We have upgraded FY19/20E EPS by 11.9/9.4% and increase TP to Rs 399/sh(vs. Rs 366/sh earlier). Maintain BUY. HG Infra Engineering (HG) reported robust execution of Rs 4.3bn in 2QFY19 (+82% YoY, -5% QoQ, 2% miss). Stable EBITDA margins at 14.5% are comforting while management has guided for a further 100bps uptick from here. PAT came in at Rs 246mn a miss of 6.9%.