BHE received orders of INR100b (42% decline) in FY18, lower than our estimate of INR160b primarily due to the Akash (7th Squadron) order slipping into 1QFY19. Its order book at the end of the year was flat YoY at INR400b. Price negotiations for the Akash order have been completed and BHE should receive the final order shortly. The LR SAM order (INR60b-70b) is also likely to be placed by 1HFY19. Other large orders in the pipeline include EW Samyukta (INR10b), Commander Thermal Imagers, QR SAM and Akash (Army; two regiments). We estimate orders of INR180b-190b in FY19