KEC International Q3 FY26 Results & Concall Highlights: Revenue, Margins & Order Book
Published 4 Aug 2026 | Construction | Market Cap: ₹11.7K Cr
Strong order book and L1 position of over INR 41,000 crores with a tender pipeline exceeding INR 180,000 crores, particularly in T&D and Civil sectors, indicating sustained growth potential. EBITDA margins for FY '26 expected between 7% to 7.5%, with some uncertainty about hitting the upper end.
From KEC International's Q3 FY26 earnings-call transcript · updated 23 Aug 2026.
Price
₹436
Market Cap
₹11.7K Cr
P/E Ratio
19.5
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Compare KEC International against every Construction company this quarter on revenue, margins and earnings-call signals.
KEC International — Quarterly revenue & net profit
Reported quarterly figures (₹ Cr). Latest: revenue ₹5.3K Cr, net profit ₹247 Cr.
Full financials →📊 Revenue & Sales Performance
- →Strong order book and L1 position of over INR 41,000 crores with a tender pipeline exceeding INR 180,000 crores, particularly in T&D and Civil sectors, indicating sustained growth potential.
- →India business has shown consistent growth in revenues, expected to continue expanding.
- →Civil segment order intake this year is 100% buildings and factories with higher ticket size orders, supporting higher realizations.
- →Transmission segment expected to maintain a success ratio of 10%-15% on order pipelines, targeting around INR 30,000-35,000 crores in order intake next year.
- →Renewable business expanding with new wind project orders and progressing solar projects, aiming for more solar, wind, and BESS orders in Q4.
- →International expansion, especially in Middle East and MENA regions, is progressing with bidding for larger projects in Saudi and UAE.
- →Labour shortages remain a challenge but efforts are ongoing; order execution is expected to improve over time.
- →Margin improvement and higher revenue growth anticipated from FY '27 onwards with better execution and project closures.
📈 Profitability & Margins
- →EBITDA margins for FY '26 expected between 7% to 7.5%, with some uncertainty about hitting the upper end.
- →For FY '27 and beyond, margins are expected to improve and be higher than FY '26, targeting closer to 9%-10% by FY '28 after clearing project backlog and headwinds.
- →Operating PBT has shown strong growth, with 37% in Q3 and 53% in 9 months, indicating continued profitability gains.
- →Order intake guidance for next year around INR30,000 to INR35,000 crores, supporting sustained revenue growth and margins.
- →Labor shortages and project delays pose risks but active measures are in place to mitigate impacts.
- →Debt reduction efforts ongoing, supporting improved financial health and reducing interest costs.
- →Overall, the company is confident of delivering better margins and profitability in the coming years, with revenues and operating earnings expected to grow steadily.
🏗️ Capital Expenditure Plans
- →The transcript on page 14 mentions that the company has commissioned almost 850-950 MW of solar capacity over two large plants in India, signaling investment in renewable energy capacity.
- →On page 6, it is noted that the Oil & Gas pipeline business secured its third international order for a pipeline laying project in the Middle East and the business is focusing on expanding its global footprint.
- →The company highlights expanded capacity and a robust order book, implying ongoing capital investments to support growth.
- →There is no specific mention of new or large-scale future capex plans or strategic investments beyond current operational expansions and project executions in the provided pages.
💰 Fundraising & Capital Structure
- →There is no explicit mention of any current or planned equity fundraising in the transcript.
- →The company is focused on reducing its debt levels; targets debt reduction to around INR 5,500 crores by year-end and aims to bring it down further internally.
- →No specific plans for new debt issuances were mentioned; instead, emphasis is on managing and lowering existing debt.
- →Working capital days are maintained around 110 to 115 days.
- →The company highlighted challenges with receivables and some debt increase in a quarter but already reduced debt by around INR 300 crores afterward.
- →Overall, the management’s focus is on cash flow improvement and debt reduction rather than new fundraising.
📋 Order Book & Pipeline
- →Current order book and L1 position is over INR 41,000 crores.
- →Tender pipeline stands at over INR 180,000 crores, mostly in T&D and Civil segments.
- →Breakdown of INR 180,000 crore tender pipeline:
- → - Transmission (India + International): ~INR 50,000 crores
- → - Middle East (Transmission): ~INR 15,000 crores
- → - Civil (including INR 20,000 crore international portion): ~INR 60,000 crores
- → - Renewables: ~INR 30,000 crores
- →Order intake target for next year is around INR 30,000 to 35,000 crores.
- →L1 orders for the year already at INR 19,000 crores, with nearly INR 5,000 crores more in L1.
- →Transportation segment has order book and L1 of over INR 3,000 crores.
- →Civil segment order book is about INR 11,000 crores, with 60-65% in buildings and factories.
Key Metrics
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Frequently Asked Questions
What were KEC International Q3 FY26 results?
Strong order book and L1 position of over INR 41,000 crores with a tender pipeline exceeding INR 180,000 crores, particularly in T&D and Civil sectors, indicating sustained growth potential. EBITDA margins for FY '26 expected between 7% to 7.5%, with some uncertainty about hitting the upper end.
What is KEC International share price analysis?
KEC International currently shows a neutral. The stock trades at a P/E of 19.5 with a market cap of ₹11,710 Cr. Investors should review the full earnings analysis for detailed insights.
Is KEC International planning capital expenditure?
The transcript on page 14 mentions that the company has commissioned almost 850-950 MW of solar capacity over two large plants in India, signaling investment in renewable energy capacity.
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This analysis is AI-generated based on publicly available earnings data and concall transcripts. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.