Price target change, Top Picks: Post adjusting for higher diesel/bitumen/interest costs we have cut our EPS estimates by 5-26% for coverage universe. We have standardized our valuation methodology from EV/EBIDTA to P/E based to factor in debt/interest volatility. Top Picks: PNC, KNR, NCC. Top Picks Buildings: JMC Projects, Ahluwalia. After a muted 1HFY19 ordering, tendering to pick up from Nov-18: NHAI awarded ~7,400km/Rs 1.2tn of projects in FY18 and we expect Rs 700bn of awards during FY19E with a ~4,350km target. 1HFY19E ordering has been muted after a strong 4QFY18. NHAI tenders worth Rs 660bn are up for tendering during 3QFY19E.