Infrastructure engineering and construction company KEC International reported an 81.6% year-on-year decline in consolidated net profit to ₹29.7 crore for the September quarter, compared with ₹161 crore in the corresponding period last year.
Revenue fell 10.2% to ₹5,468 crore from ₹6,091 crore a year earlier. Earnings before interest, taxes, depreciation and amortisation (EBITDA) declined 36.9% to ₹271.4 crore from ₹430 crore. EBITDA margin narrowed to 5% from 7.06%.
The company said it faced operating challenges during the quarter because of geopolitical and supply-chain disruptions in West Asia, right-of-way and land acquisition issues in its India transmission and distribution (T&D) business, and measured supplies to some projects amid elevated global costs.
Despite these challenges, revenue grew sequentially, led by the T&D business, the company said.
Order book and business performance
KEC International’s order intake exceeded ₹13,500 crore year to date in FY27, including around ₹9,500 crore from its T&D business. Its consolidated order book reached a record ₹39,946 crore, while its order book and lowest-bidder (L1) pipeline — projects for which it is the lowest bidder but has not yet received an order — totalled around ₹43,500 crore.
The T&D business reported quarterly revenue of ₹3,686 crore. Year-to-date orders in the segment stood at around ₹9,500 crore across India, the Middle East, Africa, SAARC and the Americas.
The company also secured orders and L1 positions worth more than ₹3,000 crore from Power Grid Corporation of India, including its largest-ever T&D order in India. The segment’s order book and L1 position exceeded ₹28,000 crore.
The Civil business reported revenue of ₹957 crore, with project execution affected by slower progress in water projects and continued labour shortages. Year-to-date order intake stood at around ₹1,200 crore, while its order book and L1 position exceeded ₹10,000 crore.
The Transportation business recorded revenue of ₹224 crore. During the quarter, KEC entered the rigid overhead catenary system (ROCS) segment by securing an order from Jaipur Metro Rail Corporation.
The company said it remained focused on completing ongoing projects while pursuing opportunities in the Kavach train protection system, metro projects and tunnel ventilation.
Revenue from the Oil and Gas business rose 77% to ₹92 crore. The company said its order book remained under pressure because of a limited tender pipeline and intense competition in India. The merger of its oil and gas pipelines subsidiary, KEC Spur Infra, with the Civil Hydrocarbon segment is underway.
In Renewables, KEC secured year-to-date orders worth more than ₹1,150 crore, including two wind EPC orders and one solar EPC order during the September quarter. It is executing solar and wind projects with a combined capacity of more than 950 MW.
Debt and outlook
KEC International’s net debt, including acceptances, stood at around ₹7,793 crore as of September 30, 2026. Net working capital stood at 155 days.
Managing Director and Chief Executive Vimal Kejriwal said the company expected performance to improve in the coming quarters, supported by an order book and L1 pipeline of around ₹43,500 crore and a tender pipeline exceeding ₹2 lakh crore.
Shares of KEC International closed 5.63% higher at ₹348.20 on the NSE on Monday, ahead of the earnings announcement.
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