Valuation: Recovery of margins in SAE segment, good traction in Railways & Solar segment and healthy T& D order pipeline from select SEB's to aid company post healthy revenues. At the current market price KEC is trading at a P/E of 11.3X its FY18E. We assign a P/E of 14X its FY18E to arrive at a target price of INR 167 and rate the stock as OUTPERFORMER....