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KEC International Q1 FY27 Share Price & Earnings Call Analysis

₹343.85+1.69% today
Market cap
₹9,148 Cr
P/E
15.22
ROE
11.35%
PEG
0.28
Price to sales
0.39
Debt to equity
0.87
52W high / low
₹827 / ₹328
Sales growth (5Y)
12.38%
EBITDA margin
6.80%
Net profit margin
2.78%
Promoter holding
50.10%
Sales (last year)
₹23,506 Cr

KEC International is a global infrastructure EPC major. It has presence in the verticals of Power Transmission and Distribution, Railways, Civil, Urban Infrastructure, Solar, Oil & Gas Pipelines, and Cables. It is the flagship Company of the RPG Group.[1]

Guidance scorecard · Q1 FY27 call

What KEC International Ltd's management guided
and where it ranks in Construction

#26of 58 in
Construction
Revenue10–20%MarginsUp 2%+CapexPlannedFundraisingWhat management saidOrder bookFlat

RevenueQ1 FY27 call

10–20%
  • KEC International targets a revenue growth of around 12% to 15% for FY27, contingent on external factors like the Middle East conflict.
  • Cable segment revenue potential from new specialized products is expected to add INR 300-400 crores, contributing to overall growth.
  • With current cable capacity, revenue could reach approximately INR 3,000 crores without additional major capex.
  • Order inflows: Out of INR 30,000 crores guidance, 60-70% is expected from T&D segment, with international orders of INR 9,000-10,000 crores (significant share from West Asia).
  • Growth headwinds due to Middle East conflict and labor challenges are anticipated to ease by Q3-Q4 FY27.

2 more points from KEC International Ltd's call on revenue

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Full Q1 FY27 analysis

MarginsQ1 FY27 call

Up 2%+

See what KEC International Ltd said on margins — free account, 30 seconds.

Full Q1 FY27 analysis

CapexQ1 FY27 call

Planned
  • KEC International typically spends around INR 75-100 crores annually on cable business capex.
  • Recent spending on cables over the last 3 years totaled around INR 300 crores, mainly for capacity additions and specialized products like HTLS.
  • Larger capex is planned only upon stabilization of demand, especially if expanding into EHV cables, potentially next year or later.
  • Some capacity addition on aluminum conductor and specialized HTLS cables is planned in the near term.

2 more points from KEC International Ltd's call on capex

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Full Q1 FY27 analysis

FundraisingQ1 FY27 call

See what KEC International Ltd said on fundraising — free account, 30 seconds.

Full Q1 FY27 analysis

Order bookQ1 FY27 call

Flat
  • Current order book: Approximately INR40,000 crores.
  • Adani Group exposure: Around 5% or less of the order book (~INR2,000 crores), spread across T&D, railways, and civil.
  • Railway and water projects: Slow-moving projects mostly at 95-97% completion; railway projects expected to complete within 6 months; water projects (mainly in MP and Odisha) expected to complete mostly within this year.
  • Jal Jeevan Mission order book: Around INR1,300 crores pending.
  • Middle East order book: Roughly 25% (~INR10,000 crores), divided equally between Saudi Arabia and UAE (~INR5,000 crores each).

2 more points from KEC International Ltd's call on the order book

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Full Q1 FY27 analysis
Full Construction ranking

Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.

Potential multibaggers · Q2 FY27

Potential multibaggers in Construction
on management's own guidance

  1. Strong growth
    2
  2. Strong growth
    1
  3. Strong growth
    3
See all potential multibaggersWhere does KEC International Ltd rank?

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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.

Peers

Construction companies ranked on guidance

#CompanyRevenue guidedMargin guidedMarket capP/E
140%+Flat₹6,531 Cr11.7
240%+Flat₹1,089 Cr9.3
340%+Flat₹898 Cr7.6
440%+Flat₹807 Cr14.7
540%+Flat₹554 Cr13.1
640%+Flat₹516 Cr30.7

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KEC International Ltd announcements

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Financials of KEC International Ltd

Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.

Shareholder Pattern

KEC International Ltd

Shareholding breakup across reporting periods.

Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Promoters +51.88%51.88%51.88%50.10%50.10%50.10%50.10%50.10%50.10%50.10%50.10%50.10%
FIIs +10.90%12.45%12.66%13.60%15.20%15.42%16.02%15.92%11.75%9.84%9.92%8.69%
DIIs +26.95%25.84%25.29%26.33%24.91%24.18%22.55%22.54%25.47%26.86%23.34%20.77%
Public +10.28%9.83%10.16%9.97%9.79%10.29%11.32%11.43%12.66%13.18%16.64%20.45%
No. of Shareholders1,16,2811,10,6181,25,2271,36,6271,37,8201,59,5401,73,9271,79,5251,91,2281,97,5132,26,4922,50,132

Financials of KEC International Ltd

Quarterly Results

Quarter-by-quarter operating performance

Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales +4,2444,4995,0076,1654,5125,1135,3496,8725,0236,0926,0016,3905,024
Expenses +3,9994,2254,6995,7774,2424,7934,9756,3334,6735,6615,5715,9424,733
Operating Profit244274308388270320374539350430430448291
OPM %6%6%6%6%6%6%7%8%7%7%7%7%6%
Other Income +31626843712055-493014
Interest159178164154155168170170151171171170164
Depreciation42474948474545474651505151
Profit before tax476612119311211316034215921316025890
Tax %9%15%20%21%22%25%19%22%21%25%20%25%19%
Net Profit +425697152888513026812516112719373
EPS in Rs1.652.173.775.903.413.214.8710.084.686.044.797.242.73

Financials of KEC International Ltd

Profit & Loss

Annual income statement trend

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales +8,4688,5188,58410,05311,00111,96513,11413,74217,28219,91421,84723,50623,506
Expenses +7,8897,7337,6738,9579,76410,63511,87412,74216,36218,55620,16421,63621,907
Operating Profit5797859111,0951,2371,3301,2401,0019201,3591,6831,8691,599
OPM %7%9%11%11%11%11%9%7%5%7%8%8%7%
Other Income +14661422311129-31595068-110
Interest376368332318398403360413656797839872677
Depreciation88132130110117147153158161185184197202
Profit before tax261291463689753790756399161426727789721
Tax %38%49%34%33%34%28%27%17%-9%19%22%23%
Net Profit +161148305460496566553332176347571606554
EPS in Rs6.265.7511.8617.9119.2822.0021.5012.926.8513.4921.4422.7520.80
Dividend Payout %14%17%14%13%14%15%19%31%44%30%26%24%

Financials of KEC International Ltd

Balance Sheet

Capital structure and asset base

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital515151515151515151515353
Reserves1,2781,2391,5351,9462,3842,7463,3083,5693,7204,0445,2946,106
Borrowings +2,2143,2212,1061,7661,8392,5192,0663,0653,3833,9613,9575,378
Other Liabilities +4,1834,3625,0236,7497,3897,5388,5669,61310,11710,97512,85913,596
Total Liabilities7,7278,8748,71510,51211,66312,85513,99216,29817,27119,03122,16425,133
Fixed Assets +1,2591,1981,1491,1121,1821,3521,3981,5381,5831,6281,6471,773
CWIP168578784182111439114
Investments0251303913221130000
Other Assets +6,4527,6437,4319,28310,46011,39612,57514,74515,67717,38920,47923,246
Total Assets7,7278,8748,71510,51211,66312,85513,99216,29817,27119,03122,16425,133

Financials of KEC International Ltd

Cash Flows

Operating, investing and financing cash movement

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity +153-751,66266019987840-284614311419-414
Cash from Investing Activity +125-7-182-4-67-113-134-204-139-243-46-231
Cash from Financing Activity +-216-28-1,379-638-1503-659496-401-145-32511
Net Cash Flow62-11010117-18-2347874-76341-134
Free Cash Flow269-991,59552490-115726-42545178270-691
CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit47%7%194%81%40%33%85%0%90%41%16%-6%

Financials of KEC International Ltd

Ratios

Working capital efficiency and return ratios

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days166200179183162166150136907684101
Inventory Days383235454351546559534150
Days Payable266248278331324327395420433401380351
Cash Conversion Cycle-62-17-64-103-119-111-191-219-284-272-255-201
Working Capital Days7821334334373527254257
ROCE %15%16%20%27%29%25%21%14%12%16%18%17%

Guidance history

How KEC International Ltd's guidance has moved, call by call

CallRevenueMarginsCapexFundraisingOrder book
Q1 FY27 call →10–20%Up 2%+Planned—Flat
Q4 FY26 call →10–20%FlatPlannedPlanned—
Q3 FY26 call →10–20%Up 0–2%Planned—Flat

What management guided on each call, newest first. Not investment advice, and not a forecast of returns.

1out of 100

Momentum score · price trend

1 out of 100 — Cooling

Over the past year its share price has done worse than most of the stocks we track.

PeriodShare price changeBetter than … of 1,910 stocks
Last 12 months−58.4%2%
Last 6 months−38.7%3%
Last 3 months−26.6%6%

The price is 72.2% below its all-time high of ₹1,236.7 (20 Dec 2024). Stocks more than 20% below their peak have their score halved, so 3 became 1.

How we calculate it

“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).

The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For KEC International Ltd: 0.4 × 2 + 0.4 × 3 + 0.2 × 6 = 3, halved to 1 because the price is more than 20% below its all-time high.

Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.

Full methodology →

This describes only how the share price has moved up to 29 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.

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What KEC International Ltd's management said in earlier quarters

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