Order pipeline and backlog both are strong: With Rs73bn in order backlog, (~5x Book Bill for FY17E revenue) the visibility is strong. Perhaps at all-time best. Against the company presentation of Rs.51bn, we have included the Vizag refinery orders. Here, the order is split into two: Rs.4bn in PMC contract. This is high-margin segment. And add another Rs.21bn in LSTK, a low-margin work in nature. The entire project, as per the exchange filing, is expected to...