We maintain BUY with a SOTP of Rs 489/sh (EPC segment at 476sh (EPC segment at 10x Mar-20E EV/EBITDA, Kota BOT 1x P/BV). AHLU 1QFY19 net revenue at Rs 4.0bn was 3.5% below our estimates (Rs 200mn miss in CPWD redevelopment project in Delhi tree felling issue and Rs 150mn in West Bengal NBCC project redesigning). EBITDA at Rs 0.5bn was 1.6% below estimates. EBIDTA margins expanded 238bps YoY to 13.0%.