While KEC T&D and Railways segment performed well, civil segment has de-grown 51% YoY on back of overall weak outlook. Cable segment revenue de-grew 6% YoY on the back of correction in commodity prices. New order inflow has been below expectation in both Domestic/ International T&D & Civil Infra segment. Green Energy Corridor and SEB ordering is awaited during 2HFY20. KEC is trying to diversify T&D through Infra order book ramp up and is L1 in one domestic metro project worth Rs 8.5bn. KEC has won its first commercial/residential building order from Naval Ports in Defence sector. Order Uptick in MENA region remains a key re-rating trigger. Key risks (1) Adverse currency/commodity movement, (2) Delays in capex recovery, (3) Slowdown in government infrastructure spend and (4) Further NWC deterioration. We recommend a BUY on KEC International Ltd. (KEC) with TP of Rs 369/sh (core EPC 14x FY21EPS). KEC has maintained its 15-20% FY20E revenue growth guidance. Headwinds remain on ordering side; we model for Rs 140bn vs. Rs 170bn FY20E order booking guidance. Tailwinds like stuck debtors recovery of Rs 1.5bn, ordering pick up during bid heavy 2HFY20E and improvement in sector liquidity by FY20E end will lead to further re-rating.