Synopsis: KEC International Ltd earns 63% of its revenue from India and 37% internationally, with T&D driving growth. Its order book mirrors this trend, with 55% domestic and 45% international projects. The company balances a strong Indian base with steady global expansion across key infrastructure sectors.
The shares of a small-cap multinational conglomerate that specializes in turnkey Engineering, Procurement, and Construction (EPC) services across key infrastructure sectors are showing strong activity. This article explores whether the company generates more revenue from the Indian market or from international operations.
With a market capitalization of Rs. 14,591.75 crores on the day’s trade, the shares of KEC International Ltd declined upto 0.7 percent, reaching a low of Rs. 547.35 per share compared to its previous closing price of Rs. 551.40 per share.
KEC International Ltd is a major Indian multinational infrastructure company headquartered in Mumbai, India. It is the flagship Engineering, Procurement and Construction (EPC) company of the RPG Group, with a strong global presence across many countries and ongoing projects in many nations.
The company specialises in large‑scale infrastructure sectors such as power transmission and distribution, railways, civil and urban infrastructure, cables, solar and renewable projects, smart infrastructure, and oil & gas pipelines.
With extensive engineering, manufacturing and project execution capabilities, it operates multiple manufacturing facilities across India and overseas. Over the decades, the company has become one of the world’s largest power transmission tower manufacturers and a preferred contractor for infrastructure development.
KEC’s core strengths include its diversified EPC portfolio, robust project management, integrated supply chain, and ability to execute challenging assignments in tough terrains. Its long track record and global footprint have made it a key player in building essential infrastructure that supports economic growth and sustainable development in many regions worldwide.
Revenue composition
For 9M FY26, the company posted a revenue of Rs. 17,116 Crores, led by T&D at Rs. 11,462 Crores (67%), followed by Civil at Rs. 2,910 Crores (17%), Transportation at Rs. 1,198 Crores (7%), Cables & Conductors at Rs. 1,027 Crores (6%), and Others at Rs. 513 Crores (3%).
The company’s T&D segment reported revenues of Rs. 4,161 Crores, up 31% YoY, while Civil revenues stood at Rs. 923 Crores, affected by labour shortages, delayed work releases, and payment delays in Water projects. Transportation posted Rs. 349 Crores, with a focus on expediting ongoing projects.
Cables & Conductors grew 37% YoY to Rs. 556 Crores. Renewables contributed Rs. 122 Crores, and Oil & Gas accounted for Rs. 77 Crores, reflecting steady progress across diversified businesses.
The company’s revenue is primarily driven by domestic operations, accounting for 63% of total revenue, and International markets contributed 37%, reflecting its global presence. This mix highlights a strong domestic base alongside steady international growth.
Order Book Overview
The company has a robust order book with a Level 1 (L1) value exceeding Rs. 41,000 crore, and tenders under evaluation and in the pipeline totalling over Rs. 1,80,000 crore, reflecting strong future revenue potential and sustained business growth.
For 9M FY26, the company reported an order intake of Rs. 19,265 Crores, led by T&D at Rs. 13,664 Crores (71%), followed by Civil at Rs. 4,045 Crores (21%), Transportation at Rs. 193 Crores (1%), Cables & Conductors at Rs. 1,156 Crores (6%), and Others at Rs. 193 Crores (1%).
The company’s orderbook Intake is primarily driven by domestic operations, accounting for 47% of total intake, and International markets contributed 53%, reflecting its global presence. This mix highlights a strong international base alongside steady international growth.
As of 9M FY26, the company’s order book stood at Rs. 36,725 Crores, with T&D contributing Rs. 23,504 Crores (64%), Civil at Rs. 9,549 Crores (26%), Transportation at Rs. 2,571 Crores (7%), Cables & Conductors at Rs. 735 Crores (2%), and Others at Rs. 367 Crores (1%).
The company’s orderbook is primarily driven by domestic operations, accounting for 55% of the total orderbook, and International markets contributed 45%, reflecting its global presence. This mix highlights a strong domestic base alongside steady international growth.
Financials
The company’s revenue rose by 12.19 percent from Rs. 5,349 crores in December 2024 to Rs. 6,001 crores in December 2025. Meanwhile, Net profit declined from Rs. 130 crores to Rs. 127 crores in the same period.
The company maintains strong financial health, with a ROCE of 18.0% and ROE of 12.0%, a debt-to-equity ratio of 0.94, and a consistent dividend payout of 33%, reflecting stable profitability and prudent capital management.
The company delivers a diverse range of infrastructure solutions, including transmission lines, substations, HVDC cables, underground cabling, OHE systems, and water conductors. Its portfolio spans residential, commercial, and industrial buildings, warehouses, depots, and workshops, as well as metro systems, tracks, tunnel ventilation, automatic signalling, and advanced transport technologies.
It also supports smart city and high-tech projects such as data centres, semiconductor facilities, solar integration, logistics, speed upgradation, defence infrastructure, and oil & gas pipelines, providing end-to-end solutions for modern urban, industrial, and energy needs.
KEC International Ltd, a leading EPC company, earns the majority of its revenue from India, with domestic operations contributing 63% of total revenue for 9M FY26. The company’s earnings are primarily driven by its Transmission & Distribution (T&D) segment, supported by Civil, Transportation, and Cables & Conductors projects. While international markets contribute 37% of revenue, they reflect steady global growth rather than surpassing the domestic base.
The company’s order book further emphasizes this trend, with 55% of orders coming from India and 45% from international projects, showing a strong domestic foundation alongside global expansion. Overall, KEC’s business model balances a robust Indian revenue base with strategic international operations, ensuring steady growth and diversification across key infrastructure sectors.
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