Whalesbook
Is quarter mein KEC International ka consolidated revenue 7% ghat kar ₹63.9 billion ho gaya. Aur haan, EBITDA margins bhi 7% par aa gaye, jo pichle saal 7.8% the. Company ne bataya ki ongoing supply chain disruptions aur dispatch delays, jisme Middle East crisis ki wajah se situation aur kharab hui, ne milkar lagbhag ₹4 billion ka revenue loss karwa diya. Is sabse stock ne bhi neeche ki taraf bhag daud laga di, apne 52-week low ke aas-paas pahunch gaya tha.
Abhi jo India ka infrastructure sector hai, woh toh aage badh raha hai government ke support se, par Middle East tensions ki wajah se steel aur bitumen jaise cheezon ke daam badh rahe hain aur logistics mein bhi problems aa rahi hain. Isse lagbhag 5-8% tak cost badh gayi hai aur projects delay ho rahe hain.
Par KEC International ke management ne future ke liye ummeed jagayi hai. Woh expect kar rahe hain ki iss saal revenue mein 12-15% ka growth aaega aur ₹300 billion tak ke naye orders mil jayenge. Company ka total order book aur L1 pipeline toh 31 March 2026 tak ₹40,000 crore se bhi zyada ka hai, matlab aane wale time mein kaam ki kami nahi hai.
Transmission & Distribution (T&D) segment ne hi lagbhag ₹180 billion ke orders secure kiye hain, aur Civil business ne ₹80 billion jod diye. International T&D projects bhi growth ke liye kaafi important hain, khaas kar Middle East, Africa, CIS aur Americas mein.
Ab analysts ki baat karein toh, unhone thoda caution dikhaya hai. Prabhudas Lilladher jaise brokerage ne FY27/28 ke liye EPS estimates ko 30% se bhi zyada kam kar diya hai. Unko chinta hai ki labor ki kami aur logistics ki issues ki wajah se projects jaldi complete hone mein time lag sakta hai.
Brokerage ne company ka target price bhi ₹748 se ghata kar ₹558 kar diya hai. Stock pichle saal lagbhag 39.1% gir chuka hai.
Lekin, sab kuch negative nahi hai! Prabhudas Lilladher ne 'Accumulate' rating maintain ki hai, unko long-term potential dikh raha hai. Unka kehna hai ki Cables business ko expand karna, T&D segment mein accha outlook (especially renewables mein), aur international markets mein growth is company ke liye positive points hain. Ye sab tabhi hoga jab company apna 12-15% revenue growth ka target poora karegi, naye orders layegi, aur supply chain issues ko overcome karke execution ko improve karegi.