KEC International financials and balance sheet

NSE: KECBSE: 532714ConstructionSmall Cap

₹327.75₹4.20 (1.27%)BSE ₹327.55

Share price at the NSE close on 23 Oct 2026. Previous close ₹331.95.

52-week range of traded prices to 23 Oct 2026

₹317.25Low, 23 Oct 2026₹858.80High, 23 Oct 2025

Market cap: ₹8,725 Cr416th largest listed
P/E: 15.8
P/E without one-offs: 14.2
P/B: 1.4
Dividend yield: 1.68%
ROE: 9.6%
ROE without one-offs: 10.6%
ROCE: 12.4%
Debt to equity: 0.83
Volume, NSE: 16,16,46044.2% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.KEC International annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings

Peak revenue ₹23,506 Cr, year to Mar 2026

Operating and net margin, per cent

Operating margin
Net margin

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out. Lease payments were 2.2% of operating profit in the first full year.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue23,506
Materials and goods−11,246
Employee costs−1,662
Other expenses−8,938
Operating profit1,659
Depreciation−197
Other income+50
One-off items−59
Finance costs−664
Profit before tax789
Tax−184
Net profit606

What the company owns

Plant, investments and other assets₹16,639 Cr
Receivables₹6,474 Cr
Inventory₹1,533 Cr
Cash and bank₹512 Cr

What pays for it: net worth and liabilities

Owed to suppliers₹8,703 Cr
Net worth₹6,160 Cr
Other liabilities₹5,192 Cr
Borrowings₹5,103 Cr

KEC International business segments, year to Mar 2026

A reportable segment is a line of business the company must report on its own. Consolidated, ₹ crore, as the company reports them.KEC International segment results by quarter

Revenue by segment

₹24,205 CrTotal

EPC₹21,988 Cr90.8% of total
Others₹2,217 Cr9.2% of total

Profit by segment

EPC₹1,513 Cr91.2% of total
Others₹146 Cr8.8% of total

Segment results by year

Consolidated, ₹ crore, years to March.

EPC
Revenue, ₹ crore
18,700
20,649
21,988
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
1,114
1,373
1,513
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Others
Revenue, ₹ crore
1,645
1,806
2,217
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
101
131
146
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue of all businesses	–	–	–	–	–	20,345	22,455	24,205
Company revenue, as in its results	11,001	11,965	13,114	13,742	17,282	19,914	21,847	23,506
Revenue	–	–	–	–	–	18,700	20,649	21,988
Revenue growth	–	–	–	–	–	–	10.4%	6.5%
Profit	–	–	–	–	–	1,114	1,373	1,513
Profit growth	–	–	–	–	–	–	23.3%	10.2%
Margin	–	–	–	–	–	6.0%	6.7%	6.9%
Return on capital	–	–	–	–	–	27.4%	19.4%	17.1%
Assets	–	–	–	–	–	18,130	20,733	23,275
Liabilities	–	–	–	–	–	14,069	13,666	14,418
Capital employed	–	–	–	–	–	4,061	7,067	8,857
Revenue	–	–	–	–	–	1,645	1,806	2,217
Revenue growth	–	–	–	–	–	–	9.8%	22.7%
Profit	–	–	–	–	–	101	131	146
Profit growth	–	–	–	–	–	–	29.5%	11.5%
Margin	–	–	–	–	–	6.1%	7.2%	6.6%
Return on capital	–	–	–	–	–	287.2%	39.6%	59.5%
Assets	–	–	–	–	–	902	1,021	1,389
Liabilities	–	–	–	–	–	866	692	1,144
Capital employed	–	–	–	–	–	35	329	245

Profit is before tax and finance costs, the way companies report their segments.

Profit and loss

Consolidated, ₹ crore, years to March.KEC International quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 9 May	Mar 2020Filed 30 May	Mar 2021Filed 12 May	Mar 2022Filed 5 May	Mar 2023Filed 5 May	Mar 2024Filed 8 May	Mar 2025Filed 12 Jun	Mar 2026Filed 16 May
Revenue from operations	8,755	10,096	11,001	11,965	13,114	13,742	17,282	19,914	21,847	23,506
	7,937	9,090	9,851	10,731	11,973	12,839	16,452	18,700	20,343	21,847
Materials and goods bought	4,165	5,145	5,410	5,592	5,701	5,949	7,069	8,408	10,079	11,246
Employee costs	–	–	832	1,104	1,115	1,259	1,356	1,441	1,540	1,662
Other expenses	–	–	3,609	4,035	5,157	5,631	8,027	8,851	8,724	8,938
Operating profit before depreciation	818	1,006	1,150	1,234	1,141	904	830	1,215	1,504	1,659
Operating margin	9.3%	10.0%	10.5%	10.3%	8.7%	6.6%	4.8%	6.1%	6.9%	7.1%
Materials, % of revenue	–	–	49.2%	46.7%	43.5%	43.3%	40.9%	42.2%	46.1%	47.8%
Employee costs, % of revenue	–	–	7.6%	9.2%	8.5%	9.2%	7.8%	7.2%	7.1%	7.1%
Other expenses, % of revenue	–	–	32.8%	33.7%	39.3%	41.0%	46.4%	44.4%	39.9%	38.0%
Depreciation and amortisation	130	110	117	147	153	158	161	185	184	197
Operating profit after depreciation	688	896	1,033	1,087	989	746	668	1,029	1,320	1,461
Other income	29	40	23	11	30	13	31	52	71	50
Finance costs	254	247	312	308	263	316	539	655	664	664
Profit before one-off items and tax	463	690	744	790	756	443	161	426	727	848
One-off items	0	0	0	0	0	−44	0	0	0	−59
Profit before tax	463	690	744	790	756	399	161	426	727	789
	159	230	257	225	203	67	−15	80	157	184
Current tax	135	249	252	285	280	199	122	114	270	180
Deferred tax	23	−20	5	−61	−77	−131	−137	−34	−113	3
Profit from discontinued businesses	–	–	9	–	–	–	–	–	–	–
Net profit	305	460	496	566	553	332	176	347	571	606
Other comprehensive income	–	–	16	−14	9	31	78	54	45	490
Total comprehensive income	–	–	512	551	562	363	254	401	616	1,095
Net margin	3.5%	4.6%	4.5%	4.7%	4.2%	2.4%	1.0%	1.7%	2.6%	2.6%

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the years to Mar 2017 and Mar 2018 they do not, so they are left blank.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 9 May	Mar 2020Filed 30 May	Mar 2021Filed 12 May	Mar 2022Filed 5 May	Mar 2023Filed 5 May	Mar 2024Filed 8 May	Mar 2025Filed 12 Jun	Mar 2026Filed 16 May
	2,435	2,798	3,360	3,620	3,771	4,096	5,347	6,160
Share capital	51	51	51	51	51	51	53	53
Reserves	2,384	2,746	3,308	3,569	3,720	4,044	5,294	6,106
	1,697	2,207	1,984	3,065	3,383	3,985	3,957	5,103
Repayable after a year	541	264	332	561	656	401	570	661
Repayable within a year	1,156	1,944	1,652	2,504	2,727	3,584	3,388	4,442
	8,555	9,724	10,287	12,100	14,209	14,510	16,227	18,008
Trade payables	4,801	5,007	6,184	6,847	8,388	9,207	8,996	8,703
Other financial liabilities	159	2,578	2,172	2,450	2,674	30	1,605	2,290
Other liabilities	2,353	87	95	122	217	1,493	1,965	2,299
Provisions	50	59	65	88	94	95	101	101
Tax owed	36	48	119	90	108	101	173	172
	705	356	401	619	688	426	606	991
Other financial liabilities	–	–	–	–	0	0	0	221
Other liabilities	–	–	–	0	0	0	0	0
Provisions	14	17	14	14	24	25	20	84
Deferred tax	150	75	55	44	7	0	16	25
Total assets	11,694	12,877	14,048	16,339	18,669	19,031	22,180	25,158
	1,543	1,856	2,164	2,652	2,843	2,874	2,793	2,949
Plant in use, after depreciation	867	1,041	1,116	1,243	1,282	1,336	1,364	1,465
Plant being built	7	84	18	2	11	14	39	114
Intangible assets	112	88	66	45	33	20	5	3
Goodwill	204	223	215	250	268	272	278	306
Loans given	0	11	13	0	0	0	0	0
Other financial assets	14	–	–	41	76	62	66	65
Deferred tax	31	178	62	214	327	354	453	475
Trade receivables	0	19	182	468	359	288	215	31
Other assets	309	212	492	389	486	527	374	490
	10,151	11,021	11,883	13,687	15,826	16,158	19,387	22,209
Inventories	641	776	842	1,066	1,137	1,213	1,140	1,533
Trade receivables	4,875	5,426	5,385	5,106	6,896	4,137	5,051	6,474
Cash and cash equivalents	175	153	200	208	281	205	546	411
Other bank balances	101	11	49	54	63	68	110	101
Current investments	13	23	1	13	0	0	0	0
Loans given	34	102	100	0	0	0	0	0
Other financial assets	3,437	3,671	4,602	6,203	6,406	9,237	11,188	12,404
Tax paid in advance	14	23	14	28	53	180	17	27
Other assets	861	837	691	1,008	989	1,118	1,335	1,259
Net debt	1,407	2,021	1,734	2,790	3,039	3,712	3,302	4,591

Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2021Filed 12 May	Mar 2022Filed 5 May	Mar 2023Filed 5 May	Mar 2024Filed 8 May	Mar 2025Filed 12 Jun	Mar 2026Filed 16 May
	845	−284	607	311	419	−414
	1,053	3	828	563	262	−113
	−225	−925	−25	−790	−1,524	−1,890
Receivables	−324	8	−1,603	145	−993	−1,150
Inventories	−66	−213	−47	−72	73	−355
Payables	1,193	692	1,515	808	1,244	−370
Other working capital	−1,027	−1,413	109	−1,671	−1,848	−14
Tax paid	−209	−286	−222	−252	157	−301
Capital spending	180	143	178	237	183	329
Free cash flow	664	−427	428	74	237	−743
	−127	−192	−135	−223	−68	−242
Plant and property sold	66	1	16	4	103	52
Companies bought	0	−57	0	0	0	0
Interest received	3	11	23	16	53	26
	−664	496	−401	−145	−32	511
Borrowings raised	470	914	382	1,022	266	1,514
Borrowings repaid	−753	−16	−115	−414	−353	−152
Interest paid	−355	−272	−534	−649	−633	−636
Lease payments	−26	−27	−30	−27	−60	−69
Dividends paid	1	–	103	77	103	146
Shares bought back	0	0	0	0	0	0
Shares issued	0	0	0	0	851	0
Net change in cash	53	20	71	−57	319	−145

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020. Dividends paid is left blank for the year to Mar 2022: the cash-flow statement states no dividends paid, while the company's own dividend record shows one paid in the period, so the line is not given.

Consolidated, ₹ per share, years to March.KEC International dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 9 May	Mar 2020Filed 30 May	Mar 2021Filed 12 May	Mar 2022Filed 5 May	Mar 2023Filed 5 May	Mar 2024Filed 8 May	Mar 2025Filed 12 Jun	Mar 2026Filed 16 May
Earnings per share	₹11.85	₹17.91	₹19.28	₹22.00	₹21.50	₹12.92	₹6.85	₹13.49	₹21.80	₹22.75
Diluted earnings per share	₹11.85	₹17.91	₹19.28	₹22.00	₹21.50	₹12.92	–	₹13.49	₹21.80	₹22.75
Dividend per share	₹1.60	₹2.40	₹2.70	₹3.40	₹4.00	₹4.00	₹3.00	₹4.00	₹5.50	₹5.50
Book value per share	–	–	₹94.71	₹108.81	₹130.68	₹140.80	₹146.69	₹159.30	₹200.20	₹231.39
Dividend payout	13.5%	13.4%	14.0%	15.5%	18.6%	31.0%	43.8%	29.7%	25.7%	24.2%
Shareholder yield	–	–	–	–	0.0%	–	0.9%	0.4%	−3.6%	1.1%
Market cap at the year end (₹ crore)	5,363	10,020	7,706	4,769	10,562	9,742	11,732	17,848	20,837	13,611

Shareholder yield is left blank for the year to Mar 2022: the cash-flow statement states no dividends paid, while the company's own dividend record shows one paid in the period, so the line is not given.

Ratios

Consolidated, years to March.KEC International PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 9 May	Mar 2020Filed 30 May	Mar 2021Filed 12 May	Mar 2022Filed 5 May	Mar 2023Filed 5 May	Mar 2024Filed 8 May	Mar 2025Filed 12 Jun	Mar 2026Filed 16 May
Revenue growth	2.8%	15.3%	9.0%	8.8%	9.6%	4.8%	25.8%	15.2%	9.7%	7.6%
Operating profit growth	20.4%	23.0%	14.3%	7.3%	−7.5%	−20.8%	−8.2%	46.4%	23.8%	10.3%
Net profit growth	59.1%	51.1%	7.7%	14.1%	−2.3%	−39.9%	−47.0%	97.0%	64.6%	6.1%
Earnings per share growth	–	51.1%	7.6%	14.1%	−2.3%	−39.9%	−47.0%	96.9%	61.6%	4.4%
	–	–	20.4%	21.6%	18.0%	9.5%	4.8%	8.8%	12.1%	10.5%
	–	–	–	1.3 pts	−3.7 pts	−8.4 pts	−4.8 pts	4.1 pts	3.3 pts	−1.6 pts
From the net margin	–	–	–	1.0 pts	−2.3 pts	−7.7 pts	−5.5 pts	3.4 pts	4.4 pts	−0.2 pts
From asset turnover	–	–	–	0.8 pts	0.0 pts	−0.7 pts	0.4 pts	0.6 pts	0.0 pts	−0.8 pts
From borrowing	–	–	–	−0.5 pts	−1.3 pts	0.0 pts	0.4 pts	0.1 pts	−1.2 pts	−0.6 pts
Return on capital employed	–	–	25.0%	21.7%	18.5%	11.2%	9.3%	12.7%	14.2%	13.0%
Cash conversion	–	–	–	–	152.8%	−85.4%	344.7%	89.7%	73.4%	−68.4%
Interest cover	2.7	3.6	3.3	3.5	3.8	2.4	1.2	1.6	2.0	2.2
Debt to equity	–	–	0.70	0.79	0.59	0.85	0.90	0.97	0.74	0.83
Receivable days	–	–	162	166	150	136	146	76	84	101
Inventory days	–	–	43	51	54	65	59	53	41	50
Payable days	–	–	324	327	396	420	433	400	326	282
Cash conversion cycle, days	–	–	−119	−111	−192	−219	−229	−271	−200	−132
Working capital days	–	–	82	93	83	101	84	91	98	126
Asset turnover	–	–	0.94	0.97	0.97	0.90	0.99	1.06	1.06	0.99
Assets per rupee of net worth	–	–	4.80	4.70	4.37	4.35	4.74	4.79	4.36	4.11
Sales per rupee of plant	–	–	12.69	11.49	11.75	11.05	13.48	14.90	16.02	16.05
Capital spending to depreciation	–	–	–	–	1.18	0.91	1.10	1.28	0.99	1.67
Plant being built, % of plant in use	–	–	0.8%	8.1%	1.6%	0.2%	0.9%	1.0%	2.8%	7.8%

No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 2.6%
Cash from operations against operating profit: −25.0%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	10.7%	12.4%	10.8%
Profit growth, yearly rate	12.2%	1.8%	51.0%
Return on equity, average	–	9.1%	10.5%
Return on capital employed, average	–	12.1%	13.3%
Operating margin, average	8.0%	6.3%	6.7%
Net margin, average	3.2%	2.1%	2.3%
Asset turnover, average	–	1.00	1.04
Cash conversion cycle, days, average	–	−210	−201
Interest cover, average	2.6	1.9	1.9
Debt to equity, average	–	0.86	0.85

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	639	316	−414
Cash from investing	−860	−533	−242
Cash from financing	429	334	511
Capital spending	1,070	749	329
Dividends paid	–	326	146
Shares bought back	0	0	0
Shares issued for cash	851	851	0
Borrowings raised	4,098	2,802	1,514
Borrowings repaid	1,050	919	152

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	–	6	3	6	6	5	3
Altman Z-scorePublished threshold 1.81	–	–	2.19	1.91	2.23	1.87	1.90	2.35	2.44	2.09
Beneish M-scorePublished threshold −1.78	–	–	–	–	−2.53	−2.31	−2.34	−2.79	−2.26	−2.06
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	−1.22	5.32	−1.69	1.37	1.07	5.33
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	1.10	0.74	1.22	0.21
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	2.52	−10.36	−9.96	9.30	−55.25	12.40	20.58
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	17.67	6.61	22.27	−12.19	−12.25	−25.87	22.81
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	1.83	5.91	14.07	1.21	15.50	9.18	4.90
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	0.26	0.08	0.01	0.06	0.06	0.18	0.38
Effective tax ratePublished threshold 17.16 per cent	34.24	33.30	34.58	28.44	26.88	16.86	−9.35	18.69	21.55	23.26
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	−54.82	−146.97	−40.43	−0.06	−14.85

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
14 May 2026	India Ratings and Research Private Limited (opens in a new tab)	Commercial paper	IND A1+Review, Re-affirm		1,000
7 May 2026	CRISIL Ratings Limited (opens in a new tab)	Commercial Paper	Crisil A1+Review, Re-affirm		1,000
16 Dec 2025	CARE Ratings Limited (opens in a new tab)	Non-fund-based - LT/ ST-BG/LC	CARE A+ / CARE A1+Review, Re-affirm	Stable	16,800
16 Dec 2025	CARE Ratings Limited (opens in a new tab)	Debentures-Non Convertible Debentures	WithdrawnReview, Other
16 Dec 2025	CARE Ratings Limited (opens in a new tab)	Fund-based - LT-Cash Credit	CARE A+Review, Re-affirm	Stable	3,000
25 Nov 2025	ICRA Limited (opens in a new tab)	Fund-based-Cash credit	[ICRA]A+Review, Re-affirm	Stable	3,000
25 Nov 2025	ICRA Limited (opens in a new tab)	Fund-based-Term loan	[ICRA]A+ /[ICRA]A1+Review, Re-affirm	Stable	137.50
25 Nov 2025	ICRA Limited (opens in a new tab)	Fund-based-Bill discounting	[ICRA]A1+Review, Re-affirm		3,875
25 Nov 2025	ICRA Limited (opens in a new tab)	Non-fund based-Others	[ICRA]A+ /[ICRA]A1+Review, Re-affirm	Stable	16,800
25 Nov 2025	ICRA Limited (opens in a new tab)	Unallocated limits-Unallocated limits	[ICRA]A+ /[ICRA]A1+Review, Re-affirm	Stable	287.50
29 Aug 2025	ICRA Limited (opens in a new tab)	Unallocated-Unallocated	[ICRA]A+ /[ICRA]A1+Review, Re-affirm	Stable	92.50
29 Aug 2025	ICRA Limited (opens in a new tab)	Fund Based-Bills Discounting	[ICRA]A1+Review, Re-affirm		3,120

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.