KEC International Ltd. share price target

In H1FY26, KEC's order book grew by 15% YoY to Rs.39,325cr, driven by robust order inflows of Rs.16,050cr, reflecting a 19% YoY increase. The company has guided for order inflows in the range of Rs.28,00030,000cr for FY26, supported by strong traction in T&D projects across both domestic and...

infrastructure sectors such as power T&D, railways, civil, urban infrastructure, solar, smart infrastructure, oil & gas pipelines and cables. A strategic mix in portfolio of T&D (65%) and non-T&D (35%) Strong T&D prospects in domestic and international markets (35% of backlog from international markets) Q2FY26 performance: KEC reported a robust Q2FY26 with Revenue at 6091 crore up 19% YoY, mainly from T&D business which grew 44% YoY. The renewables and cables business grew by 5% and 19% YoY to 190 crore and 524 crore, whereas...

KEC posted good execution growth of 19% YoY and margin improvement of 80bp YoY in 2QFY26. The slight miss in PAT was attributed to higher interest expenses, which moved up due to higher debt and higher working capital.

We maintain our BUY rating on the stock and value it at 20x FY27E EPS with a TP of Rs 1,030/share, implying an upside of 19% from the CMP.

We maintain our BUY rating on the stock.

Q1FY26 numbers were decent and in line with our estimates, with revenues at Rs 5,073 crore, rising 11% y-o-y, mainly led by the T&D; business which grew 26% y-o-y. EBITDA margins rose ~98 bps y-o-y to 7.0%. As a result, PAT rose 42% y-o-y to Rs 125 crore.

The stock is currently trading at 24x/17x FY26E/27E EPS. We maintain our BUY rating on the stock with a TP of Rs 950/share, implying an upside of 10% from the CMP.

Company Update

Building Sustainable Infrastructure

We attended the annual investor call of KEC International (KECI IN), where the Change in Estimates | Target | Reco management shared key updates on the company's FY25 financial performance and outlined growth opportunities across both domestic and...

We maintain our BUY rating on the stock and value it at 20x FY27E EPS with a TP of Rs 1,030/share, implying an upside of 18% from the CMP.

KECI in our recent meeting highlighted a continued strong addressable market for T&D and improving opportunities in the civil segment for residential buildings, petrochemicals, hospitals, etc. while, industrials has been witnessing slow momentum.

We maintain our BUY rating on the stock.

We revise our FY26/27 EPS estimates by -4.0%/-1.8%, factoring in continued weakness in Civil, Railways and O&G despite strong growth in T&D. KEC International (KEC) reported revenue growth of 11.5% YoY, while EBITDA margin expanded by 155bps YoY to 7.8%. Domestic T&D continues to remain robust while traction in the Middle East, CIS and Americas will drive international T&D business. The Cables business value unlocking will be further aided by capacity expansions across E-Beam and Elastomeric cables. In the O&G business, management plans to pursue only international opportunities...

We recommend a BUY rating on the stock with a TP of Rs 742 /share, implying an upside of 10% from the CMP.

We maintain our BUY rating on the stock.

KEC International (KEC)’s 3QFY25 result was weak, with a miss on the revenue and PAT fronts. Revenue growth was hit by slower execution of water projects, labor shortages, and extended monsoons in Southern India.