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18 Oct 2025 |
KEC International
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Consensus Share Price Target
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845.50 |
983.26 |
- |
16.29 |
buy
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17 Jun 2021
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KEC International
|
Prabhudas Lilladhar
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845.50
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420.00
|
433.25
(95.15%)
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Target met |
Accumulate
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remains strong with Rs650bn plus bid pipeline across segments. In international markets, management is seeing good traction in orders from MENA, Africa, SAARC and South East Asia regions. For domestic segment, although ordering pipeline remains healthy, yet some delay in order finalization has been witnessed. Key segments such as Railways (Metros), Civil, urban infra, T&D; space, water and Solar would be on focus going ahead. We believe KEC is well poised to gain from upcoming opportunity in...
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14 May 2021
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KEC International
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Axis Direct
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845.50
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424.00
|
390.00
(116.79%)
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Target met |
Buy
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KEC International at 12x FY23E EPS of Rs.35.4 to arrive at a target price of Rs.424 implying an upside of 13% from CMP.
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13 May 2021
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KEC International
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ICICI Securities Limited
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845.50
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445.00
|
381.90
(121.39%)
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Target met |
Buy
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Average borrowing level continues to be in line with target of ~| 2500 crore. KEC's net debt (excluding acceptances) has remained at | 1679 vs. | 2216 crore YoY. Consequently, interest cost as percentage of sales reduced by 60 bps to 2% for FY21 and is expected to remain in this range amid increased execution, going forward. The average net working capital days came down to 112 days vs. 119 days in Q4FY21. Working capital is at manageable levels...
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10 Feb 2021
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KEC International
|
Geojit BNP Paribas
|
845.50
|
530.00
|
430.00
(96.63%)
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Target met |
Buy
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KEC International Limited (KEC) is a global infrastructure Engineering Procurement and Construction major. It has presence in the verticals of Power T&D; (Transmission & Distribution), Cables, Railways and Water & Renewable. Q3FY21 revenue grew by 7% supported by pick-up in non T&D; segment execution, while T&D; revenue got impacted by slower execution in international SAE business. EBITDA margin declined by 128bps YoY to 9.1% due to higher...
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02 Feb 2021
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KEC International
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Chola Wealth Direct
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845.50
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460.00
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406.50
(108.00%)
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Target met |
Buy
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KEC's 3QFY21 revenues came in at 32.8bn, up 7% YoY and 1% QoQ, aided by the growth in nonT&D; business and normalization of supply chains/ and labour levels. While T&D; business declined by 12%, non-T&D; Civil and Railways business grew by 206% and 44% YoY. During 3QFY21, the overall T&D; business (including SAE Tower) revenue declined 12% YoY to 1.8bn. Non-T&D; business (railways, civil, cables, other) registered robust growth of 51% to 1.5bn, on YoY basis led by better execution. The railways business revenue came in at 866mn, up 44% while civil business segment revenue multifold to 267mn, registering a growth of 206% YoY on low base. Cables business grew 22% to 305mn YoY. KEC has submitted tenders to the tune of 30.bn....
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29 Jan 2021
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KEC International
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Axis Direct
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845.50
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415.00
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359.65
(135.09%)
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Target met |
Buy
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We expect Revenues/EBIDTA/PAT to grow at CAGR of 11%/10%/21% respectively over FY20-22E and value KEC International at 13X FY22E EPS of Rs 32 to arrive at a target price of Rs 415.
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29 Jan 2021
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KEC International
|
ICICI Securities Limited
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845.50
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450.00
|
359.65
(135.09%)
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Target met |
Buy
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Non-T&D; business drives execution, order inflows reasonable During Q3FY21, the overall T&D; business (including SAE Tower) revenue declined 12% YoY to | 1882 crore. Non-T&D; business (railways, civil, cables, other) registered robust growth of 51% to | 1475 crore, on YoY basis led by better execution. The railways business revenue came in at | 866 crore, up 44% while civil business segment revenue multifold to | 267 crore, registering a growth of 206% on YoY on low base. Cables business grew 22% to| 305 crore, YoY. KEC has submitted tenders to the tune of | 30000...
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13 Jan 2021
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KEC International
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Motilal Oswal
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845.50
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450.00
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353.30
(139.32%)
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Target met |
Buy
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Order inflow environment improving: The momentum of order wins has continued in this quarter, with KECI winning ~INR25b worth of orders, including the recently won order worth ~INR10b. Notably, order inflows have commenced in the Railways segment and are likely to pick up hereafter. 9MFY21 order wins (to date) amount to ~INR68b. Although this is below INR98b worth of orders won in 9MFY20, we attribute the wins to large firsttime orders in the Civil segment in the base year as the company had forayed into metros (Kochi and Delhi metro orders). The order inflow momentum is picking up as we enter a busy season in terms of construction...
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30 Dec 2020
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KEC International
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Sharekhan
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845.50
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435.00
|
371.95
(127.32%)
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Target met |
Buy
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We retain a Buy on KEC International Limited (KEC) with an unchanged PT of Rs. 435, considering its improving operations and reasonable valuations. Pick-up in execution would ensure better performance in FY2021. Strong YTD order inflows and a Rs. 30,000-crore bidding pipeline offer visibility for remainder of FY21. Expect 1.4x and 2.5x y-o-y rise in revenue for rail and civil in FY2021. Rail division continues faster execution, while order tendering is gaining traction for railways and tendering in T&D; is largely dominated by international market. YTD collections better than last year. Interest outgo contained with lower rate debt....
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10 Nov 2020
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KEC International
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Chola Wealth Direct
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845.50
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397.00
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338.05
(150.11%)
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Target met |
Buy
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KEC's 2QFY21 revenues came in at 32.6bn, up 16% YoY and 47.6% QoQ. The growth was mainly driven by faster ramp-up in execution, increased labour strength and adoption of mechanization, automation and digitalization to improve productivity. EBIDTA margins declined to 9% (vs. 10.5% in...
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