Working capital is likely to expand post a bottom in 4QFY17 to 18% (20% in 1QFY18) pick-up in domestic execution and GST would be the key reasons, in our view. Focus on orders, domestic execution and working capital Orders: Post a weak 1QFY18, when orders declined 11% YoY to INR264b (E&C; orders down 21% YoY), we expect a subdued 2QFY18, with orders at INR310b (flat YoY; E&C; flat YoY). Orders announced during 2QFY18 stood at INR120b (INR180b in 2QFY17), with a fall witnessed across B&F;, Roads, T&D;, Water and Power Generation segments. Our FY18 order estimate of 12% growth (12-14%...