KEC International Q2 Results: Profit Falls 81% To ₹30 Crore; Order Book Hits Record ₹39,946 Crore

KEC International Ltd reported an 81% year-on-year decline in consolidated net profit to ₹30 crore for the second quarter of FY27, compared with ₹161 crore in the corresponding quarter last year. Consolidated revenue declined 10% to ₹5,468 crore from ₹6,092 crore, while EBITDA fell 37% to ₹271 crore from ₹430 crore.

The infrastructure engineering, procurement and construction (EPC) company announced its results on November 2, 2026. Its EBITDA margin contracted to 5% from 7.1% in the year-ago quarter.

Despite the weak quarterly performance, KEC International's order book reached a record ₹39,946 crore as of September 30, 2026. Order intake exceeded ₹13,500 crore in the first half of FY27.

KEC International Q2 FY27 results: Key numbers

The decline in profitability was sharper than the fall in revenue. The company's consolidated interest cost as a percentage of revenue increased to 3.5% from 2.8% in the corresponding quarter last year.

The lower EBITDA and higher interest burden weighed on the company's bottom line during the quarter.

Order book reaches record ₹39,946 crore

KEC International's order book stood at a record ₹39,946 crore at the end of September 2026. Its combined order book and lowest-bidder (L1) position was approximately ₹43,500 crore.

The company reported first-half FY27 order intake of more than ₹13,500 crore, including approximately ₹9,500 crore from its Transmission and Distribution (T&D) business.

The company also reported a tender pipeline exceeding ₹2 lakh crore, providing visibility on potential future business opportunities.

The strong order position offers execution visibility, although the pace of project delivery, working-capital requirements and operating margins will remain important to monitor.

What management said about the Q2 performance

Vimal Kejriwal, Managing Director and Chief Executive Officer of KEC International, said the company operated in a challenging environment during the quarter.

He cited geopolitical and supply-chain disruptions in the Middle East, right-of-way and land-acquisition challenges in India's T&D business, and calibrated supplies for select projects amid elevated global costs.

Kejriwal said the company delivered sequential revenue growth, led by its T&D business.

He added that the order book and L1 position of approximately ₹43,500 crore, along with a tender pipeline exceeding ₹2 lakh crore, supported the company's confidence in improved performance in the coming quarters.

KEC International's debt and working capital

KEC International's consolidated net debt, including acceptances, stood at approximately ₹7,793 crore as of September 30, 2026.

Net working capital stood at 155 days. These figures will remain important indicators for investors, given the working-capital intensity of large infrastructure EPC projects.

The company's ability to convert its sizeable order book into revenue and cash flows, while improving margins and managing debt, will be important in determining its earnings recovery.

The combination of a record order book and sharply lower quarterly profit presents two contrasting signals for investors. Execution improvements, order conversion and margin recovery will be key factors to watch over the coming quarters.

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