 11:51 AM

KEC International has secured new orders worth Rs. 1,050 crores, marking its strategic entry into the wind energy sector with a 100+ MW project in Southern India. The company's year-to-date order intake has now reached approximately Rs. 19,300 crore, demonstrating strong business momentum across its diverse portfolio. Key wins include a downstream project in the Civil segment for a leading steel player and T&D orders in the Americas through its subsidiary SAE Towers. This diversification and steady order flow reinforce the company's growth trajectory and confidence in achieving annual targets.

Total new order intake of Rs. 1,050 crores across Renewables, Civil, T&D, and Cables segments.
Maiden breakthrough order in the Wind Energy segment for a 100+ MW project in Southern India.
Year-to-date (YTD) order intake stands at a robust ~Rs. 19,300 crore.
Significant tower supply orders secured in Mexico and the Americas via subsidiary SAE Towers.
Civil business strengthens presence in Buildings & Factories with a large downstream steel project.

💡 Investors should view this as a positive development as the company successfully diversifies into the high-growth wind energy sector while maintaining a strong order book. The robust YTD order intake of Rs. 19,300 crore provides high revenue visibility for the coming quarters.

KEC International Receives GST Demand and Penalty of Rs 53.29 Lakhs from Rajasthan Authority

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 31 Dec 2025, 09:05 PM

KEC International Limited has received an adjudication order from the GST Authority, Rajasthan, concerning the financial year 2018-19. The order alleges a disallowance of input tax credit due to non-compliance by the company's suppliers. The total demand includes a tax component of Rs. 26,64,461 and an equal penalty of Rs. 26,64,461, totaling approximately Rs. 53.29 lakhs. The company has stated that it will seek legal remedies to contest the demand and does not foresee any material financial impact on its operations.

Adjudication order passed by GST Authority, Rajasthan on December 30, 2025.
Total financial demand of Rs. 53,28,922 including tax and penalty.
Issue relates to alleged disallowance of GST input tax credit for FY 2018-19.
Company to pursue legal remedy to contest the demand.
Management confirms no material financial impact expected from this order.

💡 Investors need not take any immediate action as the demand amount is immaterial relative to the company's scale of operations. This is a routine tax-related dispute that the company intends to contest legally.

KEC International Announces Retirement of Executive Director Kaushal Kodesia

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 31 Dec 2025, 04:30 PM

KEC International Limited has announced the superannuation of Mr. Kaushal Kodesia, who served as the Executive Director – Special Projects. His retirement is effective from the close of business hours on December 31, 2025, marking his exit from the Senior Management Personnel. This transition is a planned retirement in accordance with company policy and SEBI regulations. The announcement does not specify a successor for the Special Projects division at this time.

Mr. Kaushal Kodesia retires as Executive Director – Special Projects effective Dec 31, 2025.
The departure is classified as superannuation, indicating a standard age-related retirement.
He will officially cease to be a member of the Senior Management Personnel from the specified date.

💡 This is a routine administrative update and should not impact the stock's valuation. Investors should maintain their current positions and focus on the company's quarterly performance.

KEC International Faces Reaffirmed PGCIL Order; Company to Seek Judicial Recourse

🔴 NEGATIVE ⭐ 7/10

LEGAL 📅 27 Dec 2025, 04:15 PM

Power Grid Corporation of India (PGCIL) has issued a supplementary order dated December 26, 2025, maintaining its original decision from November 18, 2025, against KEC International. This follows a Delhi High Court intervention that had briefly kept the initial order in abeyance. KEC is currently evaluating the supplementary order to pursue further legal action. The company maintains that its operations and financial position remain stable due to a strong existing order book and tender pipeline.

PGCIL issued a supplementary order on Dec 26, 2025, upholding its previous Nov 18, 2025 decision.
The Delhi High Court had previously stayed the order on Dec 17, 2025, pending this supplementary review.
KEC International is actively examining the order for further judicial recourse.
Management claims no significant impact on financial performance despite the adverse PGCIL decision.

💡 Investors should exercise caution as PGCIL is a major client; monitor the specific nature of the order and the outcome of KEC's legal challenge. The stock may experience volatility until the legal dispute is resolved.

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💰 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.