Sadbhav Engineering Ltd. (SEL) delivered strong execution with its revenue coming in 14% ahead of estimate. Net profit beat of 21% was a result of the revenue growth and 80bps EBIDTA margins expansion. The balance sheet remains healthy with net debt at Rs 11bn and net D/E at 0.77x. SEL has guided for FY16E end debt at Rs 5bn and net D/E 0.3x