KEC · Construction
Kec International Ltd. reported revenue of ₹5,024 cr for April to June 2026, +0.0% on the year and −21.4% on the quarter. That is slower than this quarter has grown in recent years (+8.8% on average). Over the last four quarters revenue comes to ₹23,506 cr, +5.1% on the four before.
Operating profit (EBITDA) was ₹291 cr, a margin of 5.8%, −118 bps on the year and −122 bps on the quarter. It is the narrowest margin of the last 8 quarters (range 5.8% to 7.8%). Operating costs grew +1.3%, faster than revenue at +0.0%, so operating profit grew less than sales.
Net profit was ₹72.6 cr, −41.9% on the year and −62.4% on the quarter, with earnings per share of ₹2.73. Profit before other income, one-offs and tax fell 50.7%, so 9 points of the headline growth came from outside the core business. The tax rate of 19% is in line with its recent average. Profit over the last four quarters totals ₹553 cr, −9.0% on the four before.
Real estate revenue is booked when projects complete, so the quarterly statements lag the business; pre-sales and collections show where it actually is. The quarterly statements do not carry pre-sales, collections and launches; those come with the filing read.
On earnings per share of ₹20.80 over the last four quarters, the stock at ₹352.65 trades at 17.0 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.
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.
| Metric | Q1 FY27 | Q2 FY26 |
|---|---|---|
| EPC Segment Revenue (₹ crore) | 4,595 | 5,711 |
| Others (Cables) Segment Revenue (₹ crore) | 600.67 | 524.17 |
| EPC Segment Result (₹ crore) | 262.85 | 398.26 |
| Others (Cables) Segment Result (₹ crore) | 27.96 | 32.15 |
| Debt Equity Ratio (ratio) | 0.88 | 0.94 |
| Operating Margin Excl Exceptional Items | 5.79% | 7.07% |
| Net Profit Margin | 1.45% | 2.64% |
Read using the Real estate, REITs and InvITs framework (named in the filing read). Primary valuation lens: NAV for developers; distribution yield and NAV for REITs.
Read more closely in this sector: Pre-sales against collections · Land bought on debt · Joint development share.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹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 | ₹5,468 cr |
| YoY | — | — | +6% | +14% | +7% | +11% | +11% | +19% | +12% | −7% | +0% | −10% |
| EBITDA margin | 6.2% | 6.3% | 6.0% | 6.3% | 7.0% | 7.8% | 7.0% | 7.1% | 7.2% | 7.0% | 5.8% | 5.0% |
| Other income, % of PBT | 21% | 4% | 38% | 6% | 1% | 6% | 3% | 2% | −31% | 12% | 16% | 32% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 20% | 21% | 22% | 25% | 19% | 22% | 21% | 25% | 20% | 25% | 19% | 27% |
| Net profit | ₹97.0 cr | ₹152 cr | ₹88.0 cr | ₹85.0 cr | ₹130 cr | ₹268 cr | ₹125 cr | ₹161 cr | ₹127 cr | ₹193 cr | ₹72.6 cr | ₹29.7 cr |
| YoY | — | — | +110% | +52% | +34% | +76% | +42% | +89% | −2% | −28% | −42% | −81% |
| Core profit YoY | — | — | +57% | +112% | +67% | +74% | +123% | +97% | +31% | −29% | −51% | −87% |
| EPS | ₹3.77 | ₹5.90 | ₹3.41 | ₹3.21 | ₹4.87 | ₹10.08 | ₹4.68 | ₹6.04 | ₹4.79 | ₹7.24 | ₹2.73 | ₹1.12 |
| Flags | · | · | 2 | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | 3 |
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 ₹5,024 cr (+0.0% on the year) and net profit of ₹72.6 cr (−41.9% on the year) for April to June 2026.
Profit before other income, exceptional items and tax moved −50.7% on the year, against −41.9% for reported profit.
None of the 7 checks that could run raised a question.
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