We maintain BUY with increased SOTP of Rs 203/share PNC Infratechs (PNCL) 2QFY18 revenue came in 18.6% below estimates, as only 29% of the order book was available for execution. With entire order backlog expected to start contributing revenue early 4QFY18E, the worst may be over for PNCL. The order backlog is robust ~Rs 111.5bn (6.5x FY18E revenue).