Larsen & Toubro Ltd.
NSE: LT
Industrials · Engineering & Construction
₹3,638.30 last close on 22 Oct 2026 +0.06%
Research updated
Kec International Ltd.
NSE: KECIndustrialsEngineering & Construction
- Last close
- ₹331.95
- Day change
- −₹2.05 (−0.61%)vs
- Market cap
- ₹8,837 crIndian rupees
- Research updated
- 2 reports
Follow Kec International
Create an account, then follow this company for weekday briefs. You will return to Kec International after signing in.
About Kec International
Kec International Ltd. is a prominent engineering, procurement, and construction (EPC) company, playing a crucial role in global infrastructure development. As part of the RPG Group, the company specializes in high-quality turnkey projects across multiple sectors, including power transmission and distribution, railways, civil engineering, and renewable energy. Kec International Ltd. is instrumental in connecting diverse geographical regions through its robust transmission networks and railway projects, contributing significantly to the modernization of vital infrastructure. It demonstrates expertise in constructing high voltage power lines and substations, essential for efficient energy distribution. Besides power solutions, the company is actively involved in urban transit systems and civil construction, providing comprehensive solutions for urban mobility and structural projects. With operations spread across major continents, Kec International Ltd. leverages innovative technologies and sustainable practices to enhance its project delivery. The company's commitment to safety, quality, and sustainability underscores its impact as a leading player in the EPC industry, shaping the future of infrastructure on a global scale.
- Sector
- Industrials
- Industry
- Engineering & Construction
- Listing
- NSE: KEC
- Chief executive
- Mr. Vimal Kejriwal B.Com., D.T.M., F.C.A., F.C.S.
- Employees
- 7,878
- Headquarters
- Mumbai, India
- ISIN
- INE389H01022
- Website
- kecrpg.com
Public research · Report of
Business model & financial foundation
KEC International (NSE: KEC), Transmission and infrastructure EPC: revenue of ₹23,506 crore in FY26 (+7.6% on FY25), an EBITDA margin of 7.1%, net profit of ₹605.6 crore and net debt of ₹6,722 crore.
- Revenue, FY26 (₹ crore)
- 23,506
- consolidated
- Revenue growth, FY26
- +7.6%
- on FY25
- EBITDA margin, FY26
- 7.1%
- EBITDA statutory (revenue less operating costs = Total Segment Results) / revenue
- Net profit, FY26 (₹ crore)
- 605.6
- to owners
- Return on equity, FY26
- 10.5%
- on average equity
- Net debt, FY26 (₹ crore)
- 6,722
- Net debt (company headline, incl. acceptances)
- Market capitalisation (₹ crore)
- 9,377
- at the close of 23 Oct 2026
Company profile
| Item | Value |
|---|---|
| Legal name | KEC International Limited |
| Exchange and ticker | NSE: KEC; BSE: 532714 |
| ISIN | INE389H01022 |
| Sector | Industrials |
| Industry | Transmission and infrastructure EPC |
| Headquarters | Mumbai, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Price Waterhouse Chartered Accountants LLP |
| Market capitalisation | ₹9,377 crore (23 Oct 2026) |
| Shares outstanding | 26.62 crore shares (FY26) |
| Price | ₹332.0 (close, 23 Oct 2026) |
| 52-week range | ₹327.3 - ₹858.8 (to 23 Oct 2026) |
| Website | https://www.kecrpg.com |
Corporate structure and shareholding
Parent: RPG Group (promoter group).
| Entity | Holding | Business |
|---|---|---|
| SAE Towers Holdings LLC and operating subsidiaries | 100% | Tower manufacture in Brazil and Mexico |
| KEC Asian Cables | 100% | Cables and conductors |
| KEC Spur Infrastructure | 100% | Oil and gas pipelines; merger proposed |
| KEC Towers LLC | 100% | Dubai tower manufacturing |
| KEC EPC LLC | 100% | Dubai EPC |
| Al Sharif Group & KEC | 51.1% | Saudi transmission EPC joint venture (equity accounted) |
17 subsidiaries at March 2026; Saudi investment is equity-accounted by rating agency methodology. Guarantee exposures separately recorded.
| Shareholding (% of shares) | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoter | 50.10% | 50.10% | 50.10% | 50.10% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 15.92% | 11.76% | 9.84% | 9.92% |
| Domestic institutions | 22.54% | 25.48% | 26.87% | 23.34% |
| of which mutual funds | 20.21% | 23.00% | 24.13% | 20.72% |
| Retail | 11.44% | 12.67% | 13.18% | 16.64% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
| Segment | revenue, FY26 (₹ crore) | Share |
|---|---|---|
| T&D incl. SAE Towers | 15,883 | 65.5% |
| Civil | 3,823 | 15.8% |
| Transportation (Railways) | 1,555 | 6.4% |
| Cables & Conductors | 2,217 | 9.1% |
| Renewables (Solar) | 516.0 | 2.1% |
| Oil & Gas Pipelines | 258.0 | 1.1% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Kalpataru Projects International (KPIL) | Closest global T&D/civil EPC mix |
| Transrail Lighting (TRANSRAILL) | T&D EPC and tower manufacture |
| Techno Electric & Engineering (TECHNOE) | Electrical EPC; more cash-rich |
| Skipper (SKIPPER) | Transmission tower manufacturing and EPC |
| Larsen & Toubro (LT) | Diversified EPC incl power T&D; broader mix |
| Power Mech Projects (POWERMECH) | Execution-intensive infrastructure comparator |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 13,514 | 16,997 | 19,914 | 21,847 | 23,506 |
| Cost of revenue (vendor classification) * | 10,476 | 13,644 | 15,625 | 16,949 | 18,356 |
| Other operating costs (vendor classification) * | 1,016 | 1,276 | 1,405 | 1,549 | 1,436 |
| EBITDA (vendor classification) * | 918.4 | 886.6 | 1,285 | 1,622 | 1,828 |
| EBIT * | 710.1 | 695.0 | 1,076 | 1,381 | 1,443 |
| Finance costs | 310.7 | 534.0 | 655.1 | 663.6 | 663.6 |
| Profit before tax (after exceptional) | 399.4 | 161.0 | 426.5 | 727.5 | 789.1 |
| Total tax expense | 67.4 | -15.1 | 79.7 | 156.8 | 183.6 |
| Profit for the year | 332.1 | 176.0 | 346.8 | 570.7 | 605.6 |
| Diluted EPS (INR) | 12.92 | 6.85 | 13.49 | 21.80 | 22.75 |
| Materials consumed + change in inventories | 8,408 | 10,079 | 11,246 | ||
| Erection and sub-contracting expenses | 7,177 | 6,832 | 7,068 | ||
| Employee benefits expense | 1,441 | 1,540 | 1,662 | ||
| Other expenses | 1,674 | 1,892 | 1,870 | ||
| EBITDA statutory (revenue less operating costs = Total Segment Results) | 1,215 | 1,504 | 1,659 | ||
| Other income | 52.4 | 70.9 | 50.3 | ||
| Depreciation and amortisation | 185.4 | 183.7 | 197.4 | ||
| Exceptional items (loss negative) | 0.00 | 0.00 | -58.8 | ||
| Profit attributable to owners | 346.8 | 570.7 | 605.6 | ||
| Company headline EBITDA incl. Rs24cr arbitration award (Board table) | 1,215 | 1,528 | |||
| Direct project costs: materials plus erection and sub-contracting | 15,585 | 16,910 | 18,315 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity | 3,620 | 3,771 | 4,096 | 5,347 | 6,160 |
| Borrowings (current + non-current, excl. leases) | 3,065 | 3,383 | 3,788 | 3,701 | 5,103 |
| Cash and bank balances (incl. other bank balances) | 207.6 | 273.7 | 273.3 | 655.9 | 511.9 |
| Trade receivables (current + non-current) | 5,106 | 4,282 | 4,425 | 5,266 | 6,506 |
| Inventories | 1,066 | 1,137 | 1,213 | 1,140 | 1,533 |
| Trade payables including trade acceptances | 6,847 | 8,388 | 9,231 | 10,503 | 10,824 |
| Net property, plant and equipment | 208.8 | 267.3 | 1,141 | 1,074 | 1,159 |
| Capital work in progress | 13.1 | 11.5 | 13.9 | 38.5 | 113.7 |
| Total assets | 16,342 | 17,279 | 19,031 | 22,180 | 25,158 |
| Contract assets (separate from trade receivables) | 9,088 | 11,044 | 12,128 | ||
| Net debt (company headline, incl. acceptances) | 5,090 | 4,558 | 6,722 | ||
| Operating trade payables EXCLUDING acceptances | 7,670 | 8,996 | 8,703 | ||
| Interest-bearing trade acceptances (statutory) | 1,561 | 1,507 | 2,121 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash from operating activities | -1,002 | -863.3 | 311.2 | 419.1 | -414.1 |
| Capex on PPE and intangibles (outflow negative) | 1.46 | 15.7 | -237.4 | -182.5 | -328.7 |
| Free cash flow (vendor definition) * | -426.9 | 435.5 | 73.8 | 236.6 | -742.8 |
| Dividends paid | -102.5 | -102.9 | -77.2 | -102.8 | -146.4 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shares outstanding at fiscal year-end | 25.71 | 25.71 | 25.71 | 26.62 | 26.62 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 5,113 | 5,349 | 6,872 | 5,023 | 6,092 | 6,001 | 6,390 | 5,024 |
| Cost of revenue (vendor classification) * | 3,950 | 4,131 | 5,431 | 3,877 | 4,757 | 4,659 | 5,022 | 3,819 |
| Other operating costs (vendor classification) * | 438.7 | 464.0 | -385.8 | 403.8 | 478.7 | 494.6 | 492.9 | 483.0 |
| EBITDA (vendor classification) * | 326.9 | 375.4 | 548.6 | 355.5 | 435.0 | 440.2 | 478.2 | 304.8 |
| EBIT * | 281.6 | 330.1 | 502.1 | 309.6 | 384.5 | 331.1 | 427.6 | 253.9 |
| Finance costs | 168.1 | 170.2 | 170.3 | 151.1 | 171.5 | 171.1 | 169.9 | 164.0 |
| Profit before tax (after exceptional) | 113.5 | 159.8 | 342.2 | 158.5 | 213.0 | 159.9 | 257.7 | 89.9 |
| Tax | 28.1 | 30.3 | 74.0 | 33.9 | 52.2 | 32.5 | 64.9 | 17.3 |
| Profit after tax | 85.4 | 129.6 | 268.2 | 124.6 | 160.8 | 127.5 | 192.8 | 72.6 |
| Diluted EPS (₹) | 3.32 | 4.87 | 10.08 | 4.68 | 6.04 | 4.79 | 7.24 | 2.73 |
| Materials consumed incl. inventory change | 2,373 | 2,400 | 3,513 | 2,246 | 3,037 | 2,928 | 3,036 | 2,093 |
| Erection and sub-contracting expenses | 1,577 | 1,731 | 1,879 | 1,631 | 1,720 | 1,731 | 1,987 | 1,726 |
| Employee benefits expense | 404.4 | 380.0 | 386.3 | 392.4 | 425.8 | 417.7 | 426.5 | 430.9 |
| Other expenses | 438.7 | 464.0 | 555.4 | 403.8 | 478.7 | 494.6 | 492.9 | 483.0 |
| EBITDA (revenue less operating costs, excl. other income) | 320.2 | 374.5 | 538.8 | 350.1 | 430.4 | 430.0 | 448.1 | 290.8 |
| Other income | 6.63 | 0.91 | 20.2 | 5.39 | 4.63 | 10.2 | 30.1 | 13.9 |
| Depreciation and amortisation | 45.3 | 45.3 | 46.5 | 45.9 | 50.6 | 50.4 | 50.6 | 50.8 |
| Exceptional items | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | -58.8 | 0.00 | 0.00 |
| PAT attributable to owners | 85.4 | 129.6 | 268.2 | 124.6 | 160.8 | 127.5 | 192.8 | 72.6 |
| Direct project costs: materials plus erection and sub-contracting | 3,950 | 4,131 | 5,392 | 3,877 | 4,757 | 4,659 | 5,022 | 3,819 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 4.0% | 25.8% | 17.2% | 9.7% | 7.6% |
| EBITDA margin | 6.1% | 6.9% | 7.1% | ||
| Net margin | 1.7% | 2.6% | 2.6% | ||
| Return on equity | 8.8% | 12.1% | 10.5% | ||
| Return on capital employed | 11.7% | 10.0% | 14.3% | 16.3% | 14.2% |
| Return on assets | 1.9% | 2.8% | 2.6% | ||
| Net debt (₹ crore) | 5,090 | 4,558 | 6,722 | ||
| Net debt / EBITDA | 4.19x | 3.03x | 4.05x | ||
| Interest cover | 2.29x | 1.30x | 1.64x | 2.08x | 2.17x |
| Asset turnover | 0.89x | 1.01x | 1.10x | 1.06x | 0.99x |
| Receivable days | 138 | 92 | 81 | 88 | 101 |
| Inventory days (on revenue) | 29 | 24 | 22 | 19 | 24 |
| Payable days (on revenue) | 185 | 180 | 169 | 175 | 168 |
| Cash conversion | 0.90x | 0.73x | -0.68x | ||
| Capex intensity | 0.0% | 0.1% | 1.2% | 0.8% | 1.4% |
| Free cash flow (₹ crore) | -1,003 | -879.1 | 73.8 | 236.5 | -742.8 |
| Dividend payout | 22.3% | 18.0% | 24.2% | ||
| EPS, diluted (₹) | 12.92 | 6.85 | 13.49 | 21.80 | 22.75 |
| Book value per share (₹) | 140.8 | 146.7 | 159.3 | 200.9 | 231.4 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA statutory (revenue less operating costs = Total Segment Results) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt (company headline, incl. acceptances); negative is net cash.
- Net debt / EBITDA: net debt / EBITDA statutory (revenue less operating costs = Total Segment Results).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS (INR)).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 2, information to 23 Oct 2026); market data at the close of 23 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
With Individual or above
What the full research on Kec International includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
The analyses, among them
- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
See Mool’s call and the full research
Individual or above opens every piece of research Mool has published. A new account can start with 10 days of Pro, or of Firm on a work email address. No card needed.
Report history
Reports on Kec International
- Research reportLatest
- Research report
Same sector
More research in Industrials
Adani Ports and Special Economic Zone Limited
NSE: ADANIPORTS
Industrials · Marine Shipping
₹1,750.00 last close on 22 Oct 2026 +0.07%Research updated
Hindustan Aeronautics Ltd.
NSE: HAL
Industrials · Aerospace & Defense
₹4,875.00 last close on 22 Oct 2026 +0.42%Research updated
Bharat Electronics Limited
NSE: BEL
Industrials · Aerospace & Defense
₹364.50 last close on 22 Oct 2026 −1.80%Research updated
InterGlobe Aviation Ltd.
NSE: INDIGO
Industrials · Airlines
₹4,600.00 last close on 22 Oct 2026 −0.89%Research updated
Bharat Heavy Electricals Ltd.
NSE: BHEL
Industrials · Specialty Industrial Machinery
₹398.90 last close on 22 Oct 2026 −2.75%Research updated
Prices are the last close on the NSE, 22 Oct 2026. Research from Mool’s report of 23 Oct 2026; page updated 23 Oct 2026.
Mool’s research is written by AI agents and published by Mool Capital Private Limited, a SEBI-registered Research Analyst, registration INH000012449, which is responsible for it. This page shows factual company information and an excerpt of that research; it carries no rating and is not investment advice for any individual. Investment in securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Read the disclosures.