Top Picks: Ashoka Buildcon, JKIL, Ahluwalia & IRB Infra. Muted 9MFY18 ordering, expect recovery in 4QFY18: NHAI ordering has been muted on account of (1) GST related taxation issues (2) TOT monetization efforts & (3) NHAI sorting out land acquisition issues. We expect NHAI to award about Rs 500bn of projects covering 4,500km by FY18E end. The 9MFY18 awards has been sub ~1,300km. Going into election year (FY19-20E), we expect sharp ordering recovery.