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KEC International Ltd.
(KEC)
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Rating:49Neutral
Price Target:
₹328.00
▼(-56.09% 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
Strong revenue growth across several years indicates expanding business scale and sustained demand for KEC’s EPC offerings. A larger revenue base can support deeper execution capabilities, broaden customer relationships, and provide a durable platform for future project wins.
Negative Factors
Negative cash generation
The reversal from positive operating and free cash flow during 2023–2025 to sharply negative levels in 2026 shows that earnings are not consistently converting into cash. Persistent cash pressure could increase financing reliance and reduce flexibility for growth investment.
Read all positive and negative factors
Positive Factors
Negative Factors
Multi-year revenue growth
Strong revenue growth across several years indicates expanding business scale and sustained demand for KEC’s EPC offerings. A larger revenue base can support deeper execution capabilities, broaden customer relationships, and provide a durable platform for future project wins.
Read all positive factors
KEC International Ltd. (KEC) vs. iShares MSCI India ETF (INDA)
Market Cap
₹91.59B
Dividend Yield1.6%
Average Volume (3M)128.08K
Price to Earnings (P/E)16.5
Beta (1Y)1.70
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. Volume107,967
30 Day Avg. Volume128,080
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)26.54
Revenue Forecast (FY)₹259.88B
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...
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
386.90
Negative
437.14
Negative
504.37
Negative
Market Momentum
-16.08
Negative
39.55
Neutral
48.21
Neutral
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 352.78, above the 50-day MA of 386.90, and above the 200-day MA of 504.37, indicating a bearish trend. The MACD of -16.08 indicates Negative momentum. The RSI at 39.55 is Neutral, neither overbought nor oversold. The STOCH value of 48.21 is Neutral, 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 | ₹231.90B | 20.39 | ― | 0.81% | 14.56% | 58.06% | |
64 Neutral | ₹98.87B | 22.94 | ― | 0.82% | 38.72% | -6.77% | |
61 Neutral | ₹69.40B | 17.71 | ― | 0.07% | 15.79% | 22.69% | |
57 Neutral | ₹62.40B | 25.63 | ― | 0.02% | 17.18% | 38.22% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
51 Neutral | ₹94.90B | 18.11 | ― | 1.88% | -9.92% | -21.60% | |
49 Neutral | ₹91.59B | 16.53 | ― | 1.60% | 5.14% | -9.35% |
* General Sector Average
IN:KEC
KEC International Ltd.
344.05
-464.59
-57.45%
IN:IRCON
IRCON International Ltd.
100.90
-66.28
-39.65%
IN:KPIL
Kalpataru Projects International Limited
1,357.95
111.25
8.92%
IN:POWERMECH
Power Mech Projects Ltd.
2,195.20
-298.21
-11.96%
IN:SKIPPER
Skipper Ltd
511.00
-13.56
-2.59%
IN:TECHNOE
Techno Electric & Engineering Company Limited
850.15
-458.58
-35.04%
KEC International Ltd. Corporate Events
KEC International Secures Rs 2,872 Crore PGCIL Orders, Boosting T&D Backlog
Oct 24, 2026
KEC International has secured new turnkey transmission orders worth Rs. 2,872 crore from Power Grid Corporation of India Ltd. for the design, supply and installation of 765 kV transmission lines. The contracts, received in the normal course of bus...
KEC International Bags Rs. 1,006 Crore in New Global EPC Orders
Oct 23, 2026
KEC International has secured new orders worth Rs. 1,006 crores across its transmission and distribution, civil, and cables and conductors businesses. The wins include a 400 kV transmission line project in Oman, supply contracts for towers and har...
KEC International Faces Mali Tax Penalty, Expects No Material Impact
Sep 29, 2026
KEC International’s Mali branch has received an assessment order from the country’s Directorate of Large Enterprise, covering the period from January 2020 to December 2021 and alleging tax on offshore supplies by applying an ad-hoc mar...
KEC International secures Rs 1,303 crore in new infrastructure orders
Sep 14, 2026
KEC International has announced new orders worth Rs. 1,303 crore across its transmission and distribution and cables and conductors businesses, reinforcing its position in core power infrastructure markets. The wins include transmission projects i...
KEC International clears all resolutions at virtual 21st AGM
Aug 21, 2026
KEC International reported that its twenty-first annual general meeting was held on August 21, 2026, via video conferencing in compliance with regulatory guidelines, with Chairman Harsh V. Goenka presiding and 64 shareholders in attendance. The me...
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...
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.