Synopsis:
A small-cap company’s shares rose over 6 percent in today’s trading session after announcing Q2 results.
A global infrastructure EPC major with a strong presence across multiple verticals, including power transmission and distribution, railways, civil and urban infrastructure, solar, oil and gas pipelines, and cables, is in the spotlight today after posting Q2FY26 results. Read the article below for detailed insights into its performance.
With a market capitalization of Rs. 20,014.25 crore, the shares of K E C International Limited were trading at Rs. 751.50, up by 4.05 percent from its previous closing price of Rs. 722.25. In today’s trading session it has touched an intraday high of Rs. 765.50, implying an upside of 5.98 percent from previous close price.
Q2FY26 Results
KEC International Limited reported Rs. 6,091.56 crore in revenue for the second quarter of FY26, a 19.13 percent increase over the Rs. 5,113.31 crore for the same period in FY25. It increased by 21.28 percent as compared to Rs. 5,022.88 crore in Q1 FY26.
The company’s EBITDA for Q2 FY26 stood at Rs. 430.41 crore, up by 22.97 percent from Rs. 350.01 crore in Q1 FY26, and rose by 34.40 percent from Rs. 320.24 crore in Q2 FY25.
The consolidated net profit for the second quarter of FY26 was Rs. 160.75 crore, which was 29.01 percent higher than the Rs. 124.60 crore reported in the previous quarter and increased by 88.21 percent from Rs. 85.41 crore in Q2 FY25. Profit growth was also reflected in earnings per share (EPS), which increased to approximately Rs. 6.04 in Q2 FY26 from Rs. 4.68 in Q1 FY26 and Rs. 3.32 in Q2 FY25.
Other Updates
As of September 2025, the company holds a robust order book of Rs. 39,325 crore, with 55 percent from domestic projects and 45 percent from international projects. Of the total order book, 65 percent comes from the T&D segment, 25 percent from civil, 7 percent from transport, 2 percent from cables and conductors, and 1 percent from other segments.
Net debt, including acceptances, increased to Rs. 6,480 crore as of 30 September 2025 compared to Rs. 5,265 crore as of 30 September 2024. Net working capital stood at 138 days as of 30 September 2025, slightly higher than 130 days a year earlier.
Management View
According to the CEO, Mr. Vimal Kejriwal, KEC International delivered another strong quarter with robust revenue growth, improved profitability, and healthy order inflow. EBITDA margins rose to 7.1 percent, and PBT and PAT increased 88 percent YoY. He highlighted that the combined order book and L1 position crossed Rs. 44,000 crore, and with strong execution and a solid pipeline, the company is well positioned for sustained, profitable growth ahead.
About the company
KEC International Limited, a Mumbai-based EPC major founded in 1945 and part of RPG Enterprises, operates across power transmission, distribution, railways, civil construction, urban infrastructure, solar EPC, and oil and gas pipelines. The company designs and executes turnkey transmission lines, substations, railway projects, civil structures, and large solar PV installations, while also manufacturing and exporting a wide range of power, telecom, optical fiber, instrumentation, and specialty cables.
A return on equity (ROE) of about 12 percent, a return on capital employed (ROCE) of about 18 percent and debt to equity ratio at 0.94 demonstrate the company’s financial position. At the moment, the company’s P/E ratio is 29.2x higher as compared to its industry P/E 20.9x.
As of September 2025, the company’s shareholding pattern shows that promoters hold 50.10 percent of the total equity, indicating strong promoter ownership. Foreign Institutional Investors (FIIs) hold 15.92 percent, while Domestic Institutional Investors (DIIs) own 22.54 percent. The public shareholding stands at 11.43 percent, reflecting a healthy level of retail participation in the company.
Written By Akshay Sanghavi
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