Kec International Limited (KEC)

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Kec International Limited (KEC) · mywealthgrid

About

Kec International Limited operates in civil construction within the Industrials sector, with a market capitalization of ₹11,710 Cr. The company generates quarterly revenues between ₹4–6 Cr with operating margins around 6% and maintains moderate leverage (D/E 0.83) with a history of annual dividends. The 46% stock decline over the past year despite consistent shareholder returns suggests investor concerns about operational execution or market cyclicality.

Founded: 1945
Face value: ₹2

Market cap

₹9,912 Cr

P/E

17.9×

P/B

1.6×

Dividend yield

1.5%

ROE

10.5%

ROCE

23.1%

Debt / equity

0.83

OPM

7.1%

EPS (TTM)

₹20.8

Book value

₹231.4

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Stock down 46.21% in 1y despite stable dividends: verify underlying drivers (operational challenges, sector headwinds, or valuation reset)
Standalone net profit swings from ₹0.52 Cr to ₹246.56 Cr (EPS 0.02–9.26) across recent quarters reflect high project execution risk and earnings unpredictability
OPM fell from 7.16% (Dec 2025) to 5.79% (Jun 2026); verify if driven by project mix, pricing pressure, or input cost inflation
PE 21.15 with ROE 10.53% suggests limited value creation for investors; verify if valuation reflects cost of capital or structural limitations

Generated analysis · source review pending

Growth drivers

Multi-year dividend history (2022–2026) demonstrates cash generation capability, though profit swings (EPS 0.02–9.26) require verification of cycle stability
D/E 0.83 provides balance-sheet capacity for growth capex if supported by order pipeline — verify current order book and government infrastructure spending trajectory
Operating margin stabilization in Jun 2026 (5.79% vs 4% prior quarter) suggests project execution improvement, pending verification of sustainability across cycle

Generated analysis · source review pending

2,528 historical price candles were omitted because the exchange source has not been verified.

₹372.4-1.6%1Y

Quick read

rule-based

Pros

+High return on capital employed of 24.6%
+Dividend payout of 26.4% of profit

Cons

−Low return on equity of 10.5% (3-yr avg)
−Thin operating margin of 7.1%

Research score

Structured signal from quality, growth, valuation and momentum.

50/100

Business quality: 31
Growth: 40
Valuation: 78

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Part ofNIFTY SMALLCAP 100 NIFTY SMALLCAP 250 NIFTY MIDSMALLCAP 400 NIFTY 500 NIFTY TOTAL MARKET

Screen this industry Compare top 5 side-by-side

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	10,096	11,001	11,965	13,114	13,742	17,282	19,914	21,847	23,506
COGS	5,145	5,410	5,592	5,701	5,949	7,069	8,408	10,079	11,246
Gross profit	4,952	5,591	6,374	7,414	7,793	10,213	11,506	11,768	12,259
	3,946	4,441	5,139	6,272	6,890	9,383	10,292	10,264	10,601
	1,006	1,150	1,234	1,141	904	830	1,215	1,504	1,659
OPM %	10%	10.5%	10.3%	8.7%	6.6%	4.8%	6.1%	6.9%	7.1%
Depreciation	110	117	147	153	158	161	185	184	197
Interest	247	312	308	263	316	539	655	664	664
	40	32	11	30	-30	31	52	71	-8
Profit before tax	690	753	790	756	399	161	426	727	789
Tax	230	257	225	203	67	-15	80	157	184
Tax %	33.3%	34.2%	28.4%	26.9%	16.9%	-9.4%	18.7%	21.6%	23.3%
	460	496	566	553	332	176	347	571	606
PAT margin %	4.6%	4.5%	4.7%	4.2%	2.4%	1%	1.7%	2.6%	2.6%
EPS (₹)	17.9	19.3	22	21.5	12.9	6.9	13.5	21.8	22.8
EPS adjusted (₹)	17.9	19.3	22	21.5	12.9	6.9	13.5	21.4	22.8
	13.4%	14%	15.5%	18.6%	31%	43.8%	29.7%	25.2%	24.2%
Annual report	Annual report for Mar 2018	Annual report for Mar 2019	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	Annual report for Mar 2026

₹ Cr	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	51	51	51	51	51	51	51	51	53	53
Reserves	1,535	1,946	2,384	2,746	3,308	3,569	3,720	4,044	5,294	6,106
	2,008	1,639	1,697	2,062	1,925	2,863	3,383	3,985	3,957	5,103
	5,134	6,902	7,563	8,018	8,762	9,859	11,514	10,951	12,875	13,895
Total equity & liabilities	8,728	10,539	11,694	12,877	14,047	16,342	18,669	19,031	22,180	25,158
	1,149	1,112	1,182	1,205	1,223	1,538	1,583	1,628	1,647	1,773
CWIP	5	78	7	—	18	2	11	14	39	114
Investments	130	39	13	23	1	13	0	0	0	0
	7,444	9,309	10,492	11,650	12,805	14,789	17,074	17,389	20,495	23,271
Total assets	8,728	10,539	11,694	12,877	14,047	16,342	18,669	19,031	22,180	25,158

Segment results

As reported in NSE results XBRL. Segment result is before tax and finance costs. ROCE uses that annual result divided by segment assets less liabilities.

Source XBRL ↗

Latest reported period · 31 Mar 2026 · ₹ crore

Segment	Revenue	Result	Assets	Liabilities	Capital employed	ROCE %
EPC	21,988.29	1,513.01	23,275.25	14,418.02	8,857.23	17.08
Others	2,216.7	145.56

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	50.8%	53.3%	56.5%	56.7%	59.1%	57.8%	53.9%	52.2%
EBITDA margin %	10.5%	10.3%	8.7%	6.6%	4.8%	6.1%	6.9%	7.1%
EBIT margin %	9.4%	9.1%	7.5%	5.4%	3.9%	5.2%	6%	6.2%
PAT margin %	4.5%	4.7%	4.2%	2.4%	1%	1.7%	2.6%	2.6%
Working capital
Receivable days	162	166	150	136	146	76	84	101
Inventory days	43	51	54	65	59	53	41	50
Payable days	324	9	395	420	433	400	326	282
NWC days	-119	208	-191	-219	-229	-271	-200	-132
Leverage
Current ratio	1.19	1.13	1.16	1.13	1.11	1.11	1.19	1.23
Debt to EBITDA	1.48	1.67	1.69	3.17	4.08	3.28	2.63	3.08
Debt to equity	0.7	0.74	0.57	0.79	0.9	0.97	0.74	0.83
Interest coverage	3.4	3.6	3.9	2.4	1.3	1.7	2.1	2.3
Asset turnover	0.94	0.93	0.93	0.84	0.93	1.05	0.98	0.93
Return ratios
Return on assets %	4.2%	4.4%	3.9%	2%	0.9%	1.8%	2.6%	2.4%
Return on capital employed %	35.1%	34.9%	29.5%	19%	16.1%	24.1%	26.6%	23.1%
Return on equity %	20.4%	20.2%	16.5%	9.2%	4.7%	8.5%	10.7%	9.8%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	51.88%	51.88%	51.88%	51.88%	50.1%	50.1%	50.1%	50.1%	50.1%	50.1%	50.1%	50.1%
	11.25%	10.9%	12.46%	12.66%	13.6%	15.2%	15.42%	16.02%	15.92%	11.76%	9.84%	9.92%
	27.15%	26.95%	25.84%	25.3%	26.33%	24.91%	24.18%	22.56%	22.54%	25.48%	26.87%	23.34%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	9.72%	10.27%	9.82%	10.16%	9.97%	9.79%	10.3%	11.32%	11.44%	12.66%	13.19%	16.64%
No. of shareholders	—	—	—	—	—	—	—	—	1,79,525	1,91,228	1,97,513	2,26,492

Promoter holding down 1.78 percentage points since Sep 2023.

28 deals · 19 Sept 2022 – 23 Sept 2025

Date	Client	Type	Venue	Side	Quantity	Price	Value
23 Sept 2025	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	15,58,886	₹917.93	₹143.09 Cr
23 Sept 2025	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	15,58,886	₹917.57	₹143.04 Cr
20 Mar 2025	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	22,39,732	₹829.83	₹185.86 Cr
20 Mar 2025	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	22,39,732	₹829.44	₹185.77 Cr
17 Mar 2025	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	14,52,308	₹711.44	₹103.32 Cr
17 Mar 2025	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	14,52,308	₹711.29	₹103.30 Cr
29 Aug 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	15,66,495	₹928.00	₹145.37 Cr
29 Aug 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	15,66,495	₹926.92	₹145.20 Cr
4 Apr 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	13,72,081	₹806.53	₹110.66 Cr
4 Apr 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	13,72,081	₹805.14	₹110.47 Cr

1–10 of 28

1 / 3

Mr. Harsh Vardhan GoenkaNon-Executive - Non Independent Director-Chairperson related to Promoter
Mr. Vimal KejriwalExecutive Director-CEO-MD
Mr. Arvind SinghNon-Executive - Independent Director
Mr. M.S. UnnikrishnanNon-Executive - Independent Director
Ms. Neera SaggiNon-Executive - Independent Director
Mr. Shirish SankheNon-Executive - Independent Director
Rajeev AggarwalChief Financial Officer
Mr. Vikram GandhiNon-Executive - Independent Director
Mr. Vimal BhandariNon-Executive - Independent Director
Mr. Vinayak ChatterjeeNon-Executive - Non Independent Director
Mr. Harsh Vardhan ShringlaNon-Executive - Independent Director

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F&O

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Not in the F&O segment

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 10 fund houses

Held by these funds

7.86%

of the company's equity

All mutual funds

20.72%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

40 schemes · 10 fund houses

		Shares
Multi Cap FundNEW	Nippon India Mutual Fund	83.55 L	348	0.62%	3.139%	—
India Opportunities Fund	ICICI Prudential Mutual Fund	23.02 L	95.89	0.25%	0.865%	-0
Flexi Cap Fund	DSP Mutual Fund	17.8 L	74.14	0.59%	0.669%	-0
SMALL CAP FUND	Nippon India Mutual Fund	14.81 L	61.68	0.07%	0.556%	-0
BALANCED ADVANTAGE FUNDNEW	Tata Mutual Fund	10.97 L	45.71	0.54%	0.412%	—
ELSS Tax Saver Fund	DSP Mutual Fund	9.99 L	41.62	0.25%	0.375%	-0
Energy Opportunities Fund	SBI Mutual Fund	9 L	37.49	0.45%	0.338%	-0
Infrastructure Fund	ICICI Prudential Mutual Fund	7.53 L	31.35	0.37%	0.283%	+1.89 L

1–8 of 40

1 / 5

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

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Events

Upcoming dates and the company’s corporate-action history.

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

32 announcementsExport CSV

29 Sept 2026, 10:45 pmCompany Update

Disclosure Under Regulation 30 Of The SEBI (Listing Obligations And Disclosure Requirements) Regulations, 2015

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Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	50.8%	53.3%	56.5%	56.7%	59.1%	57.8%	53.9%	52.2%
EBITDA margin %	10.5%	10.3%	8.7%	6.6%	4.8%	6.1%	6.9%	7.1%
EBIT margin %	9.4%	9.1%	7.5%	5.4%	3.9%	5.2%	6%	6.2%
PAT margin %	4.5%	4.7%	4.2%	2.4%	1%	1.7%	2.6%	2.6%
Working capital
Receivable days	162	166	150	136	146	76	84	101
Inventory days	43	51	54	65	59	53	41	50
Payable days	324	9	395	420	433	400	326	282
NWC days	-119	208	-191	-219	-229	-271	-200	-132
Leverage
Current ratio	1.19	1.13	1.16	1.13	1.11	1.11	1.19	1.23
Debt to EBITDA	1.48	1.67	1.69	3.17	4.08	3.28	2.63	3.08
Debt to equity	0.7	0.74	0.57	0.79	0.9	0.97	0.74	0.83
Interest coverage	3.4	3.6	3.9	2.4	1.3	1.7	2.1	2.3
Asset turnover	0.94	0.93	0.93	0.84	0.93	1.05	0.98	0.93
Return ratios
Return on assets %	4.2%	4.4%	3.9%	2%	0.9%	1.8%	2.6%	2.4%
Return on capital employed %	35.1%	34.9%	29.5%	19%	16.1%	24.1%	26.6%	23.1%
Return on equity %	20.4%	20.2%	16.5%	9.2%	4.7%	8.5%	10.7%	9.8%

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Larsen & ToubroLTLT	₹5,05,996 Cr	₹6,27,679 Cr	₹2,90,137 Cr	₹28,950 Cr	10.2%	₹16,590 Cr	6.6%	15.4%	15.5%	-142
Rail Vikas Nigam LimitedRVNLRVNL	₹41,075 Cr	₹45,888 Cr	₹20,825 Cr	₹891 Cr	3.8%	₹900 Cr	4.3%	10.2%	9%	66
Kalpataru Projects International LimitedKPILKPIL	₹23,167 Cr	₹26,474 Cr	₹27,380 Cr	₹2,277 Cr	8.3%	₹1,136 Cr	3.8%	20.3%	14.6%	-94
Nbcc (India) LimitedNBCCNBCC	₹20,898 Cr	₹20,898 Cr	₹12,752 Cr	₹656 Cr	4.8%	₹743 Cr	5.8%	29.3%	26.2%	-7,663
Irb Infrastructure Developers LimitedIRBIRB	₹20,533 Cr	₹40,541 Cr	₹7,686 Cr	₹4,182 Cr	52.1%	₹954 Cr	11.1%	6.1%	4.2%	67
Cemindia Projects LimitedCEMPROCEMPRO	₹20,254 Cr	₹21,120 Cr	₹10,185 Cr	₹1,058 Cr	10.2%	₹602 Cr	5.9%	44.8%	28.2%	-110
Engineers India LimitedENGINERSINENGINERSIN	₹17,577 Cr	₹17,577 Cr	₹3,878 Cr	₹750 Cr	17.7%	₹784 Cr	17.6%	28.8%	23.8%	-22
Techno Electric & Engineering Company LimitedTECHNOETECHNOE	₹11,614 Cr	₹11,686 Cr	₹3,356 Cr	₹469 Cr	14.2%	₹431 Cr	14.6%	13.6%	12%	-33
Ircon International LimitedIRCONIRCON	₹10,369 Cr	₹16,033 Cr	₹9,241 Cr	₹771 Cr	8.4%	₹524 Cr	6.5%	7.8%	9.2%	-469
Rites LimitedRITESRITES	₹10,068 Cr	₹10,068 Cr	₹2,458 Cr	₹555 Cr	22.9%	₹417 Cr	18.8%	19.3%	15.4%	-2,276
Welspun Enterprises LimitedWELENTWELENT	₹10,026 Cr	₹11,998 Cr	₹3,544 Cr	₹716 Cr	20.7%	₹308 Cr	10.9%	17.3%	12.5%	-422
Kec International LimitedKECKEC	₹9,912 Cr	₹15,015 Cr	₹23,506 Cr	₹1,599 Cr	7.1%	₹554 Cr	2.6%	23.1%	10.5%	-132

Date	Category	Subject	Filing
29 Sept 2026, 10:45 pm	Company Update General	Disclosure Under Regulation 30 Of The SEBI (Listing Obligations And Disclosure Requirements) Regulations, 2015	PDF
28 Sept 2026, 5:25 pm	Insider Trading / SAST Closure of Trading Window	Closure of Trading Window	PDF
14 Sept 2026, 9:16 am	Company Update Award of Order / Receipt of Order	Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order	PDF
21 Aug 2026, 6:23 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Scrutinizer''s Report	PDF
21 Aug 2026, 5:52 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Outcome of AGM	PDF
19 Aug 2026, 9:39 pm	Company Update General	Intimation Of Issuance Of Corporate Guarantee Under Regulation 30 Of The SEBI (Listing Obligations And Disclosure Requirements) Regulations, 2015	PDF
14 Aug 2026, 3:30 pm	Company Update Earnings Call Transcript	Announcement under Regulation 30 (LODR)-Earnings Call Transcript	PDF
13 Aug 2026, 6:28 pm	Company Update General	KEC International Ltd - 532714 - Disclosure Under Regulation 30 Of The SEBI (Listing Obligations And Disclosure Requirements) Regulations, 2015	PDF

₹ Cr	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	660	199	120	845	-284	607	311	419	-414
	-4	-69	-292	-127	-192	-135	-223	-68	-242
	-638	-150	105	-664	496	-401	-145	-32	511
Net cash flow	17	-21	—	53	20	71	-57	319	-145
Free cash flow	522	85	—	664	-427	428	74	237	-743
CFO / Operating profit %	65.6%	17.3%	9.7%	74%	-31.4%	73.1%	25.6%	27.9%	-25%

Kec International Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Segment results

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

Announcements

Not in the F&O segment

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

20

1

1

Segment results

Compounded sales growth

Compounded profit growth

Return on equity

EPC · revenue

Kec International Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Segment results

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

Announcements

Ratio timeline

Not in the F&O segment

Quarterly record

Bulk & block deals

Board and management

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Dividends20

Board meetings1

Stock splits1

Profit & loss

Balance sheet

Segment results

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

EPC · revenue

20

1

1