总部位于孟买的KEC International（RPG集团旗舰公司）已将2027财年营收增长指引从此前的10%-15%下调至8%-10%，原因是长期的西亚冲突持续拖累业绩表现。由于海湾地区的动荡，公司在本财年上半年已估计损失50亿至60亿卢比营收。
Mumbai-based KEC International, the flagship company of the RPG Group, has cut its FY27 revenue growth guidance to 8-10% from 10-15% earlier, as the prolonged West Asia conflict continues to weigh on performance. The company has already lost an estimated ₹500-600 crore in revenue during the first half of the financial year due to the disruption in the Gulf region.
KEC International董事总经理兼首席执行官Vimal Kejriwal表示，下半年利润率改善将取决于新订单转化为营收的速度以及成本攀升索赔的结算情况。这家全球基础设施工程、采购和施工（EPC）公司瞄准2027财年实现约2800亿卢比的订单流入。该股于印度国家证券交易所（NSE）上午9:28报334.75卢比，过去一年累计跌幅超过58%。
Vimal Kejriwal, Managing Director and CEO of KEC International, said second-half margin improvement would depend on the pace at which new orders are converted into revenue and the settlement of cost escalation claims. The global infrastructure Engineering, Procurement and Construction company is targeting order inflows of around ₹28,000 crore in FY27. The stock was trading at ₹334.75 at 9:28 am on the NSE and has declined more than 58% over the past year.
2026年7月至9月，KEC International实现营收546.7亿卢比，税后利润2.9亿卢比，利润率为4.96%。
In July–September 2026 , KEC International reported revenue of ₹5,467 crore, profit after tax of ₹29 crore and margin of 4.96%.You had earlier indicated that the first quarter would be impacted, with some spillover into the second quarter.
您此前曾表示第一季度将受影响，并有部分影响溢出至第二季度。然而，影响更为显著，营收下降10%，上半年营收下降约5.5%-6%。这是否意味着您将不得不下调全年10%-15%的营收增长指引？此外，第三季度迄今是否有任何复苏迹象？
However, the impact has been more pronounced, with revenue declining 10% and first-half revenue down around 5.5-6%. Does this mean you will have to scale back your full-year revenue growth guidance of 10-15%? Also, has there been any recovery in the third quarter so far?
您说得完全正确，我们经历了一个艰难的季度。不过，请允许我强调几项可能支撑我们第三、四季度表现的进展。
You are absolutely right that we had a tough quarter. However, let me highlight a couple of developments that could support our performance in Q3 and Q4.
首先，我们从Power Grid（印度国家电网公司）获得了近300亿卢比的订单，这在过去12个月中并未发生。这些订单将从12月开始转化为营收。
First, we have received orders worth almost ₹3,000 crore from Power Grid, which had not been the case over the past 12 months. These orders will start converting into revenue from December onwards.
其次，9月底之后，我们收回了阿富汗拖欠近五年的2000多万美元长期应收账款。
Second, after the end of September, we received more than $20 million in long-pending receivables from Afghanistan, which had been stuck for almost five years.
我们一直在讨论这笔回款，金额现在终于落实了。第三个重大进展与海湾冲突的影响有关。鉴于我们在该地区的业务占比超过20%，我们一直在与客户保持持续沟通。上周，我们从一位客户处收到了一笔近30亿卢比的临时预付款。这笔款项最终将冲抵我们本季度产生的成本增加。这三项重大进展应有助于我们在下半年实现更好的表现。
We have been discussing this recovery for some time, and the amount has finally come in. The third major development relates to the impact of the Gulf conflict. Given that more than 20% of our presence is in the region, we have been consistently engaging with clients. Last week, we received an ad hoc advance of almost ₹300 crore from a client. This amount will eventually be adjusted against the increased costs we have incurred during the quarter. These are three significant developments that should help us deliver a better performance in the second half.
毫无疑问，您强调的订单活动和积极进展是存在的。然而，我们不能忽视执行层面的挑战。鉴于上半年的表现，贵方是否打算修正全年10%-15%的营收增长指引？预计下半年执行情况将改善多少？全年营收增长预计将达到多少？此外，第二季度利润率降至2023年6月以来的最低水平。
There is no doubt about the ordering activity and the positive developments you have highlighted. However, we cannot overlook the execution-related challenges. Given the performance in the first half, do you intend to revise your full-year revenue growth guidance of 10-15%? How much improvement in execution do you expect in the second half, and where do you see revenue growth for the full year? Also, margins in the second quarter were at their lowest levels since June 2023.
我们未曾预料到战争会持续如此之久，其影响还会加剧。你们可以看到胡塞武装那边发生了什么。
We had not anticipated that the war would continue for so long or that its impact would intensify. You can see what is happening with the Houthis.
如果看季度数据，我们的利涯率受海湾地区成本增加（特别是燃油成本）的直接影响约为1.25-1.5个百分点。我们为钻机、打桩机和机械设备额外承担了超过10亿卢比的燃油费用。这正在与客户积极磋商中，但成本已计入我们的账目。
If you look at the quarterly numbers, around 1.25-1.5 percentage points of our margins have been directly impacted by the increase in costs in the Gulf region, particularly fuel costs. We have incurred more than ₹100 crore in additional fuel expenses for our rigs, piling rigs and machinery. This is under active discussion with the client, but the costs have already been booked in our accounts.
这是导致盈利能力（我们原本预期较第一季度有所改善）受到影响的主要原因之一。
This is one of the major reasons why profitability, which we had expected to improve over Q1, has been impacted.
在营收方面，我同意长期冲突已在上半年影响了我们超过50亿-60亿卢比的营收。除非战争停止，否则我们可能无法弥补这部分流失的营收。这已影响我们的营收增长约2-3个百分点。
On the revenue front, I agree that the prolonged conflict has already affected us by more than ₹500-600 crore in revenue during the first half. Unless the war stops, we may not be able to make up for this lost revenue.
显然，此前 10% 至 15% 的指引在目前阶段已无法实现。我们现在预计营收增速将更接近 8% 至 10%。因此，对于 2027 财年，你们预期的营收增速是 8% 至 10%。是这样吗？完全正确。是的。你们提到在第二季度结束后收到了 2000 万美元。这笔款项来自阿富汗，已经拖欠数年。应收账款中还有多少未收回？在总拖欠应收账款中，约 1500 万美元仍未收回。
This has affected our revenue growth by around 2-3 percentage points. Clearly, the earlier guidance of 10-15% is not achievable at this stage. We now expect revenue growth to be closer to 8-10%.So, for FY27, you are looking at revenue growth of 8-10%. Is that correct? Absolutely. Yes. You mentioned that you received $20 million after the end of the second quarter. This was from Afghanistan and had been stuck for several years. How much is still outstanding in receivables? Of the total stuck receivables, around $15 million is still outstanding.
借款方是亚洲开发银行，它已向我们保证，希望本季度能支付这笔款项。我们将拭目以待。即便是我们收到的 20 亿卢比，原本预计上个季度到账，但实际是在季度结束后才收到。不过我们抱有希望，因为我们有书面沟通确认会付款。你们提到的 30 亿卢比临时预付款，是为了覆盖你们面临的成本上涨，对吗？我不会具体那样说，但我们已向中东客户表明，我们面临成本上涨，需要获得补偿。
The lender is the Asian Development Bank , and it has assured us that the payment will hopefully come through this quarter. We will keep our fingers crossed. Even the ₹200 crore that we received was expected last quarter but came in after the quarter ended. However, we are hopeful because we have written communication confirming the payment. The ad hoc advance payment of ₹300 crore that you mentioned is intended to cover the cost increases you are facing, correct?I would not say that specifically, but we have represented to our Middle East client that we are facing cost increases and need to be compensated.
客户的回应是，将在战争结束后考虑结算成本上涨部分。在此期间，为帮助我们管理现金流及因成本上涨产生的其他费用，客户向我们支付了 30 亿卢比的临时预付款。我们希望这笔金额最终能冲抵已发生并已入账成本相关的索赔结算。我不会具体那样说，但我们已向中东客户表明，我们面临成本上涨，需要获得补偿。客户的回应是，将在战争结束后考虑结算成本上涨部分。
The client's response has been that it will look at settling the cost increases after the war is over. In the interim, to help us manage cash flows and other expenses arising from the increased costs, it has paid us an ad hoc advance of ₹300 crore. We are hopeful that this amount will eventually be adjusted against the settlement of claims relating to costs that have already been incurred and booked.I would not say that specifically, but we have represented to our Middle East client that we are facing cost increases and need to be compensated. The client's response has been that it will look at settling the cost increases after the war is over.
在此期间，为帮助我们应对因成本增加而产生的现金流和其他费用，它已向我们支付了一笔30亿卢比的特别预付款。我们希望这笔金额最终将在已发生并已入账的成本相关索赔结算中予以抵扣。我们尚未将成本上涨确认为收入，尽管成本已已核算在内。
In the interim, to help us manage cash flows and other expenses arising from the increased costs, it has paid us an ad hoc advance of ₹300 crore. We are hopeful that this amount will eventually be adjusted against the settlement of claims relating to costs that have already been incurred and booked. We have not yet booked the cost escalations as revenue, although the costs have already been accounted for.
当我们谈论固定价格合同时，其中一些包含涵盖成本的不可抗力条款。这就是我们正在与客户讨论的条款。我们指出不可抗力条款适用，且根据合同他们有义务补偿我们。
When we talk about fixed-price contracts, some of them have a force majeure clause covering costs. That is the provision we are discussing with our clients. We are pointing out that the force majeure clause applies and that they are contractually required to compensate us.
贵公司的营运资金周转天数为155天，此前希望到年底将其降至120天左右。随着到账资金和预期应收账款，贵公司是否有更新的营运资金目标？我认为我们不会达到120天，但仍希望将其降至125天左右。
Your working capital stood at 155 days, and you had earlier hoped to bring it down to around 120 days by the end of the year. With the money that has come in and the receivables expected, do you have an updated working capital target?I don't think we will reach 120 days, but we are still hopeful of bringing it down to around 125 days.
关于利润率，贵公司上半年报告为5.4%。我理解存在成本压力和西亚冲突长期化的影响，但贵公司目前对利润率有何预期？目前很难给出具体数字。我认为这将取决于两个因素。
On margins, you reported 5.4% for the first half. I understand the cost pressures and the prolonged West Asia conflict, but what are you currently expecting in terms of margins? It is difficult to give a number at this stage. I think it will depend on two factors.
第一，正如我提到的，我们已接到电力网公司的订单，收入贡献将开始体现。我们预计印度输配电业务将从下个月开始好转。这将是一个重大利好。
First, as I mentioned, we have already received the Power Grid orders, and the revenue contribution will start coming in. We expect the India T&D business to pick up from next month. That will be a major positive.
第二个可能改善利润率的因素是尽早结算我们的索赔。在索赔结算之前，我们无法确认相应收入。
The second factor that could improve margins is an early settlement of our claims. Until these claims are settled, we are unable to recognise the corresponding revenue.
正如我之前提到的，由于中东地区成本增加，本季度利润率受到约1.25至1.5个百分点的影响。此外，我们的电缆业务也受到影响，因为聚合物成本和其他投入成本已上涨。
As I mentioned earlier, we faced an impact of around 1.25-1.5 percentage points on margins this quarter due to increased costs in the Middle East. In addition, our cable business has also been affected because polymer costs and other input costs have increased.
这在一定程度上影响了电缆业务的利润率，除了中东局势的直接影响外。您对下半年利润率的展望如何？正如我之前提到的，利润率将取决于我们索赔结算的速度，以及第二季度接到的电网及其他订单能多快转化为收入。你们是否提价了？另外，能否透露下半年的情况？在结束前，我也想了解劳动力短缺的情况。上次你们表示，可用工人约为2.1万，而需求量为3万。
This has had some impact on cable margins, apart from the direct impact of the Middle East situation. What is your outlook on margins for the second half? As I mentioned earlier, margins will depend on how quickly we get our claims settled and how soon the Power Grid and other orders received in Q2 start converting into revenue. Have you taken price hikes? Also, could you give us a sense of what the second half looks like? Before we wrap up, I would also like to understand the labour shortage situation. Last time, you said around 21,000 workers were available against a requirement of 30,000.
随着节日季导致劳动力流动，以及工人节后返岗，情况有改善吗？目前，我们拥有约2.4万至2.5万名工人，高于此前的2.1万。然而，压力依然如常。目前我对此不便多说。从排灯节开始，还有六日节，所以劳动力供应问题依然存在，我们尚未能完全解决。谈到订单流入，你们此前全年目标为3000亿卢比，上半年已获订单1350亿卢比。
With the festive season leading to labour migration and workers returning after the holidays, have things improved? Currently, we have around 24,000-25,000 workers against the earlier availability of 21,000. However, the pressure continues as usual. There is not much more I can say on this at the moment. Starting with Diwali, we have Chhath Puja as well, so labour availability continues to be an issue that we have not been able to fully address. Coming to order inflows, you were earlier targeting ₹30,000 crore for the full year and have already secured ₹13,500 crore in the first half.
下半年的订单管线如何？管线相当强劲，我们拥有近350亿卢比的L1（最低报价）项目。我们在输电业务方面看到管线遍布各地，特别是在印度、阿联酋和非洲。我们可能会将整体订单流入目标下调约20亿卢比，因为我们对土木工程业务采取审慎态度。我们预计最初计划的土木工程订单流入会有所减少。不过，我们正试图在输配电业务上超越此前的目标。
How is the pipeline looking for the second half? The pipeline is quite strong, and we have L1 positions worth almost ₹3,500 crore. We are seeing a pipeline across the transmission business, particularly in India, the UAE and Africa. We are likely to scale down our overall order inflow target by around ₹2,000 crore because we are taking a cautious approach to the civil business. We expect some reduction in the civil order inflows that we had initially planned. However, we are trying to push beyond our earlier targets in the T&D business.
那么，你们全年订单流入目标大约是2800亿卢比？是的。KEC International目前的市值为8899.07亿卢比。观看随附视频
So, are you looking at order inflows of around ₹28,000 crore for the full year? Yes.KEC International's current market capitalisation is ₹8,899.07 crore. Watch accompanying video