KEC International Ltd. (IN:KEC)
:KEC
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KEC International Ltd.
(KEC)
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Rating:48Neutral
Price Target:
₹483.00
▼(-35.33% Downside)
Action:Reiterated
Date:05/19/26
The score is held back primarily by a sharp deterioration in 2026 cash flow and rising leverage, which outweigh otherwise solid multi-year revenue/profit improvement. Technicals add further pressure as the stock trades below major moving averages with weak momentum. Valuation is neutral-to-moderate with only a modest dividend yield.
Positive Factors
Multi-year revenue and profit improvement (through 2025)
Consistent multi-year revenue growth and improving profitability through 2025 demonstrate durable scale and execution capability in EPC work. This track record supports sustained bidding competitiveness, repeat client wins, and the ability to absorb project learning curves, bolstering medium-term earnings resilience.
Negative Factors
Sharp negative operating and free cash flow in 2026
A sudden reversal to negative operating and free cash flow is a durable concern: profits not converting into cash raises reliance on external financing, constrains the ability to fund working-capital heavy projects, and increases vulnerability to interest-rate or liquidity shocks during project cycles.
Read all positive and negative factors
Positive Factors
Negative Factors
Multi-year revenue and profit improvement (through 2025)
Consistent multi-year revenue growth and improving profitability through 2025 demonstrate durable scale and execution capability in EPC work. This track record supports sustained bidding competitiveness, repeat client wins, and the ability to absorb project learning curves, bolstering medium-term earnings resilience.
Read all positive factors
KEC International Ltd. (KEC) vs. iShares MSCI India ETF (INDA)
Market Cap
₹129.81B
Dividend Yield0.74%
Average Volume (3M)87.24K
Price to Earnings (P/E)22.5
Beta (1Y)1.72
Revenue Growth7.59%
EPS Growth4.98%
CountryIN
Employees6,450
SectorIndustrials
Sector Strength72
IndustryEngineering & Construction
Share Statistics
EPS (TTM)25.67
Shares Outstanding266,200,000
10 Day Avg. Volume38,375
30 Day Avg. Volume87,240
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)31.65
Revenue Forecast (FY)₹265.42B
KEC International Ltd. Business Overview & Revenue Model
Company Description
KEC International Limited, together with its subsidiaries, engages in the engineering, procurement, and construction (EPC) business. It designs, manufactures, tests, supplies, and erects transmission lines on turnkey basis; and undertakes EPC proj...
How the Company Makes Money
KEC primarily makes money by executing EPC and construction contracts and by selling manufactured products, with revenue recognized from (a) project execution for customers and (b) product deliveries. (1) EPC/project-contract revenue: The company ...
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 | 230.26B | 235.06B | 215.37B | 195.95B | 169.97B | 135.14B |
| Gross Profit | 48.31B | 33.31B | 45.87B | 39.70B | 33.53B | 30.38B |
| EBITDA | 17.15B | 16.59B | 15.64B | 12.62B | 8.56B | 8.68B |
| Net Income | 6.83B | 6.06B | 5.71B | 3.47B | 1.76B | 3.32B |
Balance Sheet | ||||||
| Total Assets | 236.13B | 251.58B | 221.80B | 190.31B | 172.79B | 163.39B |
| Cash, Cash Equivalents and Short-Term Investments | 6.41B | 5.12B | 6.56B | 2.06B | 2.87B | 2.77B |
| Total Debt | 53.08B | 53.78B | 39.57B | 39.85B | 33.83B | 30.65B |
| Total Liabilities | 179.70B | 189.98B | 168.32B | 149.36B | 135.07B | 127.19B |
| Stockholders Equity | 56.43B | 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
554.57
Negative
606.87
Negative
707.46
Negative
Market Momentum
-13.74
Positive
28.25
Positive
4.30
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 564.88, above the 50-day MA of 554.57, and above the 200-day MA of 707.46, indicating a bearish trend. The MACD of -13.74 indicates Positive momentum. The RSI at 28.25 is Positive, neither overbought nor oversold. The STOCH value of 4.30 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 (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
66 Neutral | ₹137.69B | 26.39 | ― | 0.80% | 61.55% | 29.52% | |
64 Neutral | ₹211.76B | 17.37 | ― | 0.77% | 21.63% | 72.41% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
63 Neutral | ₹132.24B | 41.51 | ― | 1.56% | -16.20% | -19.48% | |
63 Neutral | ₹50.92B | 18.69 | ― | 0.02% | 15.23% | 39.75% | |
61 Neutral | ₹75.39B | 19.27 | ― | 0.05% | 23.96% | 15.30% | |
48 Neutral | ₹129.81B | 22.47 | ― | 0.74% | 7.59% | 4.98% |
* Industrials Sector Average
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KEC International Ltd. Corporate Events
KEC International Receives ESG Rating of 51 from ESG Risk Assessments & Insights
Apr 9, 2026
KEC International Ltd. has received an environmental, social and governance rating of 51 from ESG Risk Assessments Insights Limited, as disclosed under the SEBI listing regulations. The formal announcement to the NSE and BSE underscores the compa...
KEC International Extends SAR 125 Million Corporate Guarantee for Overseas Subsidiary
Apr 8, 2026
KEC International Ltd. has issued a corporate guarantee on behalf of its subsidiary, Al Sharif Group KEC Limited Company, in favour of an overseas bank that has extended banking facilities to the subsidiary. The guarantee, amounting to SAR 125 mi...
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.