KEC International Limited (KEC.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+362.1%

₹1,450.59

vs ₹313.90 price

Levered DCF

-₹437.56

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

—

Rating

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	22.47×	36.32×	53.33×	66.62×	29.33×	19.11×	8.43×	15.52×
P/B	2.21×	3.88×	4.52×	3.11×	2.69×	3.14×	1.7×	3.16×
P/S	0.58×	0.96×	0.94×	0.69×	0.72×	0.81×	0.41×	0.71×
EV / EBITDA	11.2×	15.36×	17.65×	17.32×	14.52×	10.66×	5.76×	8.02×
Gross margin	14.2%	21.3%	20.3%	19.7%	22.5%	25.9%	37.6%	34.1%
Operating margin	6.2%	7.2%	6.1%	4.6%	5.8%	8.7%	9.4%	9.5%
Net margin	2.6%	2.7%	1.8%	1.0%	2.5%	4.3%	4.8%	4.6%
Current ratio	1.23×	1.19×	1.11×	1.13×	1.13×	1.16×	1.13×	1.19×
Debt / equity	0.87×	0.74×	0.97×	0.9×	0.85×	0.61×	0.9×	0.76×
Interest coverage	2.2×	1.84×	1.49×	1.2×	1.91×	3.13×	2.73×	2.59×
Dividend yield	1.1%	0.5%	0.4%	0.9%	1.1%	0.0%	3.3%	0.8%
Payout ratio	24.2%	18.0%	22.3%	58.4%	30.9%	0.1%	27.6%	12.4%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	9.8%	10.7%	8.5%	4.7%	9.2%	16.5%	20.2%	20.4%
Return on invested capital	9.6%	13.0%	11.9%	10.9%	9.7%	15.0%	14.6%	15.2%
Return on assets	2.4%	2.6%	1.8%	1.0%	2.0%	3.9%	4.4%	4.2%
Free cash flow yield	-9.9%	1.1%	0.4%	3.7%	-4.4%	6.3%	-2.5%	1.1%
Earnings yield	4.4%	2.8%	1.9%	1.5%	3.4%	5.2%	11.9%	6.4%
Enterprise value	₹184.8B	₹240.3B	₹222.7B	₹148.3B	₹126B	₹124.3B	₹71.4B	₹93.6B
Net debt / EBITDA	2.95×	2.11×	3×	3.62×	3.29×	1.6×	1.91×	1.43×
Cash conversion cycle (days)	121	71	29	58	101	76	67	64