ELARA ON KEC INTERNATIONAL

KEC

Target price ₹930 (maintain Buy) Revenue ₹6,090cr, +19% YOY; EBITDA ₹430cr, +34% YOY Margin 7.1%, T&D share 67% Order inflow +70% YoY; order book ₹39,300cr FY26 revenue growth guidance 15% EPS cut FY26-28 due to low-margin orders, delayed payments Retain Buy; TP ₹930, 16x Sep'27E P/E