We recently met management of Sadbhav Engineering (SADE) at our Midcap Conference'. SADE sees robust business opportunity coming up in the road sector post the Bharatmala project announcement the company expects annual awarding from the NHAI to be ~INR800b in FY18 versus INR600b in the previous year. The company has maintained its standalone revenue guidance of INR38b/INR45b for FY18/FY19, and expects the operating margin to be in the range of 11-12%. Order inflow is expected to be ~INR70b for FY18....