India · Delayed Price · Currency is INR KEC International Earnings Call Transcripts
Fiscal Year 2026
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Record annual revenue and profitability achieved, led by T&D and cables, with robust order inflows and a strong order book. FY 2027 guidance targets 12–15% revenue growth, significant debt reduction, and 30%+ civil segment growth, despite ongoing supply chain and geopolitical challenges.
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Q3 revenue grew 12% year-on-year to INR 6,001 crore, with strong T&D performance and record order intake. Margins revised to 7-7.5% for FY26 due to project delays, but core T&D and SAE segments maintain double-digit margins. Net debt targeted to reduce to INR 5,500 crore by year-end.
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Q2 saw record revenue and strong profitability growth, led by T&D and international expansion. Order intake and order book reached all-time highs, while margins improved and debt is expected to decline as collections normalize. Civil and renewables are set for margin and revenue growth in H2.
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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 robust execution drove revenue and margin growth, with T&D leading performance. Guidance for FY25 is revised to 12%-14% revenue growth, with strong order book and margin improvement expected as legacy low-margin projects wind down.
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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 despite operational challenges. Debt was reduced significantly, and the company remains confident of achieving 9%-10% EBITDA margins by year-end, supported by a robust order book and strong tender pipeline.
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Order intake surged 70% year-over-year, with a record order book plus L1 exceeding INR 42,000 crore. Revenue and EBITDA grew, margins improved, and net debt reduced. Strong growth is expected in H2, with robust guidance maintained and significant expansion in T&D, civil, and renewables.