KEC Int'l: Why Kotak upgraded stock to 'Add' despite 60% fall in a year

KEC International reported movement of 60%. Those are the figures as filed — what moves the price is how they sit against what the market already expected, not their absolute size.

Against that, the stock is +4.5% on the day at ₹365.50, and has returned -29.0% over three months. It sits 57% below its 52-week high, which means a good deal of bad news was already in the price. The infrastructure sector has moved -13.9% over the same period, so KEC International is running 15.1 points behind its peers.

For KEC International, the question is how much of this is already reflected in the price and how much re-rates the infrastructure peer set alongside it.