EBITDA margin improved by 48bps YoY to 10.6% while PAT growth was flat due to rise in interest expenses and fall in other income. We reduce FY19/20E revenue estimate by 3% & 2% respectively on account of slower order inflow in FY19. Rising opportunity in international T&D; & strong execution in railway, cable & civil business will support earnings and we value KEC at a P/E of 10x on FY21E EPS and retain Accumulate' rating. Non T&D; segment continued to support the top-line...