We maintain BUY with a TP of Rs 415/sh (15x Mar-20E EPS). JKIL reported terrific performance in 4QFY18 with revenue at Rs 9.0bn (+72.8% YoY, +97.4% QoQ) led by ~Rs 5.1bn from the 3 metro projects and Rs 1.7bn from JNPT. Out of the FY18 revenue of ~Rs 20.5bn these 4 projects contributed ~Rs 15.1bn. FY18 EBITDA margins came in at 15.7% vs 15.6% YoY.