India's KEC hits 3-yr low as Emkay cuts rating on weak execution outlook, lowers earnings estimates

KEC International

19/05/2026 06:49

** Construction company KEC International's KECL.NS shares fall 2.7% to 474.55 rupees, marking their lowest level in three years

** Emkay Global downgrades co to "add" from "buy", lowers TP to 600 rupees from 875 rupees, a 23.1% upside to stock's last close

** Says that while order books remain healthy, execution is likely to stay subdued due to KECL's significant exposure to the Middle East and ongoing labour challenges in India

     ** Brokerage expects profitability to be affected amid  inflationary pressures; lowers FY27-28 earnings estimates by 25% and 18%, respectively

** Eighteen of 20 brokerages rate the stock "buy" or higher; their median PT is 679 rupees

** Around 1.8 million shares at 11.10 am compared to 30-day avg of 1.91 million shares

** YTD, KECL down 35.8% vs 5.6% fall in BSE 500 Index .BSE500

 (Reporting by Abhinav Parmar in Bengaluru)

 ((Abhinav.Parmar@thomsonreuters.com;))