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KEC International Limited (KEC) fair value: what the stock is really worth

As of Oct 1, 2026: fair value of KEC International Limited ₹359, price ₹372, upside -3.6%, quality 34 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? No
  2. Good quality? No
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Industrials · IN · ISIN INE389H01022

KI Broad data Oct 1, 2026

KEC International Limited

KEC · NSE

Low PriorityFair Value upside is limited and quality is weak.

·Fair value ₹358.95 · Fairly valued (−3.6%)
!Quality 34/100
!Expensive Growth (revenue 5y +12.6 %/yr)
!Thin margins · 2.4% net margin (TTM)
!Low debt · negative free cash flow
!1.5% dividend yield · Watch coverage
!Mixed vs. peers (6/13)
!Narrow moat 32/100
!Weak on valuation: 29 out of 100

What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

₹1,233 ₹339.94 Fair Value ₹358.95 Jun 2021 Oct 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Oct 1, 2026.

How to read this chart

60‑month range ₹339.94 – ₹1,233 · fair‑value band ₹224.19 – ₹552.23 · the ₹372.35 price screens above the ₹358.95 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Oct 1, 2026.

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Company profile

KEC International Limited engages in the engineering, procurement, and construction (EPC) business.

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KEC International Limited engages in the engineering, procurement, and construction (EPC) business. It designs, manufactures, supplies, and erects transmission lines on turnkey basis; executes gas insulated transmission lines; undertakes EPC projects of high voltage electrical switching and distribution substations, as well as transmission lines in oil field areas; and turnkey solutions for railway contracts. The company also provides civil engineering solutions for transportation; urban infrastructure; industrial; residential and defense; commercial, public space, and datacenters; water; and international projects. In addition, it is involved in the provision of solar EPC services for large solar PV projects and PV solutions for industrial and commercial consumers; and design and engineering, project execution and management, bid management, and project feasibility analysis for large-scale solar photovoltaic power plants, as well as roof-top solar PV projects. Further, the company undertakes the construction of oil and gas / slurry pipelines and composite mechanical, civil, electrical, and instrumentation work in hydrocarbon facilities. The company manufactures and exports power cables, including EHV, HT and LV, telecom and optical fiber cables, control and instrumentation cables, and railway cables and conductors; special-purpose cables, such as cathodic protection, concentric, flat submersible, electric vehicle charging, hybrid, and green cables; and provides turnkey cabling solutions. KEC International Limited was founded in 1945 and is headquartered in Mumbai, India. KEC International Limited is a subsidiary of RPG Enterprises Limited.

Stock analysis

KEC International Limited (KEC) currently trades at ₹372.35, while our model-based Fair Value estimate is ₹358.95, so the stock looks roughly fairly valued today (gap 3.7%).

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Valuation

Bull case: the DCF Models group reads highest at a median of ₹683.35 per share, and 11 of the 17 models we run sit above the ₹372.35 price.

Bear case: the Dividend Discount group reads lowest at ₹70.32, and 6 of the 17 models stay below the price. Evidence for this calculation is high.

Scenario range: ₹224.19 (bear) to ₹552.23 (bull), the price of ₹372.35 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 34/100 (below-average quality), in the Industrials sector.

Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.

KEC International Limited reported revenue of ₹235B in FY2026 versus ₹135B in FY2022, a compound +14.8%/yr. Reported net income was ₹6.1B in FY2026, compounding +16.2%/yr from FY2022.

Key figures

Market cap ₹99.1B (≈ $1.0B) · P/E ratio 17.9 · P/S ratio 0.46 · EPS (TTM) ₹20.81 · Dividend yield 1.5% · Net margin 2.6% · Return on equity 10.5% · Return on assets (EBIT) 5.7%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 50 out of 100 (low confidence).

What moves the price

The share trades about 57% below its 52-week high and at its 52-week low, currently below its 200-day average.

For context, the median of 10 Industrials peers we cover trades at −34% fair-value upside, at −4%, KEC screens cheaper than that median.

Fair Value models

Bear ₹224.19 Fair Value ₹358.95 Bull ₹552.23
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2026 figures (about 6 months old). Earnings retained since then (₹7.72 per share) are deliberately not added. Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds. Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Highest evidence
Residual Income ₹190.43 ₹205.49 ₹237.32 76
Owner Earnings ₹410.99 ₹683.35 ₹1,097 75
EPV ₹378.35 ₹430.71 ₹474.34 74
All 17 models by family
DCF Models
Owner Earnings ₹410.99 ₹683.35 ₹1,097 75
Earnings-Based
Graham-Dodd ₹154.70 ₹705.13 ₹967.44 64
Lynch FV ₹184.73 ₹263.89 ₹343.06 61
PEG = 1.0 ₹184.73 ₹263.89 ₹343.06 57
EPV ₹378.35 ₹430.71 ₹474.34 74
Dividend Discount
Gordon GGM ₹42.72 ₹76.98 ₹105.98 68
DDM Multi-Stage ₹42.72 ₹70.32 ₹82.24 67
Multiples
P/E Multiple ₹358.30 ₹477.74 ₹597.17 63
P/S Multiple ₹290.06 ₹386.74 ₹483.43 58
P/B Multiple ₹290.06 ₹386.74 ₹483.43 55
EV/EBIT ₹694.24 ₹927.53 ₹1,161 66
EV/EBITDA ₹601.86 ₹804.36 ₹1,007 67
EV/Revenue ₹493.89 ₹707.97 ₹922.04 53
Asset-Based
NCAV (Graham) ₹115.70 ₹155.03 ₹231.39 54
Economic Profit
Residual Income ₹190.43 ₹205.49 ₹237.32 76
ROIC Compounder ₹417.12 ₹532.75 ₹673.15 72
Growth Earnings
Growth-Adj P/E ₹297.80 ₹425.43 ₹553.06 67

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Quality Score breakdown

Overall quality 34/100

Of which business quality 33 · Market factors (momentum, volatility) 25

Profitability 37
Margins and returns on capital today
Quality Growth 35
Are margins and returns improving?
Cashflow 1
Earnings quality: real cash, not paper profit
Fin. Strength 29
Balance sheet, leverage, solvency risk
Investment 48
Disciplined investing over empire-building
Low Volatility 76
Calm price path (market factor)
Momentum 5
Price trend over the last 3–12 months (market factor)
52W Momentum 0
Distance to the 52-week high (market factor)
Net Issuance 67
Share count: buybacks or dilution?

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Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 55/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+9.1%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+11.4%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+12.6%
Start year 2021 (pandemic). Over 10 years: +10.8% a year
Revenue growth 20 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+13.9%
What shareholders gained per year (last 5 years), in INR ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Basis: EBIT basis. Measured in INR: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
≈ +6.6%
Earnings growth per share plus dividend.
Earnings per share, growth per year+5.1%
Dividend (yield on the price)1.5%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.1.1% vs 13.8%, slowing
Profit margin 2021 to 2026 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.9% → 6%
Start year 2021 (pandemic)
⚠ Rate on operating basis: 2026 sits 69% above its own trend.

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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Engineering & Construction · 785 stocks

Beats the industry median on 6/13 measures
A mixed picture versus its industry peers.
Valuation
Quality Score 34 · Bottom 25%
Fair Value upside −3.6% · Above median
Profitability
Return on equity (TTM) 10.5% · Above median
Return on assets 3.8% · Above median
Net margin (TTM) 2.4% · Below median
Operating margin (TTM) 4.8% · Below median
Growth and dividend
Revenue growth 0.0% · Below median
Dividend yield (TTM) 1.5% · Below median
Balance sheet
Debt / equity 0.11× · Below median

Valuation Multiplesvs Engineering & Construction median · lower = cheaper

P/E (TTM) 17.9× · Pricier than median
P/B 1.61× · Pricier than median
P/S (TTM) 0.42× · Cheaper than median
EV/EBITDA 6.7× · Cheaper than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)29 · sector 28
FUTURE (revenue growth)0 · sector 17
PAST (return on equity)42 · sector 28
HEALTH (low debt)95 · sector 94
DIVIDEND (yield)30 · sector 40

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Engineering & Construction stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value
Quanta Services, Inc PWR $642.51 $162.77 −75%
Vinci SA DG €105.60 €186.22 +76%
Comfort Systems USA, Inc FIX $1,658 $1,116 −33%
Larsen & Toubro Limited LT ₹3,876 ₹1,994 −49%
Samsung C&T Corporation 028260 367,000 KRW 159,718 KRW −56%
Ferrovial N.V FER $55.77 $21.74 −61%
EMCOR Group EME $762.21 $525.05 −31%
HOCHTIEF Aktiengesellschaft HOT €397.20 €203.86 −49%
ACS, Actividades de Construcción y Servicios, S.A ACS €93.60 €62.20 −34%
Bouygues SA EN €43.14 €66.31 +54%

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Cite: Fair Value Calculator (2026). "KEC International Limited Fair Value". https://www.fairvalue-calculator.com/stock/KEC

Frequently asked questions

Is KEC International Limited (KEC) overvalued or undervalued?
As of Oct 1, 2026, our model estimates a fair value of ₹358.95 versus a price of ₹372.35, about −4% upside (fairly valued).
What is the fair value of KEC?
Our model-based fair value for KEC International Limited is ₹358.95 (as of Oct 1, 2026), built from audited fundamentals. The current price: ₹372.35.
What is the quality score of KEC?
KEC International Limited has a Quality Score of 34/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for KEC International Limited (KEC)?
Our model-based price target is the fair value of ₹358.95 (as of Oct 1, 2026) from 17 valuation models. Cautious scenario ₹224.19, optimistic scenario ₹552.23. It is a calculation from audited fundamentals, not an analyst target.
What is the KEC International Limited stock forecast for 2026?
Our models put fair value at ₹358.95, about −4% upside versus a price of ₹372.35 (fairly valued). Cautious scenario ₹224.19, optimistic scenario ₹552.23. The calculation is refreshed regularly with new filings.
What is the revenue of KEC International Limited (KEC)?
KEC International Limited reported trailing-twelve-month revenue of about ₹235B (latest available figure, as of Oct 1, 2026).
Does KEC International Limited pay a dividend?
KEC International Limited currently shows a dividend yield of about 1.48% relative to its recent price (as of Oct 1, 2026).
What is the intrinsic value of KEC International Limited (KEC)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For KEC International Limited it is ₹358.95 per share (as of Oct 1, 2026), against a price of ₹372.35. It is the blended result of 17 valuation models (cash flow, earnings, asset, dividend).
Is KEC International Limited stock overvalued or undervalued in 2026?
As of Oct 1, 2026, KEC trades above its calculated fair value: price ₹372.35, fair value ₹358.95, a gap of about −4% (fairly valued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of KEC?
No. The price is what the market pays today (₹372.35); the fair value is what the company's own numbers justify (₹358.95). For KEC International Limited the two are ₹13.40 per share apart. That gap is exactly why we show both numbers side by side.
How much is KEC International Limited worth?
The market values KEC International Limited at about ₹99.1B (market capitalisation, as of Oct 1, 2026). Per share that is ₹372.35; our models calculate a fair value of ₹358.95 per share.
What do the bullish and bearish scenarios say about KEC?
Our models span a range for KEC International Limited: cautious scenario ₹224.19, base ₹358.95, optimistic ₹552.23 per share (as of Oct 1, 2026, price ₹372.35). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of KEC?
KEC International Limited trades at a price-to-earnings ratio of 17.9 (as of Oct 1, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ₹358.95 is built from several models across several years. Other multiples: P/B 1.6, P/S 0.4, EV/EBITDA 6.7.
How solid is the balance sheet of KEC International Limited (KEC)?
Balance-sheet figures for KEC International Limited (as of Oct 1, 2026): return on equity 10.5%, debt of 0.11 per unit of equity. They feed the Quality Score of 34/100, which measures business quality independently of the share price.
How far is KEC from its 52-week high?
KEC International Limited trades at ₹372.35, about 57% below its 52-week high of ₹862.20 and at the low of ₹372.35 (as of Oct 1, 2026). Distance from the high says nothing about value: that is what the fair value of ₹358.95 is for.
Which stocks are comparable to KEC International Limited?
From the same area (Industrials) we also value Quanta Services, Inc, Vinci SA, Comfort Systems USA, Inc, Larsen & Toubro Limited, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is KEC International Limited stock attractive at the current price?
The data as of Oct 1, 2026: price ₹372.35, calculated fair value ₹358.95 (−4%), Quality Score 34/100, from 17 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of KEC calculated?
We run KEC International Limited through 17 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of ₹358.95, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.5 % above its aggregate fair value. KEC International Limited itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of KEC International Limited (KEC)?
The closing price on Oct 1, 2026 was ₹372.35. Our model-based fair value is ₹358.95, about −4% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with KEC International Limited right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. A fairly wide model range (₹224.19 to ₹552.23) leaves room in how you read the outcome.
Where does the earnings growth of KEC International Limited (KEC) come from?
Earnings per share at KEC International Limited grew +9.7 % a year from 2016 to 2026. Broken into its drivers: revenue per share +11.4 %, EBIT margin −6.2 %, tax rate +3.2 %, residual (interest, one-offs) +1.7 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.

Key figures of KEC International Limited

How large is the market capitalisation of KEC International Limited (KEC)?
The market capitalisation of KEC International Limited is ₹99.1B (≈ $1.0B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of KEC International Limited (KEC)?
The price-to-sales ratio of KEC International Limited is 0.46 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of KEC International Limited (KEC)?
Earnings per share at KEC International Limited are ₹20.81 (price ÷ EPS = P/E 17.9). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of KEC International Limited (KEC)?
The dividend yield of KEC International Limited is 1.5% (payout 26.4%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of KEC International Limited (KEC)?
The net margin of KEC International Limited is 2.6% (fiscal year 2026). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of KEC International Limited (KEC)?
The return on equity (ROE) of KEC International Limited is 10.5% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of KEC International Limited (KEC)?
On an EBIT basis the return on assets of KEC International Limited is 5.7% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of KEC International Limited (KEC)?
The operating margin of KEC International Limited is 4.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast are earnings growing at KEC International Limited (KEC)?
Earnings per share at KEC International Limited are growing −41.7% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does KEC International Limited (KEC) generate?
The free cash flow of KEC International Limited is −₹13.5B (fiscal year 2026). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does KEC International Limited (KEC) carry?
The net debt of KEC International Limited is ₹48.7B (fiscal year 2026). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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