KEC International Limited (NSE: KEC) shares traded at 1,045.50 rupees on Friday, up 2.4% following the announcement of its third-quarter results. The stock has maintained a bullish trend over the last six months, currently trading approximately 15% below its 52-week high of 1,230.00 rupees and well above its 52-week low of 620.00 rupees.
Revenue and Profitability Growth
The infrastructure EPC major reported a 12% year-on-year increase in consolidated revenue for the quarter ended Dec. 31, 2025, reaching 6,001 crore rupees compared to 5,349 crore rupees in the previous year. Operating profit after tax (PAT) rose 32% to 171 crore rupees, up from 130 crore rupees in the year-ago period. Earnings before interest, taxes, depreciation, and amortization (EBITDA) stood at 430 crore rupees, a 15% increase. EBITDA margins expanded slightly to 7.2% from 7.0%. However, net PAT after an exceptional item of 59 crore rupees related to new labor code provisions was 127 crore rupees, compared to 130 crore rupees last year.
Order Book and Segment Performance
The company’s year-to-date order intake reached 19,265 crore rupees. The total order book, including L1 (lowest bidder) positions, exceeded 41,000 crore rupees. Growth was primarily driven by the Power Transmission & Distribution (T&D) and Cables businesses. Management noted that margins were partially offset by slower progress in water projects and terminal costs associated with completing metro rail projects.
Year-to-Date Context and Debt
For the nine months ended Dec. 31, 2025, revenue grew 14% to 17,116 crore rupees. Operating PAT for the same period surged 51% to 457 crore rupees. Consolidated net debt, including acceptances, rose to 6,806 crore rupees as of Dec. 31, 2025, from 5,574 crore rupees a year earlier. Net working capital stands at 135 days.
Analyst Outlook
There were no immediate analyst rating upgrades or price-target changes reported following the release. The company maintains a substantial tender pipeline in its Civil and T&D verticals.
Financial Summary (Consolidated Q3 FY26)
Revenue: 6,001 crore rupees (+12% YoY)
Operating PAT: 171 crore rupees (+32% YoY)
EBITDA Margin: 7.2% (vs 7.0% YoY)
Order Book + L1: >41,000 crore rupees