the conventional top four projects, KNRC adds two-tier flyover project of Salem city adds to its feather. The top four includes: Madurai-Ramanathpuram Section of NH-49; Thiruvananthapuram Bypass; Pollachi-Coimbatore; and Hubli-hospet continues to surprises us. The EBITDA margins have petered down to long-term average of 15%. Working Capital days, however, is at seven-year low: 41. With arbitration between state and contractor institutionalized, such commendable working capital trend could be the mainstay. We note a key-state risk. The geographical exposure of marquee projects continues to be in Tamil Nadu a recently turned politically volatile state. Further, with lowered interest outgo, jump in net...