KEC
KEC International share price & financials
- Price
- ₹541.45
- Market cap
- ₹10.8k Cr
- Sector
- Construction
- Calls analysed
- 6
K E C Intl. Q4 FY26
What went well
- FY26 Revenue of INR23,506 crores, up 8% YoY, driven by T&D and cables/conductors.
- FY26 Operating PBT of INR848 crores, up 21% YoY, with PBT margins expanding 40 bps to 3.6%.
- FY26 Order intake at an all-time high of INR25,280 crores, with 70% from T&D business.
What to watch
- Geopolitical tensions in the Middle East led to deferment of INR380-400 crores in Q4 revenue.
- Supply chain and logistic challenges, including increased freight costs, due to Middle East disruptions.
What KEC International Limited does
KEC International is an engineering, procurement and construction (EPC) company that designs, manufactures and executes infrastructure projects across six businesses: power transmission & distribution, civil works (buildings, water, data centres, defence), railways (metros, OHE, signalling including Kavach, track works), oil & gas pipelines, renewables (solar and wind EPC), and cables & conductors. It earns by winning and executing turnkey EPC contracts for utilities, governments and industrial clients, and by manufacturing and supplying transmission towers, conductors and cables both for its own projects and to third parties globally. The company traces its history to 1945 as a power transmission EPC company and is part of the RPG Group.
Segments
- Power Transmission & Distribution
- Civil
- Transportation
- Oil & Gas Pipelines
- Renewables
- Cables & Conductors
- Global footprint
- 110+ countries (EPC and supply)
- Manufacturing facilities
- 8
- Installed tower manufacturing capacity
- ~4,80,000 MT
- Employees
- 8,000+
- Ongoing projects
- 250+
- Business segments
- 6 (Power T&D, Civil, Transportation, Oil & Gas Pipelines, Renewables, Cables & Conductors)
Guidance record · Q4 FY26
what the last two calls moved 16 tracked 3 delivered 5 missed 8 open- EBITDA Margin delivered, diluted said Q4 FY25 Promised: 8% to 8.5% for FY26 Q4 FY26: Achieved a full-year EBITDA margin within the revised 7-7.5% range (Q4 at 7.0%), but missed the original 8-8.5% target.
- Net Working Capital Days missed said Q4 FY25 Promised: 100 days by end of FY26 Q4 FY26: Achieved 135 days, significantly missing both the original target of 100 days and the revised target of 110-115 days.
- Cables Revenue at risk said Q4 FY25 Promised: around ₹3,500 crores revenue by FY27 Q4 FY26: Management guided for ~15% growth in FY27, which projects to revenue far below the ₹3,500 crore target, putting the promise at significant risk.
All 16 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue down 3.3%, net profit down 98.6% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 4,484 | 4,758 | 6,048 | 4,030 | 4,949 +10% | 4,808 +1% | 5,260 −13% | 3,898 −3% |
| EBITDA | 230 | 281 | 352 | 197 | 308 +34% | 276 −2% | 273 −22% | 156 −21% |
| Net profit | 58 | 73 | 161 | 37 | 106 +82% | 39 −47% | 247 +53% | 1 −99% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −53.3% 1Y
1Y: ₹870.3 on 10 Sept 2025 → ₹406.4. High ₹883.9 (23 Sept 2025), low ₹393.2 (9 Sept 2026).
How the price took the results
close before → close after
- Q4 FY26
- −11.1%
- 18 May
- Q3 FY26
- +3.5%
- 30 Jan
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 3.3% a year over 3 years, FY23 to FY26. Operating margin widened to 5.5%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹17.3k Cr | ₹17.4k Cr | ₹19.2k Cr | ₹19.0k Cr |
| Operating profit | ₹829 Cr | ₹848 Cr | ₹1.0k Cr | ₹1.1k Cr |
| Operating margin | 4.8% | 4.9% | 5.4% | 5.5% |
| Interest | ₹539 Cr | ₹573 Cr | ₹581 Cr | ₹560 Cr |
| Depreciation | ₹162 Cr | ₹146 Cr | ₹146 Cr | ₹140 Cr |
| Net profit | ₹176 Cr | ₹148 Cr | ₹324 Cr | ₹428 Cr |
| Net margin | 1.0% | 0.8% | 1.7% | 2.2% |
| Cash from operations | ₹576 Cr | ₹335 Cr | ₹245 Cr | ₹-675 Cr |
| Free cash flow | ₹439 Cr | ₹132 Cr | ₹103 Cr | ₹-785 Cr |
| ROCE | 13.0% | 13.0% | 15.0% | 12.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹51 Cr | ₹51 Cr | ₹51 Cr | ₹51 Cr | ₹53 Cr | ₹53 Cr |
| Reserves | ₹3.5k Cr | ₹3.8k Cr | ₹3.9k Cr | ₹4.0k Cr | ₹5.6k Cr | ₹5.5k Cr |
| Borrowings | ₹1.8k Cr | ₹2.5k Cr | ₹2.8k Cr | ₹3.3k Cr | ₹5.3k Cr | ₹4.6k Cr |
| Other liabilities | ₹8.1k Cr | ₹8.8k Cr | ₹9.3k Cr | ₹10.2k Cr | ₹12.7k Cr | ₹12.0k Cr |
| Total liabilities | ₹13.4k Cr | ₹15.2k Cr | ₹16.0k Cr | ₹17.5k Cr | ₹23.6k Cr | ₹22.1k Cr |
| Fixed assets | ₹709 Cr | ₹767 Cr | ₹779 Cr | ₹833 Cr | ₹1.8k Cr | ₹684 Cr |
| Capital work in progress | ₹18 Cr | ₹2 Cr | ₹8 Cr | ₹7 Cr | ₹55 Cr | ₹11 Cr |
| Investments | ₹807 Cr | ₹964 Cr | ₹1.1k Cr | ₹1.2k Cr | ₹0 Cr | ₹1.4k Cr |
| Other assets | ₹11.9k Cr | ₹13.4k Cr | ₹14.1k Cr | ₹15.5k Cr | ₹21.8k Cr | ₹20.0k Cr |
| Total assets | ₹13.4k Cr | ₹15.2k Cr | ₹16.0k Cr | ₹17.5k Cr | ₹23.6k Cr | ₹22.1k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, FIIs trimmed −6.10 pp while the public added +5.32 pp. The shareholder count grew 30% to 2,26,492.
- Promoters
- 50.1%
- FIIs
- 9.9%
- DIIs
- 23.3%
- Public
- 16.6%
Since Jun 2025
- FIIs −6.10 pp
- Public +5.32 pp
- DIIs +0.79 pp
How it drifted, 12 quarters
Over this window the public went from 9.7% to 16.6% — +6.9 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 51.9%, FIIs 11.3%, DIIs 27.2%, Public 9.7%.Dec '23: Promoters 51.9%, FIIs 10.9%, DIIs 26.9%, Public 10.3%.Mar '24: Promoters 51.9%, FIIs 12.4%, DIIs 25.8%, Public 9.8%.Jun '24: Promoters 51.9%, FIIs 12.7%, DIIs 25.3%, Public 10.2%.Sep '24: Promoters 50.1%, FIIs 13.6%, DIIs 26.3%, Public 10.0%.Dec '24: Promoters 50.1%, FIIs 15.2%, DIIs 24.9%, Public 9.8%.Mar '25: Promoters 50.1%, FIIs 15.4%, DIIs 24.2%, Public 10.3%.Jun '25: Promoters 50.1%, FIIs 16.0%, DIIs 22.6%, Public 11.3%.Sep '25: Promoters 50.1%, FIIs 15.9%, DIIs 22.5%, Public 11.4%.Dec '25: Promoters 50.1%, FIIs 11.8%, DIIs 25.5%, Public 12.7%.Mar '26: Promoters 50.1%, FIIs 9.8%, DIIs 26.9%, Public 13.2%.Jun '26: Promoters 50.1%, FIIs 9.9%, DIIs 23.3%, Public 16.6%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Bandhan Small Cap Fund Mutual fund newly disclosed 1.92% held
- Rbc Emerging Markets Dividend Fund FPI fund newly disclosed 1.33% held
- Nippon Life India Trustee Ltd-A/C Nippon India Large Cap Fund Mutual fund +0.20 pp 3.45% held
The same filing shows 5 holders trimming and 3 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of KEC International Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Swallow Associates LLP | 25.45% | unchanged |
| Summit Securities Limited | 10.58% | unchanged |
| Instant Holdings Limited | 8.38% | unchanged |
| HDFC Mutual Fund - HDFC Mid-Cap Fund Mutual fund | 6.46% | −0.49 pp |
| Nippon Life India Trustee Ltd-A/C Nippon India Large Cap Fund Mutual fund | 3.45% | +0.20 pp |
| Bandhan Small Cap Fund Mutual fund | 1.92% | newly disclosed |
| Harshvardhan Goenka | 1.89% | unchanged |
| Stel Holdings Limited | 1.88% | unchanged |
| DSP Flexi Cap Fund Mutual fund | 1.65% | −0.61 pp |
| Rbc Emerging Markets Dividend Fund FPI fund | 1.33% | newly disclosed |
| ICICI Prudential India Opportunities Fund Mutual fund | 1.20% | −1.42 pp |
| Kotak Flexicap Fund Mutual fund | 1.17% | −0.53 pp |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Mutual funds in KEC
Filings to Aug 2026
0 new, 5 added, 1 trimmed, 0 sold out — net +16.79 L shares (+9.5%).
- Held by funds
- ₹848 Cr
- 13 schemes
- Biggest holder
- Nippon India Multi Cap Fund
- ₹348 Cr · 0.6% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| Nippon India Multi Cap Fund Nippon India Mutual Fund | ₹348 Cr | +16.75 L | Aug '21 |
| HDFC Small Cap Fund HDFC Mutual Fund | ₹233 Cr | held | Dec '22 |
| HDFC Hybrid Equity Fund HDFC Mutual Fund | ₹94 Cr | held | Dec '22 |
| Nippon India Small Cap Fund Nippon India Mutual Fund | ₹62 Cr | held | May '19 |
| SBI Energy Opportunities Fund SBI Mutual Fund | ₹37 Cr | held | Nov '25 |
| HDFC Large and Mid Cap Fund HDFC Mutual Fund | ₹23 Cr | held | Sep '24 |
| Nippon India Power & Infra Fund Nippon India Mutual Fund | ₹23 Cr | held | Sep '24 |
| HDFC Dividend Yield Fund HDFC Mutual Fund | ₹14 Cr | held | Sep '24 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Aug 2026
5 added, 1 trimmed — net +16.79 L shares (+9.5%)
- Funds are sitting on
- -8%
- vs est. average cost
- Held by funds
- ₹848 Cr
- 13 schemes · ≈ 9.7% of the company
- Biggest holder
- Nippon India Multi Cap Fund
- ₹348 Cr · 0.6% of that fund
- Longest holder
- Nippon India Small Cap Fund
- 7y 4m · since May '19
Shares held by these funds −32%
Aug '23 1.77 cr shares Jul '26
All earnings calls (6)
Read the Q4 FY26 call →Learn to analyse KEC International Limited
Guides on how to read this kind of business and the numbers that matter.