Granted, higher exposure to international orders poses a risk. From margins to pace of execution, there are multiple variables that could adversely impact. We have moderated our EBITDA FY19 expectations by 9% and we are factoring in lower dividend income. We have reduced the TP to Rs878 (from earlier TP of Rs906). With 16% fall in prices from our last note, we upgrade our recommendation to HOLD. Key Highlights and Investment Rationale The tide, perhaps, is changing: Moving from orders, TMX narratives are shifting to competitive margins. Granted, TMX will be beneficiary from compact linear Fresnel...