FY18 was a transformational year for IRB on many counts with the group completing 1st year of InvIT launch, making its foray into the growing HAM space and the overhang of the CBI case getting resolved. IRB shares have seen strong performance and are up 23% since we initiated on the stock on 28th March 2018 outperforming the NIFTY index by 17%. The Company has reported robust FY18 results with a ~5% beat at the adj. EPS due to lower than expected interest expenses as the credit rating improved by two notches. IRB's order book of INR 151 bn as of 31st March 2018 should provide sufficient revenue visibility over the next three years. The management has set an...