KNRC surprises us. We feared slower pace of projects. That is not the case anymore. We see greenshoots for residual tranche land acquisition problems. With an order book of Rs49 bn, translating into a stellar book-bill of 4x FY17E revenues, we think our forecasts are conservative.We deliberately intend to so because time-overruns can spoil the show. Yet the risk-reward ratio is compelling. Thereby, we upgrade the stock to BUY from HOLD....