We maintain BUY with a TP of Rs 1,434/sh (10x FY20E EV/EBITDA and BOT at 1x equity invested) DBL continued to deliver strong execution with 4QFY18 Revenue beat of 15.3%. Revenue for FY18 came in at Rs 77.5bn. DBL has consistently demonstrated industry beating 18.1% EBITDA margins in FY18. Despite a muted 9MFY18, ~Rs 141.1bn (EPC portion) of orders were bagged in FY18 as NHAI tendering picked up pace in 4QFY18.