We continue to maintain BUY with SOTP of Rs 364/sh. KNRC continues to outperform its growth guidance and delivered strong 4QFY18 revenue at Rs 6.2bn which was 25.9% above estimates. Revenue for FY18 came in at Rs 19.3bn (+25.3% YoY). EBITDA margin for FY18 was 20.0% on account of cost reversals in several near completion projects. We estimate sustainable margins to be around 15-16% after considering contribution from HAM projects.