Flip-flop or caught flat-footed: We have no words to describe the events that unfolded in Q1FY17. New refinery stabilization problems is thing of past; India' long term growth story is back, company opines. As a testament, ENGR achieves annual order inflow guidance in one quarter. Now, on refinery projects, typically, in our observation, scope of PMC is 3-5%. Should that be the case, ENGR can bag at least Rs.45bn in order inflowsmerely from Maha refinery project. Contrast this with Rs.54bn in order backlog. However, management claims the order may be LSTK. Thereby, everything is up in the air. Nevertheless, the average PE multiple is 15x over the last decade. With a target price of Rs270 (~17x FY18E EPS), we recommend an ACCUMULATE, from earlier SELL....