While acknowledging the transient impact of GST, KPP retains: (a) annual revenue growth guidance of 15%; (b) order-inflow guidance of Rs75-80bn; and (c) EBITDA margins in the range of 10.5-11%. While PGCIL may soften the awarding of projects this fiscal, SEB will fill the void. With strong performance in H1, JMC Projects (JMCP) can match, if not exceed, 20% revenue-growth guidance in FY18. With higher exposure to private-sector, we, however, remain cautious. Yet the key lies in the fate of cash-guzzling BOT...