Even after surpassing the FY18 order-inflow guidance of Rs75-80bn, KPP has hinted 15-20% revenue guidance for FY19. We expect EBITDA margins in the range of 12-12.5%. While PGCIL backpedals, SEB/Railways and Pipeline may fill the void. With strong performance in 9MFY18, JMC Projects (JMCP) can match, if not exceed, 20% revenue-growth guidance in FY18. Cash-guzzling BOT portfolio could be divested. Company aims to improve RoCEby staying away from asset-heavy model. We roll our estimates to FY20. We expect Transmission business 13% CAGR over the next two years. With competitive intensity and international exposure, we...