Key Metrics of KEC International
About KEC International
Sectors
Company details
- Website
- kecrpg.com
- Founded
- 1945
- Registered office
- Rpg House, 463, Dr. Annie Besant Road, Worli, Mumbai, In-mh, 400030
- Listed
- NSE: KEC · ₹338.15
Operational Areas of KEC International
Company summary
Entity details
Compliance
Industry classification
Financials, ratios and risk analysis
Revenue, EBITDA, net profit, net worth, debt and assets for every filing year, 15+ ratios, the financial health score, shareholding, charges and peer comparison are part of the premium plan.
Sign in to continue See plans & pricingFiling compliance
Due dates follow the Companies Act: AGM within six months of the year end, AOC-4 within 30 days and MGT-7 within 60 days of the AGM. A filing made but not yet uploaded here shows as pending.
Vendor checks & payment capacity
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Credit ratings
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 16 Dec 2025 | CARE | Reaffirmed | A+ | A1+ | Stable | ₹19,800 Cr | View |
| 19 Sep 2024 | CARE | Downgraded (from AA-) | A+ | — | Stable | ₹19,000 Cr | View |
| 03 Jan 2024 | CARE | Revised | AA- | — | Negative | ₹18,500 Cr | View |
| 06 Apr 2023 | CARE | Reaffirmed | AA- | A1+ | Stable | ₹18,500 Cr | View |
| 15 Mar 2023 | CARE | Reaffirmed | AA- | A1+ | Stable | ₹17,000 Cr | View |
| 10 Aug 2022 | CARE | Reaffirmed | AA- | A1+ | Stable | ₹17,000 Cr | View |
| 05 Oct 2021 | CARE | Reaffirmed | AA- | A1+ | Stable | ₹17,000 Cr | View |
| 30 Sep 2020 | CARE | Reaffirmed | AA- | A1+ | Stable | ₹17,000 Cr | View |
| 09 Oct 2019 | CARE | Reaffirmed | AA- | A1+ | Stable | ₹17,000 Cr | View |
Credit strengths (CARE, Dec 2025)
+ Well-established business and experienced management
KEC was incorporated in 1945 and became part of the RPG Group in early 1980s. The company is majorly involved in engineering, procurement, and construction (EPC) work for power T&D systems and is one of the largest players in India in this segment. The company also increased its presence in civil construction, railway projects, manufacturing cables for power, telecom, and Oil & Gas Pipeline business. Established in 1979 by Dr RP Goenka, the RPG group is one of India's leading business conglomera
+ Diversified order book position
KEC’s order book position stood at ₹39,325 crore as on September 30, 2025, which is 1.8x of FY25 TOI and provides adequate revenue visibility for the next 18-24 months. This apart, the company had L1 orders of over ₹5,000 crore. Post slender moderation in orders inflow in FY24, it rebounded sharply in FY25 to ₹24,689 crore (up 36% y-o-y), led by T&D and SAE Towers, while civil moderated due to slower private capex. YTD-FY26 inflows of ₹16,050 crore indicate continued momentum, supported by uptic
+ Wider geographical reach with diversified revenue
The company has established its footprint in over 70 countries through subsidiaries and joint ventures (JV) with major reach in countries, such as the Middle East, Africa, America, and Southeast Asia. Revenue contribution from T&D segment increased in the last two years from 53% in FY24 to 65% in H1FY26 (refers to April 01 to September 30). This is primary due to increased order inflow from T&D segment domestically and internationally. Due to higher working capital intensity in non T&D segment,
Credit challenges
− Sustained high working capital intensity
KEC continues to exhibit elevated working capital requirements, with GCA days moderating marginally to 330 days in FY25 from 318 days in FY24. This is considering lower-than-envisaged recovery from slow moving receivables particularly in receivables from urban transportation debtors, railway debtors, Water Projects, Afghanistan, Tamil Nadu TRANSCO, and debtors pertaining to escalations, change of scope and contractual disputes. There is high component of unbilled revenue due to projects under
− Moderate debt coverage indicators despite improvement in capital structure
KEC has raised ₹850 crore through QIP in September 2024, which led to improvement in TOL/TNW from 4.27x as on March 31, 2024 to 3.51x as on March 31, 2025. KEC derives financial flexibility from market capitalisation of ~₹19,000 crore as on December 05, 2025, with 50.1% stake of promoters as on September 30, 2025. Entire promoters’ shareholding is free from all encumbrance s. However, adjusted gross debt remained almost stable at ₹6,330 crore as on March 31, 2025 , despite heightened working cap
Could lead to an upgrade
• Significantly improvement in gross current asset days and improvement in profitability leading to total outside liabilities to tangible net worth (TOL/TNW) of less than 3x and interest coverage of 3x on a sustained basis.
Could lead to a downgrade
• Continued stretch on GCA days leading to deterioration in debt coverage indicators. • Decline in consolidated PBILDT margins below 7.5% on a sustained basis. • Decline in scale of operations due to slow order intake or execution hurdles . 1Complete definition of ratings assigned are available at www.careratings.com and other CARE Ratings Limited’s publications. 1 CARE Ratings Ltd. Press Release
Agency-reported financials (CARE, 19 Sep 2024)
| Metric | March 31, 2023 | March 31, 2024 | Q1FY25 |
|---|---|---|---|
| Total operating income | ₹17,310 Cr | ₹19,920 Cr | ₹4,512 Cr |
| PBILDT | ₹948 Cr | ₹1,359 Cr | ₹313 Cr |
| PAT | ₹176 Cr | ₹347 Cr | ₹88.00 Cr |
| Overall gearing (times) | 2.26× | 2.11× | 2.17× |
| Interest coverage (times) | 1.45× | 1.71× | 1.59× |
| Revenue growth (YoY) | — | 15.1% | — |
| EBITDA margin | 5.5% | 6.8% | 6.9% |
| Implied interest cost (EBITDA ÷ coverage) | ₹654 Cr | ₹795 Cr | ₹197 Cr |
| PAT margin | 1.0% | 1.7% | 2.0% |
Borrowings & rated debt
Rated limits over time
Facility mix
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| Long-term bank facilities | Working capital & bank lines | — | ₹3,000 Cr | — | A+ (Stable) | Reaffirmed | CARE |
| Long-term Short-term bank facilities | Working capital & bank lines | — | ₹16,800 Cr | — | A+ / A1+ (Stable) | Reaffirmed | CARE |
CARE ratings on record (checked 23 Oct 2026)
| Instrument | Amount | Rating |
|---|---|---|
| BG/LC | ₹16,800 Cr | CARE A+; Stable / CARE A1+ |
| Cash Credit | ₹3,000 Cr | CARE A+; Stable |
| Non Convertible Debentures | — | Withdrawn |
Lenders
| Fund-based - LT | Cash Credit | Axis Bank Ltd. |
| Fund-based - LT | Cash Credit | Bank of Baroda |
| Fund-based - LT | Cash Credit | Bank of India |
| Fund-based - LT | Cash Credit | Canara Bank |
| Fund-based - LT | Cash Credit | Central Bank of India |
| Fund-based - LT | Cash Credit | Deutsche Bank |
| Fund-based - LT | Cash Credit | Export Import Bank of India |
| Fund-based - LT | Cash Credit | First Abu Dhabi Bank PJSC |
| Fund-based - LT | Cash Credit | HSBC Ltd. |
| Fund-based - LT | Cash Credit | ICICI Bank Ltd. |
| Fund-based - LT | Cash Credit | IDBI Bank Ltd. |
| Fund-based - LT | Cash Credit | IDFC First Bank Ltd. |
| Fund-based - LT | Cash Credit | Indian Bank |
| Fund-based - LT | Cash Credit | Kotak Mahindra Bank Ltd. |
| Fund-based - LT | Cash Credit | Punjab & Sind Bank |
| Fund-based - LT | Cash Credit | Punjab National Bank |
| Fund-based - LT | Cash Credit | RBL Bank Limited |
| Fund-based - LT | Cash Credit | Societe Generale |
| Fund-based - LT | Cash Credit | Standard Chartered Bank |
| Fund-based - LT | Cash Credit | State Bank of India |
| Fund-based - LT | Cash Credit | Union Bank of India |
| Fund-based - LT | Cash Credit | Yes Bank Ltd. |
| Non-fund-based - LT/ ST | BG/LC | Axis Bank Ltd. |
| Non-fund-based - LT/ ST | BG/LC | Bank of Baroda |
| Non-fund-based - LT/ ST | BG/LC | Bank of India |
| Non-fund-based - LT/ ST | BG/LC | Canara Bank |
| Non-fund-based - LT/ ST | BG/LC | Central Bank of India |
| Non-fund-based - LT/ ST | BG/LC | Deutsche Bank |
| Non-fund-based - LT/ ST | BG/LC | Export Import Bank of India |
| Non-fund-based - LT/ ST | BG/LC | First Abu Dhabi Bank PJSC |
| Non-fund-based - LT/ ST | BG/LC | HSBC Ltd. |
| Non-fund-based - LT/ ST | BG/LC | ICICI Bank Ltd. |
| Non-fund-based - LT/ ST | BG/LC | IDBI Bank Ltd. |
| Non-fund-based - LT/ ST | BG/LC | IDFC First Bank Ltd. |
| Non-fund-based - LT/ ST | BG/LC | Indian Bank |
| Non-fund-based - LT/ ST | BG/LC | Kotak Mahindra Bank Ltd. |
| Non-fund-based - LT/ ST | BG/LC | Punjab & Sind Bank |
| Non-fund-based - LT/ ST | BG/LC | Punjab National Bank |
| Non-fund-based - LT/ ST | BG/LC | RBL Bank Limited |
| Non-fund-based - LT/ ST | BG/LC | Societe Generale |
Credit assessment · Construction (EPC contractors)
ICRA Rating Methodology – Construction (Oct 2024) · Standalone accounts · FY 2025-26
Ratios, pillar scores and the indicative rating are part of Premium.
Rating status
| Default | No default on record |
| Issuer cooperation | Cooperating |
| Credit enhancement | None – standalone rating |
| Next action stable or better (model) | 56% |
| Information on file | 78% · missing: Capex / investment plans, Auditor details |
Indicative assessment from public data using the published methodology factors; not a credit rating.
Borrowing & funding lifecycle
- Credit outlook model: 56% chance the next rating action is stable or better
- Current rating A+ (investment grade)
- Working-capital limits 87% utilised on average
Rated limits by facility
Timeline
From the report
Moderate debt coverage indicators despite improvement in capital structure KEC has raised ₹850 crore through QIP in September 2024, which led to improvement in TOL/TNW from 4.27x as on March 31, 2024 to 3.51x as on March 31, 2025.
From the report
Average utilisation of working capital limits ( Fund-based + Non-fund-based limits) was ~87% for 12-months ended August 30, 2025.
From the report
KEC had free cash balance of ~₹573 crore and ₹413 as on March 31, 2025, and September 30, 2025, respectively.
From the report
Average utilisation of working capital limits (Fund based + Non Fund based limits) was ~85% for 12-months ended June 30, 2024.
From the report
KEC also had cash balance of around ₹269 crore as on June 30, 2024.
From the report
The average utilization of working capital limits was around 82% for the last 12 months ended Nov. 30, 2023.
From the report
KEC also had cash balance of around Rs.249 crore as on Sept 30, 2023.
From the report
The average fund-based working capital utilisation was around 80% for the last 12 months ended January 2023.
From the report
The working capital is supported by enhanced limits of ₹1,500 crore.
From the report
KEC also had cash balance of around ₹300 crore as on December 31, 2022. 2 CARE Ratings Ltd.
From the report
The average fund-based working capital utilisation was around 80% for the last 12 months ended January 2023.
From the report
The working capital is supported by enhanced limits of ₹1,500 crore.
From the report
KEC also had cash balance of around ₹300 crore as on December 31, 2022. 2 CARE Ratings Ltd.
From the report
The average fund-based working capital utilisation was around 73% for the last 12 months ended April 2022.
From the report
KEC also had cash balance of around ₹229 crore as on June 30, 2022.
From the report
Liquidity: Strong Strong liquidity characterized by healthy accruals and moderate cash balance of ~Rs.315 crore as on June 30, 2021 (Rs.261.38 crore as on June 30, 2020), supported by above unity current ratio as on March 31, 2021.
From the report
During Q1FY21, the total operating income of the company stood at Rs.2,213.67 crore with PBILDT of Rs.201.79 crore, PAT of Rs.70.80 crore and Gross cash accruals of Rs.96.20 crore.
From the report
Liquidity: Adequate Adequate liquidity characterized by healthy accruals and moderate cash and liquid investments of Rs.261.38 crore as on June 30, 2020, supported by above unity current ratio.
From the report
Further, the com pany has prepaid NCD to the tune of Rs.137.51 crore during May 2020 and there is no NCD amount outstanding as on June 30, 2020.
From the report
The company has availed m oratorium option for interest expenses of working capital limits of three banks during March-May 2020, obligation amounting to less than Rs.10.00 crore .
From the report
The company has cash and bank balances of Rs.215 crore as on June 30, 2019 as against Rs.189 crore as on March 31, 2019.
From the report
Going forward, the company expects to generate cash accruals of around Rs.600 crore to Rs.700 crore which is expected to provide sufficient cushion to cover its term loan obligations in the near to medium term.
Lender names, bank charges and audited borrowings are part of Premium.
Built from MCA charges, ICRA/CARE rating reports and audited accounts. The borrowing view is an estimate, not a lender's credit decision.
Registered office and contact
Directors and key people
Directors are read from the MGT-7 annual return and AOC-4 signatories.
Competitors of KEC International
Top competitors by location
| Company | Description | Domain | Founded | Location |
|---|---|---|---|---|
 Reliance Infrastructure Limited |
Real Estate & Infrastructure · Community, personal and Social Services | rinfra.com | 2002 | Mumbai, Maharashtra, India |
| NCC Limited | Discovered Companies · Other Industries | — | — | Hyderabad, Telangana, India |
| Lodha Developers Limited | · Construction | — | — | Mumbai, Maharashtra, India |
 Ircon International Limited |
Real Estate & Infrastructure · Real Estate & Construction | ircon.org | — | New Delhi, Delhi, India |
| Dilip Buildcon Limited | · Construction | — | — | Bhopal, Madhya Pradesh, India |
| G R Infraprojects Limited | · Construction | — | — | Ahmedabad, Gujarat, India |
 DLF Limited |
Real Estate & Infrastructure · Real Estate & Construction | dlf.in | 1946 | Gurgaon, India |
| Sterling And Wilson Renewable Energy Limited | Renewable Power · Oil, Gas & Energy | — | — | Mumbai, Maharashtra, India |
 GMR Power And Urban Infra Limited |
Part of GMR Group. | gmrpui.com | — | Gurgaon, Haryana, India |
| Kirloskar Industries Limited | · Real Estate and Renting | — | — | Pune, Maharashtra, India |
Charges (secured borrowings)
0 registered charges. Lenders, amounts and dates are part of the premium plan.
Statutory auditors
Auditors are read from the AOC-4 auditor's report section.
Business activities and related parties
Principal business activities and related-party transactions are read from MGT-7 and AOC-4 filings.
Filings
No filings on record yet.