KEC International’s (KECI) Q4FY23 performance was ahead of our estimates with revenues up 29%/26% YoY/QoQ to ~Rs55bn, led by a robust order backlog and healthy execution in T&D and civil businesses. EBITDA margin at 5.1%, lower than our estimates (although up 56bps QoQ), was impacted by execution of low- margin legacy orders.