KEC International Limited — PPTs, 26-05-2025: Investor Presentation

1. Financial Highlights:

KEC International reported Q4 revenues of ₹6,872 Cr, up 11% YoY, and FY25 revenues at ₹21,847 Cr, a 10% increase. EBITDA grew 39% in Q4 and 26% for the full year, with margins improving to 7.8% (Q4) and 7.0% (FY25). Profit after tax rose 77% in Q4 to ₹268 Cr and 65% for FY25 at ₹571 Cr, reflecting strong margin expansion. Net debt reduced by ₹532 Cr to ₹4,558 Cr despite revenue growth, while net working capital improved by 12 days to 122 days, signaling better cash flow management.

2. Strategic Initiatives & Growth Drivers:

The company expanded tower manufacturing capacity by 46,000 MTPA across Dubai, Jaipur, and Jabalpur. Focus is on scaling Renewables via major solar project execution and wind EPC bids. The Cables business was shifted to a wholly-owned subsidiary to sharpen growth focus. Investments continue in aluminum conductor, E-Beam, and elastomeric cable capacities.

3. Business Developments:

Order intake surged 36% to ₹24,689 Cr, driven by Transmission & Distribution (T&D) and Civil segments. Renewables revenues jumped 90%+, supported by solar projects in Karnataka and Rajasthan. Transportation secured maiden orders in ropeway and gauge conversion, while progressing on initial international projects in Africa. Oil & Gas segment expanded internationally with early project wins.

4. Market Position & Competitive Advantage:

KEC leads the T&D segment with 63% share of orders and 59% of revenues, supported by diversified verticals including Civil, Transportation, Renewables, and Cables. Its integrated EPC model, scale, and presence in 110+ countries strengthen its competitive edge. A robust order book of ₹33,398 Cr plus L1 orders exceeding ₹40,000 Cr underpins strong growth visibility.

5. Investor Implications:

KEC shows positive growth potential through strong top-line and margin expansion, improving leverage, and diversified order inflows. Execution risk remains, notably in Transportation and geopolitical segments. Ongoing capex in Renewables and Cables enhances scalability. Investors should track working capital trends and project execution for sustained cash flow conversion.