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Last Updated: April 2, 2026, 3:12 am
Author: Getaka|Social: XLinkedIn
Stock Ticker - BSE: 532714 | NSE: KEC

KEC International Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹392.80Overvalued by 24.75%vs CMP ₹522.00

P/E (19.1) × ROE (12.0%) × BV (₹212.00) × DY (1.05%)

₹451.90Overvalued by 13.43%vs CMP ₹522.00
MoS: -15.5% (Negative)Confidence: 48/100 (Moderate)Models: 2 Under, 1 Fair, 5 Over
ModelCategoryValueWeightSignal
PE-ROEEarnings₹450.3425%Over (-13.7%)
Graham NumberEarnings₹349.3818%Over (-33.1%)
DCFCash Flow₹311.6115%Over (-40.3%)
Net Asset ValueAssets₹211.968%Over (-59.4%)
EV/EBITDAEnterprise₹501.9010%Fair (-3.9%)
Earnings YieldEarnings₹255.908%Over (-51%)
ROCE CapitalReturns₹928.2610%Under (+77.8%)
Revenue MultipleRevenue₹820.626%Under (+57.2%)
Consensus (8 models)₹451.90100%Overvalued
Key Drivers: Wide model spread (₹212–₹928) — high uncertainty.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: 14.6%

*Investments are subject to market risks

Investment Snapshot

62
KEC International Ltd scores 62/100 (Average)
Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison
Stock Health64/100 · Moderate
ROCE 18.0% GoodROE 12.0% AverageD/E 0.54 ModerateInterest Coverage 0.0x RiskyProfitable 5/5 years Consistent
Smart Money45/100 · Moderate
FII holding down -3.67% (6mo) SellingDII holding up 1.29% MF buyingPromoter holding at 50.1% Stable
Earnings Quality50/100 · Moderate
OPM stable around 8% Steady
Quarterly Momentum80/100 · Strong
Revenue (4Q): +13% YoY GrowingProfit (4Q): +50% YoY Strong
Industry Rank65/100 · Strong
P/E 19.1 vs industry 31.8 Cheaper than peersROCE 18.0% vs industry 18.2% Average3Y sales CAGR: 17% Moderate

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores are computed from reported financials and recalculated daily. Not investment advice.

KEC International Ltd Investor Signals

Computed from valuation, cash flow, balance sheet, ownership and quarterly trend data already available in this stock page.

Value Trap Score
50/100
Moderate
Derived from: Cheapness + weak quality + weak cash support
Current data: P/E 19.1 vs Ind 31.8 | ROCE 18.0% | ROE 12.0% | CFO/NP N/A
Balance Sheet Stress
30/100
Comfortable
Derived from: Leverage + debt servicing + liquidity + debt trend
Current data: D/E 0.54x | IntCov 0.0x | Current 1.16x | Borrow/Reserve 0.95x
Cash Flow Reliability
14/100
Weak
Derived from: Cash backing of earnings + working capital pressure
Current data: CFO ₹0 Cr | NP ₹571 Cr | CFO/NP N/A
Ownership Accumulation
0
Neutral
Derived from: FII + DII + promoter direction, adjusted by crowding
Current data: FII -4.17 pp | DII +2.93 pp | Prom 0.00 pp
Business Momentum
-27
Watch closely
Derived from: Latest quarter sales + profit + OPM change
Current data: Q Sales -1.5% | Q NP -21.1% | Q OPM 0.0 pp
Derived FieldValueHow it is derived
Valuation Gap %-13.4%((Fair Value - CMP) / CMP) × 100
Borrowings / Reserves0.95xLatest borrowings divided by latest reserves
CFO / Net ProfitN/ALatest operating cash flow divided by latest net profit
FII Change-4.17 ppLatest FII% minus previous FII%
DII Change+2.93 ppLatest DII% minus previous DII%
Promoter Change0.00 ppLatest promoter% minus previous promoter%
Shareholder Count Change+11,703Latest shareholder count minus previous count
Quarterly Sales Change-1.5%Latest quarter sales vs previous quarter sales
Quarterly Profit Change-21.1%Latest quarter net profit vs previous quarter net profit
Quarterly OPM Change0.0 ppLatest quarter OPM minus previous quarter OPM

Share Price and Basic Stock Data

Last Updated: April 2, 2026, 3:12 am

Market Cap 13,897 Cr.
Current Price 522
Intrinsic Value₹451.90
High / Low 947/510
Stock P/E19.1
Book Value 212
Dividend Yield1.05 %
ROCE18.0 %
ROE12.0 %
Face Value 2.00
PEG Ratio1.30

Stock P/E, Current Price, and Intrinsic Value Over Time

View Share Price Target for KEC International Ltd

Competitors

Stock Name ⇩Market Cap ⇩Current Price ⇩High / Low ⇩Stock P/E ⇩Book Value ⇩Dividend Yield ⇩ROCE ⇩ROE ⇩Face Value ⇩
KEC International Ltd 13,897 Cr. 522 947/51019.1 2121.05 %18.0 %12.0 % 2.00
Voltamp Transformers Ltd 9,161 Cr. 9,055 10,088/5,90025.9 1,6261.10 %29.1 %21.7 % 10.0
Transformers & Rectifiers India Ltd (TRIL) 8,234 Cr. 274 595/22430.9 44.80.07 %28.0 %23.4 % 1.00
Bajel Projects Ltd 1,783 Cr. 154 264/13585.0 45.40.00 %12.9 %2.68 % 2.00
Indo Tech Transformers Ltd 1,347 Cr. 1,268 2,790/1,10015.0 3060.00 %37.8 %25.7 % 10.0
Industry Average38,511.88 Cr1,451.6331.78294.380.70%18.23%15.50%5.25

All Competitor Stocks of KEC International Ltd

Quarterly Result

MetricDec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales 4,3755,5254,2444,4995,0076,1654,5125,1135,3496,8725,0236,0926,001
Expenses 4,1755,2423,9994,2254,6995,7774,2424,7934,9756,3334,6735,6615,571
Operating Profit 200283244274308388270320374539350430430
OPM % 5%5%6%6%6%6%6%6%7%8%7%7%7%
Other Income 2631626843712055-49
Interest 149162159178164154155168170170151171171
Depreciation 41424247494847454547465150
Profit before tax 11864766121193112113160342159213160
Tax % -54%16%9%15%20%21%22%25%19%22%21%25%20%
Net Profit 18724256971528885130268125161127
EPS in Rs 0.682.811.652.173.775.903.413.214.8710.084.686.044.79

Last Updated: February 5, 2026, 8:02 am

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 24, 2026, 6:16 pm

MetricMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales 7,9028,4688,5188,58410,05311,00111,96513,11413,74217,28219,91421,84723,988
Expenses 7,3397,8897,7337,6738,9579,76410,63511,87412,74216,36218,55620,16422,239
Operating Profit 5635797859111,0951,2371,3301,2401,0019201,3591,6831,749
OPM % 7%7%9%11%11%11%11%9%7%5%7%8%7%
Other Income -414661422311129-31595068-18
Interest 333376368332318398403360413656797839664
Depreciation 7188132130110117147153158161185184193
Profit before tax 155261291463689753790756399161426727874
Tax % 57%38%49%34%33%34%28%27%17%-9%19%22%
Net Profit 67161148305460496566553332176347571681
EPS in Rs 2.606.265.7511.8617.9119.2822.0021.5012.926.8513.4921.4425.59
Dividend Payout % 23%14%17%14%13%14%15%19%31%44%30%26%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2014-20152015-20162016-20172017-20182018-20192019-20202020-20212021-20222022-20232023-20242024-2025
YoY Net Profit Growth (%)140.30%-8.07%106.08%50.82%7.83%14.11%-2.30%-39.96%-46.99%97.16%64.55%
Change in YoY Net Profit Growth (%)0.00%-148.37%114.16%-55.26%-42.99%6.29%-16.41%-37.67%-7.02%144.15%-32.61%

KEC International Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 11 years from 2014-2015 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:10%
5 Years:13%
3 Years:17%
TTM:11%
Compounded Profit Growth
10 Years:25%
5 Years:0%
3 Years:17%
TTM:55%
Stock Price CAGR
10 Years:21%
5 Years:21%
3 Years:29%
1 Year:-13%
Return on Equity
10 Years:14%
5 Years:11%
3 Years:9%
Last Year:12%

Last Updated: September 5, 2025, 8:55 am

Balance Sheet

Last Updated: December 4, 2025, 1:31 am

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital 51515151515151515151515353
Reserves 1,1401,2781,2391,5351,9462,3842,7463,3083,5693,7204,0445,2945,590
Borrowings 2,1302,2143,2212,1061,7661,8392,5192,0663,0653,3833,9613,9575,308
Other Liabilities 4,0694,1834,3625,0236,7497,3897,5388,5669,61310,11710,97512,85912,662
Total Liabilities 7,3907,7278,8748,71510,51211,66312,85513,99216,29817,27119,03122,16423,613
Fixed Assets 1,3521,2591,1981,1491,1121,1821,3521,3981,5381,5831,6281,6471,752
CWIP 1816857878418211143955
Investments 00251303913221130000
Other Assets 6,0206,4527,6437,4319,28310,46011,39612,57514,74515,67717,38920,47921,806
Total Assets 7,3907,7278,8748,71510,51211,66312,85513,99216,29817,27119,03122,16423,613

Reserves and Borrowings Chart

Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity + -9153-751,66266019987840-284614311419
Cash from Investing Activity + -136125-7-182-4-67-113-134-204-139-243-46
Cash from Financing Activity + 132-216-28-1,379-638-1503-659496-401-145-32
Net Cash Flow -1462-11010117-18-2347874-76341
Free Cash Flow -153269-991,59552490-115726-42545178270
CFO/OP 18%47%7%194%81%40%33%85%0%90%41%16%

Free Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Free Cash Flow561.00577.00782.00909.000.000.00-1.00-1.00-2.00917.00-2.00-2.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days 176166200179183162166150136907684
Inventory Days 453832354543515465595341
Days Payable 286266248278331324327395420433401380
Cash Conversion Cycle -65-62-17-64-103-119-111-191-219-284-272-255
Working Capital Days 178213343343735272542
ROCE %16%15%16%20%27%29%25%21%14%12%16%18%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Promoters 51.88%51.88%51.88%51.88%51.88%51.88%50.10%50.10%50.10%50.10%50.10%50.10%
FIIs 12.60%11.58%11.25%10.90%12.45%12.66%13.60%15.20%15.42%16.02%15.92%11.75%
DIIs 25.79%26.65%27.16%26.95%25.84%25.29%26.33%24.91%24.18%22.55%22.54%25.47%
Public 9.73%9.90%9.73%10.28%9.83%10.16%9.97%9.79%10.29%11.32%11.43%12.66%
No. of Shareholders 98,14598,6431,03,0191,16,2811,10,6181,25,2271,36,6271,37,8201,59,5401,73,9271,79,5251,91,228

Shareholding Pattern Chart

No. of Shareholders

KEC International Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

Mutual Fund Holdings

Fund NameNo of SharesAUM (%)Amount Invested (Cr)Previous Number of SharesPrevious DatePercentage Change
HDFC Mid Cap Fund 9,032,350 0.65 602.59N/AN/AN/A
Nippon India Multi Cap Fund 6,180,208 0.84 412.315,675,7992026-01-23 05:21:528.89%
HDFC Small Cap Fund 4,959,256 0.9 330.86N/AN/AN/A
Kotak Flexicap Fund 4,500,000 0.53 300.22N/AN/AN/A
HDFC Hybrid Equity Fund 3,450,000 0.97 230.173,600,0002026-01-26 02:18:51-4.17%
HSBC Value Fund 2,446,767 1.12 163.243,002,6002025-12-15 02:04:17-18.51%
DSP Flexi Cap Fund 2,319,424 1.29 154.742,319,4242025-04-22 17:25:290%
Canara Robeco Small Cap Fund 1,950,052 1.03 130.11,621,0352025-12-15 02:04:1720.3%
ICICI Prudential India Opportunities Fund 1,942,851 0.37 129.621,730,5092026-02-23 01:21:5912.27%
Nippon India Small Cap Fund 1,730,868 0.18 115.471,730,8682025-04-22 17:25:290%

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 25Mar 24Mar 23Mar 22Mar 21
FaceValue 2.002.002.002.002.00
Basic EPS (Rs.) 21.8013.496.8512.9221.50
Diluted EPS (Rs.) 21.8013.496.8512.9221.50
Cash EPS (Rs.) 28.3420.7013.1319.0627.43
Book Value[Excl.RevalReserv]/Share (Rs.) 200.88159.30146.69140.80130.68
Book Value[Incl.RevalReserv]/Share (Rs.) 200.88159.30146.69140.80130.68
Revenue From Operations / Share (Rs.) 820.69774.57672.18534.51510.08
PBDIT / Share (Rs.) 59.1649.2833.4935.6645.55
PBIT / Share (Rs.) 52.2642.0727.2129.5239.62
PBT / Share (Rs.) 27.3316.596.2615.5429.40
Net Profit / Share (Rs.) 21.4413.496.8512.9221.50
NP After MI And SOA / Share (Rs.) 21.4413.496.8512.9221.50
PBDIT Margin (%) 7.206.364.986.678.93
PBIT Margin (%) 6.365.434.045.527.76
PBT Margin (%) 3.322.140.932.905.76
Net Profit Margin (%) 2.611.741.012.414.21
NP After MI And SOA Margin (%) 2.611.741.012.414.21
Return on Networth / Equity (%) 10.678.464.669.1716.45
Return on Capital Employeed (%) 23.3623.9215.6817.9027.08
Return On Assets (%) 2.571.820.942.033.93
Long Term Debt / Equity (X) 0.060.060.130.100.06
Total Debt / Equity (X) 0.690.930.840.790.54
Asset Turnover Ratio (%) 1.061.060.910.860.90
Current Ratio (X) 1.191.111.111.131.16
Quick Ratio (X) 1.121.031.031.041.07
Inventory Turnover Ratio (X) 18.567.166.756.786.65
Dividend Payout Ratio (NP) (%) 18.0122.2358.4130.950.00
Dividend Payout Ratio (CP) (%) 13.6314.4930.4620.980.00
Earning Retention Ratio (%) 81.9977.7741.5969.050.00
Cash Earning Retention Ratio (%) 86.3785.5169.5479.020.00
Interest Coverage Ratio (X) 2.371.931.602.904.46
Interest Coverage Ratio (Post Tax) (X) 1.861.531.332.193.10
Enterprise Value (Cr.) 23876.6521380.4914579.1912348.7212144.35
EV / Net Operating Revenue (X) 1.091.070.840.890.92
EV / EBITDA (X) 15.1616.8816.9313.4710.37
MarketCap / Net Operating Revenue (X) 0.950.890.670.700.80
Retention Ratios (%) 81.9877.7641.5869.040.00
Price / BV (X) 3.904.363.112.693.14
Price / Net Operating Revenue (X) 0.950.890.670.700.80
EarningsYield 0.020.010.010.030.05

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

About the Company - Qualitative Analysis

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 Construction of utility projects. Company's Total Operating Revenue is Rs. 19177.75 Cr. and Equity Capital is Rs. 53.24 Cr. for the Year ended 31/03/2025.
INDUSTRYADDRESSCONTACT
Power - Transmission/EquipmentRPG House, Mumbai Maharashtra 400030Contact not found
Management
NamePosition Held
Mr. Harsh V GoenkaChairman
Mr. Vimal KejriwalManaging Director & CEO
Mr. Vinayak ChatterjeeNon Exe.Non Ind.Director
Mr. Vikram GandhiIndependent Director
Mr. M S UnnikrishnanIndependent Director
Mr. Arvind SinghIndependent Director
Ms. Neera SaggiIndependent Director
Dr. Shirish SankheIndependent Director
Mr. Vimal BhandariIndependent Director
Ms. Nirupama RaoIndependent Director

FAQ

What is the intrinsic value of KEC International Ltd and is it undervalued?

As of 05 April 2026, KEC International Ltd's intrinsic value is ₹451.90, which is 13.43% lower than the current market price of ₹522.00, suggesting the stock is overvalued. This is calculated using the PE ratio method factoring in ROE (12.0 %), book value (₹212), dividend yield (1.05 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of KEC International Ltd?

KEC International Ltd is trading at ₹522.00 as of 05 April 2026, with a FY2026-2027 high of ₹947 and low of ₹510. The stock is currently near its 52-week low. Market cap stands at ₹13,897 Cr..

How does KEC International Ltd's P/E ratio compare to its industry?

KEC International Ltd has a P/E ratio of 19.1, which is below the industry average of 31.78. This is broadly in line with or below the industry average.

Is KEC International Ltd financially healthy?

Key indicators for KEC International Ltd: ROCE of 18.0 % indicates efficient capital utilization. Dividend yield is 1.05 %.

Is KEC International Ltd profitable and how is the profit trend?

KEC International Ltd reported a net profit of ₹571 Cr in Mar 2025 on revenue of ₹21,847 Cr. Compared to ₹332 Cr in Mar 2022, the net profit shows an improving trend.

Does KEC International Ltd pay dividends?

KEC International Ltd has a dividend yield of 1.05 % at the current price of ₹522.00. The company pays dividends, though the yield is modest.

Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in KEC International Ltd. Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE
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