We maintain BUY with a SOTP TP of Rs 159/sh. NCC FY18 has been a mixed bag with big positive surprises from (1) lifetime high order inflows of Rs 253bn (2) adjusted EBIDTA margins expansion by 172bps to 10.4% (multiyear highs) & (3) reduction in debt to Rs 13bn (0.29x net D/E, aided by Rs 5.5bn QIP).