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KEC International Ltd (KEC)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 532714 NSE: KEC Engineering - Construction | Small Cap | KEC International Share Price

₹525.90 7.45 (1.44%)

As on 18-Jun'26 16:59

KEC International Ltd (KEC)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 532714 NSE: KEC Engineering - Construction | Small Cap | KEC International Share Price

₹525.90 7.45 (1.44%)

As on 18-Jun'26 16:59

Key Metrics
Valuation Multiples
Market Cap
₹13,999 Cr.
Current Price
₹525.9
52-Week Low / High
₹466 / 947
TTM EPS
₹16.1
TTM Sales
₹19,047 Cr.
Book Value per Share
₹206.8
P/E Ratio
32.70
Lower than its 5-year historical median
Industry PE
31.5
Price to Book (P/B)
2.54
Lower than its 5-year historical median
Price to Sales (P/S)
0.74
Lower than its 5-year historical median
EV/EBITDA
16.20
Lower than its 5-year historical median
Dividend Yield
1.05%
Profitability Efficiency
Return on Equity (ROE)
7.06%
Outperforms industry median
Return on Capital Employed (ROCE)
14.83%
Outperforms industry median
Return on Assets (ROA)
1.74%
Operating Profit Margin
6.1%
Net Profit Margin
1.69%
Gross Profit Margin
2.9%
Growth Momentum
1-yr vs 3-yr growth
Sales Growth (1 Year)
Slowing versus 3-year growth rate
10.32%
Operating Profit Growth (1 Year)
Improving versus 3-year growth rate
24.11%
Net Profit Growth (1 Year)
Improving versus 3-year growth rate
119.54%
Asset Quality
Promoter Holding
50.10%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹5,453 Cr.
Equity
₹53.2 Cr.
Face Value
₹2
All Time Low / High
₹21.73 / 1312.00

KEC International stock performance

Key Ratios
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Check Before You Invest

Valuation

Somewhat Undervalued

Price Trend

Semi Strong
Q.1 Is KEC International Ltd a good quality company?
KEC International Ltd is a good quality company, based on a consistently good multi-year financial track record.

This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.

We have analysed the performance of the company on the following:

  • How has it performed on generating Profits?

    By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.

  • How efficiently has it utilized Capital?

    By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.

  • How is it managing its Debt?

    By checking its Debt to Equity and Cash Flow from Operations.

How does KEC International Ltd performance compare with that of its Peers?
Q.1 Revenue growth of KEC International Ltd vs industry peers?
KEC International Ltd revenue CAGR is 12.87%, compared to the industry median CAGR of 0%, indicating faster growth and gaining its market share.
Q.1 Promoter shareholding and pledge status of KEC International Ltd?
Promoters hold 50.10% of the KEC International Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Q.1 Stock return of KEC International Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of 14.3% based on the current price.

DeciZen - make an informed investing decision on KEC International

Decision Maker
Standalone basis

1. Right Stock

10 Year X-ray Pro
Long Term Prospect

2. Right Price

3. Right Time

#Likely Future 5 Year CAGR.

10 Year X-Ray :

Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
KEC International Ltd has performed well in majority of the past ten years indicating its past ten year financial track record is very good

Value Creation

Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
ROCE % 20%20.1%28.4%29.6%24.5%23.9%16.8%12.2%12.7%14.8%-
Value Creation
Index
0.40.41.11.20.80.80.2-0.1-0.10.1-

Growth Parameters

Sales 7,6907,5669,03710,11810,47111,85212,57315,41317,38319,17819,047
Sales YoY Gr.--1.6%19.4%12%3.5%13.2%6.1%22.6%12.8%10.3%-
Adj EPS 7.912.417.214.617.924.515.38.15.511.516.1
YoY Gr.-56.7%38.6%-15.5%23%36.9%-37.5%-47.4%-32%109.8%-
BVPS (₹) 53.864.479.397110.4136.9150154.2158.5191.5206.8
Adj Net
Profit
204320443374461631394207141307428
Cash Flow from Ops. -37.31,545774171120833104576335245-
Debt/CF from Ops. -68.711.79.218.22.123.54.79.713-

CAGR

9 Years 5 Years 3 Years 1 Years
Sales 10.7%12.9%15.1%10.3%
Adj EPS 4.2%-8.5%-9.1%109.8%
BVPS15.2%11.6%8.5%20.8%
Share Price 14.5% 4.8% -2.7% -40.9%

Key Financial Parameters

Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
Return on
Equity %
16.421.12416.517.319.810.75.33.56.78.1
Op. Profit
Mgn %
9.910.811.19.710.4119.15.95.56.15.5
Net Profit
Mgn %
2.74.24.93.74.45.33.11.40.81.62.3
Debt to
Equity
1.90.90.70.60.80.50.60.70.80.60.1
Working Cap
Days
284325304327354344362322308310163
Cash Conv.
Cycle
57958770503825-11-52-7426

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Sales7,6907,5669,03710,11810,47111,85212,57315,41317,38319,178
Operating Expenses + 6,9496,8068,0579,1399,38010,55211,43014,50316,43818,005
Manufacturing Costs1,7061,5281,8082,4052,3802,9313,2964,1214,1723,912
Material Costs4,0603,9165,0015,3345,2325,8756,4068,31210,03111,719
Employee Cost 4505065626307437678509971,1071,159
Other Costs 7348576857701,0269798771,0731,1291,216
Operating Profit 7417609819791,0911,3001,1449119451,173
Operating Profit Margin (%) 9.6%10.0%10.8%9.7%10.4%11.0%9.1%5.9%5.4%6.1%
Other Income + 37643622814152948191129
Exceptional Items 000000-143-7600
Interest 322285279366369333359539699739
Depreciation 11811595106118122123127146146
Profit Before Tax 339424641735745897613250192418
Tax 143142211238200251178704494
Profit After Tax 195282430498546646434180148324
PAT Margin (%) 2.5%3.7%4.8%4.9%5.2%5.5%3.5%1.2%0.9%1.7%
Adjusted EPS (₹)7.611.016.719.421.225.116.97.05.712.2
Dividend Payout Ratio (%)13.20%14.60%14.40%14%16%15.90%23.70%42.80%69.70%45.20%

Valuation of KEC International - Standalone

YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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Analyst's Notes

data not found
No data found!

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25

Equity and Liabilities

Shareholders Fund + 1,3821,6562,0392,4942,8383,5203,8563,9644,0765,097
Share Capital 51515151515151515153
Reserves 1,3311,6041,9872,4432,7873,4683,8043,9124,0245,044
Debt +2,5101,4621,2931,5221,9541,7712,4392,5563,0263,132
Long Term Debt1672614013781381721962330155
Short Term Debt2,3421,2018931,1441,8161,5992,2432,3233,0262,977
Minority Interest0000000000
Trade Payables2,6492,9744,4514,6174,7365,8416,2557,8418,6739,443
Others Liabilities 1,4481,5991,9522,4672,5922,3142,6331,6531,7272,020
Total Liabilities 7,9897,6909,73511,10012,12013,44615,18216,01317,50119,693

Fixed Assets

Net Fixed Assets +757712686728757709767779833647
Gross Block1,1961,2421,2881,4181,5641,6181,7821,8722,0511,743
Accumulated Depreciation4395306026908079091,0151,0931,2181,097
CWIP 7471591828713
Investments 811223184366168079641,0761,1591,257
Inventories253270448469597681706767886619
Trade Receivables4,3843,9494,8354,7345,2235,2124,7133,9403,7564,222
Cash Equivalents 6915521424796182210181161581
Others Assets 2,4392,4773,1634,4804,8225,8387,8199,26210,70112,354
Total Assets 7,9897,6909,73511,10012,12013,44615,18216,01317,50119,693

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Cash Flow From Operating Activity + -371,545774171120833104576335245
PBT 339424641735745897613250192418
Adjustment 515543357258442466541617780873
Changes in Working Capital -769666-12-552-733-323-803-105-424-1226
Tax Paid -122-87-212-270-334-207-248-186-212180
Cash Flow From Investing Activity + -103-153-347-94-292-179-361-297-267-35
Capex -8-58-133-85-113-70-110-137-203-142
Net Investments 000000000125
Others -95-95-214-9-179-109-251-160-64-18
Cash Flow From Financing Activity + 36-1,327-374-108105-600293-309-95151
Net Proceeds from Shares 000000000870
Net Proceeds from Borrowing -7630155-35-105-9422200-166-39
Interest Paid -235-210-169-290-243-332-240-447-567-560
Dividend Paid -58-1-41-61-156-1-103-103-77-103
Others 404-1,146-318278609-17461241715-18
Net Cash Flow -1056553-31-675436-30-26360

Financial Ratio

PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Ratios
ROE (%)15.6818.5523.2821.9620.4720.3211.784.613.677.06
ROCE (%)20.0120.0528.3629.5924.5223.8716.7712.1612.7114.83
Asset Turnover Ratio1.120.991.040.970.90.930.880.991.041.03
PAT to CFO Conversion(x)-0.195.481.80.340.221.290.243.22.260.76
Working Capital Days
Receivable Days176.20196.60176.60172.60173.60160.70144.10102.5080.8075.90
Inventory Days14.5012.3014.4016.5018.6019.7020.1017.4017.3014.30
Payable Days212179.90159.80198.20245.70246.70239.60220237.50239.20

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.000.000.000.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

Top 5 Mutual Funds Holding

Last Visited Stocks

Announcements

KEC International Ltd FAQs

The current trading price of KEC International on 18-Jun-2026 16:59 is ₹525.9.

Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 17-Jun-2026 the market cap of KEC International stood at ₹13,999.5 Cr

The latest P/E ratio of KEC International as of 17-Jun-2026 is 32.70.

The latest P/B ratio of KEC International as of 17-Jun-2026 is 2.54.

The 52-week high of KEC International is ₹947.3 and the 52-week low is ₹466.1.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of KEC International is ₹19,047 ( Cr.) .

Past 10 year's financial track record analysis by Moneyworks4me indicates that KEC International Ltd is a good quality company.

The key valuation ratios of KEC International Ltd's currently when compared to its past seem to suggest it is in the Somewhat Undervalued zone.

The Price Trend analysis by MoneyWorks4Me indicates it is Semi Strong which suggest that the price of KEC International Ltd is likely to Rise-somewhat in the short term. However, please check the rating on Quality and Valuation before investing.

About KEC International Ltd

KEC International, headquartered in Mumbai, India, is the flagship company of the RPG Group. An Engineering, Procurement, and Construction (EPC) major, the company delivers projects in key infrastructure sectors such as Power Transmission & Distribution, Civil, Transportation, Renewables, Oil & Gas Pipelines and Cables & Conductors. 

Its robust and integrated capabilities span the entire EPC value chain from ‘concept to commissioning’. It has successfully executed complex projects across some of the world’s most difficult terrains and conditions, aided by robust engineering, procurement, execution and project management capabilities. It has a vast manufacturing footprint extending across India, Dubai, Brazil and Mexico. 

Business areas of the company

The Company is primarily engaged in Engineering, Procurement and Construction business (EPC) relating to infrastructure interalia products, projects and systems and related activities for power transmission, distribution, railway, civil, cable and other EPC businesses.

Businesses of the company

  • Transmission & Distribution: The company is a global leader in the Power Transmission & Distribution EPC space. This is the largest business vertical of the company. The company has capabilities to design, manufacture, test, supply and erect transmission lines on turnkey basis, along with end-to-end solutions for underground HT and EHV cabling works. The company also executes turnkey EPC projects that involve High Voltage Electrical Switching and Distribution Substations across the globe.
  • Civil: KEC International’s Civil Business is a key growth engine for the Company, currently delivering world-class infrastructure projects across diverse sectors, including buildings & factories, public spaces, water pipelines and treatment plants, defence, data centres, and logistics & warehouses. With a strong EPC focus, the business continues to diversify its portfolio by expanding into new segments, reinforcing its position as a versatile and reliable player in the infrastructure space.
  • Transportation: Its Transportation business offers end-to-end EPC solutions across the full spectrum of railway and urban transit infrastructure.
  • Oil & Gas Pipelines: KEC’s Oil & Gas Pipelines business provides comprehensive EPC solutions for cross-country Oil & Gas pipelines, Sectionalising Valve (SV) stations, Intermediate Pigging (IP) and Pumping stations, Receiving and Despatch terminals, and Composite Station works. The business is also executing iron ore slurry pipelines and water distribution pipelines.
  • Renewables: Its Renewables business is dedicated to delivering end-to-end EPC solutions for green energy projects, including utility-scale solar and wind power plants, green hydrogen production facilities, and hybrid energy projects.
  • Cables & Conductors: KEC, under the brand name Asian Cables, is a leading manufacturer and exporter of power and telecom cables in India. KEC Asian Cables has established itself as a globally trusted manufacturer of high-performance cables and conductors. Serving customers across several countries, the business offers a comprehensive portfolio that includes power cables, control and instrumentation cables, aluminium conductors, railway contact and catenary conductors, signalling and quad cables, telecom cables, and specialised cables for a wide range of applications.

Awards & Recognition

2008:

  • Corporate Leadership Award, 2008.
  • Amity Corporate Excellence Award, 2008.

2009:

  • Best CFO Award, 2009.

2010:

  • Best Employer Awards.

2011:

  • National HRD Network (NHRDN) Awards 2011.
  • CII Design Excellence Awards, 2011.
  • Green IT Enterprise Award 2011.

2012:

  • Certificate of Merit at India Manufacturing Excellence Awards, 2012.
  • Export Excellence Awards.

2013:

  • Best Employer Award, 2013 by Aon Hewitt.
  • KEC Jaipur tower manufacturing unit won the Best Employer Award 2012.
  • Indo-American Corporate Excellence Award for Best Indian Company in the US in Manufacturing, 2013.
  • BML Munjal Award for Excellence in Learning and Development, 2013.
  • National Award for Innovative Talent Development Practices, 2013.

2014:

  • KEC International has won the following two prestigious awards from Power Grid Corporation of India (PGCIL).
  • KEC International Jabalpur unit won Outstanding Achiever for Export Award 2014.
  • Third time in a row KEC’s Jaipur tower manufacturing unit won the “Best Employer Award 2013” by Employer Association, Rajasthan.

2015:

  • For the third consecutive year, PGCIL appreciated KEC’s work by conferring three of its most coveted awards to KEC.
  • Dun & Bradstreet recognized KEC International as ‘The Leading Infrastructure Company in Power Sector’ at D&B’s Infra Awards 2015 held in Delhi in October 2015.
  • Best Employer Award 2014.

2016:

  • Awards for Quality & Excellence from National Grid of Saudi Arabia.
  • Outstanding Performance at the ZTE India Partners Meet 2016.
  • Industry Honour for Outstanding Contribution in Power EPC, at the 6th EPC World Awards.
  • KEC wins Best Performing Contractor 2016 Award.

2017:

  • Supply Chain Plants win India Manufacturing Excellence Award
  • KEC receives the ‘Special Trophy - Excellence in Engineering Process Outsourcing Services’ at EEPC India’s Western Regional Awards for 2015-16.
  • KEC wins Butibori Morarjee Rolling Trophy at CCQC.
  • Rising Star Solar PV EPC Company Award. 

2018:

  • Gold Award in Construction for Civil business at 17th Annual Greentech Safety Awards 2018.
  • Gold Award for Jaipur Manufacturing plant at the SEEM National Energy Management Awards (SNEMA) 2017.
  • Diamond Award for Vadodara Manufacturing plant at Quality Circle Forum of India.
  • Outstanding Performance in CSR by Employer Association of Rajasthan.
  • Greentech Safety Award for Power Transmission.
  • Best CSR Activity at Construction Times Awards 2018.
  • KEC plants win Gold & Silver at SNEMA Awards 2017.
  • Award for Maximum Capitalisation in Transmission Line Construction from PGCIL.

2019:

  • Company of The Year award at the 2019 Dun & Bradstreet Infra Awards.
  • Project of the Year award for 220 kV Srinagar-Leh Transmission System project at the 2019 Dun & Bradstreet Infra Awards.
  • Significant Contribution to Innovation in India at the 15th I-ACE Awards.
  • Best Executed Landmark Project Award at Nepal Infrastructure & Construction Excellence Awards 2019.
  • Excellence in Infrastructure Award at the Rail & Metro Award 2019.
2020:

  • National Health & Safety Award (Construction Sector) at Global Safety Summit 2020.
  • Fair Business Practices Award at the 32nd CFPB Jamnalal Bajaj Awards 2019-20.
  • Award for Excellence in Infrastructure & Civil Works at Rail Analysis Innovation & Excellence Summit 2020.
2021:

  • SEEM Gold Award 2020 at SEEM National Energy Management Awards 2020.
  • Platinum Award at CII National Technology Competition.
  • Awards at 1st CII Operational Sustainability Competition.
  • Best Green Construction Award at World CSR Congress.
  • Award for Corona Warriors at CIDC Vishwakarma Awards 2021.
  • Award for Best Managed Companies 2021 from Deloitte.
2022:

  • Six Awards at 13th CIDC Vishwakarma Awards for excellence in Health, Safety & Environment across projects
  • Certificate of Sustainability at Business World IMSC Awards.
  • Most Admired Company in the Power Sector at The Economic Times Infra Focus Summit And Awards.
  • Platinum Award at 12th CII National 3M Competition.
  • Award for India’s Best Managed Companies 2022 from Deloitte.
  • Award for HR Strategy at The Gujarat State Best Employer Brand Awards 2022.
2023:

  • Confederation of Indian Industry (CII) National 3M Competition: Star Challenger award received by the Civil SBU.
  • International Safety Awards from British Safety Council.
  • Emerging Company of the Year Award 2022-23 at the Construction World Global Awards 2023.
  • Sustainable Initiative Award at Sustainability Summit & Awards 2023.
  • Construction Safety Award at Greentech International EHS Awards 2023.
  • Gold Prize at the National TQM India Summit.
  • Awards across Civil, Railway and Company categories at Construction Times Awards 2023.
2024:

  • EHS Excellence Award 2024 for Best Safety Implementation.
  • KEC International’s work on the Kochi Metro project has won the “Project of the Year – Metro Rail” award at the Construction World Global Awards 2024.
  • KEC’s Jaipur facility has received the Bronze Recognition under the Machine Learning implementation category at the CII Competition on Digitalization & Artificial Intelligence.
  • KEC’s Civil team is honoured with the Greentech Global EHS Award for EHS Innovative Excellence.
  • KEC’s Civil team won Gold at the 8th CII National Lean Competition 2024 in the Operation/Plant category.
  • KEC International Ltd. has won 4 project awards and one leadership award at the 5th ESG Summit & Awards.
2025:

  • Best Supply Chain Solution Award from The Asset.
  • RoSPA Gold Award 2025 for Projects in Saudi Arabia.
  • Great Indian ESG Initiative in Sustainability Practices Award 2025.
  • Achievement Award for HSE Excellence at CIDC Vishwakarma Awards 2025.

Milestone

  • 1945: Established for manufacturing, enameling, trading for Hollowware.
  • 1950: First tower supply order for Bhakra Nangal Project, India.
  • 1959: First 220 kV turnkey transmission line project in India.
  • 1960: First export tower supply export order from New Zealand.
  • 1961: First Indian company to get a Railway Electrification order.
  • 1968: First international turnkey transmission project in Sudan.
  • 1982: Taken over by RPG Group.
  • 1999: First 765 kV transmission project.
  • 2007: RPG Transmission and NITEL merged. Telecom, Distribution SBU started.
  • 2009: Railway SBU started.
  • 2010: Acquired SAE towers in the Americas.
  • 2010: Acquired and merged RPG Cables.
  • 2010: World’s Highest capacity (1,200 kV) tower testing station started at Nagpur, India and tested first 1200 kV tower.
  • 2011: Forays into Water EPC Business.
  • 2012: Established a world-class greenfield facility at Vadodara, Gujarat for Manufacturing of high tension (HT) and extra high voltage (EHV) power cables.
  • 2015: First 765 kV GIS Substation in Thiruvalam, which is also a first-of-its-kind in South India.
  • 2017: KEC expands its business portfolio to include Smart Infrastructure with a focus on Smart Cities & Communication, Smart Mobility and Smart Utility.
  • 2020: KEC acquired a state-of-the-art automated transmission tower manufacturing facility in mainland Dubai, with a capacity of 50,000 tonnes per annum.
  • 2020: Forayed into oil & gas pipelines business.
  • 2021: Acquired Spur Infrastructure, strengthening the oil & gas pipelines business.
  • 2024: Unveiled Purpose: “We Transform Lives by Building Sustainable World-class Infrastructure”
  • 2025: Moved the Cables business under a wholly-owned subsidiary.
  • 2025: Expanded global manufacturing capacity to 4,68,200 MTPA
  • 2025: Commenced manufacturing of aluminium conductors at the Vadodara cables facility.
  • 2025: Entered the Ropeway business with first project secured.
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