KEI has sufficient capacities to generate revenues of Rs 56bn, a strong execution record, pre qualifications with almost all leading institutional clients, pan India distribution network, sufficient room to borrow to fund the greenfield capex incase demand picks up sooner and fairly stable margins(~10%), we feel the company is well poised to capture growth when the cycle turns. However given the recent run up in price, we feel that the stock may not delivery any immediate returns and at 13.1x FY22E EPS appears richly valued and hence we revise our rating to Accumulate from Buy with a revised TP of Rs 386...