Even excluding claim recognition of Rs168mn, KNR meets our Revenue/EBITDA/net profit expectations of Rs3.4bn/Rs499mn/Rs380mn. Including claims from disputed JVs, KNRC reports Rs4.8bn/Rs844mn/Rs675mn respectively. With Rs33bn in order backlog, translating into a mediocre book-bill of 2x FY18E revenues, we keep our fingers crossed. On order inflows, the narrative is yet to match reality. KNRC, however, guides for revenue exceeding Rs20bn in FY19. We draw from the company capital allocation policy. And we feel the risk-reward...