Buy KEC International; target of Rs 525: Sharekhan

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26 Aug, 2025 12:21

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Sharekhan's research report on KEC International

For Q3FY2023, KEC International Limited’s (KEC) sales were in-line, led by healthy growth in both T&D/non-T&D businesses. SAE Brazil’s legacy orders and elevated interest cost led to a sharp decline in profits. Management expects profitability to improve sequentially as last SAE Brazil order gets executed. Going forward, high-margin orders would reflect in revenue and lead to strong recovery in earnings in the medium to long term. Management expects over 20% y-o-y growth in FY2023. KEC has a strong order book of Rs. 35,000 crore (including L1 of Rs. 6,000 crore) and year-to-date (YTD) order intake of Rs. 15,500 crore.

Outlook

We retain Buy on KEC with a revised PT of Rs. 525, backed by improving margin trajectory, robust order book, and strong earnings outlook.

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KEC International - 01 -01-2023 - khan