Interim report
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KEC INTERNATIONAL LTD. RPG House 463, Dr. Annie Besant Road Worli, Mumbai 400030, India +91 22 66670200 kecindia@kecrpg.com www.kecrpg.com Registered Office: RPG House, 463, Dr. Annie Besant Road Worli, Mumbai 400030, CIN: L45200MH2005PLC152061, India. An Company November 02, 2026 National Stock Exchange of India Limited Exchange Plaza Bandra Kurla Complex Bandra (East), Mumbai 400 051 Symbol: KEC BSE Limited Phiroze Jeejeebhoy Towers Dalal Street, Fort Mumbai – 400 001 Scrip Code: 532714 Sub.: Outcome of Board Meeting - Unaudited Financial Results for the quarter and half year ended September 30, 2026 Dear Sir/Madam, Further to our intimation dated October 26, 2026, and i n terms of Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we wish to inform that the Board of Directors of the Company, at its meeting held today i.e. on Monday, November 02, 2026, inter alia, unanimously approved the Consolidated and Standalone Unaudited Financial Results of the Company for the quarter and half year ended September 30, 2026. The abovesaid Unaudited Financial Results along with the Limited Review Report of the Statutory Auditors thereon are enclosed herewith. The Board Meeting commenced at 03:30 p.m. and concluded at 08:00 p.m. The above information is available on the website of the Company i.e. www.kecrpg.com. Kindly take the same on your records. Thanking you, Yours faithfully, For KEC International Limited Suraj Eksambekar Company Secretary and Compliance Officer Encl: as above
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Price Waterhouse Chartered Accountants LLP To, The Board of Directors KEC International Limited RPG House, 463, Dr. Annie Besant Road, Worli, Mumbai 400 030 1. We have reviewed the consolidated unaudited financial results of KEC International Limited (the "Holding Company"), which includes 39 branches, 34 jointly controlled operations consolidated on a proportionate basis and its 16 subsidiaries (the Holding Company, its branches, jointly controlled operations and its subsidiaries hereinafter referred to as the "Group") (refer Annexure A) for the quarter ended September 30, 2026 and the year to date results for the period April 1, 2026 to September 30, 2026, which are included in the accompanying 'Statement of Consolidated Unaudited Financial Results for the Quarter and Half year ended September 30, 2026', the Statement of Consolidated Assets and Liabilities as on that date and the Consolidated Statement of Cash Flows for the Half year ended on that date (the "Statement"). The Statement is being submitted by the Holding Company pursuant to the requirement of Regulation 33 and Regulation 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the "Listing Regulations") read with Part B of Chapter XVII - 'Listing of Commercial Paper' of the SEBI Operational Circular SEBI/HO/DDHS/P /CIR/2021/613 dated August 10, 2021, as updated, which has been digitally signed by us for identification purposes. 2. This Statement, which is the responsibility of the Holding Company's Management and has been approved by the Holding Company's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 "Interim Financial Reporting", prescribed under Section 133 of the Companies Act, 2013, and other accounting principles generally accepted in India. Our responsibility is to express a conclusion on the Statement based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements ('SRE') 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity", issued by the Institute of Chartered Accountants oflndia. This Standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. We also performed procedures in accordance with the circular issued by tlie SEBI under Regulation 33 (8) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, to the extent applicable. 4. The Statement includes the results of the branches, jointly controlled operations, and subsidiaries listed in AnnexureA 5. Based on our review conducted and procedures performed as stated in paragraph 3 above and based on the consideration of the review reports of the branch auditors and other auditors referred to in paragraph 7 and 8 below, nothing has come to our attention that causes us to believe that the accompanying Statement has not been prepared in all material respects in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India and has not disclosed the information required to be disclosed in terms of Regulation 33 and Regulation 52 of the Listing Regulations, 2015 read with Part B of Chapter XVII - 'Listing of Commercial Paper' of the SEBI Operational Circular SEBI/HO/DDHS/P /CIR/2021/613 dated August 10, 2021, as updated, including the manner in which it is to be disclosed, or that it contains any material misstatement. 6. We draw attention to Note 6 to the consolidated financial results regarding an investigation by a government agency, who has filed a chargesheet and the Court has taken cognizance of the same. Pending completion of tlie proceedings, the possible impact, if any, on the consolidated financial results is currently not determinable. Our conclusion on the Statement is not modified in respect of tlie above matter. Price Waterhouse Chartered Accountants LLP, Nesco IT Building III, 8th Floor, Nesco IT Park, Nesco Complex, Gate No. 3 Western Express Highway, Goregaon East, Mumbai 400 063 T:+91(22)61197810 Registered office and Head office: II-A, Vishnu Digamber Marg, Sucheta Bhawau, Gate No 2. New Delhi - 110002 Price Waterhouse (a Partuership Firm) converted into Price Waterhouse Chartered Accountants LLP (a Limited Liability Partuership with LLP identity no: LLPIN AAC-5001) with effect from July 25, 2014. Post its conversion to Price Waterhouse Chartered Accountants LLP, its !CAI registration number is 012754N/N500016 (!CAI registration number before conversion was 012754N)
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Price Waterhouse Chartered Accountants LLP 7. The interim financial information of 37 branches and 34 jointly controlled operations consolidated on a proportionate basis reflect total assets of Rs. 6,674.79 crores and net assets of Rs. 1,704.95 crores as at September 30, 2026, and total revenue from operations of Rs. 1,684.58 crores and Rs. 2,926.06 crores, profit after tax (net) of Rs. 203-48 crores and Rs. 314.07 crores and total comprehensive income (comprising of profit after tax (net) and other comprehensive income (net)) of Rs. 215.03 crores and Rs. 328.56 crores for the quarter ended and for the period from April 1, 2026 to September 30, 2026, respectively and cash inflows (net) of Rs. 70.83 crores for the period from April 1, 2026 to September 30, 2026, as considered in the Statement. These interim financial information of these branches and jointly controlled operations have been reviewed by the branch auditors and other auditors and their reports vide which they have issued an unmodified conclusion on those interim financial information have been furnished to us by the Holding Company's Management or branch auditors or other auditors, and our conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of these branches and jointly controlled operations, is based on the reports of such branch auditors and other auditors and the procedures performed by us as stated in paragraph 3 above. The interim financial information of 11 subsidiaries reflect total assets of Rs. 2,612.28 crores and net assets of Rs. 1,138.20 crores as at September 30, 2026, and total revenue from operations of Rs. 508-46 crores and Rs. 1,030-40 crores, profit/(loss) after tax (net) of Rs. (9.33) crores and Rs. 24.63 crores and total comprehensive income (comprising of profit after tax (net) and other comprehensive income (net)) of Rs. 3.5 crores and Rs. 36.62 crores for the quarter ended and for the period from April 1, 2026 to September 30, 2026, respectively and cash outflows (net) of Rs. 64.92 crores for the period from April 1, 2026 to September 30, 2026, as considered in the Statement. These interim financial information have been reviewed by other auditors and their reports vide which they have issued an unmodified conclusion on those financial information, have been furnished to us by the Holding Company's Management or other auditors and our conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries, is based on the reports of the other auditors and the procedures performed by us as stated in paragraph 3 above. Our conclusion on the Statement is not modified in respect of ilie above matters. 8. The interim financial information of 2 branches and 4 subsidiaries incorporated outside India reflect total assets of Rs. 2,127.90 crores and net assets of Rs. 703.12 crores as at September 30, 2026, and total revenue from operations of Rs. 649.25 crores and Rs. 1,050.55 crores, profit after tax (net) of Rs. 37.45 crores and Rs. 71.49 crores and total comprehensive income (comprising of profit after tax (net) and other comprehensive income (net)) of Rs. 43.77 crores and Rs. 76.98 crores for the quarter ended and for the period from April 1, 2026 to September 30, 2026, respectively and cash inflows (net) of Rs. 10.32 crores for the period from April 1, 2026 to September 30, 2026, as considered in the Statement. The interim financial information of the said branches and subsidiaries have been prepared in accordance with accounting principles generally accepted in their respective country of incorporation which have been reviewed by the branch auditors and other auditors, and upon which the branch auditors and other auditors vide their review reports have issued an unmodified conclusion. The Holding Company's Management has converted the interim financial information of the said branches and subsidiaries from the accounting principles generally accepted in their respective country of incorporation to the accounting principles generally accepted in India. We have reviewed these conversion adjustments, if any, made by the Holding Company's Management. Our conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of the said branches and subsidiaries is based on the review reports of ilie branch auditors and other auditors and the conversion adjustments prepared by the Holding Company's Management as reviewed by us and the procedures performed by us as stated in paragraph 3 above. Our conclusion on the Statement is not modified in respect of the above matter. Place: Mumbai Date: November 02, 2026 For Price Waterhouse Chartered Accountants LLP Firm Registration Number: 012754N/N500016 SUMIT SHASHIKANT SETH SumitSeth Partner Digitally signed by SUMIT SHASHIKANT SETH Date: 2026.11.02 19:35:25 +05'30' Membership Number: 105869 UDIN: 26105869ILERSR2306
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Price Waterhouse Chartered Accountants LLP AnnexureA List of Branches: Abu Dhabi, Afghanistan, Algeria, Armenia, Bangladesh, Benin, Burkina Faso, Bhutan, Burundi, Dubai, Egypt, Ethiopia, Georgia, Ghana, Guinea, Ivory Coast, Jordan, Kenya, Kuwait, Libya, Malaysia, Mali, Moldova, Mozambique, Morocco, Nepal, Nigeria, Oman, Papua New Guinea, Sri Lanka, Sierra Leone, Senegal, South Africa, Tanzania, Thailand, Togo, Tunisia, Uganda and Zambia. List of Jointly Controlled Operations consolidated: SrNo. Jointly Controlled Operations 1 Al-Sharif Group and KEC Ltd Company, Saudi Arabia 2 KEC-ASIAKOM-UB JV 3 KEC-ASIAKOM JV 4 KEC-DELCO-V ARAHA JV 5 KEC-V ARAHA-KHAZANA JV 6 KEC-V ALECHA-DELCO JV 7 KEC-SIDHARTH JV 8 KEC-TRIVENI-KPIPL-JV 9 KEC-UNIVERSAL-JV 10 KEC-DELCO-DUSTAN-JV 11 KEC-ANPR-KPIPL JV 12 KEC-PLR-KPIPLJV 13 KEC-BJCLJV 14 KEC-KIELJV 15 KEC-ABEPL JV 16 KEC-TNR INFRA JV 17 KEC-SMCJV 18 KEC-WATERLEAU JV lQ KEC-ASSBJV 20 KEC-CCECC (Railwav) RRTS 21 KEC-CCECC ( Civil) Kochi Metro 22 CCECC KEC JV (Civil) Delhi Metro 23 Longiian KEC JV 24 MBPL-KECJV 25 VNC KEC JV (Railway) 26 HCC- KEC Consortium 27 KEC-VNC Consortium 28 KEC-SPMLJV 29 KEC VNC JV (Civil) 30 SPML Infra Limited in JV with KEC International Limited 31 KEC-VNC JV (Railway) CMRL 32 KEC-EMRAIL JV (Railway) MMRDA 33 VNC-KEC-EMRAIL JV (Railway) GMRC '14 KEC-TCL SHILLONG ROPEWAY JV
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Price Waterhouse Chartered Accountants LLP List of Subsidiaries SrNo. Subsidiaries 1 KEC Power India Private Limited 2 RPG Transmission Nigeria Limited 3 KEC Investment Holdings 4 SAE Towers Holdings LLC 5 SAE Towers Brazil Subsidiarv Companv LLC 6 SAE Towers Mexico Subsidiarv Holding Companv LLC 7 SAE Towers Mexico S de RL de CV 8 SAE Towers Brasil Torres de Transmissao Ltda. 9 SAE Prestadora de Servicios Mexico, S de RL de CV 10 SAE Towers Ltd. 11 KEC Engineering & Construction Services S de RL de CV 12 KEC International (Malaysia) SDN. BHD. 13 KEC Towers LLC 14 KECEPCLLC 15 KEC Spur Infrastructure Private Limited 16 KEC Asian Cables Limited
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KEC International Limited CIN - L45200MH2005PLC152061 Registered Office : RPG House, 463, Dr. Annie Besant Road, Worli, Mumbai - 400 030 Statement of Consolidated Unaudited Financial Results for the Ouarter and Half Year ended Se01 ember 30 2026 Quarter ended Half Year ended Particulars September 30, June 30, September 30, September 30, September 30, 2026 2026 2025 2026 2025 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) 1 Revenue from operations 5,467.71 5,023.54 6,091.56 10,491.25 11,114.44 2 Other income 13.27 13.94 4.63 27.21 10.01 3 Total Income (1+2) 5,480.98 5,037.48 6,096.19 10,518.46 11,124.45 4 Expenses (i) Cost of materials consumed 2,400.28 2,247.46 3,111.22 4,647.74 5,572.03 (ii) Changes in inventories of finished goods, work-in-progress 152.18 (154.70) (74.43) (2.52) (289.68) (iii) Erection and sub-contracting expenses 1,749.34 1,726.14 1,719.86 3,475.48 3,350.90 (iv) Employee benefits expense 456.22 430.88 425.83 887.10 818.20 (v) Finance costs 190.66 164.03 171.49 354.69 322.61 (vi) Depreciation and amortisation expense 53.01 50.82 50.57 103.83 96.43 (vii) Other expenses 438.41 482.95 478.67 921.36 882.48 Total expenses 5,440.10 4,947.58 5,883.21 10,387.68 10,752.97 5 Profit before exceptional items and tax (3-4) 40.88 89.90 212.98 130.78 371.48 6 Exceptional Items - - - - 7 Profit after exceptional items and before tax (5-6) 40.88 89.90 212.98 130.78 371.48 8 Tax expenses : (i) Current Tax (34.19) 35.00 37.61 0.80 60.54 (ii) Deferred Tas 45.33 (17.72) 14.62 27.61 25.60 Total Tax Expense 11.14 17.28 52.23 28.41 86.14 9 Profit for the period (7-8) 29.74 72.62 160.75 102.37 285.34 10 Other Comprehensive lncome/(loss) (i) Items that will not be reclasoified to profit or lo•• (1.67) (1.16) 0.70 (2.83) (1.29) (ii) Income tax relating to items that will not be redaooified 0.65 0.14 (0.03) 0.79 0.41 to profit or loss (iii) Item• that will be reclassified to profit or loso 138.87 (9.49) 89.28 129.38 152.52 (iv) Income tax relating to items that will be reclassified to (26.04) 2.67 (11.02) (23.37) (21.92) profit or loss 11 Total Other Comprehensive lncome/(Loss) for the period 111.81 (7.84) 78.93 103.97 129.72 12 Total Comprehensive Income for the period (9+ 11) 141.55 64.78 239.68 206.34 415.06 13 Paid-up equity share capital (face value Rs. 2/- each) 53.24 53.24 53.24 53.24 53.24 14 Other Equity 15 Basic/ Diluted Earnings Per Share (in Rupee•) attributable to ownen (face 1.12 2.73 6.04 3.85 10.72 value Rs. 2/- each) (not annualioed except for the year ended March) See accompanying notes forming part of the Consolidated Financial Results Rs. inCrore Year ended March 31, 2026 (Audited) 23,505.54 50.33 23,555.87 11,571.46 (325.32) 7,068.41 1,662.39 663.60 197.38 1,870.03 22,707.95 847.92 58.78 789.14 180.41 3.14 183.55 605.59 (6.02) 0.62 594.14 (98.85) 489.89 1,095.48 53.24 6,106.45 22.75
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Statement of Consolidated Assets and Liabilities as at Seotember 30 2026 Rs in Crore Particulars Asat As at September 30, March 31, 2026 2026 (Unaudited) (Audited) ASSETS 1 Non-Current Assets (a) Property, Plant and Equipment 1,270.63 1,159.49 (b) Right-of-use Asset 310.32 305.17 (c) Capital work -in-progre ss 44.00 113.65 (d)Goodwill 308.74 305.80 (e) Intangible Assets 2.15 2.92 (f) Financial Assets (i) Investments • * (ii) Trade receivables - 31.45 (iii) Other financial assets 70.60 65.38 (g) Deferred Tax Assets (Net) 484.05 475.39 (h) Non-Current Tax Assets (Net) 297.01 260.75 (i) Other Non-Current assets 208.16 228.98 Total Non-Current Assets 2,995.66 2,948.98 2 Current Assets (a) Inventories 1,693.23 1,532.74 (b) Financial Assets (i) Trade receivables 5,609.55 6,474.21 (ii) Cash and cash equivalents 315.47 411.26 (iii) Bank balances other than (ii) above 97.36 100.67 (iv) Other financial assets 235.97 276.90 (c) Contra ct Assets 12,240.23 12,127.56 (d) Current Tu Assets (Net) 43.42 26.57 (e) Other current assets 1,587.37 1,259.17 Total Current Assets 21,822.60 22,209.08 Total Assets 24,818.26 25,158.06 EQUITY AND LIABILITIES Equity (a) Equity Share capital 53.24 53.24 (b) Other Equity 6,038.11 6,106.45 Total Equity 6,091.35 6,159.69 Liabilities 1 Non-Current liabilities (a) Financial Liabilities (i) Borrowings 670.13 661.37 (ii) Lease liabilities 229.39 220.60 (b) Provisions 106.37 83.58 (c) Deferred tax liabilities (Net) 33.15 24.61 (c) Other non-current liabilities 0.38 0.39 Total Non-Current liabilities 1,039.42 990.55 2 Current liabilities (a) Financial Liabilities (i) Borrowings 5,350.65 4,441.86 (ii) Lease liabilities 54.68 53,93 (iii) Trade payable s - Total outstanding dues of micro and small enterprises 197.51 218.20 - Total outstanding dues of creditors other than micro and small enterprises 7,373.23 8,485.05 (iv) Trade acceptances 2,178.80 2,120.73 (v) Other financial liabilities 130.91 115.68 (b) Contract Liabilities 1,757.84 1,837.26 (c) Other current liabilities 337.55 462.02 ( d) Provisions 83.35 101.46 (e) Current Tu Liabilities (Net) 222.97 171.62 Total current liabilities 17,687.49 18,007.81 Total Equity and Liabilities 24,818.26 25,158.06 • Amount 1s below the roundmg off norms adopted by the Group.
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KEC International Limited Consolidated Statement of Cash Flows for the Half year ended September 30, 2026 Rs. in Crore Half Year ended Half Year ended Particulars September 30, 2026 September 30, 2025 (Unaudited) (Unaudited) A. CASH FLOW FROM OPERATING ACTIVITIES: PROFIT FOR THE YEAR AFTER TAX 102.37 285.34 Adjustments for: Income tu. expense 28.41 86.14 Depreciation and amorti1ation expense 103.83 96.43 Prof rt on 11le of property, plant and equipment (net) and gain on derecognition of leased u1et11 - 0.35 Lo11 on property, plant and equipment di1carded & intangible u1et1 derecogni1ed 3.43 2.51 Finance costs 354.69 322.61 Interest income (20.13) (5.20) Bad debts and loans and advances written off/written back (net) (6.31) 0.56 Allowance for bad and doubtful debts, loans and advances (net) (5.77) 92.91 Mark to market loss/(gain) on forward and commodity contracts (0.75) 9.73 Net onreali11ed exchange (gain)Jloss 13.88 (82.63) 471.28 523.41 573.65 808.75 Changea in useb and liabilitiea Changes in working capital: Adju1tment1 for (increase)/ decrease in operating usets: Invmtories (155.74) (291.77) Trade receivablel 928.09 (71.07) Other financial usets (138.77) (107.43) Contract u1et1 (92.49) (935.35) Other current u1ets (318.75) 24.60 Other non-current assets 20.87 (6.24) 243.21 (1,387.26) Adjustments for increase/ (decrease) in operating liabilitiea: Trade payables (1,142.50) (483.92) Trade acceptances 58.06 358.13 Other current liabilitia (156.27) (108.93) Contract liabilities (83.49) 8.10 Other financial liabilitia 108.94 62.74 Provisions 0.60 13.57 (1,214.66) (150.31) CASH FLOW USED IN OPERATIONS (397.80) (728.82) Tua paid (net of refunds) (2.57) (188.27) NET CASH FLOW USED IN OPERATING ACTIVITIES (A) (400.37) (917.09) B. CASH FLOW FROM INVESTING ACTIVITIES Capital expenditure on property, plant and equipment & intangible u1et1 (after adju1tm.ent of increue/decreue in (126.83) (152.68) capital worki-in-progra1 and advances for capital expenditure) Proceed1 from 1ale of property, plant and equipment 11.50 18.16 Interest received 20.29 4.52 Bank balances (including non-current) not con1idered 85 Cub and cash equivalents (net) 3.31 5.23 NET CASH FLOW USED IN INVESTING ACTIVITIES (B) (91.73) (124.77) C. CASH FLOW FROM FINANCING ACTIVITIES Proceed1 from other than lhort-term borrowings 196.40 116.25 Repayments of other than short-term borrowings (191.97) (122.71) Repayment of lease liabilities (net) (24.54) (23.14) Increue in lb.on-term borrowings (net) 916.97 1,294.59 Payment of interat of lease liabilitia (11.44) (11.70) Finance costs paid (340.81) (309.55) Dividend paid (146.12) (145.85) NET CASH FLOW GENERATED FROM FINANCING ACTIVITIES (C) 398.49 797.89 NET DECREASE IN CASH AND CASH EQUIVALENTS (A+B-+-C) (93.61) (243.97) Cash and cub equivalents at the beginning of the period 411.26 545.69 Effect of exchange differenca on re1tatement of foreign currency Cub and cash equivalents (2.18) 6.04 CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD 315.47 307.76
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Notes: 1 The above results of KEC International Limited, its branches, jointly controlled operations (the "Company") and its Subsidiaries (together referred to as "Group") were reviewed by the Audit Committee and approved by the Board of Directors at their meetings held on November 01, 2026 and November 02, 2026 respectively. The Statutory Auditors of the Company have conducted a "Limited Review" of the above Consolidated Unaudited Financial Results for the Quarter and Half Year ended September JO, 2026. 2 The above results of the Group have been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013, and the other accounting principles generally accepted in India. 3 Additional disclosures as per Regulation 52(4) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015: The Company has unsecured Commercial Papers which are Listed on BSE Limited. Pursuant to SEBI Master Circular No. SEBI/HO/DDHS/DDHS-PoD/P/CIR/2025/0000000137 dated October 15, 2025 , information to the extent applicable to Commercial Papers is given below: Sr. Particulars Quarter ended Half Year ended Year ended No. September JO, June 30, September JO, September JO, September JO, March 31, 2026 2026 2025 2026 2025 2026 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited) al Debt Equity Ratio 1.04 0.88 0.94 1.04 0.94 0.87 bl Debt Service Coveraee Ratio 0.90 0.86 1.63 0.98 1.47 1.56 c) Interest Service Coverage Ratio 1.44 1.77 2.24 1.59 2.19 2.15 d) Current Ratio 1.23 1.23 1.19 1.23 1.19 1.23 el Lone term debt to workine caoital Ratio 0.27 0.27 0.22 0.27 0.22 0.27 I) Bad debts to Account receivable Ratio A 0.00 0.01 0.01 0.00 0.01 0.02 g) Current liability Ratio 0.94 0.95 0.96 0.94 0.96 0.95 h) Total debts to Total assets Ratio 0.25 0.22 0.23 0.25 0.23 0.21 i) Debtors Turnover Ratio (No. of Days) 94 109 82 106 88 91 il Inventory Turnover Ratio (No. of Days) 50 56 36 50 36 36 k) Operating Margin excluding exceptional item (%) 4.96 5.79 7.07 5.36 7.02 7.06 I] Net Profit Margin (% J 0.54 1.45 2.64 0.98 2.57 2.58 m) Capital Redemption Reserve (Rs. in Crore) 14.28 14.28 14.28 14.28 14.28 14.28 nl Net Worth (Rs. in Crore] 5,638.04 5,754.67 5,361.80 5,638.04 5,361.80 5,682.05 o) Net Profit after Tax (Rs. in Crore) 29.74 72.62 160.75 102.37 285.34 605.59 Basic Earnings per Share (Rs.) (Not annualised except for the year p) ended March) 1.12 2.73 6.04 3.85 10.72 22.75 " Ranos for the quarter have been annualised. Formula used for calculation of ratios in Note 3 is as under: i) Debt Equity Ratio= Total Debt (Short-Term Debt+Long-Term Debt+ Interest Accrued but not due+ Lease Liability)/ Total Equity. ii) Debt Service Coverage Ratio = [(Profit After Tax+ Exceptional item+ Depreciation and amortisations+ Interest+ Loss on sale of Fixed auets) / (Finance Cost+ Repayment long term borrowings & Lease liability)]. iii) Interest Service Coverage Ratio= (Profit After Tu+ Exceptional item+ Depreciation and amortisations+ Interest+ Loss on sale of Fixed assets)/ Finance Cost. iv) Current Ratio= Current asset/Current liability. v) Long term debt to working capital Ratio= {(Long term loans including current maturities+ Long term lease liabilities)/ (Current Assets - Current Liabilities)}. vi) Bad debts to Account receivable Ratio= Total Bad Debts/Average Accounts Receivables vii) Current liability Ratio = Current Liabilities/ Total Liabilities. viii) Total debts to Total assets Ratio= (Short-Term Debt+Long-Term Debt+ Interest Accrued but not due+ Lease Liability)/Total Assets. iI) Debtors Turnover Ratio= (Average Account Receivable/Total Revenue from operations) I No. of Days. ::s:) Inventory Turnover Ratio= [Average Inventory/(Cost of material consumed+ Changes in inventories of finished goods, work-in-progress+ Erection and construction material consumed+Stores consumed)] x No. of Days. xi) Operating Margin = (Profit before Depreciation and Amortisation, rmance costs, Tax less Other lncome)/Total Revenue from operations. :xii) Net Profit Margin = Profit for the period /Total Revenue from operations. xiii) Net Worth = Share capital+ Other equity (excluding Other Comprehensive Income).
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4. The Chief Operating Decision Maker ("CODM") has identified Engineering, Procurement and Construction business ("EPC") and Cables business as the reportable segments as per IND AS 108 "Opertaing segments". These have been disclosed as follows: (a) Engineering, Procurement and Construction business : It comprises of infrastructure related projects, systems, products and related activities for power transmission and distribution, railways track laying, electrification, civil, urban infrastructure, oil and gas pipelines laying, etc. (b) Others: It comprises mainly cable business. Rs.inCrore Quarter ended Half Year ended Year ended Particulars September 30, June 30, September 30, September 30, September 30, Marcb31, 2026 2026 2025 2026 2025 2026 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited) (i) Segment revenue (Revenue from Operations) EPC 4,941.44 4,595.21 5,711.37 9,536.65 10,464.43 21,988.29 Others 613.30 600.67 524.17 1,213.97 906.94 2,216.70 Less: Inter-seoment revenue (87.03' (172.34) (143.98) (259.37) (256.93) (699.45) Net Sel!ment Revenue 5.467.71 5023.54 6 091.56 10491.25 11.114.44 23 505.54 (ii) Segment Results (before finance cost, depreciation and amortisation expense, other income and exceptional items) EPC 237.64 262.85 398.26 500.50 737.61 1,513.01 Others 33.64 27.96 32.15 61.59 42.90 145.56 Total Segment Results 271.28 290.81 430.41 562.09 780.51 1,658.57 Add/(less) : Other income 13.27 13.94 4.63 27.21 10.01 50.33 Finance cost (190.66) (164.03) (171.49) (354.69) (322.61) (663.60) Depreciation and amortisation expense (53.01) (50.82) (50.57) (103.83) (96.43) (197.38) Profit before exceptional item and tax 40.88 89.90 212.98 130.78 371.48 847.92 Exceptional items - - - - - 58.78 Profit after exceptional items and before tax 40.88 89.90 212.98 130.78 371.48 789.14 Less: Tax expense Current tax (34.19) 35.00 37.61 0.80 60.54 180.41 Deferred tax 45.33 (17.72) 14.62 27.61 25.60 3.14 Profit for the ueriod 29.74 72.62 160.75 102.37 285.34 605.59 (iii) Other segment information: 1. Segment assets EPC 22,940.93 23,037.28 22,089.58 22,940.93 22,089.58 23,275.25 Others 1,329.23 1,380.98 1,142.58 1,329.23 1,142.58 1,388.56 Unallocated 548.10 463.36 380.61 548.10 380.61 494.25 Total Segment Assets 24,818.26 24,881.62 23,612.77 24,818.26 23,612.77 25,158.06 2. Segment liabilities EPC 13,331.92 13,924.63 13,315.31 13,331.92 13,315.31 14,418.02 Others 1.038.81 1.124.07 1.003.32 1.038.81 1.003.32 1.143.76 Unallocated 4 356.19 3 696.71 3 651.25 4 356.19 3.651.25 3 436.58 Total Segment Liabilities 18,726.91 18,745.41 17,969.88 18,726.91 17,969.88 18,998.36 3. Other material expense items: (i) Cost of materials consumed EPC 2,025.12 1,837.39 2,491.98 3,862.51 4,896.93 10,381.00 Others 462.19 582.41 763.22 1,044.60 932.02 1,889.91 Less: Inter-sei,ment cost (87.03' (172.34) (143.98) (259.37) (256.93) (699.45) Total Cost of materials consumed 2,400.28 2,247.46 3,111.22 4,647.74 5,572.03 11,571.46 (ii) Erection and sub-contracting expenses EPC 1,749.33 1,726.14 1,719.85 3,475.47 3,350.88 7,068.38 Others 0.01 - 0.01 0.01 0.02 0.03 Less: Inter-seoment cost - - - - - - Total Erection and sub-contracting expenses 1,749.34 1,726.14 1,719.86 3,475.48 3,350.90 7,068.41
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5 Information of Standalone Financial Results of the Company is as under: - Rs. in Crore Quarter ended Half Year ended Year ended Particulars September 30, June 30, September 30, September 30, September 30, March 31, 2026 2026 2025 2026 2025 2026 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited) A I Revenue from ooerations 4 160.45 3 898.35 4 948.53 8 058.80 8 978.47 19 046.58 B I Profit before eiceotional items and taI 75.51 1.34 135.21 76.85 184.95 417.71 C I Profit after eiceptional items and tn 80.41 0.52 105.72 80.93 142.54 428.10 6 In the matter relating to an investigation by a government agency in connection with a transmission project, involving one Public Sector Undertaking ("PSU") official and an employee of the Company, the Chargesheet has been filed and the Court has taken cognizance of the same. The matter is presently sub-judice . The Company upholds the highest standards of corporate governance, ethics, and compliance in all its operations and conducts its business with integrity, transparency, and adherence to applicable laws and regulations . The Company is of the view that the case will not have any material impact on the operations and financial results of the Company. 7 The Group has opted to publish the Extract of the Consolidated Unaudited Financial Results for the Quarter and Half Year ended September 30, 2026. The Consolidated and Standalone Unaudited Financial Results for the Quarter and Half Year ended September 30, 2026 of the Group prepared in accordance with Regulations 33 and 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 will be available on the website of the Company, BSE Limited and National Stock Exchange of India Limited. The Statutory Auditors have digitally signed this Consolidated Unaudited Financial Results for identification purpose only and this Consolidated Unaudited Financial Results should be read in conjunction with our Limited Review Report dated November 02, 2026 SUMIT SHASHIKANT SETH Place : Mumbai Date :November 02, 2026 Digitally signed by SUMIT SHASHIKANT SETH Date, 2026. 1 1.02 19:34:06 +05'30' Visit us at www.ketrpg.com For KEC INTERNATIONAL LIMITED Vimalkumar Digitally signed by Vimalkumar Ramballabh RomballabhK,j,;w,I Kejriwal ~;~e~!~2!0~)3~~ VIMAL KEJRIW AL MANAGING DIRECTOR & CEO DIN - 00026981
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Price Waterhouse Chartered Accountants LLP To, The Board of Directors KEC International Limited RPG House, 463, Dr. Annie Besant Road, Worli, Mumbai 400 030 1. We have reviewed the standalone unaudited financial results of KEC International Limited (the "Company") which includes 39 branches and 34 jointly controlled operations consolidated on a proportionate basis (refer Annexure A) for the quarter ended September 30, 2026 and the year to date results for the period April 01, 2026 to September 30c, 2026, which are included in the accompanying 'Statement of Standalone Unaudited Financial Results for the Quarter and Half year ended September 30, 2026', the Statement of Standalone Assets and Liabilities as on that date and the Standalone Statement of Cash Flows for the half year ended on that date (the "Statement"). The Statement has been prepared by the Company pursuant to Regulation 33 and Regulation 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the "Listing Regulations, 2015") read with Part B of Chapter XVII 'Listing of Commercial Paper' of the SEBI Operational Circular SEBI/HO/DDHS/P/CIR/2021/613 dated August 10, 2021, as updated, which has been digitally signed by us for identification purposes. 2. This Statement, which is the responsibility of the Company's Management and approved by the Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 "Interim Financial Reporting" (Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013, and other accounting principles generally accepted in India. Our responsibility is to express a conclusion on the Statement based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Institute of Chartered Accountants of India. This Standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. We also performed procedures in accordance with the circular issued by the SEBI under Regulation 33(8) of the Listing Regulations, 2015, as amended, to the extent applicable. 4. The Statement includes the results of the branches and jointly controlled operations listed in Annexure A. 5. Based on our review conducted as above and procedures performed as stated in paragraph 3 above and based on the consideration of review reports of the branch auditors and other auditors referred to in paragraph 7 and 8 below, nothing has come to our attention that causes us to believe that the Statement has not been prepared in all material respects in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India and has not disclosed the information required to be disclosed in terms of Regulation 33 and Regulation 52 of the Listing Regulations, 2015 read with Part B of Chapter XVII 'Listing of Commercial Paper' of the SEBI Operational Circular SEBI/HO/DDHS/P/CIR/2021/613 dated August 10, 2021, as updated, including the manner in which it is to be disclosed, or that it contains any material misstatement. 6. We draw attention to Note 4 to the standalone financial results regarding an investigation by a government agency, who has filed a chargesheet and the Court has taken cognizance of the same. Pending completion of the proceedings, the possible impact, if any, on the standalone financial results is currently not determinable. Our conclusion on the Statement is not modified in respect of the above matter. Price Waterhouse Chartered Accountants LLP, Nesco IT Building III, 8th Floor, Nesco IT Park, Nesco Complex, Gate No. 3 Western Express Highway, Goregaon East, Mumbai 400 063 T:+91(22)61197810 Registered office and Head office: II-A, Vishnu Digamber Marg, Sucheta Bhawau, Gate No 2. New Delhi - 110002 Price Waterhouse (a Partuership Firm) converted into Price Waterhouse Chartered Accountants LLP (a Limited Liability Partuership with LLP identity no: LLPIN AAC-5001) with effect from July 25, 2014. Post its conversion to Price Waterhouse Chartered Accountants LLP, its !CAI registration number is 012754N/N500016 (!CAI registration number before conversion was 012754N)
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Price Waterhouse Chartered Accountants LLP 7. The interim financial information of 37 branches and 34 jointly controlled operations consolidated on a proportionate basis reflect total assets of Rs. 6,674.79 crores and net assets of Rs. 1,704.95 crores as at September 30, 2026, and total revenue from operations of Rs. 1,684.58 crores and Rs. 2,926.06 crores, profit after tax (net) of Rs. 203.48 crores and Rs. 314.07 crores and total comprehensive income (comprising of profit and other comprehensive income (net)) of Rs. 215.03 crores and Rs. 328.56 crores for the quarter ended and for the period from April 1, 2026 to September 30, 2026, respectively and cash inflows (net) of Rs. 70.83 crores for the period from April 1, 2026 to September 30, 2026, as considered in the Statement. These interim financial information of these branches and jointly controlled operations have been reviewed by branch auditors and other auditors and their reports vide which they have issued an unmodified conclusion on those interim financial information have been furnished to us by the Company's Management or branch auditors or other auditors, and our conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of these branches and jointly controlled operations, is based on the reports of such branch auditors and other auditors, and the procedures performed by us as stated in paragraph 3 above. Our conclusion on the Statement is not modified in respect of the above matter. 8. The interim financial information of 2 branches incorporated outside India reflect total assets of Rs. 2.88 crores and net liabilities of Rs. 19.41 crores as at September 30, 2026, and total revenue from operations of Rs. Nil and Rs. Nil, profit after tax (net) of Rs. 0.58 crores and 0.33 crores and total comprehensive income (comprising of profit after tax (net) and other comprehensive income (net)) of Rs. 0.58 crores and Rs. 0.33 crores for the quarter ended and for the period from April 1, 2026 to September 30, 2026, respectively and cash outflows (net) of Rs. 1.04 crores for the period from April 1, 2026 to September 30, 2026, as considered in the Statement. The interim financial information of the said branches has been prepared in accordance with accounting principles generally accepted in their country of incorporation which have been reviewed by branch auditors, and upon which the branch auditors vide their review reports have issued an unmodified conclusion. The Company's Management has converted the interim financial information of the said branches from the accounting principles generally accepted in their respective country of incorporation to the accounting principles generally accepted in India. We have reviewed these conversion adjustments, if any, made by the Company's Management. Our conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of the said branches are based on the review reports of the branch auditors and the conversion adjustments prepared by the Company's Management as reviewed by us and the procedures performed by us as stated in paragraph 3 above. Our conclusion on the Statement is not modified in respect of the above matter. Place: Mumbai Date: November 02, 2026 For Price Waterhouse Chartered Accountants LLP Firm Registration Number: 012754N/N500016 SUMIT SHASHIKANT SETH SumitSeth Partner Digitally signed by SUMIT SHASHIKANT SETH Date: 2026.11.02 19:34:S 1 +05'30' Membership Number: 105869 UDIN: 26105869PLTKQS2290
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Price Waterhouse Chartered Accountants LLP AnnexureA List of Branches: Abu Dhabi, Afghanistan, Algeria, Armenia, Bangladesh, Benin, Burkina Faso, Bhutan, Burundi, Dubai, Egypt, Ethiopia, Georgia, Ghana, Guinea, Ivory Coast, Jordan, Kenya, Kuwait, Libya, Malaysia, Mali, Moldova, Mozambique, Morocco, Nepal, Nigeria, Oman, Papua New Guinea, Sri Lanka, Sierra Leone, Senegal, South Africa, Tanzania, Thailand, Togo, Tunisia, Uganda and Zambia. List of Jointly Controlled Operations consolidated: SrNo. Jointly Controlled Operations 1 Al-Sharif Group and KEC Ltd Company, Saudi Arabia 2 KEC-ASIAKOM-UB JV 3 KEC-ASIAKOM JV 4 KEC-DELCO-V ARAHA JV 5 KEC-VARAHA-KHAZANA JV 6 KEC-V ALECHA-DELCO JV 7 KEC-SIDHARTH JV 8 KEC-TRIVENI-KPIPL-JV 9 KEC-UNIVERSAL-JV 10 KEC-DELCO-DUSTAN-JV 11 KEC-ANPR-KPIPL JV 12 KEC-PLR-KPIPLJV 13 KEC-BJCLJV 14 KEC-KIELJV 15 KEC-ABEPL JV 16 KEC-TNR INFRA JV 17 KEC-SMCJV 18 KEC-WATERLEAU JV 19 KEC-ASSBJV 20 KEC-CCECC (Railway) RRTS 21 KEC-CCECC (Civil) Kochi Metro 22 CCECC KEC JV (Civil) Delhi Metro 23 Lonciian KEC JV 24 MBPL-KECJV 2Fi VNC KEC JV (Railway) 26 HCC- KEC Consortium 27 KEC-VNC Consortium 28 KEC-SPMLJV 29 KEC VNC JV (Civil) 30 SPML Infra Limited in JV with KEC International Limited 31 KEC-VNC JV (Railway) CMRL 32 KEC-EMRAIL JV (Railway) MMRDA 33 VNC-KEC-EMRAIL JV (Railway) GMRC '14 KEC-TCL SHILLONG ROPEWAY JV
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KEC International Limited CIN - L45200MH2005PLC152061 Registered Office: RPG House, 463, Dr. Annie Besant Road, Worli, Mumbai - 400 030 Statement of Standalone Unaudited Financial Results for the Quarter and Half Year ended September 30, 2026 Quarter ended Half Year ended Particulars September 30, June 30, September 30, September 30, September 30, 2026 2026 2025 2026 2025 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) 1 Revenue from operations 4,160.45 3,898.35 4,948.53 8,058.80 8,978.47 2 Other income 98.60 16.70 9.45 115.30 17.96 3 Total Income (1+2) 4,259.05 3,915.05 4,957.98 8,174.10 8,996.43 4 Eipenses (i) Cost of materials consumed 1,636.37 1,458.25 2,366.94 3,094.62 4,127.45 (ii) Changes in inventories of f"mlllhed goods, work-in-progress 113.22 (8.74) 3.56 104.48 (39.62) (iii) Erection and sub-contracting expenses 1,649.95 1,666.41 1,622.86 3,316.36 3,161.98 (iv) Employee benefits espense 311.60 287.05 293.07 598.65 570.47 (v) Finance costs 156.47 135.80 145.87 292.27 269.29 (vi) Depreciation and amortisation expense 36.63 35.53 35.89 72.16 68.19 (vii) Other expenses 279.30 339.41 354.58 618.71 653.72 Total expenses 4,183.54 3,913.71 4,822.77 8,097.25 8,811.48 5 Profit before esceptional items and las (3-4) 75.51 1.34 135.21 76.85 184.95 6 Exceptional Items - - - - - 7 Profit after esceptional items and before tu (5-6) 75.51 1.34 135.21 76.85 184.95 8 Tax expenses : (i) Current Tax (42.22) 27.37 29.90 (14.85) 42.11 (ii) Deferred Tas 37.32 (26.55) (0.41) 10.77 0.30 Total Tax Expense/(Credit) (4.90) 0.82 29.49 (4.08) 42.41 9 Profit for the period (7-8) 80.41 0.52 105.72 80.93 142.54 10 Other Comprehensive Income/(Loss) (i) Items that will not be reclassified to profit or loss (1.58) (1.58) 0.11 (3.16) (1.67) (ii) Income las relating to items that will not be reclassified 0.39 0.40 (0.03) 0.79 0.31 to profit or loss (iii) Items that will be reclassified to profit or loss 47.18 (14.51) 42.43 32.67 71.96 (iv) Income las relating to items that will be reclassified to (9.07) 5.76 (11.00) (3.31) (17.96) profit or loss 11 Total Other Comprehensive Income/(Loss) for the period 36.92 (9.93) 31.51 26.99 52.64 12 Total Comprehensive lncome/(loss) for the period (9+11) 117.33 (9.41) 137.23 107.92 195.18 13 Paid-up equity share capital (face value Rs. 2/- each) 53.24 53.24 53.24 53.24 53.24 14 Other Equity 15 Basic/ Diluted Earnings Per Share (in Rupees) attributable to owners 3.02 0.02 3.97 3.04 5.35 (face value Rs. 2/- each) (not annualised escept for the year ended March) See accompanymg notes formmg part of the Standalone Fmanaal Results Rs. in Crore Year ended March 31, 2026 (Audited) 19,046.58 63.93 19,110.51 8,906.21 (138.08) 6,728.81 1,133.54 559.68 140.33 1,362.31 18,692.80 417.71 (113.71) 531.42 122.20 (18.88) 103.32 428.10 (6.19) 0.78 293.73 (61.72) 226.60 654.70 53.24 5,452.72 16.08
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KEC International Limited Statement of Standalone Assets and Liabilities as at September 30, 2026 Rs. in Crore Asat Asat Particulars September 30, March 31, 2026 2026 (Unaudited) (Audited) ASSETS 1 Non-Current Assets (a) Property, Plant and Equipment 476.61 464.56 (b) Right-of-use Asset 176.33 168.30 (c) Capital work-in-progress 15.37 11.26 (d) Investment Property 48.73 48.73 (e) Intangible Assets 1.25 2.08 (I) Financial Assets (i) Investments 1,422.69 1,422.69 (ii) Trade receivables - 31.45 (iii) Other rmancial assets 70.31 65.09 (g) Deferred tax assets (Net) 105.80 103.57 (h) Non-Current Tas Assets (Net) 297.01 260.75 (i) Other Non-Current assets 194.29 216.98 Total Non-Current Assets 2,808.39 2,795.46 2 Current Assets (a) Inventories 695.26 785.36 (b) Financial Assets (i) Trade receivables 4,506.59 5,594.46 (ii) Cash and cash equivalents 246.14 286.15 (iii) Bank balances other than (ii) above 92.76 98.21 (iv) Other financial assets 180.08 215.46 (c) Contract Assets 11,376.63 11,261.72 (d) Current Tas Assets (Net) 9.57 10.70 (e) Other current assets 1,181.01 1,059.37 Total Current Assets 18,288.04 19,311.43 Total Assets 21,096.43 22,106.89 EQUITY AND LIABILITIES Equity (a) Equity Share capital 53.24 53.24 (b) Other Equity 5,368.13 5,452.72 Total Equity 5,421.37 5,505.96 Liabilities 1 Non-Current liabilities (a) Financial Liabilities (i) Borrowings 338.00 345.00 (ii) Lease liabilities 109.84 99.55 (b) Provisions 86.50 74.24 (c) Other non-current liabilities 0.38 0.39 Total Non-Current liabilities 534.72 519.18 2 Current liabilities (a) Financial Liabilities (i) Borrowings 4,907.17 4,149.64 (ii) Lease liabilities 37.72 36.82 (iii) Trade payables - Total outstanding dues of micro and small enterprises 155.30 173.01 - Total outstanding dues of creditors other than micro and small enterprises 6,673.87 8,234.85 (iv) Trade acceptances 1,361.35 1,400.13 (v) Other financial liabilities 82.58 69.81 (b) Contract Liabilities 1,436.62 1,507.70 ( c) Other current liabilities 257.45 320.86 (d) Provisions 57.62 60.23 (e) Current Tas Liabilities (Net) 170.66 128.70 Total current liabilities 15,140.34 16,081.75 Total Equity and Liabilities 21,096.43 22,106.89
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KEC International Limited Standalone Statement of Cash Flows for the half year ended September 30, 2026 Rs inCrore Half Year ended Half Year ended Particulars September 30, 2026 September 30, 2025 (Unaudited) (Unaudited) A. CASH FLOW FROM OPERATING ACTIVITIES: PROFIT FOR THE YEAR AFTER TAX 80.93 142.55 Adhgtment, for: Income tu. apense (4.08) 42.40 Depreciation and amortisation expm1e 72.16 68.19 Pl'CRrt on sale of property, plant and equipment (net) and gain on derecognition of ICB11ed 11111et:1 - (0.06) Lo11 on property, plant and equipment discarded & intangible useb derecogniled 3.81 2.51 Finam:e cost1 292.27 269.29 Interest income (16.90) (3.59) Dividmd income from equity instrument• (85.17) - Bad debtl snd losn, snd advan<a written off (net) (6.01) 12.63 Allowance for bad and doubtful debts, loans and advances (net) (6.83) 92.31 Mark to market lou/(gain) on forward and commodity contracts 0.14 (0.22) Net unrealised m:baoge gain 3.73 (55.92) Chances in assets and liabilities 253.12 427.54 Changes in wor.ting capital: 334.05 570.09 Adp,Blmen't8for (mcretae) I decreaae in operating aasm: Inventories 90.10 (30.53) Trade recdvables 1,125.68 6.89 Other f'mancial assets (31.77) (71.41) Contract uset1 (94.86) (740.18) Other current u11eta (116.42) 31.47 Other non-current usetl 22.55 (1.65) Adju:rtmentafor inCl'etl:lel (decreue) in operating liabilitieN: 995.28 (805.41) Trade payables (1,582.90) (1,056.12) Other current liabilitie1 (65.05) (74.83) Trade acceptances (38.78) 289.30 Contract liabilities (75.15) 19.75 Other f'mancial liabilitirJI 27.66 45.80 Provisions 5.24 9.38 (1,728.98) (766.72) CASH FLOW USED IN OPERATIONS (399.65) (1,002.04) Tases paid (net of refunds) 21.68 (115. 79) NET CASH FLOW USED IN OPERATING ACTIVITIES (A) (377.97) (1,117.83) B. CASH FLOW FROM INVESTING ACTIVITIES Capital expenditure on property, plant and equipment & intangible assets (after adj111tmmt of increue/deereue in (76.19) (95.68) capital work-in-progress and advances for capital apenditure) Proceeds from sale of property, plant and equipment 10.39 12.93 Interest received 17.06 2.90 Dividend received from a subsidiary 85.17 - Bank balances (including non-current) not considered as Cash and cash equivalents (net) 5.45 2.32 NET CASH FLOW GENERATED FROM/(USED IN) INVESTING ACTIVITIES (B) 41.88 (77.53) C. CASH FLOW FROM FINANCING ACTIVITIES Repayment:I of other than short-tenn borrowing, (50.00) (20.00) Proceeds from other than short-term borrowings 83.00 - Repayment of lease liabilities (net) (18.22) (17.92) Increase in short-term borrowing1 (net) 720.15 1,343.70 Payment of interat of lease liabilities (6.44) (6.89) Finance cost1 paid (284.26) (264.05) Dividend paid (146.12) (145.85) NET CASH FLOW GENERATED FROM FINANCING ACTIVITIES (C) 298.11 888.99 NET DECREASE IN CASH AND CASH EQUIVALENTS (A+B+C) (37.98) (306.37) Cash and cash equivalent• at the beginning of the period 286.15 478.51 Effect of exchange differences on restatement of foreign currency Cash and cash equivalents (2.03) 2.02 CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD 246.14 174.16
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Notes: 1 The above results of KEC International Limited, its branches and jointly controlled operations (together referred to as 'Company') were reviewed by the Audit Committee and approved by the Board of Directors at their meetings held on November 01, 2026 and November 02, 2026 respedively. The Statutory Auditors of the Company have conducted a "Limited Review" of the above Standalone Unaudited Financial Results for the Quarter and Half Year ended September 30, 2026. 2 The above results of the Company have been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 "Interim Financial Reporting " ("Ind AS 34 11), prescribed under Section 133 of the Companies Act, 2013, and the other accounting principles generally accepted in India. 3 Additional disclosures as per Regulation 52(4) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015: The Company has unsecured Commercial Papers which are Listed on BSE Limited. Pursuant to SEBI Master Circular No. SEBI/HOroDHSroDHS-PoD/P/CIR/2025/0000000137 dated October 15, 2025, information to the extent applicable to Commercial Papers is given below: Sr. Quarter ended Half Year ended Year ended No. Particulars September 30, June 30, September 30, September 30, September 30, March 31, 2026 2026 2025 2026 2025 2026 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited) a) Debt Equity Ratio 1.00 0.83 0.90 1.00 0.90 0.84 bl Debt Service Coverae.e Ratio 1.55 0.96 1.84 1.32 1.59 1.60 c) Interest Service Covera2e Ratio 1.75 1.29 1.98 1.54 1.79 1.87 d) Current Ratio 1.21 1.20 1.18 1.21 1.18 1.20 e) Long term debt to working capital Ratio 0.19 0.18 0.11 0.19 0.11 0.17 f) Bad debts to Account receivable Ratio" 0.00 0.01 0.01 0.00 0.01 0.02 e.l Current liabilitv Ratio 0.97 0.97 0.98 0.97 0.98 0.97 h) Total debts to Total assets Ratio 0.26 0.21 0.23 0.26 0.23 0.21 il Debtors Turnover Ratio (No. of Davs) 100 117 84 115 90 96 j) Inventory Turnover Ratio (No. of Days) 30 37 20 31 22 23 k) Operating Margin excluding exceptional item(%) 4.09 4.00 6.21 4.04 5.62 5.53 I Net Profit Marein 1%) 1.93 0.01 2.14 1.00 1.59 2.25 ml Capital Redemption Reserve ms. in Crore) 14.28 14.28 14.28 14.28 14.28 14.28 n) Net Worth lR,. in Crore) 5,251.75 5,317.77 5,031.68 5,251.75 5,031.68 5,317.24 o) Net Profit after Tax (Rs. in Crore) 80.41 0.52 105.72 80.93 142.54 428.09 p) Basic Earnings per Share (Rs.) (Not annualised except for the year 3.02 0.02 3.97 3.04 5.35 16.08 ended March) A Rabos for the quarter have been aunualised . Formula used for calculation of ratios in Note 3 is as under: i) Debt Equity Ratio= Total Debt (Short-Term Debt+Long-Term Debt+ Interest Accrued but not due+ Lease Liability)/ Total Equity. ii) Debt Service Coverage Ratio= [(Profit After Tax+ Exceptional item+ Depreciation and amortisations+ Interest+ Loss on sale of Fixed assets) / (Finance Cost+ Repayment long term borrowings & Lease liability)]. iii) Interest Service Coverage Ratio= (Profit After Tax +Exceptional item+Depreciation and amortisations +Interest+ Loss on sale of Fixed assets)/ Finance Cost. iv) Current Ratio= Current asset/Current liability. v) Long term debt to working capital Ratio= {(Long term loans including current maturities+ Long term lease liabilities)/ (Current As.sets- Current Liabilities)}. vi) Bad debts to Account receivable Ratio = Total Bad Debts/ Average Accounts Receivables vii) Current liability Ratio= Current Liabilities/ Total Liabilities. viii) Total debts to Total assets Ratio= (Short-Term Debt+Long-Term Debt+ Interest Accrued but not due+ Lease Liability)/fotal Assets. ix) Debtors Turnover Ratio= (Average Account Receivable/fotal Revenue from operations) x No. of Days. x) Inventory Turnover Ratio= [Average Inventory/(Cost of material consumed+ Changes in inventories of finished goods, work-in-progress+ Erection and construction material consumed+Stores consumed)] x No. of Days. xi) Operating Margin= (Profit before Depreciation and Amortisation, finance costs, Tax less Other Income)ffotal Revenue from operations . xii) Net Profit Margin= Profit for the period ffotal Revenue from operations . xiii) Net Worth= Share capital+ Other equity (excluding Other Comprehensive Income). 4 In the matter relating to an investigation by a government agency in connection with a transmission project, involving one Public Sector Undertaking ("PSU") official and an employee of the Company, the Cbargesheet bas been filed and the Court bas taken cognizance of the same. The matter is presently sub-judice. The Company upholds the highest standards of corporate governance, ethics, and compliance in all its operations and conducts its business with integrity, transparency, and adherence to applicable laws and regulations. The Company is of the view that the case will not have any material impact on the operations and financial results of the Company. 5 Since the segment information as per Ind AS 108 - Operating Segments is provided on the basis of Consolidated Financial Results, the same is not provided separately for the Standalone Financial Results. 6 The Company has opted to publish the Extract of the Consolidated Unaudited Financial Results for the Quarter and Half Year ended September 30, 2026. The Consolidated and Standalone Unaudited Financial Results for the Quarter and Half Year ended September 30, 2026 of the Company prepared in accordance with Regulations 33 and 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 will be available on the website of the Company , BSE Limited and National Stock Exchange of India Limited. The Statutory Auditors have digitally signed this Standalone Unaudited Financial Results for identification purpose only and this Standalone Unaudited Financial Results should be read in conjunction with our Limited Review Report dated November 02, 2026 Digitally signed by SUMIT SUMIT SHASHIKANT SETH SHASHIKANT SETH Date:2026 .11.0219:32:14 +05'30' Place : Mumbai Date : November 02, 2026 Visit us at www.kecrpg .com For KEC INTERNATIONAL LIMITED Vimalkumar eii!!~~~!!tectby Ramballabh Ramballabh Kejriwal Kejriwal ~;;~!~2!~:3~~ VIMAL KEJRIW AL MANAGING DIRECTOR & CEO DIN - 00026981