KEC International earnings calls.

KEC International delivered record Q3 revenue of Rs 601 croreCurrent reported value: record Q3 revenue of Rs 601 crore. No comparable prior figure is available in the source record. with 12Current 12 crore vs previous available quarter 19 crore.% YoY growth, driven by robust 31% growth in the T&D segment (contributing 67% to total revenues vs 57% last year). EBITDA margin expanded 20bps to 7.2%, though management downgraded full-year margin guidance to 7-7.5%Current 7% vs previous available quarter 7%. from the earlier 8-8.5% target due to water project payment delays, metro project cost overruns, and slower claims settlement. The company maintains a strong order book of Rs 36,725 crore (plus Rs 4,500 crore L1) providing ~2.5 years of revenue visibility. T&D margins are running double-digit on new orders, and the company targets Rs 35,000 crore order intake next year with a pipeline exceeding Rs 1.8 lakh crore. Key risks include working capital stress (net debt Rs 686 crore), civil segment weakness (~Rs 1,000 crore revenue shortfall), and labor shortages impacting execution by Rs 500-600 crore per quarter. Management expects margin normalization to 9-10% by FY28Current reported value: 9-10% by FY28. No comparable prior figure is available in the source record. as legacy project issues resolve.