KEC · Construction
Kec International Ltd. reported revenue of ₹6,872 cr for January to March 2025, +11.5% on the year and +28.5% on the quarter. It is the highest quarterly revenue in the last 8 quarters on record. Over the last four quarters revenue comes to ₹21,846 cr, +9.7% on the four before.
Operating profit (EBITDA) was ₹539 cr, a margin of 7.8%, +155 bps on the year and +85 bps on the quarter. It is the widest margin of the last 8 quarters (range 5.7% to 7.8%). Operating costs grew +9.6% against revenue growth of +11.5%, so more of each rupee of sales reached operating profit.
Net profit was ₹268 cr, +76.3% on the year and +106.2% on the quarter, with earnings per share of ₹10.08. Profit before other income, one-offs and tax grew 74.1%, so the profit growth came from the business itself. The tax rate of 22% is in line with its recent average. Profit over the last four quarters totals ₹571 cr, +64.6% 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 ₹21.57 over the last four quarters, the stock at ₹352.65 trades at 16.3 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, 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.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| 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 ₹6,872 cr (+11.5% on the year) and net profit of ₹268 cr (+76.3% on the year) for January to March 2025.
Profit before other income, exceptional items and tax moved +74.1% on the year, against +76.3% for reported profit.
None of the 7 checks that could run raised a question.
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Numbers as filed with the exchanges, read by rules. Every flag is a question with its source, not an accusation. FinMinutes is a financial data and analytics platform; nothing here is a recommendation to buy, sell or hold any security. How each check works.