Reiterate BUY with a TP of Rs 201/sh (27x Sept 19E core EPS + cash). Engineers India (ENGR) reported the highest-ever order book at Rs 88.7bn vs 51/77bn YoY/QoQ (5.7x TTM revenues), with strong order inflows at Rs 16bn vs Rs 1.5/3.4bn YoY/QoQ. Sales grew 27/14% YoY/QoQ at Rs 4.29bn vs our expectation of Rs 3.9bn, riding on a 21/50% rise in PMC/LSTK sales to Rs 3.3bn/961mn. EBITDAM stood at 32.4% (+473bps YoY). EBITDA grew 48/70% YoY/QoQ to Rs 1.4bn, mainly on account of a 610bps YoY rise in EBITM of LSTK to 50.6%. With wage hikes effected in Jan-17, staff costs rose 22% YoY to Rs 1.9bn. Net profit rose 27% to Rs 1.2bn.