KEC International (KEC) reported PAT of Rs1.4bn (up 42% YoY) which was in line with our estimates on account of strong operational performance. Sturdy execution in T&D & railway segments along with pickup in execution momentum in SAE business, led to strong revenue performance. The YTD order inflows stood at Rs98bn majorly contributed towards T&D (35%), Railways (34%) and Civil business (24%). KEC’s order books stands at Rs220bn (Excluding L1 order worth Rs25bn) providing strong revenue visibility. Management has maintained its revenue growth guidance of 15- 20% with EBITDA margins of 10.5%. We believe given its strong 9M performance, the company would be able meet its revenue guidance. However, in order to meet 20% order inflows guidance, it would be challenging due to ongoing weak environment situations. In the domestic market, as per the management there are huge opportunities coming from Green Energy Corridor, States projects, Railways, Civil sector etc where KEC is well placed to garner market share. Further, Management believes the outlook on tender pipeline is looking strong in International markets primarily from Africa, Singapore, Thailand, Malaysia and Saudi regions. We believe that a strong order book, steady margin profile and healthy outlook in T&D segment and emerging segments like Railways/Civil will help KEC deliver 14.7% earnings CAGR over FY19‐21E. The stock is currently trading at 14.1x/11.4x FY20/FY21E. Based on 9MFY20 performance we have increased earnings estimates by 6%/9% for FY21E/22E. We maintain “BUY” with revised TP of Rs397 (earlier TP Rs375).