Sharekhan has given Buy recommendation for KEC International with a target price of Rs. 515 in its research report issued on Sep 22, 2022

Sharekhan’s research report on KEC International

Recent interaction with KEC International Limited (KEC) reaffirms that the company’s efforts to improve working capital cycle, bring down debt, and close the Brazil legacy orders are well on track. The company expects ~15% annual revenue growth in FY2023/FY2024 and expects margin to revert to 10% by FY2024. Year-to-date (YTD) order intake has surpassed Rs. 7,000 crore. The company aims Rs. 20,000 crore (+15% y-o-y) order inflows in FY2023E.


We retain Buy on KEC with an unchanged PT of Rs. 515, considering its diversified revenue stream, healthy order backlog, promising order prospects, and upside risk to margin.

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