ICICI Securities Ltd | Retail Equity Research During Q4FY18, KEC reported revenues of | 3664.2 crore (above our estimate of | 3152.8 crore) registering strong revenue growth of 28.6% YoY. Revenue growth was primarily driven by the T&D; business, which grew 20.6% to | 2775 crore and outperformance in the railways business, which grew 74.6% to | 359 crore EBITDA margins were at 10.1% in the quarter (below our estimate: 10.7%) due to higher-than-expected increase in raw material cost...