Revenue from real estate grew by 1371% YoY with EBIT margin of 52.5% Despite, tree cutting issue in Delhi, the management maintains 30-35% revenue growth in FY19 as exposure to Delhi redevelopment project is only around Rs5,000cr in the current awarded projects. Due to recent correction in price we revised our rating to Buy and value NBCCs core business at a P/E of 26x on FY20E EPS and Rs9/share for...