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KEC International Limited Investor Presentation – Q2 FY27 2 November 2026 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 765kV Bhadla – Sikar Transmission line, Rajasthan 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 Transmission & Distribution Civil Cables & Conductors Transportation Renewables Oil & Gas Pipelines 8+ DECADES OF EXPERIENCE & EXPERTISE 110+ FOOTPRINT IN COUNTRIES 250+ ONGOING PROJECTS 7800+ EMPLOYEES 8 MANUFACTURING FACILITIES 40+ NATIONALITIES $2.7 BILLION GLOBAL EPC MAJOR *USD/ INR FY26 Average Exchange Rate of 88.4
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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 Ballastless Tracks Data Centre TCAS - Kavach Automatic Signalling Solar Tunnel Ventilation Defence Speed UpgradationHVDC CablesDepot & Workshops Smart City Stations & Platforms Oil & Gas Pipelines Warehouses MEP Semiconductor Thermal Power RopewaySTATCOM Airports Hospitals Wind
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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 Anant Goenka* Non-Executive Non-Independent Director *Inducted in the Board as a Non Executive, Non Independent Director with effect from 2nd November 2026
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9 Management Team Vimal Kejriwal Managing Director & CEO Rakesh Gaur CEO – SAE Towers & ED – T&D (Africa & CIS) Rajinder Gupta Chief Executive – T&D (India & SAARC) Mayank Agrawal SVP - Materials, Excellence & Project Assurance Ankur Dev Executive Director - Transportation & Renewable Energy Manish Srivastava Managing Director, KEC Asian Cables Ltd. Somraj Roy Chief Human Resources Officer & Executive Director Rajeev Aggarwal Chief Financial Officer Raman Kapil President - Civil Ganesh Srinivasan President - T&D
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10 Key Performance Highlights 2 Chennai Metro Inauguration by Hon’ble PM & CM of Tamil Nadu
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11 Performance Snapshot – Q2 FY27 • Achieved Revenues of Rs. 5,468 Cr, growth of 9% against Q1 FY27; PBT stands at Rs. 41 Cr and PAT at Rs. 30 Cr. • Performance impacted due to supply chain disruptions in the Middle East, RoW & land acquisition related challenges in India T&D and calibrated supplies amidst the elevated global cost environment Financial Performance • YTD order intake of over Rs. 13,500 Cr – ~70% from T&D • Highest ever order book of ~Rs. 40,000 Cr; Order Book + L1 position of ~Rs. 43,500 Cr • Robust Tender Pipeline of over Rs. 2 lac crore, more than 50% from T&D Order Book & Tender Pipeline • Net Debt incl. Acceptances stand at Rs. 7,793 Cr as on 30 Sep’26; Debt levels are elevated owing to below: o Spillover of collections of ~Rs. 600 Cr, primarily in the Middle East and Afghanistan which have been realized in Oct’26 o Additional strategic inventory of ~Rs. 160 Cr accumulated to manage commodity price volatility o Lower than expected realization in Water & Metro projects • Net Debt expected to come down to ~Rs. 6,000 Cr by the end of the year Leverage
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12 Key Business Highlights – Q2 FY27 •Revenues of Rs. 3,686 Cr •YTD Orders of ~Rs. 9,500 Cr across India, Middle East, Africa, SAARC and Americas •Substantial orders/ L1 from PGCIL of over Rs. 3,000 Cr including largest-ever order in India T&D from PGCIL •Robust order book & L1 of over Rs. 28,000 Cr T&D •Revenues of Rs. 957 Cr, slower execution of water projects & persistent labour shortage •YTD Order Intake of ~Rs. 1,200 Cr •Widened presence in the B&F and Hospital segments by securing prestigious orders •Order book & L1 of over Rs. 10,000 Cr Civil •Secured YTD orders of over Rs. 1,150 Cr. •Secured two large orders in Q2 in Wind EPC and one order in Solar EPC from renowned private developers •Executing solar and wind energy projects with a cumulative capacity of over 950 MW Renewables •Revenues of Rs. 613 Cr, growth of 17% •Elastomeric cables and E-Beam - Part of the facility commissioned, production to commence in Q3 FY27 •Aluminium Conductor capacity expansion Phase II underway Cables & Conductors •Revenues of Rs. 224 Cr; focus on completion of ongoing projects •Entered the ROCS (Rigid Overhead Catenary System) segment by securing a new order for Jaipur Metro Rail Corporation •Continue to bid for opportunities in TCAS (Kavach), technologically enabled areas of Metros and tunnel ventilation Transportation •Revenues of Rs. 92 Cr, growth of 77% •Continuous pressure on order book due to low tender pipeline and highly competitive market in India •Merger of KEC Spur Infra (Oil & Gas Pipelines subsidiary) with the KEC Civil Hydrocarbon segment underway Oil & Gas
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13 Management Commentary We navigated a challenging operating environment during the quarter on account of continued geopolitical and supply chain disruptions in the Middle East, Right of Way (RoW) & land acquisition related challenges in India T&D and calibrated supplies of select projects amidst the elevated global cost environment. Despite these near-term headwinds, we delivered sequential Revenue growth, led by our T&D business. With an order book and L1 position of ~Rs. 43,500 crore and a tender pipeline exceeding Rs. 2 lakh crore, we are confident of an improved performance in the coming quarters. Vimal Kejriwal Managing Director & CEO
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14 765 kV, GIS Substation, Karnataka Financial Performance 3
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15 Profit and Loss Summary – Consolidated (₹ crore) Particulars Q2 FY27 Q2 FY26 Growth (Y-o-Y) H1 FY27 H1 FY26 Growth (Y-o-Y) Revenues 5,468 6,092 -10% 10,491 11,114 -6% EBITDA 271 430 -37% 562 781 -28% EBITDA Margins 5.0% 7.1% 5.4% 7.0% (+) Other Income 13 5 27 10 (-) Depreciation 53 51 104 96 (-) Interest 191 171 11% 355 323 10% Interest as % to sales 3.5% 2.8% 3.4% 2.9% PBT 41 213 -81% 131 371 -65% PBT Margins 0.7% 3.5% 1.2% 3.3% Tax 11 52 28 86 Tax Rate % 27.3% 24.5% 21.7% 23.2% PAT 30 161 -82% 102 285 -64% PAT Margins 0.5% 2.6% 1.0% 2.6%
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16 Profit and Loss Summary – Standalone (₹ crore) Particulars Q2 FY27 Q2 FY26 Growth (Y-o-Y) H1 FY27 H1 FY26 Growth (Y-o-Y) Revenues 4,161 4,949 -16% 8,059 8,978 -10% EBITDA 170 308 -45% 326 504 -35% EBITDA Margins 4.1% 6.2% 4.0% 5.6% (+) Other Income 99 9 115 18 (-) Depreciation 37 36 72 68 (-) Interest 156 146 7% 292 269 9% Interest as % to sales 3.8% 2.9% 3.6% 3.0% PBT 76 135 -44% 77 185 -58% PBT Margins 1.8% 2.7% 1.0% 2.1% Tax -5 29 -4 42 Tax Rate % -6.4% 21.8% -5.3% 22.9% PAT 80 106 -24% 81 143 -43% PAT Margins 1.9% 2.1% 1.0% 1.6%
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17 Businesswise Revenue Performance – Consolidated (₹ crore) Particulars Q2 FY27 Q2 FY26 Growth (Y-o-Y) H1 FY27 H1 FY26 Growth (Y-o-Y) T&D: 3,686 4,080 -10% 6,903 7,236 -5% - T&D (KEC) 3,193 3,651 -13% 5,960 6,448 -8% - SAE Towers 493 429 15% 943 788 20% Non T&D: 1,900 2,159 -12% 3,925 4,149 -5% - Civil 957 968 -1% 1,951 1,908 2% - Transportation 224 425 -47% 483 896 -46% - Oil & Gas Pipelines 92 52 77% 209 112 86% - Renewables 13 190 -93% 69 326 -79% - Cables & Conductors 613 524 17% 1,214 907 34% Inter SBU: -118 -147 -337 -271 Total Net Sales 5,468 6,092 -10% 10,491 11,114 -6% T&D Share 67% 67% 66% 65% Non T&D Share 33% 33% 34% 35%
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18 Borrowings & Working Capital – Consolidated (₹ crore) ▪ Net Debt incl. Acceptances stand at Rs. 7,793 Cr as on 30 Sep’26 ▪ Net Working Capital (NWC) stands at 155 days as on 30 Sep’26 ▪ Debt levels and NWC are elevated owing to below: o Spillover of collections of ~Rs. 600 Cr, primarily in the Middle East and Afghanistan which have been realized in Oct’26 o Additional strategic inventory of ~Rs. 150 Cr accumulated to manage commodity price volatility o Lower than expected realization in Water & Metro projects • Net Debt expected to come down to ~Rs. 6,000 Cr by the end of the year Particulars 30-Sep-26 31-Mar-26 Increase/ (Decrease) 30-Sep-25 Increase/ (Decrease) I) Net Debt 5,614 4,601 1,013 4,615 999 II) Interest Bearing Acceptances 2,179 2,121 58 1,865 313 Total (I + II) 7,793 6,722 1,071 6,480 1,312
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19 Order Intake & Order Book (Consolidated) – YTD FY27 70% 9% 3% 10% 8% Order Intake Order Book 65% 23% 5% 3% 3% 1% Order Book Rs 39,946 Cr. Domestic : 71% International : 29% Domestic : 58% International : 42% T&D : 56% SAE : 14% T&D: 56% SAE : 9% ✓ Robust Order Book + L1 of ~Rs 43,500 Crore ✓ Tenders under Evaluation and in Pipeline of over Rs. 2,00,000 Crore Order Intake Rs 13,528 Cr. T&D Civil Transportation Cables & Conductors Renewables Oil & Gas
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20 Business Outlook ▪ Strong multi-year T&D investment cycle globally ▪ Robust momentum in India T&D led by Renewable evacuation, HVDC corridors, - GEC Phase-III and grid modernisation – Large pipeline from PGCIL/ private-sector players ▪ Healthy International T&D pipeline across Middle East, Africa, Americas, CIS & SAARC ▪ Rising investments in Renewables, Storage & Grid Flexibility ▪ AI/Data Centre boom driving opportunities across T&D & Civil ▪ Improving private capex and urban infrastructure opportunity ▪ Record order book, L1 position and tender pipeline providing strong revenue visibility ▪ Geopolitical and supply-chain uncertainties in the Middle East continues o Logistics disruptions, elevated costs and extended lead times o Revenue and margin timing impact – Will be offset in the coming quarters o Delays in finalisation and award of projects in the Middle East ▪ Resolution of legal claims/ disputes in Transportation and Metro projects getting prolonged ▪ Delay in payments in Water projects leading to slower progress and impacting working capital/ profitability ▪ Continued ROW issues in India T&D ▪ Elevated working capital and debt levels TAILWINDS HEADWINDS
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• Train Collision Avoidance System (TCAS) Kavach Project, Uttar Pradesh • This project plays a vital role in improving rail safety by deploying Kavach on a key high density railway corridor - Supports Indian Railways’ vision of safer and more efficient operations Environmental, Social and Governance (ESG) 4
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22 ESG & Sustainability Goals FY 2030 Diversity & Inclusion Target: Increase in diversity by 25% by FY30 Occupational Heath & Safety Target: Work towards the goal of achieving ‘Zero Harm’ Corporate Social Responsibility Target: Reach 3 lac CSR beneficiaries by FY30 Circularity Target: Reduce Waste intensity by 30% by FY30 Water Positive Approach Target: Reduce water intensity by FY30: • 25% for manufacturing plants • 20% for project sites Carbon Emission Target: Reduce GHG emissions intensity by 20% by FY30 Sustainable Procurement Target: • 70% of key suppliers to be ISO 14001 certified by FY30 • 70% of key suppliers to comply with ethical labour practices by FY30
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23 Sustainability Roadmap – Key Initiatives and Approach Diversity & Inclusion Occupational Heath & Safety Corporate Social Responsibility Circularity Water Positive Approach Sustainable Procurement Carbon Emission • Unconscious Biases - aimed at all employees, building awareness of what biases are, how they affect decision making and inclusion, and how to manage them • Efforts to strengthen representation at mid and senior levels • Deployment of AI-Based Camera system at project sites to strengthen safety monitoring and compliance • Behaviour-Based Safety practices, near-miss reporting, unsafe condition reporting and frontline safety interventions reinforce a proactive safety culture focussed on continuous improvement • Rural Upliftment Initiative - Supported farmers through capacity-building programmes in regenerative agriculture • Installation of solar panels at schools • Deepened supplier relationships based on transparency, performance excellence and shared sustainability goals • Initiated Scope 3 emissions assessment of key suppliers to support value chain decarbonisation • Repurposed empty cement bags, waste bricks and other construction materials for site infrastructure and community- use applications, extending material life and reducing waste • Increased recycling and reuse of steel scrap • Strengthened community access to safe drinking water through the installation of RO-based drinking water systems and water facilities in nearby communities • Expanded the use of STP-treated water, drip irrigation and treated sludge to improve water-use efficiency • Expanded the use of energyefficient and star-rated electrical equipment across projects • Optimised compressed air systems, process heating and utility operations to improve energy efficiency across manufacturing facilities
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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