KEC Grows 10% in FY25, Renewables Business Revenue Up 121% YoY

KEC International Limited [NSE: KEC, BOM: 532714], an Indian EPC major, has announced its financial results for Q4 of FY25 and the entire FY25.

KEC International’s Standalone Financials: Q4 FY25 & FY25

During Q4 of FY25, KEC clocked a standalone revenue of Rs. 6,048.02 crore from operations, and a corresponding Profit After Tax (PAT) of Rs. 160.68 crore.

As for the entire 2024-25 fiscal, the company reported a topline of Rs. 19,177.75 crore and a standalone bottomline of Rs. 323.88 crore.

KEC’s Consolidated Financial Results: Q4 FY25 & FY25

YoY Analysis of KEC’s Financial Numbers: Q4 FY25 vs. Q4 FY24 & FY25 vs. FY24

KEC International logged a revenue of Rs. 6,872.12 crore during Q4 of FY25, which represents 11.47% Year-over-Year (YoY) growth from its Q4 FY24 revenue of Rs. 6,164.83 crore. Q4 PAT of the company also followed an upward trend, rocketing by a remarkable 76.74% to Rs. 268.20 crore in FY25 from Rs. 151.75 crore in FY24.

For the entire FY25, KEC’s revenue from operations stood at a staggering Rs. 21,846.70 crore, 9.70% higher than its FY24 revenue of Rs. 19,914.17 crore. Profit of the company was up by 64.58% to Rs. 570.74 crore in FY25 from Rs. 346.78 crore in FY24.

Earnings Per Share (EPS) of the company were reported as Rs. 10.08 for Q4 of FY25, and Rs. 21.80 for the entire FY25.

KEC’s QoQ Financial Performance: Q4 FY25 vs. Q3 FY25

KEC’s revenue was up by 28.47% on a Quarter-over-Quarter (QoQ) basis, from Rs. 5,349.38 crore clocked during Q3 of FY25. The company’s PAT grew steeply by 107% QoQ from Rs. 129.56 crore which was reported during Q3 of FY25. Thus, KEC’s Q4 FY25 PAT was 2.07 times of its Q3 FY25 PAT.

Segment-Wise Revenue Comparison: Q4 FY25 vs. Q4 FY24 & FY25 vs. FY24

Transmission and Distribution: KEC’s Q4 FY25 revenue from its T&D business segment stood at Rs. 4,328 crore. This represents a YoY 28% growth from its Rs. 3,384 crore revenue which was clocked during Q4 of FY24.

Considering the entire year, this segment brought in Rs. 12,833 crore revenue during FY25, as compared to Rs. 10,456 crore revenue during FY24. Thus, annual revenue from this vertical grew by 23% YoY.

During FY25, the company secured orders worth Rs. 18,000 crore in this segment. Further, the company mentioned in its FY25 investor presentation that it has expanded its transmission tower manufacturing capacity by 46,000 Metric Tonne Per Annum (MTPA), to a total of 4,68,200 MTPA. The company has transmission tower manufacturing plants in Jaipur, Nagpur, Jabalpur and Dubai. Expansion at KEC’s Jabalpur plant was in progress during Q4 of FY25.

Civil: Civil EPC projects accounted for Rs. 1,171 crore of the company’s gross revenue during Q4 of FY25, and Rs. 4,483 during the entire FY25. While quarterly revenue from this segment shrunk slightly by 7% from Rs. 1,262 crore logged for Q4 of FY24, KEC’s annual civil segment revenue grew by 3% from Rs. 4,370 crore reported for FY24.

At the end of FY25 KEC’s civil segment order book, including projects for which it is L1 bidder, stood at about Rs. 10,000 crore.

Transportation: This segment saw a shrinkage of 26% in quarterly revenue, and by 32% in annual revenue. KEC’s Q4 FY25 topline from this segment was Rs. 681 crore against Rs. 922 crore in Q4 of FY24. The company’s revenue from this vertical during entire FY25 stood at Rs. 2,112 crore as compared to Rs. 3,115 crore during FY24.

The company secured orders worth a total of Rs. 2,200 crore in this segment during FY25, which include maiden orders for ropeway and gauge conversion.

Oil & Gas Pipelines: KEC’s revenue from this segment stood at Rs. 70 crore during Q4 FY25, exhibiting a massive 67% YoY drop from its Q4 FY24 segmental revenue of Rs. 212 crore. In case of annual revenue, this segment’s revenue slumped by 42% to Rs. 363 crore during FY25 from Rs. 626 crore reported for FY24.

Renewables: KEC’s quarterly revenue from this segment grew by 121% to Rs. 361 crore in Q4 of FY25 from Rs. 163 crore during Q4 of FY24. As for the entire fiscal, KEC earned a revenue of Rs. 853 crore from its Renewables business vertical during FY25 against Rs. 443 crore in FY24. This represents a remarkable YoY increase of 92%.

Cables: KEC’s Cables business revenue was reported as Rs. 594 crore for Q4 of FY25, which translates to 29% YoY growth from its Rs. 461 crore revenue from this segment for Q4 FY24. During the entire FY25, KEC brought in a revenue of Rs. 1,805 crore from its Cables business. This is 10% higher than the company’s FY24 Cables segment revenue of Rs. 1,645 crore.

About KEC International Limited: Headquartered in Maharashtra, KEC International is an EPC player with a significant name and presence in around 100 countries. Its segments include Urban, Infrastructure, Solar, Smart Infrastructure, Civil, Cable sector, Power Transmission and Distribution, Railways, and Oil and Gas pipelines.