guidance in the range of 10%-10.5%. They expect revenues from T&D; segment to grow 15%, Railway revenue to grow 25% and Brazil business to grow 30-40%. Valuation: Strong outlook for Railways & Civil segment coupled with healthy T&D; order pipeline are expected to aid company post healthy revenues going forward. At the current market price KEC is trading at a P/E of 10.6X its FY21E. We assign a P/E of 13X to its FY21 EPS to arrive at a target price of INR 351 and rate the stock a BUY. Risks: Delay in project execution, political unrests in foreign markets and worsening working capital cycle....