KEC International Makes Q3FY26 Earnings Call Transcript Available Post Strong Results
KEC International delivered robust Q3FY26 performance with consolidated revenue growing 12.19% to Rs. 6,001.35 crore and EBITDA expanding 14.97% to Rs. 4.30 billion. Despite exceptional charges of Rs. 58.78 crore related to new Labour Codes, the company maintained operational efficiency with improved EBITDA margins and has made its earnings call transcript available to stakeholders.

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KEC International Limited has delivered a strong financial performance in Q3FY26, demonstrating resilience and growth across its diversified business portfolio. The infrastructure and engineering company announced its unaudited consolidated financial results for the quarter and nine months ended December 31, 2025, showcasing significant revenue expansion and operational improvements.
Financial Performance Highlights
The company's consolidated financial performance for Q3FY26 reflects robust growth momentum across key metrics:
| Metric: | Q3FY26 | Q3FY25 | Change (%) |
|---|---|---|---|
| Revenue from Operations: | Rs. 6,001.35 crore | Rs. 5,349.38 crore | +12.19% |
| EBITDA: | Rs. 4.30 billion | Rs. 3.74 billion | +14.97% |
| EBITDA Margin: | 7.17% | 7.00% | +17 bps |
| Net Profit: | Rs. 127.46 crore | Rs. 129.56 crore | -1.62% |
| Total Income: | Rs. 6,011.58 crore | Rs. 5,350.29 crore | +12.36% |
| Earnings Per Share: | Rs. 4.79 | Rs. 4.87 | -1.64% |
For the nine-month period ended December 31, 2025, the company achieved even more impressive growth:
| Parameter: | 9M FY26 | 9M FY25 | Growth (%) |
|---|---|---|---|
| Revenue: | Rs. 17,115.79 crore | Rs. 14,974.58 crore | +14.30% |
| Net Profit: | Rs. 412.81 crore | Rs. 302.55 crore | +36.45% |
| EPS: | Rs. 15.51 | Rs. 11.37 | +36.41% |
EBITDA Performance Analysis
KEC International demonstrated strong operational efficiency with EBITDA reaching Rs. 4.30 billion in Q3FY26, marking a significant improvement from Rs. 3.74 billion in the corresponding quarter of the previous year. The EBITDA margin expanded to 7.17% from 7.00%, indicating enhanced operational leverage and cost management despite inflationary pressures in the infrastructure sector.
Segment-wise Performance
KEC International operates through two primary business segments, with the EPC (Engineering, Procurement and Construction) segment being the dominant contributor. The segment-wise revenue breakdown for Q3FY26 shows:
| Business Segment: | Q3FY26 Revenue | Q3FY25 Revenue | Growth (%) |
|---|---|---|---|
| EPC: | Rs. 5,608.42 crore | Rs. 5,048.36 crore | +11.09% |
| Others (Cables): | Rs. 555.80 crore | Rs. 406.34 crore | +36.79% |
The EPC segment, which comprises infrastructure projects including power transmission, railways, and urban infrastructure, continues to be the primary revenue driver. The Others segment, primarily consisting of the cables business, showed exceptional growth of 36.79% in Q3FY26.
Exceptional Items Impact
The company's financial results were impacted by exceptional charges of Rs. 58.78 crore in Q3FY26, related to employee benefit obligations under India's new Labour Codes that became effective November 21, 2025. This one-time charge represents incremental estimated employee benefit obligations for past services, calculated based on actuarial valuation in accordance with Ind AS 19.
Earnings Call Transcript Now Available
Following the announcement of Q3FY26 results, KEC International has made the transcript of its earnings conference call available to stakeholders. The company informed stock exchanges on February 02, 2026, that the transcript of the conference call held on January 30, 2026, for the unaudited financial results has been uploaded on the company's website at https://www.kecrpg.com/earning-call-transcripts .
| Communication Details: | Information |
|---|---|
| Call Date: | January 30, 2026 |
| Call Time: | 5:00 p.m. (IST) |
| Transcript Available: | February 02, 2026 |
| Location: | Company website |
| Purpose: | Q3FY26 results discussion |
Operational Efficiency Metrics
KEC International's operational performance indicators demonstrate improved efficiency:
| Ratio: | Q3FY26 | Q3FY25 | Status |
|---|---|---|---|
| Operating Margin: | 7.16% | 7.00% | Improved |
| Net Profit Margin: | 2.12% | 2.42% | Declined |
| Current Ratio: | 1.20 | 1.19 | Stable |
| Debt Equity Ratio: | 0.97 | 0.90 | Higher |
Standalone Performance
On a standalone basis, KEC International reported revenue from operations of Rs. 4,808.09 crore in Q3FY26 compared to Rs. 4,757.64 crore in Q3FY25, representing a modest growth of 1.06%. Standalone net profit was Rs. 38.98 crore versus Rs. 72.89 crore in the previous year, primarily due to exceptional charges of Rs. 52.29 crore related to the new Labour Codes.
Legal and Regulatory Updates
The company continues to address an ongoing investigation by a government agency related to a transmission project, where a chargesheet has been filed and the court has taken cognizance. KEC International maintains that this matter will not have any material impact on its operations and financial results, emphasizing its commitment to the highest standards of corporate governance and compliance.
The results were reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on January 30, 2026, with statutory auditors conducting a limited review of the unaudited financial results.
Historical Stock Returns for KEC International
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| +1.38% | -1.74% | -6.97% | -28.38% | -21.11% | +40.79% |


































