KEC International Q1 FY 2026-27 Results: PAT Falls 42% To ₹73 Crore

KEC International Ltd's consolidated revenue remained almost the same at ₹5,024 crore, as compared with ₹5,023 crore in the same quarter last year. Earnings before interest, tax, depreciation and amortisation (EBITDA) declined 17% year-on-year to ₹291 crore, with the EBITDA margin narrowing to 5.8% from 7.0% a year ago.

Other income increased to ₹14 crore from ₹5 crore, while finance costs rose 9% to ₹164 crore. Profit before tax (PBT) fell 43% to ₹90 crore, while the PBT margin declined to 1.8% from 3.2% last year. Profit after tax (PAT) dropped 42% year-on-year to ₹73 crore, with the net profit margin easing to 1.4% from 2.5%.

The company improved its balance sheet. Net debt, including acceptances, declined by ₹154 crore to ₹6,568 crore during the quarter, while net working capital improved to 134 days from 137 days at the end of March 2026.

KEC Q1 FY 2026-27: Performance Summary

The Transmission and Distribution (T&D) business remained the company's largest segment, contributing ₹3,217 crore, or 64% of total revenue. During the quarter, KEC secured transmission and distribution orders worth around ₹3,600 crore across India, the Middle East, Africa and the Americas. It also won its first transmission line project to evacuate power to a data centre. The segment's order book and L1 position now exceed ₹25,000 crore.

The Civil business reported ₹993 crore in revenue, up 6% year-on-year. The company expanded into new automobile and residential building projects and said its order book and L1 position have crossed ₹10,000 crore.

Revenue from the Cables and Conductors business jumped 57% to ₹601 crore, supported by steady order inflows. The company expects production at its elastomeric cable facility to begin in Q2 FY27, while commissioning of its E-Beam plant is scheduled for Q3 FY27.

The Oil & Gas Pipelines business nearly doubled revenue to ₹117 crore. KEC has also started merging KEC Spur Infrastructure into KEC International, integrating the oil and gas portfolio with its Civil-Hydrocarbon business.

The Transportation segment generated ₹259 crore in revenue. During the quarter, the company secured automatic block signalling (ABS) orders worth more than ₹250 crore and continued to pursue opportunities in Kavach, metro systems and tunnel ventilation projects.

In the Renewables business, KEC won fresh orders worth around ₹800 crore across wind and solar projects. It is currently executing renewable energy projects with a combined capacity of more than 600 MW, while nearly 1 GW of solar projects at IRCON Pavagada and NTPC Bhadla have recently been commissioned and are operating at rated capacity.

Across businesses, the company secured more than ₹6,300 crore of orders during the year so far. Its order book and L1 position now exceed ₹40,000 crore, while the overall tender pipeline has crossed ₹2 lakh crore, split almost equally between T&D and non-T&D businesses.

Management Commentary And Stock Price

Managing Director and CEO Vimal Kejriwal said the company delivered a resilient performance despite geopolitical disruptions, labour shortages and slower execution in water projects. He said supply chains are gradually returning to normal and labour availability is improving, which should support stronger execution in the coming quarters.

On 10 August, KEC International's shares ended the day at ₹475.85 on the National Stock Exchange.

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