KEC · Construction
Kec International Ltd. reported revenue of ₹5,023 cr for April to June 2025, +11.3% on the year and −26.9% on the quarter. Over the last four quarters revenue comes to ₹22,357 cr, +10.8% on the four before.
Operating profit (EBITDA) was ₹350 cr, a margin of 7.0%, +98 bps on the year and −88 bps on the quarter. Over the last 8 quarters the margin has ranged from 6.0% to 7.8%, averaging 6.6%. Operating costs grew +10.2% against revenue growth of +11.3%, so more of each rupee of sales reached operating profit.
Net profit was ₹125 cr, +42.0% on the year and −53.4% on the quarter, with earnings per share of ₹4.68. Profit before other income, one-offs and tax grew faster, at +123.2%; other income, one-offs or tax held the headline back. The tax rate of 21% is in line with its recent average. Profit over the last four quarters totals ₹608 cr, +54.7% on the four before.
Capital goods and EPC revenue follows project execution, which makes quarters uneven; the order book and new orders tell more about the year than one quarter does. The quarterly statements do not carry the order book, new orders and working capital; those come with the filing read.
On earnings per share of ₹22.84 over the last four quarters, the stock at ₹352.65 trades at 15.4 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
No check fired. That is a statement about the checks below, not a verdict on the company.
Core profit grew faster than reported profit: one-offs held the headline down.
Reported profit +42.0% on the year; profit before other income, exceptional items and tax +123.2%.
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹4,499 cr | ₹5,007 cr | ₹6,165 cr | ₹4,512 cr | ₹5,113 cr | ₹5,349 cr | ₹6,872 cr | ₹5,023 cr | ₹6,092 cr | ₹6,001 cr | ₹6,390 cr | ₹5,024 cr |
| YoY | — | — | — | +6% | +14% | +7% | +11% | +11% | +19% | +12% | −7% | +0% |
| EBITDA margin | 6.1% | 6.2% | 6.3% | 6.0% | 6.3% | 7.0% | 7.8% | 7.0% | 7.1% | 7.2% | 7.0% | 5.8% |
| Other income, % of PBT | 24% | 21% | 4% | 38% | 6% | 1% | 6% | 3% | 2% | −31% | 12% | 16% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 15% | 20% | 21% | 22% | 25% | 19% | 22% | 21% | 25% | 20% | 25% | 19% |
| Net profit | ₹56.0 cr | ₹97.0 cr | ₹152 cr | ₹88.0 cr | ₹85.0 cr | ₹130 cr | ₹268 cr | ₹125 cr | ₹161 cr | ₹127 cr | ₹193 cr | ₹73.0 cr |
| YoY | — | — | — | +110% | +52% | +34% | +76% | +42% | +89% | −2% | −28% | −42% |
| Core profit YoY | — | — | — | +57% | +112% | +67% | +74% | +123% | +96% | +31% | −29% | −51% |
| EPS | ₹2.17 | ₹3.77 | ₹5.90 | ₹3.41 | ₹3.21 | ₹4.87 | ₹10.08 | ₹4.68 | ₹6.04 | ₹4.79 | ₹7.24 | ₹2.73 |
| Flags | · | · | · | 2 | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Kec International Ltd. reported revenue of ₹5,023 cr (+11.3% on the year) and net profit of ₹125 cr (+42.0% on the year) for April to June 2025.
Profit before other income, exceptional items and tax moved +123.2% on the year, against +42.0% for reported profit.
None of the 7 checks that could run raised a question.
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