KEC International

KEC · NSE · Mid Cap

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Transmission & Grid·Listed·Directness 70/100

KEC International

Diversified T&D EPC; major renewable evacuation order pipeline.

Transmission & GridEPC
Hold
Last price
₹588.00
52W: ₹501 – ₹947
-37.9% from 52W high
Mkt Cap
₹15.66K Cr
P/E
21.5x
EV/EBITDA
11.7x
ROCE
18.0%
ROE
12.0%
Book Value
₹212.0
Promoter
50.1%
Real financial data sourced from Screener.in · annual + quarterly statements below

Scoring breakdown

SageOne-style fundamental · TQ-100 technical · solar overlays

C
Fundamental (30%)
59
Valuation (20%)
90
Technical (20%)
45
Solar exposure (10%)
70
Policy beneficiary (7.5%)
75
Project pipeline (5%)
80
Governance safety (7.5%)
80

52-week position

Real snapshot from Screener

₹501Current: ₹588₹947
P/E
21.5x
P/B
2.8x
Div Yield
0.92%

Investment thesis

One-liner · bull · bear · monitorables

One-liner. KEC International: renewable evacuation super-cycle + grid modernization order book provide multi-year visibility.

Bull case

Bull case for KEC International: continued capacity ramp at attractive unit economics, supportive policy (PLI / ALMM / RPO / open access), benign module + commodity cycle, healthy receivable conversion, and re-rating from current valuation as execution beats consensus.

Bear case

Bear case for KEC International: module/tariff price crash, working-capital blowout from DISCOM receivables, leverage spiking past 4x net-debt/EBITDA, ALMM/PLI delays, Chinese dumping, and de-rating to historical median multiples on growth disappointment.

Key monitorables
  • 01Quarterly capacity commissioned vs guidance
  • 02Receivable days from DISCOMs and large customers
  • 03Net debt / EBITDA trajectory
  • 04Order book to revenue cover

Solar exposure

Directness · policy linkage · BOM

Primary segmentTransmission & Grid
Directness70/100
ALMM eligible—
PLI beneficiary—
Imported BOM—

Valuation snapshot

Multiple methods · solar-specific multiples

MethodValueHist %ile
P/E (TTM)21.5x—
Forward P/E——
EV/EBITDA11.7x—
EV/Sales0.9x—
P/B2.8x—
FCF Yield2.4%—

Project pipeline

0 tracked projects

No tracked projects.

Financials

Source: Screener.in (consolidated) · ticker KEC · last updated 2026-05-11

Open on Screener.in
Market Cap
₹15.66K Cr
Price
₹588.00
Stock P/E
21.5x
Book Value
₹212.0
ROCE
18.0%
ROE
12.0%
Div Yield
0.92%
52W Range
₹501 – ₹947

Ratio analysis (derived from statements)

Growth · profitability · returns · leverage · cash flow · valuation

Growth
Sales 1Y9.7%
Sales 3Y CAGR16.7%
Sales 5Y CAGR13.6%
PAT 1Y64.6%
PAT 3Y CAGR19.8%
PAT 5Y CAGR0.8%
Profitability
OPM latest8.0%
PAT margin latest2.6%
PAT margin 3Y avg1.8%
ROE12.0%
ROCE18.0%
Asset turnover0.99x
Leverage & cash
D / E0.74x
Net Debt / EBITDA2.35x
Borrowings / Assets17.9%
CFO / EBITDA0.25x
CFO / PAT0.73x
FCF (TTM proxy)₹373 Cr
Valuation
P/E21.5x
EV/EBITDA11.7x
EV/Sales0.90x
P/B2.77x
FCF Yield2.38%
Div Yield0.92%

Annual P&L · 5 years

₹ Crore. Source: Screener.in consolidated.

MetricMar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Sales13,11413,74217,28219,91421,847
Operating Profit1,2401,0019201,3591,683
OPM %9%7%5%7%8%
Net Profit553332176347571
EPS (₹)21.5012.926.8513.4921.44

Quarterly results · last 4 quarters

₹ Crore.

MetricSep 2024Dec 2024Mar 2025Jun 2025
Sales5,1135,3496,8725,023
OPM %6%7%8%7%
Net Profit85130268125

Balance sheet · 5 years

₹ Crore.

ItemMar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Equity Capital5151515153
Reserves3,3083,5693,7204,0445,294
Borrowings2,0663,0653,3833,9613,957
Fixed Assets1,3981,5381,5831,6281,647
Total Assets13,99216,29817,27119,03122,164

Cash flow · 5 years

₹ Crore.

ActivityMar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Operating840-284614311419
Investing-134-204-139-243-46
Financing-659496-401-145-32
Net Cash Flow47874-77341

Shareholding pattern

Latest disclosed

Promoters
50.10%
FII
9.84%
DII
26.86%
Public
13.18%

Policy linkages

Schemes where this company is a confirmed or likely beneficiary

No direct policy linkages tracked.