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 Q4 revenue at INR 6,872 crores, and highest-ever profitability; PAT grew 65% YoY to INR 571 crores.

• EBITDA for FY25 rose 26% to INR 1,528 crores, with margin improving to 7.0% from 6.1% in FY24.

• Robust order intake of INR 24,689 crores in FY25, a 36% increase, and order book at INR 33,398 crores, up 13% YoY.

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

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

Financial highlights

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

• Q4 EBITDA at INR 539 crores, up 39% YoY; FY25 EBITDA margin at 7.0% and PAT margin at 2.6% for FY25.

• FY25 PAT at INR 571 crores, up 65% YoY; Q4 PAT at INR 268 crores, up 77% YoY.

• Net debt reduced by over INR 500 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.

• Strong momentum in India T&D and promising international outlook, especially in Middle East, Africa, CIS, and Americas.