KEC International Limited

KEC.NS

Engineering & Construction · Industrials

Exchange

National Stock Exchange of India

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Mixed

Growth

Mixed

Cash Flow

Weak

Stability

Weak

Valuation

Strong

Dividends

Good

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Winston Score History

The full picture

KEC International is an Indian engineering and construction company that builds large infrastructure projects. Its main business is putting up power transmission towers and lines — the tall metal structures that carry electricity across long distances. It also works on railways, civil construction, solar energy projects, and cables. Customers include government utilities, power companies, and railway authorities across many countries.

KEC makes money by winning contracts to design and build these projects, then getting paid as the work is completed. It operates in over 100 countries, with a strong presence in India, the Middle East, Africa, and the Americas, making it one of the largest power transmission contractors in the world. Its wide geographic reach and long track record help it win large, complex tenders that smaller rivals cannot easily compete for. The key growth driver is India's massive push to expand its power grid and railway network, though thin operating margins mean cost overruns or project delays can quickly hurt profits.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-2.6% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-28.2% YoY

YoY Growth Rate

Earnings declining

Insider Activity

51.0%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

₹6.1B cash & investments

Company generates more cash than it spends — no dilution risk from fundraising

Revenue declining

KEC International Limited's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

14.4%

Thin — 14.4% gross margin

Profit after running costs

Operating Margin

4.8%

Thin — 4.8% operating margin

Return on the money invested

ROCE

22.7%

Exceptional — 22.7% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales growth

Sales YoY

+6.6%

Slow sales growth (+6.6% YoY)

Profit growth

EPS YoY

-9.4%

Earnings shrinking (-9.4% YoY)

Slight earnings drop. Typical near a cyclical low.

How steady the profit is

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash

Cash Conversion

-166%

Weak — only -166% of profit becomes cash

Spare cash per sale

FCF Margin

-4.6%

Burning cash (-4.6%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

N/A

Data not available

Covers its interest

Interest Cover

2.06x

Tight — interest eats into profit (2.1x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

Price vs profit

P/E Ratio (TTM)

21.0x

no trend

Growth-priced — P/E 21.0

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year

P/E vs Forward

+9.7

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (21.0 → 11.3)

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Dividends

Dividend

Dividend Yield

1.26%

no trend

Small dividend — 1.26% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record

Dividend Growth

+27.7%

no trend

Dividend growing fast (27.7% YoY)

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