In our interaction with KEC's management, it highlighted that order inflow conversion has picked up in Q3FY20, considering a weak macroeconomic environment. In FY2020 till date, KEC announced order inflows of over Rs. 7046 crore with an L1 position in orders worth ~ Rs. 4,000 crore (majorly in T&D; and civil). The management stated that order inflows for the year are expected to be around Rs. 14,000 crore. KEC's order backlog remains strong at more than Rs. 18,000 crore plus (1.5x TTM revenue). Tendering for regional rapid transit system (RRTS) orders, Railways (OHE and...