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Buy KEC International; target of Rs 325: Sharekhan

September 18
18:25 2019

Sharekhan’s research report on KEC International

KEC’s weak announced order intake during FY2020 till date may lead to shortfall in its yearly guidance. However, execution during FY2020 is not expected to be materially affected due to its strong order backlog. The management sees traction in orders from Green energy corridor, RRTS, Railways, Civil government orders and few International regions to fructify during FY2020. Project tendering from PGCIL, Railway signaling, private industrial capex and Saudi Arabia continue to remain weak.

Outlook

We maintain Buy on KEC International Limited (KEC) with revised price target of Rs. 325 with downward revision in FY2021E earnings and valuation multiple.

For all recommendations report, click here

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