Buy KEC International Ltd for the Target Rs. 950 by Motilal Oswal Financial Services Ltd

* We expect 15% YoY revenue growth, driven by a strong opening order book of INR344b.
* Key monitorables include the order pipeline in both T&D and civil, execution ramp-up, and margin improvement.
* We expect EBITDA margin to expand 100bp YoY (bridging toward 8-8.5% in FY26), supported by T&D inflows and civil stabilization.
* We will monitor the payment cycle, debt levels, and NWC improvement.
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