KEC International Q4 profit drops 28% to ₹193 crore as revenue slips 7%
Synopsis
KEC International's Q4 FY26 numbers tell a story of compounding pressure: profit down 28%, revenue down 7%, EBITDA margin at a thin 7%, and the stock already 30% off its peak. For one of India's largest global EPC players, the March quarter underscores how execution headwinds and cost pressures can erode even a well-diversified infrastructure giant's earnings trajectory.
Key Takeaways
KEC International reported a consolidated net profit of ₹193 crore in Q4 FY26 , down 28 per cent year-on-year from ₹268 crore .
Revenue from operations fell 7 per cent to ₹6,390 crore , against ₹6,872 crore in Q4 FY25 .
EBITDA dropped 16.7 per cent to ₹448.4 crore ; EBITDA margin narrowed to 7 per cent from 7.8 per cent .
The stock has declined more than 30 per cent in six months, trading near ₹548.80 against a 52-week high of ₹947.00 .
Q3 FY26 had shown a sequential recovery, with EBITDA rising 15 per cent year-on-year to ₹430.3 crore .
KEC International, the flagship RPG Group infrastructure engineering and construction major, posted a steep decline in its fourth-quarter (Q4 FY26) earnings, with consolidated net profit falling 28 per cent year-on-year to ₹193 crore, down from ₹268 crore in Q4 FY25, according to its stock exchange filing. Revenue from operations also contracted, signalling sustained pressure across the company's project pipeline.
Revenue and Margin Pressure
The Mumbai-headquartered EPC company reported revenue from operations of ₹6,390 crore for the quarter ended March 2026, a decline of 7 per cent from ₹6,872 crore in the year-ago period. Operating performance deteriorated further, with EBITDA contracting 16.7 per cent year-on-year to ₹448.4 crore from ₹538.3 crore in Q4 FY25. EBITDA margin narrowed to 7 per cent from 7.8 per cent a year earlier, reflecting rising cost pressures and execution headwinds.
Sequential Improvement in Q3 FY26
The weak year-on-year showing in the March quarter contrasts with a modest sequential recovery the company had demonstrated in Q3 FY26. During the December 2025 quarter, KEC reported a consolidated net profit of ₹127.5 crore, marginally below ₹129.6 crore in the year-ago period. However, EBITDA in Q3 FY26 rose 15 per cent year-on-year to ₹430.3 crore, with margin edging up to 7.1 per cent from 7 per cent — suggesting some operational stabilisation before the Q4 reversal.
Stock Performance and Market Reaction
The quarterly results arrived against the backdrop of a prolonged slide in KEC International's share price. Shares ended over 1 per cent lower on Friday ahead of the results announcement. The stock has shed more than 30 per cent over the past six months and recently touched its 52-week low, currently trading around ₹548.80 per share — significantly below its 52-week high of ₹947.00.
About KEC International
KEC International is a global Engineering, Procurement, and Construction (EPC) company with operations spanning more than 110 countries. It specialises in power transmission and distribution, railways, civil engineering, urban infrastructure, renewables, and cables. As the RPG Group's infrastructure flagship, it is among India's largest EPC players by order book and global footprint.
With margins under pressure and the stock near multi-year lows, the company's near-term performance will hinge on order execution timelines and any recovery in domestic infrastructure spending in FY27.
Point of View
The FY27 revenue outlook becomes structurally weaker, not just cyclically soft.
NationPress
12 Aug 2026
Frequently Asked Questions
What were KEC International's Q4 FY26 results?
KEC International reported a consolidated net profit of ₹193 crore in Q4 FY26, down 28 per cent from ₹268 crore in Q4 FY25. Revenue from operations also fell 7 per cent to ₹6,390 crore, while EBITDA margin narrowed to 7 per cent.
Why did KEC International's profit fall in Q4 FY26?
The decline was driven by a 7 per cent drop in revenue and a 16.7 per cent contraction in EBITDA, reflecting cost pressures and execution headwinds in its infrastructure project portfolio. EBITDA margin compressed to 7 per cent from 7.8 per cent a year earlier.
How has KEC International's stock performed recently?
KEC International shares have declined more than 30 per cent over the past six months and recently hit a 52-week low. The stock was trading around ₹548.80, well below its 52-week high of ₹947.00.
Did KEC International show any improvement in Q3 FY26?
Yes, Q3 FY26 showed a sequential improvement, with EBITDA rising 15 per cent year-on-year to ₹430.3 crore and EBITDA margin edging up to 7.1 per cent. However, that recovery did not sustain into the March quarter.
What does KEC International do and who owns it?
KEC International is an RPG Group company and one of India's largest global EPC firms, specialising in power transmission, railways, civil infrastructure, renewables, and cables across more than 110 countries. It is headquartered in Mumbai.
