Q2 2026 KEC International Ltd Earnings Call Transcript
Key Points
- KEC International Ltd (BOM:532714) achieved record revenues in Q2 FY26, with a 19% year-on-year increase, driven by strong execution in the T&D business.
- The company's EBITDA grew by 34% in Q2 and 27% in H1, with EBITDA margins increasing by 80 basis points to 7.1% in Q2.
- Order intake reached a record YTD level of over INR16,000 crores, reflecting a healthy growth of 20% year-on-year.
- The T&D segment's contribution to overall revenues increased to 65%, up from 55% in H1 last year, indicating a strategic focus on this segment.
- KEC International Ltd (BOM:532714) has a robust and diversified order book and L1 position of over INR44,000 crores, positioning the company well for future growth.
- The company's net debt increased to INR6,450 crores as of September 30, 2025, due to strong revenue growth, strategic inventory increases, and delayed payments in water projects.
- The civil business faced challenges with a 15% decline in revenues in the first half due to prolonged monsoons, labor shortages, and delayed payments.
- Margins in non-T&D segments, particularly civil and railways, remain low, impacting overall profitability.
- The company is experiencing labor shortages, particularly in the erection segment, which could impact project execution timelines.
- There are ongoing right-of-way (ROW) issues in the domestic T&D market, affecting the completion of transmission lines.
Ladies and gentlemen, good day and welcome to KEC International Limited Q2 and FY26 results conference call. We have the management from KEC International Limited joining us today. Mr. Vimal Kejriwal, Managing Director and CEO; Mr. Rajeev Aggarwal, Chief Financial Officer. (Operator Instructions) Please note that this conference is being recorded.
I now hand the conference over to Mr. Vimal Kejriwal. Thank you and over to you, sir.
Thank you, Danish, and good morning everyone, and welcome to the Q2 earnings call of KC.
Let me begin by sharing an overview of our financial performance of the quarter and H1, along with the highlights of the respective businesses.
We have delivered a good performance this quarter, achieving record revenues in Q2, substantial growth in profitability, and strong momentum in order intake, especially in the T&D business.
Our top-line witnessed healthy growth with revenues of INR6,092 cross in
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