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KEC International Ltd.
(KEC)
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Rating:49Neutral
Price Target:
₹426.00
▼(-42.96% Downside)
Action:Reiterated
Date:08/19/26
The score is held back primarily by financial quality concerns—especially the sharp shift to negative operating/free cash flow in 2026 alongside higher debt—and a technically weak setup with the stock trading below all key moving averages and negative MACD. Valuation is roughly neutral with only modest support from the dividend yield.
Positive Factors
Multi-year Revenue Growth
Sustained revenue expansion indicates established demand for KEC’s infrastructure EPC capabilities. Growth across several years provides a durable operating base, although the latest slowdown means future performance still depends on securing and executing additional projects.
Negative Factors
Negative Operating Cash Flow
The reversal from positive cash generation during 2023–2025 to sharply negative 2026 cash flow indicates substantial working-capital or project-timing pressure. Persistent weak conversion of profits into cash could increase financing needs and constrain execution flexibility.
Read all positive and negative factors
Positive Factors
Negative Factors
Multi-year Revenue Growth
Sustained revenue expansion indicates established demand for KEC’s infrastructure EPC capabilities. Growth across several years provides a durable operating base, although the latest slowdown means future performance still depends on securing and executing additional projects.
Read all positive factors
KEC International Ltd. (KEC) vs. iShares MSCI India ETF (INDA)
Market Cap
₹108.70B
Dividend Yield1.35%
Average Volume (3M)119.92K
Price to Earnings (P/E)19.6
Beta (1Y)1.64
Revenue Growth5.14%
EPS Growth-9.35%
CountryIN
Employees7,878
SectorGeneral
Sector StrengthN/A
IndustryEngineering & Construction
Share Statistics
EPS (TTM)20.80
Shares Outstanding266,200,000
10 Day Avg. Volume55,652
30 Day Avg. Volume119,921
Financial Highlights & Ratios
PEG Ratio5.16
Price to Book (P/B)2.21
Price to Sales (P/S)0.58
P/FCF Ratio-10.06
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)27.23
Revenue Forecast (FY)₹261.39B
KEC International Ltd. Business Overview & Revenue Model
Company Description
KEC International Limited, an Indian firm established in Mumbai in 1945, operates as a global engineering, procurement, and construction (EPC) specialist. The company provides complete, end-to-end solutions for power transmission lines, covering d...
How the Company Makes Money
KEC makes money predominantly by executing infrastructure EPC contracts. Its core revenue model is project-based: customers (such as power utilities, transmission owners/operators, government agencies, rail authorities and private infrastructure d...
KEC International Ltd. Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
58
Neutral
Cash Flow
34
Negative
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 235.06B | 235.06B | 215.37B | 195.95B | 169.97B | 135.14B |
| Gross Profit | 42.91B | 33.31B | 45.87B | 39.70B | 33.53B | 30.38B |
| EBITDA | 15.85B | 16.50B | 15.64B | 12.62B | 8.56B | 8.68B |
| Net Income | 5.54B | 6.06B | 5.71B | 3.47B | 1.76B | 3.32B |
Balance Sheet | ||||||
| Total Assets | 0.00 | 251.58B | 221.80B | 190.31B | 172.79B | 163.39B |
| Cash, Cash Equivalents and Short-Term Investments | 4.14B | 5.12B | 6.56B | 2.06B | 2.87B | 2.77B |
| Total Debt | 0.00 | 53.78B | 39.57B | 39.85B | 33.83B | 30.65B |
| Total Liabilities | -61.60B | 189.98B | 168.32B | 149.36B | 135.07B | 127.19B |
| Stockholders Equity | 61.60B | 61.60B | 53.47B | 40.96B | 37.71B | 36.20B |
Cash Flow | ||||||
| Free Cash Flow | -10.70B | -13.53B | 2.37B | 737.60M | 4.28B | -4.27B |
| Operating Cash Flow | -9.17B | -10.24B | 4.19B | 3.11B | 6.07B | -2.84B |
| Investing Cash Flow | -1.25B | -2.68B | -678.70M | -2.23B | -1.35B | -2.05B |
| Financing Cash Flow | 7.98B | 11.47B | -321.20M | -1.45B | -4.01B | 4.96B |
KEC International Ltd. Technical Analysis
Negative
746.90
Price Trends
462.44
Negative
495.69
Negative
564.93
Negative
Market Momentum
-15.55
Positive
30.39
Neutral
14.29
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:KEC, the sentiment is Negative. The current price of 746.9 is above the 20-day moving average (MA) of 429.60, above the 50-day MA of 462.44, and above the 200-day MA of 564.93, indicating a bearish trend. The MACD of -15.55 indicates Positive momentum. The RSI at 30.39 is Neutral, neither overbought nor oversold. The STOCH value of 14.29 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:KEC.
KEC International Ltd. Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | ₹240.20B | 21.16 | ― | 0.78% | 14.56% | 58.06% | |
70 Neutral | ₹72.68B | 18.88 | ― | 0.05% | 15.79% | 22.69% | |
64 Neutral | ₹113.89B | 26.39 | ― | 0.92% | 38.72% | -6.77% | |
57 Neutral | ₹66.77B | 29.74 | ― | 0.02% | 17.18% | 38.22% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
49 Neutral | ₹108.70B | 19.63 | ― | 1.35% | 5.14% | -9.35% | |
49 Neutral | ₹112.11B | 21.39 | ― | 1.84% | -9.92% | -21.60% |
* General Sector Average
IN:KEC
KEC International Ltd.
408.35
-438.29
-51.77%
IN:IRCON
IRCON International Ltd.
119.20
-50.27
-29.66%
IN:KPIL
Kalpataru Projects International Limited
1,406.55
153.55
12.25%
IN:POWERMECH
Power Mech Projects Ltd.
2,298.80
-743.11
-24.43%
IN:SKIPPER
Skipper Ltd
591.50
30.80
5.49%
IN:TECHNOE
Techno Electric & Engineering Company Limited
979.25
-542.29
-35.64%
KEC International Ltd. Corporate Events
KEC International sets August 11 earnings call for Q1 FY27 results
Aug 3, 2026
KEC International has scheduled an earnings conference call to discuss its unaudited financial results for the quarter ended June 30, 2026, on August 11, 2026, at 10:00 a.m. IST. The virtual call will be led by Managing Director and CEO Vimal Kejr...
KEC International Secures Rs. 1,180 Crore in New Infrastructure Orders
Jul 14, 2026
KEC International has announced fresh orders worth Rs. 1,180 crore across its transmission and distribution, renewables, civil and cables and conductors businesses. The wins deepen its presence in both domestic and overseas markets, reinforcing it...
KEC International Bags Rs 1,754 Crore in New Global Infrastructure Orders
Jun 29, 2026
KEC International has secured new orders worth Rs 1,754 crore across its transmission and distribution and cables and conductors businesses. The bulk of the wins come from significant high-voltage transmission tower supply contracts in the America...
KEC International Reinstated as Eligible Bidder for Power Grid Contracts
Jun 26, 2026
KEC International has announced that Power Grid Corporation of India has revoked its nine-month exclusion that had barred the company from participating in the utility’s tenders and contracts. Effective June 26, 2026, KEC is once again eligi...
KEC International bags Rs 1,303 crore orders across T&D, civil and renewables
May 26, 2026
KEC International Ltd. has secured new orders worth Rs. 1,303 crore across its transmission and distribution, civil, renewables, and cables and conductors businesses. The wins include high-voltage substation and transmission line projects in India...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.