As the opportunities landscape remains huge, we remain constructive and believe that the current generation Infra players have learnt from past cycles. New models (HAM) introduced by NHAI have reduced systemic risks. Over the last 3m, CNX Infra has underperformed Nifty by 539bps, despite (1) All time high ordering by NHAI in FY18E, (2) Book/bill for our coverage universe rising ~50% since FY15 to ~4x, (3) Stronger balance sheets with aggregate net d/e at a decadal low of 0.37x, and (4) Strong near term bid visibility in the system. The 1-yr forward P/E at 13.5x is still lower than the last cycle median and peak of 20/25x.