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KEC International Surges on Execution Gains and Rising Order Book
12 Nov
Summary
- Brokerages forecast 15-20% upside for KEC International
- Company reports healthy revenue growth and margin expansion
- Order book grows 15% year-on-year to Rs 39,325 crore
As of November 12, 2025, KEC International, the leading transmission and engineering company, has seen its shares surge by 3.3% after multiple brokerages turned bullish on the firm's recent quarterly results. Nomura and Motilal Oswal have both assigned 'Buy' ratings to the stock, projecting an upside of 15-20% from current levels.
The company's performance in the September quarter has impressed analysts, with KEC reporting healthy revenue growth of 19% year-on-year to Rs 6,091 crore and a 34% jump in EBITDA to Rs 430 crore. Profit after tax also surged 88% to Rs 161 crore, while EBITDA margin improved to 7.1% from 6.3% in the same period last year.
Brokerages are particularly optimistic about KEC's improving execution in core transmission projects, the stabilization of its non-T&D operations, and the expected easing of debt levels as receivables from delayed projects are collected. The company's order book has also grown 15% year-on-year to Rs 39,325 crore, equal to 1.7 times its trailing revenue.
Looking ahead, the analysts expect KEC to maintain its growth momentum, with the management guiding for 15% revenue growth and an 8% EBITDA margin by FY26. The strong tender pipeline of over Rs 1.8 lakh crore also bodes well for the company's future prospects.
