While KEC T&D and Railways segment continue to drive revenues, civil segment has de-grown 21% YoY on back of overall weak outlook. Cable segment revenue de-grew 20% YoY on the back of correction in commodity prices given that it operates on a cost plus model. New order inflow has been below expectation resulting in guidance downgrade. Green Energy Corridor and SEB ordering are expected to drive T&D ordering with PGCIL capex and ordering not expected to significantly ramp-up over the medium term. KEC is trying to diversify beyond T&D segment through ramp-up in order inflows from Railways and Metro for both electrification and civil work. With MENA, far-east, Malaysia and Mexico expected to drive international order, an uptick in inflow from these regions remains a key re-rating trigger. Key risks (1) Adverse currency/commodity movement, (2) Further delays in capex recovery, (3) Slowdown in government T&D capex and (4) Further NWC deterioration. We maintain BUY on KEC International Ltd. (KEC) with a revised TP of Rs 390/sh (vs Rs 369/sh earlier) valuing the stock at 14x FY21EPS. Though execution continues to be in-line with expectation, headwinds remain on new order inflows from domestic T&D; segment. PGCIL order awards are expected to remain muted over the medium term and diversification beyond T&D; segments shall drive new order inflow.