ICICI Securities Ltd | Retail Equity Research Over the last fiscal, KEC has managed to exhibit a strong financial performance across all variables. Most notably order inflow wins across geographies (42% YoY growth in order inflows at | 12350 crore), consistent improvement in margins (from a low of 6.1% in FY15 to 9.5% in FY17) and massive reduction in leverage has resulted in RoEs shooting up from 7.5% in FY15 to 17.4% in FY17. We believe a strong backlog, improving execution environment and a relatively leaner balance sheet...