Keller Group’s specialist scale, 30.7% ROCE, net cash balance sheet and data-centre growth support an undervalued market-leader thesis with asymmetric five-year upside.
Overview
Keller Group is the world’s largest independent geotechnical specialist, supplying the ground improvement, piling, grouting, earth-retention and post-tension services required before major infrastructure and buildings can be constructed. Its localized execution model is supported by global technical scale, approximately 1,100 specialized rigs, more than 1,700 engineers and a customer base in which the largest account contributes only 4% of revenue. North America generates about 60% of sales and is benefiting from public civil works and data-centre construction. **H1 2026 revenue rose 10.3% to £1,608.0 million and underlying operating profit rose 14.9% to £117.9 million**, with margin expanding to 7.3%. FY2026 consensus has been upgraded to £3,337.0 million of revenue and £242.0 million of operating profit. The balance sheet is unusually strong: net debt was £15.9 million, or 0.1x EBITDA, and FY2025 ended with £59.7 million of IAS 17 net cash. Despite 30.7% ROCE and a forward P/E of approximately 11.6x, Keller trades at a discount to specialist engineering peers. Near-term catalysts include the £1.9 billion order book, ongoing £100.0 million buyback, data-centre growth and the 14 October 2026 Capital Markets Day. The principal risks are project execution, working capital, construction cyclicality and environmental regulation.