India · Delayed Price · Currency is INR KEC International Earnings Call Transcripts
Fiscal Year 2026
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Q3 saw record revenue growth of 12% year-on-year, with strong T&D and SAE performance, but margin guidance was revised down to 7-7.5% for FY26 due to project delays and labor shortages. Order book and L1 position remain robust at over INR 41,000 crore.
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Q2 saw record revenues and strong profitability, led by T&D growth and robust order intake. Debt is expected to normalize by year-end, with margin improvement targeted in H2. Civil and railway segments are set for recovery, and international markets remain key growth drivers.
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Q1 FY26 saw 11% revenue growth and 19% EBITDA growth, with strong T&D performance and margin expansion. Order inflow and order book remain robust, while working capital and debt are set to improve. Guidance for FY26 margins is 8%-8.5%, with further improvement expected in FY27.
Fiscal Year 2025
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Record FY25 revenue and profitability were driven by strong T&D, cables, and renewables growth, with significant debt reduction and improved margins. FY26 guidance targets 15% revenue growth, 8-8.5% EBITDA margin, and INR 30,000 crores order intake, supported by a robust order book and ongoing operational improvements.
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Record order inflows and strong execution drove revenue and margin growth, with T&D leading performance. Guidance for FY25 revenue growth is revised to 12%-14%, with further margin expansion expected as legacy low-margin orders are completed and new high-margin projects ramp up.
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Q2 saw 14% revenue growth and a record INR 13,500 crore order intake, with EBITDA up 17% and margins improving. Debt reduced significantly post-QIP, and strong order books across T&D, civil, and cables support a positive outlook, with 9%-10% EBITDA margin targeted by year-end.
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Order intake surged 70% year-over-year to over INR 7,600 crore, with a record order book plus L1 of INR 42,000 crore. Q1 FY25 revenue grew 6% and EBITDA 20%, while management reaffirmed 15% annual revenue growth and 7.5% EBITDA margin guidance.