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KEC International Limited Investor Presentation – Q2 FY26 10 November 2025 Power T & D Cables & ConductorsTransportationCivil Renewables Oil & Gas Pipelines
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2 Disclaimer This presentation may include statements which may constitute forward-looking statements. All statements that address expectations or projections about the future, including, but not limited to, statements about the strategy for growth, business development, market position, expenditures, and financial results, are forward looking statements. Forward looking statements are based on certain assumptions and expectations of future events and involves known and unknown risks, uncertainties and other factors. The Company cannot guarantee that these assumptions and expectations are accurate or exhaustive or will be realised. The actual results, performance or achievements, could thus differ materially from those projected in any such forward-looking statements. No obligation is assumed by the Company to update the forward- looking statements contained herein. The information contained in these materials has not been independently verified. None of the Company, its Directors, Promoter or affiliates, nor any of its or their respective employees, advisers or representatives or any other person accepts any responsibility or liability whatsoever, whether arising in tort, contract or otherwise, for any errors, omissions or inaccuracies in such information or opinions or for any loss, cost or damage suffered or incurred howsoever arising, directly or indirectly, from any use of this document or its contents or otherwise in connection with this document, and makes no representation or warranty, express or implied, for the contents of this document including its accuracy, fairness, completeness or verification or for any other statement made or purported to be made by any of them, or on behalf of them, and nothing in this document or at this presentation shall be relied upon as a promise or representation in this respect, whether as to the past or the future. The information and opinions contained in this presentation are current, and if not stated otherwise, as of the date of this presentation. The Company relies on information obtained from sources believed to be reliable but does not guarantee its accuracy or completeness. The Company undertake no obligation to update or revise any information or the opinions expressed in this presentation as a result of new information, future events or otherwise. Any opinions or information expressed in this presentation are subject to change without notice. This presentation does not constitute or form part of any offer or invitation or inducement to sell or issue, or any solicitation of any offer to purchase or subscribe for, any securities of KEC International Limited (the “Company”), nor shall it or any part of it or the fact of its distribution form the basis of, or be relied on in connection with, any contract or commitment or to be relied in connection with an investment decision in relation to the securities of the Company therefore any person/ party intending to provide finance / invest in the shares/businesses of the Company shall do so after seeking their own professional advice and after carrying out their own due diligence procedure to ensure that they are making an informed decision. Neither the delivery of this document nor any further discussions by the Company with any of the recipients shall, under any circumstances, create any implication that there has been no change in the affairs of the Company since that date. This presentation is strictly confidential and may not be copied or disseminated, in whole or in part, and in any manner or for any purpose. No person is authorized to give any information or to make any representation not contained in or inconsistent with this presentation and if given or made, such information or representation must not be relied upon as having been authorized by any person. Failure to comply with this restriction may constitute a violation of the applicable securities laws. The distribution of this document in certain jurisdictions may be restricted by law and persons into whose possession this presentation comes should inform themselves about and observe any such restrictions. By participating in this presentation or by accepting any copy of the slides presented, you agree to be bound by the foregoing limitations.
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3 HVDC Converter Station, Mumbai, Maharashtra Overview – RPG Group & KEC International 1
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4 RPG Group: Powered by Passion, Driven by Ethics EPC major in infrastructure segments like T&D, Civil, Transportation, Oil & Gas, Renewables & Cables & Conductors One of India’s leading tyre manufacturers Global technology consulting and IT services company Integrated pharma company in formulations and synthetic APIs Technology solutions company catering to energy and infrastructure One of India’s largest plantation companies producing tea, rubber, etc. RPG Enterprises was founded in 1979. The group currently operates various businesses in Infrastructure, Technology, Life Sciences, Plantations and Tyre industries. The group has business history dating back to 1820 AD in banking, textiles, jute and tea. The Group grew in size and strength with several acquisitions in the 1980s and 1990s. RPG Group is one of India’s fastest growing conglomerates with 35,000+ employees, presence in 135+ countries and annual gross revenues of USD 5.2 Bn UNLEASHTALENT TOUCHLIVES OUTPERFORM AND ☺
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5 KEC International : A Legacy of 8 Decades, A Promise of Happiness Revenue FY25 21,847 Cr 110+ FOOTPRINT IN COUNTRIES Manufacturing Facilities 8 84 HAPPINESS SCORE 7500+ EMPLOYEES 40+ NATIONALITIES 275+ ONGOING PROJECTS Order Book & L1 44,000 Cr+ Transmission & Distribution Civil Transportation Oil & GasRenewables Cables & Conductors
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6 Diverse Portfolio of Offerings Transmission Lines Factories Underground Cabling Water Conductors Substations Residential Buildings S&T Metros – Civil Metros - Tech Commercial Buildings OHE Track Laying Railway Bridges Data Centre TCAS - Kavach Automatic Signalling SolarTunnel Ventilation Defence Speed Upgradation HVDC Cables Depot & Workshops Smart City Stations & Platforms Oil & Gas Pipelines Warehouses Logistics Semiconductor Thermal Ropeway STATCOM Airports Hospitals
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7 Purpose Statement and Culture Pillars “WE TRANSFORM LIVES BY BUILDING SUSTAINABLE WORLD CLASS INFRASTRUCTURE” Execution Excellence Happiness Customer Centricity Technology & Engineering Mindset Inclusive - Diverse & Global Mindset Empowerment & Trust
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8 Board of Directors H. V. Goenka Chairman, Non Executive Director Vikram Gandhi Non Executive Independent Director Vinayak Chatterjee Non-Executive Non-Independent Director Shirish Sankhe Non Executive Independent Director Vimal Bhandari Non Executive Independent Director Vimal Kejriwal Managing Director & CEO M.S. Unnikrishnan Non Executive Independent Director Neera Saggi Non Executive Independent Director Arvind Singh Non Executive Independent Director Harsh Vardhan Shringla Non Executive Independent Director
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9 Management Team Vimal Kejriwal Managing Director & CEO, KEC International Limited Rajeev Agarwal Chief Financial Officer Ganesh Srinivasan President – T&D Anand Kulkarni Executive Director - Business Operations Mayank Agrawal Chief Executive - Oil & Gas Pipelines Rakesh Gaur CEO – SAE & ED – T&D (Africa & CIS) Rajinder Gupta Chief Executive – T&D (India & Sri Lanka) Nagesh Veeturi Executive Director - Civil Manjit Singh Sethi Executive Director – Renewables Prateek Bhattacharya Managing Director, KEC Asian Cables Ltd. Ankur Dev Executive Director - Transportation Kaushal Kodesia Executive Director – Special Projects
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10 FMCG Factory, Sri City, Andhra Pradesh Key Performance Highlights 2
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11 Financial Highlights Q2 & H1 FY26 – Growth Across Parameters Q2 FY26 vs Q2 FY25 Revenues EBITDA PBT PAT 19% YoY % 6,092 Cr 34% YoY 430 Cr 7.1% 88% YoY % 213 Cr 3.5% 88% YoY H1 FY26 vs H1 FY25 % 161 Cr 2.6% Revenues EBITDA PBT PAT 15% YoY % 11,114 Cr 27% YoY 781 Cr 7.0% 65% YoY % 371 Cr 3.3% 65% YoY % 285 Cr 2.6%
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12 Strong Growth in Quarterly Performance - Consolidated Revenue (₹ Crore) PBT (₹ Crore) and PBT Margin (%) EBITDA (₹ Crore) and EBITDA Margin (%) PAT (₹ Crore) and PAT Margin (%) 4,064 4,499 5,113 6,092 Q2 FY23 Q2 FY24 Q2 FY25 Q2 FY26 CAGR 14% 178 274 320 4304.4% 6.1% 6.3% 7.1% Q2 FY23 Q2 FY24 Q2 FY25 Q2 FY26 CAGR 34% 27 66 113 213 0.7% 1.5% 2.2% 3.5% Q2 FY23 Q2 FY24 Q2 FY25 Q2 FY26 CAGR 99% 55 56 85 161 1.4% 1.2% 1.7% 2.6% Q2 FY23 Q2 FY24 Q2 FY25 Q2 FY26 CAGR 43%
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13 Key Business Highlights – Q2 FY26 •Revenues of Rs. 4,080 Cr, growth of 44% YoY •Order intake of ~Rs. 12,000 Cr across India, Middle East, CIS and Americas •Capacity expansion at Butibori tower facility in process, post successful expansions in Dubai, Jaipur and Jabalpur •Record order book & L1 of ~Rs. 29,000 Cr T&D •Revenues of Rs. 968 Cr – execution impacted due to prolonged monsoon, labour shortages and delayed payments in the Water segment •YTD Order inflow of over Rs. 3,000 Cr in Buildings & Factories segment •Strong order book & L1 of over Rs. 10,000 Cr Civil •Revenues of Rs. 190 Cr •Executing two large solar projects in Karnataka & Rajasthan •Continue to bid for select opportunities in Solar, Wind and Battery Energy Storage Systems (BESS) Renewables •Revenues of Rs. 524 Cr., growth of 19% YoY •Gradual improvement in Profitability •Capex for E-Beam facility and Elastomeric cables progressing well - Expect commercial production to commence by the end of this year Cables & Conductors •Revenues of Rs. 425 Cr •Secured 3 orders YTD for Train Collision Avoidance System (TCAS) under KAVACH in partnership with our JV partner •Focus on fast-tracking completion of existing projects & collection of receivables Transportation •Achieved prequalification from a leading Middle East utility for pipeline projects, a key milestone in its international growth journey •Focusing on the international market considering the low tender pipeline and extremely competitive scenario in India Oil & Gas
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14 Management Commentary We have delivered another quarter of strong performance, marked by robust revenue growth, significant improvement in profitability and healthy order intake. Our EBITDA margins have continued their upward trajectory, expanding by 80 bps to 7.1% in Q2 FY26, compared to 6.3% in the same quarter last year. The bottom line has also seen exceptional growth, with PBT and PAT rising by 88% YoY. The order book has been substantially strengthened with multiple strategic wins, taking the combined order book and L1 position to a record level of over Rs. 44,000 crore. With a strong focus on execution, robust order book and a substantial tender pipeline, we are well positioned to drive sustained and profitable growth in the coming quarters. Vimal Kejriwal Managing Director & CEO
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15 Transmission line project, Kuwait – Saudi Arabia Interconnection Financial Performance 3
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16 Profit and Loss Summary - Consolidated (₹ crore) *EBITDA for H1 FY25 includes an amount of Rs. 24 Cr received towards an arbitration award Particulars Q2 FY26 Q2 FY25 Growth (Y-o-Y) H1 FY26 H1 FY25 Growth (Y-o-Y) Revenues 6,092 5,113 19% 11,114 9,625 15% EBITDA 430 320 34% 781 615 27% EBITDA Margins 7.1% 6.3% 7.0% 6.4% (+) Other Income 5 7 10 26 (-) Depreciation 51 45 96 92 (-) Interest 171 168 2% 323 323 0% Interest as % to sales 2.8% 3.3% 2.9% 3.4% PBT 213 113 88% 371 226 65% PBT Margins 3.5% 2.2% 3.3% 2.3% Tax 52 28 86 53 Tax Rate % 24.5% 24.7% 23.2% 23.3% PAT 161 85 88% 285 173 65% PAT Margins 2.6% 1.7% 2.6% 1.8%
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17 Profit and Loss Summary - Standalone (₹ crore) Particulars Q2 FY26 Q2 FY25 Growth (Y-o-Y) H1 FY26 H1 FY25 Growth (Y-o-Y) Revenues 4,949 4,484 10% 8,978 8,372 7% EBITDA 308 230 34% 504 428 18% EBITDA Margins 6.2% 5.1% 5.6% 5.1% (+) Other Income 9 33 18 52 (-) Depreciation 36 37 68 75 (-) Interest 146 152 -4% 269 289 -7% Interest as % to sales 2.9% 3.4% 3.0% 3.4% PBT 135 74 83% 185 117 58% PBT Margins 2.7% 1.6% 2.1% 1.4% Tax 29 16 42 27 Tax Rate % 21.8% 21.3% 22.9% 22.8% PAT 106 58 82% 143 90 58% PAT Margins 2.1% 1.3% 1.6% 1.1% *EBITDA for H1 FY25 includes an amount of Rs. 24 Cr received towards an arbitration award *Wef 1st Jan’25, Cables business has been transferred into a wholly owned subsidiary, KEC Asian Cables Limited and hence its financial s have ceased to be a part of standalone numbers. On a like-to-like basis, excluding Cables from the previous year’s standalone numbers, the Revenue growth stands at 22% for Q2 & 19% for H1
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18 Businesswise Revenue Performance - Consolidated (₹ crore) Particulars Q2 FY26 Q2 FY25 Growth (Y-o-Y) H1 FY26 H1 FY25 Growth (Y-o-Y) T&D: 4,080 2,831 44% 7,236 5,330 36% - T&D (KEC) 3,651 2,514 45% 6,448 4,667 38% - SAE Towers 429 317 35% 788 663 19% Non T&D: 2,159 2,369 -9% 4,149 4,461 -7% - Civil 968 1,152 -16% 1,908 2,211 -14% - Transportation 425 503 -15% 896 974 -8% - Oil & Gas Pipelines 52 92 -44% 112 218 -48% - Renewables 190 181 5% 326 254 28% - Cables & Conductors 524 441 19% 907 805 13% Inter SBU: -147 -87 -271 -166 Total Net Sales 6,092 5,113 19% 11,114 9,625 15% T&D Share 67% 55% 65% 55% Non T&D Share 33% 45% 35% 45%
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19 Borrowings & Working Capital - Consolidated (₹ crore) ❑ Net debt including acceptances stand at Rs. 6,480 Cr, vis-à-vis Rs. 5,265 Cr as on 30 Sep’24 ▪ Interest expenses as a percentage of Revenue have reduced by 50 bps in both Q2 and H1, resulting in an Interest cost of 2.8% for Q2 & 2.9% for H1 ▪ The increase in debt level is on account of strong revenue growth, increase in strategic inventory due to benign commodity prices, delayed release of payments in the Water projects and spillover of certain large collections which happened in Oct’25 ▪ We expect the debt levels to normalise going forward ❑ Net Working Capital (NWC) stands at 138 days vis-à-vis 130 days as on 30 Sep’24. We continue to focus on below initiatives to optimize working capital: ▪ Judicious monitoring of cash flows through daily/ weekly war rooms ▪ Release of Retention through focused commercial closure of projects ▪ Commercial execution of projects thereby reducing dependency receivables ▪ Improving quality of order intake – Avoiding tenders with adverse payment terms Particulars 30-Sep-25 30-Sep-24 Increase/ (Decrease) 30-Jun-25 Increase/ (Decrease) 31-Mar-25 Increase/ (Decrease) I) Net Debt 4,615 3,566 1,049 3,660 955 3,051 1,564 II) Interest Bearing Acceptances 1,865 1,699 166 1,689 177 1,507 358 Total (I + II) 6,480 5,265 1,216 5,348 1,132 4,558 1,922
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20 Order Intake & Order Book - Consolidated Order Intake – YTD FY26 Order Book – YTD FY26 Revenue – H1 FY26 74% 19% 1% 5%1% T&D : 70% SAE : 4% ✓ Highest ever Order Book + L1 of over Rs 44,000 Crore ✓ Tenders under Evaluation and in Pipeline of over Rs. 1,80,000 Crore *Others include Renewables and Oil & Gas 65% 25% 7% 2% 1% 65%17% 8% 8% 2% T&D Civil Transportation Cables & Conductors Others T&D : 60% SAE : 5% T&D : 58% SAE : 7% Order Intake Rs 16,050 Cr. (Growth ~20%) Order Book Rs 39,325 Cr. (Growth~15%) Revenue Rs 11,114 Cr. (Growth ~15%) Domestic : 41% International : 69% Domestic : 55% International : 45% Domestic : 64% International : 36%
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21 Promising Business Outlook ▪ Robust outlook in International T&D o Major transmission initiatives underway in Saudi Arabia, UAE and Oman o Uptick in tendering activities in Americas – Brazil, Mexico & US ▪ Strong momentum in India T&D driven by opportunities in Digital substations, STATCOM and HVDC – Increasing participation by private players and state utilities under TBCB ▪ Real estate boom continues; uptick in private capex of Metals & Mining ▪ Execution of water projects expected to pick up as payments getting released in states where we are operating ▪ Sustained thrust of Govt. on Renewables - Substantial opportunities across Solar, Wind, BESS ▪ International opportunities in Civil, Transportation and Oil & Gas ▪ Labour availability: Improving trend, though shortages in select categories continue to pose challenges ▪ Subdued performance in Transportation: o Margin and cash flow getting impacted by delayed completion of projects o Order book continues to be muted due to heightened competition from Road players ▪ Geopolitical unrests TAILWINDS HEADWINDS
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500 MW Solar Project at Pavagada, Karnataka Environmental, Social and Governance (ESG) 4
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23 ESG & Sustainability Goals and Status Happiness Quotient Target: Increase Happiness Quotient to 85% by FY26 Diversity & Inclusion Target: Increase in diversity by 25% by FY26 Occupational Heath & Safety Target: Work towards the goal of achieving Zero accidents Corporate Social Responsibility Target: Reach 2 lac CSR beneficiaries by FY 26 Status: Happiness Quotient for FY25 has increased to 84% vis-à-vis 80% for FY21 Status: Diversity has increased by 57% in FY25 vis-à-vis FY21 Status: LTIFR has reduced to 0.1 in FY25 vis-à-vis 0.68 in FY21, a reduction of 84% Status: Cumulative CSR beneficiaries till FY25 from FY21 are more than 15 lac Circularity Target: Zero waste to landfill by FY 26 for manufacturing plants Water Positive Approach Target: Reduce water consumption intensity in manufacturing plants by 20% by FY26 Energy Consumption Target: Reduce energy consumption intensity of manufacturing plants by 15% by FY26 Carbon Emission Target: Reduce Greenhouse Gas (GHG) emissions intensity of manufacturing plants by 20% by FY26 Sustainable Procurement Target: 100% of key suppliers to be assessed under ESG criteria by FY23 Status: Waste to landfill has reduced by 24% in FY25 vis-à-vis FY21 Status: Water consumption intensity has reduced by 27% in FY25 vis-à-vis FY21 Status: Energy consumption intensity has reduced by 33% in FY25 vis-à-vis FY21 Status: GHG emission intensity has reduced by 27% in FY25 vis-à-vis FY21 Status: 100% of key suppliers assessed under ESG Criteria
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24 Sustainability Roadmap – Key Initiatives and Approach Happiness Quotient Diversity & Inclusion Occupational Heath & Safety Corporate Social Responsibility Circularity Water Positive Approach Decarbonisation Sustainable Procurement • Launched revamped Rewards & Recognition program – RACE (Recognise and Celebrate Excellence • Employee Engagement across factories and project sites through Action planning workshops • Foster a positive environment focused on safety, security, and fair treatment in the workplace • Initiatives like Womentering, LeaderHer for Development of Women • New features such as e-Permit to Work and lastminute risk assessment modules have been added in the in-house digital platform ‘RAKSHA’ • Increased emphasis on safety training for employees and contract workers • Installation of solar panels at Govt. schools • Providing clean cookstoves to underprivileged families in Maharashtra to promote environmental sustainability and community health • Disposed ETP sludge to authorised co-processors who convert the waste into fuel for cement kilns • Steel and concrete waste have been reused to create testing structures, fire points, machine guards, etc. • Installation of Effluent Treatment Plant (ETP) with advanced technology • Recycled air conditioning condensate and RO water outflow for dust suppression and washing in water- scarce project areas Reducing energy consumption & carbon emission • Certiication under Energy Management System ISO 50001:2018 • Installing HVDC-charged emergency lighting systems at project sites • Formulated the Code of Conduct (CoC) based on sustainability / ESG criteria • Formulated Sustainable Procurement Policy
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THANK YOU Global Footprint in 110+ countries* *Includes EPC and Supply www.kecrpg.com Registered Office RPG House, 463, Dr. Annie Besant Road, Worli, Mumbai - 400 030. Phone: +91-22-6667 0200 Email: kecindia@kecrpg.com Follow us on: A logo of a camera Description automatically generated