We raise our P/E multiple to 17x (15x earlier), and thereby upgrade the stock to BUY with a TP of Rs 330/sh (17x Jun-19 EPS). KECIs revenue at Rs 18.6bn came in line with our estimates. With the execution of high-margin Railway orders, EDITDA margin expanded 100bps to 9.5%. Lower interest cost (-12.3% YoY, Rs 0.6bn) and higher other income (+96% YoY, Rs 98mn) resulted in APAT growth of 103.5% YoY to Rs 0.6bn. As at June-17 end, the orderbook stood robust at Rs 135bn (+7.1% QoQ; +30.1% YoY). Further, KECI is L1 in orders worth Rs 45bn.