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KEC International (KEC) investor relations material
KEC International Q2 26/27 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Q2 FY27 consolidated revenue was Rs. 5,467.71 crore, up 9% QoQ but down 10% YoY; net profit was Rs. 29.74 crore versus Rs. 160.75 crore.
YTD order intake reached Rs. 13,528 crore; the order book was Rs. 39,946 crore and order book plus L1 position was ~Rs. 43,500 crore.
FY27 revenue growth guidance is 8%-10%; management is prioritizing cash flow, execution and margin recovery amid disruption and project delays.
Financial highlights
Q2 PBT before exceptional items and tax was Rs. 40.88 crore versus Rs. 212.98 crore YoY; net profit was Rs. 29.74 crore versus Rs. 160.75 crore.
Q2 EBITDA was Rs. 271 crore, down 37% YoY; EBITDA margin was 4.96% versus 7.07%, while net profit margin was 0.54% versus 2.64%.
H1 revenue was Rs. 10,491.25 crore versus Rs. 11,114.44 crore; net profit was Rs. 102.37 crore versus Rs. 285.34 crore.
Standalone Q2 revenue was Rs. 4,160.45 crore versus Rs. 4,948.53 crore YoY; net profit was Rs. 80.41 crore versus Rs. 105.72 crore.
Middle East disruption deferred Rs. 300-350 crore of Q2 revenue and reduced margins by 1.25-1.5 percentage points; more than Rs. 450 crore of ECL provisions were on the books.
Outlook and guidance
FY27 revenue growth guidance is 8%-10%, revised from prior expectations of 10% or higher; a strong Q4 uptick is expected, supported by India T&D orders and improving civil execution.
FY27 margin guidance depends on resolution of Middle East cost claims; FY28 margin recovery is expected, with no level committed.
T&D revenue is expected to rise significantly from Q4; legacy loss-making projects are expected to close by Q2 FY28.
Net debt target is ~Rs. 6,000 crore by March 2027; working capital days target is 125 by March, versus 155 days at September 30.
Tender pipeline exceeds Rs. 2 lakh crore, with management expecting improved performance in coming quarters.
- Revenue up 15% YoY to ₹19,914 crore; PAT nearly doubled; robust order book at ₹29,644 crore.KEC
Q4 23/24 - Flat revenue, lower margins, strong order intake, and ongoing legal and operational challenges.KEC
Q1 26/27 - Q3 revenue up 12% YoY, margins revised to 7-7.5%, strong T&D and Cables growth, record order book.KEC
Q3 25/26 - Q2 FY26 saw record revenue, strong profit growth, and a robust order book outlook.KEC
Q2 25/26 - Q1 FY25 delivered strong revenue, margin, and order intake growth, with Afghanistan risk managed.KEC
Q1 24/25 - Strong revenue, profit, and order growth, QIP fundraising, and Cable business transfer mark Q2 FY25.KEC
Q2 24/25 - Record order inflows, margin expansion, and cable business transfer drive strong outlook.KEC
Q3 24/25 - FY25 revenue and profit surged, margins improved, and a INR 5.50 dividend was recommended.KEC
Q4 24/25 - Q1 FY26 saw double-digit revenue growth, margin gains, and a robust order book.KEC
Q1 25/26
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