Construction · NSE/BSE: KEC
KEC International Limited
Civil Construction
Market Cap ₹0.14L Cr
Verdict: Average
Quality Scores
Multi-Bagger
52/100
Compounder Quality
64/100
Management Credibility
70/100
Governance
85/100
Cash Flow Quality
48/100
AI Summary
KEC International, a flagship of the RPG Group, is a global EPC major with a presence in over 100 countries and a diversified portfolio spanning T&D, Railways, Civil, and Cables. Over the last decade, the company has scaled its revenue from ₹8,468 Cr to over ₹23,000 Cr, but profitability has seen significant volatility, particularly post-FY21 due to interest costs and margin pressures. The company operates in a capital-intensive industry with thin margins, currently facing a low Return on Equity of 11% compared to its 10-year average of 14%. While order intake remains robust, the business…
Top Opportunities
- Consistent double-digit revenue growth over 10 years
- Part of the reputable RPG Group conglomerate
- Diversified order book across T&D, Railways, Civil, and Renewables
Top Risks
- Significant increase in total debt to INR 5,378 Cr in FY26
- Interest costs have doubled over the last 4 years
- Operating margins remain tight compared to mid-2010s levels
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