Neutral KEC International Ltd For Target Rs. 900 by Motilal Oswal Financial Services Ltd

* We expect 11% YoY revenue growth, driven by a strong opening order book of INR374b.
* Key monitorables include order pipeline in both T&D and civil, execution ramp-up, and margin expansion.
* We expect the EBITDA margin to expand 190bp YoY/120bp QoQ as the impact of legacy and low-margin projects is over.
* We would monitor the payment cycle, debt levels, and NWC improvement.
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