The pace of order backlog improvement is weak; the hopes are not: In a base-case scenario, FY18 should have started with an executable backlog of Rs770 bn. The fact, however, is BHEL starts FY18 with Rs660 bn. This is not to say the current scenario will remain in perpetuity. With Yadadri project, which is Rs.180 bn in size, is on its way to be executable. This should allay the earnings concern to a large extent, we feel. Thereby, the revised order backlog, if executed with 35% gross margins, can promise a J-curve in earnings. Indeed, the jury is out on wage hikes. And so is the case with incremental provisioning to be made. We, however, remain bullish....