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KEC International
SectorIndustrials
KEC International Limited is a global infrastructure engineering, procurement, and construction (EPC) company based in India. It operates in multiple sectors including power transmission and distribution, railways, civil works, urban infrastructure, solar energy, oil and gas pipelines, and cables. The company offers integrated solutions for transmission lines, substations, and underground cabling in domestic and international markets. KEC's railway division handles projects such as overhead electrification, track laying, tunnel ventilation, and railway station construction. The civil division focuses on buildings, public spaces, water infrastructure, and logistics facilities. KEC has a global presence with operations in over 20 countries and has expanded its portfolio through acquisitions and new market entries. The company has manufacturing facilities for towers, cables, and other infrastructure components.
In the news
KEC International shares jump 5% on ₹1,014 cr India orders; Kotak upgrades
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KEC International: Order Book vs Valuation Disconnect
KEC International rises 6% on ₹1,303 cr orders amid profit decline
KEC International faces 63% stock decline despite record orders
KEC Q1 profit drops 42% to ₹73 cr on West Asia crisis
KEC International secures orders worth ₹1,063 crore
KEC International shares surge 5% on ₹1,180 cr orders including data centre project
KEC International: PGCIL Exclusion Revocation Sparks FY27 Recovery
KEC International shares surge 7% on ₹1,754 cr orders, Power Grid relief
KEC International secures ₹1,303 cr orders across India & Americas
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KEC International Q4 net profit drops 28% to ₹192.79 crore
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KEC International Q4 profit drops 28% YoY to ₹193 crore
KEC International secures ₹1,002 cr orders across power, rail & renewables
KEC International subsidiary gets ₹46 cr tax notice for FY23
KEC International shares surge 9% on ₹2,518 cr order wins
The Quarter story
The two most recent quarterly results, compared side-by-side.
KEC International maintains a robust order book and steady core T&D business, but faces near-term profit pressure from margin compression and tax adjustments.
Order Book grew from ₹34,409 Cr to ₹37,697 Cr from Q1 FY26 to Q1 FY27 — strong revenue visibility
EBITDA margin contracted from 6.2% to 4.0% from Q2 FY26 to Q1 FY27 — cost headwinds squeezing profits
Net Debt fell from ₹4,865 Cr to ₹4,492 Cr from Q3 FY26 to Q1 FY27 — active deleveraging
PAT dropped from ₹247 Cr to ₹1 Cr from Q4 FY26 to Q1 FY27 — severe earnings volatility
Oil & Gas Pipelines revenue climbed from ₹52 Cr to ₹117 Cr from Q2 FY26 to Q1 FY27 — strong segment recovery
Renewables revenue declined from ₹190 Cr to ₹56 Cr from Q2 FY26 to Q1 FY27 — ongoing project wind-down
T&D revenue share held steady at 64% in Q1 FY27 after peaking at 70% in Q4 FY26 — core business dominance
Transportation revenue fell from ₹471 Cr to ₹259 Cr from Q1 FY26 to Q1 FY27 — weakening execution
Working capital cycle improved from 138 days to 134 days from Q2 FY26 to Q1 FY27 — faster cash conversion
Effective tax rate spiked from 25.2% to 61.3% from Q4 FY26 to Q1 FY27 — tax adjustments pressuring bottom line
Company insights, generated from the most recent coverage.
Four consecutive monthly order announcements of ₹1,000-1,300 Cr since July show conversion is running consistently — the earlier worry that the ₹2 lakh Cr tender pipeline would go unbuilt is fading.
₹1,030 Cr of orders on Oct 8 (Bhutan 400kV line, Saudi 380kV addition, Americas towers/poles, 300+ MW South India wind) takes YTD inflow past ₹8,600 Cr and keeps the ₹7,900 Cr quarterly run-rate needed for the FY27 target intact.
Seven-month PGCIL debarment removes KEC from India's largest single transmission buyer during exactly the window when CEA capex accelerates — a real, dated cap on domestic T&D inflow.