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Swing Capital

KEC International Ltd

NSE: KEC BSE: 532714Energy

KEC International is a global infrastructure EPC major. It has presence in the verticals of Power Transmission and Distribution, Railways, Civil, Urban Infrastructure, Solar, Oil & Gas Pipelines, and Cables. It is the flagship Company of the RPG Group.[1]

₹492
52W: ₹491 — ₹947
PE 38.4 · Book ₹207 · +138% vs book
Market Cap₹13,093 Cr
Stock P/E38.4Price to Earnings
ROCE10.6%Return on Capital
ROE6.42%Return on Equity
Div. Yield1.11%Face Value ₹2

Strengths

  • +Company has been maintaining a healthy dividend payout of 49.7%

Weaknesses

  • −Company has low interest coverage ratio.
  • −The company has delivered a poor sales growth of 9.95% over past five years.
  • −Company has a low return on equity of 5.81% over last 3 years.
  • −Debtor days have increased from 88.8 to 107 days.

Shareholding Pattern

Promoters50.1%
FIIs9.84%
DIIs26.86%
Public13.18%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters51.88%50.1%▼1.850.1%50.1%50.1%50.1%50.1%50.1%
FIIs12.66%13.6%▲0.915.2%▲1.615.42%▲0.216.02%▲0.615.92%▼0.111.75%▼4.29.84%▼1.9
DIIs25.29%26.33%▲1.024.91%▼1.424.18%▼0.722.55%▼1.622.54%▼0.025.47%▲2.926.86%▲1.4
Public10.16%9.97%▼0.29.79%▼0.210.29%▲0.511.32%▲1.011.43%▲0.112.66%▲1.213.18%▲0.5

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales4,3985,3023,8884,4844,7586,0484,0304,9494,8085,260
Expenses4,1875,0183,7154,2544,4775,6963,8334,6414,5324,987
Operating Profit211284174230281352197308276273
OPM %5%5%4%5%6%6%5%6%6%5%
Net Profit44933258731613710639247
EPS ₹1.713.611.252.182.746.041.383.971.469.26

AI Insights

Revenue Trend

Mar 2026 revenue at ₹19,047Cr, down 0.7% YoY. OPM at 6%.

Debt Position

Borrowings at ₹4,631Cr. Debt-to-equity ratio: 0.85x. Moderate leverage.

Capex Cycle

CWIP at ₹11Cr (2% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 26.86% (+0.21pp change). FIIs: 9.84% (-1.74pp change). Promoters hold 50.1%.

Margin & Efficiency

ROCE declining from 14% (Mar 2015) to 11% (Mar 2026). Working capital days: 55.

Valuation

PE 38.4x with 10.6% ROCE. Price is 138% above book value of ₹207. Dividend yield: 1.11%.

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