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Motilal Oswal Stays 'Neutral' On KEC International — Here's Why
Motilal Oswal retains its Neutral rating on KEC International stock with a target price of Rs 940, based on 21x two-year forward earnings.
04 Jun 2025, 12:13 PM IST 
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KEC International is currently trading at 24.8x/19.6x on FY26E/27E earnings.
(Photo Source: KEC International)
KEC aims to improve its RoCE profile by focusing on net working capital reduction and margin improvement. While T&D segment has already reached double-digit margins and has a comfortable working capital cycle, the other non-T&D segments, particularly civil and railways, are facing pressure on both margin and NWC.
