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Indian EPC major (RPG Group) building power transmission lines, cables, railways, civil works and solar projects worldwide.
Indian EPC major (RPG Group) building power transmission lines, cables, railways, civil works and solar projects worldwide.
Wins fixed-price construction contracts and bills as milestones are reached, so profit depends on controlling steel, copper and aluminium costs and delivery times. Power transmission carries most of the order book, with railways, civil work and cables diversifying it, and part of the orders come from outside India.
Moat: narrow (scale, process know-how). One of the world's largest transmission-tower EPC players with global execution reach.
Headquarters: Mumbai, India · Founded: 1945 · Employees: 48,036
Size KEC International (KEC.NS) is an India Industrials company (Engineering & Construction) with a market value of $939M, the 613th largest of 1,058 India companies the cockpit tracks. Shares closed at ₹333.35 on 6 Nov 2026.
Performance Over six months the shares fell 45.6%, against -2.9% for the median peer and 0.0% for the India market (cap-weighted) — 2nd lowest of 21 in its peer set.
Growth Revenue fell 1.9% over the last twelve months (peer median +8.9%); the operating margin is 5.4% (peer median 8.2%).
Valuation It trades at 13.3× forward earnings against a peer median of 16.5× (6th cheapest of 18).
Capital Return on invested capital runs 3.0 points below its cost of capital (10.8% WACC).
Next results Next results expected around 2 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹229B | ₹235B | ₹217B | ₹199B | ₹173B |
| Revenue growth | — | +8% | +9% | +15% | — |
| Gross profit | ₹31.4B | ₹31.3B | ₹29.5B | ₹25.0B | ₹19.9B |
| EBITDA | ₹14.4B | ₹18.3B | ₹15.9B | ₹13.3B | ₹9.05B |
| Net income | ₹4.23B | ₹6.06B | ₹5.71B | ₹3.47B | ₹1.76B |
| Free cash flow | n/a | -₹13.5B | -₹3.43B | -₹5.59B | -₹826M |
| Capital expenditure | n/a | ₹3.29B | ₹1.83B | ₹2.37B | ₹1.78B |
| Total debt | ₹63.0B | ₹53.8B | ₹39.6B | ₹39.9B | ₹33.8B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| KEC International KEC.NS | $939M | -46% | -2% | 5% | 13.3× | n/a |
| Kalpataru Projects International KPIL.NS | $2.48B | +6% | +15% | 6% | 18.6× | 14.9% |
| Larsen & Toubro LT.NS | $59.8B | +2% | +11% | 8% | 27.6× | 29.7% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | KEC.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -8.0% | -6.7% | 9th lowest of 21 |
| 6-month return | -45.6% | -2.9% | 2nd lowest of 21 |
| Distance from 52-week high | -59.7% | -21.5% | 2nd lowest of 21 |
| Revenue growth (TTM) | -1.9% | +8.9% | 5th lowest of 21 |
| Operating margin | 5.4% | 8.2% | 9th lowest of 21 |
| Forward P/E | 13.3× | 16.5× | 6th cheapest of 18 |
| ROIC minus cost of capital | -3.0 pp | +1.0 pp | 6th lowest of 18 |
| EV / EBITDA | 10.2× | 7.5× | 4th most expensive of 11 |
| Net debt / EBITDA | 4.1× | -1.2× | 2nd most indebted of 14 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| KEC International KEC.NS | India | $939M | -46% | -2% | 5% | 13.3× | n/a | n/a |
| YIT YIT.HE | Finland | $938M | +45% | +10% | 3% | 75.2× | 12.8% | -10.6% |
| Shenzhen Cheng Chung Design 002811.SZ | China | $949M | +48% | +28% | 13% | n/a | 9.1% | -6.2% |
| Raito Kogyo 1926.T | Japan | $928M | -5% | +9% | 13% | 11.6× | -8.0% | +5.2% |
| Galliford Try GFRD.L | United Kingdom | $925M | +31% | +3% | 3% | 14.5× | -0.8% | +11.4% |
| Sentia SNTIA.OL | Norway | $924M | +8% | +15% | 5% | 14.3× | -11.1% | +4.2% |
| LS Marine Solution 060370.KS | South Korea | $924M | -35% | +21% | 6% | 55.0× | n/a | n/a |
| Hubei Chutian Smart Communication 600035.SS | China | $918M | -1% | +34% | 9% | n/a | n/a | n/a |
| JSTI 300284.SZ | China | $963M | -25% | -4% | 1% | 39.1× | 10.5% | -5.4% |
| Shanghai Geoharbour Construction 605598.SS | China | $913M | -48% | +9% | -3% | 541.7× | n/a | n/a |
| RAIZNEXT 6379.T | Japan | $972M | +29% | +13% | 8% | 15.8× | -0.9% | +3.6% |
| GRK Infra GRK.HE | Finland | $903M | +30% | -7% | 8% | 10.0× | -1.5% | +24.6% |
| I.CO.P ICOP.MI | Italy | $901M | -6% | +138% | 11% | 17.1× | n/a | n/a |
| Kanadevia 7004.T | Japan | $979M | -23% | +8% | 2% | 6.3× | n/a | n/a |
| Taihei Dengyo Kaisha 1968.T | Japan | $899M | -22% | +19% | 11% | 11.2× | n/a | n/a |
| GR Engineering Services GNG.AX | Australia | $891M | +40% | +3% | 11% | 18.3× | 14.9% | +4.7% |
| Costain COST.L | United Kingdom | $890M | +30% | -6% | 5% | 16.5× | 0.1% | +1.3% |
| Welspun Enterprises WELENT.NS | India | $995M | +29% | +1% | 19% | 22.3× | n/a | n/a |
| Ningbo Construction 601789.SS | China | $885M | -34% | +10% | 2% | n/a | n/a | n/a |
| Acter Technology Integration 603163.SS | China | $997M | -32% | +1% | 11% | 28.4× | 18.6% | +22.2% |
| Yurtec 1934.T | Japan | $998M | -8% | -2% | 8% | 11.0× | -6.2% | +5.1% |