Buy KEC International: target of Rs 435: Sharekhan

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Sharekhan's research report on KEC International

Pick-up in execution would ensure better performance in FY2021. Strong YTD order inflows and a Rs. 30,000-crore bidding pipeline offer visibility for remainder of FY21. Expect 1.4x and 2.5x y-o-y rise in revenue for rail and civil in FY2021. Rail division continues faster execution, while order tendering is gaining traction for railways and tendering in T&D is largely dominated by international market. YTD collections better than last year. Interest outgo contained with lower rate debt.

Outlook

We retain a Buy on KEC International Limited (KEC) with an unchanged PT of Rs. 435, considering its improving operations and reasonable valuations.

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