Top Picks: Ashoka Buildcon, PNC Infra, JKIL & JMC Projects Record ordering in 4QFY18, focus to shift towards execution: NHAI increased the awarding pace in 4QFY18 post a muted 9MFY18 taking aggregate awards to ~7,400km. With EPC players order backlogs swelling, we expect focus to shift towards execution. NHAI is targeting another ~7,000-8,000km of awards for FY19E with Rs 1.2tn of combined value, order visibility is strong. Besides road, vertical, Buildings segment outlook remains buoyant led by institutional, government and retail/hospitality led spending.