KEC IN EQUITY
loading…—
Day range—
52-week range—
Market cap—
P/E · TTM—
As of—
| CUSTOMER | BASIS | EST ₹CR | RANGE | % REV | BUCKET | PERIOD | METHOD | CONF |
|---|---|---|---|---|---|---|---|---|
| Business | REV SHARE | 21,155 | 21,155–21,155 | 90.0% | CAPEX | FY26 | DISC | 90% |
| “Details of business activities (accounting for 90% of the turnover): S. No. Description of Main Activity Description of Business Activity % of Turnover of the …” AR p.71 · 31-MAR-26 · +2 DOC | ||||||||
| BPCLBharat Petroleum Corporation Ltd. | UNSTATED | 21,155 | 21,155–21,155 | 90.0% | — | FY25 | EST | 70% |
| “The business has diversified its client base by adding new clients, alongside its existing clients such as Indian Oil Corporation Limited, Gas Authority of Ind…” AR p.17 · 31-MAR-25 DOC | ||||||||
| IOCIndian Oil Corporation Ltd. | UNSTATED | 19,147 | 19,147–19,147 | 81.5% | — | FY25 | EST | 70% |
| “The business has diversified its client base by adding new clients, alongside its existing clients such as Indian Oil Corporation Limited, Gas Authority of Ind…” AR p.17 · 31-MAR-25 DOC | ||||||||
| POWERGRIDPower Grid Corporation of India Ltd. | UNSTATED | 14,112 | 14,112–14,112 | 60.0% | CAPEX | FY25 | EST | 70% |
| “The Company has considerably strengthened its order book with a series of strategic wins including multiple transmission lines and substation projects from Pow…” AR p.45 · 31-MAR-25 DOC | ||||||||
| NTPCNTPC Ltd. | CONTRACT | 4,164 | 1,949–4,164 | 17.7% | — | FY25 | EST | 70% |
| “Achieved a record order intake of over ` 850 core, driven by the prestigious NTPC Bhadla Solar Project (625 MWp / 500 MW) • Delivered revenue growth of 92% fro…” AR p.17 · 31-MAR-25 DOC | ||||||||
| NTPCNTPC Ltd. | UNSTATED | 2,753 | 2,753–2,753 | 11.7% | CAPEX | FY25 | EST | 70% |
| “These advancements have reinforced the company’s position as a trusted EPC partner, with successful collaborations with reputed clients such as NTPC-REL and IR…” AR p.64 · 31-MAR-25 DOC | ||||||||
| POWERGRIDPower Grid Corporation of India Ltd. | UNSTATED | 1,761 | 825–1,761 | 7.5% | — | FY25 | EST | 75% |
| “This performance reflects the company’s strategic focus on broadening its domestic client base, securing maiden orders from several private developers and rein…” AR p.58 · 31-MAR-25 DOC | ||||||||
| PGCIL | CONTRACT | CT 2,872 | — | — | CAPEX | FY27 | EST | 85% |
| “An Company KEC wins Substantial Orders of Rs. 2,872 crores from PGCIL ~Largest-ever single order in India T&D business Mumbai, October 24, 2026: KEC Internatio…” ORDER p.2 · 24-OCT-26 · +1 DOC | ||||||||
| Middle East | CONTRACT | CT 1,180 | — | — | CAPEX | FY27 | EST | 85% |
| “We have bolstered our Tower Supply business with a significant order from the Middle East.” ORDER p.2 · 14-JUL-26 DOC | ||||||||
| PGCIL | CONTRACT | CT 2,872 | — | — | — | FY27 | EST | 80% |
| “Bagging/Receiving of orders/contracts KEC wins Substantial Orders of Rs. 2,872 crores from PGCIL” ANN · 24-OCT-26 · +2 DOC | ||||||||
| Mumbai | UNSTATED | — | — | — | COGS | FY26 | EST | 75% |
| “In the water segment, the Company commissioned the Bheden water supply project in Odisha, RESIDENTIAL PROJECT IN NEW MUMBAI, MAHARASHTRA, INDIA India’s industr…” AR p.64 · 31-MAR-26 DOC | ||||||||
| Mumbai | UNSTATED | — | — | — | — | FY26 | EST | 75% |
| “Sustainability Leader of the Year 2025: Presented by UBS Forums for a residential project in Mumbai.Assessment Scope Water Neutrality Index Cluster level 1.48 …” AR p.9 · 31-MAR-26 · +1 DOC | ||||||||
| South East Asia | UNSTATED | — | — | — | CAPEX | FY26 | EST | 75% |
| “AMERICAS 16 EPC 08 Cables Supply 11 Tower Supply EUROPE 03 EPC 14 Cables Supply 02 Tower Supply REST OF AFRICA 23 EPC 30 Cables Supply 23 Tower Supply CENTRAL …” AR p.10 · 31-MAR-26 · +1 DOC | ||||||||
| Business | UNSTATED | — | — | — | COGS | FY25 | EST | 75% |
| “During the year under review, pursuant to approval of the Board of Directors of the Company at its meeting held on July 26, 2024, and on receipt of Certificate…” AR p.46 · 31-MAR-25 · +1 DOC | ||||||||
| Airports Authority of India | UNSTATED | — | — | — | — | FY26 | EST | 75% |
| “He has also served as the Chairman, Airports Authority of India (AAI) prior to which he was the Additional Chief Secretary/Principal Secretary, Energy, Governm…” AR p.13 · 31-MAR-26 · +1 DOC | ||||||||
| KIRLOSBROSKirloskar Brothers Ltd. | UNSTATED | — | — | — | — | FY26 | EST | 75% |
| “Mr. Shringla also serves on the Board of Directors of Kirloskar Brothers Limited.” AR p.13 · 31-MAR-26 DOC | ||||||||
| POLYMEDPoly Medicure Ltd. | UNSTATED | — | — | — | — | FY26 | EST | 75% |
| “Mr. Bhandari serves as an Independent Director on boards of various companies in diverse business segments including Poly Medicure Limited, HDFC Trustee Compan…” AR p.14 · 31-MAR-26 · +1 DOC | ||||||||
| HDFC Trustee Company Limited | UNSTATED | — | — | — | — | FY26 | EST | 75% |
| “Mr. Bhandari serves as an Independent Director on boards of various companies in diverse business segments including Poly Medicure Limited, HDFC Trustee Compan…” AR p.14 · 31-MAR-26 · +1 DOC | ||||||||
| United States | CONTRACT | CT 23 | — | — | — | FY25 | EST | 75% |
| “She has also served as India’s Ambassador to the United States of America from 2011 to 2013.” AR p.12 · 31-MAR-25 · +2 DOC | ||||||||
| Maharashtra | UNSTATED | — | — | — | COGS | FY26 | EST | 75% |
| “In the water segment, the Company commissioned the Bheden water supply project in Odisha, RESIDENTIAL PROJECT IN NEW MUMBAI, MAHARASHTRA, INDIA India’s industr…” AR p.64 · 31-MAR-26 DOC | ||||||||
| POWERGRIDPower Grid Corporation of India Ltd. | UNSTATED | — | — | — | COGS | FY26 | EST | 75% |
| “while supplying over 1,100 km of AL59 Zebra conductors for POWERGRID’s 765 kV transmission lines across Madhya Pradesh and Rajasthan o Secured POWERGRID approv…” AR p.19 · 31-MAR-26 DOC | ||||||||
| United States | CONTRACT | CT 2,300 | — | — | CAPEX | FY26 | EST | 75% |
| “SAE Towers further strengthened its position by supplying hardware to the United States from its Brazil operations and securing new tower projects in Mexico.” AR p.34 · 31-MAR-26 · +1 DOC | ||||||||
| Australia | UNSTATED | — | — | — | CAPEX | FY25 | EST | 75% |
| “Marking further expansion of our global tower footprint, we secured our first tower supply order from Australia – extending our presence beyond the Americas an…” AR p.14 · 31-MAR-25 · +1 DOC | ||||||||
| Authority. | CONTRACT | CT 1,000 | — | — | CAPEX | FY26 | EST | 75% |
| “During the year, it secured several large and strategic orders, including a major substation order of over ` 1,000 Crore in Saudi Arabia and its single largest…” AR p.63 · 31-MAR-26 DOC | ||||||||
| Others | CONTRACT | CT 509 | — | — | CAPEX | FY26 | EST | 75% |
| “Summarized segment information based on business segment and geographical segment are as follows: (a) Business segment ` in Crore Particulars For the year ende…” AR p.157 · 31-MAR-26 · +2 DOC | ||||||||
| T&D | CONTRACT | CT 13,500 | — | — | CAPEX | FY27 | EST | 75% |
| “With these wins, our YTD order intake has crossed Rs. 13,500 crores, including ~Rs. 9,500 crores from the T&D business.” ORDER p.2 · 24-OCT-26 DOC | ||||||||
| Assistant Commissioner | CONTRACT | — | — | — | — | FY27 | EST | 75% |
| “Action(s) taken or orders passed Pursuant to regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and SEBI Master Circ…” ANN · 13-AUG-26 DOC | ||||||||
| Others | UNSTATED | — | — | — | COGS | FY26 | EST | 70% |
| “Financial Performance REVENUE(` in Crore) 23,506 FY26 137 FY26 1,659 FY26 789 FY26 FY22 FY23 FY24 FY25 FY26 FY22 FY23 FY24 FY25 FY26 FY22 FY23 FY24 FY25 FY26 1…” AR p.11 · 31-MAR-26 DOC | ||||||||
| Oman | CONTRACT | CT 3,000 | — | — | CAPEX | FY26 | EST | 70% |
| “FY26 HIGHLIGHTS INDIA T&D o Delivered highest-ever revenue with 22% growth and improved profitability o Secured the largest-ever private developer order o Comm…” AR p.15 · 31-MAR-26 · +1 DOC | ||||||||
| Mumbai | UNSTATED | — | — | — | CAPEX | FY26 | EST | 70% |
| “FY26 HIGHLIGHTS o Executed ~1,000 MW of solar capacity, including 500 MW at Bhadla, our largest project o Entered the wind segment with the first wind order an…” AR p.18 · 31-MAR-26 DOC | ||||||||
| ADNOC | UNSTATED | — | — | — | CAPEX | FY26 | EST | 70% |
| “FY26 HIGHLIGHTS o Executed ~1,000 MW of solar capacity, including 500 MW at Bhadla, our largest project o Entered the wind segment with the first wind order an…” AR p.18 · 31-MAR-26 DOC | ||||||||
| FY27 | UNSTATED | — | — | — | — | FY27 | EST | 70% |
| “Performance during the year was impacted by geopolitical tensions in the Middle East during the fourth quarter, intermittent labour shortages and delayed order…” AR p.34 · 31-MAR-26 DOC | ||||||||
| Maharashtra | UNSTATED | — | — | — | CAPEX | FY26 | EST | 70% |
| “HIGHEST TOWER TESTED (120 METRE) FOR A U.S. CLIENT AT THE BUTIBORI TEST STATION, MAHARASHTRA, INDIA TOWER SUPPLY, AMERICAS Stakeholders impacted Material issue…” AR p.36 · 31-MAR-26 DOC | ||||||||
| Securities and Exchange Board of India | UNSTATED | — | — | — | — | FY26 | EST | 70% |
| “(f) The Securities and Exchange Board of India (Registrars to an Issue and Share Transfer Agents) Regulations, 1993 and The Securities and Exchange Board of In…” AR p.54 · 31-MAR-26 · +1 DOC | ||||||||
| Authority. | UNSTATED | — | — | — | — | FY26 | EST | 70% |
| “The said requirement does not apply to shares in respect of which there is a specific order of Court, Tribunal or Statutory Authority, restraining any transfer…” AR p.109 · 31-MAR-26 · +1 DOC | ||||||||
| Others | UNSTATED | — | — | — | SG&A | FY26 | EST | 70% |
| “3.96 (3.86) - - - 0.10 Lease liabilities 5.53 25.45 - - - 30.98 Tax loss carry forward* 314.34 (3.25) - (32.37) - 278.72 Derivative contracts 1.41 1.14 (26.65)…” AR p.136 · 31-MAR-26 · +1 DOC | ||||||||
| Business | UNSTATED | — | — | — | — | FY25 | EST | 70% |
| “Financial Performance ORDER BOOK (` in Crore) EBITDA (` in Crore) EBITDA MARGIN (%) 2020-21 2021-22 2022-23 2023-24 2024-25 2020-21 2021-22 2022-23 2023-24 202…” AR p.10 · 31-MAR-25 DOC | ||||||||
| IGLIndraprastha Gas Ltd. | UNSTATED | — | — | — | — | FY25 | EST | 70% |
| “The business has diversified its client base by adding new clients, alongside its existing clients such as Indian Oil Corporation Limited, Gas Authority of Ind…” AR p.17 · 31-MAR-25 DOC | ||||||||
| HINDPETROHindustan Petroleum Corporation Ltd. | UNSTATED | — | — | — | — | FY25 | EST | 70% |
| “The business has diversified its client base by adding new clients, alongside its existing clients such as Indian Oil Corporation Limited, Gas Authority of Ind…” AR p.17 · 31-MAR-25 DOC | ||||||||
| Australia | CONTRACT | CT 18,000 | — | — | — | FY25 | EST | 70% |
| “The business has significantly expanded its order book with order inflows of close to ` 18,000 Crore across India, Middle East, Americas, SAARC, Africa, Asia P…” AR p.45 · 31-MAR-25 · +1 DOC | ||||||||
| INDIANBIndian Bank | CONTRACT | CT 12 | — | — | — | FY25 | EST | 70% |
| “The interest rates were in the ranges of 6.87% p.a to 7.25% p.a. (iii) ` 11.90 crore (As at March 31, 2024: ` 11.36 crore) obtained for Bangladesh project & se…” AR p.130 · 31-MAR-25 DOC | ||||||||
| Gujarat | CONTRACT | — | — | — | CAPEX | FY27 | EST | 70% |
| “These prestigious 765 kV projects, associated with the evacuation of 8.5 GW of renewable energy from Gujarat, have substantially expanded our India T&D order b…” ORDER p.2 · 24-OCT-26 DOC | ||||||||
| RVNLRail Vikas Nigam Ltd. | UNSTATED | — | — | — | — | FY25 | EST | 65% |
| “Integrated Annual Report 2024-25 26 KEC International LimitedIn the urban infrastructure segment, we are executing over 50 km of viaduct, 38 stations, 2 metro …” AR p.16 · 31-MAR-25 DOC | ||||||||
| FSLFirstsource Solutions Ltd. | UNSTATED | — | — | — | — | FY25 | EST | 65% |
| “This activity was severely impacted during the monsoon season, as water levels rose up to the Full Supply Level (FSL), hindering progress throughout the rainy …” AR p.25 · 31-MAR-25 DOC | ||||||||
| Directorate of Large Enterprise | CONTRACT | — | — | — | — | FY27 | EST | 65% |
| “Action(s) taken or orders passed Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and SEBI Circular da…” ANN · 29-SEP-26 DOC | ||||||||
| CDSLCentral Depository Services (India) Ltd. | UNSTATED | — | — | — | — | FY26 | EST | 60% |
| “Your User ID is: a. For Members who hold shares in demat account with NSDL 8 Character DP ID followed by 8 Digit Client ID For example, if your DP ID is IN300*…” AR p.224 · 31-MAR-26 · +1 DOC | ||||||||
| IRCONIRCON International Ltd. | UNSTATED | — | — | — | CAPEX | FY25 | EST | 60% |
| “These advancements have reinforced the company’s position as a trusted EPC partner, with successful collaborations with reputed clients such as NTPC-REL and IR…” AR p.64 · 31-MAR-25 DOC | ||||||||
| Oman | UNSTATED | — | — | — | — | 2026-05 | EST | 60% |
| “The region accounts for approximately 27% of our overall order book and L1 position, almost equally divided between Saudi Arabia and the UAE, and with a small …” CONCALL p.2 · 31-MAY-26 DOC | ||||||||
| SUPPLIER | BASIS | EST ₹CR | RANGE | % COST | BUCKET | PERIOD | METHOD | CONF |
|---|---|---|---|---|---|---|---|---|
| IRCONIRCON International Ltd. | UNSTATED | — | — | — | CAPEX | FY26 | EST | 75% |
| “The final Viability Gap Funding (VGF) amount for the Project is ₹44,94,000 per MW calculated in total to ₹224.70 Crore, which is to be released in two tranches…” AR p.71 · 31-MAR-26 · +1 DOC | ||||||||
| GVT&DGE Vernova T&D India Ltd. | UNSTATED | — | — | — | CAPEX | FY25 | EST | 75% |
| “Supply of 400kV substation equipments to KEC International Limited in Kallam.” AR DOC | ||||||||
| BLUESTARCOBlue Star Ltd. | UNSTATED | — | — | — | — | FY26 | EST | 75% |
| “Mr Unnikrishnan serves on the boards of KEC International Limited, Kirloskar Brothers Limited, Greaves Cotton Limited, and Livguard Energy Technologies Private…” AR DOC | ||||||||
| POLYMEDPoly Medicure Ltd. | UNSTATED | — | — | — | — | FY25 | EST | 75% |
| “Mr. Bhandari serves as an Independent Director on boards of various companies in diverse business segments including KEC International Ltd., HDFC Trustee Compa…” AR DOC | ||||||||
| KIRLOSBROSKirloskar Brothers Ltd. | UNSTATED | — | — | — | — | FY25 | EST | 75% |
| “He serves on the Board of KEC International, Greaves Cotton Limited, Livguard Energy Technologies Pvt. Ltd. and Ground Screw Pvt. Ltd. He is also a trustee of …” AR DOC | ||||||||
| GVT&DGE Vernova T&D India Ltd. | UNSTATED | — | — | — | — | FY25 | EST | 70% |
| “Significant projects were executed across key voltage levels for customers included: 765 kV: Power Grid Corporation of India, Doosan Power Systems India 400 kV…” AR DOC | ||||||||
| SJVNSJVN Ltd. | UNSTATED | — | — | — | CAPEX | FY26 | EST | 70% |
| “Work of construction of 220 kV Transmission line from switchyard to HPPTCL network awarded to M/s KEC International Pvt. Ltd on 14.06.2022.” AR · +1 DOC | ||||||||
| United States | UNSTATED | — | — | — | COGS | FY26 | EST | 70% |
| “while supplying over 1,100 km of AL59 Zebra conductors for POWERGRID’s 765 kV transmission lines across Madhya Pradesh and Rajasthan o Secured POWERGRID approv…” AR p.19 · 31-MAR-26 DOC | ||||||||
| Maharashtra | UNSTATED | — | — | — | CAPEX | FY25 | EST | 70% |
| “TOWER TESTING STATION, BUTIBORI, MAHARASHTRA, INDIA SUPPLY CHAIN MANAGEMENT KEC’s supply chain is supported by a seamless network of trusted vendors and logist…” AR p.35 · 31-MAR-25 DOC | ||||||||
| Business | UNSTATED | — | — | — | — | FY25 | EST | 70% |
| “Stakeholders impacted Material issues addressed Key risks addressed Employees Local Community and NGOs & CSR Partner Vendors Decarbonisation Water-Positive App…” AR p.41 · 31-MAR-25 DOC | ||||||||
| CEATLTDCeat Ltd. | UNSTATED | — | — | — | — | FY26 | EST | 60% |
| “f) Capital commitments with related parties The estimated amount of contracts remaining to be executed on Capital account and not provided for (net of advance …” AR · +1 DOC | ||||||||
| SOURCE | READ | % | LAST READ |
|---|---|---|---|
| ANNOUNCEMENTS | 34/34 | 100% | 08-NOV-26 |
| ANNUAL | 3/3 | 100% | 15-OCT-26 |
| CONCALL | 4/4 | 100% | 15-OCT-26 |
| ORDERS | 30/30 | 100% | 08-NOV-26 |
| RATINGS | 0/3 | 0% | — |
| SCREENER | 1/1 | 100% | 10-NOV-26 |
| SIGNAL | VALUE | AS OF | INPUTS |
|---|---|---|---|
| CUSTOMER HHI | 0.391 | 14-NOV-26 | Power Grid Corporation of India Ltd. share 4% · NTPC Ltd. share 9% · Bharat Petroleum Corporation Ltd. share 46% · Indian Oil Corporation Ltd. share 41% |
| CUST MOM 1M | +7.1% | 14-NOV-26 | from 15-OCT-26 · Indian Bank +11.7% w 0 · Firstsource Solutions Ltd. +3.4% w 0 · Bharat Petroleum Corporation Ltd. +2.8% w 1 · Hindustan Petroleum Corporation Ltd. +9.5% w 0 · Indraprastha Gas Ltd. -1.9% w 0 · Indian Oil Corporation Ltd. +11.8% w 0 |
| DISTRESS SCORE | 0.388 | 12-OCT-26 | roe 0.1 · operatingMargin 0.08 · debtToEquity 0.87 · interestCoverage 1.9 · assetTurnover 0.94 · leverage 4.08 |
| SUPP MOM 1M | +4.8% | 14-NOV-26 | from 15-OCT-26 · IRCON International Ltd. +4.6% w 0 · GE Vernova T&D India Ltd. +11.9% w 0 · Blue Star Ltd. -0.3% w 0 · SJVN Ltd. +3.6% w 0 · Poly Medicure Ltd. +6.9% w 0 · Kirloskar Brothers Ltd. -3.5% w 0 |