KOTAK ON KEC INTERNATIONAL ; ADD | TARGET ₹360 (EARLIER ₹400)

• Cuts FY27 revenue growth guidance to 8–10% from 12–15% due to Middle East disruptions and execution delays. • Record order book of nearly ₹40,000 CR supports revenue visibility. • India transmission & distribution and cables businesses remain key growth drivers. • Kotak cuts FY27–29 earnings estimates by 3–5%. • Right-of-way challenges, high debt and weak civil project margins remain key concerns.

KEC INTL. LIMITED

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