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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 Appoints Raman Kapil as President - Civil; Nagesh Veeturi to Retire

🟢 POSITIVE ⭐ 6/10

MANAGEMENT 📅 27 Apr 2026, 02:02 PM

KEC International has announced a key leadership transition in its Civil business vertical. Mr. Raman Kapil, an industry veteran with over 33 years of experience, has been appointed as President - Civil effective April 27, 2026. He succeeds Mr. Nagesh Veeturi, the current Executive Director - Civil, who is scheduled to superannuate on May 31, 2026. This transition brings in high-level expertise from Tata Projects, where Mr. Kapil previously served as President & COO.

Mr. Raman Kapil appointed as President - Civil effective April 27, 2026
Mr. Kapil brings over 33 years of global experience in EPC and Infrastructure projects
Outgoing Executive Director - Civil, Mr. Nagesh Veeturi, to superannuate on May 31, 2026
New appointee previously served as President & COO of Buildings & Infrastructure at Tata Projects Limited

💡 Investors should view this as a positive leadership upgrade given Mr. Kapil's extensive experience at Tata Projects and HCC. Monitor the execution and order book growth in the Civil segment under the new leadership.

KEC International Submits SEBI Compliance Certificate for Q4 FY2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 10 Apr 2026, 06:16 PM

KEC International Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by MUFG Intime India Private Limited, confirms that all share certificates received for dematerialization during the quarter ended March 31, 2026, were processed according to regulations. This filing confirms that physical certificates were mutilated and cancelled, and the name of the depositories was updated in the register of members. This is a standard administrative procedure for listed companies in India.

Compliance certificate submitted for the quarter ended March 31, 2026
Issued by Registrar and Transfer Agent (RTA) MUFG Intime India Private Limited
Confirms securities received for dematerialization were listed on stock exchanges
Physical certificates were verified, mutilated, and cancelled within prescribed timelines

💡 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 Assigned ESG Rating of '51' by ESG Risk Assessments & Insights

🟡 NEUTRAL ⭐ 4/10

REGULATORY 📅 09 Apr 2026, 08:12 PM

KEC International Limited has received an ESG (Environmental, Social, and Governance) rating of '51' from ESG Risk Assessments & Insights Limited. This disclosure is made in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations and the SEBI Master Circular dated January 30, 2026. The rating serves as a benchmark for the company's sustainability and governance practices. For investors, this provides a standardized metric to evaluate non-financial risks and the company's commitment to ESG standards.

ESG Risk Assessments & Insights Limited assigned an ESG rating of '51' to the company.
The disclosure is compliant with SEBI Master Circular No. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026.
The rating was officially assigned and disclosed on April 09, 2026.

💡 Investors should monitor how this score compares to industry peers and track future ratings to see if the company improves its sustainability profile. No immediate portfolio changes are recommended based solely on this baseline rating.

KEC Subsidiary Receives ₹46.19 Crore Income Tax Demand; Company to Appeal

🟡 NEUTRAL ⭐ 4/10

LEGAL 📅 09 Apr 2026, 07:59 PM

KEC International's wholly owned subsidiary, KEC Spur Infrastructure Private Limited, has been served a tax demand of ₹46.19 crores by the Income Tax Department for the financial year 2022-23. The demand arises from ad-hoc disallowances of business expenditures and issues related to alleged unverified creditors. The company intends to contest this order before the Commissioner of Income Tax (Appeals), asserting that the demand is based on estimations rather than facts. Management currently does not foresee any material financial impact on the consolidated entity.

Tax demand of ₹46.19 crores raised against subsidiary KEC Spur Infrastructure Private Limited.
Order pertains to FY 2022-23 involving disallowances of normal business expenses.
Management characterizes the demand as ad-hoc and expects it to be deleted upon appeal.
Company is in the process of filing necessary legal appeals to challenge the assessment.

💡 Investors should monitor the outcome of the appeal process, though the demand amount is unlikely to significantly impact KEC's overall financial health given its scale.

KEC International Issues Corporate Guarantee of SAR 125 Million for Saudi Subsidiary

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 08 Apr 2026, 10:16 PM

KEC International has issued a corporate guarantee worth SAR 125 million (approximately ₹277 crore) to support banking facilities for its subsidiary, Al Sharif Group & KEC Limited Company. This guarantee was provided to an overseas bank on April 08, 2026, to facilitate the subsidiary's operations in Saudi Arabia. While this increases the company's contingent liabilities, it is a standard operational procedure for EPC firms to support international project execution. No immediate impact on the company's financial performance is expected.

Corporate guarantee issued for SAR 125 million in favor of an overseas bank.
The beneficiary is Al Sharif Group & KEC Limited Company, a subsidiary of KEC.
The guarantee supports banking facilities required for the subsidiary's business operations.
The transaction is not related to the promoter group and is considered a potential contingent liability.
No immediate financial impact on the listed entity as of the announcement date.

💡 Investors should view this as a routine business support activity for international operations, though they should track the growth of total contingent liabilities in the annual report.

KEC International Bags New Orders Worth Rs. 2,518 Crores Across Multiple Segments

🟢 POSITIVE ⭐ 8/10

EXPANSION 📅 08 Apr 2026, 06:33 PM

KEC International has secured a significant order inflow of Rs. 2,518 crores, spanning its Civil, Transportation, T&D, and Cables businesses. A key highlight is the Civil segment winning its largest-ever commercial real estate order from a developer in Western India. The company also strengthened its position in the Indian Railways safety segment with a 'Kavach' (TCAS) order. Additionally, the T&D business continues to diversify internationally with new projects in Africa, Europe, and the Americas, indicating a recovery in global markets.

Total new orders worth Rs. 2,518 crores across various business verticals.
Civil business secured its largest-ever commercial real estate order in Western India.
Transportation segment won a JV order for the 'Kavach' Train Collision Avoidance System.
International T&D expansion includes 400/132/66 kV lines in Africa and tower supplies in the Americas and Europe.
Cables & Conductors business secured multiple orders in both domestic and overseas markets.

💡 Investors should view this as a strong positive for revenue visibility and market positioning, particularly in the high-growth 'Kavach' and Civil segments. The stock remains a key beneficiary of the ongoing infrastructure and railway modernization push in India.

KEC International ESG Rating Upgraded to 'A' from 'BBB' by MSCI

🟢 POSITIVE ⭐ 6/10

OTHER 📅 27 Mar 2026, 04:35 PM

MSCI ESG Ratings has upgraded KEC International's ESG rating from 'BBB' to 'A', effective March 23, 2026. This upgrade signifies the company's enhanced focus on environmental, social, and governance practices. Higher ESG ratings are increasingly critical for attracting global institutional investors and can potentially lead to a lower cost of capital. The move to an 'A' rating demonstrates KEC's commitment to sustainable business operations in the global infrastructure space.

MSCI ESG Rating upgraded from 'BBB' to 'A' status
The rating change is effective as of March 23, 2026
Upgrade reflects improved sustainability and governance performance compared to peers
Positions the company favorably for ESG-focused institutional investment

💡 This upgrade enhances KEC's attractiveness to ESG-focused institutional funds and improves its global corporate profile. Investors should view this as a positive long-term indicator for institutional ownership and governance quality.

KEC International Announces Trading Window Closure from April 01, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 27 Mar 2026, 03:52 PM

KEC International Limited has announced the closure of its trading window for all designated persons and their immediate relatives starting April 01, 2026. This move is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the company's audited financial results for the quarter and year ending March 31, 2026. The trading window will remain closed until 48 hours after the financial results are declared. The specific date for the board meeting to approve these results will be communicated at a later date.

Trading window closure effective from April 01, 2026.
Closure pertains to the audited financial results for the quarter and year ending March 31, 2026.
Window to reopen 48 hours after the official declaration of financial results.
Compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015.

💡 This is a routine regulatory announcement with no impact on company fundamentals; investors should monitor for the upcoming board meeting date and subsequent financial results.

KEC International Receives GST Demand and Penalty of Rs 27.83 Lakh

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 25 Mar 2026, 04:52 PM

KEC International Limited has received an adjudication order from the GST Authority, Gujarat, for the financial year 2019-20. The order relates to the alleged disallowance of Input Tax Credit (ITC) due to non-compliance by the company's suppliers. The total demand includes a tax component of Rs. 13.92 lakh and an equivalent penalty of Rs. 13.92 lakh. The company has stated it will contest the demand through appropriate legal remedies and does not expect any material financial impact.

Adjudication order received from GST Authority, Gujarat on March 24, 2026.
Total financial demand of Rs. 27,83,276, consisting of tax and penalty.
Issue pertains to alleged supplier non-compliance for Input Tax Credit in FY 2019-20.
Company to seek legal remedy to contest the demand.
Management confirms no material impact on financial or operational activities.

💡 No action is required as the demand amount is immaterial relative to the company's scale of operations. This is a routine tax-related disclosure.

KEC International Assigned ESG Rating of 72.2 for FY2025 by SES ESG Research

🟢 POSITIVE ⭐ 6/10

REGULATORY 📅 20 Mar 2026, 02:29 PM

KEC International Limited has disclosed its ESG (Environmental, Social, and Governance) rating for the financial year 2025. SES ESG Research Private Limited assigned the company a score of 72.2. This disclosure is in compliance with the SEBI Master Circular regarding ESG reporting requirements. The rating provides a quantitative measure of the company's sustainability and governance practices, which is increasingly important for institutional investment decisions.

SES ESG Research Private Limited assigned an ESG rating of 72.2 for FY2025.
The disclosure was made pursuant to Regulation 30 of SEBI (LODR) Regulations, 2015.
The rating follows the guidelines of the SEBI Master Circular dated January 30, 2026.
The score reflects the company's commitment to sustainability and governance standards.

💡 Investors should consider this rating as a positive indicator of the company's ESG compliance, which may attract higher interest from ESG-focused institutional funds. Compare this score with industry peers to gauge KEC's relative sustainability standing.

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.

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.