We roll forward our valuation to Jun-19E, and arrive at Rs 180/sh TP (18x Jun-19E EPS). Robust order backlog, 0.29x net D/E and improving WC are key triggers for further re-rating. With recent correction we upgrade ITD to BUY from NEUTRAL. ITD Cementation (ITD) delivered mixed 2QCY17 financial performance with (1) weak execution (Rev 13.4% below est.), (2) positive surprise on EBIDTA margins, (3) no new loss in Delhi Metro JV and (4) robust Rs 27bn order inflow during 2QCY17. Execution miss was on account of back ended execution in new order wins.