Fundamental Analysis of KEC International Ltd

About the Company - KEC International Ltd

KEC International Ltd. is a Public Limited Listed company incorporated on 18/03/2005 and has its registered office in the State of Maharashtra, India. Company’s Corporate Identification Number(CIN) is L45200MH2005PLC152061 and registration number is 152061. Currently Company is involved in the business activities of Manufacture of wiring and wiring devices. Company’s Total Operating Revenue is Rs. 12573.27 Cr. and Equity Capital is Rs. 51.42 Cr. for the Year ended 31/03/2022.

INDUSTRY	ADDRESS	CONTACT
Power - Transmission/Equipment	RPG House, Mumbai Maharashtra 400030	investorpoint@kecrpg.com https://www.kecrpg.com

Management
Name	Position Held
Mr. H V Goenka	Chairman
Mr. Vimal Kejriwal	Managing Director & CEO
Mr. A T Vaswani	Independent Director
Mr. Dilip G Piramal	Independent Director
Mr. G L Mirchandani	Independent Director
Ms. Nirupama Rao	Independent Director
Mr. Ramesh Chandak	Independent Director
Mr. S M Trehan	Independent Director
Mr. Vikram Gandhi	Independent Director
Mr. M S Unnikrishnan	Independent Director
Mr. Vinayak Chatterjee	Non Exe.Non Ind.Director

Basic Stock Data of KEC International Ltd

Last Updated: July 6, 2024, 11:56 am

Market Cap	23,155 Cr.
Current Price	901
High / Low	969/550
Stock P/E	66.8
Book Value	159
Dividend Yield	0.33 %
ROCE	14.2 %
ROE	8.82 %
Face Value	2.00
PEG Ratio	-3.38

KEC International Ltd Quarterly Results

Month	Dec 2020	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023
Sales	3,289	4,361	2,540	3,587	3,340	4,275	3,318	4,064	4,375	5,525	4,244	4,499	5,007
Expenses	2,991	4,006	2,380	3,334	3,101	4,023	3,150	3,886	4,175	5,242	3,999	4,225	4,699
Operating Profit	299	355	160	253	239	252	168	178	200	283	244	274	308
OPM %	9%	8%	6%	7%	7%	6%	5%	4%	5%	5%	6%	6%	6%
Other Income	4	12	2	-40	5	3	8	16	2	6	3	16	26
Interest	66	63	65	73	82	95	100	128	149	162	159	178	164
Depreciation	38	38	38	39	39	42	39	40	41	42	42	47	49
Profit before tax	199	266	59	101	122	118	37	27	11	86	47	66	121
Tax %	27%	27%	21%	20%	23%	5%	16%	-108%	-54%	16%	9%	15%	20%
Net Profit	145	194	46	80	94	112	31	55	18	72	42	56	97
EPS in Rs	5.64	7.56	1.79	3.12	3.64	4.36	1.21	2.15	0.68	2.81	1.65	2.17	3.77

Last Updated: June 5, 2024, 12:45 am

KEC International Ltd Quarterly Chart

KEC International Ltd Profit & Loss

Month	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	TTM
Sales	5,815	6,979	7,902	8,468	8,518	8,584	10,053	11,001	11,965	13,114	13,742	17,282	18,642
Expenses	5,292	6,533	7,339	7,889	7,733	7,673	8,957	9,764	10,635	11,874	12,742	16,334	17,640
Operating Profit	523	447	563	579	785	911	1,095	1,237	1,330	1,240	1,001	948	1,002
OPM %	9%	6%	7%	7%	9%	11%	11%	11%	11%	9%	7%	5%	5%
Other Income	61	16	-4	146	6	14	22	31	11	29	-31	30	26
Interest	211	260	333	376	368	332	318	398	403	360	413	656	647
Depreciation	48	56	71	88	132	130	110	117	147	153	158	161	171
Profit before tax	324	147	155	261	291	463	689	753	790	756	399	161	210
Tax %	35%	56%	57%	38%	49%	34%	33%	34%	28%	27%	17%	-9%
Net Profit	209	65	67	161	148	305	460	496	566	553	332	176	188
EPS in Rs	8.14	2.53	2.60	6.26	5.75	11.86	17.91	19.28	22.00	21.50	12.92	6.85	7.31
Dividend Payout %	15%	20%	23%	14%	17%	14%	13%	14%	15%	19%	31%	44%

KEC International Ltd Profit & Loss Yearly Chart

Growth

Compounded Sales Growth
10 Years:	9%
5 Years:	11%
3 Years:	13%
TTM:	20%

Compounded Profit Growth
10 Years:	10%
5 Years:	-18%
3 Years:	-32%
TTM:	24%

Stock Price CAGR
10 Years:	25%
5 Years:	20%
3 Years:	24%
1 Year:	45%

Return on Equity
10 Years:	14%
5 Years:	14%
3 Years:	10%
Last Year:	5%

Last Updated: May 2, 2024, 5:06 am

KEC International Ltd Balance Sheet

Month	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Sep 2023
Equity Capital	51	51	51	51	51	51	51	51	51	51	51	51	51
Reserves	1,056	1,096	1,140	1,278	1,239	1,535	1,946	2,384	2,746	3,308	3,569	3,720	3,793
Borrowings	1,239	1,669	2,130	2,214	3,221	2,106	1,766	1,839	2,519	2,066	3,065	3,383	4,912
Other Liabilities	3,204	3,418	4,069	4,183	4,362	5,023	6,749	7,389	7,538	8,566	9,613	11,507	10,782
Total Liabilities	5,551	6,235	7,390	7,727	8,874	8,715	10,512	11,663	12,855	13,992	16,298	18,661	19,538
Fixed Assets	1,131	1,321	1,352	1,259	1,198	1,149	1,112	1,182	1,352	1,398	1,538	1,583	1,650
CWIP	112	30	18	16	8	5	78	7	84	18	2	11	13
Investments	0	0	0	0	25	130	39	13	22	1	13	0	0
Other Assets	4,308	4,884	6,020	6,452	7,643	7,431	9,283	10,460	11,396	12,575	14,745	17,067	17,875
Total Assets	5,551	6,235	7,390	7,727	8,874	8,715	10,512	11,663	12,855	13,992	16,298	18,661	19,538

KEC International Ltd Reserves and Borrowings Chart

KEC International Ltd Cash Flow

Month	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Cash from Operating Activity	549	-87	-9	153	-75	1,662	660	199	87	840	-284	607
Cash from Investing Activity	-40	-122	-136	125	-7	-182	-4	-67	-113	-134	-204	-132
Cash from Financing Activity	-460	161	132	-216	-28	-1,379	-638	-150	3	-659	496	-401
Net Cash Flow	49	-48	-14	62	-110	101	17	-18	-23	47	8	74

KEC International Ltd Financial Efficiency Indicators

Month	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Debtor Days	157	151	176	166	200	179	183	162	166	150	136	146
Inventory Days	51	38	45	38	32	35	45	43	51	54	65	59
Days Payable	253	235	286	266	248	278	331	324	327	395	420	433
Cash Conversion Cycle	-45	-46	-65	-62	-17	-64	-103	-119	-111	-191	-219	-229
Working Capital Days	42	49	57	63	112	74	66	82	93	86	101	84
ROCE %	21%	16%	16%	15%	16%	20%	27%	29%	25%	21%	14%	12%

KEC International Ltd Financial Efficiency Indicators Chart

KEC International Ltd Share Holding Pattern

Month	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Promoters	51.82%	51.82%	51.82%	51.82%	51.88%	51.88%	51.88%	51.88%	51.88%	51.88%	51.88%	51.88%
FIIs	11.06%	11.11%	12.25%	12.19%	12.17%	11.58%	12.62%	12.60%	11.58%	11.25%	10.90%	12.45%
DIIs	26.52%	27.00%	26.35%	26.39%	26.47%	26.52%	25.56%	25.79%	26.65%	27.16%	26.95%	25.84%
Public	10.60%	10.07%	9.58%	9.60%	9.48%	10.03%	9.93%	9.73%	9.90%	9.73%	10.28%	9.83%
No. of Shareholders	1,09,532	1,14,526	1,10,793	1,12,259	1,07,632	1,06,248	1,00,154	98,145	98,643	1,03,019	1,16,281	1,10,618

KEC International Ltd Shareholding Pattern Chart

No. of KEC International Ltd Shareholders

KEC International Ltd Mutual Fund Holdings

Fund Name	No of Shares	AUM (%)	Amount Invested (Cr)	Previous Number of Shares	Previous Date	Percentage Change
HDFC Mid-Cap Opportunities Fund - Regular Plan	9,032,350	1.19	567.5	5,200,000	2024-07-05	73.7%
Kotak Flexicap Fund - Regular Plan	8,199,999	1.31	515.21	5,200,000	2024-07-05	57.69%
HDFC Hybrid Equity Fund - Regular Plan	7,559,459	2.31	474.96	5,200,000	2024-07-05	45.37%
HDFC Small Cap Fund - Regular Plan	5,200,000	1.41	326.72	5,200,000	2024-07-05	0%
HSBC Value Fund	3,887,970	2.63	244.28	5,200,000	2024-07-05	-25.23%
HSBC Small Cap Fund - Regular Plan	2,572,136	1.4	161.61	5,200,000	2024-07-05	-50.54%
DSP Flexi Cap Fund	2,492,052	1.77	156.58	5,200,000	2024-07-05	-52.08%
Canara Robeco Small Cap Fund	2,215,932	1.77	139.23	5,200,000	2024-07-05	-57.39%
DSP ELSS Tax Saver Fund	2,214,108	1.19	139.11	5,200,000	2024-07-05	-57.42%
Bandhan Sterling Value Fund	2,200,000	2.07	138.23	5,200,000	2024-07-05	-57.69%

KEC International Ltd ROCE Trend

KEC International Ltd EPS Trend

KEC International Ltd Key Financial Ratios

Month	Mar 24	Mar 23	Mar 22	Mar 21	Mar 20
FaceValue	2.00	2.00	2.00	2.00	2.00
Basic EPS (Rs.)	13.49	6.85	12.92	21.50	22.00
Diluted EPS (Rs.)	13.49	6.85	12.92	21.50	22.00
Cash EPS (Rs.)	20.70	13.13	19.06	27.43	27.72
Book Value[Excl.RevalReserv]/Share (Rs.)	159.31	146.69	140.80	130.68	108.81
Book Value[Incl.RevalReserv]/Share (Rs.)	159.31	146.69	140.80	130.68	108.81
Revenue From Operations / Share (Rs.)	774.60	672.18	534.51	510.08	465.40
PBDIT / Share (Rs.)	49.28	33.49	35.66	45.55	48.44
PBIT / Share (Rs.)	42.07	27.21	29.52	39.62	42.72
PBT / Share (Rs.)	16.59	6.26	15.54	29.40	30.74
Net Profit / Share (Rs.)	13.49	6.85	12.92	21.50	22.00
NP After MI And SOA / Share (Rs.)	13.49	6.85	12.92	21.50	22.00
PBDIT Margin (%)	6.36	4.98	6.67	8.93	10.40
PBIT Margin (%)	5.43	4.04	5.52	7.76	9.17
PBT Margin (%)	2.14	0.93	2.90	5.76	6.60
Net Profit Margin (%)	1.74	1.01	2.41	4.21	4.72
NP After MI And SOA Margin (%)	1.74	1.01	2.41	4.21	4.72
Return on Networth / Equity (%)	8.46	4.66	9.17	16.45	20.21
Return on Capital Employeed (%)	23.92	15.68	17.90	27.08	34.82
Return On Assets (%)	1.82	0.94	2.03	3.93	4.39
Long Term Debt / Equity (X)	0.09	0.13	0.10	0.06	0.05
Total Debt / Equity (X)	0.97	0.84	0.79	0.54	0.73
Asset Turnover Ratio (%)	1.06	0.91	0.86	0.90	0.87
Current Ratio (X)	1.11	1.11	1.13	1.16	1.13
Quick Ratio (X)	1.03	1.03	1.04	1.07	1.05
Inventory Turnover Ratio (X)	7.16	6.75	6.78	6.65	7.72
Dividend Payout Ratio (NP) (%)	0.00	58.41	30.95	0.00	27.69
Dividend Payout Ratio (CP) (%)	0.00	30.46	20.98	0.00	21.97
Earning Retention Ratio (%)	0.00	41.59	69.05	0.00	72.31
Cash Earning Retention Ratio (%)	0.00	69.54	79.02	0.00	78.03
Interest Coverage Ratio (X)	1.93	1.60	2.90	4.46	4.04
Interest Coverage Ratio (Post Tax) (X)	1.53	1.33	2.19	3.10	2.84
Enterprise Value (Cr.)	21552.51	14579.19	12348.72	12144.35	6667.34
EV / Net Operating Revenue (X)	1.08	0.84	0.89	0.92	0.55
EV / EBITDA (X)	17.01	16.93	13.47	10.37	5.35
MarketCap / Net Operating Revenue (X)	0.89	0.67	0.70	0.80	0.39
Retention Ratios (%)	0.00	41.58	69.04	0.00	72.30
Price / BV (X)	4.36	3.11	2.69	3.14	1.70
Price / Net Operating Revenue (X)	0.89	0.67	0.70	0.80	0.39
EarningsYield	0.01	0.01	0.03	0.05	0.11

KEC International Ltd Profitability Ratios (%)

KEC International Ltd Liquidity Ratios

KEC International Ltd Liquidity Ratios (%)

KEC International Ltd Interest Coverage Ratios (%)

KEC International Ltd Valuation Ratios

Fair Value

Fair Value: 939.88

Calculation basis:

Fair value = P/E Ratio * (Return on Equity / 100) * Book Value * (1 + Dividend Yield / 100)
P/E Ratio (Price-to-Earnings Ratio): Represents the price of the stock relative to its earnings per share. A higher P/E ratio indicates that investors are willing to pay a higher price for the stock.
Return on Equity (ROE): Measures a company's profitability relative to its shareholder equity. It showcases the company's ability to generate profits using the investment made by its shareholders, offering valuable insight into its operational efficiency and financial performance
Book Value: Represents the net asset value of the company per share. It is calculated as the total assets minus intangible assets and liabilities, divided by the number of outstanding shares.
Dividend Yield: The ratio of the annual dividend per share to the current market price per share. It offers valuable insights into the profitability of an investment through dividends.

This formula allows us to gauge the fair value of the stock by analyzing its fundamental indicators.

Undervalued: 4.32% compared to the current price 901

Intrinsic Value: 754.00

Calculation basis:

Fair value = P/E Ratio * (Return on Equity / 100) * Book Value * (1 + Dividend Yield / 100) * (1 + EPS CAGR for Last 5 Years)
P/E Ratio (Price-to-Earnings Ratio): Represents the price of the stock relative to its earnings per share. A higher P/E ratio indicates that investors are willing to pay a higher price for the stock.
Return on Equity (ROE): Measures a company's profitability relative to its shareholder equity. It showcases the company's ability to generate profits using the investment made by its shareholders, offering valuable insight into its operational efficiency and financial performance.
Book Value: Represents the net asset value of the company per share. It is calculated as the total assets minus intangible assets and liabilities, divided by the number of outstanding shares.
Dividend Yield: The ratio of the annual dividend per share to the current market price per share. It offers valuable insights into the profitability of an investment through dividends.
EPS CAGR (Compound Annual Growth Rate): Represents the geometric mean growth rate of earnings per share over the last 5 years. It provides insight into the historical growth trajectory of the company's earnings.

This formula allows us to gauge the fair value of the stock by analyzing its fundamental indicators along with EPS growth.

Overvalued: 16.32% compared to the current price ₹901

Last 5 Year EPS CAGR: -19.78%

*Investments are subject to market risks

Strength and Weakness of KEC International Ltd Stock

Strength	Weakness
The stock has a high average ROCE of 19.33%, which is a positive sign. The stock has a low average Cash Conversion Cycle of -105.92, which is a positive sign. The company has shown consistent growth in sales (10.38 cr) and profit (415.31 cr) over the years.	The stock has a high average Working Capital Days of 75.75, which may not be favorable. The company has higher borrowings (2,471.46) compared to reserves (2,216.15), which may suggest financial risk.

FAQ

What is the latest fair value of KEC International Ltd?

The latest fair value of KEC International Ltd is ₹939.88.

What is the Market Cap of KEC International Ltd?

The Market Cap of KEC International Ltd is 23,155 Cr..

What is the current Stock Price of KEC International Ltd as on 06 July 2024?

The current stock price of KEC International Ltd as on 06 July 2024 is 901.

What is the High / Low of KEC International Ltd stocks in FY 2024?

In FY 2024, the High / Low of KEC International Ltd stocks is 969/550.

What is the Stock P/E of KEC International Ltd?

The Stock P/E of KEC International Ltd is 66.8.

What is the Book Value of KEC International Ltd?

The Book Value of KEC International Ltd is 159.

What is the Dividend Yield of KEC International Ltd?

The Dividend Yield of KEC International Ltd is 0.33 %.

What is the ROCE of KEC International Ltd?

The ROCE of KEC International Ltd is 14.2 %.

What is the ROE of KEC International Ltd?

The ROE of KEC International Ltd is 8.82 %.

What is the Face Value of KEC International Ltd?

The Face Value of KEC International Ltd is 2.00.