KEC International (KEC) Q4 24/25 earnings summary

Executive summary

• Achieved record consolidated revenue of INR 21,847 crores in FY25, up 10% YoY, with highest-ever profitability and strong order intake.

• PAT grew 65% YoY to INR 571 crores for FY25, with Q4 PAT up 77% to INR 268 crores.

• Operates across eight SBUs in 110 countries, managing over 275 active projects.

• Strategic focus on high-quality, larger EPC orders and operational excellence.

• Audited results approved with a recommended dividend of INR 5.50 per share for FY25.

Financial highlights

• Q4 revenue reached INR 6,872 crores, up 28% sequentially and 11% YoY; FY25 revenue at INR 21,847 crores, up 10% YoY.

• FY25 EBITDA rose 26% YoY to INR 1,528 crores; margin improved to 7.0% from 6.1% in FY24.

• FY25 PAT at INR 571 crores, up 65% YoY; Q4 PAT up 77% YoY.

• Net debt reduced by INR 532 crores YoY to INR 4,558 crores; net debt to EBITDA at 3.0x, net debt to equity at 0.9x.

• Net working capital improved by 12 days to 122 days; interest cost down to 2.5% of revenue.

Outlook and guidance

• FY26 revenue growth guidance of 15%, targeting INR 25,000 crores.

• EBITDA margin guidance for FY26 at 8-8.5%, with expectation to reach 9%+ in FY27.

• Order intake guidance for FY26 at INR 30,000 crores, with 70% expected from T&D.

• Strong order book plus L1 position of over INR 40,000 crores, providing 6-8 quarters of visibility.