KEC International Limited (KEC)

Small Cap

Infra stocks · Small cap · NSE

KEC International is an RPG Group EPC major in infrastructure segments like T&D, Civil, Transportation, Oil & Gas, Renewables & Cables & Conductors. With 8+ decades of experience, it operates in 110+ countries, managing 250+ ongoing projects, and has 8 manufacturing facilities.

₹343.55

-8.70 · -2.47%

Market cap ₹9,145 Cr

IndicesNifty 500

ThemesPower Transmission Equipment Railways Manufacturing+1 more

Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm IST

Details

Quote19 Oct, 03:31 pm IST

Base fundamentals20 Oct 2026 · screener

Latest result16 Aug, 12:39 am IST

Score20 Oct, 05:15 am IST · v4.3-runtime-valuation

Tags15 Aug 2026

Coverage13/14 · 93%

Valuation2026-07-20 · Rf 6.8% · Infra P/E 15.4 (n=87)

Technical timing lens

Trend score and candlestick chart

27Bearish

full bear SMA stack · SMA20 -9.5% / mo · RSI oversold · MACD − · near 52W low · sector -2.7pp vs Nifty 500 (3M)

Stock trend: 22

Sector RS: 35

Sector 3M: -8.3% vs Nifty 500 -5.6%

Infra FPI tailwindFlow only

FPI equity flow was positive in both fortnights, but the sector index is below its 100-session average. View sector evidence

Compare peers →

Technical chart

KECD candles · FIT view-40.3%

Latest close ₹343.55 on 2026-10-19

Bar

-2.5%

RSI

MACD hist

-0.72

52W pos

2026-10-19O ₹352.25H ₹352.55L ₹342.60C ₹343.55Vol 9.5L sh

Up bar

Down bar

EMA 20

EMA 50

Volume + 20D avg

Result date

RSI(14)

MACD / signal

Market context

Relative performance and chart statistics

Adjusted completed-session prices, rebased to 100

KECNifty InfraNifty 500

KEC: -29.6%
Nifty 500: -5.6%
Nifty Infra: -8.2%
Vs Nifty 500: -24.0 pp

Chart stats

19 Oct 2026

From 52W high: -61.5%
52W range position: 0%
ATR (14): 3.5%
Volume vs 20D: 0.51x
Avg traded value: ₹68.1 Cr
20D price channel: ₹342.6 - ₹408.7

Quarter ended 30 Jun 2026

Bad · 0

PAT -42% YoY · margin compression · Rev +0% YoY

Revenue: ₹5,024 Cr; YoY +0.0%
PAT: ₹73 Cr; YoY -41.6%
Operating margin: 6.0%; QoQ -100 bps
PAT margin: 1.4%; QoQ -157 bps

Filed 30 Jun 2026Full result & history →

Current-quarter concall

Transcript not linked yet

No source-linked earnings-call transcript is available for this company in the active results quarter.

Search Concall Intelligence

Technical snapshot

Positioning and participation

Stage 4 Downtrend

Current trend context ranked against the Nifty 500. It describes the chart; it is not a buy or sell signal.

RS percentile: 1; 0 ranks over 20D
Stage 2 entry: Not in Stage 2; Current classification: Stage 4 Downtrend
Sector rotation: #14; lagging · 15 stocks
Industry rotation: —; Fewer than five rank-eligible peers

Trend structure

Below 20-DMABelow 50-DMABelow 200-DMA

RSI (14)

Oversold zone

MACD

Below signal

Histogram -0.72

Volume participation

0.5x average

Versus 20-session average

20-session position

1% of range

₹342.6 low · ₹408.7 high

Relative performance

vs Nifty 500

1M: -11.5 pp; stock -15.0%
3M: -24.0 pp; stock -29.6%
6M: -35.0 pp; stock -38.6%
1Y: -52.6 pp; stock -59.7%

From 52W high

-60.0%

High ₹859.8

52W range position

₹342.6 - ₹859.8

ATR (14)

3.5%

₹12.18

Avg traded value

₹68.1 Cr

20-session average

Current setup

No confirmed setup attached

Review the chart and detailed technical evidence before drawing a conclusion.

Open detailed technicals →

Research snapshot

What the evidence says now

Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is weak.

Suggested next step

Check latest quarters

Result consistency is weak; verify whether the thesis is improving or deteriorating.

U-Score

Legacy · OVERVALUED

Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.

Financials

Fundamentals, quarterly history, margins, returns and balance-sheet evidence

Quarter ended 30 Jun 2026

Bad · 0/100

PAT -42% YoY · margin compression · Rev +0% YoY

Filed 30 Jun 2026

Open results browser →

Metric	This quarter	YoY	QoQ
Revenue	₹5,024 Cr	+0.0%	-21.4%
EBITDA	₹291 Cr	-16.9%	-35.0%
Operating margin	6.0%	-100 bps	-100 bps
PAT	₹73 Cr	-41.6%	-62.2%
PAT margin	1.4%	-104 bps	-157 bps

NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.

Fundamentals

Valuation

P/E: 15.20
P/B: 1.49
EV/EBITDA: 8.06
Market Cap: 9145.00Cr

Profitability

ROE: 11.40%
ROCE: 16.50%
ROA: 2.20%
Dividend Y: 1.52%

Growth (CAGR)

Revenue 5Y: 12.00%
EPS 5Y: 4.00%
Revenue 3Y: 11.00%
EPS 3Y: 55.00%

Balance Sheet

Debt/Equity: 0.87
Interest Coverage: 2.36×
Altman Z: 1.86
Book Value: 231.00

Cash Flow

FCF Yield: —
FCF Positive Y: 8/5
OCF: -414.00 Cr
EPS TTM: 20.80

Shareholding

Promoter Hold: 50.10%
Promoter Pledge: 0.00%
Momentum 52W: 0%

Financial History

Updated 20/10/2026

Revenue

₹ Cr

Latest: 23.5k+7.6% vs prev

Net Profit

₹ Cr

Latest: 606+6.1% vs prev

Return on Equity

Latest: 1,143+12234.4% vs prev

Technicals

Trend interpretation, Stage 2, relative strength, volume and indicator evidence

Daily technical trend read

Bearish setup

Trend is weak — long-term trend down. RSI 29.

Price < SMA20 < SMA50 < SMA200 — full bearish stack.
SMA20 falling (~10.6% over last month) — short-term momentum negative.
RSI(14) at 29 — oversold zone; bounce conditions.
MACD below signal, histogram expanding negatively — bearish momentum building.
Within 5% of 52-week low — testing support.

Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.

Nifty 500 leadership

Relative Strength & Trend Stage

RS percentile

Stage 4 Downtrend

1M return

-15.0%

3M return

-29.6%

6M return

-41.7%

1Y return

-58.7%

RS 1D

RS 20D

Sector rank

#14

Industry rank

Stage evidence

Price is 28.9% below the 30-week proxy.
The 50-DMA is below the 30-week proxy and its slope is falling -4.9%.
Both 3-month and 6-month returns are negative.

50-DMA

price below

200-DMA

price below

Sector

lagging

Industry

unranked

Relative-strength line vs Nifty 500 (base 100)

262 observations

19 Oct 2026Value 41.84-1.46%

RS vs Nifty 50042

Valuation & peers

U-Score 28 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies

OVERVALUED

Fundamental score breakdown

U band · OVERVALUED

Valuation5/30

Growth9/25

Quality4/20

Balance Sheet6/15

Cash Flow3/10

Piotroski

4/9 (+1)

Penalties

Raw sum

Why this score?

Top U-Score contributors and drags from the latest stored fundamentals.

28/100 · legacy band OVERVALUED

Positive drivers

Balance sheet contributes 6/15 to the score.
Growth contributes 9/25 to the score.
Cash flow contributes 3/10 to the score.

Main drags

Fair-value margin of safety is negative at -51.3%.
Valuation is weaker at 5/30; verify the latest quarterly trend.
Quality is weaker at 4/20; verify the latest quarterly trend.

Sector valuation model

Execution business valuation: EV/EBITDA plus order and working-capital risk

Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.

Execution EV/EBITDA

Primary lens

EV/EBITDA and PE against execution quality and margin stability.

Secondary checks

Order book, receivables, working capital, debt, operating cash flow.

Main risk check

Order wins matter only if they convert into cash and margins.

15.2

1.5

EV/EBITDA

8.1

ROE

11.4%

ROCE

16.5%

FCF Yield

—

Debt/Equity

0.9

MoS

-51.3%

Score movement

Stored run vs live recompute

This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.

Stored run: 20 Oct 2026

v4.3-runtime-valuation

Final score

Previous: 29 (-1)

Legacy U-Score band

OVERVALUED

Previous: OVERVALUED

Margin of safety

-51.3%

Previous: -51.3%

Score history

12 stored score snapshots. Latest stored move: +0 points.

20 Oct 2026

v4.3-runtime-valuation

Factor attribution

Valuation

5-1

was 6

Modelled fair value

Graham Number

₹328.8

-4.5% MoS

Growth-justified P/E

10.9

Growth-justified Value

₹227.14

-51.3% MoS

PEG

2.37

Comparable companies

Peers

Business-comparable peers in Infra — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.

Compare all ↗

Ticker

Name

Why peer

Score

ROE

MoS

Verdict

HONDAPOWER

Small

Honda India Power Products Limited

GE Power India Limited

BGR Energy Systems Limited

Bharat Heavy Electricals Limited

Siemens Energy India Limited

Business, management & trust

Growth engines, risks, management commitments and evidence-backed delivery

Business and thesis

Where growth can come from, and what can break the case

Thesis intactReviewed 2026-10-14T08:12:18.944Z

Management commentary snapshot

KEC International reported flat consolidated revenues YoY at Rs. 5,024 Cr for Q1 FY27, with PBT down 43% to Rs. 90 Cr and PAT down 42% to Rs. 73 Cr. Despite geopolitical disruptions and execution challenges, the company reduced net debt by Rs. 150 Cr QoQ and strengthened its order book to over Rs. 40,000 Cr.

The company delivered resilient Q1 FY27 performance, maintaining revenues and significantly strengthening its order book despite a challenging operating environment. While profitability was impacted by external factors and execution delays, management's focus on debt reduction and a robust tender pipeline supports the long-term thesis. Near-term challenges are viewed as transitory.

Current business mix

Revenue by Vertical (Q1 FY27 Consolidated)

Latest issuer-disclosed distribution across 2 reported categories.

T&D64.0%

Non T&D36.0%

Growth engines

T&D Sector Opportunities

Strong multi-year T&D opportunity driven by rising power demand, grid expansion, renewable integration, and grid modernisation.

Data Centre Expansion

AI-led Data Centre expansion is driving a strong opportunity pipeline across T&D and Civil segments.

Cables & Conductors Growth

Revenues grew by 57% YoY to Rs. 601 Cr in Q1 FY27, with steady inflow of orders.

Civil Segment Expansion

Widened presence in automobile and Residential building segments, securing prestigious orders from new clients.

Capacity and execution

Elastomeric Cables Production

Elastomeric cables are slated to commence production in Q2 FY27.

E-Beam Plant Commissioning

The E-Beam plant is slated for commissioning in Q3 FY27.

Tailwinds

Strong T&D Market

Momentum continues in India T&D market with accelerating investments in HVDC to evacuate renewable power and strengthen the national grid.

International T&D Pipeline

Strong pipeline in International T&D, with large opportunities in the Middle East and recovery in Africa.

Renewables & Energy Storage

Rising investments in Renewables, Energy Storage and Grid Flexibility to support energy transition.

Improving Operational Environment

Improving labour availability and gradual normalisation of supply chains are expected.

Headwinds

Geopolitical Uncertainty

Continued geopolitical disruptions in the Middle East led to supply chain/logistics disruptions, elevated costs, and project delays.

Project Execution Challenges

Slower execution in water projects due to delayed payments and continued Right-of-Way (ROW) issues in India T&D.

Payment Delays

Delay in realisation of significant collections from Afghanistan, expected to materialize in Q2 FY27.

Dispute Resolution Delays

Delay in legal closure of disputes/settlement of claims in Transportation and Metro projects.

Risk radar

Geopolitical Instability

Geopolitical uncertainty in the Middle East can lead to supply chain disruptions, elevated costs, and project finalization delays.

Project Execution & ROW Issues

Continued ROW issues in India T&D and slower execution in water projects due to payment delays pose risks to project timelines and working capital.

Receivable Management

Delays in significant collections from Afghanistan and payments in water projects impact debt and working capital levels.

Management accountability

What management said, and what results must prove

Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.

Analyst reading lens

Compare BOTH

P&L results are primarily presented YoY, which is standard for seasonal infrastructure businesses. However, debt and working capital improvements are highlighted QoQ, indicating sequential momentum in financial management.

Sector KPIs management disclosed

Consolidated Revenue

Achieved Revenues of Rs. 5,024 Cr in Q1 FY27, flat YoY (Q1 FY26: Rs. 5,023 Cr).

Consolidated EBITDA Margin

EBITDA Margins declined to 5.8% in Q1 FY27 from 7.0% in Q1 FY26.

Consolidated PBT Margin

PBT Margins decreased to 1.8% in Q1 FY27 from 3.2% in Q1 FY26.

Order Intake (YTD FY27)

YTD order intake of over Rs. 6,300 Cr across T&D, Civil, Renewables, Cables & Conductors and Transportation businesses.

Management forward view

Resilient Performance

Management states Q1 FY27 was a resilient performance despite challenges, maintaining revenues, strengthening order book, and reducing debt.

Transitory Challenges

Management believes certain near-term challenges are largely transitory, with supply chains and labour availability improving.

Confident Outlook

Management is confident of delivering stronger execution and improved financial performance in the coming quarters, supported by a robust order book and tender pipeline.

Thesis monitor

Numbers and claims to verify in the next filings

Checkpoint	Current evidence	What to verify next
Order Book + L1 Position	Over Rs. 40,000 Cr	Sustained growth and conversion of tender pipeline (over Rs. 2 lac crore) into firm orders.
Net Debt (incl. Acceptances)	Rs. 6,568 Cr (down Rs. 150 Cr QoQ)	Further reduction in debt, especially with expected collections from Afghanistan in Q2 FY27.
EBITDA Margins	5.8% (Q1 FY27)	Improvement in margins as supply chains normalize and execution challenges subside.
New Capacity Commissioning	Elastomeric cables production in Q2 FY27, E-Beam plant in Q3 FY27	Timely commissioning and ramp-up of new production facilities.

Verification checkpoints are IndiaPulse research interpretation, not investment advice.

Trust Score

62Limited evidence · low confidenceTrust Lite

Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.

Limited evidence: Claim history is still being built. It ranks around the 35th percentile of the scored universe and 43rd percentile within Infra. Main check: results consistency is weak at 47/100.

This is a financial-behaviour screen, not a claim-tested management reliability verdict.

Computed 20 Oct 2026

management-trust-v1

189 docs text-extracted · 44 concalls text-extracted

Score band

Limited evidence

Financial behaviour is scored, but management claims do not yet have enough outcome checks.

Relative rank

35th percentile

overall median 67 · Infra: 43rd pctile, median 64 · Small: 40th pctile, median 66

Evidence depth

Financial-only

189 documents have extracted text, but claim history is not strong enough yet.

Claim delivery

Outcome history still building

0 claims extracted · No contradicted claim yet

How to read this Trust Score

Limited evidence · low confidence

What it measures

Reliability of management and financial delivery, using financial behaviour only.

Confidence

Treat this as an early read until more concalls and outcomes are matched.

Investor use

Acceptable, but check the weakest sub-score before increasing exposure.

Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.

Forensic breakdown

Read low sub-scores as due-diligence warnings, not automatic sell signals.

Promoter

strong · holding, pledge, alignment

Cash flow

watch · profit to cash conversion

Balance sheet

acceptable · leverage and solvency

Discipline

acceptable · capital discipline

Results

watch · quarterly consistency

Trust positives

▸Promoter pledge is zero.
▸8 years of positive FCF.
▸3/4 latest quarters had positive YoY revenue growth.
▸OPM spread across recent quarters is 2%.

Trust risks

▸Operating cash flow is negative at ₹-414 Cr.
▸2 latest quarters had PAT decline worse than 25% YoY.
▸1/4 latest quarters had positive YoY PAT growth.

Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.

Compare Infra stocks Browse Indian stocks starting with K Explore fundamental stock screeners Browse Indian investment themes

Related companies

Honda India Power Products Limited (HONDAPOWER)GE Power India Limited (GVPIL)BGR Energy Systems Limited (BGRENERGY)Bharat Heavy Electricals Limited (BHEL)Siemens Energy India Limited (ENRIN)

Important announcements & filings

Latest exchange and company disclosures found within the past two years.

Source: Bse

Open source ↗

Verify on:NSE India ↗

All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.

KEC International Limited (KEC)

Trend score and candlestick chart

Technical chart

Relative performance and chart statistics

What the evidence says now

Financials

Quarter ended 30 Jun 2026

Fundamentals

Valuation

Profitability

Growth (CAGR)

Balance Sheet

Cash Flow

Shareholding

Revenue

Net Profit

Return on Equity

Technicals

Daily technical trend read

Relative Strength & Trend Stage

Valuation & peers

Fundamental score breakdown

Why this score?

Positive drivers

Main drags

Execution business valuation: EV/EBITDA plus order and working-capital risk

Stored run vs live recompute

Score history

Factor attribution

Modelled fair value

Comparable companies

Business, management & trust

Where growth can come from, and what can break the case

Revenue by Vertical (Q1 FY27 Consolidated)

T&D Sector Opportunities

Data Centre Expansion

Cables & Conductors Growth

Civil Segment Expansion

Elastomeric Cables Production

E-Beam Plant Commissioning

Strong T&D Market

International T&D Pipeline

Renewables & Energy Storage

Improving Operational Environment

Geopolitical Uncertainty

Project Execution Challenges

Payment Delays

Dispute Resolution Delays

Geopolitical Instability

Project Execution & ROW Issues

Receivable Management

What management said, and what results must prove

Consolidated Revenue

Consolidated EBITDA Margin

Consolidated PBT Margin

Order Intake (YTD FY27)

Resilient Performance

Transitory Challenges

Confident Outlook

Numbers and claims to verify in the next filings

How to read this Trust Score

Forensic breakdown

Trust positives

Trust risks

Continue researching KEC International Limited

Important announcements & filings

Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order 10 Oct - KEC International secures new India T&D orders worth Rs. 1,014 crores; YTD order intake over Rs. 9,600 crores.

Announcement under Regulation 30 (LODR)-Newspaper Publication 9 Oct

Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order 8 Oct - KEC International wins new orders worth Rs. 1,030 crores across T&D, renewables and cables.

Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 23 Sep - Pursuant to Regulation 30 read with Para A of Part A of Schedule III of the SEBI (LODR) Regulations, 2015, the details of the Analyst/Institutional …

Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order 14 Sep - KEC International secures new orders worth Rs. 1,303 crores across T&D and cables.

Aug 2026 · Transcript

Aug 2026 · PPT

Aug 2026 · Announcement under Regulation 30 (LODR)-Earnings Call Transcript 14 Aug - The Transcript of the Earnings Conference Call held on Tuesday, August 11, 2026, for the Unaudited Financial Results of the Company for the quarter ended …

Aug 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 11 Aug - KEC International to attend JM Financial investor meet in Mumbai on August 14, 2026.

Announcement under Regulation 30 (LODR)-Newspaper Publication 13 Aug

Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order 14 Jul - KEC International secured new orders worth Rs 1,180 crore, including first transmission line order for a data centre.

Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order 29 Jun - KEC International won new orders worth Rs. 1,754 crores, including largest-ever tower supply order from USA.