We expect KCL to record strong revenue growth over FY19 and FY20, aided by execution of ongoing and planned projects, and a growing Nashik real estate market. The company is currently in the process of executing 11 projects while 3 further projects are planned. The project pipeline provides strong revenue and cash flow visibility. We expect margins to improve from FY18 levels, driven by increased operating efficiency as well as lower finance cost as a percentage of revenues. Consequently we expect healthy EPS growth in spite of the dilutive impact of equity capital infusion via the IPO....